Paragraph 8

After section 554 (regulations: distributions to holders of excessive rights) insert—

“ Meaning of “distribution”

554A

(1)

In this Chapter, references (however expressed) to a distribution include share capital issued in lieu of a cash dividend.

(2)

Section 1051(2) to (4) (meaning of “share capital issued in lieu of a cash dividend”) applies for the purposes of this section as it applies for the purposes of section 1049(1)(a).”