Paragraph 8 I1
Where the consideration for the acquisition consists partly of the issue of non-redeemable shares as mentioned in qualifying condition (b), that condition is met only if the rest of the consideration consists wholly of—
(a)
cash not exceeding 10% of the nominal value of the non-redeemable shares so issued,
(b)
the assumption or discharge by the acquiring company of liabilities of the target company, or
(c)
both of those things.
Annotations
Commencement
- I1
Sch. 11 para. 8 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2