Section 687(4)

If the redeemable shares were issued at a premium, any premium payable on their redemption may be paid out of the proceeds of a fresh issue of shares made for the purposes of the redemption, up to an amount equal to— whichever is the less. the aggregate of the premiums received by the company on the issue of the shares redeemed, or the current amount of the company's share premium account (including any sum transferred to that account in respect of premiums on the new shares),

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Source: legislation.gov.uk · retrieved 2026-09-04