Section 93(3)

An allotment is in connection with a share exchange if— the shares are allotted in connection with an arrangement under which the whole or part of the consideration for the shares allotted is provided by— the transfer to the company allotting the shares of shares (or shares of a particular class) in another company, or the cancellation of shares (or shares of a particular class) in another company; and the allotment is open to all the holders of the shares of the other company in question (or, where the arrangement applies only to shares of a particular class, to all the holders of the company's shares of that class) to take part in the arrangement in connection with which the shares are allotted.

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