| Commentary

189 Redenomination of share capital

| Commentary

189 Redenomination of share capital

Subject to any prohibition or restriction in its articles, a limited company having a share capital may redenominate its share capital or any class of its share capital by ordinary resolution1. The conversion must be made at an appropriate spot rate of exchange specified in the resolution, which may also specify conditions which must be met before the redenomination takes effect2. The Companies Act 2006 sets out a method for calculating the new nominal values of the redenominated shares3. The redenomination takes effect either on the day on which the resolution is passed, or on

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