The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
If such a company proposes to carry out a share buyback, one key issue to consider is whether the shares to be bought back are fully-paid or not, which is a question of fact.
If the shares are not, in fact, fully-paid (ie, if amounts remain unpaid in respect of their nominal value and any premium on it) they cannot be bought back as this would be in breach of section 691(1) of the Companies Act 2006 (CA 2006).
If they are fully-paid, then they can be bought back, provided that all the other requirements of CA 2006, Pt 18 relating to share buybacks are com
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