(1) A limited company having a share capital may by resolution redenominate its share capital or any class of its share capital.
“Redenominate” means convert shares from having a fixed nominal value in one currency to having a fixed nominal value in another currency.
(2) The conversion must be made at an appropriate spot rate of exchange specified in the resolution.
(3) The rate must be either—
(a) a rate prevailing on a day specified in the resolution, or
(b) a rate determined by taking the average of rates prevailing on each consecutive day of
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Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited
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