(1) This Part applies where—
(a) a compromise or arrangement is proposed between a public company and—
(i) its creditors or any class of them, or
(ii) its members or any class of them,
for the purposes of, or in connection with, a scheme for the reconstruction of any company or companies or the amalgamation of any two or more companies,
(b) the scheme involves—
(i) a merger (as defined in section 904), or
(ii) a division (as defined in section 919), and
(c) the consideration for the transfer (or each of the transfers) envisaged is to be shares in the transferee
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