976 Cases where offer treated as being on same terms
976 Cases where offer treated as being on same terms
Companies Act 2006 | Legislation

(1)     The condition in section 974(3) (terms of offer to be the same for all shares or all shares of particular classes) is treated as satisfied where subsection (2) or (3) below applies.

(2)     This subsection applies where—

(a)     shares carry an entitlement to a particular dividend which other shares of the same class, by reason of being allotted later, do not carry,

(b)     there is a difference in the value of consideration offered for the shares allotted earlier as against that offered for those allotted later,

(c)     that difference merely reflects the difference in entitlement to the dividend, and

(d)     the condition in section 974(3) would be satisfied but for that difference.

(3)     This subsection applies where—