The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement.
The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement. With effect from 4 March 2015, companies will be required to use a ‘transfer’ scheme of arrangement or a contractual offer, on which stamp duty or SDRT is payable. The government announced at Autumn Statement 2014 its intention to make this change and published a draft version of the regulations in January 2015.
The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement.
The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement. With effect from 4 March 2015, companies will be required to use a ‘transfer’ scheme of arrangement or a contractual offer, on which stamp duty or SDRT is payable. The government announced at Autumn Statement 2014 its intention to make this change and published a draft version of the regulations in January 2015.
