31B(1)  The investment condition is that at least 90% of the value of the assets of the fund consists of–

(a)direct or indirect holdings in qualifying companies,

(b)holdings of shares or securities listed on a recognised stock exchange or admitted to trading on a regulated market which the fund intends to dispose of as soon as reasonably practicable, taking into account market conditions and commercial and contractual constraints, and which–

(i)were acquired by the fund in exchange for shares or securities in a qualifying company, or

(ii)were shares in a qualifying company at the time of their acquisition by the fund,

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