Related Commentary  

329(1)  This section applies if–

(a)shares have been issued to a company (“the investing company” ) by the exercise by it of any right of conversion attached to other shares or securities held by it (“the convertibles” ),

(b)the shares so issued are in the same company as the convertibles to which the right was attached,

(c)the convertibles to which the right was attached were first issued to the investing company and were held by it from the time they were issued until converted, and

(d)the right was attached to the convertibles when they were first so issued and was not varied before it was exercised.

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