135(1) This section applies in the following circumstances where a company (“company B”) issues shares or debentures to a person in exchange for shares in or debentures of another company (“company A”).
135(2) The circumstances are:
Where company B holds, or in consequence of the exchange will hold, more than 25% of the ordinary share capital of company A.
Where company B issues the shares or debentures in exchange for shares as the result of a general offer–
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