Where the recipient of value (‘the original recipient’) restores an equal amount of value to the company or otherwise effectively reverses the receipt, the shares will not be treated as excluded shares if a number of conditions are satisfied.

These rules apply only where the receipt of value that would otherwise cause the shares to be excluded shares falls within Sch. 7ZB, para. 2(1), (other than sub-paragraph (b), relating to the payment of a debt due to the investor) or where it falls within para. 2(3), being a payment to purchase shares or securities or for the giving up of rights in relation to shares or securities, and:

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