‘Registrant discount’

There is a ‘registrant discount’ in respect of the shares of a company if the following conditions are met:

Members of the public are, or may become, entitled to a discount in respect of the whole or part of the shares of the company allocated to them.

At least 40% of the shares of the company allocated to members of the public (excluding employees receiving priority allocations) are allocated to individuals who are or become entitled to:

– the discount, or

– some other benefit of similar value for which they may elect as an alternative to the discount.

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