Statutory Instruments
2008 No. 690
Companies
The Companies (Mergers and Divisions of Public Companies) (Amendment) Regulations 2008
Made
7th March 2008
Laid before Parliament
13th March 2008
Coming into force
6th April 2008
The Secretary of State is a Minister designated for the purposes of section 2(2) of the European Communites Act 1972( 1 ) in relation to the creation, operation, regulation or dissolution of companies and other forms of business organisation( 2 ).
In exercise of the powers conferred by section 2(2) of that Act the Secretary of State makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Companies (Mergers and Divisions of Public Companies) (Amendment) Regulations 2008 and shall come into force on 6th April 2008.
Agreement to dispense with expert’s report
2. —(1) At the end of section 909(7) of the Companies Act 2006( 3 ) (expert’s report) insert “and section 918A (agreement to dispense with expert’s report)”.
(2) After section 918 of the Companies Act 2006 (other circumstances in which meeting of members of transferee company not required) insert—
“ Agreement to dispense with expert’s report (merger)
918A. —(1) If all members holding shares in, and all persons holding other securities of, the companies involved in the merger, being shares or securities that carry a right to vote in general meetings of the company in question, so agree, the requirement of section 909 (expert’s report) does not apply.
(2) For the purposes of this section—
(a) the members, or holders of other securities, of a company, and
(b) whether shares or other securities carry a right to vote in general meetings of the company,
are determined as at the date of the application to the court under section 896. ” .
Allotment of shares (merger)
“ No allotment of shares to transferor company or transferee company (merger)
914. The scheme must not provide for any shares in the transferee company to be allotted to—
(a) a transferor company (or its nominee) in respect of shares in the transferor company held by the transferor company itself (or its nominee); or
(b) the transferee company (or its nominee) in respect of shares in a transferor company held by the transferee company (or its nominee). ” .
Allotment of shares (division)
“ No allotment of shares to transferor company or to transferee company (division)
930. The scheme must not provide for any shares in a transferee company to be allotted to—
(a) the transferor company (or its nominee) in respect of shares in the transferor company held by the transferor company itself (or its nominee); or
(b) a transferee company (or its nominee) in respect of shares in the transferor company held by the transferee company (or its nominee). ” .
Gareth Thomas
Parliamentary Under Secretary of State for Trade and Consumer Affairs,
Department for Business, Enterprise and Regulatory Reform
7th March 2008
OJ L 300, 17.11.2007, p. 47.
OJ L 295, 20.10.1978, p. 36.
OJ L 378, 31.12.1982, p. 47.