PART VALLOTMENT OF SHARES AND DEBENTURES
Pre-emption rights
Saving for company's pre-emption procedure operative before 1985106
1
Where a company which is re-registered or registered as a public company is or, but for the provisions of the Order of 1981 and the statutory provisions replacing it, would be subject at the time or re-registration or (as the case may be) registration to a pre-1985 pre-emption requirement, Articles 99 to 105 do not apply to an allotment of the equity securities which are subject to that requirement.
2
A “pre-1985 pre-emption requirement” is a requirement imposed (whether by the company's memorandum or articles, or otherwise) before the relevant date by virtue of which the company must, when making an allotment of equity securities, make an offer to allot those securities or some of them in a manner which (otherwise than because involving a contravention of Article 100(1) to (5) or 100(6)) is inconsistent with Articles 99 to 104; and “the relevant date” is—
a
except in a case falling within sub-paragraph (b), 1st January 1985, and
b
in the case of a company which was re-registered or registered as a public company on an application made before that date, the date on which the application was made.
3
A requirement which—
a
is imposed on a private company (having been so imposed before the relevant date) otherwise than by the company's memorandum or articles, and
b
if contained in the company's memorandum or articles, would have effect under Article 101 to the exclusion of any provisions of Articles 99 to 104,
has effect, so long as the company remains a private company as if it were contained in its memorandum or articles.
4
If on the relevant date a company, other than a public company registered as such on its original incorporation, was subject to such a requirement as is mentioned in Article 99(2) imposed otherwise than by its memorandum or articles, the requirement is to be treated for the purposes of Articles 99 to 104 as if it were contained in the company's memorandum or articles.