12The company whose shares are acquired in exercise of the option must be—
(a)the employing company; or
(b)a company that, at the time the option is granted, is a parent company in relation to the employing company; or
(c)a company that, at that time, is a member of a consortium that owns the employing company or a company within paragraph (b); or
(d)where, at that time, the employing company or a company within paragraph (b) is a member of a consortium that owns another company (C), a company that, at that time—
(i)is a member of the consortium or a parent company in relation to a member of the consortium, and
(ii)is also a member of the same commercial association of companies as C; or
(e)a qualifying successor company (see paragraph 13).