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Companies Act 2006
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act amendment to earlier affecting provision S.I. 1989/638, Sch. 4 by S.I. 2024/410 Sch. 2 para. 1
- Act amendment to earlier affecting provision S.I. 2008/373 reg. 11(1) by S.I. 2013/1971 reg. 9(a) (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
- Act amendment to earlier affecting provision S.I. 2008/373 reg. 3(4) by S.I. 2013/1971 reg. 4 (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 156A-156C inserted by 2015 c. 26 s. 87(4)
- s. 156B(5) omitted by 2023 c. 56 Sch. 2 para. 26
- s. 156C(2) words substituted by 2023 c. 56 s. 41(2)(a)
- s. 156C(2A) inserted by 2023 c. 56 s. 41(2)(b)
- s. 156C(3) substituted for s. 156C(3)-(5) by 2023 c. 56 Sch. 2 para. 27
- s. 479A(2)(c)(zi) inserted by S.I. 2019/177 reg. 4(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 4 substituted by regs. 4, 4A immediately before IP completion day by S.I. 2019/1392, regs. 1(2), 4)
- s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34 by S.R. 2024/78 reg. 31(4)
- s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34A by S.R. 2024/78 reg. 31(5)
- s. 1047(4)(i)(j) inserted by 2023 c. 56 s. 21(2)
- s. 1087(da) substituted by 2023 c. 56 s. 52(2)
- s. 1087A-1807C applied by S.I. 2009/2436, Sch. 1 para. 20(1)(ca) (as substituted) by S.I. 2024/410 Sch. 2 para. 5(d)(ii)
- s. 1110E-110G applied by S.I. 2009/1804, reg. 60 (as amended) by S.I. 2024/234 reg. 26
- s. 11989A applied (with modifications) by S.I. 2009/1804, reg. 79A (as inserted) by S.I. 2024/234 reg. 46
- Sch. 10 para. 6(2D) inserted by S.I. 2019/177 reg. 28(e) (This amendment not applied to legislation.gov.uk. Reg. 28(e) omitted immediately before IP completion day by virtue of S.I. 2020/523, regs. 1(2), 14(e)(iv))
- Sch. 10 para. 7(2A) inserted by S.I. 2019/177 reg. 29(b) (This amendment not applied to legislation.gov.uk. Reg. 29 substituted immediately before IP completion day by S.I. 2020/523, regs. 1(2), 14(f))
985Effect of requirement under section 983U.K.
This section has no associated Explanatory Notes
(1)Subject to section 986, this section applies where a shareholder exercises his rights under section 983 in respect of any shares held by him.
(2)The offeror is entitled and bound to acquire those shares on the terms of the offer or on such other terms as may be agreed.
(3)Where the terms of an offer are such as to give the shareholder a choice of consideration—
(a)the shareholder may indicate his choice when requiring the offeror to acquire the shares, and
(b)the notice given to the shareholder under section 984(3)—
(i)must give particulars of the choice and of the rights conferred by this subsection, and
(ii)may state which consideration specified in the offer will apply if he does not indicate a choice.
The reference in subsection (2) to the terms of the offer is to be read accordingly.
(4)Subsection (3) applies whether or not any time-limit or other conditions applicable to the choice under the terms of the offer can still be complied with.
(5)If the consideration offered to or (as the case may be) chosen by the shareholder—
(a)is not cash and the offeror is no longer able to provide it, or
(b)was to have been provided by a third party who is no longer bound or able to provide it,
the consideration is to be taken to consist of an amount of cash, payable by the offeror, which at the date when the shareholder requires the offeror to acquire the shares is equivalent to the consideration offered or (as the case may be) chosen.
Modifications etc. (not altering text)
C1Ss. 974-991 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 14(2) (with transitional provisions and savings in regs. 7, 9, Sch. 2)
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