ÑÇÖÞÉ«ÇéÍø

The rules set out below apply in connection with a scheme of reorganisation where conditions A to E are met¹.

Condition A is that the whole of the scheme property of an authorised unit trust that is available for transfer is transferred on a given date under an arrangement to an open-ended investment company².

Condition B is that the consideration under the arrangement consists of or includes the issue, on the transfer date, of shares in the acquiring company to the holders of units in the target trust in exchange for those units³.

Condition C is that the consideration shares are issued to the holders of units in proportion to their holdings of the exchanged units⁴.

Condition D is that the consideration under the arrangement does not include anything else in addition to the issue of the consideration shares, other than (where applicable) the assumption or