Migration of Participating Securities Act 2019

Migration of securities by participating issuers

4. (1) A participating issuer may consent to a migration, in accordance with this Act, of those of the participating securities in the issuer that are shares (referred to subsequently in this Act as “relevant participating securities”), subject to—

(a) a special resolution, as specified in subsection (1) of section 5 and which satisfies subsection (2) of that section, having been passed by the participating issuer, and

(b) each of the following—

(i) the conditions specified in section 5 (5) in relation to that resolution and the condition specified in section 6 (4),

(ii) section 6 (1), and

(iii) section 198 of the Act of 2014 (as applied by section 9 ),

having been satisfied or complied with by the participating issuer.

(2) Subsection (1) shall have effect notwithstanding section 94(4) of the Act of 2014 (as applied by Part 17 or any other Part of that Act) or anything in the participating issuer’s constitution.