Restrictions when excluded shares exceed 10%
356 Restrictions when excluded shares exceed 10%
If the nominal value of excluded shares is more than 10% of the total nominal value of all the shares, including excluded shares, to be transferred under the scheme or contract, section 355 does not apply unless —
the transferee offers the same terms to all holders of the shares, other than excluded shares, to be transferred under the scheme or contract; and
the holders who approve the scheme or contract together hold at least 90% in nominal value of the shares (other than excluded shares) to be transferred under the scheme or contract and are also at least 75% in number of the holders of those shares, with joint owners of shares being counted as one person.
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