Changes in shareholdings: rights not taken up or sold
If the appropriate person (IHTM34161) does not take up the rights issue then the company may sell the rights on behalf of the appropriate person. If it does it may pay the proceeds to the appropriate person in respect of lapsed rights. Where this happens the sums received are a capital payment (IHTM34177) and should be added to any sale price, IHTA84/S181.
The terms of the rights issue will determine whether any sale takes place or capital payments are made.