VCT: VCT approval: issue of shares or securities: apportioning value
SI2661/2002 Regulation 11
Where the value of the new shares or securities issued to the VCT needs to be apportioned, it must be done as follows.
- Firstly, by having regard to the historic value of the old shares and securities,
- Otherwise using any method which is just and reasonable, and
- In any event, aiming to secure that the requirements of the 15% holding limit condition, the 70% qualifying holding condition and the 30% or 70% eligible shares condition ) (see VCM54070+) or the 10% proportion of eligible shares requirement (ITA07/S289) (see VCM55080) do not cease to be met.
- This same method will be used if any company A shares are retained in the circumstances described in VCM54220.