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Company Law Bill [HL]

We pondered a bit on what this amendment was about, and thought that it might be focused on when you are exactly half-way between and so you were not clear whether you had to round up or round down to get to the nearest unit. The amendment would oblige companies to round up when they reach step three of the procedure that is prescribed in Clause 579 for calculating the new nominal values of the shares that have been redenominated. We have not specifically addressed our minds to the issue of inadvertent reduction of capital. We would like to do that. I thank the noble Lord for the amendment.