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Company Law Reform Bill [HL]

moved Amendment No. A162A:"Page 310, line 26, leave out ““in value of all the voting shares”” and insert ““of the capital carrying voting rights””" The noble Lord said: In moving this amendment I will also speak to Amendment No. A162B. In Clause 643 the Government have used the expression,"““75% in value of all the voting shares””." The expression used in the directive is,"““75% . . . of the capital carrying voting rights””." We are not entirely clear what ““in value”” means in the Government’s terms; whether they believe this is nominal value, market value or some other value. It is important to hear from the Attorney-General why the Government have decided not use the wording in the directive, which appears to offer greater clarity than the wording currently in the Bill. Amendment No. A162A therefore proposes to make that change in Clause 643(2)(b). There would be a similar change further down the page. I beg to move.