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Company Law Reform Bill [HL]

moved Amendment No. 434:"Page 287, leave out lines 32 to 34 and insert—" ““Divide the resulting figure by the number of shares in the class.”” The noble Lord said: My Lords, in Grand Committee the noble Lord, Lord Hodgson, expressed concern that step three of Clause 584 seemed to allow an inadvertent reduction of capital. Having looked at this again we agree that there are potential difficulties with this step of the process for calculating the new nominal value of the shares that have been redenominated under Clause 583. We think that this step can be omitted from the prescribed method for calculating the new nominal values of the shares without detracting from the redenomination process as a whole—and this is what Amendment No. 343 does. I am grateful to the noble Lord for drawing this to our attention and trust that the amendment addresses his concerns. On Question, amendment agreed to.