Liquidation Pool surplus Sample Clauses

Liquidation Pool surplus. As provided for in paragraph 9 of Part 3 of this document, any remaining balance in the Liquidation Pool after the discharge of the Company’s liabilities will be distributed in cash to the Shareholders on the Register on the Record Date. To the extent that Shareholders receive such a distribution from the Liquidation Pool the amount received will generally be treated as consideration for a disposal of their shares and accordingly, depending on the Shareholder’s particular circumstances, may give rise a chargeable gain for the purposes of UK taxation of chargeable gains (subject to the comments below regarding the treatment of small capital distributions). To the extent that a Shareholder receives a distribution from the Liquidation Pool in respect of its shares with “A” rights, the receipt of the distribution should not generally be treated as giving rise to a disposal for the purposes of UK taxation of chargeable gains if it falls to be treated as a small capital distribution. This should be the case where (a) the Shareholder’s base cost in its shares with “A” rights exceeds the amount of the distribution in question and (b) the amount of the distribution does not exceed the greater of (i) £3,000 or (ii) 5 per cent. of the market value of the shares with “A” rights. Instead, the Shareholder’s base cost in their New Aurora Shares would be treated as reduced by the amount of the distribution and this reduction in base cost would be taken into account in calculating any chargeable gain or allowable loss that may arise in relation to a subsequent disposal of the New Aurora Shares. To the extent that a Shareholder receives a distribution from the Liquidation Pool in respect of its shares with “B” rights (or in respect of its shares with “A” rights where small capital distribution treatment is not available) this would generally be treated as consideration for a part-disposal of the Shareholder’s Shares and accordingly may, depending on the Shareholder’s particular circumstances, give rise to a chargeable gain for the purpose of UK taxation of chargeable gains.
Sample 1
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Related to Liquidation Pool surplus

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