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Schemes and More Schemes

Sue El-Hachmi and Natalie Smith Associates at European law firm Osborne Clarke consider the practical aspects of a scheme of arrangement for employee share plans
An increasing number of corporate transactions take the form of schemes of arrangement under Companies Act 1985 s 425. This will be replaced by Part 26 of the Companies Act 2006 with effect from 6 April 2008. In the context of a takeover of a quoted company although the end result may be similar for employee share scheme participants as under a general takeover offer the practicalities will differ. The purpose of this article is to set out:
●     the main events in a scheme of arrangement;
●     the tax implications for share scheme participants; and

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