ETASSUM23160 - Schedule 2 share incentive plan (SIP): Shares that may be awarded: Ordinary share capital

Eligible shares must form part of the ordinary share capital of the company whose shares are used as eligible shares (see ETASSUM23130).

바카라 사이트淥rdinary Share Capital바카라 사이트� is defined in Section 989 ITA 2007. It means all of the company바카라 사이트檚 share capital other than that capital which has a right to a fixed rate dividend but having no other rights to share in the profits of the company.

It does not matter whether or not the class of shares in question is called 바카라 사이트渙rdinary바카라 사이트�. For example, shares described as 바카라 사이트減reference shares바카라 사이트� can be ordinary share capital if the rights they confer satisfy the definition in Section 989 ITA 2007.(see CTM00512).

바카라 사이트淭he following may be accepted as ordinary share capital:

  • shares with a right to 바카라 사이트渢iered바카라 사이트� dividends e.g. 8% for year 1, 9% for year 2, 10% thereafter. This is acceptable on the basis that 바카라 사이트渢iered바카라 사이트� rates do not amount to a fixed rate. Support for this interpretation can be derived from the use of the singular 바카라 사이트渁 fixed rate바카라 사이트� in Section 989 ITA 2007 and from the meaning assigned there to 바카라 사이트減reference dividend바카라 사이트� which contrasts fixed rates with variable rates,
  • shares which have a right to the greater of a specified sum or the dividend paid in respect of another class of shares,
  • shares with no dividend rights (we do not contend that they carry the right to a fixed dividend of 0%).