(1) The unit-holders of the merging and the receiving UCITS may require their UCITS -
(a) to purchase or redeem any units they hold in either the merging or the receiving UCITS; or
(b) to convert any units they hold in either the merging or receiving UCITS into units of another UK UCITS which -
(i) has similar investment policies to those of the merging or receiving UCITS; and
(ii) is managed by the same manager or by a manager which is associated with that manager within the meaning of section 256 of the Companies Act 2006.
(2) The rights referred to in paragraph (1) shall become effective from the moment when the unit-holder is informed of the proposed merger in accordance with rules made by the Authority to implement Article 43 of the UCITS directive, and must cease five working days before the date on which the exchange ratio must be calculated.
(3) No charge may be made for the exercise of the rights in paragraph (1) except to enable the UCITS to meet disinvestment costs.
(4) Whe
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