(1) The following provisions have effect to determine for the purposes of section 612 (merger relief) whether a company ("company A") has secured at least a 90% equity holding in another company ("company B") in pursuance of such an arrangement as is mentioned in subsection (1) of that section.
(2) Company A has secured at least a 90% equity holding in company B if in consequence of an acquisition or cancellation of equity shares in company B (in pursuance of that arrangement) it holds equity shares in company B of an aggregate amount equal to 90% or more of the nominal value of that company's equity share capital.
(3) For this purpose -
(a) it is immaterial whether any of those shares were acquired in pursuance of the arrangement; and
(b) shares in company B held by the company as treasury shares are excluded in determining the nominal value of company B's share capital.
(4) Where the equity share capital of company B is divided into different classes of shares, company A is not regar
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