My hon. Friend the Member for Middleton and Prestwich (Sir J. Barlow) has raised a specialised point. It is really a technicality but nevertheless interesting. I cannot accept the Clause for what I hope will be a reason that will appeal to him. It is not true that an exchange of securities or a take-over or merger is necessarily a forced conversion.

This would be so even where Section 209 is applied, because there are cases when these shares are taken up and, in the case of 10 per cent., force majeure, as it were, can be applied in the perfect knowledge that this will, or can be, applied. Therefore, these are cases where it is a voluntary action and not a forced action.

I suggest to my hon. Friend, therefore, that it is not true, as the rubric and the Clause suggest, that these are necessarily forced conversions. Perhaps he would like to talk to me about this so that I can examine with him any particular case he has in mind rather than make this rather general provision which the Clause would secure.