‘(1) For the purposes of this Chapter securities of a company are treated as shares in the company if they are convertible into or entitle the holder to subscribe for such shares.
References to the holder of shares or a shareholder are to be read accordingly.
(2) Subsection (1) is not to be read as requiring any securities to be treated—
(a) as shares of the same class as those into which they are convertible or for which the holder is entitled to subscribe, or
(b) as shares of the same class as other securities by reason only that the shares into which they are convertible or for which the holder is entitled to subscribe are of the same class.’.—[Margaret Hodge.]