Saving for other restrictions on offer or allotment
‘(1) The provisions of this Chapter are without prejudice to any other enactment by virtue of which a company is prohibited (whether generally or in specified circumstances) from offering or allotting equity securities to any person.
(2) Where a company cannot by virtue of such an enactment offer or allot equity securities to a holder of ordinary shares of the company, those shares are disregarded for the purposes of section (Existing shareholders’ right of pre-emption) (existing shareholders’ right of pre-emption), so that—
(a) the person is not treated as a person who holds ordinary shares, and
(b) the shares are not treated as forming part of the ordinary share capital of the company.’.—[Margaret Hodge.]