A client is looking to grant EMI options over existing shares. The legislation states that the shares are to be fully paid up and not redeemable. Nowhere does it mention the fact the options have to be in relation to newly issued shares. Our client is looking to grant the options over shares held by an existing shareholder. Would this be ok providing the shareholder was agreeable? I'm assuming it would be bearing in mind the shareholder would have his own CGT implications to consder.
Any help/guidance appreciated.