A close trading company has issued share capital 400 ordinary £1 shares that are owned by 4 directors as to 100 shares each.
If the company converts those shares into 100 A ordinary shares 100 B ordinary shares, 100 C ordinary shares and 100 D ordinary shares, rankinig pari passu with equal and identical rights as were preveiously attributed to the ordinary shares, and no consideration passes on that event, would this constitute an event requiring a report on form 42?
Thanks
Clint Westwood