In order to meet the requirements of qualifying company the issuing company must be unquoted at the time of issue of the shares (ie the beginning of period B, see E3.104)1.
At the same time there must also be no arrangements in existence for the issuing company to cease to be unquoted2.
If, at the time of issue, there are arrangements in place for the company to become a subsidiary of a new holding company by way of an exchange of shares, there must be no arrangements for the new company to cease
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