If a quoted option to subscribe for shares in a company is dealt in (on the stock exchange where it is quoted) within 3 months after the taking effect, with respect to the company granting the option, of any reorganisation, reduction, conversion, exchange or scheme of reconstruction to which Chapter II of this Part applies, or within such longer period as the Board may by notice allow—
the option shall, for the purposes of that Chapter be regarded as the shares which could be acquired by exercising the option, and
section 272(3) shall apply for determining its market value.
In this section "quoted option" has the meaning given by section 144(8) and "scheme of reconstruction" has the same meaning as in section 136.