Section 561(1) (existing shareholders' right of pre-emption) does not apply to an allotment of equity securities that is carried out as part of a compromise or arrangement sanctioned in accordance with Part 26A (arrangements and reconstructions: companies in financial difficulty).
Section 566A: Exception to pre-emption right: companies in financial difficulty
Companies Act 2006 · 2006 c. 46View on legislation.gov.uk
Part 17: A company's share capital — Chapter 3: Allotment of equity securities: existing shareholders' right of pre-emption
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