CG50208 - Definitions: share: partly paid shares

Normally, a partly paid share would not be regarded as being of the same class as a similar share which was acquired fully paid. You may, however, treat partly paid shares as being of the same class as fully paid shares provided the balance of the subscription price is payable within six months of the issue of the shares. This practice applies both to rights issues and a purchase of shares in the market. If a public company does issue partly paid shares the terms of issue will normally specify that the full price be paid by fixed instalments within a relatively short period of time. In practice the Stock Exchange would be unlikely to give a listing to partly paid shares.