If the ‘appropriate person’ (
IHTM34161) does not take up the rights
issue then the company may sell the rights on behalf of the
appropriate person. If it does it may pay the proceeds to the
appropriate person in respect of lapsed rights. Where this happens
the sums received are a capital payment (
IHTM34177) and should be added to any
sale price, IHTA84/S181.
The terms of the rights issue will determine whether any sale
takes place or capital payments are made.
