Template:Nutshell GMSLA Equivalent

Equivalent: securities that are fungible with the securities in question, as long as:

(a) Where the securities are partly paid or have been converted, subdivided, consolidated, made the subject of a takeover, rights of pre-emption, or include rights to receive securities, it includes securities a holder would be entitled after that event (having complied with all formalities) and provided that the party being paid the equivalent amount has given notice and paid the all sums required in time for the holder to exercise its rights.

(b) Where the securities:

(i) have been redeemed, it means the redemption proceeds;

(ii) are subject to a call, it means fungible securities, provided that receiving party thas paid the holder the amounts due in respect of the call;

(iii) are subject to a capitalisation issue, it includes securities allotted by way of bonus on the securities in question;

(iv) are subject to any similar event, it means those securities with (or replaced by) the cash and securities received by the holder in connection with the event.