The Scheme. Subject to the terms and conditions of this Agreement and the Scheme having been sanctioned by the Court and having become effective in accordance with Section 1.4, on the Scheme Effective Time, all of the issued and outstanding share capital of Parent shall be cancelled and Parent shall issue and deliver to Newco such number of the Parent Ordinary Shares as has been so cancelled in consideration of the allotment by Newco of such number of Newco shares as shall be of an aggregate nominal amount equal to the aggregate nominal amount of the Parent Ordinary Shares so cancelled.
Appears in 3 contracts
Sources: Merger Agreement (National Grid Group PLC), Merger Agreement (National Grid Group PLC), Merger Agreement (Niagara Mohawk Power Corp /Ny/)