Page 39 - 5.1 (c) i. Finac2 ITC Summarised Notes part 1
P. 39

ITC EXAM PREP



                                Substantive rights - solution









































                     If the exercise price of the options is substantively more than the

                     current share price of S Ltd, the option would not be a substantive right

                     as P Ltd would not benefit from exercising the right.





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