ABSTRACT
An instrument which raises new capital includes an instrument is-
sued in connection with relevant securities which are subscribed
for only in cash.
A ‘relevant security’ is a security the holders of which have a right
to a dividend at a fixed rate (but no other right to share in profits),
or loan capital (as defined in FA 1986 s 78), and which does not
carry any rights by which securities which are not relevant securi-
ties may be obtained.
