Company Law Bill [HL]

I assure the Minister that we will not fall out over whether we should insert the word ““receive””; it is not too serious a point. However, while I accept that the Government do not wish to get involved in or interfere with what is essentially a private relationship between a company and its members or shareholders, our concern is that where there is an opportunity to receive dividends in one of two currencies it could be disadvantageous, particularly for small shareholders—I cite here conversion costs because you can come across companies which are changing their denominated currency now; a certain company has just moved from a UK to an Australian listing and therefore the dividend denomination is now Australian dollars—who if they stick with it may have to pay quite hefty conversion costs. The purpose of our amendment was to see whether it would be possible to get a clear line to follow, which would act as a protection to smaller shareholders. However, I shall read carefully what the Minister has said. I am grateful for his response, and we shall probably leave this where it is. For the moment, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendment No. A90 not moved.] Clause 580 agreed to. Clause 581 [Notice to registrar of redenomination]: [Amendment No. A90A not moved.] Clause 581 agreed to. Clause 582 [Reduction of capital in connection with redenomination]: