There are various provisions in the Act (for example where a public company applies
to court to reduce its share capital) which provide that a company must re-register as a private
company where the nominal value of its allotted share capital falls below the authorised
minimum.It is therefore necessary to make provision for how references to the authorised
minimum in the Act are to be applied where a public company has its shares denominated in
different currencies, or currencies other than those in which the authorised minimum may be
satisfied, and to require that a company must re-register as a private company where the
effect of a redenomination of its share capital is to bring the value of the company’s share
capital below the authorised minimum.