The initial requirement for a public company to have allotted share capital of a nominal value not less than the authorised minimum, that is—
must be met either by reference to allotted share capital denominated in sterling or by reference to allotted share capital denominated in euros (but not partly in one and partly in the other).
Whether the requirement is met is determined in the first case by reference to the sterling amount and in the second case by reference to the prescribed euro equivalent.
No account is to be taken of any allotted share capital of the company denominated in a currency other than sterling or, as the case may be, euros.
If the company could meet the requirement either by reference to share capital denominated in sterling or by reference to share capital denominated in euros, it must elect in its application for a trading certificate or, as the case may be, for re-registration as a public company which is to be the currency by reference to which the matter is determined.