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It is not our intention that
nominee that nominee companies,
whether of a bank or otherwise,
disclosure requirements.
burden upon such companies and there are adequate
safeguards against abuse. The beneficial owner remains
under an obligation to disclose a notifiable interest and
also remains under an obligation to comply with the
provisions designed to expose concert parties.
Furthermore, where a listed company wishes to enquire into
the ownership of its shares, it may require the nominee to
disclose the beneficiaries involved.
should be caught by the
It would place an unreasonable
not.
The last concerns warrants and whether or not they
are covered by the Bill. The short answer is that they are
Warrants are most commonly rights or options to
subscribe for future shares at a particular price within a
fixed period. As such, they do not confer voting rights on
the warrant holder until that right OI option is
exercised. However, once the right or option is exercised,
the disclosure obligations then arise. The position
and chief executives
is, generally
regarding directors and
speaking, the same. They must, however, notify certain
information about warrants granted to them by the listed
buy
company or any of its associated companies.
Sir, I beg to move that the debate on this motion be adjourned.
question on adjournment proposed, put and agreed to.