SECURITIES (DISCLOSURE OF INTERESTS)
Ord. No. 63/88
A341
(4) For purposes of subsection (3) and sections 4 and 5 the relevant time is-
(a) in a case within subsection (1)(a) or (2)(a), the time of the event or
change of circumstances there mentioned; and
(b) in a case within subsection (1)(b) or (2)(b), the time at which the
person became aware of the facts in question.
disclosed
4. (1) For the purposes of the duty of disclosure, the interests to be Interests to be taken into account are those in relevant share capital of the listed company concerned.
(2) A person has a notifiable interest at any time when he is interested in shares comprised in that share capital of an aggregate nominal value equal to or more than the percentage of the nominal value of that share capital which is for the time being the notifiable percentage.
(3) All facts relevant to determining whether a person has a notifiable interest at any time (or the percentage level of his interest) are taken to be what he knows the facts to be at that time.
(4) The duty of disclosure arises under section 3(1) or (2) where the person has a notifiable interest immediately after the relevant time, but did not have such an interest immediately before that time.
(5) The duty also arises under section 3(1) where-
(a) the person had a notifiable interest immediately before the relevant
time, but does not have such an interest immediately after it; or (b) he had a notifiable interest immediately before that time, and has such an interest immediately after it, but the percentage levels of his interest immediately before and immediately after that time are not the same.
5. (1) Subject to subsection (2), "percentage level", in section 4(5)(b), means the percentage figure found by expressing the aggregate nominal value of all the shares comprised in the share capital concerned in which the person is interested immediately before or (as the case may be) immediately after the relevant time as a percentage of the nominal value of that share capital and rounding that figure down, if it is not a whole number, to the next whole number.
(2) Where the nominal value of the share capital is greater immediately after the relevant time than it was immediately before, the percentage level of the person's interest immediately before (as well as immediately after) that time is determined by reference to the larger amount.
6. (1) The references in sections 4(2) and 7(2) to the notifiable percentage is to 10 per cent or such other percentage as may be prescribed by regulations; and different percentages may be prescribed in relation to companies of different classes or descriptions.
(2) Where in consequence of a reduction in the percentage made by regulations a person's interest in a listed company's shares becomes notifiable, he then comes under the duty of disclosure in respect of it; and the duty must be performed within the period of 10 days next following the day on which it arises.
1985 c. 6, s. 199
"Percentage level" in
relation to notifiable
interests
1985 c. 6, s. 200
The notifiable percentage 1985 c. 6, s. 201