CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
PART II
DISCLOSURE OF INTERESTS IN SHARES
Duty of disclosure: the cases in which it may arise and "the relevant time"
3.
(1) Where a person either-
(a) to his knowledge acquires an interest in shares comprised in a listed company's relevant share capital, or ceases to be interested in shares so comprised (whether or not retaining an interest in other shares so comprised); or
(b) becomes aware that he has acquired an interest in shares so comprised or that he has ceased to be interested in shares so comprised in which he was previously interested,
then in the circumstances specified in section 4(4) and (5) he comes under a duty ("the duty of disclosure") to make notification to the listed company of the interests which he has, or had, in its shares.
(2) Where, otherwise than in circumstances within subsection (1), a person-
(a) is aware at the time when it occurs of any change of circumstances affecting facts relevant to the application of section 4 to an existing interest of his in shares comprised in a listed company's share capital of any description; or
(b) otherwise becomes aware of any facts relevant to the application of section 4 (whether or not arising from any such change of circumstances),
then in the circumstances specified in section 4(4) he comes under the duty of disclosure.
(3) The existence of the duty of disclosure in a particular case depends (in part) on circumstances obtaining before and after whatever is in that case the relevant time.
(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.
Interests to be disclosed
[cf. U.K. 1985 c. 6, s. 198]
4. (1) For the purposes of the duty of disclosure, the 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.
6
CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
PART II
DISCLOSURE OF INTERESTS IN SHARES
Duty of disclosure: the cases in which it may arise
and "the relevant time”
3.
(1) Where a person either-
45/9053
(a) to his knowledge acquires an interest in shares comprised in a listed company's relevant share capital, or ceases to be interested in shares so comprised (whether or not retaining an interest in other shares so comprised); or
(b) becomes aware that he has acquired an interest in shares so comprised or that he has ceased to be interested in shares so comprised in which he was previously interested,
then in the circumstances specified in section 4(4) and (5) he comes under a duty ("the duty of disclosure") to make notification to the listed company of the interests which he has, or had, in its shares.
that company's (2) Where, otherwise than in cifcufnstances within subsection (1), a
tances
person-
(a) is aware at the time when it occurs of any change of circumstances affecting facts relevant to the application of section 4 to an existing interest of his in shares comprised in a listed company's share capital of any description; or
(b) otherwise becomes aware of any facts relevant to the application of section 4 (whether or not arising from any such change of cir- cumstances),
then in the circumstances specified in section 4(4) he comes under the duty of disclosure.
(3) The existence of the duty of disclosure in a particular case depends (in part) on circumstances obtaining before and after whatever is in that case the relevant time.
is-
(4) For purposes of subsection (3) and sections 4 and 5 the relevant time
(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.
Interests to be disclosed
[cf. U.K. 1985 c. 6, s. 198]
4. (1) For the purposes of the duty of disclosure, the 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.
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