1988 Ed.]
Securities (Disclosure of Interests)
[CAP. 396
7
(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. [cf. U.K. 1985 c. 6, s. 199]
"Percentage level" in relation to notifiable interests
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.
The notifiable percentage
[cf. U.K. 1985 c. 6, s. 200]
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. [cf. U.K. 1985 c. 6, s. 201]
Time of notification and particulars to be contained
7. (1) Where notification is required by section 3 with respect to a person's interest (if any) in shares comprised in relevant share capital of a listed company, the duty to make the notification must (except where section 6(2) applies) be performed within the period of 5 days next following the day on which that duty arises; And the notification must be in writing to the company. [cf. U.K. 1985 c. 6, s. 202]
2021
1988 Ed.]
Securities (Disclosure of Interests)
[CAP. 396
7
(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. [cf. U.K. 1985 c. 6, s. 199}
"Percentage level” in relation to notifiable interests
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.
The notifiable percentage
[cf. U.K. 1985 c. 6, s. 200]
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. [cf. U.K. 1985 c. 6, s. 201]
Time of notification and particulars to be contained
7. (1) Where notification is required by section 3 with respect to a person's interest (if any) in shares comprised in relevant share capital of a listed company, the duty to make the notification must (except where section 6(2) applies) be performed within the period of 5 days next following the day on which that duty arises; And the notification must be in writing to the company. [cf. U.K. 1985 c. 6, s. 202]
2021
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