PART VIIDISCLOSURE OF INTERESTS IN SHARES

Individual and group acquisitions

Interests to be disclosed207.

(1)

For the purposes of the obligation of disclosure, the interests to be taken into account are those in relevant share capital of the company concerned.

F1(2)

Where a person is interested in shares comprised in relevant share capital, then—

(a)

if in some or all of those shares he has interests which are material interests, he has a notifiable interest at any time when the aggregate nominal value of the shares in which those material interests subsist is equal to or more than 3 per cent. of the nominal value of that share capital; and

(b)

he has a notifiable interest at any time when, not having such an interest by virtue of sub-paragraph (a), the aggregate nominal value of the shares in which he has interests (whether or not including material interests) is equal to or more than 10 per cent. of the nominal value of the relevant share capital.

(2A)

For the purposes of this Part, a material interest is any interest other than—

(a)

an interest which a personF2 who may lawfully manage investments belonging to another has by virtue of having the management of such investments under an agreement in or evidenced in writing;

(b)

an interest which a person has by virtue of being the operator of—

(i)

an authorised unit trust scheme;F2 or

F2(ii)

a recognised scheme;

F3(bb)

an interest belonging to anF4 open‐ended investment company;

(c)

an interest in shares in a listed company which, if that company were not listed, would fall to be disregarded by virtue of Article 217(10);

(d)

an interest of another which a person is taken to have by virtue of the application of Article 211 (notfication of family and corporate interests) or 213 (obligation of disclosure arising under Article 212) where the interest of that other person falls within sub-paragraphF4 (a), (b), (bb) or (c).

(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 obligation of disclosure arises under Article 206(1) or (3) where the person has anotifiable interest immediately after the relevant time, but did not have such an interest immediately before that time.

(5)

The obligation also arises under Article 206(1)F1 or (3) 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.

F1F2(6)

For the purposes of paragraph (2A), a person ("A") may lawfully manage investments belonging to another if—

(a)

A can manage those investments in accordance with the permission which A has under Part 4 of the Financial Services and Markets Act 2000;

(b)

A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;

(c)

A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or

(d)

A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.

(7)

References in this Article to the management of investments must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.

(8)

In this Part “UCITS” means a collective investment scheme which—

(a)

is constituted in a member State other than the United Kingdom; and

(b)

F2is certified by the competent authority in that member State as complying with the conditions imposed by Council Directive 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;

andF2 subsection (5) of section 264 of the Financial Services and Markets Act 2000 (meaning of “constituted in a Member State” applies for the purposes of sub-paragraph (a) as it applies for the purposes of that section.