SCHEDULE 5 Disclosure of Information: Related Undertakings
Part I Companies not Required to Prepare Group Accounts
F1 Constructions of references to shares held by company
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(1)
References in this Part of this Schedule to shares held by a company shall be construed as follows.
(2)
For the purposes of F2paragraphs 2 to 4 (information about subsidiary undertakings)—
(a)
there shall be attributed to the company any shares held by a subsidiary undertaking, or by a person acting on behalf of the company or a subsidiary undertaking; but
(b)
there shall be treated as not held by the company any shares held on behalf of a person other than the company or a subsidiary undertaking.
(3)
For the purposes of paragraphs 7 to 9 (information about undertakings other than subsidiary undertakings)—
(a)
there shall be attributed to the company shares held on its behalf by any person; but
(b)
there shall be treated as not held by a company shares held on behalf of a person other than the company.
(4)
For the purposes of any of those provisions, shares held by way of security shall be treated as held by the person providing the security—
(a)
where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and
(b)
where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.