C1Part XII Control Over Authorised Persons
Acquiring, increasing and reducing control
X1180 Increasing control.
1
For the purposes of this Part, a controller of a person (“A”) who is a UK authorised person increases his control over A if—
a
the percentage of shares held by the controller in A increases by any of the steps mentioned in subsection (2);
b
the percentage of shares held by the controller in a parent undertaking (“P”) of A increases by any of the steps mentioned in subsection (2);
c
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in A increases by any of the steps mentioned in subsection (2);
d
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in P increases by any of the steps mentioned in subsection (2); or
e
the controller becomes a parent undertaking of A.
2
The steps are—
a
from below 10% to 10% or more but less than 20%;
b
from below 20% to 20% or more but less than 33%;
c
from below 33% to 33% or more but less than 50%;
d
from below 50% to 50% or more.
3
In paragraphs (a) to (d) of subsection (1) “the controller” means—
a
the controller;
b
any of the controller’s associates; or
c
the controller and any of his associates.
4
In the rest of this Part “acquiring control” or “having control” includes—
a
acquiring or having an additional kind of control; or
b
acquiring an increase in a relevant kind of control, or having increased control of a relevant kind.
Pt. XII (ss. 178-192) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))