719Meaning of “change in the ownership of a company”U.K.
(1)For the purposes of this Part there is a change in the ownership of a company if condition A, B or C is met.
(2)Condition A is that a single person acquires a holding of more than half the ordinary share capital of the company.
(3)Condition B is that—
(a)two or more persons each acquire a holding of at least 5% of the ordinary share capital of the company, and
(b)those holdings together amount to more than half the ordinary share capital of the company.
(4)Condition C is that—
(a)two or more persons each acquire a holding of the ordinary share capital of the company, and
(b)those holdings together amount to more than half the ordinary share capital of the company,
but there is disregarded a holding of less than 5% unless—
(i)it is an addition to an existing holding, and
(ii)the two holdings together amount to at least 5% of the ordinary share capital of the company.
(5)See also sections 721 and 722 which provide for things other than ordinary share capital to be taken into account in determining whether there has been a change in the ownership of a company.