Calculating shareholdingsU.K.
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13(1)In relation to a legal entity that has a share capital, a reference to holding “more than 25% of the shares” in that entity is a reference to holding shares comprised in the issued share capital of that entity of a nominal value exceeding (in aggregate) 25% of that share capital.
(2)In relation to a legal entity that does not have a share capital—
(a)a reference to holding shares in that entity is a reference to holding a right to share in the capital or, as the case may be, profits of that entity;
(b)a reference to holding “more than 25% of the shares” in that entity is a reference to holding a right or rights to share in more than 25% of the capital or, as the case may be, profits of that entity.