X1180 Increasing control.U.K.
(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.
Editorial Information
X1The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.