Part VI Disclosure of Interests in Shares
Individual and group acquisitions
208 Interests in shares which are to be notified.
1
This section applies, subject to the section next following, in determining for purposes of sections 198 to 202 whether a person has a notifiable interest in shares.
2
A reference to an interest in shares is to be read as including an interest of any kind whatsoever in the shares; and accordingly there are to be disregarded any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject.
3
Where property is held on trust and an interest in shares is comprised in the property, a beneficiary of the trust who apart from this subsection does not have an interest in the shares is to be taken as having such an interest.
4
A person is taken to have an interest in shares if—
a
he enters into a contract for their purchase by him (whether for cash or other consideration), or
b
not being the registered holder, he is entitled to exercise any right conferred by the holding of the shares or is entitled to control the exercise of any such right.
5
A person is taken to have an interest in shares if, otherwise than by virtue of having an interest under a trust—
a
he has a right to call for delivery of the shares to himself or to his order, or
b
he has a right to acquire an interest in shares or is under an obligation to take an interest in shares,
whether in any case the right or obligation is conditional or absolute.
6
For purposes of subsection (4)(b), a person is entitled to exercise or control the exercise of any right conferred by the holding of shares if he—
a
has a right (whether subject to conditions or not) the exercise of which would make him so entitled, or
b
is under an obligation (whether so subject or not) the fulfilment of which would make him so entitled.
7
Persons having a joint interest are taken each of them to have that interest.
8
It is immaterial that shares in which a person has an interest are unidentifiable.