X1181 Reducing control.U.K.
(1)For the purposes of this Part, a controller of a person (“A”) who is a UK authorised person reduces his control over A if—
(a)the percentage of shares held by the controller in A decreases 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 decreases 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 decreases 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 decreases by any of the steps mentioned in subsection (2), or
(e)the controller ceases to be a parent undertaking of A,
unless the controller ceases to have the kind of control concerned over A as a result.
(2)The steps are—
(a)from 50% or more to 33% or more but less than 50%;
(b)from 33% or more to 20% or more but less than 33%;
(c)from 20% or more to 10% or more but less than 20%;
(d)from 10% or more to less than 10%.
(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.
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.