Part XII

Control Over Authorised Persons

Acquiring, increasing and reducing control

Reducing control
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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.