Companies Act, 1990
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Obligation to notify certain interests to the Exchange. |
91.—(1) This section applies to interests in shares which— | |
(a) are comprised in relevant share capital of a public limited company, and | ||
(b) are officially listed on the Exchange. | ||
(2) Where a person becomes aware that he has acquired or ceased to have an interest in shares to which this section applies and, following that acquisition or disposal, the percentage level (within the meaning of section 69 ) of his interest in that share capital exceeds or falls below the percentage levels referred to in subsection (3), he shall, in addition to the obligation of disclosure to which he is subject under section 67 , be under an obligation to notify the Exchange of his interest in the shares following the acquisition or cessation, as the case may be. | ||
(3) The percentage levels referred to in subsection (2) are 10 per cent, 25 per cent, 50 per cent and 75 per cent. | ||
(4) The provisions of this Chapter shall apply as regards the interests which are to be notified to the Exchange, and the manner in which they are to be so notified, as they apply to the interests to be notified to a company under this Chapter. | ||
(5) Where the Exchange receives a declaration under this section it shall, subject to subsection (6), publish, in such manner as it shall determine, and within three days of its receipt, the information contained in that declaration. | ||
(6) The Exchange may decide not to publish the information contained in the declaration if, but only if, it is satisfied— | ||
(a) that the disclosure of such information would be contrary to the public interest, or | ||
(b) that such disclosure would be seriously detrimental to the company or companies concerned: | ||
Provided that— | ||
(i) the Exchange shall not decide not to publish the information under paragraph (b) unless it is satisfied that a decision to do so would be unlikely to mislead the public with regard to the facts and circumstances knowledge of which is necessary for the assessment of the interests in question, and | ||
(ii) notwithstanding any decision taken under this subsection, the Exchange may publish the information later than three days after its receipt where it is satisfied that the considerations in paragraph (a) or (b) no longer apply. |