RE: It’s 3%12 Jun 2024 07:38
Aim, when you informed me yesterday on foreign investors.
This is what I found, if it helps clarify.
Treasury shares held by the issuer are disregarded when calculating the percentage of voting rights held by a shareholder (DTR 5.8.8). This is because an issuer may not exercise the voting rights of the treasury shares and so they should be deducted from the total voting rights and issued capital figure used in the calculation.
The thresholds for disclosure for UK issuers are 3% and every percentage point thereafter. These thresholds are equivalent to the old s. 198 regime but cannot be imposed on non-UK issuers, to which only the EU Directive requirements apply.
Therefore, in the case of non-UK issuers the thresholds are 5, 10, 15, 20, 30, 50 and 75%.
Previous rules allowing certain interests of investment managers not to be disclosed until they reached 10% have changed. These interests are now disclosable at 5%, then 10%, then at every percentage point thereafter.