RE: RE:RNS17 Jun 2018 09:40
The procedure for notifying the market about holdings above a certain level in a company is supposed to make everything more transparent, but at times the opposite would appear to be true.
It certainly seems to be an area which confuses many private investors, and I personally think that some follow holdings RNSs far too closely, and even use them as buy or sell signals, which can be dangerous if the reporting of these holdings is not accurate, nor up-to-date in some cases.
Currently FCA rules mean that anyone holding 3% or more of the total issued shares in a company must disclose that position within two trading days of crossing that threshold, providing the company is incorporated in the UK, and that will come via a TR1 notification in RNS form. Subsequently for each 1% threshold crossed (up or down – although no further disclosure is required once a holding drops below 3%) a further TR1 notification is required.