RE: RNS 29th Nov 20173 Apr 2019 17:30
A person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights: (1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or (2) reaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with DTR 5.6.1 Rand DTR 5.6.1A R; and in the case of an issuer which is not incorporated in an EEA State a notification under (2) must be made on the basis of equivalent events and disclosed information.
Nonetheless, in this opportunity we would like to mention that under the Disclosure Guidance and Transparency Rules Chapter 5, Vote holder and issuer notification rules (DTR5), certain financial institutions such investment and asset management firms may rely on higher thresholds than the minimum 3% to report their shareholdings to an issuer and to us. Specifically, DTR 5.1.5R requires investment and asset management firms to report their holdings when they reach or cross 5% and 10% thresholds. Therefore, if an investment or asset management firm has reduced its stake in an issuer below 10% and an announcement has been made, we would not expect another announcement until the firm has crossed the 5% threshold down.
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