Companies Act 2014 section 1048

Duty of disclosure — first class of case in which duty arises

Section 1048 sets out the first class of circumstances in which a person becomes obliged to notify a public limited company (PLC) about their interests in its shares.

• A person who knowingly acquires or ceases to hold an interest in a PLC's relevant share capital must consider whether a disclosure duty arises
• The duty also applies where a person becomes aware, after the fact, that they have acquired or lost such an interest
• Notification to the PLC is required only where the interest qualifies as a "notifiable interest" under section 1049(2) and the circumstances fall within section 1049(4) or (5)
• This obligation is referred to throughout the chapter as the "duty of disclosure"

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