Companies Act 2014 section 1049

Notifiable interest

Section 1049 defines what constitutes a "notifiable interest" in a public limited company's shares and sets out the circumstances in which the duty to disclose such an interest arises.

• A person has a notifiable interest when their shareholding in a PLC's relevant share capital equals or exceeds the notifiable percentage (currently 3% of nominal value, as set by section 1052)
• The duty to disclose is triggered when a person acquires a notifiable interest they did not previously hold, loses a notifiable interest they previously held, or when the percentage level of their interest changes
• Whether a person has a notifiable interest is judged based on what that person actually knows to be the facts at the relevant time
• The "relevant time" is either the time of the event that changed the interest or the time the person became aware of the relevant facts

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