Companies Act 2014 section 1050

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

Section 1050 deals with the second type of situation in which a person must disclose their interest in a PLC's shares — specifically, where a change in circumstances or newly discovered facts means that a notifiable interest has come into existence.

• A person who becomes aware of a change in circumstances, or of facts, that affect whether they hold a notifiable interest in a PLC's shares must notify the PLC
• This duty applies only where the person has a notifiable interest immediately after the relevant event but did not have one immediately before it
• The "relevant time" is either the moment the change in circumstances occurred or the moment the person became aware of the relevant facts
• This section covers situations not already caught by section 1048, which deals with the first class of case giving rise to the duty of disclosure