Companies Act 2014 section 1051

"Percentage level" in relation to notifiable interests

Section 1051 defines the term "percentage level" and sets out how to calculate the percentage of a company's share capital in which a person holds an interest, including rules on rounding and adjustments where the company's share capital changes.

• The percentage level is calculated by expressing the total nominal value of shares in which a person has an interest as a percentage of the nominal value of the relevant share capital.
• The calculation is made either immediately before or immediately after the relevant time, depending on the circumstances.
• If the resulting percentage is not a whole number, it must be rounded down to the next whole number.
• Where the nominal value of the share capital increases at the relevant time, the higher amount is used as the basis for calculating the percentage level both before and after that time.

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