Companies Act 2014 section 1052

The notifiable percentage

Section 1052 defines the "notifiable percentage" threshold at which a person holding shares in a public limited company (PLC) becomes obliged to disclose that interest.

• The default notifiable percentage is 3% of a PLC's share capital carrying unrestricted voting rights
• The Minister may change the 3% threshold by order and may set different percentages for different classes of PLC
• A disclosure obligation arises whenever a shareholder crosses the notifiable percentage threshold, and whenever the shareholder subsequently alters their stake
• If a ministerial order reduces the notifiable percentage and this causes a person's existing holding to become notifiable, that person must disclose within 10 days

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