Companies Act 2014 section 1056

Duties of disclosure arising in consequence of section 1055

Section 1056 sets out the disclosure obligations that apply to parties to a share acquisition agreement, including what information must be included in notifications to the target PLC and what happens when someone ceases to be a party to such an agreement.

• Each party to a share acquisition agreement is treated as having an interest in all shares in the target company held by every other party, in addition to their own shares
• Interests held "apart from the agreement" — including those attributable through a spouse, civil partner, child, or another share acquisition agreement — are also shared across all parties
• Notifications to the target company must identify the notifier as a party to a share acquisition agreement, name the other parties, and distinguish shares held under the agreement from other interests
• When a person ceases to be a party to a share acquisition agreement, their notification must state this fact and, where relevant, identify the other person who has left the agreement

---