Companies Act 2014 section 259

Circumstances in which person shall be regarded as having ceased to have disclosable interest

Section 259 sets out the circumstances in which a person is considered to have ceased to have a disclosable interest in shares or debentures.

• A disclosable interest ends when shares or debentures are delivered to another person in fulfilment of a purchase contract or to satisfy that person's right to call for delivery.
• A disclosable interest also ends when another person fails to deliver the shares or debentures as required under a contract or a right to call for delivery.
• The interest ceases if the person's right to call for delivery of the shares or debentures lapses or expires.
• These are not the only circumstances in which a disclosable interest may end — other situations may also apply.