Section 793 notices—investigating interests in a public company’s shares
Section 793 notices—investigating interests in a public company’s shares

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Section 793 notices—investigating interests in a public company’s shares
  • Ascertaining who is interested in a public company's shares—Companies Act 2006, Pt 22
  • The register of interests disclosed
  • Amending the register of interests disclosed

This Practice Note focuses on Part 22 (sections 791-828) of the Companies Act 2006 (CA 2006), which enables a company to investigate interests in its shares by issuing a notice to a person it knows or has reasonable cause to believe is interested in them (a section 793 notice).

However, a public company and its shareholders are subject to a wide range of legislative and regulatory obligations concerning disclosure of interests in shares, including those in:

  1. CA 2006, Pt 21A (CA 2006, ss 790A–790ZG), which requires a company (and certain other entities) to keep a register of people with significant control over a company (PSC register), thereby publicly disclosing the beneficial interests of its shareholders—although the requirement to keep a PSC register does not apply to a company with securities admitted to trading on a regulated market, whether in the UK or another EEA state, or one of the markets listed in Schedule 1 to the Register of People with Significant Control Regulations 2016, SI 2016/339 (see Practice Note: PSC register—registered and unregistered companies, limited liability partnerships, eligible Scottish partnerships and societas europaea), and

  2. the Disclosure Guidance and Transparency Rules, DTR 5, which requires a person who holds voting rights in certain companies (including any UK incorporated company with shares admitted to trading on a regulated market, such as the Main Market, or