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 practice 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
  • Power to investigate
  • What constitutes an interest in shares?
  • Power of a company to issue section 793 notices
  • Power of shareholders to require a company to issue section 793 notices
  • What information may be required in a section 783 notice?
  • The form of a section 793 notice
  • Failure to respond, or properly to respond, to a section 793 notice within the time specified
  • Failure to respond, or properly to respond, to a section 793 notice within the specified time—additional considerations for listed companies
  • More...

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 UK regulated market or an EU regulated market, 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—the people with significant control regime), 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 shares admitted to trading on a prescribed market, such as AIM), to

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