[(1) In section 421 a “participating interest” means an interest held by an undertaking in the shares of another undertaking which it holds on a long-term basis for the purpose of securing a contribution to its activities by the exercise of control or influence arising from or related to that interest.
(2) A holding of 20% or more of the shares of an undertaking is presumed to be a participating interest unless the contrary is shown.
(3) The reference in subsection (1) to an interest in shares includes—
(a) an interest which is convertible into an
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