[422 Controller]
[422 Controller]

[(1)     In this Act “controller”, in relation to an undertaking (“B”), means a person (“A”) who falls within any of the cases in subsection (2).

(2)     The cases are where A holds—

(a)     10% or more of the shares in B or in a parent undertaking of B (“P”);

(b)     10% or more of the voting power in B or P; or

(c)     shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.

(3)     For the purposes of calculations relating to this section, the holding of shares or voting power by a person (“A1”) includes any shares or voting power held by another (“A2”) if A1 and A2 are acting in concert.

(4)     In this section “shares”—

(a)     in relation to an undertaking with a share capital, means allotted shares;

(b)     in relation to an undertaking with capital but no share capital, means rights to share in the capital of the undertaking;