Companies Act, 1990
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Chapter 2 Individual and Group Acquisitions | ||
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Obligation of disclosure and the cases in which it may arise. |
67.—(1) Where a person either— | |
(a) to his knowledge acquires an interest in shares comprised in a public limited company's relevant share capital, or ceases to be interested in shares so comprised (whether or not retaining an interest in other shares so comprised), or | ||
(b) becomes aware that he has acquired an interest in shares so comprised or that he has ceased to be interested in shares so comprised in which he was previously interested, | ||
then, subject to the provisions of sections 68 to 79 , he shall be under an obligation (“the obligation of disclosure”) to make notification to the company of the interests which he has, or had, in its shares. | ||
(2) In relation to a public limited company, “relevant share capital” means the company's issued share capital of a class carrying rights to vote in all circumstances at general meetings of the company and it is hereby declared for the avoidance of doubt that— | ||
(a) where a company's relevant share capital is divided into different classes of shares, references in this Chapter to a percentage of the nominal value of its relevant share capital are to a percentage of the nominal value of the issued shares comprised in each of the classes taken separately, and | ||
(b) the temporary suspension of voting rights in respect of shares comprised in issued share capital of a company of any such class does not affect the application of this Chapter in relation to interests in those or any other shares comprised in that class. | ||
(3) Where, otherwise than in circumstances within subsection (1), a person— | ||
(a) is aware at the time when it occurs of any change of circumstances affecting facts relevant to the application of the next following section to an existing interest of his in shares comprised in a company's share capital of any description, or | ||
(b) otherwise becomes aware of any such facts (whether or not arising from any such change of circumstances), | ||
then, subject to the provisions of sections 68 to 79 , he shall be under the obligation of disclosure. | ||
(4) The acquisition by any person of an interest in shares or debentures of a company registered in the State shall be deemed to be a consent by that person to the disclosure by him, his agents or intermediaries of any information required to be disclosed in relation to shares or debentures by the Companies Acts. |