Section 81 — Substantial shareholdings and substantial shareholders

(1)For the purposes of this Division, a person has a substantial shareholding in a company if —

(a)the person has an interest or interests in one or more voting shares in the company; and

(b)the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares in the company.

(2)For the purposes of this Division, a person has a substantial shareholding in a company, being a company the share capital of which is divided into 2 or more classes of shares, if —

(a)the person has an interest or interests in one or more voting shares included in one of those classes; and

(b)the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares included in that class.

(3)For the purposes of this Division, a person who has a substantial shareholding in a company is a substantial shareholder in that company.

(4)In this section and section 83, “voting shares” exclude treasury shares.