s 11 Control of substantial shareholdings in newspaper companies
11.—(1) A person must not, on or after 2 September 2002, become a substantial shareholder of a newspaper company without first obtaining the Minister’s approval. (2) Subject to section 13(4), a person who, immediately before 2 September 2002, is a substantial shareholder of a newspaper company must not continue to be a substantial shareholder unless the person has, within 6 months after that date or any longer period that the Minister may allow, applied to the Minister for approval to continue to be such a shareholder. (3) A person must not, on or after 2 September 2002, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any other person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of more than 5% of the total votes attached to all voting shares in a newspaper company without first obtaining the Minister’s approval.[21/2005] (4) Subject to section 13(4), any person who, at any time before 2 September 2002, has entered into an agreement or arrangement mentioned in subsection (3) must not continue to be a party to that agreement or arrangement unless the person has, within 6 months after that date or any longer period that the Minister may allow, applied to the Minister for approval to continue to be a party to that agreement or arrangement. (5) For the purposes of this section, a person has an interest in any share if —(a) the person is deemed to have an interest in that share under section 7 of the Companies Act 1967; or (b) the person otherwise has a legal or an equitable interest in that share except for such interest that is to be disregarded under section 7 of the Companies Act 1967.