Sch 1 para 3
(1) A person is taken to have an interest in shares if he enters into a contract to acquire them. (2) A person is taken to have an interest in shares if— (a) he has a right to call for delivery of the shares to himself or to his order, or (b) he has a right to acquire an interest in shares or is under an obligation to take an interest in shares, whether the right or obligation is conditional or absolute. (3) Rights or obligations to subscribe for shares are not to be taken for the purposes of sub-paragraph (2) to be rights to acquire or obligations to take an interest in shares. (4) A person ceases to have an interest in shares by virtue of this paragraph— (a) on the shares being delivered to another person at his order— (i) in fulfilment of a contract for their acquisition by him, or (ii) in satisfaction of a right of his to call for their delivery; (b) on a failure to deliver the shares in accordance with the terms of such a contract or on which such a right falls to be satisfied; (c) on the lapse of his right to call for the delivery of shares.