Condition to calculate 25%+ of shares

Person with Significant Control
1

For the first PSC condition of non LLP companies (hold 25%+ of shares), the 25% should be calculated on each share class or on the capital?

Example 1:

  • A company with 3 different share classes for the currency GBP (ord A, ord B and ord C). Each share class have 2 shares.
  • Shareholder A1 owns 50% of shares in share class ord A
  • Shareholder A2 owns 50% of shares in share class ord A
  • Shareholder B1 owns 50% of shares in share class ord B
  • Shareholder B2 owns 50% of shares in share class ord B
  • Shareholder C1 owns 50% of shares in share class ord C
  • Shareholder C2 owns 50% of shares in share class ord C
  1. In this example, who is a PSC: all of them or none of them?
  2. How should the 25% be calculated for companies that have the same share class with different AggregateNominalValue?

thanks

1 Like
2

I’ve passed on your query to a policy advisor and I will try and get you an answer as soon as possible.

Nigel Preece

3

@paulom Please below from one of our policy advisors

In terms of who is a PSC, we can’t give advice on who is/isn’t a PSC, this is something that companies need to investigate, and the govt has published guidance to assist.

There’s a section of the guidance which relates to shares, and this short extract may help to clarify:
“All shares in issue from your company should be included when calculating shareholdings. The percentage is calculated using the nominal (or par) value of the shares. Shares which have never been issued or which have been bought back and cancelled should not be included.”

thanks

Nigel Preece