Partial cessations

Hi Guys

Consider a case where John Doe is a shareholder with 75% ownership and 75% voting rights and therefore has Ability to remove board of directors. Some shares are transferred out and he becomes a 25% ownership and 25% voting rights but loses Ability to remove the board. Can you give an example XML structure to report this as it clearly isn’t a full cessation and neither is it a change.

A similar scenario exists if he is a 75% ownership but has equal voting and non voting holdings. If he transfers all his non-voting shares he would be a 25% owner but ceased in his requirement to report any voting rights as well as ceased in his ability to remove directors. Yet he would not have ceased as a PSC so a cessation object would not seem appropriate.

Thanks and regards


As we have now discussed, the scenario you have outlined should be classed as a change to nature of control.

The attached example will hopefully assist.