Q&A
Disclosure of premium versus standard listed shares
If the company is a UK issuer (which is often the case for a company with a premium listing but not always the case for a company with a standard listing) then under DTR 5.1.2R(1) the investor (and each person in the chain of control of voting rights) must disclose its aggregate interest at 3% and each 1% threshold above 3% up to 100%. Enhanced disclosure rules apply at 1% if the listed company is in an offer period for the purposes of the Takeover Code.
If the company (aka the issuer) is a non-UK company, then the investor (and each person in the chain of control of voting rights) must disclose its aggregate interest at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%. However, if the issuer is incorporated in the USA, Japan, Israel and Switzerland, then the disclosure obligations are governed by the rules applicable in these jurisdictions (which are treated by the FCA as being equivalent to DTR 5 – see relevant FCA equivalence rules). Non-UK companies are not subject to the Takeover Code.
