(1) A substantial security holder in a public issuer must disclose, in accordance with sections 26 and 27, any movement of 1% or more in the substantial holding.
(2) There is a movement of 1% or more in a substantial holding if—
(a) there is a change in the number of securities held by the substantial security holder (where number held has the same meaning as in section 21(4)); and
(b) the percentage worked out using the formula in section 21(4) increases or decreases by 1 or more percentage points from the percentage last disclosed under this subpart in relation to the substantial holding.
(3) The disclosure must be given as soon as the person knows, or ought to know, that that movement has occurred.
Section 23: substituted, on 29 February 2008, by section 11 of the Securities Markets Amendment Act 2006 (2006 No 47).