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Ireland · The public limited company

Disclosing an interest in a PLC's shares, the acquisitions register and investigations

the Companies Act 2014 · sections 1048, 1050, 1052, 1053, 1056, 1057, 1060 to 1065 and 1067 to 1070

A disclosure notification is due within 5 days of the duty arising, not of the holder noticing

The notification clock is five days and it runs from the day the duty arises, not from the day the holder notices. A person's duty to make a notification under section 1048 or 1050 must be performed within the period of 5 days after the day on which the duty arises, and the notification must be in writing to the PLC (section 1053(1)). Where a duty arises under section 1053(4), it must be performed within 5 days after the day it arises (section 1053(5)). A person's duty to give any notice required by section 1057 to another person must be performed within 5 days after the day it arises (section 1057(8)).

The company's own clock is shorter still. An obligation imposed on a PLC by section 1061(2) or (3) must be fulfilled within the period of 3 days after the day on which it arises (section 1061(4)). Where a name is removed from the register under section 1067(1) or (3), or under an order made under section 1067(6), the PLC must act within the period section 1067(7) sets.

Sections 1048 to 1070 set the disclosure duty, the acquisitions register and the PLC's investigations

Sections 1048, 1050, 1052 and 1053 impose the duty of disclosure, set the percentage that triggers it and set the periods described above. Where a reduction in the percentage is specified by order and a person's interest is affected in consequence, section 1052(3) governs what follows. Sections 1056 and 1057 deal with persons acting together and with the enforcement of the obligation.

Sections 1060 to 1065 govern the individual and group acquisitions register, the index, investigations by the PLC and investigations on the requisition of members. Unless the register is in a form that constitutes an index in itself, the PLC must keep an index of the names entered in it (section 1061(8)), and if the PLC ceases to be a PLC it must continue to keep the register and any index as section 1061(9) requires. Where an investigation under section 1064 is not concluded in the manner section 1065(2) describes, that subsection applies, and the PLC has 3 days after making a report available for inspection to act as section 1065(3) requires. Sections 1067 to 1070 govern removal of entries and notification to the market operator.

The system generates your ComplianceSME company passport and then walks you through the working files

Working files 128, 129, 130, 131 and 132 of the IE-COMPANY agent toolkit cover this situation. Working file 128 works through the duty of disclosure and the notification particulars. Working file 129 works through persons acting together and enforcement. Working file 130 works through the acquisitions register and company investigations, and Working file 131 works through registration of disclosed interests and investigations on requisition. Working file 132 works through removal of entries and notification to the market operator.

Free, with a free account

The working files above open from your ComplianceSME account at no charge, and so does the rest of the Companies Act 2014 toolkit: 215 working files across the 75 situations a company registered in Ireland can be in. Working file 1 runs first and builds the company passport; after that you open each working file as its situation arises.

A working file runs in Claude. You ask the ComplianceSME connector for it in a dedicated premium seat on the Claude Team plan. It asks one question at a time, then returns the document the Companies Act 2014 names, citing the Act's section at every step. Nothing is downloaded and nothing is installed.

The report stays yours, ready for a bank, an insurer, a customer or an inspector. Your dashboard shows every working file and its state.

Open this working file

ComplianceSME tracks the Companies Act 2014 and updates the toolkit on your account through the Compliance Complete account, so that you are never working from a superseded version. Compliance Complete

The PLC continues with formation, share rules, disclosure, buybacks, the board, mergers and divisions

The Irish library holds all 75 situations →