VCM91060 - CVS: investors and reliefs: no material interest
FA00/SCH15/PARA5 & PARA7
A qualifying investing company must not have a 바카라 사이트˜material interest바카라 사이트™ in the company issuing the shares, or in any subsidiary of that company, at any time during the qualification period.
A material interest is defined as possession of over 30% of either the company바카라 사이트™s 바카라 사이트˜ordinary share capital바카라 사이트™ or the voting power in the company. There are elaborations of this rule bringing in the interests of connected persons and associates, indirect possession of share capital and entitlement to acquire (see VCM91070 and VCM91080).
For this purpose 바카라 사이트˜ordinary share capital바카라 사이트™ is defined as all the issued share capital except 바카라 사이트˜relevant preference shares바카라 사이트™ (see VCM91110), plus any loan capital which carries a right to acquire shares other than relevant preference shares. (Normally that right will take the form of a right of 바카라 사이트˜conversion바카라 사이트™, that is, a right to exchange rights as a loan creditor for shares, but other arrangements are possible.) Loan capital is defined in the usual way; sums owing to a bank in respect of an overdraft on a current account are excluded.