Significant interest, substantial security holder and beneficial ownership
133For the purposes of sections 137 to 141,
(a)
a person or a combination of persons has a significant interest in an issuer, if
(i)
in the case of one person, the person owns beneficially, either directly or indirectly, more than 10% of the outstanding shares or units of the issuer, or
(ii)
in the case of a combination of persons, they own beneficially, either individually or together and either directly or indirectly, more than 50% of the outstanding shares or units of the issuer,
(b)
a person or a combination of persons is a substantial security holder of an issuer if that person or combination of persons owns beneficially, either individually or together and either directly or indirectly, voting securities carrying more than 20% of the voting rights attached to all outstanding voting securities of the issuer, but in computing the percentage of voting rights attached to voting securities owned by an underwriter, there shall be excluded any voting securities acquired by the person as underwriter in a distribution of the securities, except that the exclusion ceases to have effect on completion or cessation of the distribution by the underwriter, and
(c)
where a person or combination of persons owns beneficially, directly or indirectly, voting securities of an issuer, that person or combination of persons shall be deemed to own beneficially a proportion of voting securities of any other issuer that are owned beneficially, directly or indirectly, by the first mentioned issuer, which proportion shall equal the proportion of the voting securities of the first mentioned issuer that are owned beneficially, directly or indirectly, by that person or combination of persons.