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The words “interested in� have a wide meaning (see ). For example, where shares are held by trustees, the trustees, the beneficiaries and the remaindermen (if any) of the trust are “interested in� the shares.

A trustee of a settlement will be associated with all others who are “interested in� the shares held by the trust. The trustees may therefore be associated with each other and with the beneficiaries of the trust.

A participant who:

• owns shares in his own right, and
• is also the trustee of a trust which owns shares in the same company may be an associate of himself.

If a participant has two capacities - that of individual shareholder or option-holder and that of trustee - it may be necessary, in computing whether he has a material interest, to aggregate interests held by:

• the participant in his own right,
• his relatives, partners, or settlements of which he was the settlor,
• any trust of which he is a trustee,
• any trust in which he is otherwise interested, for example as a beneficiary. Interests held as beneficiaries are considered at ETASSUM42400.

The fact that a person’s “interests� in shares arise in different capacities (i.e. personal and trustee), is irrelevant for the purposes of computing his own material interest.

The different capacities in which a person has “interests� in shares may, however, be relevant in computing whether any of his associates has a material interest. For example, in computing the material interest of his associates in a personal capacity (i.e. relatives or partners) only his interests in a personal capacity need be aggregated with their interests in deciding whether they have a material interest. In computing the material interest of his associates in a trustee capacity (i.e. the other trustees or beneficiaries of the trust) only his interests in a trustee capacity need be aggregated with their interests in deciding whether they have a material interest.