Ultimate Controller

Means any of the following:
(a) a Holding Company of the Licensee that is not
itself a Subsidiary of another company; and
(b) subject to notes 1 and 2 set out below, any person
who (whether alone or with any person or persons
connected with him) is in a position to control, or
exercise significant influence over, the policy of the
Licensee or the policy of any Holding Company
of the Licensee by virtue of:
(i) rights under contractual arrangements to
which he is a party or of which he is a
beneficiary, or
(ii) rights of ownership (including any rights
attached to or deriving from securities
or rights under a trust) which are held by
him or of which he is a beneficiary.
continued note 1: for the purposes of sub-paragraph (b), a person is
connected with another person if he is a party to any
arrangement regarding the exercise of any such rights as are
described or referred to in that sub-paragraph.
note 2: sub-paragraph (b) does not include any director or
employee of a corporate body in his capacity as such.

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