Voting Rights Announcement
The Securities Trading Act (Wertpapierhandelsgesetz – WpHG) requires shareholders to notify the company and the Financial Supervisory Authority (BaFin) immediately if any acquisition or disposal will cause voting rights in a listed company to reach, exceed or fall below the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% or 75%.
There are additional disclosure requirements connected with other circumstances, as for instance the holding of financial instruments.
The issuer must publish any change in the total number of voting rights.
If capital markets are to be transparent, market participants must be able to have some idea of when members of management or supervisory boards are dealing in financial instruments issued by their own company. Article 19 of the Market Abuse Regulation (EU) No 596/2014 (MAR) therefore requires managers’ transactions to be notified and published.
Please refer to the section Corporate Governance for Directors’ Dealings