Voting Rights

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.