Shareholders of a listed company have an obligation to notify both the Financial Supervisory Authority and DNA of any changes in their holdings and voting rights. A listed company, i.e. DNA, has in turn an obligation to publicly disclose the shareholder’s notification.
The Securities Markets Act specifies the thresholds for submitting a flagging notification. A notification must be made when the holding reaches or exceeds or, alternatively, falls below 5, 10, 15, 20, 25, 30, 50 or 90 percent, or two thirds (2/3), of the voting rights or number of shares of the company.
The objective of the regulation on the notification obligation is to ensure that shareholders have access to information on the ownership and power structures of a listed company and any changes therein. Considering the material impact that flagging information may have on the value of a listed company’s shares, notifications give investors an opportunity to equal access to information.
A flagging notification must be submitted without undue delay, but no later than on the trading day following a breach of the notification threshold. Flagging notifications must be sent to DNA by email at firstname.lastname@example.org. Flagging notifications must be sent to the Financial Supervisory Authority according to its guidelines.
More information on the website of the Financial Supervisory Authority.
DNA's flagging notifications
- January 3, 2017: PHP Holding Ltd's holding increased to 34,105,827 shares corresponding to 25.78 per cent of DNA's shares and voting rights due to shares returned to PHP Holding based on stabilization measures.
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