Shareholding structure

At year-end 2019, GBL’s share capital totalled EUR 653.1 million, representing 161,358,287 shares. GBL’s shareholding is characterised by a controlling shareholder, Pargesa Holding S.A., which holds 50.0% of the outstanding shares and 51.7% of the voting rights (1). Pargesa Holding S.A. itself is held jointly by the Power Corporation of Canada (Canada) and Frère (Belgium) groups, providing GBL with a stable, solid shareholder base. Since 1990, the two groups have been bound by a shareholders agreement. This agreement, which was extended in December 2012 to 2029, may be further extended.

As of December 31, 2019, GBL held 5,238,989 GBL shares directly and through its subsidiaries, representing 3.2% of the issued capital. The company concluded an agreement with a third party to improve the market liquidity of the GBL share. This liquidity agreement is executed on a discretionary basis on behalf of GBL within the limits of the authorisation granted by the General Shareholders’ Meeting of April 25, 2017 and in accordance with the applicable rules. GBL did not hold shares in that respect in its portfolio as of December 31, 2019.