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Voting rights

In accordance with Article 27 of the Articles of Association, each share entitles its holder to one vote.

GBL has not issued any other class of shares, such as non-voting or preferential shares.

In accordance with Articles 622 and 627 of the Companies Code, voting rights attached to GBL shares held by the company itself or by subsidiaries under its direct control have been suspended.

In accordance with Article 15 of the law of 2 May 2007 regarding the publication of major shareholdings (“transparency law”) GBL must publish, its (i) total share capital, (ii) the total number of shares entitling their holders to voting rights and (iii) the total number of voting rights, at the latest by the end of each month during which these numbers were increased or decreased.

When it publishes this information, the company must also disclose the total number of bonds convertible into shares entitling their holders to voting rights, the subscription rights relating to shares entitling their holders to voting rights not yet issued, and the total number of voting rights that would result from the exercising of these conversion or subscription rights.

This information allows GBL’s shareholders to check whether they have fallen below or risen above one of the total voting right thresholds of 5%, 10%, 15% … (and other multiples of 5) and whether they are therefore obliged, under Article 514 of the Companies Code, to declare the crossing of a threshold. GBL has not used the possibility offered by the “transparency law” of adding more restrictive thresholds (1%, 2%, 3%, 4% and 7.5%) to its Articles of Association.

For further information about transparency declaration obligations, refer to the provisions of the law and the royal decree of 14 February 2008 regarding the disclosure of major holdings.



The number of shares representing the capital amounts 161,358,287.

According to the legislation on transparency statement, amongst other article 15 of the law of 2 May 2007, the company reports the following financial information:

  • the total capital: EUR 653,136,356.46
  • total number of shares giving voting right: 161,358,287
  • total number of voting right (= denominator): 161,358,287
  • No other restrictive statutory threshold than the legal one of 5%

In addition, the company informs that:

  • its sub-subsidiary Sagerpar issued, in 2013, 4,284 bonds convertible into 5,000,000 existing GBL shares;
  • the outstanding options issued from 2007 to 2012 in favor of the staff and the Executive Management of the group GBL entitle to acquire GBL shares on 31 December 2017.


Contact person (transparency declaration)

Priscilla Maters, General Secretary and Chief Legal Officer
Tel : +32 2 289 17 17
email :

More information: Shareholding


Most recent transparency declaration