Voting rights restrictions
On December 31st 2012, the amendments to the Articles of Association of PGNiG, introduced under a resolution of the Company’s Extraordinary General Meeting dated December 6th 2012, were entered in the Company Register. Under the amended Articles of Association, the voting rights of Company shareholders are limited so that at the General Meeting no shareholder can exercise more than 10% of the total vote at the Company as at the date of the General Meeting, with the proviso that such restriction of voting rights is deemed non-existent for the purpose of determining the obligations of buyers of major holdings of shares.
The voting rights restrictions do not apply to shareholders who, as at the date of the General Meeting’s resolution imposing the restrictions, are holders of shares conferring more than 10% of the total vote at the Company, and shareholders acting together with shareholders holding shares conferring more than 10% of the total vote, pursuant to agreements on voting in concert.
For the purpose of restricting the voting rights, votes of shareholders bound by a parent-subsidiary relationship will be aggregated and if the aggregated number of votes exceeds 10% of the total vote at the Company, it will be subject to reduction.