ForFarmers held 5,834,026 of its own ordinary shares (treasury shares) as at 31 December 2022. These treasury shares do not have voting rights, nor are they entitled to the distribution of dividend. Consequently, the number of ordinary shares outstanding on 31 December 2022 was 8 9, 3 8 4 ,7 95. Based on the number of shares issued the Coöperatie FromFarmers (the Cooperative) had a direct equity interest of 19.4% on 31 December 2022 and an indirect interest of 26.0% for which the Cooperative has issued participation accounts to individual members.
The Cooperative holds the priority share as long as certain conditions are met, as laid down in the Articles of Association. As the holder of the priority share the Cooperative has certain rights which are partly determined by the number of shares for which it can exercise voting rights and give voting instructions to Stichting Beheer- en Administratiekantoor ForFarmers (the Trust Office Foundation) on the reference date of 1 January of each year. Members of the Cooperative can request the voting rights of their individual depositary receipts for shares at any given time.
On the reference date of 1 January 2023 the Cooperative represented the voting rights attached to the 43,270,594 shares it held (both directly and indirectly) and could give voting instructions for the 8,488,132 shares which were held by the Trust Office Foundation. Accordingly, the Cooperative had a combined voting interest of 54.4% based on the number of issued ordinary shares on that date.