Information on SES share classes and ownership restrictions.

SES has issued two classes of shares, A- and B-shares. Each share is entitled to one vote. The ratio of A-shares to B-shares must be maintained at 2:1 as required by the Articles of Incorporation. 

A-shares are defined as shares held by institutional and private shareholders. B-shares are owned by the Luxembourg State and by two entities wholly owned by the Luxembourg State. Each B-share has 40% of the economic rights of an A-share.

The listed security is the Fiduciary Depositary Receipt (“FDR”), listed on the Luxembourg and Euronext Paris Stock Exchanges. Each of these is backed by one A-share and has all the rights attaching to that share, except the right of attending General Meetings of shareholders. In order to attend a General Meeting, at least one registered share must be held. Voting rights may be exercised by notifying the Fiduciary (Banque et Caisse d’Epargne de l’Etat) of the voting intention. Of the A-shares, 367 823 719 (82.52% of the economic shares) are currently lodged with the Fiduciary and trade in the form of FDRs.

Please also refer to the interest notifications received under threshold disclosure obligation.

SES Shareholders Number of Shares Voting Participation Economic Participation
Registered shares 3 633 881 0.65% 0.82%
FDRs (free float)1 361 281 149 66.01% 81.05%
FDRs held by SES 6 542 570 0.00% 1.47%2
Total A Shares 371 457 600 66.67% 83.33%
BCEE 60 614 724 10.88 % 5.44%
SNCI 60 607 161 10.88 % 5.44%
Etat du Luxembourg 64 506 915 11.57% 5.79%
Total B Shares 185 728 800 33.33% 16.67%
Total Shares (actual) 557 186 400 100.00% 100.00%
Total Shares (economic) 445 749 120    

1) Does not include FDRs held by SES.
2) At 28 February 2023, SES held 6,542,570 FDRs for the purpose of its employee option program. SES does not exercise voting rights.

Restrictions on ownership

No A-shareholder may hold, directly or indirectly, more than 20%, 33% or 50% of the company’s shares unless he has obtained prior approval from the meeting of shareholders in accordance with the procedure described here below. Such limit shall be calculated by considering all the shares held by the A-shareholder.

A shareholder or a potential shareholder who envisages to acquire by whatever means, directly or indirectly, more than 20%, 33% or 50% of the shares of the company (a "demanding party") must inform the Chairperson of the Board of the company of such intention.

The Chairperson of the Board will inform the government of Luxembourg of the envisaged acquisition. The government may oppose the acquisition within three months from such information if it determines that such acquisition would be against the general public interest.

In case of no opposition from the government of Luxembourg, the Board shall convene an extraordinary meeting of shareholders which may decide at a majority provided for in article 450-3 of the law of 10 August 1915, as amended, regarding commercial companies, to authorize the demanding party to acquire more than 20%, 33% or 50% of the shares. If the demanding party is a shareholder of the company, it may attend the general meeting and will be included in the count for the quorum but may not take part in the vote.