(1) A shareholder shall notify the issuer of the percentage of voting rights he or she holds if, as a result of either or both of the events specified in paragraph (2), the percentage of voting rights which he or she holds reaches, exceeds or falls below one or more of the percentages specified in paragraph (4).

(2) The events referred to in paragraph (1) are:

(a) the acquisition or disposal by the shareholder referred to in that paragraph of shares in the issuer, being shares to which voting rights attach;

(b) events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with Regulation 20.

(3) In the case of an issuer that is not incorporated in a Member State, subparagraph (b) of paragraph (2) also applies in circumstances where events equivalent to the events specified in that subparagraph occur and on the basis of equivalent disclosed information to that mentioned in that subparagraph.

(4) The percentages referred to in paragraph (1) are: 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%, each being a percentage of the total voting rights in the issuer.