Virbac: Declaration of the Total Number of Shares and Voting Rights as of December 31, 2024

Virbac has published its official declaration detailing the number of shares and voting rights as of December 31, 2024. The document clarifies the total shares constituting the share capital, the gross and net voting rights, and the distinction between voting power and share ownership. It provides key identifiers for the listing and confirms the data as of the end of the year, outlining how voting rights are attached to the shares and how any shares without voting rights affect the overall figures. This disclosure is essential for investors, analysts, and governance observers who monitor control dynamics and the distribution of voting power within the company.

Overview of the Declaration and its Core Figures

As of December 31, 2024, the declaration sets forth several fundamental numbers that define Virbac’s shareholding and governance framework. The total number of shares representing the share capital is listed as 8,390,660. This figure represents the authorized equity base that underpins the company’s capitalization. In parallel, the document presents two related measures of voting rights: the gross total and the net total. The gross total of voting rights is 12,707,315. This figure accounts for all voting rights associated with the shares in circulation, regardless of any restrictions or special cases that might limit actual voting in practice.

In contrast, the net total of voting rights is 12,691,249. This net figure is defined as the total number of voting rights attached to the total number of shares, minus shares that carry no voting rights. The distinction between gross and net voting rights is significant, as it highlights the practical voting power held by shareholders under the current capitalization structure. The wording used in the declaration emphasizes that the net total equals the number of voting rights attached to the total number of shares, reduced by any shares that do not confer voting rights. This nuanced difference is one that investors and corporate governance professionals examine carefully, as it can influence the interpretation of control dynamics and the potential for majority influence.

The declaration is part of Virbac’s statutory or regulatory reporting, aligning with formal requirements for transparency in shareholding and voting rights. It provides an auditable snapshot of the ownership and governance framework at a precise point in time. The numbers are anchored to the official listing on the market, with the quotation place identified as Euronext Paris. The instrument is categorized under the Compartiment AISIN, with the International Securities Identification Number (ISIN) FR0000031577 and the mnemonic VIRPC. These identifiers ensure that market participants and analysts refer to the same security in all evaluations, including voting rights assessments and ownership analyses.

In addition to the primary numbers, the declaration references the attachment that details the total number of voting rights and shares as of 31 December 2024. This attachment serves as a precise data repository, supporting the credibility and reproducibility of the reported figures. It reinforces the integrity of the disclosure by offering a verifiable basis for the figures presented in the text. Together, the share capital total, gross voting rights, and net voting rights form a comprehensive picture of Virbac’s capital structure and governance leverages as of the end of 2024.

Key definitions and context

To fully interpret these numbers, it is important to clarify the key terms used in the declaration. The "total number of shares representing the share capital" refers to the actual count of equity interests that constitute the company’s capital base. These shares carry ownership rights and are typically entitled to dividends and governance responsibilities, such as voting at general meetings. The "gross total of voting rights" refers to the aggregate voting power associated with all shares that carry voting rights, before any adjustments for shares that do not confer voting power. The "net total of voting rights" represents the voting power after excluding shares that do not confer voting rights. In practice, this means that some portions of the total share count may not participate in voting, and the net figure reflects the effective voting capacity of the outstanding shares.

The distinction between shares with voting rights and shares without voting rights can arise for several reasons. Treasury shares held by the company may be excluded from voting, reducing the net voting rights. Other arrangements, such as certain classes of shares that carry no voting rights, or shares subject to specific legal restrictions, can also contribute to the disparity between gross and net figures. The declaration emphasizes that the net total is derived from the gross total minus those shares without voting rights, ensuring that stakeholders understand the exact voting power available in general meetings.

Market identifiers and listing context

Virbac’s listing details situate the company in the Euronext Paris market, with the Compartment AISIN and the ISIN FR0000031577. The ticker mnemonic associated with the listing is VIRPC. These identifiers are critical for market participants who conduct trading, ownership, and voting rights analyses. The reference to Euronext Paris as the quotation place situates the data within the European equity market framework, where issuer disclosures of voting rights are closely tracked by investors and regulators alike. The presentation of the data alongside the market identifiers reinforces the reliability of the figures and their relevance for evaluation by analysts, fund managers, and individual investors who are examining Virbac’s governance posture and potential influence of shareholders.

Governance, Voting Rights Mechanics, and Implications

Understanding voting rights and their practical impact

Voting rights are a central component of corporate governance, determining a shareholder’s ability to influence strategic decisions, appoint directors, and shape major corporate actions. The numbers reported by Virbac give readers a clear view of the theoretical voting power embedded in the share capital. The gross voting rights reflect the total authority embedded in the shares, but the net rights reveal the sanctions that can affect actual voting outcomes at general meetings. The practical implication is that some shares do not contribute to voting outcomes, which can affect the calculation of majorities and coalitions needed to approve resolutions.

Shareholders and potential activists must parse these figures carefully. In situations where the net voting rights are significantly lower than the gross total, a portion of the capital base cannot influence decisions through voting. This can influence strategic calculations around mergers, acquisitions, or governance changes. Conversely, if the net voting rights are close to the gross figure, most shares are effectively engaged in governance, increasing the potential for broad-based consensus or contested outcomes at shareholder meetings.

Shares with no voting rights and their effect

Shares without voting rights can arise for various reasons. They might include treasury shares held by the company, which are typically not entitled to vote at general meetings. Other instances involve non-voting share classes or shares that are restricted by regulatory or contractual terms from participating in voting rights. The presence of such shares means that the overall voting power of the company is distributed among fewer securities than the number of shares, potentially concentrating influence among a subset of holders who possess the voting rights. Investors should therefore consider not only the share count but also the distribution of voting power when assessing control dynamics and potential governance outcomes.

Implications for control, governance, and investor strategy

From a governance perspective, the distribution of voting rights interacts with share ownership to shape the balance of power within Virbac. A higher ratio of voting rights to shares enhances the ability of voting-rights-holding stakeholders to steer resolutions at general meetings. Conversely, a larger proportion of non-voting shares can dilute the impact of holders who own a larger stake but lack voting rights, potentially reducing their influence over strategic direction. For investors, these dynamics matter when evaluating potential blocks of influence, planning engagement strategies, or assessing scenarios involving changes in control or board composition.

In practical terms, the data informs several investor considerations. First, it helps in evaluating the effective voting power of large holders and their capacity to influence decisions without needing to form broad coalitions. Second, it informs risk assessments related to governance, including the likelihood of achieving majority votes on proposals requiring shareholder approval. Third, it assists in forecasting the potential reactions of the market to announcements of major corporate actions, as voting dynamics often correlate with market sentiment and perceived governance quality. Finally, it provides a baseline for monitoring future changes in shareholding patterns and voting rights after events such as share buybacks, treasury operations, or the issuance of new voting or non-voting instruments.

Subsection: Analytical frameworks for interpreting the data

To translate the numbers into actionable insights, investors and researchers can apply several analytical approaches. One approach is to compute the voting-power ratio by dividing net voting rights by the total number of voting rights (gross), yielding a sense of how much of the voting power is actually exercisable. Another approach is to compare Virbac’s ratio with industry peers to assess governance strength and alignment with market norms. A third approach is to track changes across reporting periods to identify trends in the distribution of voting rights, such as increases in non-voting shares or shifts in shareholder composition that might reflect strategic changes in ownership.

In addition to these quantitative methods, qualitative analysis remains essential. Understanding the governance framework, the company’s approach to shareholder engagement, and any historical precedents for governance changes can provide richer context to the numerical data. Readers should also consider the regulatory environment that shapes disclosure practices, including the specific legislative and regulatory requirements governing the publication of voting-rights information. This broader context helps ensure that numerical interpretations align with both legal requirements and market expectations.

Virbac: Company Profile and Market Context

The company’s positioning and business scope

Virbac positions itself as a key player in the field of animal health, contributing to the advancement of veterinary science and practical solutions for animal care. The phrase shaping the future of animal health reflects a forward-looking mission that emphasizes innovation, clinical effectiveness, and a commitment to improving the well-being of animals. In this context, the company’s governance, including voting rights distribution, is an important dimension of how it interacts with research partners, veterinarians, farmers, distributors, and investors who rely on stable, well-governed leadership to drive long-term value creation.

The company operates within a global market, addressing animal health needs across species and geographies. Its product portfolio typically includes vaccines, therapeutics, diagnostic tools, and nutritional or preventive care products designed to support animal health at various life stages and production settings. While the specifics of Virbac’s product lines are beyond the scope of the share-rights declaration, the governance context in which these products are developed and marketed remains a critical factor for investors seeking to understand strategic direction and risk management.

Listing details and identifiers

Virbac is listed on Euronext Paris, with the Compartiment AISIN and the ISIN FR0000031577. The ticker symbol VIRPC serves as the concise market identifier used by traders and analysts to track price movements, trading volumes, and corporate actions. The constellations of these identifiers—exchange, compartment, ISIN, and ticker—form a lattice of references that facilitate transparent and efficient market participation. For investors and researchers, having a consistent reference framework is essential for aligning voting-rights data with trading data, ownership records, and corporate disclosures.

Regulatory and governance milieu

The regulatory environment surrounding share-rights disclosures in Europe emphasizes transparency, accuracy, and timeliness. The Article 223-16 framework of the General Regulations of the French Financial Market Authority (AMF) imposes precise reporting requirements on issuers. While the specifics of the regulatory article are not reproduced here, the overarching objective is to ensure that the market has a clear and reliable view of the distribution of voting rights and the potential influence of different stakeholders. Virbac’s disclosure as of 31 December 2024 thus serves as a governance snapshot that aligns with regulatory expectations for openness and accountability in corporate governance structures.

Investor implications and market perception

From an investor perspective, the reported figures offer a baseline for assessing voting leverage, potential governance changes, and dilution or concentration dynamics. Investors might compare the net voting rights to the overall ownership to gauge how much influence typical investors or activist groups can exert. The data also informs risk management decisions, such as evaluating exposure to governance risk scenarios or planning for votes on major corporate actions. Market participants often integrate these data points with other financial metrics, strategic announcements, and broader market conditions to build a comprehensive view of Virbac’s governance landscape.

Attachment and Data as of 31 December 2024

Purpose and significance of the attachment

An attachment accompanies the primary declaration to provide a detailed, itemized record of voting rights and share counts as of the specified date. This supplementary document anchors the high-level figures in granular data, enabling rigorous verification and traceability. It serves as a critical resource for researchers, auditors, and investors who require a line-by-line corroboration of the reported totals, including the breakdown of shares with voting rights and those without.

Date-specific context and uncertainty

As with any end-of-year disclosure, the numbers reflect the situation on December 31, 2024. It is important to recognize that share ownership and voting rights can change due to trading activity, corporate actions, or regulatory adjustments. Therefore, while the attachment provides a precise snapshot for that date, subsequent events will alter the landscape. Investors should monitor periodic disclosures and upcoming reporting cycles to maintain an up-to-date understanding of Virbac’s governance structure.

Compliance and methodological notes

The declaration adheres to established regulatory requirements, ensuring consistency with similar disclosures across the market. Methodologically, the data is derived by reconciling the total number of shares representing the share capital with the outstanding voting rights, taking into account any shares that do not confer voting rights. This approach yields the net total of voting rights, which is the principal measure of exercisable voting power. The inclusion of both gross and net figures provides a transparent view of both potential and practical voting influence, enabling rigorous analysis and informed decision-making.

Practical guidance for analysts

For analysts and investors, the attachment is a primary source that supports the interpretation of the narrative data. Analysts should:

• Cross-check the numbers against prior periods to detect trends in voting-rights distribution.
• Evaluate the proportion of shares with voting rights relative to the total share capital to assess dilution effects or consolidation of influence.
• Consider the potential impact of any shares held in treasury or any non-voting share classes on future governance outcomes.
• Integrate the data with other governance signals, such as board composition, shareholder stewardship initiatives, and announced strategic plans.

By using the attachment in conjunction with the core declaration, market participants can develop a richer understanding of Virbac’s governance dynamics and make more informed investment decisions.

Absence of contact details and third-party references

In keeping with standard regulatory disclosure practices, this section refrains from providing contact details, external links, or third-party references. The focus remains on the numerical data and its governance implications, ensuring that readers can analyze and interpret the information without distraction or the need to navigate to additional sources within this article.

Interpretation Guide for Investors and Stakeholders

How to interpret gross vs net voting rights

• Gross voting rights show the total governance power embedded in all shares that carry voting rights, regardless of how many shares exist without voting rights.
• Net voting rights reflect the actual voting power available at meetings, after removing shares that do not confer voting rights.
• The difference between the two figures indicates the extent to which non-voting elements dilute the capacity to influence decisions.

Assessing voting power concentration

• A high proportion of shares with voting rights relative to the total share capital suggests strong potential influence by voting-rights holders.
• A lower proportion indicates that non-voting or restricted-rights shares dilute the practical ability to steer governance outcomes.
• Analyzing the distribution among major holders can reveal whether power is concentrated in a few actors or dispersed across a broader base of investors.

Practical steps for stakeholders

• Compare Virbac’s net voting rights against the total number of voting rights to determine the effective governance footprint.
• Review changes year-over-year to understand evolving ownership and voting-power dynamics.
• Consider the strategic implications of voting-power shifts, including potential impacts on board composition, governance policies, and strategic approvals.

Limitations and caveats

• The numbers reflect a specific date and may not capture subsequent changes due to actions such as share buybacks, issuance of new voting or non-voting instruments, or regulatory rulings.
• Voting power is one dimension of governance; practical influence also depends on alliances, shareholder activism, and relative positions of major holders.
• The interpretation should be contextualized within Virbac’s broader corporate governance framework, including board practices, shareholder engagement, and market conditions.

Corporate Governance, Market Signals, and Future Outlook

Governance signals embedded in voting-rights disclosures

The disclosed voting-rights data serve as a governance signal for the market. They provide transparency about how control can be exercised and the degree to which large holders or institutional investors can shape strategic outcomes. The balance between voting rights and share ownership influences the likelihood of coalitions forming to pass resolutions, as well as the potential for contested outcomes in sensitive corporate decisions. In markets where corporate governance standards emphasize accountability and minority protection, such disclosures are central to assessing risk and alignment with investors’ governance preferences.

How governance data interact with market expectations

Investors often interpret voting-rights data in tandem with other governance indicators, such as board independence, executive compensation, and shareholder rights protections. The net voting-rights figure can affect perceptions of governance quality and the likelihood of stable strategic direction versus changes in leadership. If the net rights indicate a strong base of voting power among a narrow group, investors might monitor potential conflicts of interest or strategic shifts more closely. Conversely, a broad dispersion of voting rights can indicate a governance environment with greater stakeholder engagement and potentially more balanced decision-making processes.

Looking ahead: potential influencers and governance considerations

Future governance dynamics could be influenced by factors such as capital-structure adjustments, new equity issuances, or changes in share class designations. Any move to alter the balance of voting rights—whether through issuing additional voting shares, creating or converting non-voting instruments, or adopting different treasury-management strategies—would be of interest to the market and warrant timely disclosure. Stakeholders should remain attentive to forthcoming announcements and regulatory filings that could signal shifts in Virbac’s governance landscape and voting-power distribution.

The Attachment: Data as of 31 December 2024 Revisited

Recap of the key figures

• Total number of shares representing the share capital: 8,390,660.
• Gross total of voting rights: 12,707,315.
• Net total of voting rights: 12,691,249.

These figures collectively present Virbac’s governance framework at the close of 2024. The net total voting rights, reflecting the effective voting power after excluding non-voting shares, provide the central metric used by investors to gauge control potential and governance influence.

End-of-year snapshot and its significance

As a year-end snapshot, the data deliver a stable reference point for comparative analyses across periods. The end-of-year timing aligns with other annual disclosures and regulatory reporting cycles, enabling consistent benchmarking and trend assessment. Analysts frequently use the December 31 data as a baseline for evaluating changes in shareholding patterns, voting dynamics, and potential implications for board elections and major corporate actions in the following year.

How to access and utilize the attachment responsibly

While the attachment is cited as part of the official disclosure, this article presents a synthesized interpretation of the numbers. Readers seeking the most granular data should consult the attachment itself in the issuer’s regulatory filing package, ensuring any further calculations or analyses reflect the precise line-item details. The attachment is designed to support auditability and verification, offering a transparent pathway to confirm the reported totals and to understand any subcomponents that contribute to the final net and gross voting-rights figures.

Compliance posture and disclosure integrity

Virbac’s approach to presenting both gross and net voting rights in a clear, date-specific manner demonstrates a commitment to compliance and market transparency. The inclusion of the ISIN, ticker, and exchange context enhances the reliability and traceability of the data for market participants. By avoiding external references in this narrative summary, the emphasis remains on the governance data itself and its implications for investors and observers who rely on these metrics to form reasoned judgments about Virbac’s governance and strategic trajectory.

Conclusion

Virbac’s December 31, 2024 declaration provides a comprehensive view of the company’s shareholding and voting-rights architecture. The key figures—8,390,660 shares representing the share capital, a gross voting-rights total of 12,707,315, and a net voting-rights total of 12,691,249—constitute the backbone of the company’s governance framework as of the end of the year. The distinction between gross and net voting rights highlights the practical influence of the voting rights embedded in the share structure, accounting for any shares that do not confer voting power. Listed on Euronext Paris under the Compartiment AISIN with ISIN FR0000031577 and ticker VIRPC, Virbac’s disclosure aligns with regulatory expectations and provides investors with a precise basis for evaluating governance dynamics and potential voting outcomes.

For investors, analysts, and governance observers, this data serves as a critical reference point for assessing control potential, the concentration of voting power, and the implications for future corporate actions. The attachment accompanying the declaration offers a granular data source to support rigorous analysis and cross-period comparisons, reinforcing the reliability and integrity of the disclosed information. As with any end-of-period reporting, stakeholders should consider the figures in the context of ongoing market activity, corporate actions, and regulatory developments that could alter the voting-rights landscape in subsequent periods. The governance snapshot captured at year-end lays the groundwork for informed decisions, ongoing monitoring, and thoughtful engagement with Virbac’s strategic direction.