Brussels - Recticel SA/NV has announced that investment group Bestinver Gestion SA / SGICC, of Madrid now holds more than 15 percent of the foamer's shares.
Bestinver notified both Recticel and the Belgian Banking, Financial and InsuranceCommission CBFA on 6 May 2009 that it had crossed the statutory threshold of 15percent share ownership in the foamer.
Under Recticel's articles of association, each shareholder holding 3 percent or more of Recticel's shares conferring voting rights must disclose this to the company and to the CBFA. Each fall below, or rise above, this first threshold of 3 percent and subsequent thresholds of 5 percent or a multiple of 5 percent, must also be disclosed, said Recticel's 19 May statement
Bestinver, which manages 17 investment and pension funds, now holds 4.44 million shares in Recticel, or 15.35 percent of the total outstanding shares with voting rights.