What is the minimum percentage of shareholders required to object to a variation of class rights?

The minimum percentage of shareholders required to object to a variation of class rights is 15%. This threshold is significant as it ensures that a substantial minority of shareholders has the ability to raise concerns regarding changes that may affect their class of shares. Class rights can pertain to various aspects such as dividends, voting rights, or other privileges associated with a particular class of shares.

The rationale behind setting this minimum percentage at 15% is to balance the need for effective governance and decision-making within the company with the protection of minority shareholders. By requiring a significant number to object, it avoids situations where a small number of dissenting shareholders can obstruct decisions, while still giving a clear voice to those disadvantaged by changes in class rights.

Understanding this threshold is crucial for maintaining the integrity of shareholders' rights and ensuring that variations to class rights are handled fairly and transparently. This provision is designed to protect minority interests while allowing the company the flexibility to manage its share structure effectively.