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17 Share capital   31.12.2009 31.12.2010
  CHF thousands      
         
  Share capital 2,783,115 at a par value of CHF 1 2,783 2,783
  Participation capital 625,000 at a par value of CHF 1 625 625
  Share and participation capital   3,408 3,408
         
  Existing shareholders and their direct share of voting rights:    
  Canton of Graub√ľnden 46.00% 46.00%
  Alpiq Holding AG, Olten 24.60% 24.60%
  EGL (EGL) 21.40% 21.40%
  Other (free float) 8.00% 8.00%
         

Participation certificates carry no voting rights at the Annual General Meeting but are subject to the same provisions as shares. The number of share and participation certificates remained unchanged from the previous year.

Treasury shares and participation certificates

In the year under review 2,867 bearer shares (previous year: none) and no participation certificates (previous year: none) were sold at market rates and 2,867 bearer shares (previous year: none) and 150 participation certificates (previous year: none) were acquired. At 31 December 2010 the number of treasury shares amounted to 12,156 bearer shares (previous year: 12,156) with a total par value of TCHF 12 and 4,107 participation certificates (previous year: 3,957) with a par value of TCHF 4.