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17 Share capital

17 Share capital
    31.12.2010 31.12.2011
  CHF thousands      
         
  Share capital 2,783,115 at a par value of CHF 1 2,783 2,783
  Participation certificates 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%
  Elektrizit√§ts-Gesellschaft Laufenburg AG, Laufenburg (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 Number of shares Average price in CHF Number of participation certificates Average price in CHF
At 31 December 2009 12,156   3,957  
Purchases 2,867 451 150 277
Disposals -2,867 437    
At 31 December 2010 12,156   4,107  
Purchases 60 462    
Disposals -60 501    
At 31 December 2011 12,156   4,107