Voting rights conversion exemption: conversion-driven voting increases do not trigger open offer obligations absent acquisition of control. The amendment exempts increases in a shareholder's voting rights beyond takeover thresholds caused solely by conversion of superior voting shares into ordinary shares, absent acquisition of control, from the open offer obligation; expands the definition of encumbrance to cover restrictions on marketable title, pledge, lien, negative lien, non-disposal undertakings and any covenant or arrangement in the nature of encumbrance; and requires promoters to annually declare, within seven working days after year-end, to listed stock exchanges and the audit committee that no undisclosed encumbrances were created during the financial year.