Recticel, The passion for Comfort

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Warrants / Options

 On 29 May 2017 the outstanding stock option/warrant plans were as follows:

 

Issue

Number of warrants

 issued

(after adjustment for capital increase of 13 May 2015)

Number of warrants

not yet exercised

(adjusted for capital increase of 13 May 2015)

Exercise price

Exercise period

Dec 2006

357 992 357 992 EUR 8.09 01/Jan/10 - 21/Dec/17
May 2007 51 909 51 909 EUR 8.77 01/Jan/11 - 01/May/18
Dec 2007 465 390 465 390 EUR 8.20 01/Jan/11 - 02/Dec/18
May 2011 399 758 26 249 EUR 6.44 01/Jan/15 - 29/May/17
Dec 2011 490 467 150 498 EUR 3.38 01/Jan/15 - 21/Dec/17
Dec 2012 359 067 176 432 EUR 4.15 01/Jan/16 - 19/Dec/18
April 2014 358 112 358 112 EUR 5.64 01/Jan/18 - 28/Apr/20
 Jun 2015 304 000  304 000  EUR 4.31 01/Jan/19 - 22/Jun/21 
April 2016 317 500 317 500 EUR 5.73 01/Jan/20- 29/Apr/25
Total   2 208 082    

 

Mid-2007, Recticel issued a convertible bond for a total amount of EUR 57.5 million and with a duration of 10 years.

On 23 July 2014, EUR 50,000 was repaid following the exercise of a put option in favour of the investors.

This bond loan can be converted by the holders into ordinary Recticel- shares at a current conversion price of EUR 9.54 (since 01 June 2016).

As a result of this, a theoretical total of 6 022 012 new shares could be created.

 

The following table provides a summary of the potential total dilution effect after exercise of warrants and conversion of convertible bonds:

 

 (situation as per 29 May 2017) Number % actual % fully diluted
Ordinary shares (non diluted) 54 542 382 100.0% 86.89%
Outstanding non-exercised  warrants 2 208 082 - 3.52%
Convertible bonds 6 022 012 - 9.59%
Total shares (fully diluted) 62 772 476 - 100.0%