Recticel, The passion for Comfort

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Warrants / Options

 On 23 December 2016 the outstanding stock option/warrant plans were as follows:

 

Issue

Number of warrants

 issued

(originally issued, before 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

2006

306 000 357 992 EUR 8.09 01/Jan/10 - 21/Dec/17
May 2007 48 000 51 909 EUR 8.77 01/Jan/11 - 01/May/18
Dec 2007 390 000 465 390 EUR 8.20 01/Jan/11 - 02/Dec/18
May 2011 354 500 399 758 EUR 6.44 01/Jan/15 - 29/May/17
Dec 2011 438 000 193 457 EUR 3.38 01/Jan/15 - 21/Dec/17
Dec 2012 326 800 239 826 EUR 4.15 01/Jan/16 - 20/Dec/18
April 2014 316 000 358 112 EUR 5.64 01/Jan/18 - 28/Apr/20
 Jun 2015 304 000  304 000  EUR 4.31 01/Jan/19 - 23/Jun/21 
April 2016 317 500 317 500 EUR 5.73 29/Apr/19 - 29/Apr/25
Total   2 687 944    

 

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 012new 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 23 December 2016) Number % actual % fully diluted
Ordinary shares (non diluted) 54 062 520 100.0% 86.12%
Outstanding non-exercised  warrants 2 687 944 - 4.30%
Convertible bonds 6 022 012 - 9.59%
Total shares (fully diluted) 62 772 476 - 100.0%