Chrysler 2007 Annual Report Download - page 153

152 Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
The reconciliation of the number of shares outstanding at December 31, 2005 and at December 31, 2007 is as follows:
(Purchases)/ (Purchases)/
At Sales of At Sales of At
December 31, Capital treasury December 31, Capital treasury December 31,
(number of shares in thousand) 2005 increase stock 2006 increase stock 2007
Ordinary shares issued 1,092,246 – – 1,092,246 1 – 1,092,247
Less: Treasury stock (4,332) – 559 (3,773) – (18,078) (21,851)
Ordinary shares outstanding 1,087,914 – 559 1,088,473 1 (18,078) 1,070,396
Preference shares issued 103,292 – – 103,292 – – 103,292
Less: Treasury stock – – – – – – –
Preference shares outstanding 103,292 – – 103,292 – – 103,292
Saving shares issued 79,913 – – 79,913 – – 79,913
Less: Treasury stock – – – – – – –
Saving shares outstanding 79,913 – – 79,913 – – 79,913
Total Shares issued by Fiat S.p.A. 1,275,451 – – 1,275,451 1 – 1,275,452
Less: Treasury stock (4,332) – 559 (3,773) – (18,078) (21,851)
Total Fiat S.p.A. outstanding shares 1,271,119 – 559 1,271,678 1 (18,078) 1,253,601
In respect of changes in 2007 regarding issued ordinary shares, on January 29, 2007, the 2007 Fiat Ordinary Share Warrants issued
in 2002 were removed from trading by the Italian Stock Exchange in accordance with their natural due date. The owners of the
65,509,168 outstanding warrants at that date were given the option to subscribe in January 2007 to Fiat S.p.A. ordinary shares in
the ratio of one Fiat ordinary share at a price of 29.364 euros for every four warrants held. To date 4,676 warrants have been
exercised with the issue of 1,169 shares. As a consequence, on February 1, 2007 the capital stock of Fiat S.p.A. increased from
6,377,257,130 euros to 6,377,262,975 euros and additional paid-in capital increased by 28,481.52 euros.
Treasury stock sales and buybacks are discussed in the paragraph Treasury stock.
Italian laws and regulations regarding the capital stock and reserves of a joint stock corporation establish the following:
■the minimum capital stock is 120,000 euros;
■any change in the amount of capital stock must be approved by Stockholders in General Meeting who may delegate powers to
the Board of Directors, having validity for a maximum period of five years, to increase capital stock up to a predetermined amount;
the General Meeting of Stockholders is also required to adopt suitable measures when capital stock decreases by more than one
third as the result of ascertained losses and to reduce capital stock if, by the end of the following year, such losses have not fallen
by more than one third. If as the consequence of a loss of more than one third of capital this then drops below the legal minimum,
Stockholders in General Meeting are required to approve a decrease and simultaneous increase of capital to an amount not less
than this minimum or must change a company’s legal form;
■as discussed previously the share in profits due to each class of share is determined by a company’s bylaws;
■an additional paid-in capital reserve is established if a company issues shares at a price exceeding their nominal value. This
reserve may not be distributed until the legal reserve has reached one fifth of capital stock.