Tiscali 2009 Annual Report Download - page 184
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183
shareholder’s meeting on the 3 May 2007.
Thus in the month of October 2009 the Company arranged to reallocate, by means of market transactions,
the 260,000 own shares it held in portfolio to service the incentive plan set out above.
In the month of November 2009 the equity increase resolved on the 30 June 2009 by the shareholder’s
meeting was completed with the issue of no. 1,799,819,371 ordinary Tiscali shares newly issued with
1,799,819,371 related warrants.
As the result of the subscriptions above the new Tiscali S.p.A. shareholder equity was thus equal to EUR
336,053,433.35 made up of no. 1,861,473,919 ordinary shares with no face value.
On the 22 December 2009 an Extraordinary General meeting decided to fully cover the accumulated losses
at 1 December 2009, equal to EUR 252,560,297.48, by means of the full use of the share premium reserve
of EUR 8,509,754.60 and the reduction of the share capital for the remaining EUR 244,050,542.88 with
a resulting corporate equity reduction from EUR 336,053,433.35 to EUR 92,002,890.47 and the resulting
amendment of clause 5 (Company equity and shares) in the Memorandum and Articles of incorporation.
Detailed statement of
Shareholders’ Equity
items
Summary of uses in the last 3
accounting periods
Amount
Utilisation
options
Available
portion
Available
portion
with no tax
effect
Available
portion with
tax effect Loss coverage Other
Share capital 92,003 - - - - -
Share premium reserve - A,B - - - 1,253,663 -
Stock option reserve 4,315
Reserve to cover losses 252,931-
Retained earnings (248,254) - - - - -
Total 93,747 -- - - 1,253,663 -
Utilisation options – Key:
A For share capital increases
B For loss coverage
C For distribution to shareholders
Other non current liabilities (note 18)
31 December 2009 31 December 2008
(EUR 000)
Payables to Group companies 2,090 3,108
Other payables - 515
Total 2,090 3,623
The balance of Other non current liabilities involved financial debts to group companies for EUR 2 million
made up mainly of Tiscali Italia S.p.A.
Tiscali S.p.A. Accounting Statements and Explanatory Notes