Ubisoft 2012 Annual Report Download - page 139

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Financial Statements
2012
134
3.5.1.4 SUBSCRIPTION TO CAPITAL INCREASES
Ubisoft Entertainment SA increased its stake in Ubisoft Production Internationale SAS by €11,434,500
by offsetting against receivables.
As part of share contributions, Ubisoft Entertainment SA increased its stake in Ubisoft Montpellier SAS
by €2,839,148 and in Ubisoft Annecy SAS capital by €243,822.
3.5.1.5 OTHER
April 2011 – Subscription of a bilateral credit line for a period of 2 years in the amount of
€25 million.
Granted to the Canadian studio Ubisoft Divertissements Inc., this line is secured by Ubisoft
Entertainment SA and follows the same covenants as other lines.
June 2011 – Extension of Gameloft equity swap contract
The equity swap contract concluded on July 12, 2007 with Credit Agricole Corporate and Investment
Bank (formerly Calyon) on Gameloft shares has been extended for 2 years, until July 15, 2013.
September 2011 – Disposal of research tax credit claim
Ubisoft Entertainment SA disposed of a €3.6 million research tax credit claim for research expenditure
incurred during the year ended March 31, 2011 by the companies forming part of the French tax
group; it was assigned without recourse by way of a discount to Natexis.
September 2011 – Share buyback
Between September 8 and September 19, 2011, Ubisoft bought back 400,000 Ubisoft shares on the
market at an average price of €3.97, a share buyback authorized by the General Meeting of June 30,
2011 and implemented by the Board of Directors on the same date.
This treasury stock has been allocated to cover stock option plan 24, authorized by the Board of
Directors on March 9, 2012.
November to March 2012: Disposal of Gameloft shares
The disposal of 3.2 million Gameloft shares in the form of an equity swap generated a gain of
€7.2 million for the fiscal year.
March 2012 – Issue of 9,400,000 share subscription warrants
Under the authorization granted by the General Meeting of June 30, 2011 pursuant to the 11th
resolution, it was decided on March 20, 2012 that 9,400,000 share subscription warrants would be
issued, exercisable at the discretion of the Company and purchased by Crédit Agricole Corporate and
Investment Bank, with waiving of shareholders’ preferential subscription rights.
One share subscription warrant allows for the purchase of one new share. Share subscription warrants
were issued at a unit value of €0.0001.
The impact on equity at March 31, 2012 was €940.
March 2012 – Issue of share subscription warrants
Under the authorization granted by the General Meeting of June 30, 2011 pursuant to the ninth
resolution, it was decided on March 26, 2012 that 95,090,002 share subscription warrants (“warrants”)
would be issued, granted free of charge to Ubisoft Entertainment shareholders, on the basis of one
warrant per existing share and 11 warrants giving entitlement to subscribe to one new share for an
exercise price of €7.
These warrants were traded on the NYSE Euronext regulated market in Paris on April 10, 2012.