Atari 2010 Annual Report Download - page 81

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
81
The table below shows changes in shares outstanding over the past two fiscal years:
(number of shares) March 31, 2010 March 31, 2009
Shares outstanding at the beginning of the year 12,973,390 12,842,390
Share issues 7,610,895 -
Exercise of stock warrants 22,194 6,605
Conversion of ORANE bonds 504,638 124,395
Conversion of OCEANE convertible bonds 36 -
Shares outstanding at the end of the year 21,111,153 12,973,390
Changes during the year ended March 31, 2010 reflected the following:
• The exercise of 777,500 stock warrants allocated in 2007, leading to the issuance of 7,803 new shares.
• The exercise of 14,180 stock warrants allocated in 2009, leading to the issuance of 14,381 new shares.
• The conversion of 1,500 OCEANE convertible bonds into 36 new shares.
• The conversion of 21,047 ORANE bonds into 504,638 new shares.
• The issuance of 7,610,895 new shares following the financial transaction carried out between December 14,
2009 and January 22, 2010.
11.2. TREASURY SHARES
The Company and its subsidiaries held 2,470 treasury shares at March 31, 2010, unchanged from March 31, 2009. In
addition, the Company had, as of March 31, 2010 23,600 shares as part of its liquidity program. As a result, total treasury
shares amounted to 26,070.
11.3. STOCK WARRANTS
2007 warrants
At its meeting of December 19, 2006, the Company's Board of Directors decided to issue 47,431,539 stock warrants to
the Company's shareholders (the "2007 shareholders’ warrants").
In the seventeenth resolution of the Extraordinary Shareholders’' Meeting held on November 15, 2006 the shareholders
resolved – subject to the condition precedent of the completion of the share issue amounting to €74 million before
transaction costs – to allocate 217,900,000 stock warrants, free of consideration, exercisable for newly-issued shares, to
the Company’s main former bondholders (the "2007 investor warrants", referred to collectively with the "2007
shareholders' warrants" as the "2007 warrants"), namely Boussard & Gavaudant Asset Management LP (36,300,000
“2007 warrants”) and GLG Partners LP and The BlueBay Value Recovery (Master) Fund Limited (181,600,000 “2007
warrants).
After adjustments for the March 2008 reverse stock split, one hundred 2007 warrants are exercisable for one new share
at a price of €15.
Taking into account the adjustment made to the exchange ratios of the stock warrants on February 4, 2009, one hundred
“2007 warrants” are now exercisable for 1.01 new shares at an exercise price of €15.
Overall, a total of 77,895,000 warrants have been exercised to obtain 778,779 Atari shares (after reverse stock split). As
of March 31, 2010, no more warrants are remaining as maturity date was December 31, 2009.
2009 warrants
At its meeting of December 3, 2008, the Company's Board of Directors decided to issue 405,438 bonds redeemable for
new or existing shares (ORANE bonds) with stock warrants attached (the "2009 warrants"). As part of this transaction a
total of 405,438 “2009 warrants” were detached from the bonds as soon as they were issued on January 27, 2009.
Each 2009 warrant is exercisable for one newly-issued share of the Company at an exercise price of €6 until
December 31, 2012.
At its meeting of December 3, 2008 the Board of Directors authorized the Company to carry out a public exchange offer
for, inter alia, the warrants allocated in 2007 based on an exchange ratio of one “2009 warrant” for one hundred “2007