Atari 2010 Annual Report Download - page 87

Download and view the complete annual report

Please find page 87 of the 2010 Atari annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 188

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
87
Taking into account the adjustment made to the related exchange parities on February 4, 2009, one ORANE 2008 bond
is redeemable for 8.94 new or existing shares. Taking into account the adjustment made to the related exchange parities
in January, 2010, one ORANE 2008 bond is redeemable for 9.97 new or existing shares.
Consequently as of March 31, 2010 there were 5,597 ORANE 2008 bonds outstanding. If all of the bonds were
redeemed this would result in the issue of 55,802 shares.
ORANE 2009 BONDS (ISIN code: FR0010690081)
On January 27, 2009, the Company issued 405,438 bonds redeemable for new or existing shares (ORANE bonds),
maturing on April 1, 2014. The bonds have a nominal value of €100 each (representing an aggregate amount of €40.5
million) and are redeemable for 26.26 new or existing shares. The gross and net proceeds of the issue came to €40.5
million and €37.6 million respectively. The bonds bear interest at an annual rate of 0.5% – representing €0.50 per bond –
payable in arrears on April 1 each year.
Taking into account the adjustment made to the related exchange parities in January 2010, one ORANE 2009 bond is
redeemable for 29.29 new or existing shares.
As of March 31, 2010 there were 389,189 of these ORANE 2009 bonds outstanding. If all the bonds were redeemed this
would result in the issue of 11,399,346 new shares.
ORANE 2009 BONDS (ISIN code: FR0010696153)
On February 11, 2009 the Company completed the simplified public exchange offer relating to (i) the ORANE bonds
issued by the Company on January 4, 2008 (ISIN code FR0010560615) and (ii) the stock warrants issued by the
Company on December 22, 2006 and January 24, 2007. A total of 1,479,871 ORANE 2008 bonds – representing 99.6%
of the bonds still outstanding at January 27, 2009 – were tendered to the offer, which resulted in the issue of 1,479,871
ORANE 2009 bonds. The ORANE 2009 bonds are subject to the same conditions as the ORANE 2008 bonds, except for
the conversion ratio which has been set at 17 new or existing shares for one ORANE 2009 bond (instead of 8.91 new or
existing shares for one ORANE 2008 bond). The bonds bear interest at an annual rate of 0.5% – representing €0.50 per
bond – payable in arrears on April 1 each year.
Taking into account the adjustment made to the related exchange parities in January 2010, one ORANE 2009 bond is
redeemable for 18.96 new or existing shares.
As of March 31, 2010 there were 1,475,740 of these ORANE 2009 bonds outstanding. If all the bonds were redeemed
this would result in the issue of 27,980,030 new shares with a dilutive effect on the Company’s capital of 132.5% as of
March 31, 2010.
In accordance with IAS 32, Financial Instruments: Presentation, the Group’s ORANE bonds are accounted for as
compound financial instruments. They are recognized in equity, apart from future minimum interest payable until the first
date from which IESA can exercise its early redemption option. The present value of the interest payable on the bonds
was €3.9 million at March 31, 2010 and was classified as debt at that date.
ORANE 2010 BONDS (ISIN code: FR0010833053)
In December 2009, Atari launched a financial transaction, which was finalized in January 2010, resulting from the free
allocation of warrants to its shareholders entitling them to subscribe, at the option of Warrant holders, to new shares
and/or to bonds redeemable into new or existing shares (“the ORANE 2010 bonds”), under the conditions set out in the
prospectus which received the AMF visa number 09-367 on December 10th, 2009.
In January 2010, the Company issued 156,428 bonds redeemable for new or existing shares (“ORANE 2010 bonds”,
ISIN FR0010833053), maturing on April 1, 2015. The bonds have a nominal value of €100 each and are redeemable for
26.39 new or existing shares. The bonds bear interest at an annual rate of 0.5% – representing €0.50 per bond –
payable in arrears on April 1 each year.
As of March 31, 2010 there were 156,428 of these ORANE 2010 bonds outstanding. If all the bonds were redeemed this
would result in the issue of 4,128,138 new shares
In accordance with IAS 32, Financial Instruments: Presentation, the Group’s ORANE bonds are accounted for as
compound financial instruments. They are recognized in equity, apart from future minimum interest payable until the first