Atari 2011 Annual Report Download - page 91

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
91
NOTE 26 – RELATED PARTY TRANSACTIONS
26.1 RELATIONS WITH BLUEBAY RECOVERY FUND AND ITS AFFILIATES
BlueBay is the Company’s principal shareholder. As of March 31, 2011, BlueBay had two seats at the Board of Directors:
The Bluebay Value Recovery (Master) Fund Limited represented by Gene Davis, and The BlueBay High Yield
Investment (Luxembourg) SARL represented by Nolan Bushnell, this last fund resigned as of April 8, 2011. As a result, at
that date, BlueBay had only one seat on Atari’s Board of Directors.
During the period ended March 31, 2011, BlueBay and its affiliated funds performed the following transactions:
• Pursuant to the amendment number 11 of the loan agreement signed on April 21th 2006, signed on October 1,
2010, the maturity date of the credit facility was extended from December 31th 2010 to June 30, 2011.
• On March 31th 2011, the total amounts draw on the credit line is 42.3 million euros.
At the date of the present document, the Company and BlueBay have agreed the extension of a credit facility of €49
million to December 30, 2011.
26.2 COMPENSATION AND BENEFITS PAID TO EXECUTIVES AND DIRECTORS
The Group considers that key management personnel as defined by IAS 24 are the members of the Executive
Committee at 31 March 2011. The Group's executives and/or directors received the following compensation and benefits
for the years ended March 31, 2011 and 2010:
The Company's main officers are entitled to severance benefits if their employment contract and/or corporate office is
terminated for reasons other than (i) serious misconduct or gross negligence or (ii) resignation. The aggregate gross
maximum amount of these benefits is estimated at approximately €0.6 million.
NOTE 27 – SUBSEQUENT EVENTS
27.1 CORPORATE GROVERNANCE EVOLUTION
In accordance with French regulation and its internal rules, Atari’s Board of Directors reviewed on April 8, 2011 its
composition and the independence of its Directors. Following the resignations of Mr. D’Hinnin, Mr. Lamouche, and of The
BlueBay High Yield Investment (Luxembourg) SARL, Atari’s Board of Directors is composed as follows at the date of this
document:
• Frank Dangeard, Chairman, Independent Director;
• Jim Wilson, Chief Executive Officer, Director (subject to the approval of the next AGM);
• Tom Virden, Independent Director;
• The BlueBay Value Recovery (Master) Fund Limited, represented by Gene Davis;
• Alexandra Fichelson, Director (subject to the approval of the next AGM).
(€ million) Year ended
March 31, 2011 Year ended
March 31, 2010
Cash compensation
Fixed compensation 1.1 1.9
Variable compensation 0.3 0.5
Special bonuses 0.2 0.6
Severance benefits 0.5 0.4
Directors' fees 0.3 0.1
Other compensation - -
Employee benefits -
Share-based compensation (excl. Employer social security contributions) 0.1 (1.6)
Total 2.5 1.9