Ubisoft 2003 Annual Report Download - page 103

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FINANCIAL REPORT
2004 103
a) The meeting of the Board of Directors of June 30, 1998 made use of the authorization from the Extraordinary General
Meeting of the same date to issue convertible bonds without the preferential subscription, up to a total of ¤51.83 million.
Chief characteristics of this bond issue:
Number and face value: 314,815 bonds with a face value of ¤164.64
As a result of the 5-for-1 stock split and the adjustment made in connection with the
issue of warrants for the purchase of existing shares and/or subscription for new shares
in May 2003, one bond entitles its holder to subscribe for 5.191 shares, each with a par
value of ¤0.31.
Issue price: ¤164.64 per bond.
Dated date and settlement day: July 16, 1998.
Term of bond: Seven years.
Annual yield: 3.80% per year, or ¤6.26 per bond, payable on July 16 of each year.
Gross redemption yield: 3.80% on July 16, 1998.
Normal redemption: Amortized in full by July 16, 2005 by redemption at a price of ¤164.64, or 100% of the
issue price.
As of March 31, 2004, 151,087 bonds remained to be converted; seven bonds were converted during the fiscal year.
b) At its meeting of November 13, 2001, the Board of Directors used the authorization granted by the Extraordinary
General Meeting of October 19, 2001 to issue bonds with the option of conversion into and/or exchange for the company's
new or existing shares (OCEANEs) in the total maximum amount of ¤172.5 million.
Chief characteristics of this bond issue:
Number and face value: 3,150,000 bonds, each with a face value of ¤47.50.
As a result of the adjustment made in connection with the issue of warrants for the
purchase of existing shares and/or subscription for new shares in May 2003, one
bond entitles its holder to subscribe for 1.037 shares, each with a par value of ¤0.31.
Issue price: ¤47.50.
Dated date and settlement date: November 30, 2001.
Term of bond: Five years from settlement date.
Annual yield: 2.5% per year, payable in arrears on November 30 of each year.
Gross redemption yield: 4.5% on the settlement date (if there is no conversion and/or exchange of shares and
if there is no early redemption).
Normal redemption: Redemption in full on November 30, 2006 at a price of ¤52.70, or 110.94% of face value.
During the fiscal year:
●No bonds were exercised.
●The company bought back 200,000 bonds with the option of conversion and/or exchange for new or existing shares in the
amount of ¤6,600,000. These bonds were cancelled.
As of March 31, 2004, 1,749,301 bonds remained to be converted.
c) During its meeting of March 12, 2001, the Board of Directors used the authorization granted by the Extraordinary
General Meeting held on March 9, 2001 to issue 53,266 stock purchase warrants with a total par value of ¤16,240.70.
Chief characteristics of the stock purchase warrants of March 12, 2001:
Initial number of warrants: 53,266, with one warrant entitling its holder to subscribe for 1.038 shares with a par
value of ¤0.31 (in accordance with the adjustment made in connection with the issue
of warrants for the purchase of existing shares and/or subscription for new shares in
May 2003).
Issue price: ¤0.01.
Strike price: ¤40.29.
Strike period: December 28, 2001, to March 11, 2006.
Warrants not exercised by the end of this period will lose all value and be cancelled.
As of March 31, 2004, no warrants had been exercised.
04
General information