Ubisoft 2003 Annual Report Download - page 104

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FINANCIAL REPORT
2004
104
d) At its meeting of April 25, 2003, the Board of Directors used the authorization granted by the Combined General
Shareholders’ Meeting of September 12, 2002 to issue and allocate, free of charge, warrants for existing shares and/or
subscription for new shares to all shareholders on May 14, 2003.
Chief characteristics of the stock purchase warrants of May 14, 2003 for existing shares and/or for subscription for new shares:
Initial number of warrants: 17,540,082 (15 SPWs entitle the holder to one share).
Strike price: ¤28.
Term: May 14, 2002, through May 14, 2006, inclusive.
The 1,169,733 warrants allocated to Ubisoft Entertainment SA were cancelled. 11,280 stock purchase warrants were exercised
during the fiscal year. Ubisoft Entertainment delivered the shares from its directly-held shares.
As of March 31, 2004, 16,359,069 subscription warrants remained to be converted.
e) At its meeting of November 3, 2003, the Board of Directors used the authorization granted by the Combined General
Shareholders’ Meeting of September 12, 2002, to proceed with an OBSAR bond issue (bonds with redeemable share
subscription warrants).
Characteristics of the bonds:
Number and face value: 716,746 bonds, each with a face value of ¤76.70.
Issue price: ¤76.70.
Term of bond: Five years from the settlement date.
Nominal rate, yield: The bonds will bear interest at a variable rate payable quarterly in arrears. The
annual nominal rate is based on the three-month Euribor.
Normal redemption: The bonds will be amortized on a single redemption date of December 2, 2008, at the
par rate of ¤76.70 per bond.
As of March 31, 2004, there were 716,746 bonds in circulation.
Characteristics of the BSARs (redeemable share warrants):
Number of BSARs: 1,433,492 BSARs (two BSARs are attached to each bond).
Parity: One BSAR entitles the holder to subscribe for one new share.
Strike price: ¤38.35.
Strike period: The BSARs can be exercised at any time between December 3, 2003 and December 2,
2008, subject to the provisions governing the early redemption of BSARs at the
option of the issuer and provisions concerning circumstances under which the exercise
of BSARs may be suspended.
As of March 31, 2004, there were 1,433,492 BSARs in circulation.