February 2016. The contemplated Offering falls under the capital increases for which the €220,000,000 maximum threshold applies. So far, the Board of directors has not yet used this option the authorised capital granted in January 2016. On the date of this Securities Note the amount by which the Board of Directors could increase the subscribed capital under the authorised capital amounts therefore to €220,000,000 (for capital increases for which the €220,000,000 maximum threshold applies) At the same meeting, the Board also decided - pursuant to article 6.2 of the Issuer's articles of association and the REEC Legislation - to cancel the preferential subscription rights of the Existing Shareholders upon issuance of the Convertible Bonds and to grant a priority allocation right to the Existing Shareholders for the subscription of the Convertible Bonds. Pursuant to the RREC Legislation applicable to the Issuer, the priority allocation right must comply with the following conditions: - it pertains to the total amount of the new securities to be issued; - it is granted to the Existing Shareholders pro rata their stake in the share capital of the Issuer at the launch of the Offering; - the public offer period may not be shorter than three (3) business days; and
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Sources: Convertible Bonds Agreement, Convertible Bonds