16. Share capital
This supplementary information, whose purpose is to show development of the Group’s share capital, is denominated in Swiss francs, the functional currency of Precious Woods Holding. In the financial statements it is translated into the Group’s presentation currency (EUR) using historical exchange rates.
Share capital overview
| Number of shares at a nominal value of CHF 1 |
Number of shares at a nominal value of CHF 1 |
|||
|---|---|---|---|---|
| 2017 | 2016 | |||
| Issued and fully paid-in capital beginning of year | 6 902 745 | 4 984 020 | ||
| Increase of issued and fully-paid capital | 150 000 | 1 918 725 | ||
| Issued and fully paid-in capital end of year | 7 052 745 | 6 902 745 | ||
| Authorized share capital - used during the year | – | –977 537 | ||
| Authorized share capital - expired during the year | – | –569 723 | ||
| Authorized share capital at the end of the year | – | – | ||
| New authorized share capital - authorized during the year | 1 000 000 | 2 980 778 | ||
| New authorized share capital - used during the year | – | –806 798 | ||
| Authorized share capital - expired during the year | –2 173 980 | – | ||
| New authorized share capital at the end of the year | 1 000 000 | 2 173 980 | ||
| Conditional share capital - authorized during year | 1 198 065 | – | ||
| Conditional share capital - used during year | –150 000 | –134 390 | ||
| Conditional share capital at end of the year | 1 396 638 | 348 573 | ||
The shares rank equally with regard to voting rights and dividends, and the Articles of Association include no restrictions on transfer of the Group’s shares. Precious Woods’ registered shares are not subject to any restriction on voting, distribution, transfer or other rights that exceed regulations which are unalienable under Swiss law. The authorized share capital and the conditional share capital are intended to be utilized for acquisitions, the purchase of forests or for reforestations, investments, convertible loans, expansions of shareholder base or any other important reason. The shareholders’ subscription rights can be excluded in these cases, as well as for firm underwriting agreements. Additionally, CHF 46 638 of the conditional share capital are intended to cover options of employees and board members.
Ordinary share capital
In 2016 the ordinary share capital increased by 1 918 725 shares to CHF 6 902 745. On 18 May 2017, the ordinary share capital increased by converting a loan of 150 000 shares to CHF 7 052 745.
Authorized share capital
On 20 May 2016, a new authorized capital in the amount of CHF 2 980 778 was adopted by the general meeting. On 28 June 2016, a capital increase of CHF 806 798 reduced the authorized capital to CHF 2 173 980. This residual amount expired in May 2017. On 18 May 2017, a new authorized capital in the amount of CHF 1 000 000 was adopted by the general meeting.
Conditional share capital
On 18 February 2016, as a result of the exercise of conversion rights from convertible loans for CHF 40 540, the conditional share capital was decreased to CHF 442 423. The price was CHF 3.70 per share.
On 19 September 2016, 93 850 new shares for the Employees Share Purchase Plan were issued through that portion of the conditional share capital which is intended to cover options of employees and board members and reduced it to CHF 46 638. The price was CHF 4.00 per share. The total conditional share capital was reduced to CHF 348 573.
On 18 May 2017, additional conditional share capital in the amount of CHF 1 198 065 was adopted by the general meeting. Also on 18 May 2017, as a result of the exercise of conversion rights from a convertible loan for CHF 150 000, the conditional share capital was decreased to CHF 1 396 638. The price was CHF 3.20 per share.