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15. 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
    2018   2017
Issued and fully paid-in capital beginning of year   7 052 745   6 902 745
Increase of issued and fully-paid capital     150 000
Issued and fully paid-in capital end of year   7 052 745   7 052 745
 
New authorized share capital - authorized during the year     1 000 000
Authorized share capital - expired during the year     –2 173 980
Authorized share capital at the end of the year   1 000 000   1 000 000
 
Conditional share capital - authorized during year     1 198 065
Conditional share capital - used during year     –150 000
Conditional share capital at end of the year   1 396 638   1 396 638

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.

Ordinary share capital

On 18 May 2017, the ordinary share capital of CHF 6 902 745 increased by converting a loan of 150 000 shares to CHF 7 052 745.

Authorized share capital

On 18 May 2017, authorized capital in the amount of CHF 1 000 000 was adopted by the general meeting. It will expire in May 2019.

Conditional share capital

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.

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, a conversion right from a convertible loan for CHF 150 000 was exercised, at a price of CHF 3.20 per share. The conditional share capital decreased to CHF 1 396 638.