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23. Share capital

This supplementary information, the purpose of which it is to show the 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
  Share capital
in thousand EUR
  Share capital
in thousand EUR
Issued and fully paid-in capital
At 1 January 2019   7 052 745   7 052 745   5 731   5 731
Increase        
At 31 December 2019   7 052 745   7 052 745   5 731   5 731
                 

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 31 December 2019, the issued and fully paid-in share capital amounted to CHF 7 052 745.

Authorized share capital

On 16 May 2019, authorized capital in the amount of CHF 1 000 000 was adopted by the general meeting. It will expire in May 2021.

Conditional share capital

On 31 December 2019, the portion of the conditional share capital which is intended to cover options of employees and board members amounted to CHF 46 638, and the total conditional share capital amounted to CHF 1 396 638.