Convertible Bond Program
The conditional capital increase resolved by the General Meeting on May 16, 2002 to issue convertible and/or warrant-linked bonds also entails bonds being issued to company employees and managers – apart from the group of four founding shareholders – as well as to employees and members of the executive boards of companies associated with the company in accordance with Section 15 of the German Stock Corporation Act (Aktiengesetz, AktG).
No convertible bonds were issued in fiscal year 2007.
In fiscal years 2003 to 2006, convertible bonds were issued with the following conditions:
|
2003 |
2004 |
2005 |
2006 | |
| Issue date |
31.07.03 |
31.07.04 |
18.07.05 |
31.07.06 |
|
Face value |
1.00EUR |
1.00 EUR |
1.00 EUR |
1.00 EUR |
|
Total face value of the conv. bond |
100 EUR |
1.000 EUR |
450 EUR |
1,000 EUR |
|
Term |
30.07.08 |
30.07.09 |
17.07.10 |
30.07.11 |
|
Interest p.a. |
6.0% |
5.0% |
5.0% |
5.0% |
|
Exercise price |
5.89 EUR |
7.00 EUR |
6.97 EUR |
8.80 EUR |
|
Issued options |
10,000 |
100,000 |
45,000 |
300,000 |
|
Earliest time of conversion |
31.07.05 |
31.07.06 |
18.07.07 |
31.07.08 |
|
Latest time of conversion |
30.07.08 |
30.07.09 |
17.07.10 |
30.07.11 |
Issued options
The following table summarizes information about the company’s convertible bonds as of December 31, 2007:
|
Outstanding options |
Exercisable options | |||
| Year of issue | Number |
Exercise price EUR |
Number |
Exercise price EUR |
| 2003 | 3,000 | 5.89 | 3,000 | 5.89 |
| 2004 | 42,000 | 7.00 | 12,000 | 7.00 |
| 2005 | 9,000 | 6.97 | - | - |
| 2006 | 247,000 | 8.80 | - | - |
| Total | 301,000 | 15,000 | ||
Development during the fiscal year
The following table indicates the number, weighted average exercise prices (WAEP) and development of the stock options and convertible bonds over the course of the fiscal year:
|
2007 |
2006 | |||
| Number | WAEP EUR | Number | WAEP EUR | |
| Outstanding at the beginning
of the reporting period |
459,000 |
8.05 |
374,506 |
6.44 |
|
Issued in the reporting period |
- |
- |
300,000 |
8.80 |
|
Exercised in the reporting period |
75,000 |
6.27 |
81.000 |
5.61 |
|
Expired in the reporting period |
83,000 |
8.14 |
134.506 |
10.69 |
|
Outstanding at the end of the reporting period |
301,000 |
8.47 |
459,000 |
8.05 |
|
Exercisable at the end of the reporting period |
15,000 |
6.78 |
51.000 |
5.93 |