New issue. If the Company issues new shares subject to pre-emption rights for shareholders to subscribe for new shares in exchange for cash payment or by set-off, the following shall apply with respect to the right to participate in the new issue for shareholders whose shares vest as a consequence of subscription on exercise of the warrant:
1. If the board of directors has resolved to carry out a new issue conditional upon the approval of the general meeting or pursuant to authorisation granted by the general meeting, the resolution of the new issue shall state the last day on which subscription must be effected in order to entitle the holders of the shares held pursuant to subscription according to these terms and conditions to participate in the new issue.
2. If the general meeting adopts a resolution to issue new shares, where an application for subscription is submitted at such time that it cannot be effected on or before the fifth weekday prior to the general meeting which shall resolve on the new issue, subscription shall only be effected following the adoption of a resolution with respect thereto by the general meeting. Shares which vest as a consequence of such subscription shall be registered in the securities account as interim shares, and accordingly shall not entitle the holders to participate in the new issue. Definitive registration in securities accounts shall only take place after the record date for the new issue Where subscription is effected at such time that no right to participate in the new issue arises, a recalculated subscription price as well as a recalculated number of shares for which each warrant entitles the warrant holder to subscribe for shall apply. The recalculations shall be made by the Company in accordance with the following: Recalculated subscription price = (previous subscription price) x (the average quoted price of the share during the subscription period stated in the resolution approving the issue (hereinafter referred to as the “average price of the share”))/ (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof) Recalculated number of shares for which each warrant entitles the warrant holder to subscribe = (previous number of shares for which each warrant entitled the warrant holder to subscribe) x (the average price of the share increased by the theoretical value of the subscription right calculated on the basis thereof)/(the average price of the share)...
