Own certificates were acquired under the Market-Maker Agreement in full conformity with legal provisions and subject to the restrictions that the Company imposed upon itself. The Market-Maker Agreement, which was already signed at the time of the listing and was disclosed in the prospectus, authorizes the market maker to obtain certificates for the Company’s account. The restriction, which was communicated as early as last November, stipulates that certificates to the extent of up to 5% minus one certificate, or EUR 20 million, can be accumulated. The market maker complied with this restriction.
In the days after the listing, the market maker complied with his contractual task to provide market liquidity by purchasing certificates. As a result, the average cost price is EUR 8.94 per certificate. The accumulation of certificates is therefore reflected in the MIP books as a deduction from equity with an amount of EUR 18,596,275 as at year-end 2007, as confirmed by the auditors.
As at year-end 2007, the NAV per certificate was approximately EUR 9.38, so that the accumulation of certificates was below their NAV.
An accumulation of own certificates beyond the published restriction of 5% minus one certificate, or EUR 20 million, continues to require a resolution by the general meeting.
