As a result of converting 26,559 convertible bonds into shares, 26,559 new shares have been issued. Total number of outstanding shares thus increased to 8,461,302. Ont top of this Orco will redeem unconverted 2004-2011 bonds before due date on 26 March 2007. There is still 235 322 unconverted bonds in circulation.
Our view: In our valuation we take into account fully diluted number of shares, therefore we see any new shares issued because of conversion of already existing convertible bonds as neutral.