announced exercise of 9,000 stock-options resulting in creation of 9,000 new shares. Current number of outstanding shares is thus 8,666,673.
We see the news as neutral as this is part of stock-option program, which has been announced previously. 370,500 stock-options has already been exercised, while 347,500 are still outstanding. We use fully diluted number of shares in our valutation, implying no effect on our fair value EUR 140.9 per share.