4. This Article shall apply to the issue of all securities which are convertible into shares or which carry the right to subscribe for shares, but not to the conversion of such securities, nor to the exercise of the right to subscribe.

Member States should, however, be able to provide that the obligation to make a bid to all the holders of securities relates not only to securities carrying voting rights but also to securities which carry voting rights only in specific circumstances or which do not carry voting rights.

limiting the need for an expert valuation of contributions in kind when a company establishes itself or increases capital relaxing current rules on the limitation or withdrawal of pre-emption rights, to make the procedure of issuing new shares less burdensome while maintaining shareholders’ protection from dilution of their shareholdings partially relaxing the prohibition on companies providing financial assistance for acquisition of their shares by third parties introducing “squeeze out”- and “sell out”-rights (i.e. the right of the majority shareholder, under certain conditions, to buy out minority shareholders at a fair price and the complementary right of ...[+++]minority shareholders to compel the majority shareholder to buy their shares) introducing a right for the company to acquire its own shares up to the limits of distributable reserves.

a 90% reduction in the €204 million debt owed to convertible bond holders, combined with an offer to convert their securities into equity or into equity coupled with stock options;

The FF 1.5 billion issue consists ofbtwo types of bonds: bonds repayable in shares (FF 750 million) and subordinated progressive-interest securities carrying share subscription vouchers making up the remainder.

The FF 1.5 billion issue consisted of two types of bonds: bonds repayable in shares (FF 750 million) and subordinated progressive-interest securities carrying share subscription vouchers.