So, by my calculations:
Shares Issued at a premium:
LFI (41,400,000 x (5-0.001))= 206,958,600 Euros
AVF (650,000 x (4-0.001)) = 2,599,350 Euros
AVF (1,840,000 x (5-0.001)) = 9,198,160 Euros
CMC (8,651,118 x (2.8898-0.001)) = 24,991,350 Euros
TOTAL PREMIA: 243,747,460 Euros
Warrants Exercised at a premium
30/4/04 (320,000 x (7.5-0.001)) = 2,399,680 Euros
7/5/04 (25000 x 7.5-0.001)) = 187,475 Euros
TOTAL PREMIA: 2,587,155 Euros
TOTAL OF ABOVE (243,747,460 + 2,587,155) = 246,334,615 Euros
ADD: UNEXPLAINED DIFFERENCE (ROUNDING?): 395 Euros
TOTAL PREMIUM PER ACCOUNTS NOTE 11: 246,335,000 Euros
Less: Share Issue Costs: (11,979,000 Euros)
SHARE PREMIUM A/C AT 31/12/04 234,356,000 Euros
As an aside, the 11,979,000 Euros share issue costs were payable to CMC, i.e. Rybak.
THE ABOVE ANALYSIS CONFIRMS MATHEMATICALLY THAT THE OTHER SHARES (i.e. the Pre-IPO shares issued to Rybak, Menzel, Regli, the Demagistris and Michelutti) WERE ACCOUNTED FOR AS BEING ISSUED AT PAR, I.E. 0.001 EUROS EACH.
Incidentally, given that Menzel's pre-IPO shareholding would have cost him a paltry 7600 Euros at par, it does seem bizarre that he wouldn't have paid up, thereby forfeiting 7.6m shares.
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