Head will offer just under 200 million new shares to existing shareholders, more than twice the 88 million shares now outstanding. Under terms of the subscription agreement, existing shareholders will have the non-transferable right to buy 2.267 shares of a new preferred stock for each share they now own at a price of €0.05 per share. Each preferred share will convert to 5 common shares on the tenth anniversary of their issuance. Not surprisingly, CEO Johann Eliasch, who controls 54.7% of the company though a holding company, has committed to the offering and also has said he will ... Log in to view full article.