Mark Androvich
17:05 (BST)
13/03/2008
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Ubisoft extends Calyon equity swap contract
Contract now expires in February 2010
Ubisoft Entertainment and Calyon have mutually agreed to extend an equity swap contract originally signed in 2003 and extended in 2006.
Under the terms of the contract, Ubisoft must recognise any fluctuations in the value of 1,243,121 shares of Ubisoft stock with respect to a reference value of EUR 9.33.
The original equity swap contract expired on February 28, 2008. It has now been extended for a period of 24 months, to expire in February 2010 under the same terms as the initial agreement.
Calyon will be able - in certain cases specified in the agreement, and in particular at the request of Ubisoft Entertainment - to sell all or part of the shares covered by the agreement before the term of said agreement.
Last July, Ubisoft executed a similar swap with Calyon when it sold its 18.89 per cent stake in Gameloft. Calyon has until July 2009 to sell those shares.
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