13   Share capital

As at the balance sheet cut-off date, the share capital of Allreal Holding AG comprises 15 941 649 registered shares with a par value of CHF 50 each. For changes in shareholders' equity, see Consolidated statement of changes in shareholders’ equity on page 10.

On 30 June 2012, Allreal held 18 596 treasury shares (31.12.2011: 13 463 shares). The average purchase price per share stands at CHF 137.83 (31.12.2011: CHF 137.65). The total purchase price is deducted from consolidated equity.

The Board of Directors is authorised by the annual general meeting to increase the share capital – excluding the subscription rights of shareholders as applicable – until 28 March 2014 to acquire businesses, business units, participating interests or real estate through an exchange of shares, for financing or refinancing the acquisition of businesses, business units, participating interests or investment projects, or for the purpose of an international placement of shares worth up to CHF 200.0 million by issuing up to 4 000 000 registered shares each with a par value of CHF 50 (authorised capital). In May 2012, the authorised capital was reduced by CHF 113.9 million from CHF 200.0 million to CHF 86.1 million (as at 30 June 2012) owing to the rights issue.

For the purpose of issuing convertible bonds, warrant bonds or other financial instruments, the annual general meeting of 31 March 2006 created – excluding the subscription rights of shareholders – conditional capital of up to CHF 125.0 million through the issue of up to 2 500 000 registered shares with a par value of CHF 50 each. Bearers of the convertible and/or warrant bonds are entitled to subscribe to the new shares. This conditional capital decreased by CHF 0.2 million to CHF 124.8 million (as at 30 June 2012) following the conversion of convertible bonds into shares.

Further, Allreal Holding AG has conditional capital of CHF 10.0 million (200 000 registered shares at a par value of CHF 50 each) at its disposal for the purposes of issuing options to the members of the Board of Directors and management. This conditional capital has not been drawn on.

In May 2012, Allreal Holding AG carried out a capital increase with a rights offer to existing shareholders. 2 277 378 new registered shares with a par value of CHF 50 at an issue price of CHF 120 each were created out of the authorised capital. The shares will be dividend-bearing as of 1 January 2012. The gross proceeds amounted to CHF 273.3, while issuing and transaction costs came to CHF 8.3 million. The net proceeds from the capital increase thus totalled CHF 265 million.