38
On 19 February 2014, the Company arranged the partial novation of this agreement and amended
the content thereof with respect to two of the three former shareholders of La Sexta (see Note
23).
14.3 Treasury shares
The detail of the treasury shares held by the Company at the end of 2013 and 2012 is as follows:
Year
No. of
shares
Par value
(euros)
Average
acquisition price
(euros)
Total
acquisition cost
(thousands of euros)
2013
15,818,704 11,864,028
6.29
99,453
2012
15,818,704 11,864,028
6.29
99,453
At 31 December 2013, the Company held 15,818,704 treasury shares, representing 7.01% of its
share capital.
The delivery of shares in 2012 was part of themerger transaction detailed above in these financial
statements. Specifically 1,181,296 of the Company's treasury shares representing 0.523% of
voting rights were delivered to the former shareholders of Gestora de Inversiones Audiovisuales La
Sexta, S.A. to cater for the share exchange in accordancewith the draft terms of merger (see Note
5). The treasury shares delivered do not carry rights to receive dividends with a charge to the
profit generated before the date on which the merger deed was filed (i.e. 31 October 2012),
irrespective of the payment date.
The difference between the fair value of the treasury shares delivered as consideration at the
effective merger date and the average acquisition price thereof gave rise to a loss recognised in
the Company's equity.
The shareholders at the Annual General Meeting held on 24 March 2010 adopted a resolution
authorising the Company to acquire treasury shares provided that they did not exceed the
maximum legal limit permitted by law at any given time. This limit was established at 10% of
registered share capital by Law 3/2009, of 3 April, on structural changes to companies.
The changes in “Treasury Shares” in 2013 and 2012were as follows:
Number of shares
2013
2012
At beginning of year
15,818,704
12,630,728
Purchases
-
4,369,272
Delivery
-
(1,181,296)
At end of year
15,818,704
15,818,704
15.- Provisions and contingencies
