However, if it is to be expected that this line will be continued
during the coming years, we felt a strengthening of our net worth
by a share issue was desirable.
At an extraordinary general meeting of shareholders held on 24th
October 1977 we announced our intention to present a rights
issue of shares at short notice, dependent on the climate on the
Stock Exchange. This meeting had been called to pass a reso
lution to call up the unpaid portion of the share capital in con
formity with the proposal of the board. The proposal was a
logical step in the development that started in 1969. At the time
it was decided, in view of the attitudes within the EEC towards
partial paying-up of issued share capital and in connection with
the strongly reduced function of the uncalled capital as a
guarantee capital, to make it possible to pay up shares in full on
a voluntary basis as the first step towards payment in full of the
whole of the share capital. During the past years 60 of the
issued share capital was paid. The position which FGH has to
win for itself in an integrating Europe and the interest shown from
abroad in providing finance to our Group necessitate a modern
capital structure that is acceptable to the international world. On
the basis of these considerations the extraordinary general
meeting of shareholders passed a resolution to effectuate
payment in full of the whole of the issued share capital by the
middle of 1978 at the latest.
Early in November 1977 the official announcement was made of
a rights issue of nominal 4.590.000 of paid-up ordinary
registered shares in our company at the rate of 950
3-months' Eurocurrency rates in 1977
