Annual report and accounts 2016

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Corporate Governance continued
Capital structure and shareholder rights
As of December 31, 2016, the share capital of the Company
amounted to 1,066,494,371.50 euros (2015: 1,020,039,261.50
euros), divided into 2,132,988,743 shares (2015: 2,040,078,523
shares) of the same class and series and with a nominal value of
0.50 euros each, fully subscribed and paid.
As of December 31, 2016 the Company owned 12,521,662 shares
as treasury shares.
Each share in the Company confers on its legitimate holder the
status of shareholder and the rights recognised by applicable law
and the Company’s Bylaws.
The Company has a Sponsored Level 1 American Depositary
Receipt (ADR) facility that trades on the over-the-counter
market in the US. Each ADR is equivalent to two ordinary shares
and each ADR holder is entitled to the financial rights attaching
to such shares, although the ADR depositary, Deutsche Bank,
is the registered holder. During the reporting period the ratio
changed from one ADR being equivalent to five ordinary shares
to two ordinary shares. As at December 31, 2016 the equivalent
of 5.6 million shares was held in ADR form (2015: 18.4 million
IAG shares).
During 2016 the Company received three conversion requests in
respect of the IAG €390,000,000 1.75 per cent. convertible
bonds due 2018 (‘Bonds’). On May 6, 2016 the Company
exercised its option to redeem the remaining outstanding Bonds
giving bondholders the option to exercise their right to convert
their Bonds into ordinary shares in IAG. As a result of this, a total
of 91,981,118 shares were issued.
Company’s Share Capital
Date of change Share capital (euros) Number of shares/voting rights
January 14, 2016 1,020,479,989.50 2,040,959,979
March 1, 2016 1,020,491,901 2,040,983,802
April 1, 2016 1,020,502,812.50 2,041,007,625
June 20, 2016 1,066,494,371.50 2,132,988,743
INTERNATIONAL AIRLINES GROUP
Annual Report and Accounts 2016