CIRCULAR Options VA TechFurther Steps
The Management Board of the Vienna Stock decided the following:
Starting with the December expiration (17-12-2004) no further expiration months will be introduced in options on VA Technologie AG.
Therefore the expiry of the options will be on the March expiration. New strike-prices for existing expiry-months are introduced as usual.
In case of a prior delisting of the stocks VA Technologie AG (before September expiration) the following procedure will take place pursuant to our rules and regulations:
Recission of Listing (Suspension of Trade) of an Underlying Instrument
If the admission of an underlying instrument to Wiener Börse for stock options contracts is rescinded, the exchange members may exercise their contracts in the options series concerned within five trading days after the rescission. Contracts thus exercised shall be settled in cash (Sect. 35, sub-sect. 3). After expiry of the deadline, positions held in the options series suspended may no longer be exercised.
Types of Delivery, Closing Out of Positions
To maintain a functioning market, the exchange operating company may order cash settlement instead of effective delivery for the exercise of stock options. Cash settlement for stock options is determined by the difference between the last price determined in the closing auction of the last trading day of the stock on Wiener Börseand the exercise price of the call and/or put, multiplied by the number of shares underlying the contract. If on the last trading day of the stock no price is determined at the closing auction, the trading volume-weighted average of the last three prices determined for the stock on Wiener Börse on the last trading day are used. If three prices are not determined on the last trading day of the stock, then the last available price determined on Wiener Börse for the stock is used.
