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Financial Statements of Gaming VC Holdings S.A.
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60 6. LEGAL RESERVE Under Luxembourg corporate law, the Company must appropriate annually at least 5% of its statutory net profits to a legal reserve until the aggregate reserve equals 10% of the subscribed share capital. Such reserve is not available for distribution. The movements in the Legal reserve are shown below: Year ended Year ended In EURO 31 Dec 31 Dec 2008 2007 Balance at start of year 322,279 322,279 Transfer from profit and loss account 670,642 Balance at end of year 992,921 322,279 7. AMOUNTS OWED TO AFFILIATED UNDERTAKINGS Amounts owed to affiliated undertakings becoming due and payable within one year corresponds to costs incurred by the Company relating to staff and external charges in 2008 which have been paid by various subsidiaries of the Group and the loan granted by Gaming VC Corporation B.V. with maturity on December 31, 2009 and bearing interest at a rate per annum expend to EURIBOR + 0.5%. 8. OTHER CREDITORS This amount mainly corresponds to costs incurred by the Company relating to staff, external charges and withholding tax payable in relation with the interim dividends paid. 9. PERSONNEL There were no employees during the year. 10. COMMITMENTS AND CONTINGENCIES On December 2, 2004, the Group established a share option programme that entitles key management personnel and senior employees to purchase shares in the Group. On December 21, 2004, a grant was made to two non-executive directors and on September 28, 2005, a grant was made to other eligible individuals under the programme. On 23 January 2006, and 16 May 2006, grants were made to eligible individuals under the programme. During 2007 and 2008 additional grants were made to eligible individuals under the programme. In accordance with these programmes, options are exercisable at a set price, normally the market price, of the shares at the date of grant. Options vest and become exercisable as to one quarter on the first anniversary of the date of grant with the balance vesting and becoming exercisable in 36 equal monthly installments over the subsequent three years. As of December 31, 2008, 2,723,359 (3,009,883 as of December 31, 2007) share options were outstanding and no share option had been exercised under this programme.