During October, one FIM 10,000 bond pertaining to the FIM 960 million subordinated convertible bond issue of 1994 was used to subscribe 78 UPM-Kymmene Corporate shares. The shares thus obtained will be sought for trading on the Helsinki Stock Exchange from 14 November 1996. This will bring the number of the company's shares in the Trade Register of Finland up from 267,373,745 to 267,373,823 and the share capital up to FIM 2,673,738,230. Each FIM 10,000 bond entitles the holder to 78 shares, giving a computed exchange price per share of FIM 128.21. By 31 October 1996, bonds with a value of FIM 280,000 have been exchanged for a total of 2,184 shares. Exercise of all exchange rights pertaining to the issue would produce a further 7,485,816 new shares, allowing the company's share capital to be increased to FIM 2,748,596,390, comprising 274,859,639 shares each with a nominal value of charges have been made in respect of the exchange of bonds for shares. The shares subscribed carry entitlement to dividend for the first time for the financial period, during which the exchange has taken place. Other shareholders' rights commenced on the date the bonds were surrendered for conversion into shares. On 16 January 1996, Repola Ltd, which issued the bonds, received written permission from Finnish Financial Supervision not to publish an offering circular in respect of the shares obtainable under the issue.