=4/ A company issues 1 000 000 shares at €1 to the founders, and 800 000 shares at €10 to investors. Eighteen months later, it carries out a second capital increase in favour of an investment fund, which invests €5m, ending up with 36% of the capital. What is the breakdown of capital before and after the second capital increase, according to whether a full ratchet clause applies or not? State your views.