Net result is a reduction of the fully diluted share capital
Total number of shares issued in cashless exercises and conversions since the release of the Financial Statements for the six months ended 30 June 2017 is 12,053,268 ordinary shares
Number of warrants exercisable has been reduced by 27,042,254 in total due to cashless exercises
Remaining shares represented by outstanding warrants now reduced to 50,470,886, which represents less than 10% of the outstanding shares
15,587,579 shares recovered through cashless exercise represent 3% of the issued share capital, and therefore 3% lower dilution of shareholders in the future.
Amount of Ordinary Bonds due 2021 has been reduced further from €11.8 million to €11.6 million
Leiden, The Netherlands, 10 August 2017: Pharming Group N.V. (“Pharming” or “the Company”) (EURONEXT: PHARM) today announced that since the release of its 2017 Half Year Report on 27 July 2017, it has issued 12,053,268 new shares to holders of warrants who have exercised those warrants, and to holders of its ordinary convertible bonds due 2021 who have converted their Bonds into shares. These shares were issued as follows:
To Holders of the 2016 warrants
Shares represented by warrants exercised 27,042,254
Shares issued as a result of cashless exercise: 11,454,675
Shares recovered (and not issued) through cashless exercise: 15,587,579
Representing 3.01% of the issued share capital after the exercise
To Holders of the Ordinary Convertible Bonds due 2021
Shares represented by bonds converted 598,593
Value of Bonds redeemed: €0.2 million
As result of these conversions, the total amount outstanding of the Ordinary Bonds has been reduced from €11.8 million to €11.6 million.
The new shares issued represent 2.38% of the issued share capital of the Company at 27 July 2017 (the date of the 2017 Half Year Report and the last statement of issued share capital) and 2.33% of the enlarged share capital following the issue. The revised issued share capital of the Company following this issue is 517,674,026 shares. This exercise has resulted in an increase of the uncommitted share capital headroom by 15,587,579 shares to 132,962,493 shares.
The numbers of shares, warrants and other share rights outstanding as well as authorized share capital as per the date of this press release are provided in the following table.
10 August 2017
Shares issued 517,674,026
Convertible Bonds 40,845,070
Total committed 149,363,481
Issued and committed (Fully Diluted) 667,037,507
Available for issue 132,962,493
Authorised share capital 800,000,000
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Pharming EUR 0,417 onv. vol. klein 2 milj.