En een alinea uit het rapport van Edison, 17 juni, pag 7
In January, some €7.5m of private convertible one year €100,000 face value bonds with a 9% rate
plus 200,000 warrants per bond at €0.50 were issued. Some 407,475 shares were issued to pay
the Q1 interest. On 17 May, Pharming announced that €2.9m of bonds had converted to shares at
c €0.28 leaving €4.6m outstanding. The warrants and bonds had anti-dilution provisions attached.
The 15m warrants were originally convertible at €0.50. The change in par value on 17 May rebased
the fixed warrant price at €0.40 and increased the number in issue accordingly. Bonds could
convert at less than this, involving a further warrant rebasing on a case by case basis. As of 28
May, there were 25.2m in issue at various prices from €0.4 to €0.27. A further €1.6m of bonds had
converted to 5.3m of shares by 2 June leaving €3m of private bonds for conversion by 31
December at €0.12, the equity issue price. This increased the current number of shares to 277m.
In addition, 1.6m extra warrants will have been issued making 26.5m approximately, but this was
undisclosed. The share issue at €0.12 rebased all private bond warrants to a €0.12 exercise price
and caused 21.9m new warrants to be issued to the remaining €3m private bond holders under
anti-dilution making an estimated 48m currently in issue. Warrants are excised via a cashless
transaction. In this, the cost of exercising the warrants is deducted from the market value and
shares issued for the difference at the market price. The number of shares to be issued depends
on the price at the time of exercise.
Dus zowel de conversie van 2 juni als die van 18 juni is gedaan op een koers van 12 cent