Share warrants26 Oct 2020 10:57
I wonder if we will see these exercised shortly?
On 10 April 2019, the Company issued 8,000,000 share warrants to the subscribers to a private placing. The warrants are
exercisable at 4p per share for a period of 5 years from the date of issue.
In October and November 2019, the Company issued 9,737,713 share warrants to subscribers to share placings, and
2,988,888 share warrants to advisers in connection with the share placings. These warrants are exercisable at 8p per share
for a period commencing 6 months after the date of issue and expiring 2 years after the date of issue.
The fair value of the share warrants at the date of issue was calculated by reference to the Black-Scholes model. The
significant inputs to the model in respect of the warrants issued in the year were as follows:
Issue date 10 April 2019 October/November 2019
Issue date share price 5.50p 5.025p
Exercise price per share 4p 8p
No. of warrants 8,000,000 12,726,001
Risk free rate 1% 1%
Expected volatility 50% 50%
Expected life of warrant 5 years 2 years
Calculated fair value per share 2.9133p 0.6896p
The share warrants outstanding at 31 December 2019 and their weighted average exercise price are as follows:
2019 2018
Weighted average
exercise price
Weighted average
exercise price
Number (pence) Number (pence)
Outstanding at 1 January 866,667 123.0 907,827 123.0
Issued 8,000,000 4.0 ? ?
Issued 12,726,601 8.0 ? ?
Exercised (1,925,000) 4.0 ? ?
Lapsed or cancelled (666,667) 123.0 (41,160) ?
Outstanding at 31 December 18,601,601 6.7 866,667 123.0
The fair value of the share warrants recognised as part of the premium paid in respect of the share subscriptions in the year
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