RE: RNS14 Jun 2018 08:32
Some of the terms of the issue of the Bonds last year....not sure if this will have had some bearing on recent price trends.
"The Convertible Bonds are convertible into BMN ordinary shares at a price equal to the average of five days volume weighted average price (as published by Bloomberg) determined over the ten trading days immediately prior to receipt of a conversion notice by the Company from the Investor.
The Investor has agreed not to convert more than 25 per cent of the Convertible Bonds outstanding during every period of three calendar months (i) from 1 October to 31 December; (ii) from 1 January to 31 March; (iii) from 1 April to 30 June; and (iv) from 1 July to 30 September, subject to certain exceptions, and agrees not to short sell and/or borrow BMN ordinary shares at any point during the twenty-four month period from the date of issuance of the First Tranche.
A total of 6,250,000 warrants over BMN ordinary shares will be issued as part of the First Tranche and should the Company elect to issue the Second Tranche, a further 4,861,111 warrants will be issued. The warrants have a three year term, a strike price of 14.4p and are exercisable at any time.