RE: Easter Share Count6 Apr 2026 19:17
Post 3
If all warrants are converted
Based on the 148,991,306 shares currently in issue as of 5 April 2026, a full conversion of the 50,716,067 outstanding warrants would increase the total share count by approximately 34% and generate roughly £1.59 million in cash.
Fully Diluted Share Capital Breakdown
Holder / Tranche………No. of Warrants…..Exercise Price Total Cash to MDH
Fundraise Warrants……..39,807,950…..3.0p……..£1,194,238.50
Nick Tulloch (CEO)……..7,364,500………3.0p……£220,935.00
Nick Tulloch (CEO)……..1,318,617…….6.0p………£79,117.02
Adviser Warrants……….775,000…….4.0p………..£31,000.00
Adviser Warrants………775,000……..6.0p……….£46,500.00
Broker Warrants……….675,000………2.0p……….£13,500.00
TOTALS………………..50,716,067………………….£1,585,290.52
Summary of Impact
* Total Shares Outstanding (Current): 148,991,306
* New Shares from Warrants: 50,716,067
* Fully Diluted Share Count: 199,707,373
* Dilution Percentage: Existing shareholders would see their ownership stake diluted by ~25.4% (their current shares would represent 74.6% of the new total).
Strategic Context
* Cash Position: The £1.59m windfall would provide significant working capital for MDH's helium exploration projects without the need for a new discounted placing.
* Acceleration Risks: If the share price hits the "accelerator" triggers (e.g., staying above 10p or 15p for five days), the company can force this cash infusion by requiring warrant holders to exercise or lose their rights.
* Insider Stake: If Nick Tulloch exercises his 8.68 million personal warrants, his total holding would rise significantly, strengthening the "not in public hands" figure beyond the current 14.30%.
Used AI to help with some of the numbers
Usual caveats
Trek
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