17. Events after the end of the reporting period
On 22 April 2014 Pharming entered into a “sub 10%” private equity placement of €14.7 million (€14.0 million net proceeds after subtraction of transaction fees) with existing institutional investors.
The placement was priced at €0.49 per share, which was the average closing price of the shares over the last five trading days until 22 April 2014. A total of 30,000,000 shares, representing 8% of the outstanding share capital, were issued to the investors. In addition the investors received 21,000,000 warrants with a strike price of €0.57. The exercise period of the warrants is two years.
During the reporting period up to and inclusive 15 May 2014 the Company issued a total of 70,698,526 shares of which 30,000,000 shares relate to the sub 10% private equity placement. The other shares were issued in connection with the exercise of warrants, the exercise of options and, in addition, 367,217 shares related to bonus payments in shares for
senior staff members, which excludes the members of the Board of Management.
As a result of these issues, the total outstanding number of shares at 15 May 2014 amounts to 405,353,750.
The authorized number of shares of the Company is 450 million with fully diluted shares as per 15 May 2014 summarized as follows (in millions):
Shares 405.4
Warrants 28.1
Options 8.7
Long Term Incentive Plan 1.5
Total 443.7