Warrants Outstanding


1 May 2017

Following the 6th July 2018 announcement of the exercising of another 4 Million warrants initially allocated to Wogen there are now 15,145,012 share warrants remaining.

The table below shows the warrant holders, and warrant blocks held, together with their expiration dates.

Warrants Remaining Quantity Price Period RNS Expiration
YD+ Others Placing : Others


[Note 1]











[Notes 2,4]




Atlas Tranche 1 6,332,236
[Note 5]
14.2 3


Atlas Tranche 2 4,925,073
[Note 6]
14.2 3



[1 – it is not clear from the RNS’s which of the two issuing blocks have so far been consumed. The Yellow Dragon ‘YD’ component of the first block, some 25Million warrants, was exercised on the 13th April 2017.]

[2 – The Wogen warrants were first shown as being granted in practise in the RNS on the 8th June 2017, so possibly these had been conditional to Wogen before the final repayment of the Barak loan was made.]

[3 – The Afritin demerger evidently resulted in the 3,507,975 warrants previously being listed as ‘Others’ being revoked, to be replaced with 371,708 listed here as ‘Afritin Demerger’. The 17th November 2017 RNS which refers to the adjustment does not explicitly list the warrant price, or expiration date of the adjusting warrants. The 371,708 were subsequently reallocated to Darwin, Wogen (note 4) and Atlas (note 5), so the entry 'Afritin Demerger' was removed.]

[4 - Increased from 15,000,000 to 15,197,368 with change of strike price from 7.0p to 6.9p around the 8th Nov 2017 to reflect Afritin demerger.]

[5 - Increased from 6,250,000 to 6,332,236 with change of strike price from 14.4p to 14.2p around the 8th Nov 2017 to reflect Afritin demerger.]

[6 - Increased from 4,861,111 to 4,925,073 with change of strike price from 14.4p to 14.2p around the 18th Dec 2017 to reflect Afritin demerger.]

Cash raise from all these warrants being exercised would be GBP 1,853,784. All of these warrants are now 'in the money' (i.e. at strike prices less than the current Share price.)

The total amount raised from the sale of warrants since the start of 2017 is GBP 3,433,640.

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