WindarPhotonics AnnualReport 2018 All - Flipbook - Page 72
Notes to the Financial Statements
continued
25. Share capital
On 12 July 2018 the Company issued 2,700,000 ordinary shares of 1 pence each for cash consideration
at £0.82 per share. On 12 July 2017 the Company issued 1,524,390 ordinary shares of 1 pence for cash
consideration at 82.0 pence per share.
Shares at beginning of
reporting period
Authorised
2018
Shares at end of reporting period
Issue of share capital on 2 July 2018
€
2018
Authorised
2017
€
2017
41,808,369
530,543
40,283,979
513,327
44,508,369
560,859
41,808,369
530,543
€
2018
Number of
shares issued
and fully paid
2017
€
2017
2,700,000
30,316
1,524,390
17,216
Shares at 1 January 2018
Number of
shares issued
and fully paid
2018
41,808,369
530,543
40,283,979
513,327
Issue of shares for cash
2,700,000
30,316
1,534,390
17,216
44,508,369
560,859
41,808,369
530,543
Shares at 31 December 2018
At 31 December 2018 the share capital comprises 44,508,369 shares of 1 pence each.
Warrants and share options
Warrants are granted to Directors and employees.
A total of 57,500 share options issued in 2017 lapsed on 31 January 2018 due to termination of an employment
contract by an employee in the Company. No new share options or warrants were granted in 2018.
The share options issued in 2017 are valued using the Black-Scholes pricing model and no performance conditions
are included in the fair value calculations. The options were issued at a strike price of £1 a third vesting on each
anniversary for the first three years. The options have a 10-year life. The price of the share at the time of issue
was £0.87. The risk-free rate was 1.15%. The expected volatility is based on historical volatility of the AIM market
over the last two years and is estimated to be 40%.
The average share price during the year was 88.25 pence (2017: 89.8 pence). At the year end the Company had
the following warrants and options outstanding:
At 31 dec
2017
Granted
Lapsed
Warrants
1,520,956
-
Options
420,000
(57,500)
1,940,956
(57,500)
Number of warrants and options
At 31 dec
2018
1,520,956
362,500
Exercise price
(£ pence)
39.07
100.00
1,883,456
Exercise date
29/08/14 to 31/12/19
6/11/18 to 16/11/27
The number of options and warrants exercisable at 31 December 2018 is warrants 1,520,956 (2017: 1,520,956)
and options 120,833 (2017: Nil).
The weighted average remaining contractual life for the options outstanding as at 31 December 2018 is
11.01 years (2017: 12.01 years).
The warrants have a remaining life of one year (2017: 2 years).
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Windar Photonics - Annual Report and Accounts 2018