| Shareholders' equity |
9. Shareholders’ equity
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June 30, 2025 |
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December 31, 2024 |
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Authorized, allotted, called up and fully paid ordinary shares, par value
£0.05 |
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10,290 |
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10,288 |
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Number |
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Number |
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Number of shares in issue |
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141,701,848 |
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141,674,074 |
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Number of ADSs in issue |
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47,233,949 |
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47,224,691 |
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The Group has only one class of shares. All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends. On February 5, 2024, the Group announced a private placement of 5,714,286 of the Group’s ADSs, each representing three ordinary shares, at a price of $21.00 per ADS, with new and existing institutional and accredited investors. The aggregate gross proceeds of the Private Placement were $120.0 million before deducting $7.7 million in placement agent fees and other expenses. Details of the shares issued during the current six months and prior year are as follows:
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Number of shares in issue at January 1, 2024 |
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118,846,966 |
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Number of ADSs in issue at January 1, 2024 |
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39,615,655 |
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Shares issued during the year |
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21,418,665 |
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Options exercised at $0.20/ADS or $0.07/ordinary share |
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252,540 |
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Options exercised at $2.40/ADS or $0.80/ordinary share |
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268,791 |
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Options exercised at $4.23/ADS or $1.41/ordinary share |
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12,000 |
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Options exercised at $4.24/ADS or $1.41/ordinary share |
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9,999 |
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Options exercised at $5.81/ADS or $1.94/ordinary share |
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375 |
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Options exercised at $7.32/ADS or $2.44/ordinary share |
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30,000 |
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Options exercised at $7.60/ADS or $2.53/ordinary share |
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584,316 |
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Options exercised at $8.20/ADS or $2.73/ordinary share |
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49,998 |
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Options exercised at $9.98/ADS or $3.33/ordinary share |
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222 |
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Options exercised at $10.68/ADS or $3.56/ordinary share |
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10,500 |
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Options exercised at $12.81/ADS or $4.27/ordinary share |
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1,500 |
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Options exercised at $12.94/ADS or $4.31/ordinary share |
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2,841 |
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Options exercised at $13.80/ADS or $4.60/ordinary share |
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3,708 |
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Options exercised at $15.38/ADS or $5.13/ordinary share |
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126,144 |
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Options exercised at $16.64/ADS or $5.55/ordinary share |
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1,248 |
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Options exercised at $19.50/ADS or $6.50/ordinary share |
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780 |
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Options exercised at $20.41/ADS or $6.80/ordinary share |
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10,500 |
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Options exercised at $22.01/ADS or $7.34/ordinary share |
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37,545 |
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Options exercised at $23.60/ADS or $7.87/ordinary share |
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5,436 |
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Number of shares in issue at December 31, 2024 |
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141,674,074 |
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Number of equivalent ADSs in issue at December 31, 2024 |
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47,224,691 |
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Number of shares in issue at January 1, 2025 |
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141,674,074 |
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Number of ADSs in issue at January 1, 2025 |
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47,224,691 |
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Options exercised at $0.20/ADS or $0.07/ordinary share |
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17,775 |
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Options exercised at $4.23/ADS or $1.41/ordinary share |
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9,999 |
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Number of shares in issue at June 30, 2025 |
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141,701,848 |
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Number of equivalent ADSs in issue at June 30, 2025 |
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47,233,949 |
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The Group has outstanding ADSs and each ADS represents three ordinary shares.
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