19. Share capital

19. Share capital

The share capital of Galapagos NV, as set forth in the articles of association, reconciles to ‘share capital’ on the balance sheet as follows:

 

31 December

(thousands of €)

2017

2016

On 1 January

223,928

185,399

Share capital increase

25,323

38,798

Costs of capital increase

(15,837)

(269)

Share capital on 31 December

233,414

223,928

 

 

 

Aggregate share capital

275,510

250,187

Costs of capital increase (accumulated)

(42,096)

(26,259)

Share capital on 31 December

233,414

223,928

Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS 32 Financial instruments: disclosure and presentation.

History of share capital

The history of the share capital of Galapagos NV between 1 January 2016 and 31 December 2017 is as follows:

Date

Share capital increase new shares (in thousands of €)

Share capital increase warrants (in thousands of €)

Number of shares issued (in thousands of shares)

Aggregate number of shares after transaction (in thousands of shares)

Aggregate share capital after transaction (in thousands of €)

1 January 2016

 

 

 

39,076

211,389

19 January 2016

36,575

 

6,761

 

 

1 April 2016

 

668

132

 

 

19 May 2016

 

762

141

 

 

19 September 2016

 

326

60

 

 

28 November 2016

 

467

86

 

 

31 December 2016

 

 

 

46,256

250,187

 

 

 

 

 

 

1 January 2017

 

 

 

46,256

250,187

6 April 2017

 

1,337

247

 

 

21 April 2017

23,331

 

4,313

 

 

20 June 2017

 

281

52

 

 

21 September 2017

 

152

28

 

 

23 November 2017

 

222

41

 

 

31 December 2017

 

 

 

50,937

275,510

On 31 December 2017, Galapagos NV’s share capital amounted to €275,510 thousand, represented by 50,936,778 shares. All shares were issued, fully paid up and of the same class.

All of the share issuances listed above were for cash consideration.

The below table summarizes our capital increases for the years 2017 and 2016.

(thousands of €, except share data)

Number of shares

Share capital

Share premium

Share capital and share premium

Average exercise price warrants
(in € / warrant)

Closing share price on date of capital increase
(in € / share)

On 1 January 2017

46,256,078

223,928

649,135

873,063

 

 

 

 

 

 

 

 

 

6 April 2017: exercise of warrants

247,070

1,337

2,697

4,034

16.33

84.60

 

 

 

 

 

 

 

21 April 2017: U.S. public offering

 

 

 

 

 

 

ADSs (fully paid)

4,312,500

23,331

340,593

363,924

 

81.34

Underwriter discounts and offering expenses (paid)

 

(15,790)

 

(15,790)

 

 

Offering expenses still to be paid at 31 December 2017

 

(47)

 

(47)

 

 

Total U.S. public offering

4,312,500

7,494

340,593

348,087

 

 

 

 

 

 

 

 

 

20 June 2017: exercise of warrants

52,030

281

350

632

12.14

70.66

 

 

 

 

 

 

 

21 September 2017: exercise of warrants

28,100

152

116

268

9.55

84.62

 

 

 

 

 

 

 

23 November 2017: exercise of warrants

41,000

222

132

354

8.63

77.53

 

 

 

 

 

 

 

On 31 December 2017

50,936,778

233,414

993,025

1,226,439

 

 

(thousands of €, except share data)

Number of shares

Share capital

Share premium

Share capital and share premium

Average exercise price warrants
(in € / warrant)

Closing share price on date of capital increase
(in € / share)

On 1 January 2016

39,076,342

185,399

357,402

542,801

 

 

 

 

 

 

 

 

 

19 January 2016: share subscription from Gilead

 

 

 

 

 

 

Ordinary shares (fully paid)

6,760,701

36,575

355,546

392,121

 

48.26

Derecognition of financial asset from share subscription agreement

 

 

(65,850)

(65,850)

 

 

Capital increase expenses (fully paid)

 

(269)

 

(269)

 

 

Total share subscription by Gilead

6,760,701

36,306

289,696

326,002

 

 

 

 

 

 

 

 

 

1 April 2016: exercise of warrants

131,695

668

741

1,409

10.70

36.64

 

 

 

 

 

 

 

19 May 2016: exercise of warrants

140,770

762

715

1,476

10.49

45.41

 

 

 

 

 

 

 

19 September 2016: exercise of warrants

60,320

326

277

603

10.00

58.62

 

 

 

 

 

 

 

28 November 2016: exercise of warrants

86,250

467

305

772

8.94

55.73

 

 

 

 

 

 

 

On 31 December 2016

46,256,078

223,928

649,135

873,063

 

 

Other information

 

Ordinary shares

Total

Accounting par value of shares (€)

5.41

5.41

The board of directors is authorized for a period of five years starting from the date of publication in the Annexes to the Belgian State Gazette of the shareholders’ resolution that granted the renewed authorization, being 31 May 2017, to increase the share capital of Galapagos NV within the framework of the authorized capital through contributions in kind or in cash, with limitation or cancellation of the shareholders’ preferential subscription rights. Said authorization can be renewed. The board of directors is currently not authorized to increase the share capital after notification by the FSMA (Financial Services and Markets Authority) of a public takeover bid on Galapagos NV’s shares.

The authorized capital as approved by the extraordinary shareholders’ meeting of 25 April 2017 amounted to €82,561.8 thousand. As of 31 December 2017, €3,911.4 thousand of the authorized capital was used, so that an amount of €78,650.3 thousand still remained available.