Monthly information related to total number of voting rights and shares composing the share capital - December 31, 2023
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Insights
The disclosed monthly information on voting rights and share capital composition is a critical piece of data for investors, as it offers insights into potential shifts in shareholder power dynamics and company control. Such data is particularly relevant in assessing the likelihood of corporate actions such as takeovers, mergers and strategic shifts that can affect stock prices and investor returns.
From the data provided, there is a noticeable increase in the total number of shares composing the share capital over the months, which could indicate a capital increase through the issuance of new shares. This can dilute existing shareholders' stakes but might also be a sign of raising capital for growth or paying off debt. The difference between gross and net voting rights suggests the company's treasury stock activity, where shares owned by the company itself do not carry voting rights and are subtracted from the total.
For long-term investors, the stability in net voting rights over time can be a sign of a stable shareholder base, which might imply a lower risk of hostile takeovers and could suggest a steady strategic direction for the company.
The evolution of voting rights within a company is a direct reflection of its corporate governance practices. In this case, the presence of double voting rights indicates a mechanism that could be used to reward long-term shareholders, which is a practice seen in some European companies, particularly in France. It's a strategy that can both encourage long-term investment and protect against short-term market pressures.
However, this approach can also lead to power imbalances, where certain shareholders have disproportionately high influence over corporate decisions. This can be a double-edged sword, potentially leading to positive stability or, conversely, to governance issues if the majority shareholders' interests diverge from those of the minority shareholders.
Investors need to consider how these voting rights structures could affect future policy decisions, management selection and overall company strategy. The alignment or misalignment of shareholder interests can significantly impact the company's ability to execute its vision and, consequently, its performance in the market.
Understanding the structure of a company's share capital and voting rights distribution is essential for predicting market behavior in response to corporate events. An increase in share capital, as shown in the data, often leads to market reactions that can affect the company's share price. Investors and analysts closely monitor such changes to anticipate the supply and demand dynamics that will ensue.
Additionally, the data indicates a significant increase in shares and voting rights mid-year, which could signal a major corporate event such as an acquisition or merger. Such events can lead to volatility in the stock price as the market assimilates the new information and its implications for the company's future earnings and growth potential.
Moreover, the consistency in the number of net voting rights towards the year's end could suggest a period of stabilization post any significant corporate events, which may be seen as a positive sign by the market, indicating that the company has successfully navigated through the changes.
Monthly information related to total number of voting rights and shares composing the share capital _ December 31, 2023
Article 223-16 of general regulation of French Autorité des Marchés Financiers
Listing markets:
Euronext Paris from Euronext (Market segment C - ISIN Code: FR001400K4B1- Symbol: PHXM) &
Nasdaq Global Select Market in the United-States (Symbol: PHXM)
Website : www.phaxiam.com
| Date | Total of shares composing the share capital | Total of brut (1) voting rights | Total of net (2) voting rights |
| January 31, 2023 | 31 018 553 | 32 514 771 | 32 512 271 |
| February 28, 2023 | 31 018 553 | 32 516 875 | 32 514 375 |
| March 31, 2023 | 31 018 553 | 32 521 652 | 32 519 152 |
| April 30, 2023 | 31 018 553 | 32 521 642 | 32 519 142 |
| May 15, 2023 | 34 120 298 | 35 623 387 | 35 620 887 |
| May 31, 2023 | 34 120 298 | 35 623 630 | 35 621 130 |
| June 26, 2023 | 60 751 054 | 62 254 388 | 62 251 888 |
| July 31, 2023 | 60 751 054 | 62 254 443 | 62 251 943 |
| August 31, 2023 | 60 751 054 | 62 253 180 | 62 250 680 |
| September 30, 2023 | 6 075 105 | 6 225 265 | 6 225 016 |
| October 31, 2023 | 6 075 105 | 6 225 300 | 6 225 051 |
| November 30, 2023 | 6 075 105 | 6 226 121 | 6 225 872 |
| December 31, 2023 | 6 075 105 | 6 226 982 | 6 226 733 |
(1) Gross voting rights number (or « theoretical » voting rights) is used as a basis for calculating the crossing of the threshold. In accordance with article 223-11 of general regulation of Autorité des Marchés Financiers, this number is calculated on the basis of all shares carrying the single and double voting rights, including shares without voting rights.
(2) Without treasury shares.
Attachment
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