Preliminary Unaudited Results

First Tin PLC

28 October 2024

 

28 October 2024

First Tin PLC

("First Tin" or "the Company")

Preliminary Unaudited Results

First Tin PLC, a tin development company with advanced, low capex projects in Australia and Germany, today publishes its unaudited preliminary results for the 18 months ended 30 June 2024.

This follows the change to the Company's accounting reference date and financial year end from 31 December to 30 June, announced earlier this year.

Highlights

·      In Australia, Taronga's excellent potential to be developed into a low capex, low risk, and high margin tin mine, with attractive economics, confirmed through the Definitive Feasibility Study

·      Taronga's Mineral Resource Estimate ("MRE") increased by over 240% to 138,300 tonnes of contained tin

·      The Taronga deposit has been confirmed to be highly scalable, with multiple opportunities to create significant value upside identified through:

o  Conversion of inferred resources to enable deeper, wider pits

o  Potential parallel zones immediately NW of the current pits

o  Extensions to the NE and SW of the current pits (mineralisation not closed off)

o  Between the two pits where recent drilling has returned previously unknown mineralisation

o  Potential parallel zones to the SE of the current pits

o  Improvements to the expected processing recoveries

·      The Company has also been successful in confirming the thesis that the Taronga deposit is part of a larger tin district which could hold potential for a hub and spoke approach

·      In Germany, delivered a 35% increase in the Tellerhäuser MRE to 138,600t tin from the 2019 estimate of 102,900t tin and infrastructure requirements successfully progressed

·      Loss before tax of £3.9 million (31 December 2022: £3.2m)

·      Post-period end, Metals X Limited became a 23% shareholder of First Tin, which is a strong endorsement from Australia's largest tin producer

First Tin CEO, Bill Scotting commented:

"We are delighted with the significant value we have added to our portfolio during the period, which has been further validated by Australia's largest tin producer, acquiring a +20% stake in First Tin immediately post-period end. Our portfolio holds tremendous potential, especially at Taronga in Australia, which we believe is on track to become the world's next major tin mine. With several opportunities identified to scale the project, we are confident that we can significantly enhance the strong economic case we've already demonstrated.

"Tin has been designated a critical mineral in numerous jurisdictions, but with primary tin supply stagnating and major producers facing challenges, including diminishing reserves and operational disruptions, a supply deficit looms. This means that our assets, which are located in developed countries with strong oversight of environmental standards, are of even more strategic importance. With this in mind, we remain highly optimistic about the tin market and believe our portfolio is well-positioned for continued success."

Enquiries:

First Tin	Via SEC Newgate below
Bill Scotting - Chief Executive Officer
Arlington Group Asset Management Limited (Financial Advisor and Joint Broker)
Simon Catt	020 7389 5016
SEC Newgate (Financial Communications)
Elisabeth Cowell / Molly Gretton	07900 248 213

Notes to Editors

First Tin PLC is an ethical, reliable, and sustainable tin production company led by a team of renowned tin specialists. The Company is focused on becoming a tin supplier in conflict-free, low political risk jurisdictions through the rapid development of high value, low capex tin assets in Germany and Australia, which have been de-risked significantly, with extensive work undertaken to date.

Tin is a critical metal, vital in any plan to decarbonise and electrify the world, yet Europe has very little supply. Rising demand, together with shortages, is expected to lead tin to experience sustained deficit markets for the foreseeable future.

First Tin's goal is to use best-in-class environmental standards to bring two tin mines into production in three years, providing provenance of supply to support the current global clean energy and technological revolutions.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2024

				Period		Year
				ended		ended
				30 Jun		31 Dec
			Note	2024		2022
				(Unaudited)		(Audited)
				£		£
Administrative expenses				(3,163,266)		(3,240,389)
Operating loss				(3,163,266)		(3,240,389)
Finance income				130,236		-
Finance costs				(25)		(2,557)
Loss before tax				(3,033,055)		(3,242,946)
Income tax expense				-		-
Loss for the period				(3,033,055)		(3,242,946)
Other comprehensive (loss)/income
Exchange differences on translation of foreign
operations				(865,875)		118,937
Other comprehensive (loss)/income for the
period				(865,875)		118,937
Total comprehensive loss for the period				(3,898,930)		(3,124,009)
Total comprehensive loss attributable to
the equity holders of the company				(3,898,930)		(3,124,009)
Basic loss - pence per share			7	(1.14)		(1.40)
Diluted loss - pence per share			7	(1.14)		(1.40)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

		30 Jun		31 Dec
	Note	2024		2022
		(Unaudited)		(Audited)
		£		£
Non-current assets
Intangible assets	9	34,968,675		27,367,552
Property, plant and equipment	10	2,433,830		1,589,748
		37,402,505		28,957,300
Current assets
Trade and other receivables	11	290,000		808,711
Cash and cash equivalents		1,345,629		13,823,173
		1,635,629		14,631,884
Current liabilities
Trade and other payables	12	(1,153,178)		(1,805,298)
Net current assets		482,451		12,826,586
Total assets less current liabilities		37,884,956		41,783,886
Net assets		37,884,956		41,783,866
Capital and reserves
Called up share capital	14	265,535		265,535
Share premium account	14	18,391,046		18,391,046
Merger relief reserve		17,940,000		17,940,000
Warrant reserve		269,138		269,138
Retained earnings		1,854,539		4,887,594
Translation reserve		(835,302)		30,573
Shareholders' funds		37,884,956		41,783,886

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2024

						Merger
		Share		Share		relief		Warrant		Retained		Translation		Total
		capital		premium		reserve		reserve		earnings		reserve		equity
		£		£		£		£		£		£		£
At 1 January 2023 (Unaudited)		265,535		18,391,046		17,940,000		269,138		4,887,594		30,573		41,783,886
Loss for the period		-		-		-		-		(3,033,055)		-		(3,033,055)
Other comprehensive loss for
the period		-		-		-		-		-		(865,875)		(865,875)
Total comprehensive loss		-		-		-		-		(3,033,055)		(865,875)		(3,898,930)
for the period
At 30 June 2024 (Unaudited)		265,535		18,391,046		17,940,000		269,138		1,854,539		(835,302)		37,884,956

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

						Merger
		Share		Share		relief		Warrant		Retained		Translation		Total
		capital		premium		reserve		reserve		earnings		reserve		equity
		£		£		£		£		£		£		£
At 1 January 2022		138,868		17,931,296		-		95,372		(10,507,856)		(88,364)		7,569,316
Loss for the year		-		-		-		-		(3,242,946)		-		(3,242,946)
Other comprehensive income
for the year		-		-		-		-		-		118,937		118,937
Total comprehensive loss
for the year		-		-		-		-		(3,242,946)		118,937		(3,124,009)
Transactions with owners:
Capital reduction		-		(17,931,296)		-		-		17,931,296		-		-
Issuance of shares (net of
issuance costs)		66,667		18,564,812		-		-		-		-		18,631,479
Shares issued to acquire
Taronga		60,000		-		17,940,000		-		-		-		18,000,000
Share-based payments		-		(173,766)		-		173,766		707,100		-		707,100
Total transactions with
owners		126,667		459,750		17,940,000		173,766		18,638,396		-		37,338,579
At 31 December 2022		265,535		18,391,046		17,940,000		269,138		4,887,594		30,573		41,783,886

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

				Period		Year
				ended		ended
				30 Jun		31 Dec
				2024		2022
				(Unaudited)		(Audited)
				£		£
Cash flows from operating activities
Operating loss				(3,163,266)		(3,240,389)
Adjustments to reconcile loss before tax to net   cash flows:
Depreciation of tangible assets				74,211		20,597
Loss on disposal of tangible assets				18,009		-
Share-based payment expense				-		707,100
Decrease/(increase) in trade and other receivables				518,711		(357,635)
(Decrease)/increase in trade and other payables				(652,120)		1,503,846
Cash used in operations				(3,204,455)		(1,366,481)
Interest paid				(25)		(2,557)
Net cash flows used in operating activities				(3,204,480)		(1,369,038)
Cash flows from investing activities
Purchase of intangible fixed assets				(8,536,853)		(5,288,557)
Receipt of government grants				256,965		-
Purchase of property, plant and equipment				(1,035,613)		(600,907)
Cash acquired on acquisition of Taronga				-		102
Interest received				130,236		-
Net cash flows used in investing activities				(9,185,265)		(5,889,362)
Cash flows from financing activities
Proceeds from issue of shares				-		19,000,000
Share issuance costs				-		(368,521)
Net cash flows generated
from financing activities				-		18,631,479
Net (decrease)/increase in cash				(12,389,745)		11,373,079
Cash and cash equivalents at beginning of period				13,823,173		2,503,714
Exchange loss on cash and cash equivalents				(87,799)		(53,620)
Cash at the end of period				1,345,629		13,823,173

1.	General Information

The Company is a public company limited by shares, incorporated in England and Wales under the Companies Act 2006. The Company's registered address is First Floor, 47/48 Piccadilly, London, England, W1J 0DT. The consolidated financial information comprises of financial information of the Company and its subsidiary (the "Group"). The principal activities of the Company and the Group and the nature of their operations are disclosed elsewhere in these financial information. Statutory information The financial information included in this unaudited preliminary announcement does not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2022 have been delivered to Companies House and received an unqualified auditors' report with a material uncertainty in respect of going concern. The statutory financial statements for the 18 month period ended 30 June 2024 will be finalised on the basis of the financial information presented by the directors in this unaudited preliminary announcement and will be delivered to Companies House following the Company's Annual General Meeting. The audit report for the 18 month period ended 30 June 2024 has yet to be signed. The announcement of the preliminary unaudited results was approved on behalf of the board of directors on 28 October 2024.

2.	Presentation of financial information

The financial information is presented in pounds sterling, as this is the currency of the UK listed parent company.

3.	Material accounting policy information

3.1

Basis of preparation

These financial information has been prepared on the going concern basis in accordance with UK adopted International Accounting Standards (UK IAS) and the requirements of the Companies Act 2006. The financial information has been prepared on a historical cost basis.

3.2

Going concern

The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration and evaluation period and this, in turn, depends on the availability of external funding. At 30 June 2024, the Group had cash balances of £1.3 million. On 10 July 2024 the Company raised £2.1 million (before expenses) by way of a placing of 53 million new ordinary shares at a price of 4 pence per share. The Directors have prepared financial projections and plans for a period of at least 12 months from the date of approval of these consolidated financial information. It is anticipated that additional capital will need to be raised within the next 12 months in order to continue to fund the Group's activities at their planned levels and any such capital raise via the issuance of new ordinary shares in First Tin plc, will be subject to shareholder approval. This represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. If the Group was unable to raise additional capital, the cash balance pursuant to the placing announced on 10 July 2024 would be insufficient to fund the Group's activities at their current level for a period of at least 12 months from the date of approval of these consolidated financial information. However, the Directors have a reasonable expectation that this uncertainty can be managed to a successful outcome, and based on that assessment, the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these consolidated financial information has been prepared on the going concern basis. The consolidated financial information does not reflect any adjustments that would be required to be made if they were to be prepared on a basis other than the going concern basis.

3.3

Basis of consolidation

The consolidated financial information incorporates the financial information of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. Changes in the Group's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The results of subsidiaries acquired or disposed of are included in the consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

4.	Critical accounting estimates and judgements

The preparation of the Group's financial information under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities.  Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.  Actual results may differ from these estimates. Details of the Group's significant accounting judgements used in the preparation of these consolidated financial information include:      Recoverability of intangible exploration and evaluation assets Where a project is sufficiently advanced, the recoverability of intangible exploration and evaluation assets is assessed by comparing the carrying value to internal and operator estimates of the net present value of projects. Intangible exploration assets are inherently judgemental to value. The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be written-off to the profit and loss as exploration costs unless commercial reserves are established, or the determination process is completed and there are no indications of impairment.

5.

Segmental analysis

In the opinion of the Board of Directors the Group has one operating segment, being the exploitation of mineral rights. The Group also analyses and measures its performance into geographic regions, specifically Germany and Australia. Non-current assets by region are summarised below:

						Period		Year
						ended		ended
						30 June		31 Dec
						2024		2022
						£		£
	Germany					8,847,849		6,824,224
	Australia					28,554,656		22,133,076
						37,402,505		28,957,300

6.	Staff costs and Director's renumeration

						Period		Year
						ended		ended
						30 Jun		31 Dec
						2024		2022
						£		£
	At 1 January 2021 Additions Currency translation At 31 December 2021
	Wages and salaries					2,060,861		1,124,086
	Social security costs					202,185		104,671
	Pension costs					76,999		36,683
						2,340,045		1,265,440
	Amount capitalised as intangible asset					(1,597,588)		(791,342)
	Total staff cost recognised in the profit
	and loss					742,457		474,098

The average number of staff employed by the Group, including Directors, is detailed below:

						Period		Year
						ended		ended
						30 Jun		31 Dec
						2024		2022
						No.		No.
	At 1 January 2021 Additions Currency translation At 31 December 2021
	Management and administration					11		11
	Geology and environment					7		12
	Average number of staff employed
	by the Group					18		23

7.	Loss per Ordinary share

				Period		Year
				ended		ended
				30 Jun		31 Dec
				2024		2022
	Loss for the period attributable to the ordinary
	equity holders of the Company (£)			(3,033,055)		(3,242,946)
	Basic loss per Ordinary share
	Weighted average number of Ordinary shares
	in issue			265,534,972		231,872,871
	Basic loss per Ordinary share (pence)			(1.14)		(1.40)
	Diluted loss per Ordinary share
	Weighted average number of Ordinary shares
	in issue			265,534,972		232,112,833
	Diluted loss per Ordinary share (pence)			(1.14)		(1.40)

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive warrants, options and convertible loans over ordinary shares.  Potential ordinary shares resulting from the exercise of warrants, options and the conversion of convertible loans have an anti-dilutive effect due to the Group being in a loss position.  As a result, diluted loss per share is disclosed as the same value as basic loss per share.

8.	Share-based payments

Share options and warrants

		The Group adopted the First Tin Option Plan ("FT Option Plan"), effective from 8 April 2022. In addition to the FT Option Plan the Group as certain outstanding warrants and options issued under previous schemes. The options issued under previous schemes expired during the period ended 30 June 2024. The options issued under the FT Option Plan vested on admission to the London Stock Exchange and are exercisable for periods between 2 and 3 years from issue.
			No. of		No. of		No. of		No. of
			options		options		warrants		warrants
			2024		2022		2024		2022
	Outstanding at beginning of period		10,060,000		1,560,000		5,668,000		3,168,000
	Granted during the period		-		8,500,000		-		2,500,000
	Expired during the period		(1,560,000)		-		(5,668,000)		-
	Outstanding at the end of the period		8,500,000		10,060,000		-		5,668,000
	Exercisable at the end of the period		8,500,000		10,060,000		-		5,668,000
	Weighted average exercise price (pence)		33		30		-		26

Share options outstanding at the end of the period have the following expiry dates and exercise prices:

				Exercise		No. of		No. of
				price		Options		Options
	Grant date	Expiry date		pence		2024		2022
	4 March 2019	4 March 2023		13		-		1,560,000
	6 April 2022	5 April 2025		33		8,500,000		8,500,000
						8,500,000		10,060,000
	Weighted average remaining contractual life of options
	outstanding at the end of the period					0.76		1.94

Warrants outstanding at the end of the period have the following expiry dates and exercise prices:

				Exercise		No. of		No. of
				price		Options		Options
	Grant date	Expiry date		pence		2024		2022
	27 April 2021	9 April 2024		20		-		2,668,000
	29 June 2021	9 April 2024		20		-		500,000
	29 March 2022	6 April 2024		33		-		2,500,000
						-		5,668,000
	Weighted average remaining contractual life of options
	outstanding at the end of the period					-		1.27

Fair value of options granted

		The assessed fair value at the grant date of options granted during the year ended 31 December 2022 was £0.08 per option. No options were granted during the period ended 30 June 2024. The fair value at grant date is determined using the Black-Scholes model, which takes into account the following inputs:
							Period		Year
							ended		ended
							30 Jun		31 Dec
							2024		2022
	Grant date						-		8 April 2022
	Exercise price						-		33 pence
	Market value at grant date						-		30 pence
	Expected term						-		3 years
	Volatility						-		44%
	Risk free rate						-		1.5%

The volatility is calculated based upon the volatilities of peer group companies since there is insufficient historic data available for the Group.

Fair value of warrants granted During the year ended 31 December 2022 the Group issued 2,500,000 warrants at an exercise price of 33 pence, exercisable over a period of two years from the date of grant.  The fair value was calculated at £173,766. The fair value was determined using the Black-Scholes model, with the following inputs: market value at grant date of 30 pence, expected term of 2 years, volatility of 46% and risk free rate of 1.4%. No warrants were issued during the period ended 30 June 2024.

Expenses arising from share-based payment transactions

Total expenses arising from share-based payment transactions recognised during the period were as follows:

						Period		Year
						ended		ended
						30 Jun		31 Dec
						2024		2022
						£		£
	Recognised in profit or loss:
	Options issued to Directors under the FT Option Plan					-		582,317
	Options issued to staff and consultants under the FT Option Plan					-		124,783
						-		707,100
	Recognised against share premium:
	Warrants issued in respect of broker services					-		173,766
	Shares issued in settlement of broker commission					-		1,000,000
						-		1,173,766
						-		1,880,766

9.	Intangible assets

								Exploration
								and
								evaluation
								assets
								£
	Cost At 1 January 2021 Additions Currency translation At 31 December 2021
	At 1 January 2022							3,380,913
	Additions							5,288,557
	Acquisition of Taronga							18,558,503
	Currency translation							139,579
	At 31 December 2022							27,367,552
	Additions							8,536,853
	Government grants							(256,965)
	Currency translation							(678,765)
	At 30 June 2024							34,968,675

The intangible assets relate to the Tellerhäuser and Taronga tin projects located in southern Saxony in the east of Germany and Australia, respectively. The Directors assess for impairment when facts and circumstances suggest that the carrying amount of an Exploration and evaluation ("E&E") asset may exceed its recoverable amount. In making this assessment, the Directors have regard to the facts and circumstances noted in IFRS 6 paragraph 20. In performing their assessment of each of these factors, at 30 June 2024, the Directors have: a)   reviewed the time period that the Group has the right to explore the area and noted no instances of expiration, or licences that are expected to expire in the near future and not be renewed; b)   determined that further E&E expenditure is either budgeted or planned for all licences; c)   not decided to discontinue exploration activity due to there being a lack of quantifiable mineral resource; and d)   not identified any instances where sufficient data exists to indicate that there are licences where the E&E spend is unlikely to be recovered from successful development or sale. On the basis of the above assessment, the Directors are not aware of any facts or circumstances that would suggest the carrying amount of the E&E asset may exceed its recoverable amount.

10.	Property, plant and equipment

			Land &		Motor		Fixtures &
			Buildings		Vehicles		Fittings		Total
			£		£		£		£
	Cost
	At 1 January 2022		-		38,803		37,797		76,600
	Additions		415,220		110,583		75,104		600,907
	Acquisition of Taronga		965,939		-		34,202		1,000,141
	Currency translation		(21,179)		1,658		3,119		(16,402)
	At 31 December 2022		1,359,980		151,044		150,222		1,661,246
	Additions		847,609		18,801		169,203		1,035,613
	Disposals		-		(30,755)		(7,967)		(38,722)
	Currency translation		(92,238)		(7,844)		(2,860)		(102,942)
	At 30 June 2024		2,115,351		131,246		308,598		2,555,195
	Depreciation
	At 1 January 2022		-		17,567		30,182		47,749
	Charge for period		-		9,334		11,263		20,597
	Currency translation		-		1,160		1,992		3,152
	At 31 December 2022		- 28,061 43,437 71,498	- 28,061 43,437 71,498	28,061 28,061 43,437 71,498	- 28,061 43,437 71,498	43,437 28,061 43,437 71,498	- 28,061 43,437 71,498	71,498 28,061 43,437 71,498
	Charge for period		-		18,813		55,398		74,211
	Disposal		-		(15,277)		(5,436)		(20,713)
	Currency translation		-		(991)		(2,640)		(3,631)
	At 30 June 2024		-		30,606		90,759		121,365
	Net book value
	At 30 June 2024		2,115,351		100,640		217,839		2,433,830
	At 31 December 2022		1,359,180 28,061 43,437 71,498	- 28,061 43,437 71,498	122,983 28,061 43,437 71,498	- 28,061 43,437 71,498	106,785 28,061 43,437 71,498	- 28,061 43,437 71,498	1,589,748 28,061 43,437 71,498

11.	Trade and other receivables

		30 Jun		31 Dec
		2024		2022
		£		£
	Prepayments and other receivables	259,210		386,287
	Recoverable value added taxes	30,790		422,424
		290,000		808,711

12.	Trade and other payables

		30 Jun		31 Dec
		2024		2022
		£		£
	Trade payables	691,493		761,512
	Accruals	404,016		949,004
	Other payables	57,669		94,782
		1,153,178		1,805,298

13.	Related party transactions

Directors' remuneration and fees The table below sets out the Directors' remuneration and fees: Performance Share related based Basic fees bonus payments Total £ £ £ £ 2024 Mr W. A. Scotting 75,000 - - 75,000 Mr C. Cannon Brookes 52,500 - - 52,500 Mr R. G. J. Ainger 36,964 - - 36,964 Mr T Buenger 282,809 - - 282,809 Mr S I Cornelius 30,000 - - 30,000 Mr I Hofmaier 67,500 - - 67,500 Ms C Apthorpe 60,000 - - 60,000 Mr N Mather 40,385 - - 40,385 645,159 - - 645,159 Performance Share related based Basic fees bonus payments Total £ £ £ £ 2022 Mr T Buenger 268,519 109,748 374,347 752,614 Mr S I Cornelius 32,769 - - 32,769 Mr I Hofmaier 32,769 - - 32,769 Ms C Apthorpe 29,128 - - 29,128 Mr C Cannon Brookes 29,250 - - 29,250 Mr N Mather 7,500 - - 7,500 399,935 109,748 374,347 884,030

Other fees and transactions Mr C Cannon Brookes was a director of Arlington Group Asset Management Limited ("Arlington") for the reporting period. During the period, the Company incurred costs of £127,500 from Arlington in respect of financial advisory and director's fees (2022: £876,004 in respect of fund-raising commissions and expenses, financial advisory fees and director's fees). At 30 June 2024, £42,500 was outstanding (2022: £nil). Mr R. G. J. Ainger was a director of RFA Consulting Limited ("RFA") during the reporting period. During the period the Company incurred costs of £52,000 from RFA in respect of company secretarial services. The fees were paid in full during the period.

14.	Share capital and share premium

		30 Jun		31 Dec
		2024		2022
		£		£
	Allotted, called up and fully paid share capital
	265,534,972 (2022: 265,534,972) Ordinary shares of £0.001 each	265,535		265,535

15.	Ultimate controlling party

In the opinion of the Directors, there is no controlling party.

 

END