Half-year Report

RNS Number : 2345B

Fox Marble Holdings PLC

30 September 2022

 

AIM: FOX      30 September 2022

Fox Marble Holdings plc

("Fox Marble" or the "Company") 

Interim Results for the six months ended 30 June 2022

Fox Marble Holdings plc (AIM: FOX), the dimension stone company focused on marble quarrying and finishing in Kosovo and the Balkans, announces its unaudited interim results for the six months ended 30 June 2022.  

Operational Highlights  

· The factory output and efficiency has continued to grow in 2022  - with 23,525 square metres of slabs processed in the first six months of 2022 (2021 - 15,222 square metres) and over 9,684 square metres of tile and cut to size material processed (2021- 7,411 square metres).

· Quarry operations have been limited with quarrying being carried only to meet know demand while the block market remains sluggish. The quarries remain in good condition, with significant reserves of dimensional stone.  The block marble market continues to falter, as high shipping and energy costs have further damaged the market following the initial Covid 19 shocks.

· Appointment of Sir Mark Lyall Grant as Non-Executive Director to the Company on 4 April 2022.  Sir Mark is one of the United Kingdom's most senior public servants, with more than 30 years of experience in leadership, policy making, negotiation and public presentation.

· Fox Marble agreed heads of terms for the proposed acquisition of Eco Buildings Group Limited. Eco Buildings, will design, manufacture, and construct buildings made from glass fibre reinforced gypsum (GFRG) modular sections that capture cost and design efficiencies and advantages in build quality and performance that traditional building methods cannot deliver.

· The proposed acquisition will constitute a reverse takeover pursuant to AIM Rule 14 under the AIM Rules for Companies. Fox Marble intends to undertake a significant capital expansion, including capital reorganisation and change its name to ECO Buildings Group Plc. The proposed acquisition is conditional on, inter alia, certain approvals and a shareholder vote at a General Meeting of the Company.  There can be no certainty nor guarantee that the proposed acquisition will complete.

Financial Highlights

· Revenue from the sale of processed marble products for the six months to 30 June 2022 increased to €0.3 million (H1 2021: €0.2 million).   

· Losses for the half year were €0.8 million (H1 2021: €0.6 million), due to costs incurred as part of the RTO process, offset by strict measures to control cost.

Operational Update

Sales

Sales for the half year were €0.3 million (2021- €0.2 million).  The block marble market continues to be impacted by the Covid-19 pandemic as well as a significant increase in global shipping rates.  The processed marble market has shown more positive signs. 

As previously announced, Fox signed a contract to supply BA Engineering & Consulting Sh.p.K ("BA Engineering") with an initial 8,000 square metres of cut and polished tiles for an approximate value of €200,000.  BA Engineering is a local Kosovan construction company with multiple developments in Kosovo. Given BA Engineering is also engaged in developing a number of large prestigious projects in Kosovo, the Company believes this will be the first of a series of orders that BA Engineering will place.

In addition, the Company signed a non-binding agreement to supply Unik Construction LLC with up to 30,000 square metres of material for ongoing projects they are planning across Europe.

The Company continues to carefully manage its working capital position.

Factory

In 2021 Fox Marble has continued its focus on the local market for its processed material and range of products from cut and polished tiles to stair pieces, door and window lintels to slabs.

Efficiencies in the factory continue to drive increases in production. The factory processed 23,525 square metres of slabs in the first six months of 2022 (2021 - 15,222 square metres) and over 9,684 square metres of tile and cut to size material processed (2021- 7,411 square metres).

Quarry Operations

Quarry operations have been limited with quarrying being carried only to meet know demand while the block market remains sluggish. The quarries remain in good condition, with significant reserves of dimensional stone.

Litigation

On 4 September 2019, Fox Marble launched United National Commission on International Trade Law (UNCITRAL) arbitration proceedings, against the Republic of Kosovo for damages in excess of €195 million, as a result of the failure of the State to protect Fox Marble's rights over the Maleshevë quarry.

The Company believes the Kosovan Government to be in clear breach of its responsibilities towards the Company as a foreign investor in Kosovo and that this action is in the best interests of its shareholders and employees. The Company anticipates a fair and satisfactory resolution.  All the Company's other operations, including the quarries and processing factory in Kosovo and the Prilep quarry in Northern Macedonia, are unaffected.

The background to the claim is the dispute arising with the former shareholders of Green Power Sh.P.K and Scope Sh.P.K, which has resulted in Fox Marble being prevented from operating the Maleshevë quarry.  Since the dispute arose, Fox Marble has been working to resolve the matter with the appropriate Kosovan Government agencies, namely the Kosovo mining regulator, the Independent Commission of Mines and Mineral ('ICMM') and the Agjencia e Regjistrimit të Bizneseve ('ARBK'), the Kosovo business registration agency. However, in what is a clear breach of Kosovo Law 04/L-220 'On Foreign Investment' (2014), Fox Marble has been prevented from asserting its rights in these matters.

Despite the cumulative weight of evidence, Fox Marble was denied the right to appeal any decision relating to the Maleshevë quarry in direct contravention of the provisions of the Kosovo foreign investment law, Law 04 /L-220. As a direct consequence of the ARBK and ICMM decisions, the Company has brought arbitration proceedings against the Republic of Kosovo pursuant to Article 16 of the Kosovo foreign investment law (as above).  The basis of the claim for damages is the investment made to date in the Maleshevë quarry, loss of future revenues associated with the site and future investment plans in Kosovo.  Significant future investment plans are the subject of the MOU signed in October 2016 by the Government of Kosovo and Stone Alliance LLC which is majority owned by Fox Marble.

On 16 December 2020 the Company announced that it had engaged the services of Dentons CS Europe LLP to act on the Company's behalf in its circa €195 million claim against the Republic of Kosovo.  Dentons have agreed a fee arrangement which enables Fox Marble to bring the Arbitration through to its conclusion.

The Company announced the appointment of the eminent British Barrister and Queens Counsel, Samuel Wordsworth QC of Essex Court Chambers on the May 2021.  He will work with Dentons Europe CS LLP, the world's largest law firm by number of lawyers, in support of the Company's €195M claim against the Republic of Kosovo.

Proposed Acquisition and Suspension

As announced on 26 September 2022, the Company is proposing to acquire the entire issued share capital of Eco Buildings for an aggregate purchase price of £30 million, to be satisfied by the issue of ordinary shares in the Company. It is therefore estimated that the Company as enlarged by the acquisition will have an equity value of £34.4m (based on Fox Marble's share price at the time of suspension being 1.085p).  In addition, as part of the RTO, the Company is also proposing to raise up to £10m by way of a placing (the "Placing").

There can be no guarantee that the RTO nor the Placing will be completed as they are subject to a significant number of pre-conditions, which inter alia, include the following:

a)  readmission of the Company's shares to trading on AIM following the acquisition and obtaining of all relevant approvals ("Admission") becoming effective;

b)  Shareholder approval in a general meeting;

c)  Certain regulatory approvals being received;

d)  The publication of an admission document by the Company; and

e)  A placing agreement becoming unconditional in all respects (save for Admission).

Information on Eco Buildings

Eco Buildings will operate in the prefabricated modular housing sector. Eco Buildings has acquired the proven and innovative prefabricated modular technology using glass fibre reinforced gypsum (GFRG), an alternative construction method to achieve faster and more economical development of residential, commercial and industrial dwellings. Since 2006, over US $6 million has been invested in the technology by Dominic Redfern, who will be joining the revised board, to establish a high quality, low cost and environmentally friendly range of modular housing products.

Based on this technology, Eco Buildings' management team has utilised its network, particularly in the Balkans, to secure two initial contracts that are expected to generate first sales revenue of approximately €38 million per annum in the first three years following Admission (c. €114 million in total).

The Directors believe Eco Buildings' range of modular housing products provides a solution for the construction of both affordable and high-end housing, with Eco Buildings' products being up to 50% cheaper, two-thirds lighter and five times faster to deploy than conventionally built homes.

The Directors believe that Fox Marble's existing building products and operations should deliver revenue synergies when combined with Eco Buildings. These include Fox Marble's intention to supply and process dimensional marble from its existing quarries for use within Eco Buildings' modular housing projects. The Directors believe that by developing Eco Buildings' pipeline of prospective projects globally, it intends to also further expand the markets in which Fox Marble's dimensional stone product can be marketed.

Walling System Manufacturing Process

Eco Buildings' panels are manufactured using a panel casting system. It involves a single vertical panel casting machine which automates the moulding process and uses a liquid mix of calcined plaster, water, fiberglass rovings, together with proprietary waterproofing agents and curing admixtures.

Eco Buildings' first production line, which consists of a vertical panel casting machine and supporting equipment has been moved from the United Arab Emirates (UAE) to a newly built 2,400m2 factory building in Albania for the sake of proximity to its initial contracted customers and is anticipated to be operational in Q4 2022. A production line is capable of producing 11,264m2 of panelling per month or the equivalent of 31 housing units (372 units annually).

The 8,000m2 factory site is located close to Albania's capital, Tirana, adjacent to the port of Durres, Albania's principal seaport.

Operational Expansion

Once the facility is fully operational, Eco Buildings plans to expand as follows:

Phase I

• Increase the number of production lines from 1 to 4 - to meet existing contractual obligations, the Directors intend to add a second and third line to the factory in 2023 and a fourth in 2024. The first three production lines are expected to produce approximately 1,100 residential units per annum with production capacity increasing to approximately 1,500 units per annum when the fourth line is added.

• Vertical integration - Once the Company is cash flow positive Eco Buildings intends to construct a calcination plant. This will allow the Group to produce its own GFRG, the key raw material in the production of the Eco Buildings' turnkey solution.

Phase II

Approximately one-third of the urban population in the southern hemisphere live in informal settlements, which lack access to basic services such as electricity, running water, or sanitation.

After an extensive ideation and conceptual design process, the Group intends to complete the manufacturing, design and construction of the first of its mobile manufacturing units that can be deployed at speed remotely in 2023. These 'pop up' facilities will be used in areas with less developed infrastructure than the factory site and/or areas where traditional construction is markedly less cost effective than the Eco Buildings' system deployed locally and/or at large-scale, multi-year new town or new community developments where there significant social, logistical or financial gains can be made over several project phases.

Update on Temporary Suspension

Further to the announcement of 11 April 2022, the Company was suspended from trading on AIM on 11 April 2022 and remains so, pending either the publication of an admission document or until the proposed acquisition negotiations are terminated.

Pursuant to AIM Rule 41, if the Company's ordinary shares have been suspended from trading for a period of six months, the admission of its ordinary shares to trading on AIM will then be cancelled.

This announcement contains inside information for the purposes of Article 7 of EU regulation 596/2014.

For more information on Fox Marble please visit   www.foxmarble.net  or contact:

Fox Marble Holdings plc

Chris Gilbert, Chief Executive Officer

Tel: [phone]

Fiona Hadfield, Finance Director

Tel: [phone]

Tavira Securities Limited (Broker)

Oliver Stansfield/Jonathan Evans

[phone]

Cairn Financial Advisers (Nomad)

Sandy Jamieson/Liam Murray/Ludovico Lazzaretti

Tel: [phone]

Notes to Editors

Fox Marble (AIM: FOX) is a marble production, processing and distribution company with operations in Kosovo and the Balkans.

Its marble products, which include Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento, are gaining sales globally to wholesale companies and directly to luxury residential properties. In the UK these include St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia, Rosso Cait, Alexandrian White and Breccia Paradisea have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

FOX MARBLE HOLDINGS PLC

Condensed unaudited consolidated income statement and statement of comprehensive income

	Note	Six months ended 30 June 2022 Unaudited €'000s		Six months ended 30 June 2021 Unaudited €'000s			For the year ended 2021 Audited €'000s
Revenue		272		196			646
Cost of Sales		(152)		(103)			(530)
Gross Profit		120		93			116
Administrative and other operating expenses		(931)		(604)			(1,766)
Operating loss		(811)		(511)			(1,650)
Finance costs	4	(14)		(206)			(386)
Finance income	5	-		29			141
Loss before taxation		(825)		(683)			(1,895)
Taxation		-		-			-
Loss for the period		(825)		(683)			(1,895)
Other comprehensive income		-		-			-
Total comprehensive loss for the period attributable to owners of the parent company		(825)		(683)			(1,895)
Loss per share
Basic loss per share	7	(0.002)		(0.002)			(0.005)
Diluted loss per share	7	(0.002)		(0.002)			(0.005)

FOX MARBLE HOLDINGS PLC

Condensed unaudited consolidated statement of financial position

	Notes	As at 30 June 2022 Unaudited €'000s		As at 31  December 2021 Audited €'000s		As at 30 June 2021 Unaudited €'000s
Assets
Non-current assets
Intangible assets		2,727		2,749		2,771
Property, plant and equipment	7	4,317		4,429		4,704
Total non-current assets		7,044		7,178		7,476
Current assets
Trade and other receivables		1,101		1,134		1,012
Inventories		2,952		2,987		3,280
Cash and cash equivalents		120		558		626
Total current assets		4,173		4,679		4,918
Total assets		11,217		11,587		12,394
Current liabilities
Trade and other payables		1,630		1,408		1,472
Borrowings	8	2,012		1,998		1,790
Total current liabilities		3,642		3,406		3,262
Non-current liabilities
Deferred tax liability		85		85		85
Lease Commitments		149		146		174
Borrowings	8	2,641		2,705		2,901
Total non-current liabilities		2,875		2,936		3,160
Total liabilities		6,517		6,341		6,422
Net assets		4,700		5,516		5,972
Equity
Share capital	9	4,958		4,958		4,567
Share premium	9	32,575		32,575		32,230
Retained loss		(33,004)		(32,179)		(30,976)
Share based payment reserve		135		126		116
Other reserves		36		36		36
Total equity attributable to owners of the parent company		4,700		5,516		5,972

FOX MARBLE HOLDINGS PLC

Condensed consolidated statement of cash flows

	Notes	Six months ended 30 June 2022 Unaudited €'000s		Six months ended 30 June 2021 Unaudited €'000s			Year ended 31 December 2021 Audited €'000s
Cash flows from operating activities
Loss before taxation		(825)		(683)			(1,895)
Adjustment for:		-
Finance costs	4	83		206			386
Finance income	5	(69)		(29)			(141)
Operating loss for the period		(811)		(411)			(1,651)
Adjustment for:
Amortisation		23		22			44
Depreciation	7	112		149			318
Disposal of PPE		-		-			42
Equity settled transactions		9		9			19
Provision for impairment of receivables		23		-			70
Provision for bad debts		-		-
Provision for inventory		-		-			118
Changes in working capital:
Increase in receivables		10		140			(52)
Decrease/(increase) in inventories		35		(239)			(63)
Increase/(decrease) in accruals		154		-			(129)
Increase/(decrease) in trade and other payables		69		(175)			(24)
Net cash used in operating activities		(378)		(623)			(1307)
Cash flow from investing activities
Expenditure on property, plant and equipment	7	-		(35)			(37)
Expenditure on rights of use assets							(63)
Interests on bank deposits		-		-			0.042
Net cash outflow from investing activities		-		(35)			(100)
Cash flows from financing activities
Proceeds from issue of shares (net of issue costs)	9	0		1,019			1756
Proceeds on issue of debt (net of issue costs)		(23)		-			(84)
Interest paid		(37)		(43)			(85)
Net cash inflow from financing activities		(60)		976			1,587

Net increase/(decrease) in cash and cash equivalents		(438)		318			181
Cash and cash equivalents at beginning of   Period		558		308			378
Cash and cash equivalents at end of period		120		626			558

FOX MARBLE HOLDINGS PLC

Condensed consolidated statement of changes in equity

	Share capital €'000s	Share premium €'000s	Share based payment reserve €'000s	Other reserve €'000s	Profit and loss reserve (1) €'000s	Total €'000s
As at 1 January 2021	3,721	32,057	106	36	(30,283)	5,637
Total comprehensive loss for the period	-	-	-	-	(683)	(683)
Transactions with owners
Share based transactions			8			8
Share capital issued	846	150	-	-	-	1019
As at 30 June 2021	4,567	32,230	116	36	(30,976)	5,972
Total comprehensive loss for the period	-	-	-	-	(1,895)	(1,895)
Transactions with owners
Share based transactions			19,444			19,444
Share capital issued	1,237	518		-		1756
As at 31 December 2021	4,958	32,575	126	36	(32,179)	5,516
Total comprehensive loss for the period	-	-	-	-	(825)	(825)
Transactions with owners						0
Share based transactions	-	-	9	-	-	9
As at 30 June 2022	4,958	32,575	135	36	(33,004)	4,700

Notes to the condensed consolidated financial statements for the period ended 30 June 2022

1)  General information

The principal activity of Fox Marble Holdings plc and its subsidiary and associate companies (collectively "Fox Marble Group" or "Group") is the exploitation of quarry reserves in the Republic of Kosovo and the Republic of North Macedonia.

Fox Marble Holdings plc is the Group's ultimate Parent Company ("the parent company"). It is incorporated in England and Wales and domiciled in England. The address of its registered office is 160 Camden High Street, London, NW1 0NE. Fox Marble Holdings plc shares are admitted to trading on the London Stock Exchange's AIM market.

2)  Basis of preparation

The results presented in this report are unaudited and they have been prepared in accordance with the principles of International Financial Reporting Standards ("IFRS") as adopted by the European Union that are applicable to the financial statements for the year ending 31 December 2021.

The accounting policies applied in these results are consistent with those applied in the Group's Annual Report and Accounts for the year ended 31 December 2021 and those expected to be applicable to the financial statements for the year ending 31 D ecember 2022.

This half yearly report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for Fox Marble Holdings plc for the year ended 31 December 2021were approved by the Board on 29 September 2022 and have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.  These condensed interim financial statements for the six months ended 30 June 2021 have been prepared in accordance IAS 34, 'Interim financial reporting', as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2021, which have been prepared in accordance with IFRS as adopted by the European Union.  The Annual Report and Accounts 2021 for the Group are available at www.foxmarble.net .

3)  Going concern

The Directors have reviewed detailed projected cash flow forecasts and are of the opinion that it is appropriate to prepare this report on a going concern basis. In making this assessment they have considered:

a)  the current working capital position and operational requirements;

b)  the proposed transaction to acquire Eco Buildings Group Limited, and anticipated fundraise;

c)  the proposed business plan for the combined entity;

d)  the timing of expected sales receipts and completion of existing orders, as well as collection of outstanding debtors;

e)  the sensitivities of forecast sales figures over the next two years;

f)  the timing and magnitude of planned capital expenditure; and

g)  the level of indebtedness of the company and timing of when such liabilities may fall due, and accordingly the working capital position over the next 18 months.

The forecasts assume that the transaction to acquire Eco Buildings Group Limited will be completed in 2022 with a planned fundraise.  The forecasts assume that the Company will execute a new business plan for the combined entity, as described in the strategic report.  It further assumes that production at the Fox Marble factory will continue to operate in good order.  The forecast assumes existing contracts held by the Company will be fulfilled on a timely basis.  Furthermore, the forecasts assume that sales of block marble will resume as the global effect of the pandemic recedes. . Further the Company is anticipating significant growth in revenue through the realisation of existing sale contracts and offtake agreements as well as from newly generated sales.

Further the forecast assumes the Company will be successful in extending the term of the existing Gulf Loan Note.  The loan note holders have indicated their willingness to do so, however final documentation is still in progress.

There are several scenarios which management have considered that could impact the financial performance of the Company.  These include:

a)  The acquisition of Eco Buildings Group Limited and planned fundraise could be delayed or the fundraise could be lower than expected;

b)  The business plan for the combined entity, including planned capital and strategic expansions could be delayed or result in further losses for the group;

c)  Levels of production at the quarries or new factory can be impacted by unforeseen delays due to inclement weather or equipment failure; lower than expected quality of material being produced, and the continuing effects of the pandemic;

d)  Fulfilment of the Company's order book could be delayed, or the payment of amounts due under such contracts could be delayed. 

e)  The continued progression of Covid-19 may have a further detrimental impact on sales or on operations, and

f)  The resumption of block sales to the international block market may be slower than expected.

If the cash receipts from sales are lower than anticipated the Company has identified that it has available to it several other contingent actions, that it can take to mitigate the impact of potential downside scenarios. These include seeking additional financing, leveraging existing sale agreements, reviewing planned capital expenditure, reducing overheads and further renegotiation of the terms on its existing debt obligations. 

In conclusion having regard to the existing and future working capital position and projected sales, the Directors are of the opinion that the application of the going concern basis is appropriate.

4)  Net finance costs

	Six months ended 30 June 2022 €'000s		Six months ended 30 June 2021 €'000s			Year ended 31 December 2020 €'000
Finance Costs
Interest expense on borrowings	(75)		(88)			(168)
Net foreign exchange loss on loan note instrument	-		(118)			(204)
Interest payable on lease liabilities	(8)		-			(14)
	(83)		(206)			(386)

5)  Net finance Income

	Six months ended 30 June 2022 €'000s		Six months ended 30 June 2021 €'000s			Year ended 31 December 2020 €'000
Finance Income
Movement in fair value of derivative	2		29			141
Net foreign exchange gain on loan note instrument	67		-			-
	69		29			141

6)  Loss per share

	Six months ended 30 June 2022 €'000s			Six months ended 30 June 2021 €'000s			Year ended 31 December 2020 €'000
Loss for the period used for the calculation of basic LPS	825			683			1,895
Number of shares
Weighted average number of ordinary shares for the purpose of basic LPS	417,333,753			372,416,568			377,727,054
Effect of potentially dilutive ordinary shares
Weighted average number of ordinary shares for the purpose of diluted LPS	417,333,753			372,416,568			377,727,054
Loss per share:
Basic	(0.002)			(0.002)			(0.005)
Diluted	(0.002)			(0.002)			(0.005)

7)  Property, plant and equipment

	Land €'000s	Factory Plant and machinery €'000s	Rights of use assets €.000	Quarry Plant and machinery €'000s	Office equipment and leasehold improvements €'000s	Total €'000s
Cost
As at 31 December 2020	160	3,400	333	3,911	31	7,835
Additions	-	35	-		1	36
Disposals		170		(170)	-	-
As at 30 June 2021	160	3,605	333	3,741	32	7,871
Additions	-	-	-	-	2	2
Disposal	-	-	(90)	(87)	-	(177)
As at 31 December 2021	160	3,605	243	3,654	34	7,696
Additions	-	-			-	-
Reclass	-	-	-	-	-	-
As at 30 June 2022	160	3,605	243	3,654	34	7,696
Depreciation
As at 31 December 2020	-	241	68	2,676	31	3,016
Charge for the period	-	98		51	-	148
Reclass	-	141	-	(141)		-
As at 30 June 2021	-	480	68	2,586	31	3,196
Charge for the period	-	75	47	47	1	268
Disposals	-		(15)	(53)	-	(141)
As at 31 December 2021	-	555	100	2,580	32	3,267
Charge for the period	-	87	24	-	-	112
Reclass	-	-	-	-	-	-
As at 30 June 2022	-	642	124	2,580	32	3,378
Net book value
As at 30 June 2022	160	2,963	119	1,074	1	4,317
As at 31 December 2021	160	3,050	143	1,075	2	4,429
As at 30 June 2021	160	3,124	265	1,154	1	4,704

8)  Borrowings

	30 June 2022 €'000s		31 December 2021 €'000s		30 June 2021 €'000s
Current liabilities
Convertible loan note	2,012		1,997		1,790
Derivative over own equity at fair value	1		1		-
	2,013		1,998		1,790
Non-Current liabilities
Convertible loan note	2,625		2,687		2,771
Derivative over own equity at fair value	16		17		159
	2,641		2,705		2930

9)  Share capital

	30 June 2022 Number	31 December 2021 Number	Share capital 30 June 2022 €'000	Share capital 31 December 2021 €'000	Share premium 30 June 2022 €'000	Share premium 31 December 2021 €'000
Issued, called up and fully paid Ordinary shares of £0.01  each
At start of the period	417,333,753	308,372,174	4,958	3,721	32,575	32,057
Issued in the year	-	108,961,579	-	1,237	-	518
At end of the period	417,333,753	417,333,753	4,958	4,958	32,575	32,575

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors

 

END

 

 

IR QKLFLLKLBBBV