Half Yearly Report

RNS Number : 6099Y
Fox Marble Holdings PLC
10 September 2015
 

AIM: FOX                                                                                                                                            10 September 2015

 

Fox Marble Holdings plc

("Fox Marble" or the "Company")    

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015

Fox Marble Holdings plc (AIM: FOX) announces its interim results for the six months ended 30 June 2015.

Key highlights during the period and post period end:

 

·      Revenues for the half year were significantly lower than expected.

·      As at 10 September 2015 our order book stands at €2.8 million of which €1.4 million is expected to be realised in the current financial year.

·      Argento Grigio marble installed within new development of St George Plc, the luxury homes division of Berkeley Homes Plc. Since the period end, the Company has received a further purchase order in relation to the subsequent phases of this development.

·      Further to the sales agency agreement signed with Zhong Shengdestone Co Ltd ("ZSC") in December 2014, the first sample order of blocks has been shipped to China to be processed in ZSC factories.

·      The Company is now moving on to the site of the second Malesheva quarry following delays caused by local government administration. Operations to open quarry benches and extract the first blocks of this popular stone are commencing.

·     Reached agreement with a neighbouring property to our Sivec quarry through which we believe we can access higher grades of Sivec more rapidly.  The Company has just shipped the first batch of processed slabs of the higher grade Sivec. 

·     Significant progress had been made in the construction of the Company's processing plant, with the building complete and installation of key machinery in progress, although the delay in procurement of two key pieces of equipment bound for the site due to circumstances outside of our control has caused a setback.

Chris Gilbert, CEO, commented: "Despite a challenging start, I am looking forward to the next six months and our progress in developing new markets. We have been frustrated by the operational setbacks we have experienced, which could not have been predicted.  Our strategy remains the same and we have made good headway, particularly with regards to sales efforts, which are starting to bear fruit as our material gains recognition.  As various aspects of our development fall into place l am confident of fulfilling our plans and look forward to updating the market in due course."

 

Enquiries

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

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Candice Sutherland, Chief Financial Officer

 

 

 

Cairn Financial Advisers LLP (Nomad)

 

Avi Robinson / Liam Murray

Tel: +44 (0) 20 7148 7900

 

 

Brandon Hill Capital Limited (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

 

 

Yellow Jersey PR

 

Dominic Barretto

Aiden Stanley

Tel: +44 (0) 77 6853 7739

 

 

 

 

 

Chairman's Statement

 

The Board of Directors present the interim results of Fox Marble Holdings plc for the six month period to 30 June 2015.

 

The Company has had a challenging start to 2015 with a number of operational setbacks; however, we have also seen significant progress and maintain a positive outlook for the remainder of 2015 and 2016 with a strong order book.

 

Sales and Marketing

 

Revenues for the half year were significantly lower than expected at €110,000. This shortfall against expectations was to a large extent due to slower than expected completion of deliveries of our order book as a result of delays in accessing the new Malesheva quarry containing supplies of Illyric White marble and slower than expected development of our Sivec quarries.  I am pleased to confirm that both issues have now been rectified.  

 

We continue to focus on expanding our sales order book and sales leads which have expanded in both depth and geographic reach.  As at 10 September 2015, our order book stands at €2.8 million, of which €1.4 million is expected to be realised in the current financial year.

 

Key highlights of the year to date include:

 

·      The first half of 2015 has seen our Argento Grigio marble installed within the bathrooms of the new Chelsea Creek development by St George Plc, the luxury homes division of Berkeley Homes Plc.  Following the success of this project, we have received a larger commission for the subsequent phases of this development, which we are currently processing for delivery in the last quarter of this year. 

·      The sales agency agreement signed with Zhong Shengdestone Co Ltd ("ZSC") in December 2014 has provided us with access to the Chinese market.   In May 2015, we hosted a delegation from ZSC at our quarries and following the meeting, the first sample order of blocks has been shipped to China to be processed in ZSC factories.  Initial reports on the material are positive and we are awaiting the return visit by ZSC and more significant orders.

Lastly, we are pleased to announce that we will be showcasing our premium marble at the Marmomacc International Trade Fair for stone, design and technology at Veronafiere, Verona, Italy, between 30 September and 3 October 2015.  This internationally renowned exhibition offers the opportunity for Fox Marble to showcase its premium quality marble to potential buyers and architects as the Company continues to focus on establishing itself within the marble industry. The exhibition expects 65,000 visitors from 145 countries.

 

Production

 

We have seen good levels of production at our Syrigane and Cervenilla quarries which supply our Breccia, Argento Grigio, Flora and Rosso Cait marbles.  As these quarries have matured we have seen the visual quality of stone improve and now have the ability to produce uniform large blocks. Following the ZSC delegation visit to the Cervenilla quarry, Fox Marble has opened a new Flora bench in order to provide a dedicated supply of the material to meet expected increase in demand.

We are pleased to announce that we have moved on to the site of the second Malesheva quarry, acquired in 2014, following delays caused by local government administration.  Operations to open the benches and extract the first blocks of this popular material have begun.  The Company is very positive about the quality of marble within this quarry and have potential customers waiting on the first deliveries.

As previously announced, development of our Sivec quarries in Macedonia has been subject to delays as the Company seeks to access higher grades of material.  The Company has negotiated with a neighbouring property to our quarry through which we believe we can access higher grades of Sivec more rapidly than we can through our licensed area.  The Company has recently shipped its first batch of processed higher grade Sivec and over the upcoming months will be able to satisfy the outstanding orders for this material.  

Processing Factory

We have seen significant progress in the construction of the Company's processing plant, with the building complete and installation of key machinery in progress. However, as previously announced, there has been a delay in procuring two key pieces of equipment bound for the site due to circumstances outside of our control which has caused a setback.

 

The Company has decided to prioritise completion of the tile processing facilities in the factory with the aim of entering the production phase of these tiles by the year end.  This will enable the Company to process marble tiles for sale into the Kosovan and Balkan market.  The tile market in the region is currently dominated by a small number of companies offering expensive, imported goods, which we are confident we can supplant. We believe in the short term we can continue to process marble slabs in Carrara and Macedonia, until such time as our slab processing facilities are complete.

 

We remain confident in the desirability of the marble that we are extracting and processing.  We expect to continue expanding the reach of our sales team with better results in building on our order book over the coming months.  

The Board of Directors will continue to ensure that the management team focus on addressing the operational delays we have experienced in the first half of the year and delivering the sales against our growing order book.  We recognise that it has taken longer than expected to build revenues; however, we remain optimistic and are focussed on fulfilling the expectations of shareholders, which we expect to achieve.

 

 

 

Andrew Allner

Non-Executive Chairman

10 September 2015

 

FOX MARBLE HOLDINGS PLC

Condensed consolidated income statement and statement of comprehensive income

 

 

 

 

Note

 

 

Six months ended 30 June

2015

Unaudited

 

€'000s

 

Six months ended 30 June

2014

Unaudited

 

€'000s

 

 

For the year ended

2014

Audited

 

€'000s

 

 

 

 

 

 

 

 

Revenue

 

110

 

34

 

 

150

Cost of Sales

 

(63)

 

(22)

 

 

(84)

Gross Profit

 

47

 

12

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and administrative expenses

 

(899)

 

(1,106)

 

 

(2,182)

Operating loss

 

(852)

 

(1,094)

 

 

(2,116)

 

 

 

 

 

 

 

 

Finance costs

    3

(246)

 

(150)

 

 

(209)

Loss before taxation

 

(1,098)

 

(1,244)

 

 

(2,325)

 

 

 

 

 

 

 

 

Taxation

 

-

 

-

 

 

-

 

 

 

 

 

 

 

 

Loss for the period

 

(1,098)

 

(1,244)

 

 

(2,325)

 

 

 

 

 

 

 

 

Other comprehensive income

 

-

 

-

 

 

-

 

 

 

 

 

 

 

 

Total comprehensive loss for the period attributable to owners of the parent company

 

(1,098)

 

(1,244)

 

 

(2,325)

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

Basic loss per share

4

€(0.01)

 

€(0.01)

 

 

€(0.02)

Diluted loss per share

4

€(0.01)

 

€(0.01)

 

 

€(0.02)

 

 

 

FOX MARBLE HOLDINGS PLC

Condensed consolidated statement of financial position

 

Notes

As at 30 June 2015

Unaudited

 

€'000s

 

As at 31  December 2014

Audited

 

€'000s

 

As at 30 June 2014

Unaudited

 

€'000s

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Intangible assets - Capitalised mining costs

 

1,345

 

1,346

 

91

Property, plant and equipment

5

3,804

 

3,314

 

3,486

Receivables

 

431

 

64

 

62

Total non-current assets

 

5,580

 

4,724

 

3,639

Current assets

 

 

 

 

 

 

Trade and other receivables

 

504

 

918

 

473

Inventories

 

2,099

 

1,570

 

733

Cash and cash equivalents

 

5,587

 

4,701

 

2,530

Total current assets

 

8,190

 

7,189

 

3,736

Total assets

 

13,770

 

11,913

 

7,375

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

640

 

377

 

306

Total current liabilities

 

640

 

377

 

306

Non-current liabilities

 

 

 

 

 

 

Convertible loan notes

7

1,549

 

1,480

 

1,447

Total non-current liabilities

 

1,549

 

1,480

 

1,447

Total liabilities

 

2,189

 

1,857

 

1,753

Net assets

 

11,581

 

10,056

 

5,622

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

8

2,009

 

1,871

 

1,540

Share premium

 

24,146

 

21,662

 

16,486

Retained loss

 

(14,693)

 

(13,595)

 

(12,514)

Share based payment reserve

 

83

 

82

 

74

Other reserves

 

36

 

36

 

36

Total equity attributable to owners of the parent company

 

11,581

 

10,056

 

5,622

 

 

 

 

FOX MARBLE HOLDINGS PLC

Condensed consolidated statement of cash flows

 

 

 

 

 

Notes

Six months ended

30 June 2014

Unaudited

 

€'000s

 

Six months ended

30 June 2014

Unaudited

 

€'000s

 

 

Year ended 31 December 2014

Audited

 

 

€'000s

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

Loss before taxation

 

(1,098)

 

(1,244)

 

 

(2,325)

 Adjustment for:

 

 

 

 

 

 

 

  Finance costs

 

246

 

150

 

 

209

 

 

 

 

 

 

 

 

Operating loss for the period

 

(852)

 

(1,094)

 

 

(2,116)

 Adjustment for:

 

 

 

 

 

 

 

  Amortisation

 

1

 

1

 

 

2

  Depreciation

5

132

 

133

 

 

393

  Exchange gains on cash and cash equivalents

 

(280)

 

-

 

 

(95)

  Equity settled transactions

 

1

 

18

 

 

26

  Decrease in receivables

 

46

 

451

 

 

5

  Increase in inventories

 

(529)

 

(384)

 

 

(1,222)

  Decrease in accruals

 

(5)

 

(176)

 

 

(80)

  Increase  in trade and other payables

267

 

20

 

 

(4)

Net cash used in operating activities

(1,219)

 

(1,031)

 

 

(3,091)

 

 

 

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

Expenditure on acquisition of mining rights and licences

 

-

 

-

 

 

(1,256)

 Expenditure on property, plant and equipment

5

(621)

 

(1,697)

 

 

(1,786)

Net cash outflow from investing activities

 

(621)

 

(1,697)

 

 

(3,042)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 Proceeds from issue of shares (net of costs)

 

2,622

 

-

 

 

5,507

 Interest cost            

(176)

 

-

 

 

(27)

Net cash inflow from financing activities

 

2,446

 

-

 

 

5,480

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

606

 

(2,728)

 

 

(653)

 Impact of foreign exchange differences

 

280

 

(1)

 

 

95

Cash and cash equivalents at beginning of period

 

4,701

 

5,259

 

 

5,259

Cash and cash equivalents at end of period

 

5,587

 

2,530

 

 

4,701

 

 

 

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 31 December 2013

1,540

16,486

56

36

(11,270)

6,848

Total comprehensive loss for the period

-

-

-

-

(1,244)

(1,244)

Equity settled transactions

-

-

18

-

 

18

As at 30 June 2014

1,540

16,486

74

36

(12,514)

5,622

Total comprehensive loss for the period

-

-

-

-

(1,081)

(1,081)

Share capital issued

331

5,176

-

-

-

5,507

Equity settled transactions

-

-

8

-

-

8

As at 31 December 2014

1,871

21,662

82

36

(13,595)

10,056

Total comprehensive loss for the period

-

-

-

-

(1,098)

(1,098)

Share capital issued

138

2,484

-

-

-

2,622

Equity settled transactions

-

-

1

-

-

1

As at 30 June 2015

2,009

24,146

83

36

(14,693)

11,581

 

(1)           Brought forward losses at 31 December 2013 includes a charge incurred following the admission of the Company to AIM on the 31 August 2012 when loan notes with a carrying value of €1,508,807 (£1,195,000) were converted into 29,875,000 shares at an issue price of 20p, with a total value of €7,544,035 (£5,975,000) resulting in a non-cash accounting charge of €6,035,228, reflecting the fair value loss being recognised, in the statement of comprehensive income in the period ended 31 December 2012.

 

 

Notes to the Condensed consolidated financial statements for the period ended 30 June 2014

1)    General information

Fox Marble Holdings plc and its subsidiary companies Fox Marble Limited, Fox Marble Kosova Sh.p.k, H&P Sh.p.k, Granit Shala Sh.p.k and Rex Marble Sh.p.k (collectively "Group") principal activity is the exploitation of quarry reserves in the Republic of Kosovo and South East Europe.

Fox Marble Holdings plc, the Group's ultimate Parent Company, is incorporated in England and Wales its registered office is 15 Kings Terrace, London, NW1 0JP.

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 as adopted by the European Union that are expected to be applicable to the financial statements for the year ending 31 December 2015.

The accounting policies applied in these results are consistent with those applied in the Group's Annual Report and Accounts for the year ending 31 December 2014 and those expected to be applicable to the financial statements for the year ending 31 December 2015.

The adoption of the above new and revised standards has had no effect on the reported financial results or the disclosures in this half yearly report.

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 2014 were approved by the Board on 13 April 2015 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 2015 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 2014, which have been prepared in accordance with IFRSs as adopted by the European Union.  The Annual Report and Accounts 2014 for the Group are available at www.foxmarble.net.

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 management has considered:

(a) The current working capital position and operational requirements;

(b) The sensitivities of forecasts sales figures in the next two years;

(c)  The timing and magnitude of planned capital expenditure; and

(d) The strategic exploitation of the company's significant resources.

The Company is subject to a number of risks and uncertainties which may impact on the forecast financial performance on the company.  The following risk factors, which are not exhaustive, are considered particularly relevant to the Group's ability to function as a going concern.

(a)           The Malesheva and Prilep quarries are not currently at full level of production.  The amount of marble quarried at these sites is expected to increase significantly over the coming year.  Levels of production can be impacted by unforeseen delays due to inclement weather, equipment failure or the need to re-site the quarry bench.  Delays in reaching anticipated levels of production may impact the Company's ability to generate revenues or achieve profitability. 

(b)           The Company's marble processing machinery is being installed.  Once completed machinery will need to be tested, and a workforce recruited and trained.  Completion of the factory could be subject to delays or cost overruns. This would impact the ability of the company to process marble at its own site and impact the profitability of the Company's future operations.

(c)            The Company's level of historical sales is low and the volume of sales is anticipated to grow over the next twelve months.  There can be no assurance however that sales will be realised, that the Group will generate sufficient revenues or achieve profitability. 

(d)           The Company convertible loan note arrangement with Amati Global Investors Limited (see note 7) is subject to a potential increase in interest rate as of 1 October 2015 from 8% to 25%.   If the loan note is not converted prior to this date the Company intends to repay the loan in full.  The Company has sufficient funds to repay the loan in full, however this action would impact the level of free working capital within the business.

In the event that the cash receipts from sales are lower than anticipated the Company has available to it a number of contingent actions it can take to mitigate the impact of potential downside scenarios.  These include reviewing planned capital expenditure, redeploying company resources to more profitable resources, reducing overhead and seeking additional financing.

In conclusion, having regard to the existing working capital position and projected sales, the Directors are of the opinion that the Group has adequate resources to enable it to undertake its planned activities for the next 12 months.

3)    Finance costs

 

Six months ended

30 June

2015

€'000s

 

Six months ended

30 June

2014

€'000s

 

 

Year ended

31 December 2014

€'000

 

 

 

 

 

 

 

Interest expense on convertible loan notes

59

 

77

 

 

143

Amortisation of costs incurred

17

 

17

 

 

35

Movement in fair value of derivative

13

 

-

 

 

(58)

Foreign exchange loss/(gain)

157

 

56

 

 

89

 

246

 

150

 

 

209

4)    Loss per share

 

Six months ended

30 June

2015

€'000s

 

Six months ended

30 June

2014

€'000s

 

 

Year ended

31 December 2014

€'000

 

 

 

 

 

 

 

Loss for the year used for the calculation of basic LPS

1,098

 

1,244

 

 

2,325

 

 

 

 

 

 

 

Number of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares for the purpose of basic LPS

152,403,822

 

123,459,383

 

 

134,188,929

Effect of potentially dilutive ordinary shares

 

 

-

 

 

 

Weighted average number of ordinary shares for the purpose of diluted LPS

152,403,822

 

123,459,383

 

 

134,188,929

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

€(0.01)

 

€(0.01)

 

 

€(0.02)

Diluted

€(0.01)

 

€(0.01)

 

 

€(0.02)

 

 

 

 

 

 

 

 

 

 

5)    Property, plant and equipment

 

Land

 

 

 

 

€'000s

Construction in progress

 

 

 

€'000

Plant and machinery

 

 

 

€'000s

Office equipment and leasehold improvements

 

€'000s

Total

 

 

 

 

€'000s

Cost

 

 

 

 

 

As at 31 December 2013

160

-

1,861

15

2,036

Additions

-

587

1,107

3

1,697

As at 30 June 2014

160

587

2,968

18

3,733

Additions

-

224

134

-

358

Reclassifications

-

455

(724)

-

(269)

As at 31 December 2014

160

1,266

2,378

18

3,822

Additions

-

317

22

4

343

Reclassifications

-

278

-

-

278

As at 30 June 2015

160

1,861

2,400

22

4,443

 

 

 

 

 

 

Depreciation

 

 

 

 

 

As at 31 December 2013

-

-

108

6

114

Charge for the period

-

-

129

4

133

As at 30 June 2014

-

-

237

10

247

Charge for the period

-

-

257

3

260

As at 31 December 2014

-

-

494

13

507

Charge for the period

-

-

130

2

132

As at 30 June 2015

-

-

624

15

639

 

 

 

 

 

 

Net book value

 

 

 

 

 

As at 30 June 2015

160

1,861

1,776

7

3,804

As at 31 December 2014

160

1,266

1,883

5

3,314

As at 30 June 2014

160

587

2,731

8

3,486

 

 

 

 

 

 

 

6)    Trade and other receivables

 

 

30 June

2015

€'000s

 

31 December 2014

€'000s

 

30 June

2014

€'000s

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

VAT recoverable

360

 

-

 

-

Other receivables

71

 

64

 

62

 

431

 

64

 

62

Current assets

 

 

 

 

 

Trade receivables

157

 

138

 

67

Deposits on capital equipment

-

 

274

 

-

Other receivables

130

 

4

 

55

Prepayments

142

 

162

 

134

VAT recoverable

75

 

339

 

217

 

504

 

917

 

473

 

 

 

7)    Convertible loan notes

 

30 June

2015

€'000s

 

31 December 2014

€'000s

 

30 June

2014

€'000s

 

 

 

 

 

 

Financial liability at amortised cost

1,511

 

1,472

 

1,391 

Derivative over own equity at fair value

44

 

31

 

96

Capitalised transaction costs

(6)

 

(23)

 

(40)

 

1,549

 

1,480

 

1,447 

 

 

 

 

 

 

On 31 August 2012 the Company issued €1,295,278 (£1,060,000) fixed rate convertible unsecured loan note 2017 to Amati Global Investors Limited ("Series 1 Loan Note").

Interest accrues on the Series 1 Loan Note at 8% per annum from the date of issue due quarterly in arrears.  On the third anniversary of issue, or in the event of a default, the interest rate may be raised by the loan note holder to 25 %. In the event that the interest rate rises to 25% the loan note becomes repayable by the company.

 

At any time prior to repayment of the Series 1 Loan Note, a Stockholder may issue a conversion notice. The Stockholder will receive such number of fully paid Ordinary Shares as satisfied by the formula: 1 Ordinary Share for every y pence nominal of Stock converted, where y is the lesser of 20 + (number of whole months which have lapsed between the date of issue of the Stock held by the Stockholder and the date of receipt of by the Company of a conversion notice multiplied by 0.1666); and 26.

 

If the Series 1 Loan Note is not converted at the Stockholders request it must be repaid in full on the 5th anniversary of the instrument date.

 

As at 30 June 2015 the loan note held at amortised cost had a balance of €1,510,972 (31 December 2014 - €1,471,854). The Stockholders' option to convert the loan has been treated as an embedded derivative and measured at fair value. As at 30 June 2015 this option had a fair value of €44,004 (31 December 2014 - €30,838) which is derived using a Black Scholes calculation.

 

Costs of €103,551 were incurred in connection with the issue of the Series 1 loan notes. Costs are amortised over the period of the loan. As at 30 June 2015 the balance of these costs amounted to €5,895 (31 December 2014 - €23,011).

 

The Company was provided notice on 17 August 2015 that Amati Global Investors Limited was invoking its right to increase the interest rate on the debt from 1 October 2015. If the debt is not converted prior to this date the Company, has the option to either repay the debt or pay the increased interest rate.

 

8)    Share capital

 

30 June 2015

 

Number

31 December 2014

Number

30 June 2015

 

€'000s

31 December 2014

€'000s

 

 

 

 

 

Issued, called up and fully paid:

 

 

 

 

Ordinary shares of 1 pence each

159,848,266

149,848,266

2,009

1,871

 

 

 

 

 

 

On 11 May 2015 the Board of Directors approved the issue of 10,000,000 issued shares at a price of 20.0p per share as part of a Secondary Placing on AIM. The shares placed were within existing authorities held by the board of directors

On 15 May 2015 10,000,000 ordinary shares of the Company were admitted for trading, on AIM increasing the Company's issued share capital to 159,848,266.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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