Final Results
Mobile Tornado Group PLC
31 March 2008
Mobile Tornado Group plc
('Mobile Tornado' or 'the Company')
Annual Results for the 18 month period to 31 December 2007
Chairman's report
Introduction
Mobile Tornado, one of the leading providers of convergent, presence-based
instant communications announces its results for the eighteen month period to 31
December 2007.
Financial Results
Turnover in the eighteen month period to 31 December 2007 amounted to £825k
(twelve months to 30 June 2006: £289k). Operating losses increased to £4,773k
(2006 restated: £3,413k). After net interest receivable of £75k (2006: net
interest payable - £469k) the loss on ordinary activities before taxation was
£4,698k (2006 restated: £3,882k). Net cash outflow from operating activities
increased in the period to £4,498k (2006: £1,649k).
The Group consolidated balance sheet shows a net deficit at 31 December 2007 of
£2,071k compared to a net deficit of £1,622k at 30 June 2006. Cash at bank was
£1,884k at 31 December 2007 compared to £192k at 31 June 2006.
The accounts have been prepared in accordance with UK Generally Accepted
Accounting Practice. The Board continues to consider the implications and
timetable for implementing International Financial Reporting Standards (IFRS).
As an AIM listed Group the Board recognises that IFRS will apply to the Group's
next accounting period ending 31 December 2008.
Review of operations
As I highlighted in my last statement, we have taken a very close look at the
way in which we deliver our product into the market. Whilst we have had some
success with selling directly to mobile operators, we have also been frustrated
by the long lead times that this entails. For this reason we have invested
heavily in the development of a managed service proposition in conjunction with
InTechnology plc, our exclusive UK partner and major shareholder, which allows
our mobile applications to be sold directly to enterprises worldwide. The
rationale for this is very clear. We are confident that enterprises would use a
PTT (Push to Talk) managed service if it was available. This has been borne out
in recent months through trials of the managed PTT service with a number of UK
enterprises operating in sectors such as transport and logistics, security and
construction. Following the success of these trials, InTechnology plc announced
the commercial launch of these services on 27 March 2008 and I am pleased to
report that this has already generated significant interest and sales activity.
Having successfully launched the managed service platform in the UK we strongly
believe that the managed service model is one that enterprises throughout the
world will embrace. It is our intention to extend this service throughout
Europe. We have an existing channel partner in Germany and are in the process of
putting in place similar arrangements in other key European countries. We are
also in discussions with a major US telecommunications company to launch a
managed service in the US in the second half of the current year.
Notwithstanding the above, a number of deals were concluded during the second
half of the year with commercial partners secured in a number of new
territories. We signed a partnership agreement with Technovoz Limited in
Argentina which will lead to the rollout of PTT services to enterprises and
mobile operators in that market. Further discussions are being held to extend
this relationship into other South American countries including Brazil and
Mexico. A combination of rapidly developing regional economies with largely
untapped customer bases in both corporate and consumer sectors creates a unique
opportunity for our products in that region. Further deals were announced with
Partner Communications in Israel, Radiomovel Telcomunicacoes in Portugal and
Ericsson Hong Kong. This resulted in sales of £538k in the second half, which is
a record for the Company.
Current trading and future prospects
As I have detailed above, I believe the future success of the Company will be
determined by our ability to deliver our applications directly into the hands of
Enterprises. Enterprise mobility is transforming the way that business is done.
The spend across mobile managed services is expected to double by 2009, growing
at a cumulative average growth rate of 25% from $2.1bn in 2006 to $4.1bn in 2009
(Gartner 2007). Mobile technology now has the ability to extend core IT
processes into the field. It is this trend which has driven the partnership we
announced on 21st February with Intermec, a major US manufacturer of handheld
computers.
The Intermec deal is an exclusive pan-EMEA partnership to provide PTT services
on Intermec's rugged CN3 handheld computers. For enterprises, the availability
of low cost cellular based instant communications dramatically enhances the
productivity of every mobile worker. It allows workers to communicate with a
supervisor and to resolve issues through immediate dialogue with their head
office, resulting in a major reduction in customer service costs. By combining
voice communication and data management in one handheld device, users avoid the
expense of carrying a separate PDA for data as well as a mobile phone.
Additionally, by using the global GSM mobile phone network instead of a local RF
transmitter, a device with PTT will have coverage virtually everywhere. At the
same time, costly mobile phone tariffs are avoided as the service is web hosted
and there is just one small monthly charge per device. As a result of this
partnership, we have already entered discussions with many large organisations
in the transportation, logistics and field services sectors and expect over the
coming months to announce some significant deals.
The investment in our core IPRS technology platform continued during the period
and I'm pleased to say that having launched Version 3 in January 2008, we have
largely completed the heavy investment phase of the Company's development. The
platform that has been created is a significant asset which sits at the heart of
the Company's future strategy. It is our intention to develop and launch many
applications from this platform, with Push to Talk being the first of the 'Push
to Xperience' suite of applications.
The next application to launch commercially may well be 'Push to Video'. This
was showcased at the CTIA show in April 2007 and through our partnership with
Nortel Networks in the United States, entered initial trials with two 'tier one'
(greater than 2 million subscribers) operators towards the end of last year.
These trials have progressed well and I can confirm that we will be proceeding
to a full market trial with one of the operators this year. Assuming that this
is successful we could be looking at commercial deployment in early 2009.
The Company raised a further £2.3million in October 2007, through the re-issue
of the 12,251,333 shares previously held in treasury, and separately, a new
issue of £1.5million cumulative redeemable preference shares. InTechnology plc
showed its continued support and confidence in the Group's plans by subscribing
for the majority of the treasury shares, thereby taking their shareholding to
49.9% and taking up the full issue of preference shares. The Group continues to
incur losses on a monthly basis but the cost base is in the process of being
reduced to a level commensurate with the Group's current strategy and business
model. This will facilitate renewed focus on a breakeven position which will now
be driven by the sale of licenses to our emerging network of managed partners
around the world.
I would like to thank our employees for their contribution to the Group's
development. The technical platform that sits at the heart of the Group is the
result of many man years of skilled engineering. I believe we are uniquely
placed to deliver mobile applications which will transform enterprise
communications. Our team has been tasked with significantly increasing our
customer base this year, and I am confident they will be successful.
Peter Wilkinson
Non executive Chairman
28 March 2008
For further details please contact:
Mobile Tornado Group plc
Jeremy Fenn, Managing Director Tel: +44 (0) 7734 475888
Blue Oar Securities Plc
Romil Patel / Rhod Cruwys Tel: +44 (0)20 7448 4400
Buchanan Communications
Charles Ryland / James Strong Tel: +44 (0)20 7466 5000
Consolidated profit and loss account
For the period ended 31 December 2007
18 mths to 12 mths to
31 December 30 June
2007 2006
(Restated)
£'000 £'000
Turnover
Continuing operations 825 289
825 289
Cost of sales
Continuing operations (143) (68)
Gross profit 682 221
Net operating expenses before depreciation
and amortisation (4,512) (2,955)
Depreciation (51) (77)
Amortisation (892) (602)
Administrative expenses (5,455) (3,634)
Group operating loss (4,773) (3,413)
Interest receivable/(payable) 75 (469)
Loss on ordinary activities before tax (4,698) (3,882)
Taxation (18) -
Loss sustained for the financial year (4,716) (3,882)
Loss per share (pence)
Basic and diluted (3.00) (4.83)
Balance sheets
As at 31 December 2007
Group Company
31 December 30 June 31 December 30 June
2007 2006 2007 2006
(Restated) (Restated)
£'000 £'000 £'000 £'000
Fixed assets
Intangible assets 722 1,580 - -
Tangible assets 94 67 - -
Investment in subsidiary - - 12,758 12,758
undertakings
816 1,647 12,758 12,758
Current assets
Debtors 844 336 4,482 1,394
Cash at bank and in hand 1,884 192 1,731 8
2,728 528 6,213 1,402
Creditors - amounts falling
due within one year (1,740) (1,334) (466) (205)
Net current assets/(liabilities) 988 (806) 5,747 1,197
Total assets less current 1,804 841 18,505 13,955
liabilities
Creditors - amounts falling
due after more than one year (3,875) (2,463) (1,500) -
Net (liabilities)/assets (2,071) (1,622) 17,005 13,955
Capital and reserves
Share capital 3,689 1,844 3,689 1,844
Share premium 4,449 1,624 4,449 1,624
Reverse acquisition reserve (7,620) (7,620) - -
Merger reserve 10,938 10,938 10,938 10,938
Share option reserve 63 32 63 32
Foreign currency translation (434) - - -
reserve
Profit and loss account (13,156) (8,440) (2,134) (483)
(2,071) (1,622) 17,005 13,955
Consolidated cash flow statement
For the period ended 31 December 2007
18 mths to 12 mths to
31 December 30 June
2007 2006
£'000 £'000
Net cash outflow from operating activities (4,498) (1,649)
Returns on investments and servicing of finance
Interest received 100 4
Interest paid - (473)
Net cash inflow/(outflow) from returns on
investments and servicing of finance 100 (469)
Capital expenditure and financial investment
Purchase of tangible fixed assets (79) (37)
Net cash outflow from capital expenditure
financial investment (79) (37)
Acquisitions
Net cash at bank acquired with purchase
of subsidiary undertakings - 584
Net cash inflow from acquisitions - 584
Net cash outflow before financing (4,477) (1,571)
Financing
Issue of ordinary share capital 4,858 1,298
Share issue costs (188) (391)
Issue of preference shares 1,500
-
Net cash inflow from financing 6,170 907
Increase/(decrease) in cash in the period 1,693 (664)
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Companies Act
1985, applicable Accounting Standards in the United Kingdom and the historical
cost convention except for the adoption of reverse acquisition accounting,
described below, which constitutes a true and fair override departure from
United Kingdom accounting standards.
A summary of the main accounting policies which have been applied consistently
(except as explained below) is set out as follows.
Changes in accounting policies
The Group has adopted FRS20, 'Share-based Payment'. The adoption of this
standard represents a change in accounting policy and the prior year
comparatives have been restated accordingly. The effects of the change on
administrative expenses for the year ended 30 June 2006 and Group reserves are
summarised as follows:
The Group operates a number of equity-settled, share-based compensation plans.
The fair value of the employee services received in exchange for the grant of
the options is recognised as an expense. The total amount to be expensed over
the vesting period is determined by reference to the fair value of the options
granted, excluding the impact of any non-market vesting conditions (for example,
profitability and sales growth targets). Non-market vesting conditions are
included in assumptions about the number of options that are expected to vest.
At each balance sheet date, the group revises its estimates of the number of
options that are expected to vest. It recognises the impact of the revision to
original estimates, if any, in the profit and loss account, with a corresponding
adjustment to equity. The proceeds received net of any directly attributable
transaction costs are credited to share capital (nominal value) and share
premium when the options are exercised.
Administrative Share option Profit
expenses reserve and loss
£'000 £'000 £'000
Year ended 30 June 2006
As previously stated 3,602 - (8,408)
Restated 3,634 32 (8,440)
Revenue Recognition
The Group has refined its accounting policy in respect of revenue recognition to
give a better reflection in the accounts of the period in which material work
was performed to earn the revenue relating to each customer. Previously, license
fee, hardware, software and all related professional services revenues
(installation, training) were not recognised until final customer sign-off of an
internal acceptance document - ATP. Revenues relating to a customer (all types)
are now recognised upon completion of that customer's installation as opposed to
the ATP. The process of moving from a completed installation to ATP was a '
fine-tuning' exercise, not incurring material cost to the Group nor any
significant uncertainty. This change has no effect on the revenue stated for the
year ended 30 June 2006.
Basis of consolidation
The Group financial statements consolidate those of the Company and its
subsidiary undertakings at 31 December 2007. Acquisitions of subsidiaries are
dealt with using the acquisition method of accounting except for the reverse
takeover transaction detailed below.
On 7 March 2006 the Company, then named TMT Group plc, became the parent of
Mobile Tornado International Limited, in a share for share transaction. Due to
the relative value of the companies, the former Mobile Tornado International
Limited shareholders became majority shareholders with 97% of the share capital.
Following the transaction, the Company's continuing operations and executive
management were that of Mobile Tornado International Limited. Accordingly the
substance of the combination was that Mobile Tornado International Limited
acquired TMT Group plc in a reverse acquisition. As part of the business
combination TMT Group plc changed its name to Mobile Tornado Group Plc.
The Companies Act 1985, FRS 6 and FRS 7, would normally require the Company's
consolidated accounts to follow the legal form of the business combination. In
that case the pre-acquisition results would be that of TMT Group plc and its
subsidiary undertakings, which would exclude Mobile Tornado International
Limited. The results of Mobile Tornado International Limited would then be
included in the Group from 7 March 2006. However, this would portray the
combination as the acquisition of Mobile Tornado International by TMT Group plc,
and would, in the opinion of the Directors, fail to give a true and fair view of
the substance of the business combination. Accordingly the Directors have
adopted reverse acquisition accounting as the basis of consolidation in order to
give a true and fair view.
In invoking the true and fair override the Directors note that reverse
acquisition accounting is endorsed under International Financial Reporting
Standard 3. Furthermore, the Urgent Issues Task Force of the UK's Accounting
Standards Board considered the subject and concluded that there are instances
where it is right and proper to invoke the true and fair override in such a way.
As a consequence of applying reverse acquisition accounting, the results of the
Group for the year ended 30 June 2006 comprise the results of Mobile Tornado
International Limited to its year ending 30 June 2006 plus the results of TMT
Group plc from 7 March 2006, the date of acquisition, to 30 June 2006. As set
out in the Intangible Fixed Asset note, goodwill amounting to £448,134 arose on
the difference between the sum of the fair value of TMT Group plc's share
capital and the cost of acquisition, and the fair value of its net assets at the
reverse acquisition date. The goodwill was written off in the year to 30 June
2006 because TMT Group plc had no continuing business and the goodwill had no
intrinsic value.
Goodwill
Goodwill arising on the reverse acquisition of TMT Group plc has been written
off to the reverse acquisition reserve for the reasons explained above.
Intangible fixed assets
The cost of intangible fixed assets is their purchase cost. Amortisation is
calculated so as to write off the cost of an asset, less its estimated residual
value, over the useful economic life of that asset as follows:
Intellectual Property 5 years
Tangible fixed assets
The cost of tangible fixed assets is their purchase cost. Depreciation is
calculated so as to write-off the cost of an asset, less its estimated residual
value, over the useful economic life of that asset as follows:
Office equipment 3 years
Computer equipment 3 years
The Directors review tangible fixed assets for impairment if events or changes
in circumstances indicate that the carrying value of may not be recoverable.
Investments
Investments in subsidiary undertakings are stated at cost less any provision for
impairment.
Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange ruling
at the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are translated to sterling at the exchange rates ruling at
the balance sheet date.
The results and assets and liabilities of overseas subsidiary undertakings are
translated at the year end exchange rate. Any resulting exchange differences are
taken to reserves and are reported in the statement of total recognised gains
and losses if material.
All other exchange differences are taken to the profit and loss account.
Research and development
Research and development expenditure is written off to the profit and loss
account as incurred.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or
events that give the group an obligation to pay more tax in the future, or a
right to pay less tax in the future, have occurred by the balance sheet date.
Deferred tax assets are recognised when it is more likely than not that they
will be recovered.
Share options
The company issues equity-settled share-based payments to employees and
Directors on a discretionary basis. Equity-settled share-based payments are
measured at fair value at the date of the grant. The fair value determined at
the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, together with a corresponding
increase in equity, based upon the company's estimate of the shares that will
eventually vest.
Fair value is measured using the Black Scholes method. The expected life used in
the model has been adjusted, based on management's best estimate, for the
effects of non-transferability, exercise restrictions and behavioural
considerations.
Financial instruments
Income and expenditure arising on financial instruments is recognised on an
accruals basis, and credited or charged to the profit and loss account in the
financial period to which it relates. Financial liabilities and equity
instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a
residual interest in the assets of the entity after deducting all of its
financial liabilities. Where the contractual obligations of financial
instruments (including share capital) are equivalent to a similar debt
instrument, those financial instruments are classed as financial liabilities.
Financial liabilities are presented as such in the balance sheet. Finance costs
and gains or losses relating to financial liabilities are included in the profit
and loss account. Finance costs are calculated so as to produce a constant rate
of
return on the outstanding liability. Where the contractual terms of share
capital do not have any terms meeting the definition of a financial liability
then this is classed as an equity instrument. Dividends and distributions
relating to equity instruments are debited direct to equity.
Notes to the financial statements
For the period ended 31 December 2007
Segmental information
18 mths to 12 mths to
31 December 30 June
2007 2006
Turnover by destination £'000 £'000
Europe 117
-
North America 338
-
South America 80
-
Middle East 37 222
Africa 48 67
Asia/Pacific 205
-
Total 825 289
Turnover by source
The source of all turnover detailed above is the Republic of Ireland.
18 mths to 12 mths to
31 December 30 June
2007 2006
Turnover by product type £'000 £'000
Licences 174 48
Hardware & Software 269 170
Maintenance 44 23
Professional services 338 48
Total 825 289
Net interest payable
18 mths to 12 mths to
31 December 30 June
2007 2006
£'000 £'000
Interest payable on convertible loan notes - (406)
Finance charge on preference shares (25) (22)
Other interest payable - (45)
(25) (473)
Bank interest receivable 100 4
Net interest receivable/(payable) 75 (469)
The cumulative preference shares are classified as a liability under FRS25. Net
interest payable includes accrued interest on the cumulative preference shares
of £25,000.
Loss on ordinary activities before taxation
18 mths to 12 mths to
31 December 30 June
2007 2006
£'000 £'000
Loss on ordinary activities before taxation is stated after
charging / (crediting):
Staff costs 2,604 1,684
Depreciation of owned tangible fixed assets 51 77
Amortisation of intangible assets 892 602
Other operating lease rentals 227 109
Auditor's remuneration - audit of the financial statements 17 15
Auditor's remuneration - other fees 77 25
Net exchange gain (465) (62)
Loss on disposal of tangible fixed assets - 12
Included within staff costs of £2,604,000 (2006: £1,684,000) are research and
development costs of £1,374,000 (2006: £790,000).
Intangible fixed assets
Purchased
Intellectual
Goodwill Property Total
Group £'000 £'000 £'000
Cost
At 1 July 2006 448 3,009 3,457
Acquisitions - - -
Exchange Adjustments - 199 199
At 31 December 2007 448 3,208 3,656
Amortisation
At 1 July 2006 448 1,429 1,877
Charge for the year - 892 892
Exchange Adjustments - 165 165
At 31 December 2007 448 2,486 2,934
Net book amount at 31 December 2007 - 722 722
Net book amount at 30 June 2006 - 1,580 1,580
Debtors
Group Company
31 December 30 June 31 December 30 June
2007 2006 2007 2006
£'000 £'000 £'000 £'000
Amounts falling due within one year:
Trade debtors 448 184 - -
Other debtors and prepayments 396 152 62 21
Amounts owed by Group undertakings - - 4,420 1,373
Total 844 336 4,482 1,394
Creditors - amounts falling due within one year
Group Company
31 December 30 June 31 December 30 June
2007 2006 2007 2006
£'000 £'000 £'000 £'000
Trade creditors and accruals 890 653 383 187
Other taxation and social security 150 94 83 18
Other creditors 134 278 - -
Deferred income 403 45 - -
Deferred consideration 163 264 - -
Total 1,740 1,334 466 205
Creditors - amounts falling due after more than one year
Group Company
31 December 30 June 31 December 30 June
2007 2006 2007 2006
£'000 £'000 £'000 £'000
Deferred consideration 2,375 2,463 - -
10% cumulative preference shares 1,500 - 1,500 -
Total 3,875 2,463 1,500 -
The deferred consideration represents a royalty payable on future sales of Push
to Talk related products by Mobile Tornado, payable in part consideration for
the acquisition of the rights to the technology underlying such product. The
royalty is payable quarterly on any relevant sales (on a cash receipts basis) as
follows:
(i) 50% of the first US$200,000 relevant sales.
(ii) 15% of any additional relevant sales, subject to any related
cumulative royalty payments being capped at a maximum of US$5.3 million. Direct
reseller and other third party costs may be deducted in arriving at these
royalty payments, subject to such costs not exceeding 10% of the relevant sales.
The deferred consideration is secured by a charge over the intellectual property
of the Mobile Tornado Group.
Called up share capital
Company
31 December 30 June
2007 2006
£'000 £'000
Authorised
475,000,000 (2006: 200,000,000) Ordinary shares of 2p each 9,500 4,000
Total 9,500 4,000
31 December 30 June
2007 2006
£'000 £'000
Allotted, called up and fully paid
184,431,430 (2006: 92,180,096) Ordinary shares of 2p each 3,689 1,844
Total 3,689 1,844
On 23 October 2006 the Company issued 80,000,000 ordinary shares at a price of
5p each in respect of a subscription for shares by InTechnology Plc.
On 26 October 2007 the Company re-issued the 12,251,333 ordinary shares held in
Treasury at a price of 7p each. 12,200,000 shares were placed with InTechnology
Plc and 51,333 with Peter Wilkinson.
On 26 October 2007, InTechnology Plc subscribed for 18,750,000 non-voting
preference shares of 8p each. The non-voting preference shares carry a
cumulative annual coupon of 10 per cent and may be redeemed at the subscription
price (together with any accrued but unpaid coupon). If the non-voting
preference shares are not redeemed prior to 31 December 2009 or a third party
acquires 75% or more of the issued ordinary share capital of the Company, each
non-voting preference share will automatically convert into an ordinary share.
The non-voting preference shares will not be admitted to trading on AIM.
Share issue costs
The Company incurred issue costs of £188,000 in respect of the above shares
issued during the year. These have been debited to the share premium account of
the Company.
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that an Annual General Meeting of the Company will be
held at Central house, Beckwith Knowle, Harrogate, HG3 1UG on 1 May 2008 at
10.00 a.m. for the following purposes, Resolutions 1 to 5 being proposed as
ordinary resolutions and Resolution 6 being proposed as a special resolution:
As ordinary business:
1. to receive and adopt the report of the Directors and the audited
accounts of the Company and its subsidiaries for the eighteen month period ended
31 December 2007 together with the report of the auditors thereon;
2. to re-appoint Grant Thornton UK LLP as auditors to the Company and to
authorise the Directors to fix their remuneration;
3. to re-elect Richard James, who retires in accordance with Article 87 of
the Company's articles of association and who, being eligible, offers himself
for re-appointment, as a Director;
4. to re-elect Jeremy Fenn, who retires in accordance with Article 92 of
the Company's articles of association and who, being eligible, offers himself
for re-election, as a Director;
As special business:
5. THAT
in substitution for all existing and unexercised authorities, pursuant to
section 80 of the Companies Act 1985 (the 'Act'), as amended, the Directors of
the Company be generally and unconditionally authorised to exercise all or any
of the powers of the Company to allot relevant securities (within the meaning of
section 80(2) of the Act) in the capital of the Company up to a maximum nominal
amount of £1,229,500 (representing approximately one third of the issued
ordinary share capital of the Company), provided that this authority shall,
unless previously revoked or varied by the Company in general meeting, expire
five years from the date of passing this Resolution save that the Company may
before the expiry make an offer or agreement which would or might require
relevant securities to be allotted after such expiry and the Directors of the
Company may allot relevant securities in pursuance of such an offer or agreement
as if the authority conferred hereby had not expired; and
6. THAT
the Directors of the Company be and they are hereby empowered, pursuant to
section 95 of the Act and pursuant to the authority set out in Resolution 5
above, to allot equity securities (as defined in section 94(2) of the Act) for
cash out of any relevant securities (as defined in section 80(2) of the Act)
which they are from time to time authorised to allot, as if section 89(l) of the
Act did not apply to:
(i) the grant of options under any share option scheme of the Company;
(ii) in connection with or the subject of an offer or invitation,
including a rights issue or open or equivalent offer to holders of ordinary
shares and such other equity securities of the Company as the Directors may
determine on the register on a fixed record date in proportion (as near as may
be) to the respective holdings of such shares, but subject to such exclusions or
other arrangements as the Directors may deem necessary or expedient in relation
to fractional entitlements or any legal or practical problems under the laws of,
or the requirements of, any recognised regulatory body or any stock exchange in
any territory; and
(iii) in connection with an issue of equity securities up to an aggregate
nominal amount of £184,430 (representing approximately 5 per cent. of the issued
share capital of the Company),
provided that this authority shall expire on the conclusion of the next annual
general meeting of the Company or 15 months from the date of this Resolution,
whichever is earlier and the Company may before such expiry make an offer,
agreement or other arrangement which would or might require relevant securities
to be allotted after such expiry and the Directors of the Company may allot
relevant securities pursuant to any such offer, agreement or other arrangement
as if the authority hereby conferred had not so expired.
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