3rd Quarter Results
NOTICE TO SHAREHOLDERS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2006
GALANTAS GOLD CORPORATION
(A Development Stage Company)
Dated: 15 November 2006
Responsibility for Consolidated Financial Statements
The accompanying consolidated financial statements for Galantas Gold Corporation
have been prepared by management in accordance with Canadian generally accepted
accounting principles consistently applied. The most significant of these
accounting principles have been set out in the December 31, 2005 audited
consolidated financial statements. Only changes in accounting information have
been disclosed in these consolidated financial statements. These statements are
presented on the accrual basis of accounting. Accordingly, a precise
determination of many assets and liabilities is dependent upon future events.
Therefore, estimates and approximations have been made using careful judgment.
Recognizing that the Company is responsible for both the integrity and
objectivity of the consolidated financial statements, management is satisfied
that these consolidated financial statements have been fairly presented.
Auditors' involvement
The auditors of Galantas Gold Corporation have not performed a review of the
unaudited consolidated financial statements for the three and nine months ended
September 30, 2006 and September 30, 2005.
GALANTAS GOLD CORPORATION
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
(PREPARED BY MANAGEMENT- UNAUDITED)
September 30,December 31,
2006 2005
Assets
Current
Cash $2,006,134 $ 1,121,985
Accounts receivable and advances 235,215 144,727
Inventory 99,978 101,363
Future income taxes 302,900 302,900
2,644,227 1,670,975
Property, plant and equipment (Note 2(a)) 5,248,373 2,903,165
Deferred development costs (Note 2(b)) 6,288,438 4,314,368
Future income taxes 466,900 466,900
$14,647,938 $ 9,355,408
Liabilities
Current
Accounts payable and accrued liabilities $ 789,438 $ 297,785
Current portion of financing facility (Note 3) 226,982 99,207
Due to directors - 253,103
1,016,420 650,095
Long-term portion of financing facility (Note 3) 406,566 271,664
1,422,986 921,759
Shareholders' Equity
Share capital (Note 4) 21,954,200 18,400,862
Warrants (Note 5) 2,417,400 175,166
Contributed surplus (Note 7) 835,962 656,658
25,207,562 19,232,686
Deficit (11,982,610) (10,799,037)
13,224,952 8,433,649
$14,647,938 $ 9,355,408
Going concern (Note 1)
GALANTAS GOLD CORPORATION
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(PREPARED BY MANAGEMENT - UNAUDITED)
Cumulative
since development
Three Months EndedNine Months Ended stage on
September 30, September 30,January 1, 2003 to
2006 2005 2006 2005September 30, 2006
Sales $ 15,673 $ 7,909 $ 30,565 $44,029 $484,111
Cost of goods sold 2,023 (19,971) 7,923 23,195 521,231
13,650 27,880 22,642 20,834 (37,120)
Expenses
Accounting and corporate 4,350 4,650 27,205 24,280 95,281
Bank charges and interest 7,780 12,403 11,114 15,956 29,344
Consulting - 12,500 14,007 32,000 64,757
Foreign exchange
(gain)loss 93,784 (47,559) 115,975 (27,323) (7,845)
Legal and audit 6,325 5,003 186,759 71,021 384,621
Management fees - 25,000 - 75,000 247,500
Operating expenses 32,378 (143,926) 83,427 88,027 1,262,853
Shareholder communication
and public relations 64,137 - 512,210 - 743,656
Stock-based compensation 15,638 - 179,304 214,200 701,904
Transfer agent 4,782 3,638 21,736 12,388 85,514
Travel and
general office 23,130 21,906 54,478 52,063 209,894
252,304 (106,385) 1,206,215 557,612 3,817,479
(Loss) income before
income taxes (238,654) 134,265 (1,183,573) (536,778) (3,854,599)
Income tax recovery - - - - 769,800
(Loss)income
for the period (238,654) 134,265 (1,183,573) (536,778) (3,084,799)
DEFICIT,
beginning
of period (11,743,956)(11,431,648)(10,799,037)(10,760,605)(8,897,811)
DEFICIT,
end
of period $(11,982,610)$(11,297,383)$(11,982,610)$(11,297,383) $(11,982,610)
(Loss)income
per share $(0.00) $ 0.00 $(0.01) $(0.00)
Weighted
average number
of shares
outstanding 153,977,882 126,335,189 141,870,343 113,568,888
GALANTAS GOLD CORPORATION
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(PREPARED BY MANAGEMENT - UNAUDITED)
Cumulative
since development
Three Months Ended Nine Months Ended stage on
September 30, September 30, January 1, 2003 to
2006 2005 2006 2005 September 30, 2006
CASH (USED IN) PROVIDED BY
OPERATING ACTIVITIES
Net (loss) income
for the period $(238,654) $134,265 $(1,183,573) $(536,778) $ (3,084,799)
Adjustment for
Amortization 163 (21,679) 3,180 19,346 166,138
Stock-based compensation 15,638 - 179,304 214,200 701,904
Future income taxes - - - - (769,800)
Net change in non-cash
working capital (Note 10) 260,154 186,590 402,550 161,145 404,018
________ _______ ________ ________ __________
37,301 299,176 (598,539) (142,087) (2,582,539)
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (908,780) (184,440) (2,573,130) (730,372) (3,780,362)
Deferred development costs (582,427) (792,226) (1,749,328) (792,226) (2,748,221)
Marketable securities - - - - 2,096
__________ ________ __________ ________ __________
(1,491,207) (976,666) (4,322,458) (1,522,598) (6,526,487)
FINANCING ACTIVITIES
Issue of common shares for cash 3,500,000 - 6,127,500 3,503,333 11,264,053
Share issue costs (331,928) (25,142) (331,928) (249,192) (692,328)
Advances from financing facility - - 365,400 398,696 920,400
Repayments of financing facility (29,691) (55,472) (102,723) - (342,994)
Advances to directors - (7,610) (253,103) (326,471) (127,140)
_______ ________ __________ ________ ___________
3,138,381 (88,224) 5,805,146 3,326,366 11,021,991
NET CHANGE IN CASH 1,684,475 (765,714) 884,149 1,661,681 1,912,965
CASH, beginning of period 321,659 2,561,151 1,121,985 133,756 93,169
CASH, end of period $2,006,134 $1,795,437 $2,006,134 $1,795,437 $ 2,006,134
GALANTAS GOLD CORPORATION
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(PREPARED BY MANAGEMENT - UNAUDITED)
Shares issued and subscribed Warrant Contributed
# of Shares Share Value Value Surplus Deficit Total
Balance at January 1, 2003 71,115,222 $13,082,493 - $1,420 $(8,897,811) 4,186,102
Shares issued on
exercise of warrants 250,000 27,461 - - - 27,461
Common shares issued,
net of issue costs 8,707,860 1,048,524 - - - 1,048,524
Common shares issued
for debt settlement 7,416,395 741,640 - - - 741,640
Valuation of agents options - - - 20,751 - 20,751
Valuation of warrants issued - (78,537) 78,537 - - -
Loss for the year - - - - (676,142) (676,142)
Balance at December 31, 2003 87,489,477 14,821,581 78,537 22,171 (9,573,953) 5,348,336
Shares issued on exercise of warrants 945,554 159,089 - - - 159,089
Common shares issued, net of issue
costs 2,866,825 395,318 - - - 395,318
Valuation of stock options granted - - - 287,649 - 287,649
Valuation of warrants issued - (71,671) 71,671 - - -
Valuation of warrants exercised or
expired - 17,570 (78,537) 60,967 - -
Loss for the year - - - - (186,652) (1,186,652)
Balance at December 31, 2004 91,301,856 15,321,887 71,671 370,787 (10,760,605) 5,003,740
Common shares issued,
net of issue costs 35,033,333 3,254,141 - - - 3,254,141
Valuation of warrants issued - (175,166) 175,166 - - -
Valuation of warrants expired - - (71,671) 71,671 - -
Valuation of stock options granted - - - 214,200 - 214,200
Loss for the year - - - - (38,432) (38,432)
Balance at December 31, 2005 126,335,189 18,400,862 175,166 656,658 (10,799,037) 8,433,649
Shares issued on
exercise of warrants 17,516,666 2,627,500 - - - 2,627,500
Common shares issued,
net of issue costs 14,000,000 3,168,072 - - - 3,168,072
Valuation of warrants issued - (2,417,400)2,417,400 - - -
Valuation of warrants exercised - 175,166 (175,166) - - -
Valuation of stock options granted - - - 179,304 - 179,304
Loss for the period - - - - (1,183,573) (1,183,573)
_______________ ____________ ________ ________ ___________ ____________
Balance at September 30, 2006 157,851,855 $21,954,200 $2,417,400 $835,962 $(11,982,610) $13,224,952
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
1. NATURE OF OPERATIONS AND GOING CONCERN
These consolidated financial statements have been prepared on a going concern
basis which contemplates that Galantas Gold Corporation (the "Company") will be
able to realize assets and discharge liabilities in the normal course of
business. The recoverability of these consolidated amounts, which includes the
consolidated results of the Company's wholly-owned subsidiary Cavanacaw
Corporation ("Cavanacaw"), is dependent on the ability of the Company to obtain
future financing and to recover its investment in Omagh Minerals Limited
("Omagh"). Cavanacaw has a 100% shareholding in Omagh which is engaged in the
acquisition, exploration and development of gold properties, mainly in Omagh,
Northern Ireland. The Company is considered to be in the development stage as it
has yet to earn substantial revenues and it is devoting substantially all of its
efforts toward the development of this process.
As at December 31, 2001, studies performed on Omagh's mineral property confirmed
the existence of economically recoverable reserves. The mineral property is
currently in the development stage of operation and the directors believe that
the capitalized development expenditures will be fully recovered by the future
operation of the mine. The recoverability of Omagh's capitalized development
costs is thus dependent on the ability to secure financing, future profitable
production or proceeds from the disposition of the mineral property. These
development expenditures will be amortized over the estimated life of the ore
body.
Management is confident that it will be able to secure the required financing to
enable the Company to continue as a going concern. However, this is subject to a
number of factors including market conditions. These consolidated financial
statements do not reflect adjustments to the carrying value of assets and
liabilities, the reported expenses and balance sheet classifications used that
would be necessary if the going concern assumption was not appropriate. Such
adjustments could be material.
The Company was formed on September 20, 1996 under the name Montemor Resources
Inc. on the amalgamation of 1169479 Ontario Inc. and Consolidated Deer Creek
Resources Limited. The name was changed to European Gold Resources Inc. by
articles of amendment dated July 25, 1997. On May 5, 2004, the Company changed
its name from European Gold Resources Inc. to Galantas Gold Corporation. The
Company was incorporated to explore for and develop mineral resource properties,
principally in Europe. Its first exploration project was a property in
Portugal. In 1997, it purchased all of the shares of Omagh which owns a mineral
property in Northern Ireland, including a delineated gold deposit. Omagh
obtained full planning and environmental consents necessary to bring its
property into production.
The Company entered into an agreement on April 17, 2000, approved by
shareholders on June 26, 2000, whereby Cavanacaw, a private Ontario corporation,
acquired Omagh. Cavanacaw has established an open pit mine to extract the
Company's gold deposit near Omagh. Cavanacaw also has developed a premium
jewellery business founded on the gold produced under the name Galántas Irish
Gold Limited ("Galántas").
Cavanacaw operations include the consolidated results of Cavanacaw and its
wholly-owned subsidiaries Omagh and Galántas.
The unaudited consolidated financial statements have been prepared in accordance
with Canadian generally accepted accounting principles for interim financial
information. Accordingly, they do not include all of the information and notes
to the consolidated financial statements required by Canadian generally accepted
accounting principles for annual consolidated financial statements. In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three and nine month periods ended September 30, 2006 may not
necessarily be indicative of the results that may be expected for the year
ending December 31, 2006.
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
1. NATURE OF OPERATIONS AND GOING CONCERN (Continued)
The consolidated balance sheet at December 31, 2005 has been derived from the
audited consolidated financial statements at that date but does not include all
of the information and footnotes required by Canadian generally accepted
accounting principles for complete consolidated financial statements. The
interim consolidated financial statements have been prepared by management in
accordance with the accounting policies described in the Company's annual
consolidated financial statements for the year ended December 31, 2005. For
further information, refer to the consolidated financial statements and notes
for the year ended December 31, 2005.
New accounting pronouncements
In January 2005, the Canadian Institute of Chartered Accountants issued four new
accounting standards: Handbook Section 1530, Comprehensive Income, Handbook
Section 3251, Equity, Handbook Section 3855, Financial Instruments -
Recognition and Measurement and Handbook Section 3865, Hedges. These standards
are effective for interim and annual consolidated financial statements for the
Company's fiscal years beginning January 1, 2006.
2. PROPERTY, PLANT AND EQUIPMENT AND DEFERRED DEVELOPMENT COSTS
(a) Property, plant and equipment
2006 2005
Accumulated
Cost Amortization Net Net
Freehold land and buildings $ 3,877,314 $ 45,659 $3,831,655 $ 1,743,967
Plant and machinery 1,896,868 546,873 1,349,995 1,115,756
Motor vehicles 61,438 29,562 31,876 7,214
Office equipment 75,782 40,935 34,847 36,228
Moulds 81,802 81,802 - -
___________ __________ ___________ ____________
$5,993,204 $744,831 $5,248,373 $2,903,165
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
2. PROPERTY, PLANT AND EQUIPMENT AND DEFERRED DEVELOPMENT COSTS (Continued)
(b) Deferred development costs
Three months Nine months
ended ended
September 30, September 30,
2006 2006
Opening balance $5,619,033 $4,314,368
Additions during the period:
Leases 10,436 163,963
Consultants 59,308 183,526
Fuel 48,837 129,278
Wages 214,699 579,229
Interest 12,121 32,010
Travelling 57,698 126,374
Repairs and maintenance 49,711 122,293
Construction 109,412 355,713
General 20,205 56,942
Amortization of plant equipment 86,978 224,742
_______ ________
669,405 1,974,070
Total deferred development costs $6,288,438 $6,288,438
3. FINANCING FACILITY
On March 17, 2006, the Company received a loan from Barclays Mercantile Business
Finance Ltd. in the amount of $365,400 (180,000 GBP)(i) to assist in the
purchase of certain metallurgical equipment having a cost of $728,770 (359,000
GBP). The loan is for a period of three years at 3.97% (flat interest) with
monthly blended installments of $11,132 (5,578 GBP).
Amounts payable on the long term debt are as follows:
September 30, December 31,
Interest 2006 2005
Financing facility 3.71% $ 317,993 $ 370,871
Financing facility (i) 3.97% 315,555 -
633,548 370,871
Less current portion 226,982 99,207
_________ _________
$ 406,566 $ 271,664
Principal repayments over the next three years are as follows:
2007 $ 226,982
2008 245,473
2009 161,093
_________
$ 633,548
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
4. SHARE CAPITAL
(a) AUTHORIZED
Unlimited number of common and preference shares issuable in Series
(b) COMMON SHARES ISSUED
NUMBER OF STATED
SHARES VALUE
Balance, January 1, 2006 126,335,189 $18,400,862
Private Placement, net of issue cash (1) 14,000,000 3,168,072
Warrant valuation (2) - (2,417,400)
Warrant exercise 17,516,666 2,627,500
Warrant exercise - valuation - 175,166
___________ ___________
Balance, September 30, 2006 157,851,855 $21,954,200
(1) The Company closed a private placement (the "Offering") for gross proceeds
of $3,500,000. Pursuant to this offering, the Company issued 14,000,000 units
of the Company (each a "Unit") at the price of $0.25 per Unit (including an
over-allotment of 1,200,000 Units (the "Over-Allotment") and 2,000,000 Units for
subscribers specifically identified by management (the "President's List"). Each
Unit consists of one common share of the Company and one warrant of the Company.
Each warrant entitles the purchaser to purchase one common share at a price of
$0.32 per share at any time until July 26, 2008.
Union Securities Ltd., acting as agent (the "Agent") was paid a cash fee of
$240,000 representing 8% in cash commission based on Units sold under the
Offering and the Over-Allotment Option (excluding Units sold pursuant to the
President's List) and $20,000 representing 4% in cash for Units sold pursuant to
the President's List. In addition, the Company issued to the Agent 1,300,000
compensation options (the "Agent's Compensation Options") equal to 10% of all
Units sold pursuant to the Offering and the Over-Allotment Option (excluding
Units sold pursuant to the President's List) and 5% of all Units sold pursuant
to the President's List. Each Agent's Compensation Option entitles the Agent to
purchase one Unit of the Company at $0.25 per Unit at any time prior to July
26, 2008.
Other costs associated directly to the private placement amounted to $71,928.
(2) The fair value of the 14,000,000 warrants and 1,300,000 compensation options
were estimated using the Black-Scholes option pricing model with the following
assumptions: dividend yield - 0%; volatility - 144%; risk-free interest rate -
4.15% and an expected life of 2 years. The fair value attributed to the warrants
and compensation options were $2,417,400.
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
5. WARRANTS
The following summarizes the warrant activity for the period:
Number
of Weighted average
warrants price
Balance, December 31, 2006 17,516,666 $ 0.15
Exercised (1) (17,516,666) 0.15
Issued 15,300,000 0.31
Balance, September 30, 2006 15,300,000 $ 0.31
(1) During the period, 11,666,666 warrants expiring April 4, 2006 and 5,850,000
warrants expiring April 15, 2006 were exercised for gross proceeds of
$2,627,500.
As of September 30, 2006, the following warrants were outstanding:
Number Fair Exercise Expiry
of Warrants Value Price Date
$ $
14,000,000 2,212,000 0.32 July 26,2008
1,300,000 205,400 0.25 July 26, 2008
15,300,000 2,417,400
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
6. STOCK OPTIONS
The Company has a stock option plan as detailed in Note 7(c) of the December 31,
2005 audited consolidated financial statements.
Number of Weighted Average
Stock Options Exercise Price
$
Balance, January 1, 2006 7,900,000 0.11
Options granted 1,000,000 0.26
Expired/cancelled (1,400,000) 0.15
__________ _____
Balance, September 30, 2006 7,500,000 0.14
Details of the stock options outstanding as of September 30, 2006 are:
Exercisable Number Exercise Expiry
Options of Options Price Date
$
1,500,000 1,500,000 0.12 May 17,2007
2,800,000 2,800,000 0.15 April 10,2008
2,000,000 2,000,000 0.10 April 1,2009
133,334 200,000 0.10 May 13, 2010
333,334 1,000,000 0.26 June 14,2011
__________ ____________
6,766,668 7,500,000
During the period, 1,000,000 stock options were granted to employees of the
Company to purchase common shares at a price of $0.26 per share until June 14,
2011. The fair value of these stock options was estimated using the
Black-Scholes option pricing model with the following assumptions: dividend
yield - 0%; volatility - 60%; risk-free interest rate - 4.26% and an estimated
life of 5 years. The estimated fair value of $143,000 will be expensed in the
statement of operations and deficit and credited to contributed surplus as the
options vest over a three year period. Stock-based compensation includes $61,771
related to the vested portion of these stock options.
Stock based compensation also includes $117,534 relating to 733,333 options that
have vested from previous stock option grants.
On February 13, 2006, 1,000,000 stock options at an exercise price of $0.15
expired and 400,000 options at an exercise price of $0.15 expiring April 10,
2008 were cancelled.
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
7. CONTRIBUTED SURPLUS
The following table reflects the continuity of contributed surplus:
Contributed
Surplus
Balance, January 1, 2006 $656,658
Stock-based compensation charged to the statement
of operations and deficit (Note 6) 179,304
________
Balance, September 30, 2006 $835,962
8. RELATED PARTY TRANSACTIONS
As at September 30, 2006, the Company was indebted to directors in the amount of
$nil (2005 - $103,240). This amount represents amounts paid by the directors on
behalf of the Company along with unpaid management fees. These amounts are
interest-free and there are no fixed terms of repayment.
During the period, the Company was charged $nil (2005 - $75,000) by directors of
the Company for management services which are in the normal course of operations
and are measured at the exchange amount established and agreed to by the related
parties. Accounts payable includes $nil (2005 - $50,000) owing to these
directors for management services and repayment of expenses incurred on behalf
of the Company.
The Company was charged $32,921 (2005 - $30,133) for accounting and corporate
secretarial services by companies associated to an officer of the Company.
Accounts payable includes $5,922 (2005 - $2,242) owing to these companies.
9. SEGMENT DISCLOSURE
The Company, after reviewing its reporting systems, has determined that it has
one reportable segment. The Company's operations are substantially all related
to its investment in Cavanacaw and its subsidiaries, Omagh and Galántas.
Substantially all of Cavanacaw's revenues, costs and assets of the business that
support these operations are derived or located in Northern Ireland.
GALANTAS GOLD CORPORATION
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006
(PREPARED BY MANAGEMENT - UNAUDITED)
10. SUPPLEMENTAL CASH FLOW INFORMATION
(a) Net change in non-cash working capital
Three months Three months Nine months Nine months
ended ended ended ended
September 30,2006 September 30,2005 September 30,2006 September 30, 2005
Accounts receivable and
advances $8,634 $(36,154) $(90,488) $(84,480)
Inventory (1,462) 16,909 1,385 42,746
Accounts payable and
accrued liabilities 252,982 205,835 491,653 202,879
$ 260,154 $186,590 $402,550 $161,145
(b) Supplemental information
Interest paid $ 19,901 $12,403 $43,124 $5,956
Interest paid includes $32,010 (2005 - $nil) of interest paid on the financing
facility. This amount was charged to deferred development costs.
11. OTHER INFORMATION
Effective March 31, 2006 the Company's shares were successfully admitted to
trading on the Alternative Investment Market ("AIM") of the London Stock
Exchange. As a result, the Company is dual-listed on both AIM and the TSX
Venture Exchange in Canada.
Enquiries
Galantas Gold Corporation Telephone: +44 (0) 2882 241100
Jack Gunter P.Eng - Executive Chairman
Roland Phelps C.Eng - President & CEO
Moe Lavigne P.Geo - Vice President
Email: info@galantas.com
Website: www.galantas.com
Bishopsgate Communications Ltd. Telephone: +44 (0) 207 430 1600
Dominic Barretto
Nick Rome
Website: www.bishopsgatecommunications.com
ARM Corporate Finance Limited Telephone: +44 (0) 20 7512 0191
Nick Harriss
Lewis Charles Securities Limited. Telephone: +44 (0) 20 7065 1150
David Scott