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Fox Marble Holdings (FOX)

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Wednesday 30 September, 2020

Fox Marble Holdings

Half-year Report

RNS Number : 5150A
Fox Marble Holdings PLC
30 September 2020
 

AIM: FOX      30 September 2020

 

Fox Marble Holdings plc

("Fox Marble" or the "Company") 

 

Interim Results for the six months ended 30 June 2020

Following our announcement of our full year results for the year ended 31 December 2019 earlier today, 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 2020.  

 

Operational Highlights 

· Sales agreements worth in excess of €1.8 million signed for processed marble to be supplied to projects in Kosovo over 2020 and 2021 from our factory in Prilep.  The agreements were signed in 2020 and are expected to be supplied over 2020 and 2021.

· Quarrying operations restarted in Prilep in August 2020 and in Cervenillë in September 2020. 

· New equipment supplied to factory to boost cut to size capacity. The factory has processed over 3,500 tonnes of marble to date in 2020, despite the Covid-19 restrictions put in place, compared to slightly over 1,000 tonnes processed in 2019.

· The Company reached agreement with the holders of £2.1 million of its convertible loan notes, to replace the existing loan notes with a new single class of loan note, which have a maturity date of 1 December 2026. The Loan Notes are convertible at a conversion price of 5p per share and an interest rate of 2% per annum. In June 2020 the Company completed a placing to raise £0.8 million before expenses, to provide working capital.

· Cash balance as at 15 September 2020 of €0.47 million.  

Financial Highlights

 

· Revenue from the sale of marble products for the six months to 30 June 2020 decreased to €0.2 million (H1 2019: €1.0 million), as a result of the impact of Covid-19.  Losses for the half year were €0.8 million (H1 2019: €0.8 million).  Since the half year sales have shown improvement, with €0.4 million of revenue recorded to date.

· Production at the Prilep quarry in the six months to 30 June 2020 fell to 816 tonnes from 6,652 tonnes in 2019.  As a result of the lower block sale activity at the start of the year, due to the impact of the Covid-19 crisis, the quarry team at Prilep focused on quarry expansion in the first quarter of 2020.  The quarry was closed in April 2020 as a result of the developing Covid-19 crisis, and reopened in August 2020.

Chris Gilbert, CEO, commented: "2020 has been an undoubtedly challenging year.  The Company has been navigating the challenges of a global pandemic to ensure Fox Marble will be ready and able to emerge from this crisis.  Already we are seeing positive signs, with new contracts for processed marble, and quarrying restarting in Prilep and Cervenillë.  We are looking forward to a better second half of the year, and a successful 2021."

 

 

 

Operational Update

 

Sales

Sales for the half year were €0.2 million (2019 - €1.0 million), due to the Covid-19 outbreak.   The prominence of China in the block marble market meant that sales of block marble showed a sharp drop from the start of 2020.  As international borders were closed and the outbreak spread through Europe, the decision was made to temporarily close the quarry at Prilep for the safety of staff and to preserve working capital until such point as buyers returned to market.  Operations at the factory were limited due to Covid-19 outbreak and a focus was made was made on processing materials that were shipped to clients in the second half of the year.

The Prilep quarry was reopened in August 2020 and the board will continue to closely watch the progress on the block market through the end of 2020 and into 2021.

Despite the low level of recorded revenue in first half of 2020, the new sales team has generated increased interest in the products, and discussions with large natural stone companies are ongoing to supply blocks for their project portfolios.

The formal opening of the Company's new showroom and office in Pristina in April 2020 is a demonstration of Fox Marble's confidence in the market growth potential of the region, both for its own processed products as well as providing cutting services to third parties.

A number of new contracts were signed for processing services and processed marble which are expected to form the backbone of sales through the end of 2020 and 2021. 

· In December 2019, the Company signed a contract for the processing of third-party blocks, which represents an additional revenue stream for the Company.  Under this new third-party agreement, Fox Marble will process stone on behalf of Inter Stone LLC at the Company's factory at Lipjan in Kosovo.  The contract is for twelve months and it is expected that Fox Marble will continue to process blocks of material each month.  Following this, the Company signed two further processing contracts in February 2020 with Egzoni Sh.P.K and Skifteri Sh.P.K.

· In April 2020, Fox Marble signed a contract to supply up to 20,000 square metres of paving to a local municipality for the town square of Suhareka in Kosovo with the first 8000 square metres to be delivered by September 2020. Material already specified and contracted under the first two stages of the project has a total value in excess of €400,000, and once all 20,000 square metres have been supplied the project is expected to be worth in excess of €750,000.  Fox Marble has already supplied over 5000 sqm of material.

· In June 2020, Fox Marble signed a contract to supply 35,000 square metres of cut and polished tiles to CC Apartments LLC.  CC Apartments LLC is engaged in developing several prestigious projects including apartments in Kosovo, as well as Albania and surrounding countries.  Fox Marble will be processing blocks of a range of marble from its own quarries for this project and supplying this material from its factory in Kosovo over the course of 2021 starting in January 2021.  The total value of the contract is in excess of €700,000.

· In July 2020, Fox Marble signed a new contract to supply 20,000 square metres of cut and polished paving tiles for installation in the town square for the Municipality of Podujeva in Kosovo.  This contract has been entered into with the contractors charged with developing and completing the town square which will be paved with material exclusively supplied by Fox Marble.  Fox Marble began supplying material for this project in August 2020.  The total value of this contract is around €700k over 2020 and 2021.

Factory

A 5,400 square metre double skinned steel factory for the cutting and processing of blocks into polished slabs and tiles has been erected on a 10-hectare site that the Company acquired in Lipjan in 2013, close to Pristina airport in Kosovo.

A new Factory Manager was appointed in 2019, Secundino Costas da Vila is a natural Stone professional with 30 years of experience in some of the top global companies.

Fox Marble is experiencing a developing local market for its processed material and range of products from cut and polished tiles to stair pieces, door and window lintels to slabs, driving increased production at the factory.

In June 2020, the Company announced that it had acquired two additional automatic CNC cutting machines to be installed in its factory in Kosovo.  The two machines are manufactured by Simec Srl and Garcia Ramos SA and with the existing Gravellona Machine Marmo CNC machine will double the capacity to cut tiles.  The machines have been installed and are now fully operational.

Quarry Operations

Prilep

The Company entered into an agreement to operate a quarry in Prilep, North Macedonia in 2013.  The agreement was for a period of 20 years with an irrevocable option to extend the period for a further 20 years thereafter.  The Prilep quarry contains a highly desirable white marble Alexandrian White and Alexandrian Blue. This is one of a small cluster of quarries, in the Stara river valley, overlooked by the Sivec pass.

The Company also has the rights to an additional quarry nearby, Prilep Omega, which it acquired in 2014. 

Quarrying was suspended at Prilep in April 2020 as a result of the un-folding Covid-19 crisis.  It was re-opened in August 2020.   

Cervenillë

This site was the first of our quarries to be opened in November 2012.  It is being exploited across three separate locations (Cervenillë A, B & C) from which red (Rosso Cait), red tinged grey (Flora) light and darker grey (Grigio Argento) marble is being produced in significant quantities.  The polished slabs from this quarry have sold well. 

The quarry was re-opened in September 2020 to address the anticipated upcoming demand for Argento Grigio from existing and future contracts.

 

Syriganë

The quarry at Syriganë is open across four benches. The site contains a variety of the multi-tonal Breccia and Calacatta-type marble and produces significant volumes of breccia marble in large compact blocks.  Output is marketed as Breccia Paradisea (predominantly grey and pink) and Etrusco Dorato (predominantly gold and grey).

Growing marble reserves base and the opening of new quarries in Kosovo

The foundation of a successful and growing natural stone company is its reserves base. Fox Marble's strategy is to seek to grow this over the medium term, finding and aiming to open on average at least one new quarry a year in opportunity rich Kosovo. For 2020, two new potential quarries were identified and after initial examination of the resource the Company secured the licence over one new quarry site.  Progress on developing the quarry is expected to start in 2021, subject to an initial drilling program.  This will provide the opportunity to increase both block sales and processed marble from the factory from the end of 2021 onwards.

Maleshevë

Quarry production at the Maleshevë quarry in Kosovo was stopped in July 2019 as a result of the ongoing dispute with Green Power Sh.P.K..  The Company has filed civil claims in Kosovo against Green Power Sh.pk for breach of contract and damages, in addition to the wider Arbitration case launched against the Government of Kosovo, as announced in September 2019. 

Financing

On 27 May 2020, the Company announced its intention to raise £0.8 million (before expenses) by the placing of 45,714,292 new Ordinary Shares at a price of 1.75 pence per share to existing and new investors.  In connection with the placing   22,857,146   warrants were issued to the placees at an exercise price of 3.5 pence and which may be exercised for 18 months following the date of Admission. 

The Company also reached agreement with the holders of £2.1 million of its CULNs. Under this agreement the Company has replaced the eight existing series of CULNs with a new single class of CULN which will have a maturity date of 1 December 2026 and will be convertible at any date from 1 June 2020 at a conversion price of 5p per share. The interest rate of the new CULN is 2% per annum payable half yearly on 1 June and 1 December.

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

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

 

 

Allenby Capital (Joint Broker)

Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)

Amrit Nahal (Sales)

 

Tel: +44 (0) 20 3394 2973

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

 

Tel: +44 (0) 20 3463 5000

 

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray/Sandy Jamieson

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

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

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox'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

2020

Unaudited

 

€'000s


Six months ended 30 June

2019

Unaudited

 

€'000s



For the year ended

2019

Audited

 

€'000s









Revenue


186


1,002



1,423

Cost of Sales


(105)


(542)



(815)

Gross Profit


81


460



608

















Administrative and other operating expenses


(762)


(1,142)



(2,882)

Operating loss


(681)


(695)



(2,274)









Finance costs

4

(310)


(182)



(518)

Finance income

  5

192


43



258

Loss before taxation


(799)


(834)



(2,534)









Taxation


-


-



-









Loss for the period


(799)


(834)



(2,534)









Other comprehensive income


-


-



-









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


(799)


(834)



(2,534)









Loss per share








Basic loss per share

6

(0.003)


(0.003)



(0.01)

Diluted loss per share

6

(0.003)


(0.003)



(0.01)



 

 

FOX MARBLE HOLDINGS PLC

Condensed unaudited consolidated statement of financial position


Notes

As at 30 June 2020

Unaudited

 

€'000s


As at 31  December 2019

Audited

 

€'000s


As at 30 June 2019

Unaudited

(restated)

€'000s

Assets







Non-current assets







Intangible assets


2,811


2,837


2,828

Property, plant and equipment

7

5,026


5,088


5,041

Total non-current assets


7,837


7,925


7,869








Current assets







Trade and other receivables


1,053


1,183


948

Inventories


4,086


3,928


4,180

Cash and cash equivalents


781


578


679

Total current assets


5,920


5,689


5,807

Total assets


13,757


13,615


13,676








Current liabilities







Trade and other payables


1,221


1,199


1,091

Borrowings

8

86


1,930


87

Total current liabilities


1,307


3,129


1,178

Non-current liabilities







Deferred tax liability


85


85


85

Lease Commitments


229


221



Borrowings

8

4,492


2,525


3,986

Total non-current liabilities


4,806


2,830


4,071

Total liabilities


6,113


5,959


5,249

Net assets


7,643


7,656


8,427








Equity







Share capital

9

3,721


3,220


2,851

Share premium


32,080


31,794


31,250

Retained loss


(28,279)


(27,479)


(25,795)

Share based payment reserve


85


85


85

Other reserves


36


36


36

Total equity attributable to owners of the parent company


7,643


7,656


8,427

 



 

 

FOX MARBLE HOLDINGS PLC

Condensed consolidated statement of cash flows


Six months ended

30 June 2020

Unaudited

€'000s


Six months ended

30 June 2019

Unaudited

€'000s



Year

ended 31 December 2019

Audited

€'000s









Cash flows from operating activities








Loss before taxation


(799)


(834)



(2,533)

Adjustment for:








Finance costs

4

310


182



518

Finance income

5

(192)


(43)



(258)

Operating loss for the period


(681)


(695)



(2,274)

 Adjustment for:








  Amortisation


26


38



43

  Depreciation

7

152


379



648

  Foreign exchange losses / (gains) on operating 

  Activities


-


23



-

  Provision for bad debts


-


42



163

  Provision for inventory


-


-



392

Changes in working capital:








  Increase in receivables


130


(101)



(456)

  Increase in inventories


(157)


(373)



(514)

  Increase/(decrease) in accruals


46


238



124

  Decrease in trade and other payables

(24)


(330)



110

Net cash used in operating activities

(508)


(779)



(1,982)

Cash flow from investing activities








 Expenditure on property, plant and equipment

7

(90)


(576)



(650)

 Expenditure on rights of use assets


-





(24)

 Interests on bank deposits


-


-



1

Net cash outflow from investing activities


(90)


(576)



(672)

Cash flows from financing activities








 Proceeds from issue of shares (net of issue costs)

787


1,458



2371

 Proceeds on issue of debt (net of issue costs)

57


222



610

 Repayment of debt



-



-

 Interest paid 

(39)


(59)



(187)

Net cash inflow from financing activities


805


1,621



2,794

Net increase/(decrease) in cash and cash equivalents

207


266



140

 Cash and cash equivalents at beginning of 

 Period


578


438



438

 Exchange gains losses on cash and cash equivalents


(4)


(25)



578

Cash and cash equivalents at end of period


781


679



578

 

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 2019

2,701

29,942

85

36

(24,946)

7,818

Total comprehensive loss for the period





(849)

(834)

Transactions with owners







Share capital issued

150

1,308




1,458

As at 30 June 2019

2,851

31,250

85

36

(25,795)

8,427

Total comprehensive loss for the period

-

-

-

-

(1,684)

(1,684)

Transactions with owners







Share capital issued

369

543

-

-


912

As at 31 December 2019

3,220

31,793

85

36

(27,479)

7,656

Total comprehensive loss for the period

-

-

-

-

(799)

(799)

Transactions with owners







Share capital issued

501

287

-

-

-

787

As at 30 June 2019

3,721

32,080

85

36

(28,279)

7,644

 

Notes to the condensed consolidated financial statements for the period ended 30 June 2020

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 expected to be applicable to the financial statements for the year ending 31 December 2020.

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 2019 and those expected to be applicable to the financial statements for the year ending 31 D ecember 2020.

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 2019 were approved by the Board on 29 September 2020 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 2020 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 2019, which have been prepared in accordance with IFRS as adopted by the European Union.  The Annual Report and Accounts 2019 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 timing of expected sales receipts and completion of existing orders;

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

(d)  the timing and magnitude of planned capital expenditure; and

(e)  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 production at the Prilep and Cervenillë quarries will continue, which were reopened respectively in August and September 2020. It further assumes that production at the factory will continue to operate and that recently installed machinery will drive an increase in the rate of production.  The forecast assumes existing contracts held by the Company will be fulfilled on a timely basis Further the forecasts assume that sales of block marble will resume over the final quarter of 2020, in line with the reopening of international borders. 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.

There are several key risks and uncertainties that could impact the financial performance of the Company.  These include the fact that levels of production at Cervenillë and Prilep can be impacted by unforeseen delays due to inclement weather or equipment failure; lower than expected quality of material being produced by the quarries; and delays in the fulfilment of the Company's order book.  The continued progression of the Covid-19 may have a further detrimental impact on sales, and the resumption of block sales to the international block market may be slower than expected.

As at 15 September 2020 the Company has €0.47 million in cash. 

If the cash receipts from sales are lower than anticipated the Company has identified that it has available to it a number of other contingent actions, in addition to those noted above, 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

2020

€'000s


Six months ended

30 June

2019

€'000s



Year

ended

31 December 2019

€'000








Finance Costs







Interest expense on borrowings

(179)


(165)



(343)

Net foreign exchange loss on loan note instrument

-


(17)



(171)

Movement in fair value of derivative

(123)


-



-

Interest payable on lease liabilities

(8)


-



(2)


(310)


(182)



(518)

5)  Net finance income


Six months ended

30 June

2020

€'000s


Six months ended

30 June

2019

€'000s



Year

ended

31 December 2019

€'000

Finance Income







Movement in fair value of derivative

-


43



256

Net foreign exchange gain on loan note instrument

192


-



-

Interest income on bank deposits

-


-



1







-


192


43



257

6)  Loss per share


Six months ended

30 June

2020

€'000s



Six months ended

30 June

2019

€'000s



Year ended

31 December 2019

€'000









Loss for the year used for the calculation of basic LPS

799



834



2,533









Number of shares








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

234,936,870



229,909,530



230,948,303

Effect of potentially dilutive ordinary shares




-




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

234,936,870



229,909,530



230,948,303









Loss per share:








Basic

(0.003)



(0.003)



(0.01)

Diluted

(0.003)



(0.003)



(0.01)









 

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 2018

160

3,431

-

3,311

30

6,933

Additions

-

4

-

573

-

576

As at 30 June 2019

160

3,435

-

3,884

30

7,509

Additions

-

47

243

25

1

316

As at 31 December 2019

160

3,482

243

3,909

31

7,825

Additions

-

33

-

56

1

90

As at 30 June 2020

160

3,515

243

3,965

32

7,915








Depreciation







As at 31 December 2018

-

138

-

1,920

30

2,089

Charge for the period

-

52

-

328

-

379

As at 30 June 2019

-

190

-

2,248

30

2,468

Charge for the period

-

58

7

203

1

269

As at 31 December 2019

-

248

7

2,451

31

2,737

Charge for the period

-

92

20

40

-

152

As at 30 June 2020

-

340

27

2,491

31

2,889








Net book value







As at 30 June 2020

160

3,175

216

1,474

1

5,026

As at 31 December 2019

160

3,233

236

1,391

1

4,844

As at 30 June 2019

160

3,245

-

1,636

-

5,041

 

 







 

 

8)  Borrowings


30 June

2020

€'000s


31 December 2019

€'000s


30 June

2019

€'000s

Current liabilities






Convertible loan note

85


1,925


86

Derivative over own equity at fair value

1


5


1


86


1,930


87







Non-Current liabilities






Convertible loan note

4,307


2,524


3,769

Other borrowings held at amortised cost

56


-


-

Derivative over own equity at fair value

129


1


217


4,492


2,525


3,986







 

 

On the 27 May 2020 the company reached agreement with the holders of the Series 3, 4, 6, 7, 8, 9 and 10 Loan holders to reschedule the terms of the loan notes.

The existing loan notes were cancelled and replaced to Series 11 Loan Note.  The Series 11 Loan Note has an interest rate of 2% per annum.  The Loan note is due for conversion or repayment on the 30 June 2026 with a conversion price of 5p.

 

 

 

9)  Share capital

 

Group and Company:

30 June 2020

Number

31 December 2019

Number

Share capital

30 June

2020

 

€'000

Share capital

31 December

2019

€'000

Share premium

30 June

2020

 

€'000

Share premium

31 December

2019

€'000

 








 

Issued, called up and fully paid Ordinary shares of £0.01  each







At start of the period

262,657,882

217,885,322

3,220

2,701

31,794

29,942

 

Issued in the year

45,714,292

44,772,560

501

519

286

1,852

 

At end of the period

308,372,174

262,657,882

3,721

3,220

32,080

31,794

 








 

 

The Company has one class of ordinary share capital.

a.  On a resolution at a general meeting, every member (whether present in person, by proxy or authorised representative) has one vote in respect of each ordinary share held by him.

b.  All ordinary shares rank equally in the right to participate in any approved dividend distribution applicable to this class of share.

c.  Except as otherwise provided below, all dividends must be

i.  Declared and paid according to the amounts paid up on the shares on which the dividend is paid; and

ii.  Apportioned and paid proportionately to the amounts paid up on the shares during any portion of the period in respect of which the dividend is paid.

d.  If any share is issued in terms of providing that it ranks for dividend as from a particular date that share ranks for dividend accordingly.

e.  In the event of any winding up all shares will rank equally in relation to distribution of capital.

f.  All shares are non-redeemable. 

On 27 May 2020, the Company announced its intention to raise £0.8 million (before expenses) by the placing of 45,714,292 new Ordinary Shares at a price of 1.75 pence per share to existing and new investors.  In connection with the placing 22,857,146 warrants were issued to the placees at a price 3.5 pence which may be exercised for 18 months following the date of Admission.  The Warrants will not be admitted to trading on AIM or any other stock market and are not transferable.

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

 

 

 

 

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