TIDMAST
RNS Number : 7430R
Ascent Resources PLC
16 September 2014
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
Ascent Resources plc
("Ascent" or "the Company")
Interim results for the period ended 30 June 2014
Ascent presents its unaudited results for the six months ended
30 June 2014
Introduction
During the period under review we report steady progress toward
our goal of bringing the Petišovci project into production. As
mentioned in the announcement on 8th September 2014, the key
Integrated Pollution Prevention & Control ("IPPC") permit was
submitted to the Slovenian Environmental Agency in June 2014. The
Company has been informed that the decision making process normally
lasts approximately six months.
Your Board continues to work hard to replace the funds promised
by Global Power Sources s.r.l ("GPS") and their partners, Salomon
Werner HAB Privée Limited, formerly known as Salomon Partners WRS
Werner Rothschild & CIE Limited ("WRS") which have as yet
failed to materialise. There are a small number of discussions with
potential funders ongoing although there can be no promise that
these will result in funds being invested. However, Henderson has
agreed to provide a further GBP2 million of funding which will
repay the Darwin loan and should provide adequate funds to reach
the granting of the IPPC.
Background
Following the disposal of our interests in assets in Hungary,
the Netherlands, Switzerland and Italy, the Company's focus has
been entirely on our Slovenian asset, Petišovci.
Slovenia is a country of some 2 million people and the estimates
of the potential production from the Petišovci project once fully
developed will significantly reduce the country's reliance on
foreign gas imports.
Ascent has an effective 75% working interest in the project but
a requirement to fund 100% of the costs of development. Ascent's
partners in the Petišovci project are Petrol; the leading energy
supplier in Slovenia and Nafta Lendava, a Slovenian state-owned
company engaged in hydrocarbon exploration, extraction, storage and
associated services. The Petišovci gas field complex is situated in
the east of Slovenia close to the Hungarian border.
Steps to production start-up
In order to begin commercial production of gas, Ascent, working
with its partners in Slovenia will carry out the following
works:
-- Construct a pipeline to connect the processing facility to
the national grid. This will measure just over 1,100 metres in
length and is expected to take eight weeks to construct at an
estimated cost of EUR0.4 million once the tenders have been
compared and a supplier chosen. We have already obtained easement
rights from over half of the landowners covering the route
preferred by the company and the local authorities.
-- Install a new gas processing facility for dew point control
and to reduce the CO2 content of the gas to meet national pipeline
specifications. The proposed plant is expected to cost EUR7 million
to fabricate and install. The entire process is expected to be
completed in early 2016 with commencement of the procurement
process due to start in early Q4 2014.
-- Upgrade the Lendava Measuring and Control Station and supply
and install two measuring and control lines along with the
associated equipment for gas purification and quality control, for
onward transmission into the national grid. This facility is
expected to cost around EUR1.5 million and take 14 months from
signature of contracts. This is expected to be the final
significant step before the commencement of production.
-- Remove temporary plugs from existing wells and construct
flowlines of less than 500 metres to tie these in to the new gas
processing facility. The Pg-11A well requires a 30 metre flow line
to link in to the existing gas gathering line. In the case of the
Pg10 well, approval has been received to build a 475 metre flow
line to the new gas processing plant. The total cost to tie in both
wells is expected to be around EUR1.5 million.
-- The company is in advanced discussions with a potential bank
funder to provide a significant proportion of the capital funds
required.
Progress in 2014
In the last six months the Company has made significant progress
in submitting the key permits and successfully negotiating the
contract for connection into the national grid. However unexpected
delays were caused by the proposed routing of a high voltage power
line close to our proposed site and also as a result of the
exceptionally high level of technical detail required by the
Slovenian authorities in the permitting application, as further
described below.
The most significant development in 2014 has been the submission
of the Integrated Pollution Prevention & Control ("IPPC")
permit in June 2014. The Company has been informed that the
decision making process normally lasts approximately six months.
Once the IPPC permit has been issued, the Board, based on on-going
discussions with interested banks, believes that suitable project
finance should be available to fund construction of infrastructure
and pipelines, as described above. Ascent management's expectation
is that, in line with stated government timelines, the IPPC permit
will be put to public consultation early in Q1 2015 and is expected
to take several weeks from that time.
In July 2014 we reached mutual agreement with Plinovodi d.o.o.,
on the contract for the upstream pipeline connection to the natural
gas transmission system and associated metering system. This is
being reviewed by the market regulator (the Energy Agency).
However, as mentioned above the decision by the state-owned
electricity company to route a major high voltage power line close
to the existing gas treatment plant created another hurdle for us
to overcome. Although conflicting professional opinions were
expressed by various parties, it was considered prudent, for safety
reasons, not to construct a new gas processing facility in close
proximity to the proposed power line, especially as the plant will
require expansion as more wells come on stream in Phase 2 of the
field development. The partners accordingly agreed to seek a new
location for the gas processing plant, negotiations with various
landowners were duly entered into and commercially satisfactory
terms agreed. This process took approximately six months and we are
pleased that final contracts for the purchase of the land are
expected to be signed in Q4 2014.
Further delays have been caused by the considerable uncertainty
and conflicting legal advice on the applicability of new EU
regulations regarding competitive tendering for all parts of the
construction phase. However certain rules on public procurement in
Slovenia have recently been relaxed, which should lead to shorter
lead times when issuing tenders for construction contracts.
Methanol plant
At the start of the period under review we expected the rapid
re-commissioning of the adjacent but mothballed methanol plant,
which was a potential outlet for our untreated gas.
The plant was acquired by an Austrian company that wishes to use
our untreated gas in the production of methanol. Discussions with
them in relation to the terms of an offtake agreement to supply gas
from our wells have reached an advanced stage.
The methanol plant continues to offer the potential for early
revenue in advance of the construction of infrastructure required
for the sale of gas into the national grid. However the Austrian
company's transaction with Nafta Lendava, the Slovenian seller of
the methanol plant, includes various outstanding preconditions that
need to be satisfied before it will start to re-commission the
plant and until these conditions are satisfied, we are not able to
sell our untreated gas to the methanol plant.
Funding
Background
Ascent requires funding until the Petišovci project becomes
operational.
GPS
In May 2014 we announced the conditional subscription for
ordinary shares by GPS of an initial sum of GBP11.7 million at a
price of 0.8p per share (the "Initial Subscription"). Also
announced was an additional subscription by GPS of a further GBP3.3
million subject to the performance of the Petišovci project and the
adjacent methanol plant before 31 December 2014.
The new shares to be issued as part of the Initial Subscription,
together with the shares GPS already owned would have taken GPS's
holding to some 47.9% of the enlarged share capital of Ascent and
to some 53.1% of the enlarged total should the additional
subscription have been made.
GPS planned to fund this investment principally through a
back-to-back arrangement with WRS.
Eidos Partners s.r.l. ("Eidos Partners"), an independent
advisory firm with offices in Milan and London, as financial
adviser to GPS, confirmed in writing to the Ascent board the
availability of the funds to make the Initial Subscription and that
these funds would not be used for any other purpose but to complete
the Initial Subscription.
Additionally, WRS separately confirmed in writing to Ascent that
in the event GPS did not pay for the Initial Subscription by 30
June 2014, WRS would provide Ascent with collateral pending receipt
of the Initial Subscription funds from GPS.
Current position
The obligations of GPS under the above agreement remain unmet
and GPS is clearly in default.
It remains the position that we have received no adequate
explanation as to why the funds identified to make the Initial
Subscription have not been transferred to Ascent or why WRS has
failed to honour its agreement with GPS.
Additionally, WRS has failed to fulfil a direct undertaking to
Ascent to provide adequate security to Ascent in the event that GPS
did not transfer the Initial Subscription monies by 30 June
2014.
Disappointingly, to date, Eidos Partners, have shown little
interest in securing the payment that they confirmed would be
made.
Current position
Since it became clear that completion of the GPS deal was not
certain Ascent has been in discussions with several alternative
providers of funds. We have also continued working with GPS to make
sure they fulfil their commitments.
To date none of these discussions have resulted in new funding
for Ascent. Accordingly on 8 September 2014, Ascent negotiated a
variation to the 2014 Henderson Loan Note agreement, whereby a
further GBP2 million was subscribed by Henderson at an effective
conversion price of 0.2p per share. A condition of the variation
was that the total amount available under the 2014 Loan Note
agreement has been reduced from GBP5 million to GBP4 million.
In the absence of additional funding this is expected to be
sufficient to cover the period to the end of Q1 2015. Beyond that,
additional funding would be required to continue with the Petišovci
project and to repay the 2013 and 2014 Loan Notes. The 2014 notes
are due for redemption on 23 December 2014, while the 2013 notes
are due on 31 January 2015.
New funding strategy
Until recently the financial strategy of the Group was to raise
sufficient funding to cover the permitting, construction and
commissioning phases of the Petišovci project. Following repeated
permitting delays it is clear that none of the banks identified for
the construction phase will advance material funding until the
permitting phase is completed. Therefore the revised financial
strategy is now to fund the Company solely for permitting and to
minimize all other costs. Inevitably this will result in waiting
for the long lead-time capital items when construction is set to
commence.
Bank funding
We are in advanced discussions with a major international
funding institution for a project loan for phase one of the
project. This is subject to their due diligence, which we
understand is progressing well.
Longer-term outlook
The Slovenian economy has suffered from the recent European
economic crisis and levels of foreign direct investment have been
disappointing, with national gas consumption being entirely reliant
on imported gas. The Petišovci project would be the largest gas
field within Slovenia and at full production could supply the
majority of the country's needs. The field should be advantageous
to the national energy strategy.
The Ascent board believes that Petišovci remains a project with
significant potential. Despite the issues referred to above,
progress continues to be made, together with our partners in
Slovenia, to bring the asset into production.
Once the project is fully permitted and with workable project
loans in place, Ascent is expected to move steadily towards
production and income. Management's estimate of the NPV10 of
Ascent's share of the asset is in excess of EUR150m. The Ascent
board expects that the project will provide material cash flows to
the Company from Q1 2016.
Yours faithfully
Clive Carver
Chairman
Consolidated Income Statement
for the Period ended 30 June 2014
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
Notes GBP '000s GBP '000s
Continuing Operations
Administrative expenses 3 (1,105) (1,114)
----------- -----------
Loss from operating activities (1,105) (1,114)
Finance income 2 305
Finance cost (783) (514)
----------- -----------
Net finance costs 4 (781) (209)
Loss before taxation (1,886) (1,323)
Income tax expense - -
----------- -----------
Loss for the period from
continuing operations (1,886) (1,323)
Loss net of tax from discontinued
operations - (32)
----------- -----------
Loss for the period attributable
to owners of the parent (1,886) (1,355)
Basic & fully diluted loss
per share
Loss per share from continuing
operations (0.12)p (0.13)p
Loss per share from discontinued
operations - (0.00)p
----------- -----------
Total loss per share 5 (0.12)p (0.13)p
Consolidated Statement of Comprehensive Income
for the Period ended 30 June 2014
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
GBP '000s GBP '000s
Loss for the year (1,886) (1,355)
Other comprehensive income
Currency translation differences
on foreign operations * (752) (544)
----------- -----------
Total comprehensive loss
for the year (2,638) (1,899)
Total comprehensive loss
attributable to:
Owners of the Company (2,638) (1,899)
Non-controlling interest - -
----------- -----------
Total comprehensive loss
for the year (2,638) (1,899)
----------- -----------
* Foreign currency translation differences from foreign
operations may be recycled through the income statement in the
future if certain conditions arise
Consolidated Statement of Changes in Equity
for the Period ended 30 June 2014
Share Equity Share Shares Share Translation Retained Total
Capital reserve Premium to based Reserve Earnings
be payment
issued reserve
Balance at 1 January
2013 1,026 - 52,198 - 1,901 2,102 (30,679) 26,548
Comprehensive income
Loss for the year - - - - - - (1,360) (1,360)
Other comprehensive
income
Currency translation
differences - - - - - 539 - 539
FX differences
recycled on foreign
ops - - - - - (379) 135 (244)
Total comprehensive
income - - - - - 160 (1,225) (1,065)
Transactions with
owners
Shares issued 125 - 459 - - - - 584
Convertible Loan - 518 - - - - - 518
Share-based payments - - - - 43 - 99 142
--------- --------- --------- -------- --------- ------------ ---------- --------
Balance at 30 June
2013 1,151 518 52,657 - 1,944 2,262 (31,805) 26,727
Balance at 1 January
2013 1,026 - 52,198 - 1,901 2,102 (30,679) 26,548
Comprehensive income
Loss for the year - - - - - - (3,592) (3,592)
Other comprehensive
income
Currency translation
differences - - - - - (1,276) - (1,276)
FX differences
recycled on foreign
ops - - - - - (1,324) - (1,324)
Total comprehensive
income - - - - - (2,600) (3,592) (6,192)
Transactions with
owners
Shares issued 425 - 3,635 84 - - - 4,144
Convertible Loan - 518 - - - - - 518
Share-based payments - - - - (5) - 100 95
Balance at 31 December
2013 1,451 518 55,833 84 1,896 (498) (34,171) 25,113
Balance at 1 January
2014 1,451 518 55,833 84 1,896 (498) (34,171) 25,113
Comprehensive income
Loss for the year - - - - - - (1,886) (1,886)
Other comprehensive
income
Currency translation
differences - - - - - (752) - (752)
Total comprehensive
income - - - - - (752) (1,886) (2,638)
Transactions with
owners
Shares issued 7 - 77 (84) - - - -
Convertible Loan - 91 - - - - - 91
Share-based payments - - - - (1,040) - 1,113 73
--------- --------- --------- -------- --------- ------------ ---------- --------
Balance at 30 June
2014 1,458 609 55,910 - 856 (1,250) (34,944) 22,639
--------- --------- --------- -------- --------- ------------ ---------- --------
Consolidated Statement of Financial Position
As at 30 June 2014
30 June 31 December
2014 2013
Unaudited Audited
Notes GBP '000s GBP
'000s
Assets
Non-current assets
Property, plant and equipment 2 3
Exploration and evaluation
costs 6 33,221 33,628
----------- ------------
Total non-current assets 33,223 33,631
Current assets
Trade and other receivables 88 110
Cash and cash equivalents 937 184
----------- ------------
Total current assets 1,025 294
Total assets 34,248 33,925
=========== ============
Equity and liabilities
Share capital 1,458 1,451
Equity reserve 609 518
Share premium account 55,910 55,833
Shares to be issued - 84
Share-based payment reserve 856 1,896
Translation reserves (1,250) (498)
Retained earnings (34,944) (34,171)
Total equity 22,639 25,113
----------- ------------
Non-current liabilities
Borrowings 7 - 4,957
Provisions 420 437
Other non-current liabilities 8 2,417 2,255
----------- ------------
Total non-current liabilities 2,836 7,649
Current liabilities
Trade and other payables 458 409
Borrowings 7 8,315 754
----------- ------------
Total current liabilities 8,773 1,163
Total liabilities 11,609 8,812
Total equity and liabilities 34,248 33,925
=========== ============
Consolidated Statement of Cash Flows
for the six months ended 30 June 2014
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
GBP '000s GBP '000s
Cash flows from operations
Loss before tax for
the year (1,886) (1,355)
DD&A charge 1 177
Decrease in receivables 22 428
Increase / (decrease)
in payables 49 (603)
Decrease in inventories - 8
Impairment of exploration
expenditure - 81
Share-based payment
charge 73 142
Exchange differences 6 (522)
Finance income (2) (243)
Finance cost 783 514
----------- -----------
Net cash flows from
operating activities (954) (1,373)
Cash flows from investing
activities
Interest received 2 38
Payments for investing
in exploration (389) (322)
----------- -----------
Net cash used in investing
activities (387) (284)
Cash flows from financing
activities
Interest paid and other
finance fees (55) (90)
Proceeds from loans 2,150 1,895
Loans repaid - (2,024)
Loan issue costs - (15)
Proceeds from issue
of shares - 627
Share issue costs - (38)
----------- -----------
Net cash generated from
financing activities 2,095 355
Net increase in cash
and cash equivalents
for the period 754 (1,302)
Effect of foreign exchange
differences (1) (2)
Cash and cash equivalents
at beginning of the
period 184 3,452
----------- -----------
Cash and cash equivalents
at end of the period 937 2,148
=========== ===========
Notes to the Financial Statements
For the Period ended 30 June 2013
1. Accounting Policies
Reporting entity
Ascent Resources plc ('the Company') is a company domiciled in
England. The address of the Company's registered office is 5 New
Street Square, London EC4A 3TW. The unaudited consolidated interim
financial statements of the Company as at 30 June 2014 comprise the
Company and its subsidiaries (together referred to as the 'Group')
and the Group's interest in associates.
Basis of preparation
The interim financial statements have been prepared using
measurement and recognition criteria based on International
Financial Reporting Standards (IFRS and IFRIC interpretations)
issued by the International Accounting Standards Board (IASB) as
adopted for use in the EU. The interim financial information has
been prepared using the accounting policies which will be applied
in the Group's statutory financial statements for the year ended 31
December 2014 and were applied in the Group's statutory financial
statements for the year ended 31 December 2013.
All amounts have been prepared in British Pounds, this being the
Group's presentational currency.
The interim financial information to 30 June 2014 and 30 June
2013 is unaudited and does not constitute statutory financial
information. The information given for the year ended 31 December
2013 does not constitute statutory accounts within the meaning of
Section 19 of the Companies (Amendment) Act 1986. The statutory
accounts for the year ended 31 December 2013 have been filed with
the Registrar and are available on the Company's web site
www.ascentresources.co.uk.
Going Concern
The financial statements of the Group are prepared on a going
concern basis.
On 5 June 2014 the shareholders approved a proposed subscription
for ordinary shares in the Company by Global Power Sources S.r.l
("GPS"). Global Power Sources S.r.l ("GPS") and their partners,
Salomon Werner HAB Privee Limited, formerly known as Salomon
Partners WRS Werner Rothschild & CIE Limited ("WRS"), failed to
make payment to Ascent of the GBP11.7m required to fund GPS's
investment in Ascent as approved by shareholders in a general
meeting held on 5 June 2014.
As a result, the board of Ascent was obliged to explore
alternative sources of funds, including maintaining an on-going
dialogue with GPS in this respect. Whilst positive discussions
continue, the Company has not yet concluded a replacement funding
transaction and therefore approached Henderson to agree the basis
for further drawdowns of up to GBP2 million under an Amended and
Restated Instrument.
Of the additional GBP2 million to be subscribed by Henderson
under the Amended and Restated Instrument, GBP0.3 million will be
used to repay the outstanding balance under the short term loan
facility from Darwin Strategic Limited, which was due for repayment
at the beginning of June 2014. The remaining GBP1.7 million is
expected to provide the Company with sufficient funds to complete
the permitting process and issue tender documentation for key
infrastructure necessary for full field development.
Liquidity and Capital Resources:
The Company continues to be an emerging business and currently
has no production cash flows; consequently, it manages its working
capital and liquidity position by balancing the timing of critical
expenditure with available funds. Further information on future
funding arrangements and the Directors' assessment of the Group's
going concern position is set out in note 1 of these Interim
Financial Statements.
Principal Risks and Uncertainties:
The principal risks and uncertainties affecting the business
activities of the Group remain those detailed on pages 56-58 of the
Annual Review 2013, a copy of which is available on the Company's
website at www.ascentresources.co.uk.
2. Financial Reporting Period
The interim financial information for the period 1 January 2014
to 30 June 2014 is unaudited. In the opinion of the Directors the
interim financial information for the period presents fairly the
financial position, and the results from operations and cash flows
for the period are in conformity with generally accepted accounting
principles consistently applied. The financial information is
prepared using the accounting policies which will be applied in the
Group's statutory financial statements for the year ending 31
December 2013. The financial statements incorporate unaudited
comparative figures for the interim period 1 January 2013 to 30
June 2013 and the audited financial year to 31 December 2013.
The financial information contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2013 are
not the Group's full statutory accounts for that year. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was
unqualified and included an emphasis of matter drawing attention to
the importance of disclosures made in the annual report regarding
going concern. It did not contain a statement under section
498(2)-(3) of the Companies Act 2006.
3. Administrative Expenses
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
GBP '000s GBP '000s
Employee costs 382 540
Share based payments
charge 73 142
Legal & Professional 128 110
Audit, Accountancy &
Tax 66 82
Consultancy costs 209 111
Listing related costs 191 75
Other office costs 56 53
----------- -----------
1,105 1,114
4. Finance income and costs recognised in loss
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
GBP '000s GBP '000s
Finance income
Income on bank deposits 2 4
Foreign exchange movements
realised - 301
2 305
Finance cost
Interest payable on
borrowings (564) (719)
Bank Charges (1) -
Unwinding of discount
/ adjustment to provision
(EnQuest) (162) 205
Foreign exchange movements (57) -
realised
----------- -----------
(783) (514)
5. Loss per share
Six months Six months
ended ended
30 June 30 June
2014 2013
Unaudited Unaudited
GBP '000s GBP '000s
Loss
Loss from continuing
operations (1,886) (1,323)
Loss from discontinued
operations - (32)
-------------- --------------
Total loss for the period
attributable to equity
shareholders (1,886) (1,355)
Wight average number
of ordinary shares
For basic earnings per
share 1,451,164,395 1,067,797,847
Loss per share (pence)
Loss per share from
continuing operations (0.12) (0.13)
Loss per share from
discontinued operations - (0.00)
-------------- --------------
Total loss per share (0.12) (0.13)
6. Exploration and Evaluation Costs
Slovenia Total
Cost
At 1 January 2013 31,918 31,918
Additions 322 322
Effects of movements
in exchange rates 821 821
--------- -------
At 30 June 2013 33,061 33,061
At 1 July 2013 33,061 33,061
Additions 1,021 1,021
Effects of movements
in exchange rates (454) (454)
--------- -------
At 31 December 2013 33,628 33,628
At 1 January 2014 33,628 33,628
Additions 389 389
Effects of movements
in exchange rates (796) (796)
--------- -------
At 30 June 2014 33,221 33,221
--------- -------
Carrying value
At 30 June 2014 33,221 33,221
At 31 December 2013 33,628 33,628
At 1 July 2013 33,061 33,061
7. Borrowings
30 June 31 December
2014 2013
Unaudited Audited
GBP '000s GBP '000s
Current
Loan with financial
institution 317 150
Convertible loan note 7,998 604
----------- ------------
8,315 754
----------- ------------
Non-current
Convertible loan note - 4,957
----------- ------------
- 4,957
----------- ------------
Analysis of convertible 30 June 31 December
loan note: 2014 2013
Unaudited Audited
GBP '000s GBP '000s
Fair value of consideration
received 2,000 1,954
Equity component (91) (204)
----------- ------------
Liability component
on initial recognition 1,909 1,750
Liability brought forward 5,561 3,217
Liability on initial
recognition 1,909 1,750
Interest expense 549 920
Equity component of
GBP3m rec'd December'12
and approved Apr'13 - (314)
Exchange movements (21) 8
Deferral of set up costs - (20)
----------- ------------
Liability at the end
of the period 7,998 5,561
8. Other non-current liabilities
The other non-current liability of GBP2,417,000 (December 2013:
GBP2,255,000) relates to the grant in 2011 of a nil cost option
over 29,686,000 new Ordinary Shares of 0.1p each in the Company to
EnQuest. The options are convertible at a price of 10p each; given
the current share price the Company considers it to be likely that
the option will be settled in cash rather than through the issue of
equity. As a result this was reclassified in 2012 from equity to
non-current liabilities. This is held at a discounted rate and
repayment is due in December 2015.
The discount rate used for the purposes of calculating accretion
interest was revised to 15% (2012: 10%). The interest accreted for
the period was GBP161,831.
9. Events subsequent to the reporting date
On 8 September 2014 the Company announced that it had entered
into a variation of to the existing GBP5 million 2014 Convertible
Loan Note Instrument pursuant to which Henderson Global Investors
Limited and Henderson Alternative Investment Advisor Limited
(together, "Henderson") subscribed for GBP2 million in principal
amount of loan notes ("Convertible Loan Notes") as announced on 5
February 2014. Under the terms of the variation, Henderson has
agreed to subscribe for further Convertible Loan Notes of up to
GBP2 million in principal amount on the terms of the amended
Instrument.
DIRECTORS AND ADVISERS
Directors Clive Nathan Carver
Leonard John Reece
William Cameron Davies
Nigel Sandford Johnson Moore
Colin Hutchinson
Secretary Colin Hutchinson
Registered Office 5 New Street Square
London, EC4A 3TW
Nominated Adviser finnCap Ltd.
& Broker
60 New Broad Street
London, EC2M 1JJ
Auditors BDO LLP
55 Baker Street
London, W1U 7EU
Solicitors Taylor Wessing LLP
5 New Street Square
London, EC4A 3TW
Bankers Barclays Corporate
1 Churchill Place
London, E14 5HP
Share Registry Computershare Investors Services
plc
The Pavilions
Bridgwater Road
Bristol, BS13 8AE
Company's registered
number 05239285
This information is provided by RNS
The company news service from the London Stock Exchange
END
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