TIDMATC
RNS Number : 4321S
Atlantic Coal PLC
24 September 2014
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
Atlantic Coal plc ("Atlantic" or the "Company")
Interim results
Atlantic Coal, the AIM listed opencast anthracite coal
production and processing company with primary activities in
Pennsylvania, USA, announces its results for the six months ended
30 June 2014.
Overview
-- Increase in production compared with H1 2013 despite
production loss caused by adverse weather in Q1 (H1 2014 - 84,567
tons, H1 2013 - 81,965 tons)
-- Sales held up well despite adverse weather in Q1 and
traditionally low sales volumes in Q2 (H2 2014 -75,738 tons, H1
2013 - 77,075 tons)
-- Total assets increase by 28% from US$ 29,014,187 to US$37,180,017
-- Purchase of six new Komatsu 100 ton dump trucks and other
capital equipment with aggregate value of $9,878,956.
Post-period end
-- Early repayment of SEDA advance and early completion of equity swap
-- On track to break the mine production record with the
Stockton mine working double shift and the washing plant working
three shifts;
-- Increases in US steel production and Ukraine's switch from
being an exporter to an importer of anthracite are already having a
positive effect on sales prices boding well for the rest of the
year;
-- Increased prices of stove, nut and rice anthracite by $10/ton from 1(st) September;
-- Chairman relocates to US to focus fully on funding acquisitions.
Atlantic Coal's Managing Director Steve Best said, "I am pleased
to report a solid performance in H1 and a number of positive
developments and trends that enable us to look forward to the rest
of the year with confidence. The reporting period includes Q1 when
our Stockton Mine faced the most challenging set of adverse weather
and temperature conditions we have experienced with the mine facing
a range of problems caused by the coldest and longest winter in
Pennsylvania for 20 years. Washing coal at temperatures
consistently well below freezing proved to be particularly
problematic and health and safety concerns, as well as practical
considerations, resulted in mining operations often having to be
suspended or scaled back. Sales as well as production suffered with
problems in getting anthracite to customers caused by problems on
the highway network and railways over large parts of the US and
Canada rendering it very difficult to fulfil the shipment of orders
to our customers.
We did, however, recover well in Q2 with record production and
sales levels. In these circumstances to have experienced such a
small loss is extraordinary and reflects well on the Company's
capability to bounce back after the Q1 weather problems.
Towards the end of the reporting period it became increasingly
apparent that local anthracite production in Pennsylvania was not
keeping pace with demand, a situation we correctly anticipated
would continue. This gave the Directors the confidence to make a
significant investment in capital equipment, the impact of which we
are already seeing, and which will ensure our ability to meet this
increasing demand. Our investment in capital equipment has come at
a good time for Atlantic Coal as we are seeing not only a
significant improvement in market demand but also in pricing for
anthracite with US steel production increasing and the conflict in
Ukraine increasingly turning that country from an exporter to an
importer of anthracite. Consequently on 1 September 2014 we were
able to increase the price of most grades of anthracite by $10/ton
and, as winter approaches with the usual seasonal increase in
demand and prices, I look forward with confidence to the remainder
of the year."
Chairman's statement
Operations Review
This set of results for the six months to the 30 June 2014
reflects the difficulties we faced at Stockton because of severe
snow and freezing temperatures in Q1. These conditions have
certainly impacted on our financial results, as we were unable to
mine, wash and sell the same volumes of coal we were able to do
during the same period last year. It was not just Atlantic Coal
that was impacted by the severe weather but also all other
Pennsylvania anthracite miners. Indeed, the US economy as a whole
contracted by 2.9% in the first quarter of 2014, much of which
commentators put down to the severe adverse weather conditions.
After the adverse weather our workforce at Stockton responded
well in Q2 which enabled us to post record production and sales
figures for Q2 and increased production figures compared with H1
2013 and sales figures which were only marginally behind those of
H1 2013.
We produce a first class anthracite product at Stockton with
high carbon, low ash and low sulphur levels which place it among
the highest quality anthracite in the world. This, together with
the strengthening market and the Stockton workforce's ability to
"rise to the occasion", gave the Directors the confidence to make a
considerable investment in our mining equipment during the
reporting period with the acquisition of six Komatsu 100 ton dump
trucks and two Caterpillar D9 bulldozers. We are now well
positioned to increase production with our much improved and
efficient equipment. Our assets have increased by 28%, a reflection
of the investment we have put into Stockton during the reporting
period.
Post-period end, our record production and sales levels in Q2,
gave us the ability and confidence to make an early repayment of
the SEDA and to bring forward the expiry date of the equity swap
facility.
We have long stated that our ambition is to grow both our
reserve base of anthracite and our production capacity and have
been actively looking for further high quality and economically
viable anthracite coal properties. This process continues and I am
pleased to report to shareholders that I am proposing to relocate
to the US and apply for the appropriate working visa so that I can
support Steve Best and our technical team in not only finding the
right properties for us to purchase, but also to make sure Atlantic
secures a cost effective financing package so we can execute on
this strategy. We have also been positively progressing the mine
planning and engineering process on the Pott and Bannon reserve
site with a view to bringing the site into production. We are,
however, also looking at the programme for opening up the site in
the context of our potential acquisition of both new anthracite
reserves and operational mines.
Commercially we are pleased to see the return of more buoyant
pricing and demand for anthracite as US steel production picks up
and the disappearance of Ukrainian anthracite from the market
caused by the conflict in that country and which had a depressive
effect on prices in both export and US markets. These factors
combine to create improved financing possibilities for Atlantic to
set about its expansion strategy and, of course, any future price
rises we achieve for our product go straight to the "bottom
line".
Whilst it is disappointing to post a small net loss for the
reporting period, it should be noted that the performance would
have been much improved had it not been for the severe weather in
Q1 and the foreign exchange losses. Despite the severe weather in
Q1 which left us behind schedule we are pleased to report that we
are now well on course to break the mine production record of
161,529 tons. We are delighted that Atlantic has been able to
manage our Stockton operation in such an effective manner in what
has been a very difficult operational environment. Shareholders
should remain confident that the Company is well positioned to
benefit from a positive upturn in demand and pricing for its
anthracite.
Outlook
Commercially, there are two leading factors that are creating
much better pricing and demand fundamentals for anthracite.
Firstly, there has been a noticeable improvement in US steel
production that is serving to drive demand and helping lift prices.
Secondly, we are now seeing the impact of the removal from the
market of the influencing factors of Ukrainian anthracite supply
and pricing benchmarks that in the past have served to depress
prices paid by customers for anthracite not only in export markets
but also in the US and Canadian markets. These factors combine to
create improved pricing and demand for the Pennsylvania anthracite
industry which we anticipate will be of positive benefit to our
financial performance moving forward.
Our production and sales volumes are good and, despite the
severe weather in Q1 which left us behind schedule, we remain well
on course to break the mine production record of 161,529 tons. As
we proceed through the next reporting period we are surrounded by a
better set of market conditions for anthracite and a much improved
mining and equipment fleet that, with the support of our
operational team, is well positioned to exploit exciting and
expanding new customer channels. I look forward to updating
shareholders as we work to unlock value from the improving market
and operational conditions.
Finally, I would like to take this opportunity to thank our
team, shareholders and associates for their support over recent
months. We look forward to providing further updates at the
appropriate time.
Adam Wilson
Chairman
For further information on the Company, visit
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Condensed Consolidated Income Statement Note 6 months to 6 months
30 June 2014 to
Unaudited 30 June 2013
$ Unaudited
$
Turnover 9,447,100 10,477,123
Cost of sales (7,486,803) (7,045,126)
Gross profit 1,960,297 3,431,997
Administration expenses (1,627,793) (1,653,989)
Exceptional expenses (59,604) (398,145)
Other income 151,134 -
Other (losses)/gains - net (586,565) 1,589,811
(Loss)/Profit from operations 4 (162,531) 2,969,674
Finance costs (109,390) (481,209)
(Loss)/Profit from ordinary activities
before tax (271,921) 2,488,465
Corporation tax expense - -
__ ___ _ __ ___ _
Retained (Loss)/Profit for the period
attributable to shareholders (271,921) 2,488,465
(Loss)/Profit per share - basic and 6 (0.01) cents 0.06 cents
diluted
All activities are classified as continuing.
Condensed Consolidated Statement of Comprehensive 6 months to 6 months
Income 30 June 2014 to
Unaudited 30 June 2013
$ Unaudited
$
(Loss)/Profit for the period (271,921) 2,488,465
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translating foreign
operations 64,911 (1,301,780)
Total comprehensive income for the period
attributable to equity holders of the Company (207,010) 1,186,685
Condensed Consolidated Balance Sheet 30 June 31 December
2014 2013
Unaudited Unaudited
Note $ $
ASSETS
Non-current assets
Property, plant & equipment 7 17,783,281 9,123,661
Land, coal rights and restoration 8 12,506,072 12,805,313
Other assets 50,050 62,421
30,339,403 21,991,395
Current assets
Inventories 2,981,526 2,804,216
Trade and other receivables 2,785,085 2,171,775
Other assets 207,436 195,589
Derivative Financial Instruments 570,780 974,209
Cash and cash equivalents 295,787 877,003
6,840,613 7,022,792
Total assets 37,180,017 29,014,187
EQUITY & LIABILITIES
Equity
Share capital 9 5,510,300 5,510,300
Share premium 9 40,359,710 40,359,710
Merger reserve 13,898,706 13,898,706
Reverse acquisition reserve (12,999,288) (12,999,288)
Other reserves 94,666 94,666
Translation reserve (2,299,382) (2,364,293)
Retained losses (32,129,349) (31,857,428)
12,435,363 12,642,373
Non-current liabilities
Borrowings 10 9,310,062 1,810,483
Accrued restoration costs 4,373,599 4,190,255
13,683,661 6,000,738
Current liabilities
Trade and other payables 7,447,788 7,233,220
Borrowings 10 3,455,105 2,962,856
Accrued restoration costs 158,100 175,000
11,060,993 10,371,076
Total equity and liabilities 37,180,017 29,014,187
Condensed Consolidated Statement of
Changes in Equity
Attributable to the owners of the parent
--------------------------------------------------------------------------------------------------------
Share Share Merger Other Reverse Translation Retained Total
capital Premium reserve reserves acquisition reserve losses equity
reserve
$ $ $ $ $ $ $ $
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- -----------
As at 1
January
2014 5,510,300 40,359,710 13,898,706 94,666 (12,999,288) (2,364,293) (31,857,428) 12,642,373
Loss for the
period - - - - - - (271,921) (271,921)
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - 64,911 64,911
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- -----------
Total
comprehensive
income - - - - - 64,911 (271,921) (207,010)
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- -----------
Total
transactions
with owners - - - - - - - -
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- -----------
As at 30 June
2014 5,510,300 40,359,710 13,898,706 94,666 (12,999,288) (2,299,382) (32,129,349) 12,435,363
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- -----------
Attributable to the owners of the parent
---------------------------------------------------------------------------------------------------------
Share Share Merger Other Reverse Translation Retained Total
capital Premium reserve reserves acquisition reserve losses equity
reserve
$ $ $ $ $ $ $ $
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 1
January
2013 4,595,188 38,670,457 15,326,850 88,510 (12,999,288) (2,391,623) (31,834,940) 11,455,154
Profit & Loss
for the
period - - - - - - 2,488,465 2,488,465
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - (1,618,620) - (1,618,620)
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
comprehensive
income - - - - - (1,618,620) 2,488,465 869,845
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
transactions
with owners - - - - - - - -
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 30 June
2013 4,595,188 38,670,457 15,326,850 88,510 (12,999,288) (4,010,243) (29,346,475) 12,324,999
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Condensed Consolidated Cash Flow Statement 6 months to 6 months
30 June 14 to
Unaudited 30 June 13
$ Unaudited
$
Cash flows from operating activities
(Loss)/Profit before taxation (271,921) 2,488,465
Adjustments for:
Finance costs 109,390 481,209
Depreciation 1,071,133 849,133
Mine depletion and mineral depreciation 299,241 438,502
Accretion, accrued restoration costs 183,344 190,547
Reclamation costs incurred (16,900) (96,850)
Profit on disposal of property, plant (151,134) -
& equipment
Foreign exchange loss 38,783 (1,559,161)
Loss on derivative financial instruments 171,132 -
Changes in working capital:
Increase in trade and other receivables (600,939) (749,721)
Increase in inventories (177,310) (721,885)
Increase in trade and other payables 214,568 13,475
Net cash generated from operating activities 869,387 1,333,714
Cash flows from investing activities
Purchase of property, plant and equipment (269,103) (223,558)
Proceeds from sale of property, plant 151,134 -
and equipment
(Increase)/decrease in deposits & escrow (11,847) 5,434
Proceeds received from derivative financial 217,086 -
instruments
Net cash generated from/(used in) investing
activities 87,270 (218,124)
Cash flows from financing activities
Refinancing of equipment through finance
lease - 419,249
Repayments of borrowings (433,891) (385,615)
Interest paid (109,390) (356,070)
Finance lease payments (999,673) (2,336,331)
Net cash used in financing activities (1,542,954) (2,658,767)
Net (decrease) in cash and cash equivalents (586,297) (1,543,177)
Effect of foreign exchange rate changes 5,081 (52,948)
Cash and cash equivalents at the beginning
of the period 877,003 1,902,348
Cash and cash equivalents at the end
of the period 295,787 306,223
Significant non-cash transactions
During the period ended 30 June 2014, the Group purchase various
items of plant and equipment with an aggregate value of $9,878,956
(30 June 2013: $428,077) through finance leases.
Notes to the unaudited interim results
1. General information
The principal activity of Atlantic Coal plc ('the Company') and
its subsidiary (together 'the Group') is the development and
operation of the Stockton Colliery which comprises the Stockton
Mine and an anthracite washing plant in Pennsylvania. There is no
significant seasonality or cyclicality of the Group's operations
between interim periods.
The Company's shares are listed on the AIM Market of the London
Stock Exchange (AIM). The Company is incorporated and domiciled in
the United Kingdom. The address of its registered office is 200
Strand, London WC2R 1DJ.
2. Basis of preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The condensed interim financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2013, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Statutory financial statements for the year
ended 31 December 2013 were approved by the Board of Directors on 4
June 2014 and delivered to the Registrar of Companies. The report
of the auditors on those financial statements was unqualified.
The 2014 interim financial report of the Company has not been
audited but has been reviewed by the Company's auditor, PKF
Littlejohn LLP, whose independent review report is included in this
Interim Report.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Group to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
condensed interim financial statements for the period ended 30 June
2014.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Group's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2013 Annual
Report and Financial Statements, a copy of which is available on
the Group's website: www.atlanticcoal.com. The key financial risks
are liquidity risk, foreign exchange risk, credit risk, price risk
and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the end of the reporting
period. Significant items subject to such estimates are set out in
note 2 of the Group's 2013 Annual Report and Financial Statements.
The nature and amounts of such estimates have not changed
significantly during the interim period.
3. Accounting policies
The same accounting policies, presentation and methods of
computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Group's
financial statements for the year ended 31 December 2013, except
for the impact of the adoption of the Standards and interpretations
described below.
Changes in accounting policy and disclosures
New and amended standards adopted by the Group:
Amendment to IAS 32, 'Offsetting Financial Assets and Financial
Liabilities', add application guidance to address inconsistencies
identified in applying some of the criteria when offsetting
financial assets and financial liabilities. This includes
clarifying the meaning of "currently has a legally enforceable
right of set-off" and that some gross settlement systems may be
considered equivalent to net settlement.
Amendment to IAS 36, 'Recoverable Amount Disclosures for
Non-Financial Assets', to reduce the circumstances in which the
recoverable amount of assets or cash-generating units is required
to be disclosed, clarify the disclosures required, and to introduce
an explicit requirement to disclose the discount rate used in
determining impairment (or reversals) where recoverable amount
(based on fair value less costs of disposal) is determined using a
present value technique.
IFRS 10, 'Consolidated financial statements', builds on existing
principles by identifying the concept of control as the determining
factor in whether an entity should be included within the
consolidated financial statements of the parent company. The
standard provides additional guidance to assist in the
determination of control where this is difficult to assess.
4. Loss for the period
Loss for the period includes the following items which are
unusual because of their nature, size or incidence:
6 months to 6 months
30 June 14 to
Unaudited 30 June
$ 13
Unaudited
$
Foreign exchange (losses)/gains (402,417) 1,589,811
5. Dividends
No dividend is proposed for the period.
6. Loss per share
The calculation of loss per share of 0.01 cents (30 June 2013:
profit per share of 0.06 cents) is based on a retained loss of
$271,921 for the period ended 30 June 2014 (30 June 2013: profit of
$2,488,465) and the weighted average number of shares in issue in
the period ended 30 June 2014 of 4,662,538,502 (30 June 2013:
3,868,772,016). The diluted earnings per share are the same as the
basic earnings per share as they would have the same weighted
average number of shares in issue.
Details of share options that could potentially dilute earnings
per share in future periods are disclosed in note 9 to these
condensed interim financial statements.
7. Property plant and equipment
During the period the Group acquired various items of mining
equipment with an aggregate value of $9,878,956 (30 June 2013:
$428,077). Assets with a net book value of $nil (30 June 2013:
$nil) were disposed of during the period. The proceeds of sale were
$151,134.
8. Land, Coal Rights and Restoration Costs
Railway Land, surface Exploration
Stockton relocation and mineral licence
mine costs costs costs costs Total
$ $ $ $ $
Cost
As at 1 January 2013 7,009,977 3,198,727 3,550,000 13,758,704
Additions - - - 6,000,000 6,000,000
Decrease in retirement
obligation estimate (700,832) - - - (700,832)
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 31 December 2013 6,309,145 3,198,727 3,550,000 6,000,000 19,057,872
------------------------ -------------- ---------------- -------------- ------------ ---------------
Additions - - - - -
As at 30 June 2014 6,309,145 3,198,727 3,550,000 6,000,000 19,057,872
------------------------ -------------- ---------------- -------------- ------------ ---------------
Mine depletion and mineral
depreciation
As at 1 January 2013 3,456,815 243,678 1,774,244 - 5,474,737
Charge for the year 338,028 281,127 158,667 - 777,822
As at 31 December 2013 3,794,843 524,805 1,932,911 - 6,252,559
------------------------ -------------- ---------------- -------------- ------------ ---------------
Charge for the period 118,142 125,643 55,456 - 299,241
As at 30 June 2014 3,912,985 650,448 1,988,367 - 6,551,800
------------------------ -------------- ---------------- -------------- ------------ ---------------
Net book value
As at 1 January 2013 3,553,162 2,955,049 1,775,756 - 8,283,967
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 31 December 2013 2,514,302 2,673,922 1,617,089 6,000,000 12,805,313
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 30 June 2014 2,396,160 2,548,279 1,561,633 6,000,000 12,506,072
------------------------ -------------- ---------------- -------------- ------------ ---------------
The retirement and depreciation provision for the Stockton mine
property is calculated using current cost estimates provided by an
independent third party consultant. The current cost estimates are
applied to the required reclamation activities up to the date of
closure of the mine.
9. Called up share capital
There has been no movement in the authorised share capital
during the period. The movements in issued share capital are as
follows:
Issued Ordinary
Number of shares Share premium Total
shares $ $ $
At 1 January 2014 4,662,538,502 5,510,300 40,359,710 45,870,010
At 30 June 2014 4,662,538,502 5,510,300 40,359,710 45,870,010
Share options and warrants
A reconciliation of the movements in the number of options and
warrants outstanding and exercisable during the period is as
follows:
Number
Outstanding as at 1 January 2014
and 30 June 2014 499,679,243
Exercisable at 1 January 2014 and
30 June 2014 499,679,243
Outstanding as at 1 January 2013 206,793,449
Expired (75,000,000)
------------------------------------ --------------
Outstanding as at 30 June 2013 131,793,449
------------------------------------ --------------
Exercisable at 30 June 2013 131,793,449
10. Borrowings
In November 2013 the Group drew a second tranche of loan of
$500,000 under its standby equity distribution agreement ("SEDA")
with YA Global Master SPV Ltd.
11. Events after the balance sheet date
On 8 August 2014 the Group announced that it had completed the
repayment of all outstanding loans under its SEDA backed loan
agreement with YA Global Master SPV Ltd. The first tranche was
repaid on time and the second tranche was repaid early.
12. Approval of interim financial statements
The Condensed interim financial statements were approved by the
Board of Directors on 23 September 2014.
13. Copies of report:
Copies of these Interim results will be sent to shareholders
upon request. Otherwise, shareholders will be able to download a
copy of the interim results from the Company's website
www.atlanticcoal.com. Further copies will be available from the
Company Secretary, at Atlantic Coal Plc, 200 Strand, London WC2R
1DJ.
Independent Review Report to Atlantic Coal Plc
Introduction
We have been engaged by Atlantic Coal Plc to review the
condensed set of Financial Statements in the half-yearly financial
report for the six months ended 30 June 2014 which comprise the
condensed consolidated income statement, condensed consolidated
statement of comprehensive income, condensed consolidated balance
sheet, consolidated statement of changes in equity, condensed
consolidated cash flow statement and related notes. We have read
the other information contained in the half-yearly financial report
and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of Financial Statements.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules for Companies.
The annual Financial Statements of the Group are prepared in
accordance with IFRSs as adopted by the European Union. The
condensed set of Financial Statements included in this half-yearly
financial report has been prepared in accordance with the
requirements of the AIM Rules for Companies.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of Financial Statements in the half-yearly
financial report based on our review. This report, including the
conclusion, has been prepared for and only for the Company for the
purpose of the AIM Rules for Companies and for no other purpose. We
do not, in producing this report, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Scope of review
We conducted our review in accordance with the International
Standard on Review Engagements 2410 "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity"
issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of Financial Statements
in the half-yearly financial report for the six months ended 30
June 2014 is not prepared, in all material respects, in accordance
with the AIM Rules for Companies.
PKF Littlejohn LLP
Chartered Accountants and Registered Auditors
1 Westferry Circus
Canary Wharf
London
E14 4HD
23 September 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DXLFLZKFEBBQ
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