TIDM3LEG
RNS Number : 5276O
3Legs Resources plc
20 September 2011
3Legs Resources plc
Interim Results
for the six months ended 30 June 2011
3Legs Resources plc (the "Company"), a company focussed on the
exploration and development of unconventional oil and gas resources
with a particular focus on shale gas in Europe, is pleased to
announce its Interim Results for the six months ended 30 June
2011.
Financial highlights
-- Successful listing on AIM completed in June 2011
-- Raised GBP62.5 million before expenses, to fund the Company's
ongoing seismic and drilling programme, with a primary objective of
continuing to explore the Company's six Baltic Basin licences in
Poland
-- Cash position of GBP61 million at period end
Operational highlights
-- Conclusion of initial analysis on Lebien LE-1 and Legowo LE-1
vertical test wells in March 2011, enabling the Company to develop
a new interpretation of the Baltic Basin geology
-- Independent report by Netherland, Sewell & Associates
Inc. on Original-Gas-in-Place ('OGIP') volumes on the Company's
Baltic Basin licences, giving an OGIP figure of 170 tcf gross, 50
tcf net to the Company
-- Conclusion of drilling of Lebien LE-2H horizontal well in
June 2011 on the Company's Lebork licence - this was the first
horizontal shale gas well in Poland, and encountered high gas
saturations throughout the horizontal section; preparation for its
completion in Q3 2011
-- Acquisition and interpretation of 50 sq km of 3D seismic on
the Company's Damnica licence in February 2011
-- Preparation for spudding of Warblino LE-1H horizontal well on
its Damnica licence
Outlook
-- Multi-stage hydraulic fracture stimulation programmes on
Lebien LE-2H and Warblino LE-1H horizontal wells, with first test
results expected in Q4 2011
-- Planned participation in Government-approved PolandSPAN
regional 2D seismic survey covering Baltic Basin, coupled with a
revised timetable for completing remaining 3D seismic survey
commitments on the Company's Baltic Basin licences
-- Acquisition of 3D seismic on the Company's Krakow licences to
meet licence commitments, plus an additional 2D seismic survey on
these licences
-- Variation of timetable for drilling first vertical test well
on Krakow licences
Tim Eggar, Chairman of 3Legs Resources plc, said:
"We completed our initial public offering in June, raising
GBP62.5 million gross, and consequently we look forward to
continuing to leverage our first mover position in the Baltic
Basin. We are making good progress in our work programme, having
drilled the first horizontal shale gas well in Poland, and we have
now successfully completed the first multi-stage hydraulic fracture
stimulation of a horizontal shale gas well in Poland. We will
continue to advance our primary objective of demonstrating the
commercial potential of our sizeable Baltic Basin licences."
For further information contact:
3Legs Resources plc Tel: +44 1624 811
611
Peter Clutterbuck, Chief Executive
Officer
Alexander Fraser, Chief Financial Officer
Jefferies International Limited Tel: +44 207 029
8000
Alex Grant
Chris Snoxall
College Hill Tel: +44 207 457
2020
Catherine Maitland
Nick Elwes
Chief Executive Officer's statement and review
Introduction
3Legs Resources has achieved a significant milestone in its
development as a leading independent European unconventional oil
and gas company, with the completion of the Company's initial
public offering on AIM in June 2011 raising GBP62.5 million gross,
GBP58.1 million net, to enable the Company to finance its ongoing
exploration activity, primarily on the Company's Baltic Basin
licences in northern Poland. A first mover in Poland, 3Legs
Resources holds six exploration and prospection licences covering
approximately 1,084,000 acres in the onshore Baltic Basin, a region
considered to be one of the most promising shale basins in Europe.
In addition to these assets, the Company holds onshore exploration
licences over acreage near Krakow in southern Poland and in
Baden-Wurttemberg in south-west Germany.
Operational review
In the Polish Baltic Basin, currently at the forefront of
emerging shale gas plays in Europe, 3Legs Resources is well placed
to continue to leverage its first mover advantage by pursuing an
active drilling programme, in conjunction with its co-venturer
ConocoPhillips. The Company expects to have first test results from
the first two horizontal shale gas wells in Poland, the Lebien
LE-2H and the Warblino LE-1H wells drilled on the Company's Lebork
and Damnica licences respectively, in the fourth quarter of
2011.
During the six months ended 30 June 2011, the Company continued
to progress its exploration programme on its six Baltic Basin
licences. Following on from the successful production of gas from
the Lebien LE-1 well on its Lebork licence in December 2010, the
Company conducted a second diagnostic fracture injection test
('DFIT') on this well in March 2011. At the Legowo LE-1 well on its
Cedry Wielkie licence, the Company performed two DFITs on the
target lower Palaeozoic shales in January and February 2011.
Following conclusion of these tests and an appraisal of the results
of both wells, the Company has selected the western Baltic Basin
licences, particularly Lebork and Damnica, on which to prioritise
the next phase of its exploration activity.
In late 2010 the Company retained Netherland, Sewell &
Associates, Inc. ('NSAI') to conduct an independent assessment of
Original-Gas-In-Place ('OGIP') volumes across the Company's Baltic
Basin licences for the purposes of its initial public offering.
NSAI issued its final report as of January 2011. In its report,
NSAI arrived at an independent assessment of OGIP volumes of 170
tcf gross, 50 tcf net to the Company across the licences. These
in-place volumes are indicative of the very significant upside
potential for the Company if its horizontal drilling programme is
successful in producing commercial recoveries of hydrocarbons.
In May 2011 the Company spudded its third well, Lebien LE-2H -
the Company's first horizontal well and the first horizontal shale
gas well in Poland - on the same location as its earlier Lebien
LE-1 well. This well reached target depth on 21 June 2011 and
included a 1,000 metre horizontal section in the target lower
Palaeozoic shales, encountering high gas saturations throughout the
horizontal section. Activity on this well is continuing and is
discussed further below.
The Company completed the acquisition, processing and
interpretation of its third 3D seismic survey on its Baltic Basin
licences in March 2011. Measuring 50 sq km, this survey is situated
on the Damnica licence and was used to select the location for the
Company's fourth well (and second horizontal well), Warblino
LE-1H.
All field activities were carried out in accordance with all
applicable health, safety and environmental requirements.
Operational update - post half year end
Baltic Basin licences
In the period since 30 June 2011, the Company has completed a
multi-stage hydraulic fracture stimulation on the Lebien LE-2H
well. This hydraulic fracture programme was commenced on 10 August
and was successfully concluded on 28 August. On 8 September the
well commenced flowing natural gas and a flare was lit for a test,
to enable the potential of the well to be assessed. Testing on this
well is continuing and an announcement will be made in due
course.
The Company spudded the Warblino LE-1H well on 17 July 2011.
Situated on its Damnica licence, this well represents a 25 km
step-out to the west of the Lebien LE-2H well. The well comprises a
vertical pilot well to the base of the target lower Palaeozoic
shales for core analysis and logging, followed by a lateral
section. When the lateral section has been drilled the well will be
prepared for a completion programme including a multi-stage
hydraulic fracture stimulation, following which the well will be
put on test. Completion of this well and commencement of testing is
scheduled for the fourth quarter of 2011.
Conclusion of the testing of the Lebien LE-2H and Warblino LE-1H
wells will materially advance the Company's understanding of the
regional geology in the area of its Baltic Basin licences and of
its licences' potential for production of gas and liquids from the
organic-rich lower Palaeozoic shales in the Silurian, Ordovician
and Cambrian intervals. The Company expects to improve further its
regional geological interpretation through data exchanges with
other licence holders in the Baltic Basin and adjacent basins,
discussions for which are ongoing.
Under the terms of the farm-in arrangements agreed between
ConocoPhillips and the Company in 2009, ConocoPhillips will need to
determine by 20 March 2012 whether or not to exercise its option to
take up a 70% interest in the Company's six Baltic Basin licences,
thus leaving the Company with a net 30% interest in these licences.
If ConocoPhillips does exercise its option, operatorship of the
Baltic Basin licences will also pass automatically to
ConocoPhillips.
The Company is making preparations to participate in the
PolandSPAN 2D regional seismic survey study currently being
undertaken by ION Geophysical with the approval of the Polish
Government. This study is a large collaborative research programme
intended to cover most of Poland with a view to providing both the
Government and E&P companies with a more comprehensive
understanding of the regional geology and the potential risk
factors associated with shale hydrocarbon exploration and
production in the region. Acquisition of 2D data in the area of the
Company's Baltic Basin licences is expected to commence in late
2011 or early 2012 and the net cost to the Company of participating
in the study is expected to be under EUR1 million. In addition, the
Company is in discussions with the Polish Ministry of Environment
regarding the rescheduling of its remaining 3D seismic commitments
until conclusion of the PolandSPAN study.
Krakow licences
Preparations are underway for the completion of seismic surveys
on the Company's three Krakow licences, comprising 50 sq km of 3D
seismic to meet existing licence commitments and a further 75 km of
2D seismic on the Company's Dabie-Laski licence, which is over and
above the Company's original licence commitments. Acquisition is
expected to commence in the fourth quarter of 2011. The Company is
also in discussions with the Polish Ministry of Environment
regarding deferring the timetable for drilling a first vertical
test well on its Dabie-Laski licence until the seismic surveys have
been concluded.
Industry collaboration
The Company plays an active role in addressing issues of common
concern to the Polish oil & gas sector through its membership
of the Polish Exploration and Production Industry Organization
('OPPPW'), an association of exploration & production companies
operating in Poland which is engaged in dialogue with the Polish
Government, Government agencies and other interested parties. The
principal areas of interest addressed by the OPPPW include oil
& gas legislation, health & safety, environmental
regulation and labour law. The Company's Poland Country Manager,
Kamlesh Parmar, was elected to the Board of the OPPPW in September
2011.
Financial review
The Company recorded a loss of GBP96,920 for the six month
period to 30 June 2011, as compared with a profit before tax of
GBP739,896 in the same period in 2010. Other income increased to
GBP2,585,916 in the six month period to 30 June 2011, from
GBP862,807 in the same period in 2010, partly as a result of the
increased activity on the Company's Baltic Basin licences, financed
by ConocoPhillips pursuant to the farm-in arrangements agreed
between ConocoPhillips and the Company in 2009. Other income also
included receipt of a retention payment of $1 million (GBP613,019)
from ConocoPhillips pursuant to the farm-in arrangements, leaving a
further $0.5 million potentially still outstanding. Administrative
expenses increased to GBP2,695,312 in the six month period to 30
June 2011, from GBP425,182 in the same period in 2010. This
movement reflects primarily costs incurred by the Company in
connection with its initial public offering on AIM in June 2011, of
which GBP1,148,514 was charged to the income statement during the
period, coupled with the impact of foreign exchange movements on
certain intra-group balances, which resulted in the recognition of
a net foreign exchange loss of GBP684,181 in the period, as
compared to a net foreign exchange gain of GBP123,784 in the same
period in 2010. Administrative expenses for the six month period to
30 June 2011 also include the costs of retaining certain other
consultants in connection with the Company's transition to listed
company status.
Investment in intangible exploration and evaluation assets over
the period to 30 June 2011 amounted to GBP3,241,805, as compared
with GBP253,477 in the same period in 2010. This expenditure
represents primarily the Company's equity share of exploration
expenditure in its Baltic Basin licences, most of which was
incurred on its behalf by its co-venturer ConocoPhillips. Cash and
cash equivalents at the end of the period amounted to
GBP61,025,904, as compared with GBP595,670 as at 30 June 2010. The
Company's treasury policy provides for cash reserves to be held on
deposit with a small number of financial institutions rated at
least A- or higher, in a combination of euro, sterling and dollars
with a weighting towards euro as a hedge against the Company's
principal currency exposure.
Management
The Company strengthened its management team with the
appointment of Peter Clutterbuck as Chief Executive Officer in
January 2011. Peter Clutterbuck has over 35 years' experience in
the upstream oil & gas industry, having held senior management
positions in BP as well as in a number of quoted independent
E&P companies. Prior to joining the Company, he was Chief
Executive Officer of Toronto-listed Orca Exploration, and a
Director of AIM-listed Mediterranean Oil and Gas, and President
Petroleum. He was also Managing Director and founder of AIM-listed
Northern Petroleum.
The Company further strengthened its board with the appointment
of Dr. David Bremner as a non-executive director in January 2011
and of Rod Perry as a non-executive director in February 2011.
David Bremner has been involved in the international oil and gas
business for 33 years, having been a non-executive director and
then Chief Executive Officer of Indago Petroleum plc and an
executive director of Monument Oil and Gas plc. He started his
career at BP in 1977.
Rod Perry is currently Deputy Chairman of Bwin. Party Digital
Entertainment plc, having previously been Chairman of Party Gaming
plc. He is non-executive director and senior advisor of Ithmar
Capital (Dubai), a US$250 million private equity fund, and he has
also been a non-executive director of Indago Petroleum plc and of
Gulf of Guinea Energy. From 1985 to 2005, he was employed by 3i
plc, including as a member of the executive committee from 1995 to
2005 and as executive director of 3i Group plc from 1999 to
2005.
Conclusion
The Company has always considered that it may take a number of
additional wells, over and above the two horizontal wells currently
in process, to enable it to form a detailed understanding of the
prospectivity of the Baltic Basin. The Company also considers that
well results are likely to improve as it advances its understanding
of the basin geology and rock properties. Nevertheless, the results
of the testing of the Lebien LE-2H and Warblino LE-1H horizontal
wells, expected from the fourth quarter of 2011 onwards, will be a
key near term milestone for the Company. I believe that the
Company's active ongoing exploration programme, coupled with its
strong funding position following its recent highly successful
initial public offering, mean that it is excellently positioned to
build value for shareholders.
Peter Clutterbuck
Chief Executive Officer
3LEGS RESOURCES PLC
Consolidated Income Statement
For the six months ended 30 June 2011
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
Notes GBP GBP GBP
Continuing operations
Revenue - - -
Other income 2,585,916 862,807 3,187,508
Administrative expenses (2,695,312) (425,182) (989,115)
Operating (loss)/profit (109,396) 437,625 2,198,393
Revaluation of investment - 17,898 -
Loss on disposal of
investment - - (21,266)
Investment income 12,476 566 2,121
Other gains and losses - 283,807 283,807
(Loss)/profit before tax (96,920) 739,896 2,463,055
Tax - - -
(Loss)/profit for the
period attributable to
equity holders of the
parent (96,920) 739,896 2,463,055
(Loss)/profit per Ordinary
Share
Basic 4 (0.002) 0.015 0.049
Diluted 4 (0.002) 0.015 0.048
3LEGS RESOURCES PLC
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2011
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
(Loss)/profit for the period (96,920) 739,896 2,463,055
Other comprehensive income
Exchange differences arising
on translation of foreign
operations 1,480,070 (648,568) (496,578)
Total comprehensive income
for the period attributable
to equity owners of the parent 1,383,150 91,328 1,966,477
3LEGS RESOURCES PLC
Consolidated Balance Sheet
As at 30 June 2011
Unaudited Unaudited Audited
30 June 30 June 31 December
2011 2010 2010
Note GBP GBP GBP
Assets
Non-current assets
Intangible exploration and
evaluation assets 8,071,466 1,709,762 4,829,661
Current assets
Investments - 372,870 -
Trade and other receivables 5,261,051 2,979,422 3,768,021
Cash and cash equivalents 61,025,904 595,670 1,597,680
66,286,955 3,947,962 5,365,701
Total assets 74,358,421 5,657,724 10,195,362
Liabilities
Current liabilities
Trade and other payables (6,936,821) (2,632,817) (3,503,500)
Shareholder borrowings (1,123,736) - (1,562,924)
Financial instruments (312,150) (331,851) (323,185)
(8,372,707) (2,964,668) (5,389,609)
Non-current liabilities
Provisions (80,855) - (40,086)
Total liabilities (8,453,562) (2,964,668) (5,429,695)
Net assets 65,904,859 2,693,056 4,765,667
Equity
Share capital 5 21,196 12,400 12,640
Share premium account 68,330,116 8,642,704 8,662,374
Share-based payment
reserves 523,924 379,798 460,810
Accumulated deficit (3,909,871) (5,649,280) (3,829,581)
Cumulative translation
reserves 939,494 (692,566) (540,576)
Equity attributable to
equity holders of the
parent 65,904,859 2,693,056 4,765,667
Non-controlling interest - - -
Total equity 65,904,859 2,693,056 4,765,667
3LEGS RESOURCES PLC
Consolidated Cash Flow Statement
For the six months ended 30 June 2011
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
Note GBP GBP GBP
Net cash inflow/(outflow)
from operating activities 6 1,235,158 (50,360) 1,631,201
Investing activities
Interest received 12,476 566 2,121
Purchases of intangible
exploration and evaluation
assets (1,090,864) (685,571) (3,368,277)
Proceeds from sale of
investments - - 333,706
Net cash used in investing
activities (1,078,388) (685,005) (3,032,450)
Financing activities
Proceeds from shareholder
borrowings - - 1,609,467
Issue of share capital 59,295,498 - 19,910
Net cash from financing
activities 59,295,498 - 1,629,377
Net increase/(decrease) in
cash and cash equivalents 59,452,268 (735,365) 228,128
Effect of foreign exchange
rate changes (24,044) 4,500 43,017
Cash and cash equivalents
at beginning of period 1,597,680 1,326,535 1,326,535
Cash and cash equivalents
at end of period 61,025,904 595,670 1,597,680
3LEGS RESOURCES PLC
Consolidated Statement of Changes in Equity
As at 30 June 2011
Share Share-based Cumulative
Share premium payment Accumulated translation Non-controlling
capital account reserves deficit reserves interest Total
GBP GBP GBP GBP GBP GBP GBP
As at 1
January 2010 12,400 8,642,704 275,651 (6,368,351) (43,998) 122,143 2,640,549
Transactions
with owners in
their capacity
as owners:
Dividends to
equity
holders on
disposal of
subsidiary - - - (20,825) - - (20,825)
Disposal of
subsidiary - - - - - (122,143) (122,143)
Total
transactions
with owners
in their
capacity as
owners - - - (20,825) - (122,143) (142,968)
Total
comprehensive
income for
the period - - - 739,896 (648,568) - 91,328
Share-based
payments - - 104,147 - - - 104,147
As at 30 June
2010 12,400 8,642,704 379,798 (5,649,280) (692,566) - 2,693,056
Share Share-based Cumulative
Share premium payment Accumulated translation Non-controlling
capital account reserves deficit reserves interest Total
GBP GBP GBP GBP GBP GBP GBP
As at 1
January 2010 12,400 8,642,704 275,651 (6,368,351) (43,998) 122,143 2,640,549
Transactions
with owners in
their capacity
as owners:
Issue of
equity
shares 240 19,670 - - - - 19,910
Dividends to
equity
holders on
disposal of
subsidiary - - - (20,825) - - (20,825)
Disposal of
subsidiary - - - - - (122,143) (122,143)
Total
transactions
with owners
in their
capacity as
owners 240 19,670 - (20,825) - (122,143) (123,058)
Total
comprehensive
income for
the year - - - 2,463,055 (496,578) - 1,966,477
Share-based
payments - - 281,699 - - - 281,699
Transfer to
retained
earnings in
respect of
exercised
share
options - - (96,540) 96,540 - - -
As at 31
December
2010 12,640 8,662,374 460,810 (3,829,581) (540,576) - 4,765,667
Share Share-based Cumulative
Share premium payment Accumulated translation Non-controlling
capital account reserves deficit reserves interest Total
GBP GBP GBP GBP GBP GBP GBP
As at 1 January
2011 12,640 8,662,374 460,810 (3,829,581) (540,576) - 4,765,667
Transactions with
owners in their
capacity as
owners:
Issue of equity
shares 8,556 59,667,742 - - - - 59,676,298
Total
transactions
with owners in
their capacity
as owners 8,556 59,667,742 - - - - 59,676,298
Total
comprehensive
income for the
period - - - (96,920) 1,480,070 - 1,383,150
Share-based
payments - - 79,744 - - - 79,744
Transfer to
retained
earnings in
respect of
exercised share
options - - (16,630) 16,630 - - -
As at 30 June
2011 21,196 68,330,116 523,924 (3,909,871) 939,494 - 65,904,859
3LEGS RESOURCES PLC
Notes to the Interim Financial Statements
For the six months ended 30 June 2011
1 General information
3Legs Resources plc (the 'Company') is incorporated in the Isle
of Man, British Isles under the Isle of Man Companies Act 2006. The
address of the registered office is Commerce House, 1 Bowring Road,
Ramsey, Isle of Man, British Isles, IM8 2LQ.
The nature of the Group's operations and its principal
activities are the exploration, evaluation and development of oil
and gas targets, primarily from unconventional resource plays.
2 Basis of preparation
The consolidated interim financial information has been prepared
using policies based on International Financial Reporting Standards
('IFRSs') as issued by the International Accounting Standards Board
('IASB') and as adopted by the European Union ('EU'). These
policies and practices are consistent with those adopted in the
Group's financial statements for the year ended 31 December 2010
and are also consistent with those which will be adopted in the
Group's financial statements for the year ended 31 December
2011.
The consolidated interim financial information is unaudited and
does not constitute statutory accounts as defined by section 434 of
the Companies Act 2006, and should be read in conjunction with the
Group's financial statements for the year ended 31 December 2010.
In the opinion of the Directors the consolidated interim financial
information for the period represents fairly the financial
position, results from operation and cash flows for the period in
conformity with generally accepted accounting principles
consistently applied. The consolidated interim financial
information incorporates unaudited comparative information for the
period 1 January 2010 to 30 June 2010 and the audited financial
year to 31 December 2010.
The consolidated interim financial information has been prepared
in accordance with IAS34Interim Financial Reporting.
During the first six months of the current financial year there
have been no related party transactions that materially affect the
financial position or performance of the Group and there have been
no changes in the related party transactions described in the last
annual financial statements.
The principal risks and uncertainties of the Group have not
changed since the last annual financial statements where a detailed
explanation of such risks and uncertainties can be found.
3 Dividends
The Directors do not recommend the payment of a dividend for the
period.
4 (Loss)/profit per Ordinary Share
Basic (loss)/profit per Ordinary Share is calculated by dividing
the net (loss)/profit for the period/year attributable to Ordinary
equity holders of the parent by the weighted average number of
Ordinary Shares outstanding during the period/year. The weighted
average number of Ordinary Shares outstanding during the period and
for the prior periods presented has been adjusted in accordance
with IAS 33 Earnings per share. The adjustment reflects the
sub-division of shares which took place on 30 May 2011 as described
in note 5. The adjustment is made retrospectively as if the share
division took place at the start of the comparative period.
The calculation of the basic and diluted (loss)/profit per share
is based on the following data:
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
(Losses)/profits
(Loss)/profit for the purposes of
basic (loss)/profit per share being
net (loss)/profit attributable to
equity holders of the parent (96,920) 739,896 2,463,055
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
Number of shares Number Number Number
Weighted average number of Ordinary
Shares for the purposes of basic
(loss)/profit per share 55,399,552 49,600,476 49,839,692
Effect of dilutive potential Ordinary
Shares:
Share options - 959,488 548,204
Convertible loan notes - - 812,624
Weighted average number of Ordinary
Shares for the purposes of diluted
earnings per share 55,399,552 50,559,964 51,200,520
GBP GBP GBP
(Loss)/profit per Ordinary Share
Basic (0.002) 0.015 0.049
Diluted (0.002) 0.015 0.048
As a result of the losses incurred in the period ended 30 June
2011 there is no dilutive effect from the subsisting share options
or convertible loan notes.
5 Share capital
Authorised and issued equity share capital
Unaudited 30 June Unaudited 30 June Audited 31 December
2011 2010 2010
Number GBP Number GBP Number GBP
Authorised
Ordinary
Shares of
GBP0.00025
each (2010:
Ordinary
Shares of
GBP0.001
each) 440,000,000 110,000 110,000,000 110,000 110,000,000 110,000
Issued and
fully paid
Ordinary
Shares of
GBP0.00025
each (2010:
Ordinary
Shares of
GBP0.001
each) 84,782,544 21,196 12,400,119 12,400 12,639,991 12,640
The Company has one class of Ordinary Shares which carry no
right to fixed income.
On 30 May 2011, each Ordinary Share of GBP0.001 in the capital
of the Company was sub-divided into four Ordinary Shares of
GBP0.00025 each.
Issued equity share capital
Ordinary Shares
of GBP0.00025
Number
At 1 January 2010 49,600,476
Allotment of shares -
At 30 June 2010 49,600,476
Exercise of share options 959,488
At 31 December 2010 50,559,964
Exercise of convertible loan notes 412,000
Restricted share award plan 620,000
Exercise of share options 295,844
Initial public offering 32,894,736
At 30 June 2011 84,782,544
6 Notes to the cash flow statement
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2011 2010 2010
GBP GBP GBP
(Loss)/profit before tax (96,920) 739,896 2,463,055
Adjustments for:
Revaluation of investment - (17,898) -
Loss on disposal of investment - - 21,266
Investment income (12,476) (566) (2,121)
Other gains and losses - (283,807) (283,807)
Share-based payments 79,744 104,147 281,699
Effect of foreign exchange rate
changes 728,058 (220,974) (551,151)
Operating cash flows before
movements in working capital 698,406 320,798 1,928,941
Increase in receivables (1,493,030) (2,396,213) (3,184,812)
Increase in payables 2,040,817 2,007,117 2,877,800
(Decrease)/increase in financial
instruments (11,035) 17,938 9,272
Net cash inflow/(outflow) from
operating activities 1,235,158 (50,360) 1,631,201
This information is provided by RNS
The company news service from the London Stock Exchange
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