TIDMAGTA
RNS Number : 3254Y
Agriterra Ltd
29 February 2012
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
29 February 2012
Agriterra Ltd ('Agriterra' or 'the Group')
Interim Results
Agriterra Ltd, the AIM listed pan-African agricultural company,
announces its results for the six months ended 30 November
2011.
CHAIRMAN'S STATEMENT
Agriterra continues to successfully build itself into a
multi-commodity African focussed agricultural business and now has
four divisions. In Mozambique, the Group is expanding its cattle
ranching, feedlot and abattoir operations, and continues to build
on its maize buying and processing businesses, which this year
reported a record buying season. In Sierra Leone, the Group has
widened its commodity focus and now controls a growing cocoa sales,
trading and out-growers operation. In addition, the Group is in
negotiations to acquire land for a cocoa plantation. Separately,
the Group has entered the palm oil sector following the acquisition
of 45,000 hectares of land in Pujehun District.
In Mozambique, the Board continues to focus on building its
'field to fork' beef business and has made excellent progress on
all fronts. Cattle numbers at the Mavonde and Dombe ranches are
growing rapidly both through organic growth and external purchasing
and are well on track for reaching the target of 10,000 head by
2015. The dam at Mavonde is nearing completion and when complete
will increase the per hectare head capacity from 1.5 to 7 animals
per hectare. The Vanduzi feedlot is now operational and has a
capacity of approximately 2,000 head, with a rolling throughput
capacity of approximately 650 head per month. The abattoir is due
to open in the second half of 2012 and with the continued strong
demand for beef in the region, I believe we have the foundations
for a significant and highly profitable southern African beef
business.
As mentioned above, due to the excellent harvest in Mozambique,
we had an excellent buying season at our maize processing and
trading business, with 34,000 tonnes of maize purchased through the
out-grower programme, a 9,000 tonne increase on the comparable
period in 2010. Commensurate with a strong harvest, the demand for
processed meal in the first half of the year was, as envisaged,
curtailed and therefore to ensure a positive pricing dynamic, maize
stocks were retained in storage in anticipation of a stronger
second half. Sales since the period end have accelerated,
vindicating our strategy. The Group will continue to monitor its
stock levels and pricing structure as early indications suggest
that current strong demand may continue through the second half of
this year and into next year.
The performance of Tropical Farms Limited ('TFL'), our cocoa
trading and processing business, is highly encouraging with the
newly acquired company already contributing US$1.4 million to
revenues. We have invested significant amounts expanding our buying
and processing points and increasing our network of out-growers.
Our focus on traceability and sustainable farming is proving
popular with buyers and the Board is positive on the forecast
pricing environment for this type of cocoa and remain confident
that business will continue to grow. In addition, with our
knowledge of the business and locale, we are negotiating to acquire
our own plantations which we believe will ensure we achieve our
objective of being one of Sierra Leone's major traceable and
sustainable producers.
Financial Results
The diversification strategy is working well with contributions
now being achieved from three revenue generating businesses. For
the period, the Group is reporting a pre-tax loss on continuing
activities of US$3.5 million (2011: pre-tax profit of US$0.1
million) on turnover of US$5.3 million (2011: US$5.3 million). The
reduction in profit is primarily due to our retention of stock in
anticipation of a strong second half in response to the excellent
harvest in Mozambique, as well as increased investment in the beef
ranching operations and their associated costs. Cash balances are
currently US$11.4 million, substantially increased from the year
end balance as a result of the placing of 320,328,016 new ordinary
shares of 0.1 pence each in the Company at a price of 3 pence per
placing share, raising US$15 million before expenses.
Outlook
We are operating in a fast growing sector and the demand for
quality investment grade businesses in Africa is growing, something
that will benefit us going forward. I remain extremely positive
about our business and its growth potential. We now have three
revenue centres and are expanding across all our divisions. The
demand profile for the commodities that we operate is positive and
with our platform established in both Mozambique and Sierra Leone,
we are in an excellent position to manage growth. Importantly we
have an experienced team of people who are highly qualified in
international agricultural operations so I am also further
encouraged that under their stewardship we can achieve our growth
targets.
Finally, I would also like to point out that we retain, as a
legacy asset, a significant interest in the South Omo block in
Ethiopia into which London listed Tullow Oil plc farmed into
together with Africa Oil Corp. Should a discovery be made on the
block, then Agriterra's 20% interest in South Omo could prove to be
significant for the Company's shareholders and we look forward to
future announcements regarding the South Omo concession.
We continue to negotiate as to compensation from Total and the
Government of South Sudan with regards to the former block Ba in
South Sudan.
Phil Edmonds
Chairman
29 February 2012
OPERATIONS REVIEW
Agriterra currently has four agricultural divisions:
-- Mozbife Limitada ('Mozbife') which conducts cattle ranching, feedlot and abattoir operations
-- Desenvolvimento E Comercializacao Agricola Limitada ('DECA')
and Compagri Limitada ('Compagri') which operate maize farming and
processing businesses
-- Tropical Farms Limited ('TFL') which manages the Group's
cocoa sales, trading and farming activities
-- Red Bunch Ventures (SL) Limited which houses Agriterra's palm oil operations
Beef Operations
The period under review has been transformational for Mozbife,
as it implements its aggressive expansion strategy across the 1,000
hectare Mavonde Stud Ranch, the 15,000 hectare Dombe Ranch, the
Vanduzi Feedlot and the 4,000 head per month capacity Chimoio
Abattoir which is under construction, in order to build a
vertically integrated "field to fork" beef business. The total
Mozambique herd size now stands at over 3,000 head, the increase
being achieved through successful breeding at the Mozbife's ranches
and importing prime Beefmaster stock from South Africa. The rapid
ramp up in herd size across both Mavonde and Dombe ensures that
Mozbife remains on target to have a total herd of 5,000 head by the
end of 2012 and 10,000 by 2015.
The Mavonde Ranch
The 1,000 hectare Mavonde Stud Ranch continues to expand both in
terms of cleared land and herd size. The current herd size exceeds
700 Beefmaster cattle, which are prized for their top weight
gaining ability and adaptability to hot climates. A further 400
Beefmaster cows have been ordered from South Africa. As a high
quality animal, pedigree Beefmaster carcasses from Mavonde have
commanded a high sale price, with average sales in the region of
US$1,100.
In addition to rapidly increasing Mozbife's breeding herd,
significant steps have been made to increase the capacity of
Mavonde to ensure the continued expansion of the stud ranch. The
construction of a 48 billion litre dam is nearing completion with
capacity to irrigate in excess of 4,000 hectares and provide 132kV
of hydroelectric power for the irrigation pumps. With full
irrigation, the head to hectare ratio at Mavonde will be increased
from 1.5 to 7 head per hectare. Furthermore, negotiations are
underway to acquire additional land to enlarge the Mavonde ranch to
3,000 hectares.
The Dombe Ranch
The 15,000 hectare Dombe Ranch now has in the region of 1,400
head. The herd is principally local and F1 commercial cattle, such
as Brahman, to be augmented as part of a cross-breeding programme
with Beefmaster cattle to create a bloodline with good meat yields
and high disease resistance. Investment during the period has
focussed on infrastructure and land clearance, including the
construction of paddocks, improving road access, erecting 40km of
fencing, and the construction of staff head-quarters and
accommodation. Furthermore, seven boreholes have been drilled and
fitted with pumps, tanks and drinking troughs, with an additional
seven planned. Holes are also being drilled for the local community
to provide clean drinking water for the local residents and their
livestock. A lease on the land, known as a DUAT, granted by the
Mozambican Government, runs until 2061.
The Vanduzi Feedlot
The Vanduzi Feedlot has a 12 pen line with rolling capacity of
approximately 2,000 head every three months. An additional six pen
line is under construction. Sales have reached over 200 carcasses
per month and slaughter dress out weight percentages have been
between 53% and 55% over the period, with an average price of U$835
per carcass. 1,050 hectares of land for pasture and production of
feed for the feeding pens has been secured following the recent
purchase of an adjoining 350 hectare farm. Importantly, Mozbife is
ramping up its local buying of cattle to increase the through put
at the feedlot and awareness is building amongst the local
community.
The Vanduzi Feedlot has good synergies with other companies in
the Group, such as using bran, the by-product from the nearby DECA
maize processing facility, as a feed supplement.
The Chimoio Abattoir
Construction of the abattoir and office building at Chimoio is
complete. Mozbife is targeting a 4,000 head per month processing
rate, supplemented by native animals from the local community,
including goats. The internal processing lines have been ordered
and are due to be shipped in March 2012 with operations due to
commence in August 2012. There are also plans to open a number of
butchers shops to further increase the margins on the beef
operations and fulfil the Group's strategy of becoming a 'field to
fork' producer.
Maize Processing & Farming
The Group's maize buying and processing operations are centred
on the 40,000 tonne capacity DECA facility and the 16,000 tonne
capacity Compagri facility, located in Chimoio in central
Mozambique and Tete in north-west Mozambique respectively. The
period under review has seen another record buying season at DECA
and Compagri, with 34,000 tonnes of maize purchased through the out
grower programme; a 9,000 tonne increase on the comparable period
in 2010.
Beginning the period with a strong maize stock pile will enable
the Group to manage the processing and sales of the product in-line
with favourable pricing environments, ensuring the maximum price is
commanded for the project and should subsequently translate into
significantly higher turnover moving forward.
Cocoa Sales & Trading
During the period, the Group acquired Sierra Leone based TFL,
enabling the Group to further diversify in terms of product and
geography. TFL has provided the Group with a platform from which to
expand into cocoa production by making use of TFL's regional
expertise and established buying operations in West Africa.
Since TFL's acquisition in July 2011, focus has centred on the
expansion of TFL's buying infrastructure, through a rapid increase
in buying points from four to 12 within six months, and the
establishment of administrative and processing facilities to
facilitate the development of an end to end logistics chain. TFL's
buying register has also increased to approximately 3,500 farmers
across the country as it remains focussed on one of the leading
in-country traders of sustainable and traceable cocoa with 40
buying points by the end of 2012. With an increased network and
strengthened in-country relationships, the Board envisages that TFL
will expand its commodity reach to include coffee and palm oil.
As part of its expansion plans, both in terms of critical mass
and commodity, TFL is in negotiations to secure a 15-acre site in
Sierra Leone's New Airport Development Zone in Freetown in order to
build a state-of-the-art collateral management facility. This will
be TFL's main hub servicing both Freetown and the international
markets for all commodities that TFL is involved. In addition, it
will have sufficient capacity to handle produce from the planned
plantations TFL intends to invest. TFL has also been granted a 50
year lease over a five acre site in Kenema, where it intends to
construct a processing and management facility to dry and process
cocoa beans ready for export. It will also house administrative and
buying offices as well as vehicle maintenance facilities.
TFL's reputation and business profile is building rapidly
through relationships with farmers and out-grower schemes. TFL
continues to implement initiatives, including modern farm
management techniques and farmer incentive schemes, which have
proved extremely successful in Agriterra's maize production and
process facilities in Mozambique. The Board is confident that
similar results can be achieved with cocoa production in Sierra
Leone and the wider region.
Palm Oil Operations
Building on the Group's growing range of agricultural
commodities, the Company acquired control of a lease of
approximately 45,000 hectares of brownfield agricultural land in an
area suitable for palm oil production in Sierra Leone post period
end.
The 45,000 hectares of brownfield agricultural land is located
in the Pujehun District in the Southern Province of Sierra Leone.
This area of Sierra Leone, which is close to the Liberian border,
is suitable for palm oil production. The region receives one the
highest levels of rainfall in Sierra Leone, which in itself,
receives some of the highest rainfall globally. In addition, the
lease area is located on the equatorial belt, which is the most
favourable geographical location for palm oil production. The
Company intends to monetise this landholding in the short term and
clearing and planting is expected to commence shortly. The Board
believes that as the most important and widely produced edible oil
in the world, demand for palm oil is projected to continue to grow,
driven by demand in Africa, India, China and the US, making it an
important new target of for Agriterra's ambitious investment
strategy.
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
Jonathan Wright Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Foreman Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
Andy Cuthill MC Peat & Co LLP Tel: +44 (0) 20 7104
2332
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Unaudited Consolidated Income Statement
For the six month period to 30 November 2011
Unaudited Unaudited Audited
6 months 6 months year to
to to 31 May
30 November 30 November 2011
2011 2010
Continuing Operations Note $'000 $'000 $'000
Revenue 4 5,288 5,284 13,588
Cost of sales (5,080) (3,660) (10,372)
------------- ------------- -------------
Gross profit 208 1,624 3,216
Increase in value of biological
assets 228 63 214
Operating expenses (3,577) (2,248) (6,109)
Other (expense) / income (254) 612 349
Operating (loss) /
profit (3,395) 51 (2,330)
Net finance (expense)
/ income (82) 46 159
------------- ------------- -------------
(Loss) / profit before
taxation (3,477) 97 (2,171)
Income tax expense - - (168)
------------- ------------- -------------
(Loss) / profit for
the period from continuing
operations (3,477) 97 (2,339)
Discontinued operations
:
Profit / (loss) for
the period 726 (10) (89)
------------- ------------- -------------
(Loss) / profit for
the period attributable
to equity holders (2,751) 87 (2,428)
============= ============= =============
Earnings / (loss) per
share: 5 (0.4 cents) 0.02 cents (0.4 cents)
Basic & diluted
Earnings / (loss) per
share from continuing
operations: (0.5 cents) 0.02 cents (0.4 cents)
Basic & diluted
Unaudited Consolidated Statement of Comprehensive Income
For the six month period to 30 November 2011
Unaudited Unaudited Audited
6 months 6 months year to
to to 31 May
30 November 30 November 2011
2011 2010
Note $'000 $'000 $'000
(Loss) / profit for
the period (2,751) 87 (2,428)
Other comprehensive income
net of tax
Foreign exchange translation
loss 2,962 (1,337) 3,399
------------- ------------- ---------
Total comprehensive
profit / (loss) attributable
to equity holders 211 (1,250) 971
============= ============= =========
Unaudited Consolidated Balance Sheet
As at 30 November 2011
Unaudited Unaudited Audited
30 November 30 November 31 May
2011 2010 2011
Note $'000 $'000 $'000
Non current assets
Intangible assets 964 - 271
Property, plant and
equipment 17,282 8,891 13,264
Biological assets 988 212 631
------------- ------------- ----------
Total non current assets 19,234 9,103 14,166
Current assets
Biological assets 456 100 157
Inventories 7,578 6,550 2,976
Trade and other receivables 2,247 2,140 2,039
Cash and cash equivalents 990 7,080 8,172
------------- ------------- ----------
Total current assets 11,271 15,870 13,344
Total assets 30,505 24,973 27,510
Current liabilities
Bank loan 6 (1,551) - -
Trade and other payables (3,911) (2,407) (2,678)
------------- ------------- ----------
Total current liabilities (5,462) (2,407) (2,678)
------------- ------------- ----------
Net assets 25,043 22,566 24,832
============= ============= ==========
Equity
Issued capital 7 1,387 1,387 1,387
Share premium 131,593 131,548 131,593
Share based payment
reserve 1,360 1,360 1,360
Translation reserve 1,180 (6,518) (1,782)
Retained earnings (110,477) (105,211) (107,726)
------------- ------------- ----------
Total equity attributable
to equity holders of
the parent 25,043 22,566 24,832
============= ============= ==========
Consolidated Statement of Changes in Equity
Ordinary Deferred Share Share Translation Retained
share share premium based reserve earnings Total
capital capital $'000 payment $'000 $'000 $'000
$'000 $'000 reserve
$'000
--------- --------- --------- --------- ------------ ---------- --------
Balances at 1 June
2010 923 238 125,184 1,360 (5,181) (105,298) 17,226
Profit for the period - - - - - 87 87
Other comprehensive
income
Exchange translation
differences on foreign
operations - - - - (1,337) - (1,337)
--------- --------- --------- --------- ------------ ---------- --------
Total comprehensive
income for the period - - - - (1,337) 87 (1,250)
Transactions with
owners
--------- --------- --------- --------- ------------ ---------- --------
Share issue 226 - 6,364 - - - 6,590
--------- --------- --------- --------- ------------ ---------- --------
Total transactions
with owners 226 - 6,364 - - - 6,590
Balances at 30 November
2010 1,149 238 131,548 1,360 (6,518) (105,211) 22,566
Loss for the period - - - - - (2,515) (2,774)
Other comprehensive
income
Exchange translation
differences on foreign
operations - - - - 4,736 - 4,736
--------- --------- --------- --------- ------------ ---------- --------
Total comprehensive
income for the period - - - - 4,736 (2,515) 2,221
Transactions with
owners
Share issues - - 45 - - - 45
Total transactions
with owners - - 45 - - - 45
Balances at 31 May
2011 1,149 238 131,593 1,360 (1,782) (107,726) 24,832
Loss for the period - - - - - (2,751) (2,751)
Other comprehensive
income
Exchange translation
differences on foreign
operations - - - - 2,962 - 2,962
--------- --------- --------- --------- ------------ ---------- --------
Total comprehensive
income for the period - - - - 2,962 (2,751) 211
Transactions with
owners
Share issue - - - - - - -
--------- --------- --------- --------- ------------ ---------- --------
Total transactions - - - - - - -
with owners
Balances at 30 November
2011 1,149 238 131,593 1,360 1,180 (110,477) 25,043
--------- --------- --------- --------- ------------ ---------- --------
Unaudited Consolidated Statement of Cash Flows
For the six months Unaudited Unaudited Audited
to 30 November 2011 6 months 6 months year to
to to 31 May
30 November 30 November 2011
2011 2010
Operating activities Note $'000 $'000 $'000
(Loss) / profit before
tax (3,477) 97 (2,171)
Adjustments for:
Depreciation 947 499 1,228
Profit on disposal
of assets - (3) 5
Movements in exchange
rates 53 (101) (141)
Increase in biological
assets (228) (63) (214)
Net interest (income)/expense 82 (46) (159)
------------- ------------- ---------
Operating cash flow
before movements in
working capital (2,623) 383 (1,452)
Working capital adjustments:
- (Increase ) / decrease
in inventory (4,196) (2,205) 1,973
- (Increase ) / decrease
in receivables (50) 96 (547)
- Increase in payables 771 21 261
------------- ------------- ---------
Cash used in operations (6,098) (1,705) 235
Net interest received
/ (paid) (82) 46 159
Net cash used in continuing
operating activities (6,180) (1,659) 394
Net cash from / (used
in) discontinued operating
activities 726 (520) (198)
------------- ------------- ---------
Net cash outflow from operating
activities (5,454) (2,179) 196
------------- ------------- ---------
Taxation
Corporation tax paid - - (38)
Net cash outflow from
taxation - - (38)
Investing activities
Purchase of intangible assets - - (250)
Purchase of subsidiary net
of debt acquired (530) - -
Purchase of property, plant
and equipment (2,872) (196) (2,568)
Proceeds of sale of
property, plant and
equipment 51 - 38
Purchase of biological
assets (332) - (255)
Sale of financial assets - 125 128
-------------
Net cash used in investing
activities (3,683) (71) (2,907)
-------------
Financing activities
Proceeds from issue of share
capital - 6,031 6,722
Drawdown of bank loan 1,551
------------- ------------- ---------
Net cash flow from financing
activities 1,551 6,031 6,722
------------- ------------- ---------
Net increase / (decrease)
in cash and cash equivalents (7,586) 3,781 3,973
Cash and cash equivalents
at start of the year 8,172 3,442 3,442
Effect of foreign exchange
rates 404 (143) 757
------------- ------------- ---------
Cash and cash equivalents
at end of the period 990 7,080 8,172
============= ============= =========
Notes to the Unaudited Interim Group Financial Statements
1. General information
Agriterra Limited ('Agriterra' or 'the Company') and its
subsidiaries (together the 'Group') is focussed on the Agricultural
sector in Africa. Agriterra is a public limited company
incorporated and domiciled in the Guernsey. The address of its
registered office is Richmond House, St Julians Avenue, St Peter
Port, Guernsey GY1 1GZ
The Company is listed on the AIM Market of London Stock Exchange
plc.
The unaudited interim consolidated financial statements for the
six months ended 30 November 2011 were approved for issue by the
board on 28 February 2011.
The figures for the six months ended 30 November 2011 and the
six months ended 30 November 2010 are unaudited and do not
constitute full accounts. The comparative figures for the year
ended 31 May 2011 are extracts from the annual report and do not
constitute statutory accounts.
The unaudited interim consolidated financial statements have
been prepared in US Dollars as this is the currency of the primary
economic environment in which the Group operates.
2. Basis of preparation
The basis of preparation and accounting policies set out in the
Annual Report and Accounts for the period ended 31 May 2011 have
been applied in the preparation of these interim condensed
consolidated financial statements. These are in accordance with the
recognition and measurement criteria of International Financial
Reporting Standards (IFRSs) as adopted by the European Union (EU)
and with those of the Standing Interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC)
of the International Accounting Standards Board (IASB). References
to 'IFRS' hereafter should be construed as references to IFRSs as
adopted by the EU
3. Accounting policies
The accounting policies and methods of calculation adopted are
consistent with those of the financial statements for the period
ended 31 May 2011.
4. Segment information
The directors consider that the Group's activities comprise
three business segments, grain, beef and cocoa and other
unallocated expenditure in one geographical segment, Africa.
6 months ending Continuing activities
30 November 2011 Grain Beef Cocoa Other Total
$'000 $'000 $'000 $'000 $'000
Revenue 3,591 298 1,399 - 5,288
-------- ------ ------ -------- --------
Operating loss (1,225) (919) (9) (1,242) (3,395)
Interest expense (82) - - - (82)
-------- ------ ------ -------- --------
Loss before tax (1,307) (919) (9) (1,242) (3,477)
Income tax -
--------
Loss for the period
from continuing activities (3,477)
========
6 months ending Continuing activities
30 November 2010 Grain Beef Cocoa Other Total
$'000 $'000 $'000 $'000 $'000
Revenue 5,284 - - - 5,284
-------- ------ ------ -------- --------
Operating profit 527 (314) - (162) 51
Interest income 46 - - - 46
-------- ------ ------ -------- --------
Profit / (loss) before
tax 573 (314) - (162) 97
Income tax -
--------
Profit for the period
from continuing activities 97
========
Continuing activities
Year ending 31 May
2011 Grain Beef Cocoa Other Total
$'000 $'000 $'000 $'000 $'000
Revenue 13,533 55 - - 13,588
------- -------- ------ -------- ---------
Operating profit 233 (1,196) - (1,367) (2,330)
Interest income 159 - - - 159
------- -------- ------ -------- ---------
Profit / (loss) before
tax 392 (1,196) - (1,367) (2171)
Income tax (168)
---------
Profit for the period
from continuing activities (2,339)
=========
5. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following data:
Unaudited Unaudited Unaudited
6 months to 6 months 11 months
30 November to to
2011 30 November 31 May
2010 2011
$'000 $'000 $'000
Profit / (loss) the purpose
of calculating basic earnings
per share (profit / (loss)
attributable to equity holders) (2,751) 87 (2,428)
--------------- ------------- -------------
Profit / (loss) for the
purpose of calculating basic
earnings per share from
continuing activities (3,477) 97 (2,339)
--------------- ------------- -------------
Number of shares
Weighted average number
of ordinary shares for the
purposes of calculating
basic and diluted loss per
share 693,254,888 548,901,427 625,894,111
--------------- ------------- -------------
Basic and diluted loss per
share (cents) (0.4) 0.02 (0.4)
Loss per share from continuing
activities (cents) (0.5) 0.02 (0.4)
6 Bank loan
Unaudited Unaudited Unaudited
6 months to 6 months 11 months
30 November to to
2011 30 November 31 May
2010 2011
$'000 $'000 $'000
Bank overdraft 1,551 - -
The group has a $2m revolving credit facility secured upon its
grain inventories in Mozambique.
7. Share Capital
Ordinary shares of 0.1p each
Authorised Allotted and fully paid
Number Number $'000
At 1 June 2010 2,345,000,000 547,771,554 923
Issue of shares - 145,483,334 226
--------------- ---------------- --------
At 30 November 2010,
At 31 May 2011 and
at
30 November 2011 2,345,000,000 693,254,888 1,149
Deferred shares of 0.1p each
Authorised Allotted and fully paid
Number Number $'000
At period ends 155,000,000 155,000,000 238
--------------- ---------------- --------
Total share capital
At 30 November 2010 2,5000,000,000 702,771,554 1,161
--------------- ---------------- --------
At 31 May 2011 2,5000,000,000 848,254,888 1,387
--------------- ---------------- --------
At 30 November 2011 2,5000,000,000 848,254,888 1,387
--------------- ---------------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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