TIDMAST
RNS Number : 0376N
Ascent Resources PLC
20 September 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
20 September 2019
FOR IMMEDIATE RELEASE
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 2019
Ascent Resources plc, the AIM quoted European oil and gas
exploration and production company is pleased to report its interim
results for the six months ended 30 June 2019.
Summary:
-- IPPC Permit awarded in April 2019.
-- Two successful placings to raise GBP1.1m in January and April 2019.
-- Appeal against Ministry decision for re-stimulation of
existing wells requiring Environmental Impact Assessment denied.
Legal remedies being considered.
Post Period Highlights:
-- John Buggenhagen appointed CEO & Louis Castro appointed Chairman in July 2019.
-- Secured a further GBP1.0m Subscription with RiverFort Global
Opportunities in September 2019 to support growth in Slovenia and
expansion in the region.
-- Seismic reprocessing completed and the resultant dataset is under review by management.
-- Share conference call to be scheduled during October 2019.
Enquiries:
Ascent Resources plc
Louis Castro, Chairman
John Buggenhagen, CEO 0207 251 4905
WH Ireland, Nominated Adviser
& Broker
James Joyce / Chris Savidge 0207 220 1666
SP Angel, Joint Broker
Richard Redmayne / Richard Hail 0203 470 0470
Flagstaff Strategic & Investor
Communications
Tim Thompson 0207 129 1474
Chairman's statement
Ascent is in a period of refocusing its efforts to bring the
Company back to positive production growth while also looking to
diversify its asset base within Central and Eastern Europe. We are
currently working on an updated plan to achieve that while
continuing to progress the current efforts to improve production in
our existing wells at the Petišovci gas field in Slovenia. The
twelve months ahead brings a real opportunity for Ascent to
capitalize on its existing production base and the wider
opportunities within its material asset position in Slovenia, while
pursuing further diversification that will now gain impetus
following the recent appointment of John Buggenhagen as CEO who has
extensive knowledge of, and contacts in the region, in order to
generate significant shareholder value.
The period under review has created challenges for the Company.
Whilst in April 2019 we received the IPPC permit needed to build a
processing plant, in June 2019 we were informed that we would, in
effect, not receive the permits needed to re-stimulate our existing
producing wells. Without such permits, we will be unable to develop
and deliver the full potential of the deeper tight gas reservoir
potential within the Petišovci field. In conjunction with
Geoenergo, our joint venture partner in Petišovci, we will be
seeking full compensation for such actions through the Courts and
otherwise.
Being unable to intervene in the tighter gas reservoirs has,
however, led us to study other options for producing from the wider
concession at Petišovci which would not involve hydraulic
stimulation. During the period, we commissioned a report from the
reprocessing of the data from a 3D seismic survey to establish what
other conventional oil and gas reservoirs we could target within
the large Petišovci license that covers 3,592 hectares and contains
some 148 historical well site locations drilled since the 1940's.
We have now received this report and our initial interpretation of
it is highly encouraging and, over the next 6 weeks or so and
together with our partner Geoenergo, we will be evaluating and
prioritising potential shallow conventional oil and gas targets and
associated well site locations.
As evidenced above, in spite of the challenges faced in
Slovenia, the Board will continue to look for ways to capture the
full value of its investment in the country.
Outside of Slovenia, we are currently evaluating several
attractive opportunities in the wider geographical region which
offer near-term production and material reserves. This work
continues, led by John Buggenhagen, our recently appointed CEO, who
has extensive knowledge of, and contacts in, Central and Eastern
Europe.
In addition, we have undergone a cost reduction exercise in
Slovenia and at the PLC level with headcount and the number of
retained advisers reduced as far as practical.
In July, after the period end, we announced that Cameron Davies,
our former Non-executive Chairman and Colin Hutchinson the former
CEO were stepping down. I would like to thank both Cameron and
Colin for their years of service to the Company. Under their
stewardship the Company brought Petišovci into production, secured
access to the export pipeline and negotiated a successful agreement
with INA.
The need to mitigate the natural production decline from our two
deep gas wells, coupled with the positive actions to diversify
mentioned above, has resulted in us seeking investment and working
capital. We have therefore announced today that we have secured an
investment of up to approximately GBP0.9 million through RiverFort
Global Opportunities. These funds will be used to implement our
strategy to expand activities in Slovenia and into additional
attractive projects in the region.
The recent past has been challenging; however, we have
identified and are now implementing our revised strategy and we
look forward to reporting on our initial progress in the coming
months.
Louis Castro
Non-executive Chairman
19 September 2019
CEO's report
Financial performance
Revenue for the first six month of 2019 was GBP242,000, down
from GBP1,281,000 in the prior period due to declining production
volumes.
Closing cash at 30 June 2019 was GBP531,000 which included
GBP174,000 of restricted cash that was held on deposit to cover the
EUR200,000 bank guarantee which supports the INA Gas Sales
Agreement. This restricted cash has been transferred back to the
Company since the end of the period as the current production
volumes do not necessitate such a guarantee.
During the period the Company raised GBP1,113,000 before costs
in two equity placings in January and April 2019. There was a cash
outflow from operations of GBP939,000 and an outflow of GBP132,000
from investment in future operations which resulted in a net cash
outflow for the six months of GBP22,000.
Operational performance
Production KPI's Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019
-------------------------------- --------- --------- --------- --------- --------- ---------
Total production (000s
Cubic Metres) 413 311 334 296 292 250
Total production (MCF) 14,577 10,998 11,810 10,455 10,325 8,828
Average daily - 000s cubic
metres 14.7 11.1 10.8 9.3 8.9 7.4
Average daily - MMscfd 0.5 0.4 0.4 0.3 0.3 0.3
Condensate production (litres) 16,956 12,744 14,634 12,798 12,798 12,798
Litres per 1000 cubic metres
of gas 41 41 44 43 44 51
BOE - Gas 2,513 1,896 2,036 1,803 1,780 1,522
BOE - Condensate 107 80 92 80 80 80
Revenue EURk 74.2 47.7 45.0 40.6 37.6 24.1
Average EUR per MCF 5.1 4.3 3.8 3.9 3.6 2.7
Total production for the six months to 30 June 2019 was 1.8
million cubic metres of gas and 0.3 million litres of
condensate.
Outlook
I am excited to take over as CEO of the Company and begin to
reinvent Ascent as a successful Central European E&P player
focused on managing risk using technical expertise and financial
discipline. There is a lot of opportunity in the region and we are
evaluating several of these with a focus on diversifying the
Company's assets through near term production growth. The recent
past has been difficult for Ascent, waiting for permits from the
Slovenian authorities to re-stimulate wells and grow production at
the Petišovci gas field near Lendava in Slovenia ("Petišovci").
Meanwhile, production from the Pg-10 and Pg-11A wells continues to
decline pending re-stimulation. The forward direction of the
company is to offset decline with new reserves while continuing to
work to capture the significant value at Petišovci.
The Company and its partner in Slovenia (the "Partners")
continue to press forward with the ongoing permitting efforts,
including the current appeals to the administrative court in
Slovenia, to re-stimulate existing and new reservoir intervals in
the Pg-10 and Pg-11A wells, to access the significant gas reserves
at Petišovci. The Petišovci gas field has a multi-layered reservoir
structure with hydrocarbon reservoirs in 15 identified gas bearing
sands. Pg-10 currently produces from the 'F' sand and Pg-11A from
the 'L, M and N' sands. Once these sands have depleted, the current
well structure can be reused, and the wells recompleted targeting
additional layers and re-stimulating existing layers.
In addition to local efforts to obtain the necessary permits,
Ascent is working with its advisers to best plan a legal strategy
to protect our investment and asset base given the recent decision
by the Slovenian Environmental Agency to require an Environmental
Impact Assessment for stimulation of the existing wells. The
Company believes this decision is incorrect under the current laws
of Slovenia and the EU.
It is important to keep in sight the significant value that
exists at Petišovci, including the gathering and processing
infrastructure, and the ability to immediately monetise that
production through the current gas sales agreement with INA which
we are hopeful can be extended with an increase in production in
the future.
The issuance of the IPPC permit in June to construct a new
Central Processing Plant ("CPP") next to the existing CPP is a step
in the right direction. While there is capacity to increase
production through the existing export facilities, with the levels
of production projected in the future field development plan, it
would be more economic to treat these through a modern upgraded
facility adjacent to the field in Slovenia. This facility would
allow Slovenian gas to be treated in Slovenia and sold to Slovenian
customers, further capturing local value while adding to the
country's energy base.
In the meantime, the Company needs to diversify its asset base
both in Slovenia and the region, including taking advantage of the
newly reprocessed Petišovci 3D seismic survey to appraise new
conventional targets to bridge the gap and focus on increasing the
Partners' reserve and production base.
We continue to search for new opportunities in the region that
will take reliance away from Slovenia and diversify the
opportunities for finding new reserves. We are working on several
opportunities and will update shareholders as this process
continues.
John E Buggenhagen
Chief Executive Officer
19 September 2019
Consolidated Income Statement
for the Period ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Revenue 242 1,281
Cost of sales (187) (404)
--------------- ---------------
Gross profit 55 877
Administrative expenses (821) (888)
Depreciation (222) (599)
--------------- ---------------
Loss from operating activities (988) (610)
Finance income - 5
Finance cost (6) (6)
--------------- ---------------
Net finance costs (6) (1)
Loss before taxation (994) (611)
Income tax expense - -
--------------- ---------------
Loss for the period after tax (994) (611)
Loss for the year attributable to equity
shareholders (994) (611)
Loss per share
Basic & fully diluted loss per share (Pence) (0.04) (0.03)
Consolidated Statement of Comprehensive Income
for the Period ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Loss for the year (994) (611)
Other comprehensive income
Foreign currency translation differences
for foreign operations (780) (178)
Total comprehensive gain / (loss) for the
year (1,774) (789)
Consolidated Statement of Changes in Equity
for the Period ended 30 June 2019
Share Share Merger Equity Share Translation Retained Total
capital premium Reserve reserve based reserve earnings
payment
reserve
GBP '000s GBP '000s GBP '000s GBP '000s GBP '000s GBP '000s GBP '000s GBP '000s
Balance at 1
January 2018 6,101 71,647 300 16 1,569 1,090 (36,992) 43,731
Comprehensive -
income
Loss for the
year - - - - - - (611) (611)
Other
comprehensive
income
Currency
translation
differences - - - - - (178) - (178)
Total
comprehensive
income - - - - - (178) (611) (789)
Transactions
with owners
Share-based
payments and
expiry of
options - - - - 200 - - 200
Balance at 30
June 2018 6,101 71,647 300 16 1,769 912 (37,603) 43,142
--------------- ------------ ------------- ---------- ---------- ---------- ------------ ---------- ----------
Balance at 1
January 2018 6,101 71,647 300 16 1,569 1,090 (36,992) 43,731
Comprehensive -
income
Loss for the
year - - - - - - (1,365) (1,365)
Other
comprehensive
income
Currency
translation
differences - - - - - 310 - 310
Total
comprehensive
income - - - - - 310 (1,365) (1,055)
Transactions
with owners
Conversion of
loan notes - 1 - - - - - 1
Shares issued
under the
Trameta
acquisition 45 - 270 - (315) - - -
Share-based
payments and
expiry of
options - - - - 403 - - 403
Balance at 31
December 2018 6,146 71,648 570 16 1,657 1,400 (38,357) 43,080
--------------- ------------ ------------- ---------- ---------- ---------- ------------ ---------- ----------
Balance at 1
January 2019 6,146 71,648 570 16 1,657 1,400 (38,357) 43,080
Comprehensive -
income
Loss for the
year - - - - - - (994) (994)
Other
comprehensive
income
Currency
translation
differences - - - - - (780) - (780)
Total
comprehensive
income - - - - - (780) (994) (1,774)
Transactions -
with owners
Issue of
shares during
the
year net of
costs 671 384 - - - - - 1,055
Share-based
payments and
expiry of
options - - - - 168 - - 168
Balance at 30
June 2019 6,817 72,032 570 16 1,825 620 (39,351) 42,529
--------------- ------------ ------------- ---------- ---------- ---------- ------------ ---------- ----------
Consolidated Statement of Financial Position
As at 30 June 2019
30 June 31 December
2019 2018
Assets GBP '000s GBP '000s
Non-current assets
Property, plant and equipment 23,490 23,779
Exploration and evaluation costs 18,844 18,968
Prepaid abandonment fund 240 240
-------------- --------------
Total non-current assets 42,574 42,987
Current assets
Inventory 3 3
Trade and other receivables 110 233
Cash and cash equivalents 352 376
Restricted cash 179 180
-------------- --------------
Total current assets 644 792
Total assets 43,218 43,779
============== ==============
Equity and liabilities
Attributable to the equity holders
of the Parent Company
Share capital 6,817 6,146
Share premium account 72,032 71,648
Merger reserve 570 570
Equity reserve 16 16
Share-based payment reserve 1,825 1,657
Translation reserves 620 1,400
Retained earnings (39,351) (38,357)
-------------- --------------
Total equity attributable to the shareholders 42,529 43,080
Non-Controlling interest - -
-------------- --------------
Total equity 42,529 43,080
-------------- --------------
Non-current liabilities
Borrowings 47 44
Provisions 269 263
Total non-current liabilities 316 307
Current liabilities
Trade and other payables 373 392
Total current liabilities 373 392
Total liabilities 689 699
-------------- --------------
Total equity and liabilities 43,218 43,779
============== ==============
Consolidated Statement of Cash Flows
for the six months ended 30 June 2019
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Cash flows from operations
Loss after tax for the year (994) (611)
Depreciation 222 599
Change in inventory - -
Change in receivables 123 151
Change in payables (19) (147)
Increase in share-based payments 168 200
Exchange differences (445) (58)
Finance income - (5)
Finance cost 6 6
Transfer to / from restricted cash - -
Net cash generation from (used in)
operating activities (939) 135
-------------- --------------
Cash flows from investing activities
Payments for fixed assets 2 (407)
Payments for investing in exploration (134) (227)
Prepayment to the abandonment fund - -
Net cash used in investing activities (132) (634)
-------------- --------------
Cash flows from financing activities
Interest paid and other finance fees (6) -
Proceeds from issue of shares 1,113 -
Share issue costs (58) -
Net cash generated from financing 1,049 -
activities
-------------- --------------
Net increase in cash and cash equivalents
for the year (22) (499)
Effect of foreign exchange differences (3) -
Cash and cash equivalents at beginning
of the year 556 1,076
Cash and cash equivalents at end of
the year 531 577
============== ==============
Notes to the Interim Financial Statements
For the six months ended 30 June 2019
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 2019 comprise the
Company and its subsidiaries (together referred to as the
'Group').
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 2019 and were applied in the Group's statutory financial
statements for the year ended 31 December 2018.
The Group has adopted the standards, amendments and
interpretations effective for annual periods beginning on or after
1 January 2019. The adoption of these standards and amendments did
not have a material effect on the financial statements of the
Group.
The Company adopted IFRS 9 'Financial Instruments' and IFRS 15
'Revenue from Customers' in the six-month period, following the
standards becoming effective for periods commencing on or after 1
January 2019.
IFRS 9 'Financial instruments' addresses the classification and
measurement of financial assets and financial liabilities and
replaces the guidance in IAS 39 that relates to the classification
and measurement of financial instruments. IFRS 9 retains but
simplifies the mixed measurement model and establishes three
primary measurement categories for financial assets: amortised
cost, fair value through other comprehensive income (OCI) and fair
value through profit or loss. The basis of classification depends
on the entity's business model and the contractual cash flow
characteristics of the financial asset.
There is now a new expected credit loss model that replaces the
incurred loss impairment model used in IAS 39. The Group has
applied the modified retrospective approach to transition. The
adoption of IFRS 9 did not result in any material change to the
consolidated results of the Group. Following assessment of the
consolidated financial assets no changes to classification of those
financial assets was required. The Group has applied the expected
credit loss impairment model to its financial assets.
IFRS 15 introduced a single framework for revenue recognition
and clarify principles of revenue recognition. This standard
modifies the determination of when to recognise revenue and how
much revenue to recognise. The core principle is that an entity
recognises revenue to depict the transfer of promised goods and
services to the customer of an amount that reflects the
consideration to which the entity expects to be entitled in
exchange for those goods or services. The adoption of IFRS 15 did
not result in any material change to the Group's revenue
recognition following analysis of its contract.
All amounts have been prepared in British pounds, this being the
Group's presentational currency.
The interim financial information for the six months to 30 June
2019 and 30 June 2018 is unaudited and does not constitute
statutory financial information. The comparatives for the full year
ended 31 December 2018 are not the Group's full statutory accounts
for that year. The information given for the year ended 31 December
2018 does not constitute statutory financial statements as defined
by Section 435 of the Companies Act. The statutory accounts for the
year ended 31 December 2018 have been filed with the Registrar and
are available on the Company's web site www.ascentresources.co.uk.
The auditors' report on those accounts was unqualified. It did not
contain a statement under Section 498(2)-(3) of the Companies Act
2006.
Going Concern
The Financial Statements of the Group are prepared on a going
concern basis.
Production from Pg-10 and Pg-11A has declined and anticipated
production revenue is not expected to cover anticipated costs until
the Company has the funding and the permits required for further
well re-entries.
On 19 September 2019, the Company completed a GBP0.9million
subscription with Riverfort Global Opportunities PCC Limited which
will provide funds for working capital and project costs, however
the Company may require further funding to cover further
development in Slovenia and future expansion within the region over
the next twelve months.
The Directors have a range of different options including, but
not limited to new borrowings, corporate transaction or new equity
placings.
However, there can be no guarantee over the outcome of these
options and as a consequence there is a material uncertainty of the
Group's ability to raise the necessary finance, which may cast
doubt on the Group's ability to operate as a going concern.
Further, the Group may be unable to realise its assets and
discharge its liabilities in the normal course of business.
Principal Risks and Uncertainties:
The principal risks and uncertainties affecting the business
activities of the Group remain those detailed on pages 46-48 of the
Annual Review 2018, a copy of which is available on the Company's
website at www.ascentresources.co.uk.
2. Operating loss is stated after charging
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Employee costs 390 368
Share based payment charge 168 200
Included within Admin Expenses
Audit Fees 35 32
Fees payable to the company's auditor - -
other services
------------- -------------
35 31
3. Finance income and costs recognised in loss
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Finance income
Foreign exchange movements realised - 5
- 5
============= =============
Finance cost
Accretion charge on convertible loan
notes (3) (5)
Bank Charges (3) (1)
(6) (6)
============= =============
4. Loss per share
Period ended Period ended
30 June 30 June
2019 2018
GBP '000s GBP '000s
Result for the period
Total loss for the year attributable
to equity shareholders 994 611
Weighted average number of ordinary Number Number
shares
For basic earnings per share 2,470,032,012 2,268,750,320
Loss per share (Pence) (0.04) (0.03)
5. Property, plant & equipment and Exploration and Evaluation assets
Computer Developed Total Property Exploration
Equipment Oil & Gas Plant & & evaluation
Assets Equipment
Cost GBP000s GBP000s GBP000s GBP000s
At 1 January 2018 6 24,135 24,141 18,587
Additions - 407 407 227
Effect of exchange rate movements - (105) (105) 5
At 30 June 2018 6 24,437 24,443 18,819
----------- ----------- --------------- --------------
At 1 January 2018 6 24,135 24,141 18,587
Additions - 411 411 319
Effect of exchange rate movements - 262 262 62
At 31 December 2018 6 24,808 24,814 18,968
----------- ----------- --------------- --------------
At 1 January 2019 6 24,808 24,814 18,968
Additions - 3 3 134
Effect of exchange rate movements - (73) (73) (258)
At 30 June 2019 6 24,738 24,744 18,844
----------- ----------- --------------- --------------
Depreciation
At 1 January 2018 - (239) (239) -
Charge for the year (3) (596) (599) -
Effect of exchange rate movements (1) 1 - -
At 30 June 2018 (4) (834) (838) -
----------- ----------- --------------- --------------
At 1 January 2018 - (239) (239) -
Charge for the year (2) (791) (793) -
Effect of exchange rate movements - (3) (3) -
At 31 December 2018 (2) (1,033) (1,035) -
----------- ----------- --------------- --------------
At 1 January 2019 (2) (1,033) (1,035) -
Charge for the year (2) (220) (222) -
Effect of exchange rate movements - 3 3 -
At 30 June 2019 (4) (1,250) (1,254) -
----------- ----------- --------------- --------------
Carrying value
At 30 June 2019 2 23,488 23,490 18,844
----------- ----------- --------------- --------------
At 31 December 2018 4 23,775 23,779 18,968
----------- ----------- --------------- --------------
At 30 June 2018 2 23,603 23,605 18,819
----------- ----------- --------------- --------------
6. Trade & other receivables
30 June 30 December
2019 2018
GBP '000s GBP '000s
Trade receivables 67 198
VAT recoverable 37 29
Prepaid abandonment liability 240 240
Prepayments & accrued income 6 6
350 473
========== ============
Less non-current portion (240) (240)
---------- ------------
Current portion 110 233
7. Trade & other payables
30 June 30 December
2019 2018
GBP '000s GBP '000s
Trade payables 251 282
Tax and social security payable 36 15
Other payables 18 29
Accruals and deferred income 68 66
373 392
========== ============
8. Borrowings
30 June 30 December
2019 2018
Group GBP '000s GBP '000s
Non-current
Convertible loan notes 47 44
47 44
---------- ------------
30 June 30 December
Convertible Loan Note 2019 2018
GBP '000s GBP '000s
Liability brought forward 44 36
Interest expense 3 8
Liability at the end of the period 47 44
---------- ------------
9. Share Capital
30 June 30 December
2019 2018
GBP '000s GBP '000s
Authorised
10,000,000,000 ordinary shares of 0.20p
each 20,000 20,000
Allotted, called up and fully paid
2,626,648,452 (2018: 2,291,310,686)
ordinary shares of 0.20pence each 6,817 6,101
Reconciliation of share capital movement Number Number
Opening 2,291,310,686 2,268,750,320
Loan note conversions - 60,366
Issue of Trameta consideration shares - 22,500,000
Placings 335,337,766 -
Closing 2,626,648,452 2,291,310,686
============== ==============
10. Events after the reporting period
On 29 July 2019 the Company announced that Dr John Buggenhagen
had been appointed as CEO and Louis Castro as Non-Executive
Chairman. Colin Hutchinson informed the Board of his decision to
step down as a director of the Company in order to pursue other
business interests while continuing to support the Board on a
part-time basis as Finance Director until suitable alternative
arrangements have been made. Dr Cameron Davies informed the Board
of his decision to retire as Chairman with immediate effect.
On 19 September 2019 the Company entered into a subscription
agreement for GBP1,080,750 before costs, with Riverfort Global
Opportunities PCC Limited ("The Investor"), through a subscription
for 393,000,000 shares at 0.275 pence per ordinary share ("The
Subscription"), a premium of 10% to the closing bid price on 19
September 2019. The Company entered into three agreements with the
Investor, being the Subscription, an equity sharing agreement and a
loan agreement such that it will receive GBP420,000 on closing and
the balance will be received over the next twelve months. The
amount ultimately received by the Company will be related to share
price performance so that the Company will receive more should the
share price improve but will receive less should the share price
not increase. As part of the arrangements, the Company will also
issue 43,000,000 Warrants, following approval from shareholders.
The exercise price of the warrants will be the lower of 120 percent
of the share price on the closing date or the price of any
subsequent equity issue in the 18-month period post-closing.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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