TIDMDRUM 
 
This announcement contains inside information for the purposes of Article 7 of 
the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue 
of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the 
publication of this announcement via a Regulatory Information Service, this 
inside information is now considered to be in the public domain. 
 
20 April 2022 
 
                                   Drumz plc 
                        (the "Company" or the "Group") 
 
               Final results for the year ended 31 December 2021 
 
Drumz plc (AIM: DRUM) the investing company focused on building value in 
technology, is pleased to announce its final results for the year ended 31 
December 2021. 
 
Highlights 
 
  * In the year the Company focused on developing the business of Acuity Risk 
    Management Limited ("Acuity"), the award winning cybersecurity software 
    company. 
  * The Group is considering several new investment opportunities. 
 
Angus Forrest, Chief Executive commented on the results: 
 
"The Company has focused on its first investment, Acuity, much has been 
achieved to develop and manage the business and its infrastructure for future 
growth.   Risk management and cybersecurity are areas of increasing interest to 
all organisations of scale, government, private and public organisations.  We 
look forward to Acuity growing its business and are optimistic about its 
future." 
 
Annual General Meeting 
 
COVID 19 - Whilst there are currently no restrictions on social contact or 
meeting, the Board believes it is important that the welfare of shareholders 
and employees is protected and to minimise public health risks.  Shareholders 
are encouraged to exercise their voting rights by completing and submitting a 
Form of Proxy in advance of the meeting, appointing the Chairman of Annual 
General Meeting as proxy rather than a named person.  Shareholders are asked 
not to attend the AGM if they are displaying symptoms of COVID-19 or have had 
recent contact with anyone who has tested positive. 
 
If there are changes to the UK Government guidelines or regulations which limit 
gatherings and meetings, new arrangements will be notified to shareholders 
through the Company's website www.drumzplc.com and as appropriate through an 
announcement by the Company on the Regulatory Information Service. 
 
For further information please contact: 
 
Drumz Plc                                 www.drumzplc.com 
 
Angus Forrest                             +44 (0) 20 3582 0566 
 
WH Ireland (NOMAD & Broker)               www.whirelandcb.com 
 
Mike Coe / Sarah Mather                   020 7220 1666 
 
Peterhouse Capital Limited (Joint broker) 
 
Lucy Williams / Duncan Vasey              020 7469 0936 
 
Chairman's Statement 
 
I am pleased to present the results of Drumz for the year ended 31 December 
2021. 
 
Results and performance 
 
The Group's results for the year ended 31 December 2021 showed revenues of £ 
44,000 (2020: £12,000) and an operating loss of £239,000 (2020: loss £149,000). 
 
At the year end, the principal asset of the Group is its investment in Acuity 
Risk Management Limited ("Acuity"), valued at cost of £625,000. The Group's 
original investment was made in September 2020 and Drumz exercised its option 
to acquire another 5% of Acuity's equity for £125,000 in September 2021. 
 
Acuity is an award winning business, specialising in risk management for 
cybersecurity. Acuity's proprietary software platform STREAMT provides its blue 
chip customer base, on a Software as a Service ("SaaS") basis, with a 
comprehensive view of critical business risk and compliance on an enterprise 
wide basis. During the year, Acuity has widened its distribution channels 
including completing a new partnership agreement with an established developer, 
distributor and implementor of automated risk management software in the USA. 
Further details on the progress achieved by Acuity are included in the Chief 
Executive's report. 
 
In addition, the Group continues to own its legacy holding in KCR Residential 
REIT plc ('KCR'), which owns property in the private rented residential sector, 
in particular blocks of studio, one and two bedroom apartments which are rented 
to private tenants in the UK. 
 
The share price of KCR stands at a significant discount to the stated net 
assets per share. Notwithstanding, the share price performance of KCR has again 
been disappointing over the year and as a result, the value of the KCR holding 
has declined further from £573,000 to £390,000, equating to an unrealised loss 
of £183,000. I am also disappointed to report that the KCR share price has 
fallen a little further since the year end. Your Board is looking to dispose of 
this investment, which is no longer core to the Group's current investment 
policy, as soon as a buyer can be found. However, in common with many smaller 
companies, there is limited liquidity in the shares of KCR and therefore the 
Board is not able to give a view on when a disposal of this investment might be 
effected. 
 
Therefore, the overall results of the Group for the year ended 31 December 
2021, show a loss before taxation of £422,000 (2020: loss of £757,000), of 
which £183,000 (2019: loss of £608,000) was due to the fall in value of the 
Group's investment in KCR. No dividend is being declared for the year (2020: £ 
nil). 
 
Notwithstanding, shareholders' funds have increased to £1,547,000 (2020: £ 
1,518,000), principally as a result of the fund raising undertaken by the 
Company in November 2021. The Group raised £450,000 (before expenses of the 
issue), by the issue of 75,000,000 ordinary shares at a price of 0.6 pence per 
ordinary share, together with a related warrants issue. I am pleased to be able 
to report that all the Drumz directors subscribed for new ordinary shares in 
this placing. 
 
As a result, at the year end the Group had cash balances of £561,000 (2020: £ 
491,000). 
 
Investment Policy 
 
The Company's investing policy is to invest principally, but not exclusively, 
in the technology sector within Europe. Drumz's strategy is to invest in and 
acquire technology businesses, where the Board believes they can be improved by 
a combination of our own management expertise and the provision of investment 
to improve the businesses growth prospects. 
 
Although the Company intends the main focus of the investing policy to be on 
technology businesses, this will not preclude the Company from considering 
investment in suitable projects in other sectors or geographies, where the 
Directors believe that there are high-growth opportunities. 
 
Macroeconomic impacts 
 
During the current period there have been two major macroeconomic factors which 
have impacted the economy, namely: 
 
  * COVID-19 - this global pandemic has had a major impact on the world economy 
    and the ways in which people work. On the positive side, the software 
    industry lends itself well to employees working effectively from remote 
    locations, but the broader impact of the pandemic on global demand remains 
    uncertain; and 
  * further uncertainty to demand caused by rising global inflation and 
    interest rates and disruption to global supply chains. 
 
Outlook 
 
The Board considers that the benefits of the actions already taken at Acuity 
will be seen over the coming months.  We are now considering several new 
investment opportunities.  I would like to thank all shareholders for their 
continuing support and to thank my colleagues and our advisors for their 
respective contributions. I look forward to further progress in the current 
financial year. 
 
Simon Bennett 
 
Chairman 
 
20 April 2022 
 
Chief Executive's Report 
 
Our strategy 
 
Drumz' strategy is to invest and acquire, predominantly but not exclusively in 
the technology sector, in order to achieve capital growth in the medium 
term.  We target operating companies whose activities include the sale of 
enterprise software or the use of software in B2B markets. The Board seeks 
opportunities where the value can be grown to achieve appropriate returns and 
risks are managed given the expertise available. 
 
Over the past 12 months, whilst the focus has been on developing Acuity Risk 
Management Ltd, many other investment opportunities were reviewed to find a 
second investment for the Group.  Proposals were made to acquire some 
interesting businesses, but on the final analysis none satisfied both our due 
diligence examination and value expectations. 
 
Our business model 
 
Our business model is to take established software companies with an excellent 
offering and potential to grow significantly in their market.  We work with 
companies contributing skills, expertise and knowledge to the business to 
transform the value.  The value will be realised either by way of trade sale or 
Initial Public Offer ('IPO') so Drumz and/or its shareholders can realise all 
or part of their holdings. 
 
Established businesses not only reduce the risks for Drumz and its shareholders 
but with the track record and statistical evidence on which to base decisions 
there is a stronger and faster platform for growth and therefore value 
creation.  It is important that all parties are incentivised and interests 
aligned to benefit from growth in value.  Drumz' Board believes a combination 
of scale, growth rate, profitability and cash generation are the most important 
creators of value. 
 
Investments and Portfolio update 
 
Acuity Risk Management Limited 
 
Acuity Risk Management's, STREAMÔ software platform was voted by users in 
Gartner's 2021 Peer Insights review as a top three risk management 
software.  Acuity was shortlisted for Cyber security solution of the year at 
the National Technology Awards 2021. 
 
It recently became part of the UK's space team, Athena.  Athena is the UK's 
national consortium for the space industry bringing Acuity alongside many 
leading UK and US defence and space companies and therefore may provide Acuity 
with commercial opportunities. 
 
Over the past 12 months several appointments were made including a new full 
time Commercial Director, who has reorganised all marketing, sales and other 
distribution activities.  All marketing activities have been taken in house 
following which the number and quality of leads has increased and improved 
significantly.  The sales team has been reorganised with further recruitment 
planned and the distribution channel using VARs strengthened with appointments 
made during the year, some of which were announced on the Stock Market's 
Regulatory News Service. 
 
In September Drumz exercised its existing option to invest a further £125,000 
for a further 5% of the equity taking its ownership to 25%. 
 
KCR Residential REIT plc 
 
Whilst the company's largest shareholder increased its holding in November and 
took a majority holding the share price of KCR again disappointed and is at a 
significant discount to Net Asset Value, as disclosed in its accounts.  There 
is a new Chief Executive for KCR.  Drumz continues to monitor the company, its 
share performance and considers KCR to be a passive asset for realisation in 
due course. 
 
Summary and Outlook 
 
There are opportunities for significant growth in value over the next 12 months 
within the existing portfolio and potentially with new acquisitions and 
investments. 
 
Angus Forrest 
Chief Executive 
 
20 April 2022 
 
 
 
Financial statements 
 
 
Group statement of comprehensive income 
 
for the year ended 31 December 2021 
 
                                                                  Notes      2021       2020 
                                                                             £'000      £'000 
 
Continuing operations 
 
Revenue                                                                      44         12 
 
Cost of sales                                                                -          - 
 
Gross profit                                                                 44         12 
 
Administrative expenses                                                      (283)      (161) 
 
Operating profit/(loss)                                           2          (239)      (149) 
 
Loss on investments                                               4          (183)      (608) 
 
Loss before taxation                                                         (422)      (757) 
 
Taxation                                                                     -          - 
 
Loss for the year attributable to shareholders of the parent                 (422)      (757) 
company 
 
Total comprehensive income for the year attributable to                      (422)      (757) 
shareholders of the parent company 
 
Earnings per share 
 
Basic and diluted earnings per share from total and continuing    3          (0.12)p    (0.36)p 
operations 
 
 
 
Group statement of financial position 
 
as at 31 December 2021 
 
                                                                          2021     2020 
                                                                 Notes    £'000    £'000 
 
ASSETS 
 
Non-current assets 
 
Investments at fair value through profit or loss                 4        1,015    1,073 
 
                                                                          1,015    1,073 
 
Current assets 
 
Trade and other receivables                                               23       14 
 
Cash and cash equivalents                                                 561      491 
 
                                                                          584      505 
 
Total assets                                                              1,599    1,578 
 
LIABILITIES 
 
Current liabilities 
 
Trade and other payables                                                  52       60 
 
Total liabilities                                                         52       60 
 
Net assets                                                                1,547    1,518 
 
EQUITY 
 
Share capital                                                    5        2,688    2,613 
 
Share premium                                                             8,385    8,039 
 
Share option reserve                                                      30       - 
 
Convertible loan                                                          -        88 
 
Merger reserve                                                            1,012    1,012 
 
Retained earnings                                                         (10,568) (10,234) 
 
Total equity                                                              1,547    1,518 
 
 
 
Company statement of financial position 
 
as at 31 December 2021 
 
                                                                          2021     2020 
                                                                 Notes    £'000    £'000 
 
ASSETS 
 
Non-current assets 
 
Investments at fair value through profit or loss                 4        1,015    1,073 
 
                                                                          1,015    1,073 
 
Current assets 
 
Trade and other receivables                                               23           13 
 
Cash and cash equivalents                                                 561        491 
 
                                                                          584        504 
 
Total assets                                                              1,599    1,577 
 
LIABILITIES 
 
Current liabilities 
 
Trade and other payables                                                  52           59 
 
Total liabilities                                                         52           59 
 
Net assets                                                                1,547    1,518 
 
EQUITY 
 
Share capital                                                    5        2,688    2,613 
 
Share premium                                                             8,385    8,039 
 
Share option reserve                                                      30 
 
Convertible loan                                                          -        88 
 
Merger reserve                                                            1,012    1,012 
 
Retained earnings                                                         (10,568) (10,234) 
 
Total equity                                                              1,547    1,518 
 
 
 
Group statement of changes in equity 
 
for the year ended 31 December 2021 
 
                            Share     Share     Share     Convertible Merger    Retained  Total 
                            capital   premium   Option    loan        reserve   earnings  equity 
                            £'000      £'000    Reserve £ £'000       £'000     £'000     £'000 
                                                '000 
 
Balance at 1 January 2020   2,392     7,189     -         88          1,012     (9,477)   1,204 
 
Issue of shares             221       850       -         -           -         -         1,071 
 
Total comprehensive income  -         -         -         -           -         (757)     (757) 
 
Balance at 31 December 2020 2,613     8,039     -         88          1,012     (10,234)  1,518 
 
Balance at 1 January 2021   2,613     8,039               88          1,012     (10,234)  1,518 
 
Transactions with owners in 
their capacity as owners: 
 
Issue of shares             75        375       -         -           -         -         450 
 
Share issue costs           -         (29)      -         -           -         -         (29) 
 
                            75        346       -         -           -         -         421 
 
Share options               -         -         30        -           -         -         30 
 
Write-off of convertible    -         -         -         (88)        -         88        - 
equity 
 
Total comprehensive income  -         -         -         -           -         (422)     (422) 
 
Balance at 31 December 2021 2,688     8,385     30        -           1,012     (10,568)  1,547 
 
 
 
Group statement of cash flows 
 
for the year ended 31 December 2021 
 
                                                                            2021       2020 
                                                                            £'000      £'000 
 
Cash flows from operating activities 
 
Loss before taxation                                                        (422)      (757) 
 
Adjustments for: 
 
            Fair value adjustment for listed investments                    183        608 
 
            Increase / (Decrease) in share option reserve                   30         - 
 
            (Increase) / Decrease in trade and other receivables            (9)           (2) 
 
            (Decrease) / increase in trade and other payables               (8)        ( 25) 
 
Net cash used in operating activities                                       (226)      (176) 
 
Cash flows from investing activities 
 
Purchase of investments                                                     (125)      (500) 
 
                                                                            (125)      (500) 
 
Cash flows from financing activities 
 
Cash raised through issue of shares (net of transaction costs)              421        1,071 
 
Net increase / (decrease) in cash and cash equivalents                      70         395 
 
Cash and cash equivalents at beginning of financial year                    491          96 
 
Cash and cash equivalents at end of financial year                          561        491 
 
 
Principal accounting policies 
 
for the year ended 31 December 2021 
 
General information 
 
Drumz plc is a company incorporated and domiciled in the United Kingdom. The 
Company is a public limited company, which is listed on AIM of the London Stock 
Exchange, incorporated in the UK and domiciled in England and Wales. The 
address of the registered office is Burnham Yard, London End, Beaconsfield, HP9 
2JH. 
 
The principal accounting policies adopted in the preparation of the Group and 
Company financial statements are set out below. 
 
Basis of accounting 
 
Basis of preparation 
 
The Group and Company financial statements have been prepared under the 
historical cost convention, except as modified for financial assets at fair 
value through profit or loss. The financial statements are presented in pounds 
sterling (£'000), which is also the functional currency of the Company and 
Group. 
 
The Group and Company financial statements have been prepared in accordance 
with the accounting policies set out below and international accounting 
standards in conformity with the Companies Act 2006. 
 
The accounting policies have been applied consistently throughout the Group and 
the Company for the purposes of the preparation of these financial statements 
and the same accounting policies, presentations and methods of computation are 
followed in this set of financial statements as were applied in the previous 
set of audited financial statements. 
 
Going concern 
 
The financial statements have been prepared on the going concern basis. 
 
The Directors have reviewed the Company's budgets and considered plans.  This 
combined with a review of the Company's cash balances, saleable securities and 
discussions with the advisers have led them to conclude there is a reasonable 
expectation that the Company and Group has adequate resources to continue 
operating for the foreseeable future.  For this reason, they continue to adopt 
the going concern basis in preparing the Company's and Group's financial 
statements.  This has been assessed using detailed cash flow analysis so that 
the Board can conclude that the Company and Group has sufficient capital 
resources for at least 12 months from the approval of these financial 
statements. 
 
 
 
Notes to the Financial Statements 
 
for the year ended 31 December 2021 
 
1. Income and segmental analysis 
 
The Group generates income by charging investee companies fees and for profits 
or losses on investments.  These operating segments are monitored by the 
Executive Directors and strategic decisions are made on the basis of segment 
operating results. The segmental analysis of operations is as follows: 
 
Segmental analysis by activity 
 
                                                                           2021       2020 
                                                                           £'000      £'000 
 
Segment result 
 
Operating income                                                           44         12 
 
Investment activities: 
 
Administrative expenses                                                    (283)      (161) 
 
Operating loss/profit                                                      (239)      (149) 
 
Loss in value of quoted investment                                         (183)      (608) 
 
Loss before tax                                                            (422)      (757) 
 
 
 
                                                                            2021       2020 
                                                                            £'000      £'000 
 
Segment assets 
 
Investment activities: 
 
Non-current assets - investment                                             1,015      1,073 
 
Other                                                                       584        505 
 
Total assets                                                                1,599      1,578 
 
 
 
Segment liabilities 
 
Investment activities: 
 
Current liabilities                                                         52         60 
 
Total liabilities                                                           52         60 
 
Total assets less total liabilities                                         1,547      1,518 
 
2. Operating profit / (loss) 
 
Operating profit / (loss) is stated after charging: 
 
                                                                            2021       2020 
                                                                            £'000      £'000 
 
Auditor's remuneration for: 
 
Audit services 
 
- audit of the Group's and Company's annual accounts                        16         12 
 
- audit of subsidiaries pursuant to legislation                             3          3 
 
3. Earnings per ordinary share 
 
The earnings per ordinary share is based on the weighted average number of 
ordinary shares in issue during the year of 351,072,048 ordinary shares of 0.1p 
(2020: 210,083,568 ordinary shares of 0.1p) and the following figures: 
 
                                                                            2021       2020 
 
Loss attributable to equity shareholders (£'000)                            (422)      (757) 
 
Loss per ordinary share                                                     (0.12)p    (0.36)p 
 
Diluted earnings per share is taken as equal to basic earnings per share as the 
Group's average share price during the period is lower than the exercise price 
of the share options and therefore the effect of including share options is 
anti-dilutive. 
 
4. Investments 
 
                                                                              Investment 
                                                                              £'000 
 
Cost 
 
At 1 January 2021                                                             2,205 
 
Additions                                                                     125 
 
At 31 December 2021                                                           2,330 
 
Fair value movements 
 
At 1 January 2021                                                             (1,132) 
 
Fair value adjustment                                                         (183) 
 
At 31 December 2021                                                           (1,315) 
 
Fair value 
 
At 31 December 2021                                                           1,015 
 
At 31 December 2020                                                           1,073 
 
Drumz plc acquired shares in KCR Residential REIT plc at a price of £0.70 per 
share in 2018. The investment was classed as fair value through profit and loss 
in accordance with IFRS 9. The investment was valued downwards at the year-end 
in accordance with IFRS 13. The closing value at 31 December 2021 was £389,713. 
 
Drumz plc acquired shares in Acuity Risk Management Limited in September 2020 
and additional shares in September 2021.  The value of this investment is shown 
at cost, £625,000.  Although Drumz holds 25% of Acuity's shares the directors 
believe that Drumz does not exercises significant influence over Acuity as such 
it does not need to be accounted for as an associate. 
 
Fair value hierarchy 
 
In accordance with IFRS 13, financial instruments are measured by level of the 
following fair value measurement hierarchy: 
 
  * Level 1: quoted prices in an active market for identical assets or 
    liabilities. The fair value of financial instruments traded in active 
    markets is based on quoted market prices at the balance sheet date. A 
    market is regarded as active if quoted prices are readily and regularly 
    available and those prices represent actual and regularly occurring market 
    transactions on an arm's-length basis. The quoted market price used for 
    financial assets held by the Group is the closing price on the last day of 
    the financial year of the Group. These instruments are included in level 1 
    and comprise FTSE and AIM-listed investments classified as held at fair 
    value through profit or loss. 
  * Level 2: the fair value of financial instruments that are not traded in an 
    active market is determined by using valuation techniques. These valuation 
    techniques maximise the use of observable market data where it is available 
    and rely as little as possible on entity-specific estimates. If all 
    significant inputs required to fair value an instrument are observable, the 
    instrument is included in level 2. 
  * Level 3: the fair value of financial instruments that are not traded in an 
    active market (for example, investments in unquoted companies) 
    is determined by using valuation techniques such as earnings multiples. If 
    one or more of the significant inputs is not based on observable market 
    data, the instrument is included in level 3. 
 
There have been no transfers between these classifications in the period (2020: 
none). The change in fair value for the current and previous years is 
recognised through profit or loss. 
 
All assets held at fair value through profit or loss were designated as such 
upon initial recognition. 
 
Movements in investments held at fair value through profit or loss are 
summarised as follows: 
 
                                                                                                                                 Level 3     Level 1     Total 
                                                                                                                                 Equity      Equity      investments 
                                                                                                                                 investments investments £'000 
                                                                                                                                 £'000       £'000 
 
Cost 
 
At 1 January 2021                                                                                                                500         1,705       2,205 
 
Additions                                                                                                                        125                     125 
 
At 31 December 2021                                                                                                              625         1,705       2,330 
 
Fair value losses 
 
At 1 January 2021                                                                                                                -           (1,132)     (1,132) 
 
Fair value adjustment                                                                                                            -           (183)       (183) 
 
At 31 December 2021                                                                                                              -           (1,315)     (1,315) 
 
Fair value 
 
At 31 December 2021                                                                                                              625         390         1,015 
 
At 31 December 2020                                                                                                              500         573         1,073 
 
Level 3 investments are held at fair value at the date of the Consolidated 
Financial Position with changes in value from cost being accounted for in the 
Consolidated Statement of Comprehensive Income. 
 
5. Share capital 
 
                                                                            2021       2020 
                                                                            £'000      £'000 
 
Allotted, called up and fully paid 
 
419,822,048 (2020: 344,822,048) ordinary shares of 0.1p each                420        345 
 
2,268,113,165 (2020: 2,268,113,165) deferred shares of 0.1p each            2,268      2,268 
 
                                                                            2,688      2,613 
 
 
 
                                                       2021         2021       2020        2020 
                                                       Number       £'000      Number      £'000 
 
Ordinary shares 
 
At 1 January 2021                                      344,822,048    345      123,912,957   124 
 
Additions                                                75,000,000    75      220,909,091    221 
 
At 31 December 2021                                    419,822,048    420      344,822,048   345 
 
On 30 November the Company issued 75,000,000 new Ordinary shares of 0.1p at 
0.6p per share to raise approximately £450,000 before expenses. 
 
Deferred shares 
 
The deferred shares have: 
 
  * no right to any dividend; 
  * the right to receive notice of any general meeting and to attend such 
    meeting but no right to vote thereat; and 
  * the right on a winding up or other return of capital (after payment of the 
    debts and liabilities of the Company and an amount equal to the amounts 
    paid up, or credited as paid up, including any premium on the ordinary 
    shares of the Company, together with any unpaid arrears of dividend 
    declared on such shares) to an amount equal to the amounts paid up or 
    credited as paid up on such deferred shares. 
 
Share options and warrants 
 
The Group operates an unapproved share option scheme. Awards under each scheme 
are made periodically to employees. The share options in this scheme vest three 
years after the date of grant and have an exercise period of seven years. The 
options may only be exercised by option holders while they are still employees 
of the Group. If death in service occurs the options can be exercised (to the 
extent that they have vested) by the option holder's personal representatives 
within 12 months from the date of death. If an option holder ceases to be 
employed and the Directors deem the option holder to be a 'Good Leaver' the 
options can be exercised (to the extent that they have vested) within six 
months from the date of cessation of employment. 
 
A reconciliation of option movements over the year ended 31 December 2021 is 
shown below: 
 
                                                                            Number 
 
Outstanding at 31 December 2020 and 31 December 2021                        15,000,000 
 
 
At 31 December 2021 outstanding options granted over ordinary shares were as 
follows: 
 
Share option scheme     Exercise price         Number                 Dates exercisable 
 
Company unapproved      0.65p                  11,000,000             15 July 2020 to 14 July 
                                                                      2030 
 
Company unapproved      0.55p                  4,000,000              25 Nov 2020 to 24 Nov 2030 
 
The weighted average exercise price for the Group's options are as follows: 
 
Options outstanding at 31 December 2021:        0.62p 
 
Options exercisable at 31 December 2021:         nil 
 
The weighted average remaining contractual life of the share options 
outstanding at the end of the year is 8 years (2020: 9 years). 
 
The Group has used the Black-Scholes formula to calculate the fair value of 
outstanding share options. The assumptions applied to the Black-Scholes formula 
for share options issued and the fair value per option are detailed in the 
table below for options issued. The charge calculated up to 31 December 2021 is 
£30,000 (2020: £nil). Volatility was calculated using historical share price 
information for the six months prior to the date of grant. 
 
                                                                                     Unapproved 
                                                                                     share 
                                                                                     options 
                                                                                     2020 grant 
 
Date of grant                                                                        15 July 
                                                                                     2020 
 
Expected life of options based on options exercised to date                          3 years 
 
Volatility of share price                                                            87% 
 
Dividend yield                                                                       0% 
 
Risk free interest rate                                                              0.01% 
 
Share price at date of grant                                                         0.65p 
 
Exercise price                                                                       0.65p 
 
Fair value per option                                                                0.46p 
 
 
 
Date of grant                                                                        25 Nov 2020 
 
Expected life of options based on options exercised to date                          3 years 
 
Volatility of share price                                                            96% 
 
Dividend yield                                                                       0% 
 
Risk free interest rate                                                              0.01% 
 
Share price at date of grant                                                         0.48p 
 
Exercise price                                                                       0.55p 
 
Fair value per option                                                                0.35p 
 
Warrants 
 
Warrants over 75,000,000 ordinary shares of the Company with an exercise price 
of 1.0 pence per share were issued during the year ended 31 December 2021, in 
conjunction with the share issues set out in this note.  Warrants over 
75,000,000 ordinary shares are outstanding as at 31 December 2021. No expense 
was recorded in the year in respect of these warrants. 
 
Annual Report 
 
The Company confirms the Annual Report and AGM Notice will be available on the 
Company's website drumzplc.com following the publication of this announcement. 
 
 
 
END 
 
 

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