TIDMIMM
RNS Number : 0175O
Immupharma PLC
30 September 2019
RNS: RELEASE | 30 SEPTEMBER 2019
ImmuPharma PLC
("ImmuPharma" or the "Company")
INTERIM RESULTS ANNOUNCEMENT
for the six months ended 30 June 2019
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the
specialist drug discovery and development company, is pleased to
announce its interim results for the six months ended 30 June 2019
(the "Period").
Key Highlights (including post Period review)
Financials
-- Stable financial performance over the Period
o Cash balance of GBP2.3 million as at 30 June 2019 (31 December
2018: GBP4.9 million)
o Derivative financial asset of GBP1.9 million as at 30 June
2019 (31 December 2018: nil)
o Loss for the period of GBP3.9 million (30 June 2018: GBP4.1
million)
o Research and development expenses of GBP1.4 million (30 June
2018: GBP2.5 million)
o Basic and diluted loss per share of 2.80p (30 June 2018:
2.94p)
o Subscription agreement with Lanstead Capital Investors LP
raising approximately GBP2.66 million
-- Lanstead retains a holding of over 16% in ImmuPharma
Lupuzor(TM)
-- Open label extension study - Following the completion of
Lupuzor(TM) 's Phase III clinical trial in January 2019, ImmuPharma
undertook an open label extension study. Analysis of results from
Lupuzor's(TM) 'extension' open label study were announced on 28
June 2019
o 62 eligible patients enrolled throughout the US and Europe
completing a 24-week treatment period
o Primary endpoint successfully achieved confirming the safety
profile of Lupuzor(TM)
o No 'serious adverse events' related to Lupuzor(TM)
reported
o Insights into the Phase III data allow an optimised
Lupuzor(TM) phase III design to progress
-- Exploration within the P140 platform for different
auto-immune indications outside of lupus continues
Other program developments
-- Within our two further platforms, Ureka Sarl (Peptide) and
Elro Pharma (Nucant) , ImmuPharma continues to explore options to
license, divest or 'spin-off' the technologies to unlock future
potential and enhance value to shareholders
-- The peer reviewed research journal 'Nature Communications'
paper published on the proprietary technology Urelix(TM) from Ureka
- Superior GLP-1 analogues pave way for peptide types across many
therapy areas
-- Negotiations with Incanthera Limited on the Nucant cancer
programme and broader collaboration discussions terminated -
ImmuPharma retains a 15% shareholding in Incanthera
Industry reports
-- The Life Sciences Division published an initiation research note on ImmuPharma in May 2019
Commenting on the statement and outlook Tim McCarthy, Chairman,
said: "With further analysis gained from our Phase III results,
together with our extension study successfully meeting its endpoint
confirming its safety profile, we are focused on progressing
Lupuzor(TM) into a further Phase III trial. Our plans to create
further shareholder value within our Peptide Platform (Ureka) and
Nucant (Elro Pharma) continue. We look forward to reporting on
these developments. We would also like to take this opportunity to
thank our shareholders, scientific advisors, corporate
collaborators and the CNRS."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. ("MAR")
For further information please contact:
ImmuPharma PLC (www.immupharma.com) + 44 (0) 207 152 4080
Tim McCarthy, Chairman
Dimitri Dimitriou, Chief Executive Officer
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin +44 (0) 203 368 8974
Vassil Kirtchev
Stanford Capital Partners (Joint Broker)
Patrick Claridge, John Howes +44 (0) 203 815 8880
SI Capital (Joint Broker)
Nick Emerson +44 (0) 1483 413500
ImmuPharma plc
Chairman's Statement
INTERIM HIGHLIGHTS
The first half of 2019 saw a number of developments for
ImmuPharma including the announcement of results for the open label
extension study for Lupuzor(TM) .
On 26 June 2019, the Company announced that it entered into a
subscription agreement with Lanstead Capital Investors LP
('Lanstead'), an institutional investor, together with a sharing
agreement, raising approximately GBP2.66 million.
Lupuzor(TM) Phase III open label extension results and next
steps
Following on from Lupuzor(TM) 's pivotal Phase III trial that
was completed in 2018, in June 2019, the Company announced the
results of Lupuzor(TM) 's open label extension study. There were 62
patients enrolled in the study throughout the US and Europe who
completed a 24-week treatment period. The primary endpoint was
successfully achieved confirming the safety profile of Lupuzor(TM)
with no serious adverse events reported. Insights provided by the
study allow an optimised Lupuzor(TM) phase III design to
progress.
The open label extension study followed the pivotal Phase III
clinical trial for Lupuzor(TM) , the results of which were
announced in April 2018. The Phase III trial was a double-blind,
randomised, placebo-controlled trial. The study involved patients
being dosed for one year, receiving 0.2mg once per month
subcutaneously. 293 patients were screened illustrating the demand
from physicians for a new, safe and effective treatment for lupus.
Of these, the required 202 patients were successfully recruited and
randomised (dosed). Patients participated in the trial in 7
countries across 28 sites.
The clinical trial was undertaken primarily by Simbec-Orion, an
international clinical research organisation, who specialises in
rare and orphan conditions and has previous direct experience in
lupus trials. This was a pivotal study designed to demonstrate the
safety and efficacy of Lupuzor(TM) .
Lupuzor(TM) demonstrated a superior response rate over placebo
(52.5% vs 44.6% "responders") in the primary analysis on the Full
Analysis Set of all 202 patients. However, due to the high response
rate in the placebo group, this superior response did not allow
statistical significance to be reached (p = 0.2631) and the trial's
primary end point was not met.
Across the whole study population, in those patients who had
anti-dsDNA autoantibodies, Lupuzor(TM) demonstrated a superior
response rate over placebo (61.5% vs 47.3%, p = 0.0967). Although
these results were not statistically significant, further data
analysis demonstrated that in the Europe cohort (130 patients)
Lupuzor(TM) plus standard of care showed statistically significant
reductions in disease activity compared to placebo plus standard of
care in 79 patients who were anti-dsDNA autoantibody positive
(71.1% vs 48.8%, p = 0.0218).
The study confirmed the outstanding safety profile of
Lupuzor(TM) , with no serious adverse events reported.
Scientific literature indicates that approximately 60% - 70% of
patients diagnosed for lupus are anti-dsDNA autoantibody positive.
These proportions were seen in the Europe cohort (60.8% of
patients) and could therefore be considered as representative of
the overall lupus population.
In those patients who were anti-dsDNA autoantibody negative,
there was almost no difference in disease activity reduction
between the active group and the comparator group. Anti-dsDNA
autoantibodies are a recognised biomarker for Systemic Lupus
Erythematosus.
This finding indicates that the activity of Lupuzor(TM) could be
correlated with the presence of anti-dsDNA autoantibodies in lupus
patients. ImmuPharma believes that predictive biomarkers, such as
anti-dsDNA autoantibodies, could allow identification of patients
that are more likely to respond positively to treatment with
Lupuzor(TM) .
Lupuzor(TM) next steps
ImmuPharma believes there are still a number of pathways to
market for Lupuzor(TM) and, as such, continues to consult with
regulatory advisors on these activities. The prime objective of any
strategy would be to maximise shareholder return.
ImmuPharma also maintains a focus on exploring opportunities
within the P140 platform for different auto-immune indications
outside of lupus, based on encouraging pre-clinical data.
ImmuPharma has also taken steps toward the implementation of a
Managed Access Program for Lupuzor(TM) . Recognising that lupus is
a disease with significant unmet medical need and given the
advanced level of clinical trial investigation completed,
ImmuPharma would like to meet demand for access to Lupuzor(TM)
through clinicians. These plans have been postponed while
alternative options are explored.
Ureka
The Group's subsidiary Ureka sarl ('Ureka') has been developing
lead compounds from its novel and patented peptide technology
platform Urelix(TM) . Ureka is based at the Institut Europeen de
Chimnie et Biologie (IECB) in Bordeaux, France which is under the
joint authority of the CNRS, Inserm and the University of
Bordeaux.
Urelix(TM) is focusing on oligourea foldamers as a tool to
improve the pharmaceutical properties of peptides. One of the first
focus areas of Ureka has been GLP-1 analogues for the treatment of
Type II diabetes and NASH (Non-Alcoholic-Steato-Hepatitis) as proof
of concept for its technology. In February 2019, the peer reviewed
scientific research journal 'Nature Communications' published a
paper on Ureka's technology.
As announced in May 2019, the Company is pursuing plans to
combine the Ureka and Elro subsidiaries. The intention is to
maximise value from the combined entity whilst retaining an
interest in any future commercial success.
Nucant Platform
A number of options have been under review to develop the
Company's Nucant cancer programme.
In September 2018, the Company signed a Heads of Terms agreement
with Incanthera ("Incanthera") regarding a potential collaboration
on the Nucant program. At the same time, ImmuPharma invested GBP2
million to purchase 363,637 shares at GBP5.50 per share in
Incanthera and received warrants for a further 363,637 shares at
GBP5.50. In May 2019, following a period of wide-ranging
discussions, ImmuPharma announced that discussions regarding a
clinical development collaboration with Incanthera Limited had
ceased. The Company continues to be supportive of Incanthera and
retains a 15% shareholding.
Following a review of options for progressing this program,
ImmuPharma is pursuing a strategy to combine Elro with the Group's
Ureka subsidiary.
Lanstead Capital Subscription
On 26 June 2019, the Company announced that it entered into a
subscription agreement with Lanstead Capital Investors LP
("Lanstead"), an institutional investor, together with a related
sharing agreement ("Sharing Agreement"), raising approximately
GBP2.66 million. Lanstead subscribed for 26,565,200 new ordinary
shares of 10 pence each in the Company at an issue price of 10
pence per Subscription Share to raise gross proceeds of
approximately GBP2.66 million, representing approximately 19% of
the Company's existing share capital (the "Subscription"). The
subscription represents a further supportive investment in the
Company by Lanstead following the GBP4.43 million investment in
February 2016, from which the Company ultimately received just over
GBP5.0 million from Lanstead including the additional funds
received through the Sharing Agreement over time.
The GBP2.66 million gross proceeds of the Subscription were
pledged by the Company pursuant to the Sharing Agreement with
Lanstead. The Sharing Agreement, details of which are contained in
the Notes to the Interim Accounts, entitles the Company to receive
back those proceeds on a pro rata monthly basis over a period of 24
months, structured to commence two months following the admission
to AIM of the Subscription Shares, subject to adjustment upwards or
downwards each month depending on the Company's share price at the
time. The Sharing Agreement provides the opportunity for the
Company to benefit from positive future share price
performance.
The Company also agreed to issue Lanstead 1,328,290 ordinary
shares in connection with entering into the Sharing Agreement.
Financial Review
ImmuPharma's cash balance at 30 June 2019 was GBP2.3 million
(GBP4.9 million at 31 December 2018, GBP9.0 million at 30 June
2018). As a result of the Lanstead Subscription and Sharing
Agreement, the Company had a derivative financial asset of GBP1.9
million at 30 June 2019 (30 June 2018: GBPnil). Basic and diluted
loss per share were 2.80p and 2.80p respectively (30 June 2018:
2.94p and 2.94p). In line with the Company's current policy, no
interim dividend is proposed.
Operating loss for the Period was GBP3.3 million (GBP4.1 million
for the six months ended 30 June 2018). Research and development
expenditure in the Period was GBP1.4 million (GBP2.5 million for
the six months ended 30 June 2018) reflecting primarily the
expenditure related to the Lupuzor(TM) Phase III clinical trial.
Administrative expenses were GBP0.9 million during the Period
(GBP1.0 million for the six months ended 30 June 2018). The share
based expense was GBP1.0 million (GBP0.8 million for the six months
ended 30 June 2018). Finance costs for the Period were GBP842k
(GBP29k for the six months ended 30 June 2018). This primarily
arose due to the calculation of fair value of the Lanstead Sharing
Agreement based on the Company's share price at 30 June 2019. The
restatement to fair value will be calculated at the end of each
accounting period during the course of the Sharing Agreement and
will vary according to the Company's share price performance.
Given the stage of ImmuPharma's development, the fact that
losses have continued to be made is to be expected since there is
minimal revenue and business activity is concerned with significant
investment in the form of clinical development expenditure, in
addition to maintaining the infrastructure of the Company.
Current Activities and Outlook
The Board has been focused on delivering a business strategy
which provides the optimum route forward for ImmuPharma and its
shareholders, based on its current assets, resources and knowhow.
In the medium term, we remain focussed on achieving the full
regulatory approval of Lupuzor(TM) which we believe has the
potential to be a ground breaking drug for lupus patients with
blockbuster potential in commercial terms.
Our Ureka subsidiary and Nucant programme have been part of our
portfolio for a number of years. We are equally excited by the
potential of both. We believe the strategy we are pursuing with the
merger of Ureka and Elro will create enhanced value for
shareholders going forward.
The Board would like to thank its shareholders for their support
as well as its staff, corporate and scientific advisers including
Simbec-Orion and the CNRS (Centre Nationale de la Recherche
Scientifique) for their continued collaboration.
Tim McCarthy
Chairman
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIODED 30 JUNE 2019
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Continuing operations
Revenue 1 11,737 81,281 73,392
Research and development
expenses (1,362,933) (4,697,284) (2,455,490)
Administrative expenses (931,761) (1,660,408) (992,085)
Share based expense (1,005,101) (1,803,769) (775,135)
Operating loss (3,288,058) (8,080,180) (4,149,318)
Finance costs 4 (842,293) (4,783) (29,425)
Finance income 4,257 129,808 6,077
Loss before taxation (4,126,094) (7,955,155) (4,172,666)
Tax 225,250 748,606 110,237
Loss for the period (3,900,844) (7,206,549) (4,062,429)
Attributable to:
Equity holders of the parent
company (3,900,844) (7,206,549) (4,062,429)
Loss per ordinary share
Basic and diluted 2 (2.80)p (5.19)p (2.94)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2019
Unaudited Audited Unaudited
6 months Year 6 months
ended ended 31 ended
30 June December 30 June
2019 2018 2018
GBP GBP GBP
Loss for the financial period (3,900,844) (7,206,549) (4,062,429)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 75,594 (88,256) 29,459
Total items that may be reclassified
subsequently to profit or loss 75,594 (88,256) 29,459
Other comprehensive income/(loss)
for the period 75,594 (88,256) 29,459
Total comprehensive loss for
the period (3,825,250) (7,294,805) (4,032,970)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Note Unaudited Audited Unaudited
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Non-current assets
Intangible assets 500,077 483,039 481,667
Property, plant and equipment 133,714 164,661 120,675
Financial asset 2,000,000 2,000,000 -
Derivative financial asset 4 1,014,592 - -
Total non-current assets 3,648,383 2,647,700 602,342
Current assets
Trade and other receivables 257,216 331,487 1,174,720
Cash and cash equivalents 2,258,951 4,911,448 9,015,630
Current tax asset 978,921 767,121 -
Derivative financial asset 857,298 - -
Total current assets 4,352,386 6,010,056 10,190,350
Current liabilities
Financial liabilities -
borrowings (96,961) (98,340) (138,214)
Trade and other payables (444,398) (913,907) (737,035)
Total current liabilities (541,359) (1,012,247) (875,249)
Net current assets 3,811,027 4,997,809 9,315,101
Non-current liabilities
Financial liabilities -
borrowings - (22,470) (61,209)
Net assets 7,459,410 7,623,039 9,856,234
EQUITY
Ordinary shares 13,946,744 13,946,744 13,946,744
Share premium 27,320,145 27,320,145 27,320,143
Merger reserve 106,148 106,148 106,148
Other reserves 2,745,217 (991,998) (1,902,921)
Retained earnings (36,658,844) (32,758,000) (29,613,880)
Total equity 7,459,410 7,623,039 9,856,234
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2019
Other Other
reserves reserves-
Other Other - New
reserves - reserves Equity equity
Merger Acquisition - shares shares Retained
Share Share reserve reserve Translation to be to be Earnings Total
capital premium Reserve issued issued equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2018 13,252,299 18,728,519 106,148 (3,541,203) (1,701,241) 2,281,427 - (25,551,451) 3,574,498
Loss for the
financial
period - - - - - - - (4,062,429) (4,062,429)
Exchange
differences
on
translation
of foreign
operations - - - - 29,459 - - - 29,459
New issue of
equity
capital 694,445 9,305,555 - - - - - - 10,000,000
Cost of new
issue of
equity
capital - (713,931) - - - - - - (713,931)
Share based
payments - - - - - 1,028,637 - - 1,028,637
------------ ------------ ---------- -------------- ---------------------- ----------- ----------- -------------- -----------------------------
At 30 June
2018 13,946,744 27,320,143 106,148 (3,541,203) (1,671,782) 3,310,064 - (29,613,880) 9,856,234
============ ============ ========== ============== ====================== =========== =========== ============== =============================
At 1 January
2018 13,252,299 18,728,519 106,148 (3,541,203) (1,701,241) 2,281,427 - (25,551,451) 3,574,498
Loss for the
financial
year - - - - - - - (7,206,549) (7,206,549)
Exchange
differences
on
translation
of foreign
operations - - - - (88,256) - - - (88,256)
Transactions
with owners:
Share based
payments - - - - - 2,057,275 - - 2,057,275
New issue of
equity
capital 694,445 9,305,555 - - - - - - (10,000,000)
Cost of new
issue of
equity
capital - (713,929) - - - - - - (713,929)
At 31
December
2018
& 1 January
2019 13,946,744 27,320,145 106,148 (3,541,203) (1,789,497) 4,338,702 - (32,758,000) 7,623,039
Loss for the
financial
period - - - - - - - (3,900,844) (3,900,844)
Exchange
differences
on
translation
of foreign
operations - - - - 75,594 - - - 75,594
Transactions
with owners:
Share based
payments - - - - - 1,005,101 - - 1,005,101
New shares to
be issued - - - - - - 2,656,520 - 2,656,520
At 30 June
2019 13,946,744 27,320,145 106,148 (3,541,203) (1,713,903) 5,343,803 2,656,520 (36,658,844) 7,549,410
============ ============ ========== ============== ====================== =========== =========== ============== =============================
Attributable
to:-
Equity
holders of
the
parent
company 13,946,744 27,320,145 106,148 (3,541,203) (1,713,903) 5,343,803 2,656,520 (36,658,844) 7,549,410
============ ============ ========== ============== ====================== =========== =========== ============== =============================
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIODED 30 JUNE 2019
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2019 2018 2018
GBP GBP GBP
Cash flows from operating
activities
Cash used in operations 3 (2,687,173) (5,606,138) (3,150,500)
Tax - 889,787 213,724
Interest paid (1,581) (4,783) (2,423)
Net cash used in operating
activities (2,688,754) (4,721,134) (2,939,199)
Investing activities
Purchase of property,
plant and equipment (4,502) (102,880) (7,946)
Purchase of investments - (2,000,000) -
Interest received 4,257 12,491 6,077
Net cash used in investing
activities (245) (2,090,389) (1,869)
Financing activities
(Decrease)/increase in bank
overdraft (110) (72) (122)
Loan repayments (23,739) (138,809) (58,615)
Gross proceeds from issue
of new share capital - 10,000,000 10,000,000
Share capital issue costs - (713,929) (713,931)
Net cash generated from financing
activities (23,849) 9,147,190 9,227,332
Net increase in cash and
cash equivalents (2,712,848) 2,335,667 6,286,264
Cash and cash equivalents
at start of period 4,911,448 2,729,468 2,729,468
Effects of exchange rates
on cash and
cash equivalents 60,351 (153,687) (102)
Cash and cash equivalents
at end of period 2,258,951 4,911,448 9,015,630
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2019
1 ACCOUNTING POLICIES
Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European
Commission. The financial information has been prepared on the
basis of IFRS to be adopted by the European Union and applicable as
at 31 December 2019. The Group has chosen not to adopt IAS 34
"Interim Financial Statements" in preparing the interim financial
information.
The accounting policies applied are consistent with those that
were applied to the financial statements for the year ending 31
December 2018, with the exception of IFRS 16 "Leases" which is a
new standard applicable for the year ending 31 December 2019. The
adoption of the new standard did not have a material impact on the
interim financial information set out in this report.
Non-Statutory accounts
The financial information set out in this interim report does
not constitute the Group's statutory accounts, within the meaning
of Section 434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2018 have been filed with Registrar
of Companies. The auditors reported on those accounts; their report
was unqualified, did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006 but did
include an emphasis of matter paragraph relating to the uncertainty
over the fair value of the investment in Incanthera Limited. The
financial information for the 6 months ended 30 June 2019 and 30
June 2018 is unaudited.
Copies of this statement will be available on the Company's
website - www.immupharma.com.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2019
(Continued)
2 LOSS PER SHARE
Unaudited Audited Unaudited
6 months Year ended 6 months
ended 30 31 December ended
June 2019 2018 30 June
2018
GBP GBP GBP
Loss
Loss for the purposes of basic
and diluted loss per share
being net loss attributable
to equity shareholders (3,900,844) (7,206,549) (4,062,429)
Number of shares
Weighted average number of
ordinary shares for the purposes
of basic loss per share 139,467,430 138,839,576 138,201,316
Basic loss per share (2.80)p (5.19)p (2.94)p
Diluted loss per share (2.80)p (5.19)p (2.94)p
There is no difference between basic loss per share and diluted
loss per share as the share options and warrants are
anti-dilutive.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2019
(Continued)
3 CASH USED IN OPERATIONS
Unaudited Audited Unaudited
6 months Year ended 6 months
ended 31 December ended
30 June 2018 30 June
2019 2018
GBP GBP GBP
Operating loss (3,288,058) (8,080,180) (4,149,318)
Depreciation & amortisation 50,946 133,080 81,424
Share based payments 1,005,101 2,057,275 1,028,637
Decrease in trade & other
receivables 72,517 404,725 358,921
(Decrease)/increase in trade
& other payables (469,509) 15,151 (189,656)
(Decrease)/increase
in provisions - (253,506) (253,506)
Gain/(loss) on foreign
exchange (58,170) 117,317 (27,002)
Cash used in operations (2,687,173) (5,606,138) (3,150,500)
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2019
(Continued)
4 DERIVATIVE FINANCIAL ASSET
In June 2019, as part of a placing that raised, in aggregate,
GBP2.66 million (before expenses) from new and existing
shareholders, the Company issued 26,565,200 new ordinary
shares to Lanstead Capital LP ('Lanstead') at a price of
10p per share for GBP2.66 million. All of the shares with
full voting rights were allotted to Lanstead on 2 July 2019.
The Company simultaneously entered into a Sharing Agreement
with Lanstead for 100% of these shares with a reference
price of 13.33p per share. The Sharing Agreement is for
a 24 month period. The actual consideration is variable
depending upon the Company's share price. The Sharing Agreement
is treated as a derivative financial asset and valued at
fair value through the income statement with reference to
the Company's share price as at the end of the accounting
period.
On 2 July 2019, the Company also issued, in aggregate, a
further 1,328,290 new ordinary shares to Lanstead as a value
payment in connection with the Share Subscription and the
Sharing Agreement.
At the end of the accounting period the amount receivable
is restated to fair value based upon the share price of
the Company at that date. Any change in the fair value of
the derivative financial asset is reflected in the income
statement. As at 30 June 2019, the Company completed a calculation
of fair value of the derivative financial asset that resulted
in a finance loss of GBP785k which was recorded in the income
statement. The restatement to fair value will be calculated
at the end of each accounting period during the course of
the Sharing Agreement and will vary according to the Company's
share price performance.
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
IR CKODPQBKDOCB
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