Infinity Energy S.A. Final Results

 
TIDMINFT 
 
Infinity Energy S.A. 
 
                     ("Infinity Energy" or the "Company") 
 
            Final Results for the 12 months ended 31 December 2016 
 
The Directors of Infinity Energy are pleased to announce the audited results of 
the Company for the year ended 31 December 2016. 
 
The audited annual accounts for the year ended 31 December 2016 will shortly be 
sent to shareholders and will also be available on the Company's website at 
http://www.infinityenergy.eu. 
 
For further information, please contact: 
 
Infinity Energy S.A. 
Gerwyn Williams                          Tel:  [phone] 
 
Nomad 
Cairn Financial Advisers LLP 
Sandy Jamieson / James Caithie           Tel:  [phone] 
 
Joint-Broker 
WH Ireland Limited 
Paul Shackleton / Nick Prowting          Tel:  [phone] 
 
Joint-Broker 
Peterhouse Corporate Finance Limited 
Eran Zucker / Lucy Williams              Tel:  [phone] 
 
CHAIRMAN'S STATEMENT 
 
Infinity Energy became an Investing Company under the AIM Rules on 17 February 
2012.  On 18 March 2014, shareholders approved the new investing policy which 
is to make investments and acquisitions, either through the issues of 
securities or for cash, in quoted and non-quoted companies and their 
securities, in the commodities sector with an emphasis on oil and gas service 
sectors.  Such investments include the provision of financing by way of 
farm-ins, earn-ins, loans, equity or other forms of financing and investments 
in and to companies in these sectors. 
 
Following a decision by the board of the Company to cease it investment 
activities in April 2017, the Company became an AIM cash shell under AIM rules. 
 
John Killer 
 
DIRECTORS' REPORT ON THE FINANCIAL STATEMENTS 
 
The Directors are pleased to submit their annual management report and 
financial statements for the year ended 31 December 2016. 
 
For the purpose of filing with AIM, financial statements have been prepared and 
presented using International Financial Reporting Standards ('IFRS') as adopted 
by the European Union. The Company has elected, as allowed under Luxembourg 
law, to produce financial statements using IFRS only and these are available at 
the registered office and the Trade Registrar in Luxembourg. 
 
Principal activity 
 
The principal activity of the Company during the year under review was to make 
investments and acquisitions, either through the issues of securities or for 
cash, in quoted and non-quoted companies and their securities, in the 
commodities sector with an emphasis on oil and gas and oil and gas service 
sectors.  Such investments include the provision of financing by way of 
farm-ins, earn-ins, loans, equity or other forms of financing and investments 
in and to companies in these sectors. 
 
Review of business 
 
During the period under review the Company was an Investing Company as defined 
by AIM Rules. 
 
On 1 June 2017 in accordance with Article 100 of the Luxembourg Companies Law, 
the Shareholders of the Company resolved that it will continue to provide 
financial support to the Company following the notification from the Board of 
Directors that the Company had lost half of the corporate capital as at 31 
December 2016. It was resolved by the Shareholders that the Company will not be 
put into dissolution. 
 
During the period, the Company was extended a loan facility of GBP (GBP) 400,000 
by Gerwyn Llewellyn Williams a Director/Shareholder of the Company.  The terms 
of this loan and the basis on which it has been advanced are disclosed in the 
notes to these financial statements. 
 
Total operating costs for the period amounted to GBP (GBP) 312,899 (2015: GBP (GBP) 
191,910). The Group losses for the year were GBP (GBP) 309,799 (2015 loss: GBP 
(GBP) 189,058). 
 
Post Balance Sheet events 
 
On 16 March 2017, the Company raised GBP500,000 (before expenses) by way of a 
placing of 555,558,200 new ordinary shares ("New Ordinary Shares") at a price 
of GBP0.0009 per share. 
 
On 5 April 2017,  Gerwyn Llewellyn Williams, Company Director and Chief 
Executive Officer, converted his convertible loan totalling GBP480,000 into new 
ordinary shares in the Company at a conversion rate of GBP0.0013, equating to 
369,230,769 new ordinary shares ("New Ordinary Shares").  Following this 
conversion, Mr Williams held 472,003,497 ordinary shares in the Company. 
 
On 10 April 2017, the Company raised GBP600,000 (before expenses) by way of a 
placing of 461,542,700 new ordinary shares ("New Ordinary Shares") at a price 
of GBP0.0013 per share. 
 
At a board meeting of the Company held on 12 April 2017, it was decided that 
the Company should cease its investment activities and instead focus on 
completing a suitable reverse takeover transaction as soon as possible. 
 
The Company is investigating a number of potential reverse takeover candidates 
in the oil and gas sector. 
 
The Company has now become an AIM Rule 15 cash shell, which means that the 
Company must make an acquisition or acquisitions which constitute a reverse 
takeover under Rule 14 of the AIM Rules by 12 October 2017, otherwise the 
trading of the Company's shares on AIM will be suspended. 
 
If the Company has not made an acquisition or acquisitions which constitute a 
reverse takeover under Rule 14 of the AIM Rules within six months of such 
suspension, the admission of the Company's shares to trading on AIM will be 
cancelled. 
 
On behalf of the Board 
Gary Neville 
 
 
STATEMENT OF COMPREHENSIVE INCOME 
For the year ended 31 December 2016 
 
(Expressed in GBP (GBP))                                       2016         2015 
 
                                        Notes             GBP (GBP)      GBP (GBP) 
 
Income 
 
Interest                                5                   5,849        5,218 
 
Total Net Income                                            5,849        5,218 
 
Expenses 
 
Directors Remuneration                  6                (48,000)     (43,000) 
 
Administrative expenses                 7               (239,487)    (129,360) 
 
Interest and financial charges          8                (25,412)     (19,550) 
 
Total Operating Expenses                                (312,899)    (191,910) 
 
Loss before taxation                                    (307,050)    (186,692) 
 
Income tax                              9                 (2,749)      (2,366) 
 
Total comprehensive loss                                (309,799)    (189,058) 
 
Basic loss per share                    10               (0.0008)     (0.0005) 
 
 
The accompanying notes 1 to 16 form an integral part of these financial 
statements. 
 
 
 
 
STATEMENT OF FINANCIAL POSTION 
As at 31 December 2016 
 
(Expressed in GBP (GBP))                                         2016         2015 
 
                                            Notes           GBP (GBP)      GBP (GBP) 
 
ASSETS 
 
Non-current assets 
 
Financial assets at fair value through      11              208,403      202,554 
profit and loss 
 
Total non-current assets                                    208,403      202,554 
 
Current assets 
 
Other receivables                                                 -            - 
 
Cash and cash equivalent                                      8,020       38,554 
 
Total current assets                                          8,020       38,554 
 
Total assets                                                216,423      241,108 
 
EQUITY AND LIABILITIES 
 
Capital and reserves 
 
Share capital                               12              506,719      486,719 
 
Share premium                               12              182,483      182,483 
 
Accumulated losses                                        (916,310)    (727,252) 
 
Loss for the year                                         (309,799)    (189,058) 
 
Shareholders' equity                                      (536,907)    (247,108) 
 
Current liabilities 
 
Trade and other payables                    13              135,330       78,216 
 
Provisions for other liabilities and                        158,000      110,000 
charges 
 
Total current liabilities                                   293,330      188,216 
 
Non-current liabilities 
 
Convertible loan                            14              460,000      300,000 
 
                                                            460,000      300,000 
 
Total equity and liabilities                                216,423      241,108 
 
The accompanying notes 1 to 16 form an integral part of these financial 
statements. 
 
 
 
 
STATEMENT OF CASH FLOWS 
For the year ended 31 December 2016 
 
(Expressed in GBP (GBP))                                       2016           2015 
 
                                           Notes          GBP (GBP)        GBP (GBP) 
 
OPERATING ACTIVITIES 
 
Operating expenses paid                                 (190,534)      (138,832) 
 
Net cash flows applied to operations                    (190,534)      (138,832) 
 
 
FINANCING ACTIVITIES 
 
Funds raised through issuance of shares    12                   -              - 
 
Funds received via convertible loan        14             160,000              - 
 
Net cash inflows from financing activities                160,000              - 
 
Decrease in cash & cash equivalents                      (30,534)      (138,832) 
 
 
Cash and cash equivalents: 
 
 - balance at beginning of the year                        38,554        177,386 
 
 - balance at end of the year                               8,020         38,554 
 
Decrease in cash & cash equivalents                      (30,534)      (138,832) 
 
 
Cash and cash equivalents are represented 
by: 
 
Cash at bank and in hand                                    8,020         38,554 
 
The accompanying notes 1 to 16 form an integral part of these financial 
statements. 
 
 
 
 
STATEMENT OF CHANGES IN EQUITY 
 
                          Called up share   Share premium 
                                  capital                          Losses          Total 
 
(Expressed in GBP   Notes 
(GBP)) 
 

At 31 December 2014               486,719         182,483       (727,252)       (58,050) 
 
Comprehensive 
Income 
 
Loss for the year                       -               -       (189,058)      (189,058) 
 
At 31 December 2015               486,719         182,483       (916,310)      (247,108) 
 
Comprehensive 
Income 
 
Loss for the year                       -               -       (309,799)      (309,799) 
 
Transactions with 
owners 
 
Issuance of shares  12             20,000               -               -         20,000 
 
At 31 December 2016               506,719         182,483     (1,226,109)      (536,907) 
 
 
The accompanying notes 1 to 16 form an integral part of these financial 
statements. 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
1.General information 
 
Infinity Energy S.A.  (the 'Company') was incorporated under the laws of 
Luxembourg on 6th July 1999 by notary act prepared by Maitre Alex Weber, notary 
residing in Luxembourg.  The act was published in the legal gazette, the 
Mémorial C N° 723 of 29th September 1999.  The Company is registered under 
number B 70673 at the Register of Commerce and Societies in Luxembourg 
(Registre de Commerce et des Sociétés (R.C.S.)). The registered office is in 
Luxembourg. 
 
Prior to 2012, the Company owned the exclusive master franchise for Domino's 
Pizza in Switzerland, Luxembourg and Liechtenstein.  On 2 January 2012, 
shareholders agreed to demerge the pizza business into its subsidiary Domino's 
Pizza Switzerland AG ("DPS"), transfer the shares of that subsidiary directly 
to the shareholders and convert the Company into an Investing Company.  The 
demerger became effective on 17 February 2012 and the Company became an 
Investing Company under the AIM Rules for Companies ("AIM Rules").  On 18 March 
2014, the Company adopted and implemented a new investing policy which is to 
make investments and acquisitions, either through the issues of securities or 
for cash, in quoted and non-quoted companies and their securities, in the 
commodities sector with an emphasis on oil and gas and oil and gas service 
sectors. Such investments include the provision of financing by way of 
farm-ins, earn-ins, loans, equity or other forms of financing and investments 
in and to companies in these sectors. 
 
2.Directors' responsibility 
 
The Board of Directors approved the annual report and financial statements 
prepared in accordance with International Financial Reporting Standards 
('IFRS') as adopted by the European Union on 1 June 2017 and they will be 
submitted to shareholders for approval at the annual general meeting. 
 
3.Summary of significant accounting policies 
 
3.1.Basis of preparation 
 
The principal accounting policies applied in the preparation of these financial 
statements are set out below.  These policies have been consistently applied to 
all the years presented, unless otherwise stated. 
 
These financial statements have been prepared in accordance with International 
Financial Reporting Standards ('IFRS') as adopted by the European Union on a 
going concern basis and under the historical cost convention, as modified by 
the revaluation of financial assets and financial liabilities. 
 
The preparation of financial statements in conformity with IFRS requires the 
use of certain critical accounting estimates. It also requires the Board of 
Directors to exercise its judgement in the process of applying the Company's 
accounting policies. The areas involving a higher degree of judgement or 
complexity, or areas where assumptions and estimates are significant to the 
financial statements are disclosed in note 4. 
 
 
 
 
3.2.Investment Entity 
 
The characteristics of the Company are: 
 
 1. It obtains funds from one or more investors for the purpose of providing 
    those investors with investment management services 
 2. It commits to its investors that its business purpose is to invest funds 
    solely for returns from capital appreciation, investment income or both; 
    and 
 3. The Company measures and evaluates the performance of substantially all of 
    its investments on a fair value basis. 
 
Therefore management concludes that the Company is an investment entity as 
defined by IFRS 10.  This requires the Company to consolidate all controlled 
entities involved in the provision of investment-related services (either 
directly or through a subsidiary to third parties as well as its investors) and 
report all other subsidiary investments at fair value in its financial 
statements. 
 
Further, the Company controls Gas Exploration Finance Limited (GEF) through its 
100% holding of the GEF's issued ordinary share capital.  GEF is incorporated 
in England and Wales.  GEF is the only subsidiary of the Company and does not 
provide investment related services.  GEF is therefore measured at fair value 
through profit and loss. 
 
 (a) Standards and amendments to existing standards effective 1 January 2016 
 
There are no standards, interpretations or amendments to existing standards 
that are effective from the first time for the financial year beginning 1 
January 2016 that would be expected to have a material impact on the Company. 
 
(b)    New standards, amendments and interpretations effective after 1 January 
2016 and have not been early adopted 
 
A number of new standards, amendments to standards and interpretations are 
effective for annual periods beginning after 1 January 2016 and have not been 
applied in preparing these financial statements. None of these are expected to 
have a significant effect on the financial statements of the Company. 
 
3.3.Going Concern 
 
After making enquiries, the directors have a reasonable expectation that the 
Company has adequate resources to continue its operations for the foreseeable 
future. For that reason, they continue to adopt the going concern basis in 
preparing the accounts. 
 
3.4.Foreign currency translation 
 
a. Functional and presentation currency 
 
Items included in the financial statements of the Company are measured using 
the currency of the primary economic environment in which it operates ('the 
functional currency').  The financial statements for 2016 and the comparative 
figures for 2015 are presented in GBP (GBP) which is both the presentation 
currency and the functional currency for the Company. 
 
b. Transactions and balances 
 
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the dates of the transactions or valuation 
where items are re-measured.  Foreign exchange gains and losses resulting from 
the settlement of such transactions and from the translation at year-end 
exchange rate of monetary assets and liabilities denominated in foreign 
currencies are recognised in the income statement, except when deferred in 
other comprehensive income as qualifying cash flow hedges and qualifying net 
investment hedges. 
 
Foreign exchange gains and losses that relate to borrowings and cash and cash 
equivalents are presented in the income statement within finance income or 
cost. 
 
All other foreign exchange gains and losses are presented in the income 
statement with other (losses)/gains - net. 
 
 
 
 
3.5.Financial assets and financial liabilities at fair value through profit and 
loss 
 
 (a) Subsidiaries reported at fair value 
 
Subsidiary investments that are not consolidated are measured at fair value 
through profit or loss, in accordance with IFRS 10 and IAS 39. 
 
Transactions, balances and unrealised gains or losses on transactions with 
unconsolidated subsidiaries (the entities reported at fair value in the 
Statement of Financial Position) are not eliminated. 
 
(b) Classification 
 
The Company classifies its investments in debt and equity securities as 
financial assets or financial liabilities at fair value through profit or loss. 
 
This category has two sub-categories: financial assets or financial liabilities 
held for trading; and those designated at fair value through profit or loss at 
inception. 
 
(i) Financial assets and liabilities held for trading 
 
A financial asset or financial liability is classified as held for trading if 
it is acquired or incurred principally for the purpose of selling or 
repurchasing in the near term or if on initial recognition is part of a 
portfolio of identifiable financial investments that are managed together and 
for which there is evidence of a recent actual pattern of short-term profit 
taking. 
 
(ii) Financial assets and liabilities designated at fair value through profit 
or loss at inception 
 
Financial assets and financial liabilities designated at fair value through 
profit or loss at inception are financial instruments that are not classified 
as held for trading but are managed, and their performance is evaluated on a 
fair value basis in accordance with the Company's documented investment 
strategy. 
 
The Company's policy requires the Board of Directors to evaluate the 
information about these financial assets and liabilities on a fair value basis 
together with other related financial information. 
 
(c) Recognition, de-recognition and measurement 
 
Regular purchases and sales of investments are recognised on the trade date - 
the date on which the Company commits to purchase or sell the investment. 
Financial assets and financial liabilities at fair value through profit or loss 
are initially recognised at fair value. Transaction costs are expensed as 
incurred in the statement of comprehensive income. 
 
Financial assets are derecognised when the rights to receive cash flows from 
the investments have expired or the Company has transferred substantially all 
risks and rewards of ownership. 
 
Subsequent to initial recognition, all financial assets and financial 
liabilities at fair value through profit or loss are measured at fair value. 
Gains and losses arising from changes in the fair value of the 'financial 
assets or financial liabilities at fair value through profit or loss' category 
are presented in the statement of comprehensive income within other net changes 

in fair value of financial assets and liabilities at fair value through profit 
or loss in the period in which they arise. 
 
(d) Fair value estimation 
 
Fair value is the price that would be received to sell an asset or paid to 
transfer a liability in an orderly transaction between market participants at 
the measurement date. The fair value of financial assets and liabilities traded 
in active markets (such as publicly traded derivatives and trading securities) 
are based on quoted market prices at the close of trading on the reporting 
date. 
 
The Company adopted IFRS 13, 'Fair value measurement', from 1 January 2015; it 
changed its fair valuation input to utilise the last traded market price for 
both financial assets and financial liabilities where the last traded price 
falls within the bid-ask spread. 
 
The fair value of financial assets and liabilities that are not traded in an 
active market is determined using valuation techniques. The Company uses a 
variety of methods and makes assumptions that are based on market conditions 
existing at each reporting date. Valuation techniques used include the use of 
comparable recent arm's length transactions, reference to other instruments 
that are substantially the same, discounted cash flow analysis, option pricing 
models and other valuation techniques commonly used by market participants 
making the maximum use of market inputs and relying as little as possible on 
entity-specific inputs. 
 
(e) Financial assets at amortised cost 
 
Financial assets at amortised cost are initially recognised at fair value of 
the consideration received less directly attributable transaction costs. After 
initial recognition, they are subsequently measured at amortised cost using the 
effective interest rate method. 
 
The interest method is a method of calculating the amortised cost of a 
financial asset or financial liability and of allocating the interest income or 
interest expense over the relevant period. The effective interest rate is the 
rate that exactly discounts estimated future cash payments or receipts 
throughout the expected life of the financial instrument, or, when appropriate, 
a shorter period, to the net carrying amount of the financial asset or 
financial liability. When calculating the effective interest rate, the Company 
estimates cash flows considering all contractual terms of the financial 
instrument but does not consider future credit losses. The calculation includes 
all fees and points paid or received between parties to the contract that are 
an integral part of the effective interest rate, transaction costs and all 
other premiums or discounts. 
 
(f) Transfers between levels of the fair value hierarchy 
 
Transfers between levels of the fair value hierarchy are deemed to have 
occurred at the beginning of the reporting period. 
 
3.6.Cash and cash equivalents 
 
Cash and cash equivalents includes cash in hand, deposits held at call with 
banks and other short-term investments in an active market with original 
maturities of three months or less1 and bank overdrafts. Bank overdrafts are 
shown in current liabilities in the statement of financial position. 
 
3.7.Accrued expenses 
 
Accrued expenses are initially recognised at fair value and subsequently at 
amortised cost. 
 
3.8.Interest income and dividend income 
 
Interest income is recognised on a time-proportionate basis using the effective 
interest rate method.  It includes interest income from cash and cash 
equivalents and on debt securities at fair value through profit or loss. 
 
Dividend income is recognised when the right to receive payment is established. 
 
3.9.Transaction Costs 
 
Transaction costs are costs incurred to acquire financial assets or liabilities 
at fair value through profit or loss.  They include fees and commissions paid 
to agents, advisers, brokers and deals.  Transaction costs, when incurred are 
immediately recognised in profit or loss as an expense. 
 
3.10.Taxation 
 
The Company is domiciled in Luxembourg.  The Company is fully taxable in 
Luxembourg on profits realised from its operations. 
 
The tax expense for the period comprises current and deferred tax. Tax is 
recognised in the income statement, except to the extent that it relates to 
items recognised in other comprehensive income or directly in equity. In this 
case, the tax is recognised in other comprehensive income or directly in 
equity, respectively. 
 
The current income tax charge is calculated on the basis of the tax laws 
enacted or substantively enacted at the balance sheet date in the countries 
where the company and its subsidiaries operate and generate taxable income. 
Management periodically evaluates positions taken in tax returns with respect 
to situations in which applicable tax regulation is subject to interpretation. 
It establishes provisions where appropriate on the basis of amounts expected to 
be paid to the tax authorities. 
 
Deferred income tax is recognised only on losses carried forward. There are no 
temporary differences arising between the tax bases of assets and liabilities 
and their carrying amounts in the consolidated financial statements. 
 
A deferred tax asset is recognised to the extent that it is probable that 
future taxable profits will be sufficient and available against which the 
existing tax losses can be utilised.  Deferred tax assets are reviewed at each 
balance sheet date to determine the expected timing of their realisation and 
whether there is impairment in their book carrying value. 
 
3.11.Loans and receivables 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market. They are 
included in current assets, except for maturities greater than 12 months after 
the end of the reporting period. These are classified as investments and valued 
at fair value. The Company's short-term loans and receivables comprise 'trade 
and other receivables' and 'cash and cash equivalents' in the balance sheet. 
 
3.12.Debtors and receivables 
 
Debtors and receivables are stated at their nominal value, less provision for 
estimated irrecoverable amounts. 
 
3.13.Share Capital 
 
Ordinary shares are classified as equity. 
 
Incremental costs directly attributable to the issue of new ordinary shares or 
options are shown in equity as a deduction, net of tax, from the proceeds. 
 
3.14.Trade payables 
 
Trade payables are stated at their carrying amounts. 
 
3.15.Borrowings 
 
Loans and bank overdrafts are recorded at the proceeds amount. Interest and 
financial charges, including premiums payable on repayment, are accounted for 
on an accrual basis and are added to the amount of the debt. 
 
Interest expense is accrued on a time basis by reference to the principal 
outstanding and the interest rate applied. 
 
3.16.Share-based payments 
 
The Company operates an employee share option scheme under which the Company 
awards equity instruments (options) to board members and employees in form of a 
bonus. The fair value of the services received in exchange for  the equity 
instruments awarded is recognised as an expense. The total amount to be 
expensed is determined by reference to the fair market value of the options 
granted: 
 
  * Including any market performance conditions (for example, the share price); 
  * Excluding the impact of any service and non-market performance vesting 
    conditions (for example, profitability, sales growth targets and remaining 
    an employee or director of the Company over a specified time period); and 
  * Including the impact of any non-vesting conditions (for example, the 
    requirement for employees to save). 
 
Non-market vesting conditions are included in assumptions about the number of 
options that are expected to vest. The total expense is recognised over the 
vesting period, which is the period over which all of the specified vesting 
conditions are to be satisfied. At the end of each reporting period, the 
Company revises its estimates of the number of options that are expected to 
vest based on the non-market vesting conditions. It recognises the impact of 
the revision to original estimates, if any, in the income statement, with a 
corresponding adjustment to equity. 
 
When the options are exercised, the company issues new shares. The proceeds 
received net of directly attributable transaction costs are credited to share 
capital when the options are exercised. 
 
The impact of the above accounting policy has been determined as immaterial in 
2015 and 2016 and consequently the required disclosures under IFRS2 have not 
been included in the notes to these financial statements. 
 
 
 
 
3.17.Provisions 
 
Provisions for legal claims are recognised when the Company has a present legal 
or constructive obligation as a result of past events; it is probable that an 
outflow of resources will be required to settle the obligation; and the amount 
has been reliably estimated. 
 
When there are a number of similar obligations, the likelihood that an outflow 
will be required in settlement is determined by considering the class of 
obligations as a whole. A provision is recognised even if the outflow with 
respect to any one item included in the same class of obligations may be small. 
 
Provisions are measured at the present value of the expenditures expected to be 
required to settle the obligation using a pre-tax rate that reflects current 
market assessments of the time value of money and the risks specific to the 
obligation. The increase in the provision due to the passage of time is 
recognised as interest expense. 
 
4.Financial risk 
 
4.1.Financial risk factors and critical accounting estimates and judgements 
 
The Company's activities expose it to a variety of financial risks: market risk 
(including currency risk, fair value interest rate risk, cash flow interest 
rate risk and price risk), credit risk and liquidity risk. 
 
The Company is also exposed to operational risks such as custody risk. Custody 
risk is the risk of loss of securities held in custody occasioned by the 

insolvency or negligence of the custodian. Although an appropriate legal 
framework is in place that eliminates the risk of loss of value of the 
securities held by the custodian, in the event of its failure, the ability of 
the Company to transfer securities might be temporarily impaired. 
 
The Company's overall risk management programme seeks to maximise the returns 
derived for the level of risk to which the Company is exposed and seeks to 
minimise potential adverse effects on the Company's financial performance. 
 
All securities investments present a risk of loss of capital. The maximum loss 
of capital on purchased options, long equity and debt securities is limited to 
the fair value of those positions. 
 
The management of these risks is carried out by the Investment Committee.  The 
Company uses different methods to measure and manage the various types of risk 
to which it is exposed; these methods are explained below. 
 
The Board expects that such investments in private companies in the oil and gas 
sectors might typically represent in excess of 80% of the Company's portfolio 
at times and in certain circumstances may be represented by a single 
investment. The Board recognises the inherent risks of such investments but 
believes that these offer Shareholders significant upside potential.  In order 
to offset some of the risk as well as to provide the Company with access to 
working capital, the Board intends investing part of its portfolio in large, 
stable diversified quoted oil and gas and commodities companies. Shareholders 
should be aware however, that such investments may only represent a small 
portion of the Company's portfolio at any point in time. 
 
 
 
 
4.1.1.Market risk 
 
(a) Price risk 
 
The Company is exposed to equity securities price risk. This arises from 
investments held by the Company for which prices in the future are uncertain. 
Where non-monetary financial instruments - for example, equity securities - are 
denominated in currencies other than sterling, the price initially expressed in 
foreign currency and then converted into sterling will also fluctuate because 
of changes in foreign exchange rates. Paragraph (b) 'Foreign exchange risk' 
below sets out how this component of price risk is managed and measured. 
 
At 31 December, the fair value of equities exposed to price risk was zero. 
 
(b) Foreign exchange risk 
 
The Company operates internationally and is able to hold both monetary and 
non-monetary assets denominated in currencies other than the euro, the 
functional currency. Foreign currency risk, as defined in IFRS 7, arises as the 
value of future transactions, recognised monetary assets and monetary 
liabilities denominated in other currencies fluctuate due to changes in foreign 
exchange rates. IFRS 7 considers the foreign exchange exposure relating to 
non-monetary assets and liabilities to be a component of market price risk not 
foreign currency risk. However, management monitors the exposure on all foreign 
currency denominated assets and liabilities. 
 
The Company's policy is not to manage the Company's exposure to foreign 
exchange movements (both monetary and nonmonetary) by entering into any foreign 
exchange hedging transactions. 
 
While the Company has no direct exposure to foreign exchange rate changes on 
the price of non-sterling-denominated securities, it may also be indirectly 
affected by the impact of foreign exchange rate changes on the earnings of 
certain companies in which the Company invests, even if those companies' 
securities are denominated in sterling. 
 
As at 31 December 2016, the Company was not exposed to any exchange rate 
related to market risk. 
 
(c) Interest rate risk 
 
Interest rate risk arises from the effects of fluctuations in the prevailing 
levels of markets interest rates on the fair value of financial assets and 
liabilities and future cash flow. The Company has direct exposure to interest 
rate changes on the valuation and cash flows of its interest bearing assets and 
liabilities. 
 
(d) Investment risk 
 
During 2016, the main risks arising from the investment in shares related to 
changes in the prices of resource materials and oil and gas prices.  There was 
some currency exposure as oil prices are generally quoted in USD and the shares 
are in GBP (GBP).  The shares were highly liquid and therefore there is limited 
liquidity risk. 
 
As the loan to UK Methane is unsecured there is an associated credit risk if UK 
Methane cannot repay its debt when it falls due.  The Board believes this risk 
to be extremely low. 
 
4.1.2.Credit risk 
 
The Company is exposed to credit risk which is the risk that one party to a 
financial instrument will cause a financial loss for the other party by failing 
to discharge an obligation.  The maximum exposure to credit risk at 31 December 
2016 is the carrying amount of the GBP150,000 (together with accrued interest of 
GBP20,303) loan to UK Methane Limited. 
 
4.1.3.Liquidity risk 
 
Liquidity risk is the risk that the Company may not be able to generate 
sufficient cash resources to settle its obligations in full as they fall due or 
can only do so on terms that are materially disadvantageous. 
 
4.1.4.Capital Management 
 
The primary objective of the Company's capital management is to ensure that the 
Company remains solvent at all times and is therefore able to meet its 
objectives and maximise shareholder value. 
 
The Board monitors the capital requirements of the business at all times and 
manages and monitors all operational expenses closely. 
 
The Company has issued and will, in future, issue new shares in the market as 
deemed appropriate. 
 
The Company has no outstanding loans. 
 
The table below analyses the Company's non-derivative financial liabilities and 
net-settled derivative financial liabilities into relevant maturity groupings 
based on the remaining period at the Balance Sheet date to the contractual 
maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash flows. 
 
At 31 December     Total       Less than   Between 3   Between 1    Between 2 
2016                           3 months    months and  and 2 years  and 5 years 
                                           1 year 
 
Trade and other    135,330     75,269      -                        - 
payables GBP (GBP)                                       60,061 
 
At 31 December 
2015 
 
Trade and other    78,216      60,336      17,880      -            - 
payables GBP (GBP) 
 
4.1.5.Fair value estimation 
 
The fair value of financial assets and liabilities traded in active markets 
(such as publicly traded securities) are based on quoted market prices at the 
close of trading on the year end date. Prior to 1 January 2015, the quoted 
market price used for financial assets held by the Company was the current bid 
price; the quoted market price for financial liabilities was the current asking 
price. The Company adopted IFRS 13, 'Fair value measurement', from 1 January 
2015 and changed its fair valuation inputs to utilise the last traded market 
price for both financial assets and financial liabilities. 
 
An active market is a market in which transactions for the asset or liability 
take place with sufficient frequency and volume to provide pricing information 
on an ongoing basis. The fair value of financial assets and liabilities that 
are not traded in an active market is determined by using valuation techniques. 
The Company uses a variety of methods and makes assumptions that are based on 
market conditions existing at each year end date. 
 
For instruments for which there is no active market, the Company may use 
internally developed models, which are usually based on valuation methods and 
techniques generally recognised as standard within the industry. Valuation 
models are used primarily to value unlisted equity, debt securities and other 
debt instruments for which markets were or have been inactive during the 
financial year. Some of the inputs to these models may not be market observable 
and are therefore estimated based on assumptions. 
 
The output of a model is always an estimate or approximation of a value that 
cannot be determined with certainty, and valuation techniques employed may not 
fully reflect all factors relevant to the positions the Company holds. 
Valuations are therefore adjusted, where appropriate, to allow for additional 
factors including model risk, liquidity risk and counterparty risk. 
 
The carrying value less impairment provision of other receivables and payables 
are assumed to approximate their fair values. The fair value of financial 
liabilities for disclosure purposes is estimated by discounting the future 
contractual cash flows at the current market interest rate that is available to 
the Company for similar financial instruments. 
 
The fair value hierarchy has the following levels 1: 
 
  * Level 1 inputs are quoted prices (unadjusted) in active markets for 
    identical assets or liabilities that the entity can access at the 
    measurement date; 
  * Level 2 inputs are inputs other than quoted prices included within Level 1 
    that are observable for the asset or liability, either directly or 
    indirectly; and 
  * Level 3 inputs are unobservable inputs for the asset or liability. 
 
The level in the fair value hierarchy within which the fair value measurement 
is categorised in its entirety is determined on the basis of the lowest level 
input that is significant to the fair value measurement in its entirety. For 
this purpose, the significance of an input is assessed against the fair value 
measurement in its entirety. If a fair value measurement uses observable inputs 
that require significant adjustment based on unobservable inputs, that 
measurement is a Level 3 measurement. Assessing the significance of a 
particular input to the fair value measurement in its entirety requires 
judgement, considering factors specific to the asset or liability. 
 
The determination of what constitutes 'observable' requires significant 
judgement by the Company. The Company considers observable data to be that 

market data that is readily available, regularly distributed or updated, 
reliable and verifiable, not proprietary, and provided by independent sources 
that are actively involved in the relevant market. 
 
Investments whose values are based on quoted market prices in active markets, 
and are therefore classified within Level 1, include active listed equities, 
The Company does not adjust the quoted price for these instruments. Financial 
instruments that trade in markets that are not considered to be active but are 
valued based on quoted market prices, dealer quotations or alternative pricing 
sources1 supported by observable inputs are classified within Level 2. These 
include investment-grade corporate bonds and certain non-US sovereign 
obligations, listed equities and over the-counter derivatives. As Level 2 
investments include positions that are not traded in active markets and/or are 
subject to transfer restrictions, valuations may be adjusted to reflect 
illiquidity and/or non-transferability, which are generally based on available 
market information. Investments classified within Level 3 have significant 
unobservable inputs, as they trade infrequently. Level 3 instruments include 
private equity and corporate debt securities. As observable prices are not 
available for these securities, the Company has used valuation techniques to 
derive the fair value. 
 
As at 31 December 2016 the fair value hierarchy the Company's assets and 
liabilities (by class) measured at fair value comprised a single level 3 asset 
represented by the fair value of the loan to UK Methane Limited and Gas 
Exploration Finance Limited. 
 
4.2.Critical accounting estimates and judgements 
 
Estimates and judgements are continually evaluated and are based on historical 
experience and other factors, including expectations of future events that are 
believed to be reasonable under the circumstances. 
 
Management makes estimates and assumptions concerning the future.  The 
resulting accounting estimates will, by definition, seldom equal the related 
actual results. 
 
The estimates and assumptions that have a significant risk of causing a 
material adjustment to the carrying amounts of assets and liabilities are 
outlined below 
 
a. Fair value of securities not quoted in an active market 
 
The fair value of such securities not quoted in an active market may be 
determined by the Company using reputable pricing sources.  The Company would 
exercise judgement and estimates on the quantity and quality of pricing sources 
used. Where no market data is available, the Company may value positions using 
its own models, which are usually based on valuation methods and techniques 
generally recognised as standard within the industry. 
 
The models used for private equity securities are based mainly on the effective 
interest rate. 
 
b. Valuation of Warrants and Stock options 
 
In accordance with the accounting policy stated in notes 3, the Company uses 
the Black and Sholes model to estimate the fair value of warrants and stock 
options issued by the Company. All outstanding warrants were exercised in 
February 2015.  The valuation of the stock options and the corresponding impact 
of the accounting policy has been determined as immaterial in 2014, 2015 and 
2016 consequently the required disclosures under IFRS 2 have not been included 
in the notes to these financial statements. 
 
c. Accruals 
 
In accordance with the accounting policy stated in note 3, the Company has 
prepared its financial statements using the accrual basis of accounting. 
 
d. Income taxes 
 
The Company is subject to income taxes in Luxembourg. Judgement is required in 
determining the overall provision for income taxes. There are transactions for 
which the ultimate tax determination is uncertain. The Company recognises 
liabilities for anticipated tax audit issues based on estimates of whether 
additional taxes will be due. Where the final tax outcome of these matters is 
different from the amounts that were initially recorded, such differences will 
impact the current and deferred income tax assets and liabilities in the period 
in which such determination is made. 
 
5.Interest 
 
                                                              2016       2015 
 
                                                           GBP (GBP)    GBP (GBP) 
 
Interest income                                              5,849      5,218 
 
6.Directors' remuneration and staff costs 
 
                                                               2016       2015 
 
                                                            GBP (GBP)    GBP (GBP) 
 
Wages and salaries                                                -          - 
 
Social security costs                                             -          - 
 
Defined benefit pension plan costs                                -          - 
 
Fees and costs of the Board of Directors                     48,000     43,000 
 
Other staff costs                                                 -          - 
 
Total                                                        48,000     43,000 
 
 
Aggregate Directors' remuneration (GBP (GBP)) 
 
                      Salary and    Bonus    Pension        2016          2015 
                            Fees 
 
Bruce Vandenberg          12,000        -          -      12,000        12,000 
 
Gerwyn Williams           12,000        -          -      12,000        12,000 
 
John Killer               12,000        -          -      12,000        12,000 
 
Gary Neville              12,000        -          -      12,000         7,000 
 
Total                     48,000        -          -      48,000        43,000 
 
As announced on 27 May 2011 the board awarded an option to acquire 3 million 
shares in the company to Bruce Vandenberg. The options vest equally over three 
years and are exercisable at a price of GBP (GBP) 0.03 per share.  After 
adjusting for the share split on 3 January 2012 and the share cancellation on 
17 February 2012, the number of options amounts to 1,597,904 exercisable at a 
price of GBP (GBP) 0.06. 
 
No other options are held by any of the Directors. 
 
There is no Company private pension scheme in force for the directors. 
 
 
 
 
7.Administrative expenses 
 
                                                               2016           2015 
 
                                                            GBP (GBP)        GBP (GBP) 
 
Administration and general expenses                         239,487        129,360 
 
Included in administration expenses are: 
 
   - Auditors' remuneration - audit services                 12,500       12,500 
 
   - Auditors' remuneration - advisory fees                       -            - 
 
Expenses were primarily related to costs associated with maintaining the AIM 
listing and include Nomad, Broker, Registrar, AIM fees and Directors fees. 
 
 
8.Interest and financial charges 
 
                                                            2016          2015 
 
                                                         GBP (GBP)       GBP (GBP) 
 
Loan interest charges                                     23,683        18,638 
 
Bank charges                                               1,729           912 
 
Total                                                     25,412        19,550 
 
9.Income tax expense 
 
The Company is fully taxable in Luxembourg on profits realised from its 
operations. There were no taxable profits attributable to Luxembourg in 2016 
(2015: nil).  The minimum tax charge is GBP (GBP) 2,749. 
 
                                                          2016           2015 
 
The tax charge is determined as follows:               GBP (GBP)        GBP (GBP) 
 
Pre-tax loss for the year before tax                 (309,799)      (186,692) 
 
Expected tax charge for the year:                      (2,749)        (2,366) 
 
 
The Company has not recognised the deferred income tax assets in respect of 
losses in Luxembourg that can be carried forward indefinitely against future 
taxable income. 
 
Final tax assessments have been received in Luxembourg up to the year 2015. 
 
 
 
 
10.Earnings (loss) per share (EPS) 
 
The calculation of the basic earnings per share is determined on the loss 
attributable to ordinary shareholders divided by the weighted average number of 
shares in issue during the year. During the year the Company issued new shares 
(see note 12) and the comparative earnings per share have been adjusted to 
reflect these changes. The elements used in the calculation are: 
 
                                                             2016         2015 
 
Number of issued shares                               367,702,034  353,416,320 
 
Weighted average number of shares in circulation      353,034,265  353,034,265 
during the year: 
 
                                                          GBP (GBP)      GBP (GBP) 
 
Loss for the year                                       (309,799)    (189,058) 
 
Basic (loss) per share                                   (0.0008)     (0.0005) 
 
Weighted (loss) per share                                (0.0008)     (0.0005) 
 
Due to the non-dilutive nature of the warrants and options the basic and 
diluted EPS are the same. 
 
11.Financial assets at fair value through profit and loss 
 
                                                             2016       2015 
 
                                                          GBP (GBP)    GBP (GBP) 
 
Investment in Subsidiary                                   38,100     38,100 
 
Loan to Subsidiary/Subsidiary Loan to UK Methane          170,303    164,454 
 
As at 31 December 2016, the Company's investments comprise: 
 
  * GBP (GBP) 38,100 being the arms-length purchase price paid for the 
    acquisition of Gas Exploration Finance Limited ("GEF") on 19 March 2014. 
  * A GBP (GBP) 150,000 five year back to back loan to enable GEF to invest in UK 
    Methane on 19 March 2014 for a five year period.  The loan accrues an 
    interest value of LIBOR plus 3% per annum. GBP (GBP) 20,303 (2015: GBP (GBP) 

    14,454) of the loan balance at 31 December 2016 relates to accrued 
    interest. GBP (GBP) 5,849 has been recognised in 2016 (2015: GBP (GBP) 5,218). 
 
GEF has a framework financing agreement ("Framework Agreement") with Coastal 
Oil and Gas Limited and UK Methane Limited (together, the "Gas Companies"). 
The Gas Companies have an ownership interest in 17 petroleum exploration 
development licenses in South Wales, Bristol and Kent with the right to explore 
and drill for shale gas in the licence areas.  Under the Framework Agreement, 
the Gas Companies have appointed GEF, on a non-exclusive basis, to co-invest by 
financing their exploration and development operations. In consideration for 
this co-investment, GEF will receive an economic interest commensurate with the 
proportion of drilling expenses covered through the funding received from GEF. 
 
A first financing agreement has been entered into between GEF and UK Methane 
Limited ("UK Methane") for co-investment in explorative drilling by UK 
Methane.  The key terms of the loan are as follows: 
 
  * The loan is for GBP150,000. 
  * The loan is unsecured. 
  * The interest on the loan is 3% above Libor. 
  * The loan plus accrued interest is repayable on the fifth anniversary of the 
    date of the loan i.e. 19 March 2018. 
  * If and when UK Methane generates operating profits, UK Methane will for 
    long as the loan is outstanding pay a premium equating to 1% of the 
    revenues up to a maximum amount of GBP150,000 (or the amount of the loan if 
    the loan is less than GBP150,000).  The premium will be paid in monthly 
    installments relative to the aggregate revenues received in the premium. 
    UK Methane may prepay the Loan at any point without premium or penalty 
    (save for any accrued and unpaid premium) up to the date of prepayment 
    together with accrued interest on the loan. 
 
The shares of GEF are not publicly traded; redemptions can only be made by the 
Company on the redemption dates and are subject to the required notice periods 
specified in the loan agreement.  The shares of UK Methane are not publicly 
traded; redemptions can only be made by the Company on the redemption dates and 
are subject to the required notice periods specified in the loan agreements. 
 
As a result, the carrying value of the GEF loan may not be indicative of the 
value of the loan ultimately realised on repayment. The Company may make 
adjustments to the value based on considerations such as; changes in the credit 
risk and whether UK Methane moves into operating profits.  As at 31 December 
2016, the Company classified its investment in GEF and GEF's investment in UK 
Methane as level 3 within the fair value hierarchy 
 
The Board, after careful consideration, believes there have been no material 
changes effecting the valuation of the financial position.  Consequently, the 
original value continue to reflect fair value as defined by IFRS 10 and there 
is no requirement for any adjustments to be posted to the Income Statement. 
 
 
 
 
12.Capital and reserves 
 
The Company has one class of share, which carries equal voting rights and 
rights to distributions of dividends from available retained earnings. 
 
Share capital                                           2016             2015 
 
                                                     GBP (GBP)          GBP (GBP) 
 
Allotted, issued and fully paid up at                486,719          486,719 
beginning of year 
 
Issue of new shares                                   20,000                - 
 
Allotted, issued and fully paid up at end of         506,719          486,719 
year 
 
Represented by 367,702,034 shares (2015: 353,416,320 shares). 
 
In February 2015, the Board of Directors approved the issue and allotment of 
4,584,655 ordinary shares to JIM Nominees Limited for a total consideration of 
GBP 9,169.31 (0.002 GBP per share). Such a decision should be later on ratified 
in front of a notary. A notary has not yet ratified the issue of the 4,584,655 
ordinary shares and therefore the issue has not been yet enacted. 
 
In July 2017, the Board of Directors approved the issue and allotment of 
14,285,714 ordinary shares in the Company at a share price of GBP 0.0014, to an 
independent professional advisor, in lieu of payment for professional services 
totalling GBP 20,000. Such a decision should be later on ratified in front of a 
notary. A notary has not yet ratified the issue of the 14,285,714 ordinary 
shares and therefore the issue has not been yet enacted. 
 
Share Premium                                           2016            2015 
 
                                                     GBP (GBP)         GBP (GBP) 
 
At the beginning of year                             182,483         182,483 
 
Issue of new shares                                        -               - 
 
At the end of year                                   182,483         182,483 
 
 
 
 
Stock option plan 
 
On 1st August 2005, the general meeting of shareholders of the Company approved 
a stock option plan for the benefit of the directors and key employees, the 
historic Option Plan. Under this the plan, as at 31 December 2016, there were 
in circulation 831,407 (2015: 831,407) fully vested options at GBP (GBP) 0.86510, 
103,129 (2015: 103,129) fully vested options at GBP (GBP) 0.53779 and 45,784 
(2015: 45,784) fully vested options at GBP (GBP) 0.42098. 
 
The number of share options outstanding as well as their exercise price changed 
in 2015 as a result of the capital restructuring as reflected in the table 
below. 
 
Number of shares under option under the historic Share Option Plan 
 
           2016            2016                            2015            2015 
 Exercise Price   No. of shares                  Exercise Price    No of shares 
        GBP (GBP)                                         GBP (GBP) 
 
        0.86510         831,407                         0.86510         831,407 
 
        0.53779         103,129                         0.53779         103,129 
 
        0.42098          45,784                         0.42098          45,784 
 
 
No share options have been exercised under the historic Share Option Plan. 
 
At the AGM in 2011, the shareholders approved a new Stock Option Plan whereby 
the Company may grant options for up to 10 per cent. of its issued share 
capital from time to time.  On 27 May 2011, the Board awarded an option to 
acquire 3 million shares in the company to Bruce Vandenberg.  The options vest 
equally over three years and are exercisable at a price of GBP (GBP) 0.03 per 
share.  Following the financial restructuring during 2012, the option amounts 
to 1,597,904 shares at a price of GBP (GBP) 0.06.  At the 31 December 2016, there 
were 1,597,904 (2015: 1,597,904) fully vested options in issue under the new 
Stock Option Plan. 
 
Number of shares under option under the new Stock Option Plan 
 
           2016            2016                            2015            2015 
 Exercise Price   No. of shares                  Exercise Price    No of shares 
        GBP (GBP)                                         GBP (GBP) 
 
           0.06       1,597,904                            0.06       1,597,904 
 
No share options have been exercised under the new Stock Option Plan. 
 
The figures above reflect the situation as at the end of 2016. 
 
Due to the immaterial effects of the above stock option plans on the income 
statement and balance sheet, the Company has elected not to apply the 
provisions required under IFRS2 'Share based payments'. 
 
 
 
 
13.Trade and other payables 
 
                                                              2016       2015 
 
Amounts falling due within one year                        GBP (GBP)    GBP (GBP) 
 
Trade creditors                                            135,330     78,216 
 
Other creditors                                            158,000    110,000 
 
Total                                                      293,330    188,216 
 
Other creditors comprises of accrued directors fees of GBP (GBP) 158,000 (2015: 
GBP (GBP) 110,000). 
 
14. Convertible loan 
 
As at 31 December 2016, the Company had received convertible loan funding 
totalling GBP (GBP) 460,000 (As at 31 December 2015: GBP (GBP) 300,000) from its 
majority shareholder, Gerwyn Llewellyn Williams. 
 
During the year ended 31 December 2016, loan funding totalling GBP (GBP) 160,000 
was received from Mr. Williams. 
 
The facility has been utilised for general working capital purposes. 
 
The drawn down loan amount bears interest at a rate of 6% per annum; 
 
The drawn down loan amount is convertible at the discretion of Mr. Williams in 
ordinary shares in the Company at the market price prevailing at the date of 
conversion. 
 
15.Related party transactions 
 
The Company's majority shareholder is Gerwyn Llewellyn Williams who owned 
26.91% of the Company during the year. 
 
During the year, Gerwyn Llewellyn Williams provided a convertible loan of GBP 
(GBP) 460,000 to the Company. During the year interest of GBP (GBP) 23,683 (2015: 
GBP (GBP) 18,363) has been accrued in respect of this loan. 
 
Further details regarding this facility are detailed in note 14. 
 
 
 
 
16.Post Balance Sheet events 
 
On 16 March 2017, the Company raised GBP500,000 (before expenses) by way of a 
placing of 555,558,200 new ordinary shares ("New Ordinary Shares") at a price 
of GBP0.0009 per share. 
 
On 5 April 2017,  Gerwyn Llewellyn Williams, Company Director and Chief 
Executive Officer, converted his convertible loan totalling GBP480,000 into new 
ordinary shares in the Company at a conversion rate of GBP0.0013, equating to 
369,230,769 new ordinary shares ("New Ordinary Shares").  Following this 
conversion, Mr Williams held 472,003,497 ordinary shares in the Company. 
 
On 10 April 2017, the Company raised GBP600,000 (before expenses) by way of a 
placing of 461,542,700 new ordinary shares ("New Ordinary Shares") at a price 
of GBP0.0013 per share. 
 
At a board meeting of the Company held on 12 April 2016, it was decided that 

the Company should cease its investment activities and instead focus on 
completing a suitable reverse takeover transaction as soon as possible. 
 
The Company is investigating a number of potential reverse takeover candidates 
in the oil and gas sector. 
 
The Company has now become an AIM Rule 15 cash shell, which means that the 
Company must make an acquisition or acquisitions which constitute a reverse 
takeover under Rule 14 of the AIM Rules by 12 October 2017, otherwise the 
trading of the Company's shares on AIM will be suspended. 
 
If the Company has not made an acquisition or acquisitions which constitute a 
reverse takeover under Rule 14 of the AIM Rules within six months of such 
suspension, the admission of the Company's shares to trading on AIM will be 
cancelled. 
 
 
 
END 
 

(END) Dow Jones Newswires

June 07, 2017 07:30 ET (11:30 GMT)