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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Taihua | LSE:TAIH | London | Ordinary Share | GB00B1GC5F60 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTAIH
RNS Number : 3075L
Taihua Plc
30 September 2016
Taihua plc
("Taihua" or the "Company")
Interim Results for the six months ended 30 June 2016
Highlights
-- Sales in 2016 H1 were RMB 6,170,000 (2015 H1 : RMB 5,399,000).
-- Some initial signs of recovery in non-Forsythia sales, primarily Homoharringtonine. However, commercial trading conditions were challenging and as such we saw a significant reduction in gross margin % from 29.1% in 2015 H1 to 22.6% in 2016 H1.
-- Operating loss after tax in 2016 H1 was RMB (977,000) (2015 H1: RMB 848,000).
Chairman's Statement
The supply of Traditional Chinese Medicine (TCM) raw materials is seasonal. The first half of the year's financial performance is largely a result of the supply and sale of the Company's Homoharringtonine product along with its range of prescription-only finished TCM products. Following the Board's decision to cease production of Paclitaxel its contribution to the period's sales has been modest.
Forsythia
All costs associated with cultivation during the first half of the year are included in inventory for release when sales are made in the second half of the year. Therefore, the forsythia plantation has no effect on the consolidated statement on comprehensive income.
Homoharringtonine
Homoharringtonine has traditionally been one of Taihua's most successful products with a strong market position and high gross margins. During the period of reapplication for GMP, much of this market share was lost to competitors.
Now we have secured the GMP reaccreditation, efforts are being made to recover this lost market share.
Sales in 2016 H1 were RMB 3,213,000 (2015 H1: RMB 552,000).
To start to recover this market share we have had to accept lower pricing than was historically the norm and this has hit the gross margins.
Gross margin % in 2016 H1 was 32.7% (2015 H1: 45.1%)
However, our total gross margin generated from Homoharringtonine sales increased by 324% from RMB 249,000 in 2015 H1 to RMB 1,055,000 in 2016 H1.
Traditional Chinese Medicines
The competition for supply of Traditional Chinese Medicines has become increasingly fierce. The main driver of this is the Chinese Government's healthcare reforms which require each province to set up open tendering systems for supply contracts. This has increased competition which has led to reduced margins.
Gross margin % in 2016 H1 was 16.3% (2015 H1: 39.3%)
However, there are signs that volumes are starting to recover. Our cost of sales in 2016 H1 was RMB 2,310,000 which was 12.6% more than 2015 H1. In addition, 2016 H1 sales only commenced in March 2016 due to the GMP reaccreditation, so only four months were available to make sales in this period compared to six months in 2015.
Strategic Direction
Following the successful reapplication for GMP there is some evidence of improving sales in both TCMs and Homoharringtonine, however increased competition in the market environment has led to reduced gross margin %.
The Company is committed to increasing its market share in these products but at the same time recognises that the previously achievable profit margins on these products will probably not recur.
Following the successful open offer and the approval by shareholders of the share buyback, the Board is in discussions as to the mechanics of making the share buyback and we expect this will be announced shortly.
For more information please contact:
Nicholas Lyth, Taihua plc 0776 990 6686 Katy Mitchell, WH Ireland Limited +44 161 832 2174
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Hot Features
Premium
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Revenue 6,170 5,399 34,229
Cost of sales (4,778) (3,828) (27,363)
----------- ----------- -----------
Gross profit 1,392 1,571 6,866
Gain/(loss) arising
on revaluation of
biological assets - 960 (4,387 )
Other income 435 1,159 1,499
Selling expenses (1,175) (1,125) (4,275)
General and administrative
expenses (1,629) (1,410) (29,867)
----------- ----------- -----------
(Loss)/profit before
income tax (977) 1,155 (30,164)
Income tax expense - (307) (484)
----------- ----------- -----------
(Loss)/profit for
the period/year (977) 848 (30,648)
Other comprehensive
income/(loss)
Exchange differences
arising on translation
of financial statements
of foreign of operations 1,191 52 (204 )
----------- ----------- -----------
Other comprehensive
income/(loss) for
the period/year,
net of tax 1,191 52 (204 )
Total comprehensive
income/(loss) for
the period/year 214 900 (30,852 )
=========== =========== ===========
Total (loss)/profit
for the period/year
attributable to equity
holders of
the Company (977 ) 848 (30,648 )
=========== =========== ===========
Total comprehensive
income/(loss) for
the period/year attributable
to equity holders
of the Company 214 900 (30,852 )
=========== =========== ===========
(Loss)/earnings per
share :
Basic (RMB per share) (0.012) 0.010 (0.375)
=========== =========== ===========
Diluted (RMB per
share) (0.012) 0.010 (0.375)
=========== =========== ===========
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
As at As at As at
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment 23,041 15,104 23,068
Prepaid lease payments 46,075 49,025 47,550
Land use rights 1,311 1,350 1,331
Biological assets - 5,347 -
Deferred tax assets - 65 -
70,427 70,891 71,949
----------- ----------- ---------------
CURRENT ASSETS
Inventories 17,907 15,108 14,449
Trade and bills receivables 31,067 54,405 41,319
Other receivables 737 378 50
Deposits and prepayments 4,125 3,521 3,856
Cash and cash equivalents 15,282 25,546 8,354
----------- -----------
69,118 98,958 68,028
----------- ----------- ---------------
TOTAL ASSETS 139,545 169,849 139,977
----------- ----------- ---------------
LIABILITIES
CURRENT LIABILITIES
Trade payables 3,858 2,393 2,012
Receipts in advance 2,606 1,494 4,167
Accrued expenses and
other payables 12,361 12,307 10,788
Amount due to a related
company - - 1,109
Amount due to a shareholder 6,119 8,030 7,468
Amounts due to directors 552 26 598
Income tax payable 65 77 65
----------- ----------- ---------------
25,561 24,327 26,207
----------- ----------- ---------------
NET CURRENT ASSETS 43,557 74,631 41,821
----------- ----------- ---------------
TOTAL LIABILITIES 25,561 24,327 26,207
----------- ----------- ---------------
NET ASSETS 113,984 145,522 113,770
=========== =========== ===============
EQUITY
CAPITAL AND RESERVES
ATTRIBUTABLE TO
EQUITY HOLDERS OF
THE COMPANY
Share capital 12,357 12,357 12,357
Other reserves 20,608 19,673 19,417
Retained profits 81,019 113,492 81,996
----------- ----------- ---------------
TOTAL EQUITY 113,984 145,522 113,770
=========== =========== ===============
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Foreign
Merger Reverse General Enterprise currency Share
Share relief Share acquisition reserve expansion translation options Retained
capital reserve premium reserve fund fund reserve reserve profits Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
At 1 January
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (557) 494 112,644 144,622
Loss for the
period - - - - - - - - 848 848
Other
comprehensive
income - - - - - - 52 - - 52
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
income for
the period - - - - - - 52 - 848 900
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
At 30 June
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (505) 494 113,492 145,522
======= ======= ======= =========== ======= ========== =========== ======= ======== =======
At 1 January
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (557) 494 112,644 144,622
Loss for the
year - - - - - - - - (30,648) (30,648)
Other
comprehensive
loss - - - - - - (204) - - (204)
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
loss for
the year - - - - - - (204) - (30,648) (30,852)
At 31 December
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (761) 494 81,996 113,770
Loss for the
period - - - - - - - - (977) (977)
Other
comprehensive
income - - - - - - 1,191 - - 1,191
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
income for
the period - - - - - - 1,191 - (977) 214
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
At 30 June 2016 12,357 64,364 4,783 (63,408) 9,297 4,648 430 494 81,019 113,984
======= ======= ======= =========== ======= ========== =========== ======= ======== =======
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit before income
tax (977) 1,155 (30,164)
Adjustments for :-
Increase in allowance for
bad debts 82 - 25,964
Amortisation on prepaid
lease premium 1,475 - 2,950
Amortisation on land use
rights 20 19 38
Depreciation 314 152 282
(Gain)/loss arising on revaluation
of biological assets - (960) 4,387
Provision for impairment
of property,
plant and equipment - - 510
Interest income (435) (1,159) (1,465)
Provision for write-down
of inventories - - 528
Operating (loss)/profit
before working capital changes 479 (793) 3,030
Increase in inventories (3,458) (3,041) (4,385)
Decrease/(increase) in trade
and bills receivables 10,170 1,420 (10,966)
(Increase)/decrease in other
receivables (687) 87 166
Increase in deposits and
prepayments (269) (806) (2,487)
Increase in trade payables 1,846 1,112 731
(Decrease)/increase in
receipts in advance (1,561) 507 3,180
Increase/(decrease) in
accrued expenses
and other payables 1,573 (3,507) (5,026)
(Decrease)/increase in
amounts due to related companies (1,109) (1,107) 2
(Decrease)/increase in
amount due to a shareholder (1,349) 29 (533)
(Decrease)/increase in
amounts due to directors (46) - 572
----------- ----------- -----------
Cash generated/(used in)
from operations 5,589 (6,099) (15,716)
Interest received 435 56 1,465
Profits tax paid - (2,658) (2,782)
----------- ----------- -----------
NET CASH FROM/(USED IN)
OPERATING ACTIVITIES 6,024 (8,701) (17,033)
----------- ----------- -----------
CASH FLOWS FROM INVESTING
ACTIVITY
Purchase of property, plant
and equipment (287) (12,681) (21,285)
----------- ----------- -----------
NET CASH USED IN INVESTING
ACTIVITY (287) (12,681) (21,285)
NET INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS 5,737 (21,382) (38,318)
CASH AND CASH EQUIVALENTS
AS AT 1 JANUARY 8,354 46,876 46,876
Effect of foreign exchange
change 1,191 52 (204)
----------- ----------- -----------
CASH AND CASH EQUIVALENTS
AS AT 30 JUNE/
31 DECEMBER 15,282 25,546 8,354
=========== =========== ===========
ANALYSIS OF THE BALANCES
OF CASH AND CASH EQUIVALENTS
Cash and bank balances 15,282 25,546 8,354
=========== =========== ===========
Notes to the Condensed Consolidated Financial Statements
for the six months ended 30 June 2016
1. GENERAL INFORMATION
Taihua Plc (the "Company") was incorporated and registered in England and Wales on 29 August 2006 under the Companies Act 1985 as a public company limited by shares with the name "China Natural plc" with registered number 05918155. On 8 September 2006, the Company changed its name to "Taihua plc". The address of the registered office is 4 Harefield Place, St, Albans, Hertfordshire AL4 9JQ, U.K.
The Company is an investment holding company and its subsidiaries are principally engaged in the manufacturing, distribution and sales of Traditional Chinese Medicine ("TCM") products, and the principal place of business is Room 201, Unit 3, No. 16 Zhong Hua, ShiJiCheng, FuZeYuan, 239 KeJi Road, Hi-tech Zone, Xi An, 710077, People's Republic of China (the "PRC").
2. BASIS OF PREPARATION
The consolidated condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.
The consolidated condensed financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values as explained in the accounting policies set out below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
The consolidated condensed financial statements are rounded to the nearest thousand ('000) and they are presented in Chinese Renminbi (RMB), the official currency of the People's Republic of China. RMB is the functional currency of the Company.
The consolidated condensed financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
The interim report was approved by the Board of Directors on 29 June 2016. The report is unaudited and does not constitute the company's statutory accounts for the six months ended 30 June 2016.
3. SIGNIFICANT ACCOUNTING POLICIES
These consolidated condensed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standard Board (IASB) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as adopted by European Union.
From the beginning of the reporting period, the Company has adopted all relevant standards effective for accounting periods beginning on or after 1 January 2016.
The presentation currency of the Group is RMB and therefore the financial statements have been translated from GBP and HKD to RMB at the following exchange rates:
Period end rates Average rates
30 June 2016 GBP1=RMB8.90036 GBP1=RMB9.37049
HKD1=RMB0.8565 HKD1=RMB0.8416
4. REVENUE
Revenue on sale of goods represents the invoiced value of goods sold, net of value added tax ("VAT"), consumption tax ("CT") and other sales taxes, after allowances for goods returns and trade discounts.
An analysis of the Group's turnover and other revenue is set out below:-
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Revenue 6,170 5,399 34,229
============ =========== ===========
Other revenue
Interest on trade
receivables 418 1,103 1,388
Interest income 16 56 77
Exchange gain 1 - 34
435 1,159 1,499
============ =========== ===========
5. OPERATING SEGMENTS
For the purposes of resources allocation and performance assessment, the chief operating decision makers, who are the Board of Directors, regularly review revenue and cost of sales for each product. The financial information provided to the Board of Directors contains profit or loss information of each product line. Therefore, the operation of the Group constitutes four reportable segments.
The Group's reportable segments under IFRS8 Operating Segments are as follows:
-- Paclitaxel - Paclitaxel is extracted from the bark of the yew tree (Taxus). This drug is one of the main-stream treatments for cancer of the ovaries, breast, certain types of lung cancer, and a cancer of the skin and mucous membranes more commonly found in patients with acquired immunodeficiency syndrome (AIDS).
-- Homoharringtonine - Homoharringtonine is an alkaloid extracted from the branches and leaves of the Cephalotaxus tree. This drug has been prescribed for acute myeloid leukaemia and other cancers in China.
-- TCM products - Traditional Chinese Medicine has recognition as a viable alternative health treatment and has been recognised by the World Health Organisation for its effectiveness in the treatment of certain forms of illnesses and diseases. The Company currently manufactures eight TCM products which are Gengnianan Tablet, Duzhong Pingya Tablet, Zaoren Anshen Keli, Bunao Anshen Tablet, Jiangzi Jianfei Tablet, Dabaidu Capsule, Runing Tablet and Bian Tong Pian.
-- Forsythia - Known as lian qiao in PRC, is a flowering shrub. The seeds and seed cases of this are harvested and, when dried, form the basis of TCM preparations. Forsythia TCMs are primarily sold to alleviate flu and cold like symptons.
The Group's revenues are significantly impacted by the seasonality of the forsythia sales. Forsythia is mainly harvested during autumn every year and therefore sales of forsythia are recognised in the fourth quarter. Costs incurred to 30 June with regard to the forsythia plantations have been included in inventories for release when the forsythia is harvested later in the year.
The following is an analysis of the Group's revenue and cost of sales by reportable segments:-
(Six months (TCM)
ended 30 June
2016)
(unaudited) (Paclitaxel) (Homoharringtonine) (Forsythia) (products) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (313) (3,231) (-) (2,759) (6,303)
(Discounting
of revenue
on deferred)
(credit terms) (133 ()
--------------
(Revenue per
Consolidated)
(Statement
of
Comprehensive) (6,170)
(Income)
(Cost of sales) (292 () (2,176 () (2,310 () (4,778 ()
------------ ------------------- ----------- ---------- --------------
(Gross profit) (21) (1,055) (-) (449) (1,392)
============ =================== =========== ========== ==============
(Six months (TCM)
ended 30 June
2015)
(unaudited), (Paclitaxel) (Homoharringtonine) (Forsythia) (products) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (1,614) (552) (-) (3,383) (5,549)
(Discounting
of revenue
on deferred)
(credit terms) (150 ()
--------------
(Revenue per
Consolidated)
(Statement
of
Comprehensive) (5,399)
(Income)
(Cost of sales) (1,473 () (303 () (-) (2,052 () (3,828 ()
------------ ------------------- ----------- ---------- --------------
(Gross profit) (141) (249) (-) (1,331) (1,571)
============ =================== =========== ========== ==============
(TCM)
(Year ended (Paclitaxel) (Homoharringtonine) (Forsythia) (products)
31 December
2015) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (2,411) (556) (26,670) (4,592) (34,229)
(Cost of sales) (2,120 () (815 () (21,091 () (3,337 () (27,363 ()
------------ ------------------- ----------- ---------- --------------
Gross profit/(loss) (291) (259 () (5,579) (1,255) (6,866)
============ =================== =========== ========== ==============
The management of the Group take into account revenue and costs of sales as the key performance indicators when they make management decisions. Other costs are not allocated to operating segments as these are considered to be central operating costs of the business. Assets and liabilities are not considered to be specific to individual operating segments and therefore separate analysis is not undertaken.
The difference between the information presented to the Board of Directors and the information per the Consolidated Statement of Comprehensive Income relates to the discount applied to revenues to reflect the 180 day credit period granted to customers.
6. TAXATION
A unified income tax rate has been set at 25% for all enterprise within the Group.
7. (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share
Basic (loss)/earnings per share are calculated by dividing the (loss)/profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period/year.
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
(Loss)/profit attributable
to
equity holders
of the
Company (RMB'000) (977 ) 848 (30,648 )
============ =========== ===========
Weighted average
number of
ordinary shares
in issue
(Thousands) 81,737 81,737 81,737
============ =========== ===========
(Loss)/earnings
per share
(RMB per share) (0.012 ) 0.010 (0.375 )
============ =========== ===========
Diluted (loss)/earnings per share
The company has one category of dilutive potential shares - share options. A calculation is performed to determine the number of shares that could have been issued at fair value based on the monetary value of the subscription rights attached to outstanding share options and warrants. It is compared with the number of shares that would have been issued assuming the exercise of the share options.
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
(Loss)/profit attributable
to
equity holders of
the Company (RMB'000) (977 ) 848 (30,648 )
============ =========== ===========
Weighted average
number of
ordinary shares
in issue
(Thousands) 81,737 81,737 81,737
Adjustment for
share options - - -
(Thousands) - Note
------------ ----------- -----------
Weighted average
number of
ordinary shares
for diluted
earnings (thousands) 81,737 81,737 81,737
============ =========== ===========
Diluted (loss)/earnings
per share (RMB
per share) (0.012 ) 0.010 (0.375 )
============ =========== ===========
Note: The share options have no dilutive effect for the six months ended 30 June 2016.
8. PROPERTY, PLANT AND EQUIPMENT
During the period ended 30 Jun 2016, the Group incurred costs of RMB260,000 and RMB27,000 to acquire plant and machinery and office equipment respectively.
9. biological assets
Biological assets represent Chinese Yew trees (infant trees and seedlings) and Eucommia bush.
The role of Chinese Yew trees is to provide the raw material for the extraction of Paclitaxel compound. For many years the Group has purchased this raw material from third party suppliers. In 2006, 2007 and 2008, it planted Chinese Yew trees in its own plantation, these infant trees were undergoing biological transformation leading them to mature, being able to produce material from which Paclitaxel compound can be extracted. The initial harvest from infant Chinese Yew trees is 5 years after planting. The trees continue to mature and are estimated to have a harvestable life of 15 years. The harvest from any one Chinese Yew tree is 2kg per harvest. The trees can be harvested on a 3-4 year cycle. In previous years it has not been possible to measure the fair value of infant Yew trees reliably and they have therefore been valued at cost. However, as the trees approached maturity and the directors expected to commence harvesting during 2011, the trees were valued at their fair value less harvesting and initial processing costs in compliance with IAS 41 in the financial statements for the year ended 31 December 2010. The permit to harvest in 2011 was not granted by relevant government body and first harvest has taken place in 2012. The effect of applying IAS 41 on the basis of valuation from 2012 to 2014 has been adjusted and brought biological assets to its fair value during that year.
Eucommia bush is the key raw materials to make one of the traditional Chinese medicine ("TCM") products. The Group does not harvest them as demand for TCM products is low. As the quantity of these plants is a fraction of the whole plantation and the directors considered they are immaterial for fair value measurement, accordingly they are recognised at costs.
In 2015, there's no harvest on Yew Tree and Eucommia bush, due to paclitaxel market price is lower than its production costs and no demand on TCM products. The Group is currently exposed to the risk from price fluctuation of Paclitaxel and thus Chinese Yew. The Board of Directors have assessed the market conditions and risks, and decided to cease paclitaxel production for foreseeable future, and fully impair biological assets.
Chinese Eucommia
Yew trees bush Total
--------- -------- -------
RMB'000 RMB'000 RMB'000
At 1 January 2015 4,333 54 4,387
Net change in fair value 960 - 960
-------
At 30 June 2015 5,293 54 5,347
========= ======== =======
At 1 January 2015 4,333 54 4,387
Impairment loss (4,333) (54) (4,387)
--------- -------- -------
At 31 December 2015 - - -
Valuation at 30 June 2016 - - -
========= ======== =======
10. SHARE CAPITAL
The total issued number of ordinary shares at the beginning and by the end of the reporting period were both 81,737,330 at GBP0.01 per share.
11. RELATED PARTY TRANSACTIONS
As at As at As at
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
Amounts due to directors RMB'000 RMB'000 RMB'000
Chun Chai (26) (26) (26)
Yunwu Liu (526) - (572)
(552) (26) (598)
============ =========== ===========
The amounts are interest-free, unsecured and repayable on demand.
12. EVENTS AFTER THE REPORTING DATE
The Company completed an open offer on 16 September 2016. As a result of the open offer, the Company issued and allotted 22,911,312 ordinary shares of GBP0.01 each in the capital of the Company ("Open Offer Shares") at an issue price of 2.63p to raise GBP602,567.51 on 16 September 2016. The Open Offer Shares were admitted to trading on AIM on 19 September 2016. Following the open offer, the entitled issue share capital of the Company has been changed to 104,648,642 ordinary shares of GBP0.01 each in the capital of the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GRGDCBBXBGLG
(END) Dow Jones Newswires
September 30, 2016 03:16 ET (07:16 GMT)
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