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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMATC
RNS Number : 4236F
Atlantic Coal PLC
23 May 2013
Atlantic Coal plc/Index: AIM/Epic: ATC/Sector: Mining
23 May 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Unaudited preliminary results for the year ended 31 December 2012
Atlantic Coal plc, the AIM listed opencast coal production and processing company with activities in Pennsylvania, USA, is pleased to announce its unaudited preliminary results for the year ended 31 December 2012.
2012 Highlights:
-- Increased production and sales experienced at Stockton during 2012 - 161,529 tons of clean coal produced and sales of 140,213 tons achieved (2011: 100,139 and 106,403 respectively)
-- Strengthened revenues of US$19,657,105 generated for the year (2011: US$13,991,971) and a net gross profit of US$4,011,955 (2011: US$226,946)
-- Reduced Group loss of US$2,661,557 (2011: loss of US$3,149,606)
-- Successful relocation of the Norfolk Southern Railroad diversion providing access to approximately 1.0 million tons ("Mt") of previously unworkable coal
Current Year Highlights:
-- Exercising of lease option agreement over the fully permitted 410 Pott & Bannon anthracite coal mining property in Schuykill County believed to contain 4.1 Mt of clean coal.
-- 67% increase in clean coal production at Stockton and 91% increase in coal sales in Q1 2013 to 53,131 tons and 53,324 tons respectively (Q1 2012: 31,729 tons and 27,913 tons)
-- Completion of reclamation works at the Gowen Mine.
Chairman's Statement
This has been successful year for Atlantic Coal, in operational terms, having completed the railroad diversion at our Stockton Colliery and significantly increased both production and revenues which, along with the acquisition of the Pott & Bannon site 25 miles away, have had a dramatic effect on the current and future production profile of the Company and we are focussed on building on this further in 2013.
In terms of total company Reserves, Stockton has 1.7Mt of saleable coal and having produced 161,529 tonnes of washed anthracite during 2012, we are currently ranked as Pennsylvania's fifth largest producer of anthracite. Post period end, we exercised our option to acquire a 20 year lease over the Pott & Bannon anthracite site from Reading Anthracite Company ("RAC") which we believe to contain 4.1Mt of saleable anthracite and importantly, benefits from proximate established infrastructure. The Resource/Reserve numbers will be confirmed shortly, but initial indications underpin our confidence that this site has the potential to more than triple our existing Reserves and production capabilities.
The Pott & Bannon acquisition was a transformational transaction for Atlantic Coal and having negotiated for the majority of the GBP6.0 million transaction to be paid by coal from our current sites, minimising the cash element payable, we believe that this represents value for shareholders. The full terms can be found in the announcement dated 21(st) January 2013 but in summary, the US$6.0 million consideration payable to RAC will be satisfied through:
-- US$500,000 cash that was being held in escrow was released to RAC which has been applied against the sums due in respect of the grant of the Lease
-- The delivery of 25,000 short tons of clean coal at a price of US$120 per short ton worth US$3.0 million
-- US$2.5 million due from at the earlier date of either 12 months after mining operations commence at the property and 31 January 2015 and this sum shall be satisfied in either: (1) tons of ROM or clean coal from any mine controlled by Atlantic Coal or; (2) by the issue and allotment of a corresponding number of new ordinary shares (to be determined by Atlantic Coal's Volume Weighted Average Price for the preceding three months) in Atlantic Coal to RAC (or, in certain circumstances, to RAC's shareholders) (the "Consideration Shares"); or (3) in any combination of (1) and (2). The exact method of satisfaction will be agreed between Atlantic Coal and RAC in advance. If the parties cannot agree, then each party will have the right to designate how half of the US$2,500,000 will be satisfied.
On 15 February 2012 we announced that we had entered into an option agreement to acquire additional anthracite mining assets in Pennsylvania. This option, which was exercisable entirely at the Company's discretion at an exercise price of US$35 million, expired on 31(st) March 2013. Subsequent to the expiry of the option the Company held a number of discussions with the vendor in connection with the further extension of the option exercise period. However, following these discussions, it was determined by the Atlantic Coal board of directors that an agreement on principal terms could not be achieved that would be acceptable to the Company and in the best interests of the Company's shareholders. The Company terminated discussions with the vendor and announced this to the market on 13 May 2013.
Included in the Group loss is $1,867,046 of new venture costs, the majority of which relate to the above option agreement. Due to the size of the purchase price this acquisition would have constituted a Reverse Takeover under AIM rules which resulted in in the Company incurring large due diligence costs including an independent Competent Person's Report on both the acquisition target and the existing business as well as both legal and financial due diligence.
Operations Review
Stockton Colliery
During our last 5 years of operation, Stockton has provided us with a highly strategic position in the Pennsylvanian Coal Field. This anthracite-rich region is mined by family operations in the majority and as the only public company operating in the area, we have built a solid network and production footprint in the region.
With its current reserves, the Stockton Colliery has an eight year mine life and includes an anthracite preparation plant capable of washing 300,000 tons of coal per annum of various sizes on the premises for use in different industries.
Production hit record highs during the second half of 2012 following the successful diversion of the railroad which previously passed through our tenure, which completed in April 2012. . This provided us with access to over approximately 1.0Mt of previously unworkable coal reserves at Stockton. Clean coal production hit 161,529 tons for the year (2011: 100,139 tons), representing an increase of 61% year on year and we removed 3,728,597 Bank Cubic Yards ("BCY") of overburden (2011: 3,257,776) representing year on year growth of 14%. The average sales price, excluding low value number 5 coal, achieved for the year was $150.91 (2011: US$142.33).
The vast majority of Stockton's product is sold into the US and Canadian market to regional industry but importantly, we expanded our sales channels during the period as we completed our first shipment outside North America. The cargo comprised 11,000 tons of anthracite and was shipped from Fairless Hills Port, Philadelphia to Germany, thereby demonstrating our mine to port capabilities.
Pott & Bannon
The 410 acre Pott & Bannon site is located 25 miles from Stockton and is ideally located close to major east-coast transportation hubs.
Like Stockton, the Pott & Bannon site will mine the high quality Mammoth Seam. The Directors believe that the site could contain up to 13.6 million tons run-of-mine coal, equating to approximately 4.1Mt of washed, saleable anthracite. The average strip ratio was estimated to be 3.9 ROM. These estimates are based on information provided to the Company in January 2012 and is outlined in a report commissioned by RAC in January 1999 and prepared by John T. Boyd & Company. The Company is in the process of confirming these resource details with a qualified competent person.
In terms of strategy for this site, following the receipt of this updated reserve report, we will be actively pursuing an early route to production. We have agreed with RAC to use our best endeavours to deploy mining equipment at the property to achieve a minimum production of 400,000 tons of ROM coal in the second year of the Lease, provided that market conditions warrant such a level of production. The delivery of coal to RAC as part of the purchase consideration is being accelerated, together with permit transfer arrangements and mine planning such that I am extremely hopeful that site operations will commence in H1 2014.
Coal purchase agreement
As part of this transaction we also entered into a coal purchase agreement, the full details of which can be found in the announcement dated 21(st) January 2013. Under the terms of the lease, RAC will have the option to purchase (at certain pre-agreed prices) up to 50 per cent. of all sizes of standard coal each year.
However, in the event that any portion of the US$2,500,000 consideration is paid by Atlantic Coal to RAC in the form of ROM or clean coal from the property, then the RAC's right to purchase 50 per cent. of all sizes of standard coal from the property shall be reduced on a ton-for-ton basis at the price of US$120 per ton until such time as the entire consideration has been satisfied in full at which point RAC's purchase option rights under the coal purchase agreement will be restored in full.
Gowen Mine
Reclamation of the final 238 acres of the Gowen Mine was, apart from grass seeding which was undertaken last month, completed during 2012. Over 500 acres has now been reclaimed at Gowen removing old underground and early strip mining dereliction, rehabilitating the topography, reinstating water courses and establishing vegetation producing substantial environmental improvements and eradicating over 150 years of coal mining dereliction in this area. Reclamation costs at Gowen in 2012 amounted to $1,474,202, completing a major programme of reclamation expenditure by the Company.
Financial Review
Key financial highlights for the year to 31 December 2012 are:
2012 2011 Cash at bank $1,902,348 $6,027,771 Sales $19,657,105 $13,991,971 Gross profit $4,011,995 $226,946 Gross margin 20.41% 1.62% Debt $6,795,468 $5,599,114 Restoration obligations $4,850,340 $5,895,601
-- The Group's cash position during 2012 decreased as we used existing cash balances to repay debt and finance leases, complete the Norfolk Southern Railroad diversion, complete Gowen Mine reclamation and pursue opportunities to acquire additional anthracite mining assets. As a result we have improved the production capacity at our Stockton colliery and secured significant additional coal reserves.
-- The improved trading performance of the Stockton colliery is reflected in the increase in sales and gross profit as well as gross margin.
-- Total debt increased in 2012 through the acquisition of additional mining equipment through finance lease[s].
-- Restoration obligations decreased as the reclamation of the Gowen site completed in 2012, with the exception of seeding which was completed in April 2013.
Outlook
Having significantly bolstered our production capabilities through acquisition and maximised production at Stockton, we look forward to an exciting year marked by growth and value accretion.
While our production capability has dramatically improved, anthracite prices did soften in Q1 2013 to an average of $139.84 and we continue to see further weakness in Q2. Although some softening after the end of the "winter home heating market season" is normal we are experiencing an abnormal level of reduction due to aggressive pricing by one particular producer, however, we consider this to be short term in nature and anticipate a price recovery by Q3 of this year.
In tandem with maintaining our production levels at Stockton, the rapid development of the Pott & Bannon site will be a high priority for us. We also seek to identify and evaluate opportunities, including joint ventures, for the acquisition of additional anthracite mining assets. These future and potential milestones will facilitate our strategy of becoming one of the major producers of high quality anthracite in the Pennsylvanian area and I look forward to updating shareholders regularly as to our progress along the way.
Finally, I would like to take this opportunity to thank our experienced team and supportive shareholder base and look forward to a succesful year for the Company.
**ENDS**
For further information on the Company, visit: www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670 Nick Naylor Allenby Capital Limited Tel: 020 3328 5656 Mark Connelly Allenby Capital Limited Tel: 020 3328 5656 Alex Price Allenby Capital Limited Tel: 020 3328 5656 Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177 Ltd
STATEMENT OF FINANCIAL POSITION
As at 31 December 2012
Company number: 05315929 Group Company ----------------------------- ---------------------------- As at 31 As at 31 As at 31 As at December December December 31 December 2012 2011 2012 2011 $ $ $ $ Non-Current Assets Property, plant and equipment 10,039,151 10,037,008 267,494 316,614 Land, coal rights and restoration costs 8,283,967 7,980,327 - - Investment in subsidiaries - - - - Trade and other receivables - 9,441 26,159,465 22,786,441 Other assets 50,050 43,752 - - ---------------------------------------- ------------- -------------- ------------- ------------- 18,373,168 18,070,528 26,426,959 23,103,055 --------------------------------------- ------------- -------------- ------------- ------------- Current Assets Inventories 3,733,963 1,471,210 - - Trade and other receivables 3,108,737 1,833,404 673,666 652,456 Other assets 320,979 197,971 - - Cash and cash equivalents 1,902,348 6,027,771 1,014,699 5,941,398 ---------------------------------------- ------------- -------------- ------------- ------------- 9,066,027 9,530,356 1,688,365 6,593,854 --------------------------------------- ------------- -------------- ------------- ------------- Total Assets 27,439,195 27,600,884 28,115,324 29,696,909 ---------------------------------------- ------------- -------------- ------------- ------------- Current Liabilities Trade and other payables 4,338,233 3,119,637 636,977 229,036 Borrowings 5,806,892 3,828,776 - - Provision for restoration costs 391,049 1,841,251 - - ---------------------------------------- ------------- -------------- ------------- ------------- 10,536,174 8,789,664 636,977 229,036 --------------------------------------- ------------- -------------- ------------- ------------- Non-Current Liabilities Borrowings 988,576 1,770,338 - - Provision for restoration costs 4,459,291 4,054,350 - - ---------------------------------------- ------------- -------------- ------------- ------------- 5,447,867 5,824,688 - - --------------------------------------- ------------- -------------- ------------- ------------- Total Liabilities 15,984,041 14,614,352 636,977 229,036 ---------------------------------------- ------------- -------------- ------------- ------------- Net Assets 11,455,154 12,986,532 27,478,347 29,467,873 ---------------------------------------- ------------- -------------- ------------- ------------- Equity Attributable to Equity Holders of the Company Share capital 4,595,188 4,595,188 4,595,188 4,595,188 Share premium 38,670,457 38,661,407 38,670,457 38,661,407 Merger reserve 15,326,850 15,326,850 1,428,144 1,111,305 Reverse acquisition reserve (12,999,288) (12,999,288) - - Other reserves 88,510 131,837 88,510 131,837 Translation reserve (2,391,623) (3,521,802) (6,509,238) (7,779,350) Retained losses (31,834,940) (29,207,660) (10,794,714) (7,252,514) ---------------------------------------- ------------- -------------- ------------- ------------- Total Equity 11,455,154 12,986,532 27,478,347 29,467,873 ---------------------------------------- ------------- -------------- ------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2012
Group ---------------------------- For the year For the year ended 31 ended 31 December December 2012 2011 $ $ --------------------------------------- --- --- --- ------------- ------------- Revenue 19,657,105 13,991,971 Cost of sales (15,645,110) (13,765,025) Gross profit 4,011,995 226,946 Administration expenses (3,044,098) (3,158,662) Exceptional expenses (1,867,046) - Other (losses)/gains (1,060,232) 202,344 Other income 143,660 - --------------------------------------- --- --- --- ------------- ------------- Operating Loss (1,815,721) (2,729,372) Finance income 1,392 50,153 Finance costs (847,228) (470,387) Loss Before Taxation (2,661,557) (3,149,606) Income tax expense - - --------------------------------------- --- --- --- ------------- ------------- Loss for the Year (2,661,557) (3,149,606) ------------------------------------------------------ ------------- ------------- Loss attributable to the owners of the Parent (2,661,557) (3,149,606) ------------------------------------------------------ ------------- ------------- Loss per share attributable to the owners of the Parent during the year: Basic and diluted (0.07) cents (0.09) cents
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2012
Group --------------------------- For the year For the year ended 31 ended 31 December December 2012 2011 $ $ --------------------------------------------------------------- --- --- ------------ ------------- Cash flows from operating activities Loss before taxation (2,661,557) (3,149,606) Adjustments for: * Finance income (1,392) (50,153) * Finance costs 847,228 470,387 * Depreciation 1,452,172 946,592 * Depreciation - Stockton Mine 791,664 418,303 57,989 - * Loss on disposal of property, plant and equipment * Gain on Mayford debt settlement - (78,388) * Accretion and accrued restoration costs 279,888 481,851 * Reclamation work performed (1,450,202) (1,766,825) * Provision for doubtful debts - (16,522) * Foreign exchange gains/(losses) 1,028,457 (179,930) Increase in trade and other receivables (903,581) (16,483) Increase in inventories (2,262,752) (229,978) Increase/(decrease) in trade and other payables 1,197,908 (1,228,487) ------------------------------------------------------------------------- ------------ ------------- Net cash used in operating activities (1,624,178) (4,399,239) ------------------------------------------------------------------------- ------------ ------------- Cash flows from investing activities Purchase of property, plant and equipment (654,842) (3,487,321) Purchase of land, coal rights and restoration costs (970,253) (777,136) Increase in deposits (454,306) (508,055) Interest paid - (290,791) Interest received 1,392 50,153 ------------------------------------------------------------------------- ------------ ------------- Net cash used in investing activities (2,078,009) (5,013,150) ------------------------------------------------------------------------- ------------ ------------- Cash flows from financing activities Proceeds from issue of share capital - 19,997,820 Transaction costs of share issue - (1,028,575) Proceeds from exercise of options & warrants - 1,550,495 Refinancing of equipment through finance 1,286,167 - lease Proceeds from borrowings 850,000 - Repayments of borrowings (406,161) (3,944,281) Interest paid (611,980) (284,628) Finance lease payments (1,642,537) (664,934) ------------------------------------------------------------------------- ------------ ------------- Net cash (used in)/ from financing activities (524,511) 15,625,897 Net (decrease)/increase in cash and cash equivalents (4,226,698) 6,213,508 Exchange gains/(losses) on cash and cash equivalents 101,275 (478,170) ------------------------------------------------------------------------- ------------ ------------- Cash and cash equivalents at beginning of year 6,027,771 292,433 ------------------------------------------------------------------------- ------------ ------------- Cash and cash equivalents at end of year 1,902,348 6,027,771 ------------------------------------------------------------------------- ------------ -------------
COMPANY CASH FLOW STATEMENT
For the year ended 31 December 2012
Company -------------------------------- For the year For the ended 31 year ended December 31 December 2012 2011 $ $ ------------------------------------------------------------------- --- ------------- ----------------- Cash flows from operating activities Loss before tax (3,259,638) (12,920,669) Adjustments for: * Finance income (541) (50,153) * Finance expense - 247,937 * Depreciation 68,990 5,862 * (Reversal of impairment)/impairment of investment and loans (316,839) 10,713,692 Decrease/(increase) in trade and other receivables 350,538 (127,670) Increase/(decrease) in trade and other payables 387,252 (222,426) ------------------------------------------------------------------------ ------------- ----------------- Net cash used in operating activities (2,770,238) (2,353,427) ------------------------------------------------------------------------ ------------- ----------------- Cash flows from investing activities Loans to subsidiary (3,826,473) (9,508,822) Repayments received from subsidiary 1,900,037 166,472 Interest received 541 50,153 Purchase of property, plant & equipment (6,841) (324,935) Increase in deposits (325,000) (502,799) Net cash used in investing activities (2,257,736) (10,119,931) ------------------------------------------------------------------------ ------------- ----------------- Cash flows from financing activities Proceeds from issue of share capital - 19,997,820 Transaction costs of share issue - (1,028,575) Proceeds from exercise of options & warrants - 1,550,495 Interest paid - (284,628) Repayment of borrowings - (1,425,303) Net cash from financing activities - 18,809,809 ------------------------------------------------------------------------ ------------- ----------------- Net (decrease)/increase in cash and cash equivalents (5,027,974) 6,336,451 Exchange gains/(losses) on cash and cash equivalents 101,275 (478,170) ------------------------------------------------------------------------ ------------- ----------------- Cash and cash equivalents at beginning of year 5,941,398 83,117 Cash and cash equivalents at end of year 1,014,699 5,941,398 ------------------------------------------------------------------------ ------------- -----------------
NOTES TO THE FINANCIAL STATEMENTS
Basis of Preparation of Financial Statements
The Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Interpretations Committee (IFRIC) interpretations and the parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have also been prepared under the historical cost convention.
The Financial Statements are presented in US Dollars rounded to the nearest dollar.
Atlantic Coal Plc, the legal parent, is domiciled and incorporated in the United Kingdom.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group'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 2.
The financial information set out above does not constitute the Company's statutory accounts within the meaning of Section 435 of the Companies Act 2006. The figures for the year ended 31 December 2012 are based on unaudited accounts for the year ended 31 December 2012. The directors anticipate that the auditor's report, to be issued with the Group's statutory accounts for the year ended 31 December 2012 will be unqualified.
The unaudited preliminary announcement has been prepared on the basis of accounting policies set out in the Group's statutory accounts for the year ended 31 December 2011.
The comparatives for the year ended 31 December 2011 are derived from the statutory accounts for the year ended 31 December 2011. These statutory accounts, which contain an unqualified audit report under Section 495 of the Companies Act 2006 and which did not make any statement under Section 498 of the Companies Act 2006, have been delivered to the registrar of companies in accordance with Section 441 of the Companies Act 2006.
The Company will announce its full audited financial statements and accompanying notes in June 2013.
Segmental Information
Management has determined the operating segments based on reports reviewed by the Board of Directors that are used to make strategic decisions. During the year the Group had interests in two geographical segments, the United Kingdom and the United States of America ("USA"). Activities in the UK are mainly administrative in nature whilst the activities in the USA relate to coal production and sale of coal.
The reportable operating segments derive their revenue from the sale of prepared coal to industrial and retail customers.
For the year ended 31 December For the year ended 31 December 2012 2011 --------------- ---------------------------------------------------------- ----------------------------------------------------------- Intra-segment Intra-segment Total balances balances USA UK Total USA UK $ $ $ $ $ $ $ $ --------------- ------------- ------------ -------------- ------------- ------------- ------------- -------------- ------------- Revenue from external customers 19,657,105 - - 19,657,105 13,991,971 - - 13,991,971 Gross profit 4,011,955 - - 4,011,955 226,946 - - 226,946 Operating profit/(loss) 1,761,297 (3,260,179) (316,839) (1,815,721) (720,182) (12,722,882) 10,713,692 (2,729,372) Impairment - 316,839 (316,839) - - (10,713,692) 10,713,692 - Depreciation 1,383,182 68,990 - 1,452,172 940,730 5,862 - 946,592 Depreciation - Stockton Mine 791,664 - - 791,664 418,303 - - 418,303 EBITDA 3,936,143 (3,191,189) (316,839) 428,115 742,034 (12,717,020) 10,713,692 (1,261,294) --------------- ------------- ------------ -------------- ------------- ------------- ------------- -------------- ------------- Capital expenditure 2,462,807 6,841 - 2,469,648 4,525,156 320,235 - 4,845,391 --------------- ------------- ------------ -------------- ------------- ------------- ------------- -------------- ------------- Total assets 25,483,336 28,115,324 (26,159,465) 27,439,195 20,680,975 29,696,909 (22,777,000) 27,600,884 --------------- ------------- ------------ -------------- ------------- ------------- ------------- -------------- ------------- Total liabilities 41,795,166 636,977 (26,448,102) 15,984,041 37,907,730 229,036 (23,522,414) 14,614,352 --------------- ------------- ------------ -------------- ------------- ------------- ------------- -------------- -------------
A reconciliation of operating loss to loss before taxation is provided as follows:
For the year ended For the year ended 31 December 2012 31 December 2011 $ $ ---------------------------------------- ------------------- ------------------- Operating loss for reportable segments (1,815,721) (2,729,372) Finance income 1,392 50,153 Finance costs (847,228) (470,387) Loss before tax (2,661,557) (3,149,606) ---------------------------------------- ------------------- -------------------
Information about major customers
Revenues of approximately $3.056 million (2011: $2.633 million) were derived from a single external customer. These revenues were all generated in the USA.
Cash and Cash Equivalents
Group Company ------------------------- ---------------------------- As at 31 As at As at As at December 31 December 31 December 31 December 2012 2011 2012 2011 $ $ $ $ -------------------------- ---------- ------------- ------------- ------------- Cash at bank and in hand 1,902,348 6,027,771 1,014,699 5,941,398 -------------------------- ---------- ------------- ------------- -------------
Loss per Share
The calculation of the basic loss per share of 0.07 cents (31 December 2011 loss per share: 0.09 cents) is based on the loss attributable to ordinary shareholders of $2,661,557 (31 December 2011 loss: $3,149,606) and on the weighted average number of ordinary shares of 3,868,772,016 (31 December 2011: 3,583,708,122) in issue during the year.
The basic and diluted loss per share is the same, as the effect of the exercise of share options and warrants would be to decrease the loss per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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