
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Curzon Energy Plc | LSE:CZN | London | Ordinary Share | GB00BD97ND60 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.034 | 0.03 | 0.038 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 0 | -735k | -0.0074 | -0.04 | 33.88k |
TIDMCZN
RNS Number : 9117N
Curzon Energy PLC
28 September 2023
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Curzon Energy Plc
("Curzon" or the "Company")
Unaudited Half-Year Results for the Six Months Ended 30 June 2023
28 September 2023
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, announces its unaudited interim results for the six months to 30 June 2023.
CHAIRMAN'S STATEMENT
I am pleased to present the interim report for the Company covering its results for the six months ended 30 June 2023.
Financial review
The Company incurred a loss of US$489,101 in the period. A majority of this loss comprised expenditures associated with maintaining the listing in London and on the analysis and due diligence of potential transactions.
Net cash of US$6,927 as at 30 June 2023 (US$20,421 as at 31 December 2022). Basic loss per share of US$ 0.004 (period ended 30 June 2022: US$ 0.004).
Given the nature of the business and its development strategy, it is unlikely that the Board will recommend a dividend in the foreseeable future.
Outlook
The Company's efforts during the course of the year focused on identifying, evaluating and executing an agreement to reverse an exciting opportunity into Curzon. While many potential projects and partners were considered, the Board found the majority lacking in either their ability to execute or in accessing the funding required to progress their respective visions.
While progress has been slow, the Board believes that finding the right partnership will be the key to its future and to realizing returns for all stakeholders. We look to be able to announce a transaction in the near term.
On behalf of the Board, I would like to take this opportunity to thank our staff and advisers for their hard work as well as our shareholders for their continued support.
We look forward to updating shareholders on our progress in due course.
John McGoldrick
Chairman and Non-Executive Director
CHIEF EXECUTIVE OFFICER'S REVIEW
During the course of the year the Company explored lease renewal options at its historic Coos Bay coal bed methane project in Oregon, USA. Unfortunately, existing landowners responded with much increased fee expectations, figures that the Company felt would likely not be viable given the state of the project and the cancellation of the development of the nearby Jordan Cove LNG terminal. As such, the leases that the project consists of remain unrenewed, and the Company expects the project to be formally shuttered during the remainder of 2023.
Meanwhile, the Company continues to engage with a large number of interested parties regarding how best to take Curzon forward, most likely by injecting an asset or series of assets along with any required funding.
We hope to have additional announcements on these developments shortly.
Scott Kaintz
Chief Executive Officer
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS
The Directors confirm that the condensed interim financial information has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely: an indication of important events that have occurred during the first six months and their impact on the condensed interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related-party transactions in the first six months and any material changes in the related-party transactions described in the last Annual Report.
By order of the Board
John McGoldrick
Chairman and Non-Executive Director
Consolidated statement of comprehensive income
for the six months ended 30 June 2023
Six months ended Six months Year ended 30 June ended 31 December 2023 30 June 2022 2022 Unaudited Unaudited Audited Notes US$ US$ US$ -------------------------------------- ---------- ----------- -------------- ------------- Administrative expenses 5 (272,656) (307,999) (509,358) -------------------------------------- ---------- ----------- -------------- ------------- Loss from operations (272,656) (307,999) (509,358) Finance expense (95,571) (98,067) (191,970) Provision for reclamation obligation - - - Foreign exchange differences 508 (2,358) 235 -------------------------------------- ---------- ----------- -------------- ------------- Loss before taxation (367,719) (408,424) (701,093) Income tax expense - - - -------------------------------------- ---------- ----------- -------------- ------------- Loss for the period attributable to equity holders of the parent company (367,719) (408,424) (701,093) -------------------------------------- ---------- ----------- -------------- ------------- Other comprehensive income/(expense) Gain/(loss) on translation of parent net assets and results from functional currency into presentation currency (121,382) 228,293 233,300 -------------------------------------- ---------- ----------- -------------- ------------- Total comprehensive loss for the period (489,101) (180,131) (467,793) -------------------------------------- ---------- ----------- -------------- ------------- (Loss) per share Basic and diluted, US$ 3 (0.004) ( (0.004) ( (0.007) ( -------------------------------------- ---------- ----------- -------------- -------------
Consolidated statements of financial position
At 30 June At 30 June At 31 December 2023 2022 2022 Unaudited Unaudited Audited Notes US$ US$ US$ ------------------------------- ------ ------------- ------------- --------------- Assets Non-current assets Intangible assets - - - Property, plant and equipment - - - Restricted cash - - - Total non-current assets - - - ------------------------------- ------ ------------- ------------- --------------- Current assets Prepayments and other receivables 30,094 35,928 29,828 Cash and cash equivalents 6,927 73,868 20,421 ------------------------------- ------ ------------- ------------- --------------- Total current assets 37,021 109,796 50,249 ------------------------------- ------ ------------- ------------- --------------- Total assets 37,021 109,796 50,249 ------------------------------- ------ ------------- ------------- --------------- Liabilities Current liabilities Trade and other payables 1,177,818 766,976 912,521 Borrowings 7 2,344,407 2,051,261 2,133,832 ------------------------------- ------ ------------- ------------- --------------- Total current liabilities 3,522,225 2,818,237 3,046,353 ------------------------------- ------ ------------- ------------- --------------- Total liabilities 3,522,225 2,818,237 3,046,353 ------------------------------- ------ ------------- ------------- --------------- Capital and reserves attributable to shareholders Share capital 4 1,105,547 1,105,547 1,105,547 Share premium 3,619,332 3,619,332 3,619,332 Share-based payments reserve 474,792 474,792 474,792 Warrants reserve 375,198 375,198 375,198 Merger reserve 31,212,041 31,212,041 31,212,041 Foreign currency translation reserve (34,636) 81,739 86,746 Accumulated losses (40,237,478) (38,577,090) (39,869,759) ------------------------------- ------ ------------- ------------- ---------------
Total capital and reserves (3,485,204) (2,708,441) (2,996,104) ------------------------------- ------ ------------- ------------- --------------- Total equity and liabilities 37,021 109,796 50,249 ------------------------------- ------ ------------- ------------- ---------------
Consolidated statements of changes in equity
Foreign Share-based currency Share Share Consolidation payment Warrant translation Accumulated capital premium reserve reserve reserve reserve losses Total US$ US$ US$ US$ US$ US$ US$ US$ --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ At 1 January 2022 (audited) 1,105,547 3,619,332 31,212,041 474,792 375,198 (146,554) (39,168,666) (2,528,310) Loss for the period - - - - - - (408,424) (408,424) Other comprehensive income for the year - - - - - 228,293 - 228,293 --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ Total comprehensive loss for the year 228,293 (408,424) (180,131) --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ At 30 June 2022 (unaudited) 1,105,547 3,619,332 31,212,041 474,792 375,198 81,739 (39,577,090) (2,708,441) At 1 January 2022 (audited) 1,105,547 3,619,332 31,212,041 474,792 375,198 (146,554) (39,168,666) (2,528,310) Loss for the year 2021 - - - - - - (701,093) (701,093) Other comprehensive income for the year - - - - - 233,300 - 233,300 --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ Total comprehensive loss for the year - - - - - 233,300 (701,093) (467,793) At 1 January 2023 (audited) 1,105,547 3,619,332 31,212,041 474,792 375,198 86,746 (39,869,759) (2,996,104) --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ Loss for the period - - - - - - (367,719) (367,719) Other comprehensive income for the period - - - - - (121,382) - (121,382) --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------ Total comprehensive loss for the period (121,382) (367,719) (489,101) At 30 June 2023 (unaudited) 1,105,547 3,619,332 31,212,041 474,792 375,198 (34,636) (40,237,478) (3,485,204) --------------- ---------- ---------- -------------- ------------ -------- ------------ ------------- ------------
Consolidated statement of cash flows
Six months Six months ended ended Year ended 30 June 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited Notes US$ US$ US$ ------------------------------------- ------- ----------- ----------- ------------- Cash flow from operating activities Loss before taxation (367,719) (408,424) (701,093) Adjustments for: Finance expense 95,571 98,067 191,970 Share-based payments charge - - - Foreign exchange movements 4,628 2,358 (36,606) Operating cashflows before working capital changes (267,520) (307,999) (545,729) Changes in working capital: (Increase)/decrease in receivable 1,094 5,453 10,587 (Decrease)/ increase in payables 216,315 64,135 235,141 ---------------------------------------------- ----------- ----------- ------------- Net cash used in operating activities (50,110) (260,031) (526,004) ---------------------------------------------- ----------- ----------- ------------- Financing activities Issue of ordinary shares - - - Costs of share issue - - - Proceeds from new borrowings 36,308 184,693 184,693 Net cash flow from financing activities 36,308 184,693 184,693 ---------------------------------------------- ----------- ----------- ------------- Net Increase in cash and cash equivalents in the period (13,802) (53,718) (115,309) Cash and cash equivalents at the beginning of the period 20,421 138,142 138,142 Restricted cash held on deposits 125,000 125,000 125,000 ---------------------------------------------- ----------- ----------- ------------- Total cash and cash equivalents at the beginning of the period, including restricted cash 145,421 263,142 263,142 ---------------------------------------------- ----------- ----------- ------------- Effect of the translation of cash balances into presentation currency 308 (10,556) (2,412) Cash and cash equivalents at the end of the period 6,927 73,868 20,421 Restricted cash held on deposits 125,000 125,000 125,000 ---------------------------------------------- ----------- ----------- ------------- Total cash and cash equivalents at the end of the period, including restricted cash 131,927 198,868 145,421 ---------------------------------------------- ----------- ----------- -------------
NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION
1. General information and basis of preparation
The Company was incorporated and registered in England and a public limited company. The Company's registered number is 09976843 and its registered office is at Salisubry House, London Wall, EC2M 5PS. On 4 October 2017, the Company's shares were admitted to the Official List (by way of Standard Listing) and to trading on the London Stock Exchange's Main Market.
With effect from admission, the Company has been subject to the Listing Rules and the Disclosure Guidance and Transparency Rules (and the resulting jurisdiction of the UK Listing Authority) to the extent such rules apply to companies with a Standard Listing pursuant to Chapter 14 of the Listing Rules.
The principal activity of the Company is that of a holding company for its subsidiaries, as well as performing all administrative, corporate finance, strategic and governance functions of the Group. The Company's investments comprise of subsidiaries operating in the natural gas sector.
The Company has the following subsidiary undertakings:
Proportion held by Group Country Issued at reporting Name of incorporation capital date Activity ----------------- ------------------ ----------- --------------- ------------------------ Coos Bay Energy, Membership LLC USA interests 100% Holding company Westport Energy Acquisitions, Inc. USA Shares 100% Holding company Westport Energy, Membership LLC USA interests 100% Oil and gas exploration ----------------- ------------------ ----------- --------------- ------------------------
More information on the individual group companies and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2022.
2. Accounting policies
The Group Financial statements are presented in US Dollars.
Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as endorsed by the EU ("IFRS") and the requirements of the Companies Act applicable to companies reporting under IFRS.
The preparation of the Group financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Group's accounting policies. The Group's accounting policies as well as the areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the Group financial statements are disclosed in the audited annual report for the year ended 31 December 2022 and are available on the Group's website.
In the opinion of the management, the interim unaudited consolidated financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. The interim unaudited consolidated financial information should be read in conjunction with the Company's audited financial statements and notes for the year ended 31 December 2022.
Going concern
The Group financial statements have been prepared on a going concern basis as the Directors have assessed the Group's ability to continue in operational existence for the foreseeable future. The Directors note that the Group has no source of revenue and will require additional funding to continue operations, and that there remains no guarantee that such funding will be secured or made available. Currently, the Company's operations are being financed by third party loans. The Group remains reliant on the continuing support from its lenders and shareholders and the expected support of future shareholders and there remains a material uncertainty as to the Group's ability to continue as a going concern. The Group financial statements currently do not include the adjustments that would result if the Group were not to continue as a going concern.
Basis of consolidation
The consolidated financial statements of the Group incorporate the financial statements of the Company and entities controlled by the Company, its subsidiaries. More information on the individual group companies, details and timing of their acquisition is presented in the Company's audited consolidated financial information and notes thereto for the year ended 31 December 2022.
At the time of its acquisition by the Company, Coos Bay Energy, LLC consisted of Coos Bay Energy, LLC and its wholly owned US Group. It is the Directors' opinion that the Company at the date of acquisition of Coos Bay Energy, LLC did not meet the definition of a business as defined by IFRS 3 and therefore the acquisition is outside on the IFRS 3 scope. Where a party to an acquisition fails to satisfy the definition of a business, as defined by IFRS 3, management have decided to adopt a "merger accounting" method of consolidation as the most relevant method to be used.
The Group consistently applies it to all similar transactions in the following way:
- the acquired assets and liabilities are recorded at their existing carrying values rather than at fair value;
- no goodwill is recorded;
- all intra-group transactions, balances and unrealised gains and losses on transactions are eliminated from the beginning of the first comparative period or inception, whichever is earlier;
- comparative periods are restated from the beginning of the earliest comparative period presented based on the assumption that the companies have always been together;
- all the pre-acquisition accumulated losses of the legal acquire are assumed by the Group as if the companies have always been together;
- all the share capital and membership capital contributions of all the companies included into the legal acquiree sub-group less the Company's cost of investment into these companies are included into the merger reserve; and
- the Company's called up share capital is restated at the preceding reporting date to reflect the value of the new shares that would have been issued to acquire the merged company had the merger taken place at the first day of the comparative period. Where new shares have been issued during the current period that increased net assets (other than as consideration for the merger), these are recorded from their actual date of issue and are not included in the comparative statement of financial position.
The results and cash flows of all the combining entities were brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information was restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.
At 30 June 2023, 30 June 2022 and 31 December 2022, the group results include the results of Curzon Energy Plc, Coos Bay Energy, LLC, Westport Energy Acquisitions, Inc. and Westport Energy, LLC.
2. Segmental analysis
In the opinion of the directors, the Group is primarily organised into a single operating segment. This is consistent with the Group's internal reporting to the chief operating decision maker. Separate segmental disclosures have therefore not been included.
3. Loss per share
The basic loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue. Diluted loss per share is derived by dividing the loss for the year attributable to ordinary shareholders of the Company by the weighted average number of shares in issue plus the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.
The following reflects the loss and share data used in the basic and diluted loss per share computations:
For six For six months months For year ended ended ended 30 June 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited --------------------------------------- ----------- ----------- ------------- Loss after tax (US$) (367,719) (408,242) (701,093) Weighted average number of ordinary shares of GBP0.0001 in issue 99,639,565 99,639,565 99,639,565 Effect of dilutive options and warrants - Weighted average number of ordinary shares of GBP0.01 in issue inclusive of outstanding dilutive options and warrants 99,639,565 99,639,565 99,639,565 Loss per share - basic and fully diluted (US$) (0.004) (0.004) (0.007) --------------------------------------- ----------- ----------- -------------
At 30 June 2023, 31 December 2022 and 30 June 2022 the effect of all potentially dilutive instruments was anti-dilutive as it would lead to a further reduction of loss per share, therefore they were not included into the diluted loss per share calculation. Options and warrants, that could potentially dilute basic EPS in the future, but were not included in the calculation of diluted EPS for the periods presented:
For six For six months months For year ended ended ended 30 June 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited Share options granted to employees - fully vested at the end of the - - respective period 280,854 Warrants given to shareholders as a part of placing equity instruments - fully vested at the end of the respective period - 17,606,594 18,606,594 ----------------------------------------- ------------ ----------- ------------- Total instruments fully vested - 17,887,448 18,606,594 ----------------------------------------- ------------ ----------- ------------- Total number of instruments and potentially issuable instruments (vested and not vested) not included into the fully diluted EPS calculation - 17,887,448 18,606,594 ----------------------------------------- ------------ ----------- ------------- 4. Share capital
Issued equity share capital
At 30 June 2023 At 30 June 2022 At 31 December Unaudited Unaudited 2022 Audited ----------------------- ----------------------- ----------------------- Number US$ Number US$ Number US$ ---------------------- ----------- ---------- ----------- ---------- ----------- ---------- Issued and fully paid Existing Ordinary - - - - - - Shares of GBP0.01 each After subdivision*: New Ordinary shares of GBP0.0001 each 99,639,565 13,124 99,639,565 13,124 99,639,565 13,124 Deferred Shares of GBP0.0099 each 83,032,972 1,092,423 83,032,972 1,092,423 83,032,972 1,092,422 Total Share Capital,
US$ 1,105,547 1,105,547 1,105,547 ---------------------- ----------- ---------- ----------- ---------- ----------- ----------
*On 6 May 2020, the Company's shareholders approved the subdivision and re-designation of the 83,032,971 Existing Ordinary Shares ("Existing Ordinary Shares") of GBP0.01 each in the capital of the Company into (i) 83,032,971 New Ordinary Shares ("New Ordinary Shares") of GBP0.0001 each and (ii) 83,032,971 Deferred Shares ("Deferred Shares") of GBP0.0099 each in the capital of the Company, and to amend the Company's Articles of Association accordingly.
Each New Ordinary Share carries the same rights in all respects under the amended Articles of Association as each Existing Ordinary Share did under the existing Articles of Association, including the rights in respect of voting and the entitlement to receive dividends. Each Deferred Share carries no rights and is deemed effectively valueless.
Warrants
There are no further warrants in issue as at 30 June 2023.
5. Administrative expenses For six months For six months For year ended ended ended 30 June 30 June 31 December 2023 2022 2022 Unaudited Unaudited Audited US$ US$ US$ ------------------------------- ---- ----------- --------------- ------------- Staff costs Directors' salaries 120,001 128,625 243,644 Consultants 13,292 15,514 26,239 Employer's NI 10,191 7,282 17,243 Professional services Accounting, audit & taxation 40,616 45,390 89,220 Legal 5,317 4,512 4,702 Marketing 182 2,668 14,816 Other - - - Regulatory compliance 34,361 29,521 2,349 Standard Listing Regulatory - - - Costs Travel 25 12,840 12,310 Business development - - - Office and Admin General 18,609 23,583 32,865 IT related costs 281 1,792 2,293 Mineral rights lease (outside - - of IFRS 16 scope) - Temporary storage and office rent 10,053 17,684 27,406 Insurance 19,725 18,588 36,271 Total administrative costs 272,656 307,999 509,358 ------------------------------------- ----------- --------------- ------------- 6. Restricted Cash
Restricted cash of US$125,000 comprises funds held as collateral to support stand-by letters of credit related to the Group's oil and gas properties. The letters of credit secure the reclamation obligations under the leases and state law. The cash can be taken by Umpqua Bank in the event the letters of credit are drawn on by the State of Oregon, Department of Geology & Mineral Industries (DOGAMI). The cash is held in the form of a Certificate of Deposit. In 2022, the Group recognised a provision for reclamation obligations equivalent to the entire restricted cash balance in recognition of the fact that recovery of these funds may only be possible following completion of reclamation work on these oil and gas properties. This provision has been offset against the restricted cash balance as permitted by IAS 32.
7. Borrowings
The following loans from third parties were outstanding during the six months ended 30 June 2023. Details of the notes are disclosed in the table below:
Origination Contractual Loan value Annual Security date settlement in original interest date currency rate (principal) ------------------- ------------- ---------------------- ------------- ---------- -------------- 22 Sept Conversion/Repayment C4 Energy Ltd 2017 at RTO date $200,000 15% unsecured Conversion Bruce Edwards 1 Sep 2017 at RTO date $100,000 15% unsecured 100% interest HNW Investor Conversion/Repayment in Coos Bay Group 1 July 2019 at RTO date GBP263,265 13% LLC Sun Seven Stars Investment Conversion/Repayment Group ("SSSIG") 13 Mar 2020 at RTO date GBP260,000 10% unsecured Technology 19 April Conversion/Repayment Metals ("TM2") 2023 at RTO date GBP27,500 10% unsecured Poseidon Plastics 2 February Conversion/Repayment Limited ("PPL") 2021 at RTO date GBP590,000 10% unsecured ------------------- ------------- ---------------------- ------------- ---------- --------------
No interim payments are required under the promissory notes, as the payment terms require the original principal amount of each note, and all accrued interest thereon, to be paid in single lump payments on the respective contractual settlement dates.
30 June 30 June 2022 31 December 2023 Unaudited 2022 Unaudited US$ Audited US$ US$ -------------------------------- ----------- ------------- ------------ At the beginning of the period 2,133,832 1,935,919 1,935,919 Received during the year 36,308 197,885 184,693 Interest accrued during the period 95,571 97,065 190,175 Exchange rate differences 78,696 (179,608) (176,995) At the end of the period 2,344,407 2,051,261 2,133,832 -------------------------------- ----------- ------------- ------------ For further information please contact: Curzon Energy Plc Scott Kaintz www.curzonenergy.com Development@Curzonenergy.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR FLFEAAAIDFIV
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
1 Year Curzon Energy Chart |
1 Month Curzon Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions