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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fox Marble Holdings Plc | LSE:FOX | London | Ordinary Share | GB00B7LGG306 | 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% | 1.35 | 1.30 | 1.40 | 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
TIDMFOX
RNS Number : 5150A
Fox Marble Holdings PLC
30 September 2020
AIM: FOX 30 September 2020
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Interim Results for the six months ended 30 June 2020
Following our announcement of our full year results for the year ended 31 December 2019 earlier today, Fox Marble Holdings plc (AIM: FOX), the dimension stone company focused on marble quarrying and finishing in Kosovo and the Balkans, announces its unaudited interim results for the six months ended 30 June 2020.
Operational Highlights
-- Sales agreements worth in excess of EUR1.8 million signed for processed marble to be supplied to projects in Kosovo over 2020 and 2021 from our factory in Prilep. The agreements were signed in 2020 and are expected to be supplied over 2020 and 2021.
-- Quarrying operations restarted in Prilep in August 2020 and in Cervenillë in September 2020.
-- New equipment supplied to factory to boost cut to size capacity. The factory has processed over 3,500 tonnes of marble to date in 2020, despite the Covid-19 restrictions put in place, compared to slightly over 1,000 tonnes processed in 2019.
-- The Company reached agreement with the holders of GBP2.1 million of its convertible loan notes, to replace the existing loan notes with a new single class of loan note, which have a maturity date of 1 December 2026. The Loan Notes are convertible at a conversion price of 5p per share and an interest rate of 2% per annum. In June 2020 the Company completed a placing to raise GBP0.8 million before expenses, to provide working capital.
-- Cash balance as at 15 September 2020 of EUR0.47 million.
Financial Highlights
-- Revenue from the sale of marble products for the six months to 30 June 2020 decreased to EUR0.2 million (H1 2019: EUR1.0 million), as a result of the impact of Covid-19. Losses for the half year were EUR0.8 million (H1 2019: EUR0.8 million). Since the half year sales have shown improvement, with EUR0.4 million of revenue recorded to date.
-- Production at the Prilep quarry in the six months to 30 June 2020 fell to 816 tonnes from 6,652 tonnes in 2019. As a result of the lower block sale activity at the start of the year, due to the impact of the Covid-19 crisis, the quarry team at Prilep focused on quarry expansion in the first quarter of 2020. The quarry was closed in April 2020 as a result of the developing Covid-19 crisis, and reopened in August 2020.
Chris Gilbert, CEO, commented: "2020 has been an undoubtedly challenging year. The Company has been navigating the challenges of a global pandemic to ensure Fox Marble will be ready and able to emerge from this crisis. Already we are seeing positive signs, with new contracts for processed marble, and quarrying restarting in Prilep and Cervenillë. We are looking forward to a better second half of the year, and a successful 2021."
Operational Update
Sales
Sales for the half year were EUR0.2 million (2019 - EUR1.0 million), due to the Covid-19 outbreak. The prominence of China in the block marble market meant that sales of block marble showed a sharp drop from the start of 2020. As international borders were closed and the outbreak spread through Europe, the decision was made to temporarily close the quarry at Prilep for the safety of staff and to preserve working capital until such point as buyers returned to market. Operations at the factory were limited due to Covid-19 outbreak and a focus was made was made on processing materials that were shipped to clients in the second half of the year.
The Prilep quarry was reopened in August 2020 and the board will continue to closely watch the progress on the block market through the end of 2020 and into 2021.
Despite the low level of recorded revenue in first half of 2020, the new sales team has generated increased interest in the products, and discussions with large natural stone companies are ongoing to supply blocks for their project portfolios.
The formal opening of the Company's new showroom and office in Pristina in April 2020 is a demonstration of Fox Marble's confidence in the market growth potential of the region, both for its own processed products as well as providing cutting services to third parties.
A number of new contracts were signed for processing services and processed marble which are expected to form the backbone of sales through the end of 2020 and 2021.
-- In December 2019, the Company signed a contract for the processing of third-party blocks, which represents an additional revenue stream for the Company. Under this new third-party agreement, Fox Marble will process stone on behalf of Inter Stone LLC at the Company's factory at Lipjan in Kosovo. The contract is for twelve months and it is expected that Fox Marble will continue to process blocks of material each month. Following this, the Company signed two further processing contracts in February 2020 with Egzoni Sh.P.K and Skifteri Sh.P.K.
-- In April 2020, Fox Marble signed a contract to supply up to 20,000 square metres of paving to a local municipality for the town square of Suhareka in Kosovo with the first 8000 square metres to be delivered by September 2020. Material already specified and contracted under the first two stages of the project has a total value in excess of EUR400,000, and once all 20,000 square metres have been supplied the project is expected to
be worth in excess of EUR750,000. Fox Marble has already supplied over 5000 sqm of material.
-- In June 2020, Fox Marble signed a contract to supply 35,000 square metres of cut and polished tiles to CC Apartments LLC. CC Apartments LLC is engaged in developing several prestigious projects including apartments in Kosovo, as well as Albania and surrounding countries. Fox Marble will be processing blocks of a range of marble from its own quarries for this project and supplying this material from its factory in Kosovo over the course of 2021 starting in January 2021. The total value of the contract is in excess of EUR700,000.
-- In July 2020, Fox Marble signed a new contract to supply 20,000 square metres of cut and polished paving tiles for installation in the town square for the Municipality of Podujeva in Kosovo. This contract has been entered into with the contractors charged with developing and completing the town square which will be paved with material exclusively supplied by Fox Marble. Fox Marble began supplying material for this project in
August 2020. The total value of this contract is around EUR700k over 2020 and 2021.
Factory
A 5,400 square metre double skinned steel factory for the cutting and processing of blocks into polished slabs and tiles has been erected on a 10-hectare site that the Company acquired in Lipjan in 2013, close to Pristina airport in Kosovo.
A new Factory Manager was appointed in 2019, Secundino Costas da Vila is a natural Stone professional with 30 years of experience in some of the top global companies.
Fox Marble is experiencing a developing local market for its processed material and range of products from cut and polished tiles to stair pieces, door and window lintels to slabs, driving increased production at the factory.
In June 2020, the Company announced that it had acquired two additional automatic CNC cutting machines to be installed in its factory in Kosovo. The two machines are manufactured by Simec Srl and Garcia Ramos SA and with the existing Gravellona Machine Marmo CNC machine will double the capacity to cut tiles. The machines have been installed and are now fully operational.
Quarry Operations
Prilep
The Company entered into an agreement to operate a quarry in Prilep, North Macedonia in 2013. The agreement was for a period of 20 years with an irrevocable option to extend the period for a further 20 years thereafter. The Prilep quarry contains a highly desirable white marble Alexandrian White and Alexandrian Blue. This is one of a small cluster of quarries, in the Stara river valley, overlooked by the Sivec pass.
The Company also has the rights to an additional quarry nearby, Prilep Omega, which it acquired in 2014.
Quarrying was suspended at Prilep in April 2020 as a result of the un-folding Covid-19 crisis. It was re-opened in August 2020.
Cervenillë
This site was the first of our quarries to be opened in November 2012. It is being exploited across three separate locations (Cervenillë A, B & C) from which red (Rosso Cait), red tinged grey (Flora) light and darker grey (Grigio Argento) marble is being produced in significant quantities. The polished slabs from this quarry have sold well.
The quarry was re-opened in September 2020 to address the anticipated upcoming demand for Argento Grigio from existing and future contracts.
Syriganë
The quarry at Syriganë is open across four benches. The site contains a variety of the multi-tonal Breccia and Calacatta-type marble and produces significant volumes of breccia marble in large compact blocks. Output is marketed as Breccia Paradisea (predominantly grey and pink) and Etrusco Dorato (predominantly gold and grey).
Growing marble reserves base and the opening of new quarries in Kosovo
The foundation of a successful and growing natural stone company is its reserves base. Fox Marble's strategy is to seek to grow this over the medium term, finding and aiming to open on average at least one new quarry a year in opportunity rich Kosovo. For 2020, two new potential quarries were identified and after initial examination of the resource the Company secured the licence over one new quarry site. Progress on developing the quarry is expected to start in 2021, subject to an initial drilling program. This will provide the opportunity to increase both block sales and processed marble from the factory from the end of 2021 onwards.
Maleshevë
Quarry production at the Maleshevë quarry in Kosovo was stopped in July 2019 as a result of the ongoing dispute with Green Power Sh.P.K.. The Company has filed civil claims in Kosovo against Green Power Sh.pk for breach of contract and damages, in addition to the wider Arbitration case launched against the Government of Kosovo, as announced in September 2019.
Financing
On 27 May 2020, the Company announced its intention to raise GBP0.8 million (before expenses) by the placing of 45,714,292 new Ordinary Shares at a price of 1.75 pence per share to existing and new investors. In connection with the placing 22,857,146 warrants were issued to the placees at an exercise price of 3.5 pence and which may be exercised for 18 months following the date of Admission.
The Company also reached agreement with the holders of GBP2.1 million of its CULNs. Under this agreement the Company has replaced the eight existing series of CULNs with a new single class of CULN which will have a maturity date of 1 December 2026 and will be convertible at any date from 1 June 2020 at a conversion price of 5p per share. The interest rate of the new CULN is 2% per annum payable half yearly on 1 June and 1 December.
This announcement contains inside information for the purposes of Article 7 of EU regulation 596/2014.
Hot Features
Premium
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer Tel: +44 (0) 20 7380
0999
Fiona Hadfield, Finance Director Tel: +44 (0) 20 7380
0999
Allenby Capital (Joint Broker) Tel: +44 (0) 20 3394
Nick Naylor/Nick Athanas/Liz Kirchner 2973
(Corporate Finance)
Amrit Nahal (Sales)
Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
5000
Cairn Financial Advisers LLP (Nomad)
Liam Murray/Sandy Jamieson Tel: +44 (0) 20 7213
0880
Notes to Editors:
Fox Marble ( AIM: FOX ), is a marble production, processing and distribution company in Kosovo and the Balkans region.
Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated income statement and statement of comprehensive income
Six months Six months For the
ended 30 ended 30 year ended
Note June June 2019
2020 2019 Audited
Unaudited Unaudited
EUR'000s
EUR'000s EUR'000s
------------------------------------ ------- ----------- ----------- ------------
Revenue 186 1,002 1,423
Cost of Sales (105) (542) (815)
----------- ----------- ------------
Gross Profit 81 460 608
=========== =========== ============
Administrative and other operating
expenses (762) (1,142) (2,882)
-----------
Operating loss (681) (695) (2,274)
=========== =========== ============
Finance costs 4 (310) (182) (518)
Finance income 5 192 43 258
----------- ----------- ------------
Loss before taxation (799) (834) (2,534)
=========== =========== ============
Taxation - - -
Loss for the period (799) (834) (2,534)
=========== =========== ============
Other comprehensive income - - -
Total comprehensive loss for
the period attributable to
owners of the parent company (799) (834) (2,534)
=========== =========== ============
Loss per share
Basic loss per share 6 (0.003) (0.003) (0.01)
Diluted loss per share 6 (0.003) (0.003) (0.01)
FOX MARBLE HOLDINGS PLC
Condensed unaudited consolidated statement of financial position
Notes As at 30 As at 31 As at 30
June 2020 December June 2019
Unaudited 2019 Unaudited
Audited (restated)
EUR'000s EUR'000s
EUR'000s
---------------------------------- ------ ----------- ---------- ------------
Assets
Non-current assets
Intangible assets 2,811 2,837 2,828
Property, plant and equipment 7 5,026 5,088 5,041
Total non-current assets 7,837 7,925 7,869
=========== ========== ============
Current assets
Trade and other receivables 1,053 1,183 948
Inventories 4,086 3,928 4,180
Cash and cash equivalents 781 578 679
----------- ---------- ------------
Total current assets 5,920 5,689 5,807
----------- ---------- ------------
Total assets 13,757 13,615 13,676
=========== ========== ============
Current liabilities
Trade and other payables 1,221 1,199 1,091
Borrowings 8 86 1,930 87
----------- ---------- ------------
Total current liabilities 1,307 3,129 1,178
=========== ========== ============
Non-current liabilities
Deferred tax liability 85 85 85
Lease Commitments 229 221
------------
Borrowings 8 4,492 2,525 3,986
------------
Total non-current liabilities 4,806 2,830 4,071
----------- ---------- ------------
Total liabilities 6,113 5,959 5,249
=========== ========== ============
Net assets 7,643 7,656 8,427
============
Equity
Share capital 9 3,721 3,220 2,851
Share premium 32,080 31,794 31,250
Retained loss (28,279) (27,479) (25,795)
Share based payment reserve 85 85 85
Other reserves 36 36 36
----------- ---------- ------------
Total equity attributable
to owners of the parent company 7,643 7,656 8,427
=========== ========== ============
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of cash flows
Six months Six months Year
ended ended ended 31
30 June 30 June December
2020 2019 2019
Notes Unaudited Unaudited Audited
EUR'000s EUR'000s EUR'000s
-------------------------------------- -------- ----------- ----------- ----------
Cash flows from operating activities
Loss before taxation (799) (834) (2,533)
Adjustment for:
Finance costs 4 310 182 518
Finance income 5 (192) (43) (258)
Operating loss for the period (681) (695) (2,274)
=========== =========== ==========
Adjustment for:
Amortisation 26 38 43
Depreciation 7 152 379 648
Foreign exchange losses / - 23 -
(gains) on operating
Activities
Provision for bad debts - 42 163
Provision for inventory - - 392
Changes in working capital:
Increase in receivables 130 (101) (456)
Increase in inventories (157) (373) (514)
Increase/(decrease) in accruals 46 238 124
Decrease in trade and other payables (24) (330) 110
-----------
Net cash used in operating activities (508) (779) (1,982)
=========== =========== ==========
Cash flow from investing activities
Expenditure on property, plant
and equipment 7 (90) (576) (650)
Expenditure on rights of use
assets - (24)
Interests on bank deposits - - 1
-----------
Net cash outflow from investing
activities (90) (576) (672)
=========== =========== ==========
Cash flows from financing activities
Proceeds from issue of shares
(net of issue costs) 787 1,458 2371
Proceeds on issue of debt (net
of issue costs) 57 222 610
Repayment of debt - -
Interest paid (39) (59) (187)
Net cash inflow from financing
activities 805 1,621 2,794
=========== =========== ==========
Net increase/(decrease) in cash
and cash equivalents 207 266 140
Cash and cash equivalents
at beginning of
Period 578 438 438
Exchange gains losses on cash
and cash equivalents (4) (25) 578
Cash and cash equivalents at
end of period 781 679 578
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of changes in equity
Share Share Share Other Profit Total
capital premium based reserve and loss
payment reserve
reserve (1)
EUR'000s EUR'000s EUR'000s EUR'000s EUR'000s
EUR'000s
---------------------- ---------- ---------- ---------- ---------- ---------- ----------
As at 1 January 2019 2,701 29,942 85 36 (24,946) 7,818
---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the period (849) (834)
Transactions with
owners
Share capital issued 150 1,308 1,458
As at 30 June 2019 2,851 31,250 85 36 (25,795) 8,427
Total comprehensive
loss for the period - - - - (1,684) (1,684)
---------------------- ---------- ---------- ---------- ---------- ---------- ----------
Transactions with
owners
Share capital issued 369 543 - - 912
As at 31 December
2019 3,220 31,793 85 36 (27,479) 7,656
---------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the period - - - - (799) (799)
Transactions with
owners
Share capital issued 501 287 - - - 787
As at 30 June 2019 3,721 32,080 85 36 (28,279) 7,644
====================== ========== ========== ========== ========== ========== ==========
Notes to the condensed consolidated financial statements for the period ended 30 June 2020
1) General information
The principal activity of Fox Marble Holdings plc and its subsidiary and associate companies (collectively "Fox Marble Group" or "Group") is the exploitation of quarry reserves in the Republic of Kosovo and the Republic of North Macedonia.
Fox Marble Holdings plc is the Group's ultimate Parent Company ("the parent company"). It is incorporated in England and Wales and domiciled in England. The address of its registered office is 160 Camden High Street, London, NW1 0NE. Fox Marble Holdings plc shares are admitted to trading on the London Stock Exchange's AIM market.
2) Basis of preparation
The results presented in this report are unaudited and they have been prepared in accordance with the principles of International Financial Reporting Standards ("IFRS") as adopted by the European Union that are expected to be applicable to the financial statements for the year ending 31 December 2020.
The accounting policies applied in these results are consistent with those applied in the Group's Annual Report and Accounts for the year ending 31 December 2019 and those expected to be applicable to the financial statements for the year ending 31 D ecember 2020.
This half yearly report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for Fox Marble Holdings plc for the year ended 31 December 2019 were approved by the Board on 29 September 2020 and have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. These condensed interim financial statements for the six months ended 30 June 2020 have been prepared in accordance IAS 34, 'Interim financial reporting', as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared in accordance with IFRS as adopted by the European Union. The Annual Report and Accounts 2019 for the Group are available at www.foxmarble.net .
3) Going concern
The Directors have reviewed detailed projected cash flow forecasts and are of the opinion that it is appropriate to prepare this report on a going concern basis. In making this assessment they have considered:
(a) the current working capital position and operational requirements; (b) the timing of expected sales receipts and completion of existing orders; (c) the sensitivities of forecast sales figures over the next two years; (d) the timing and magnitude of planned capital expenditure; and
(e) the level of indebtedness of the company and timing of when such liabilities may fall due, and accordingly the working capital position over the next 18 months.
The forecasts assume that production at the Prilep and Cervenillë quarries will continue, which were reopened respectively in August and September 2020. It further assumes that production at the factory will continue to operate and that recently installed machinery will drive an increase in the rate of production. The forecast assumes existing contracts held by the Company will be fulfilled on a timely basis Further the forecasts assume that sales of block marble will resume over the final quarter of 2020, in line with the reopening of international borders. Further the Company is anticipating significant growth in revenue through the realisation of existing sale contracts and offtake agreements as well as from newly generated sales.
There are several key risks and uncertainties that could impact the financial performance of the Company. These include the fact that levels of production at Cervenillë and Prilep can be impacted by unforeseen delays due to inclement weather or equipment failure; lower than expected quality of material being produced by the quarries; and delays in the fulfilment of the Company's order book. The continued progression of the Covid-19 may have a further detrimental impact on sales, and the resumption of block sales to the international block market may be slower than expected.
As at 15 September 2020 the Company has EUR0.47 million in cash.
If the cash receipts from sales are lower than anticipated the Company has identified that it has available to it a number of other contingent actions, in addition to those noted above, that it can take to mitigate the impact of potential downside scenarios. These include seeking additional financing, leveraging existing sale agreements, reviewing planned capital expenditure, reducing overheads and further renegotiation of the terms on its existing debt obligations.
In conclusion having regard to the existing and future working capital position and projected sales, the Directors are of the opinion that the application of the going concern basis is appropriate.
4) Net finance costs
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
EUR'000s EUR'000s EUR'000
--------------------------------------- ----------- ----------- -------------
Finance Costs
Interest expense on borrowings (179) (165) (343)
Net foreign exchange loss on
loan note instrument - (17) (171)
Movement in fair value of derivative (123) - -
Interest payable on lease liabilities (8) - (2)
----------- ----------- -------------
(310) (182) (518)
=========== =========== =============
5) Net finance income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
EUR'000s EUR'000s EUR'000
-------------------------------------- ----------- ----------- -------------
Finance Income
Movement in fair value of derivative - 43 256
Net foreign exchange gain on 192 - -
loan note instrument
Interest income on bank deposits - - 1
-
192 43 257
=========== =========== =============
6) Loss per share
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2020 2019 2019
EUR'000s EUR'000s EUR'000
---------------------------------- ------------ ------------ -------------
Loss for the year used for
the calculation of basic
LPS 799 834 2,533
Number of shares
Weighted average number of
ordinary shares for the purpose
of basic LPS 234,936,870 229,909,530 230,948,303
Effect of potentially dilutive
ordinary shares -
Weighted average number of
ordinary shares for the purpose
of diluted LPS 234,936,870 229,909,530 230,948,303
Loss per share:
Basic (0.003) (0.003) (0.01)
Diluted (0.003) (0.003) (0.01)
7) Property, plant and equipment
Land Factory Rights Quarry Office equipment Total
Plant of use Plant and leasehold
and machinery assets and machinery improvements
EUR'000s
EUR'000s EUR'000s EUR'000s EUR'000s
EUR.000
------------------------ ---------- --------------- --------- --------------- ----------------- ----------
Cost
As at 31 December 2018 160 3,431 - 3,311 30 6,933
Additions - 4 - 573 - 576
As at 30 June 2019 160 3,435 - 3,884 30 7,509
Additions - 47 243 25 1 316
As at 31 December 2019 160 3,482 243 3,909 31 7,825
Additions - 33 - 56 1 90
As at 30 June 2020 160 3,515 243 3,965 32 7,915
Depreciation
As at 31 December 2018 - 138 - 1,920 30 2,089
Charge for the period - 52 - 328 - 379
As at 30 June 2019 - 190 - 2,248 30 2,468
Charge for the period - 58 7 203 1 269
As at 31 December 2019 - 248 7 2,451 31 2,737
Charge for the period - 92 20 40 - 152
As at 30 June 2020 - 340 27 2,491 31 2,889
Net book value
---------- --------------- --------- --------------- ----------------- ----------
As at 30 June 2020 160 3,175 216 1,474 1 5,026
========== =============== ========= =============== ================= ==========
As at 31 December 2019 160 3,233 236 1,391 1 4,844
As at 30 June 2019 160 3,245 - 1,636 - 5,041
8) Borrowings
30 June 31 December 30 June
2020 2019 2019
EUR'000s EUR'000s EUR'000s
------------------------------------ ---------- ------------ ----------
Current liabilities
Convertible loan note 85 1,925 86
Derivative over own equity
at fair value 1 5 1
---------- ------------ ----------
86 1,930 87
========== ============ ==========
Non-Current liabilities
Convertible loan note 4,307 2,524 3,769
Other borrowings held at amortised 56 - -
cost
Derivative over own equity
at fair value 129 1 217
4,492 2,525 3,986
========== ============ ==========
On the 27 May 2020 the company reached agreement with the holders of the Series 3, 4, 6, 7, 8, 9 and 10 Loan holders to reschedule the terms of the loan notes.
The existing loan notes were cancelled and replaced to Series 11 Loan Note. The Series 11 Loan Note has an interest rate of 2% per annum. The Loan note is due for conversion or repayment on the 30 June 2026 with a conversion price of 5p.
9) Share capital
Group and Company: 30 June 31 December Share Share Share premium Share
2020 2019 capital capital 30 June premium
Number Number 30 June 31 December 2020 31 December
2020 2019 2019
EUR'000 EUR'000 EUR'000
EUR'000
-------------------- ------------ ------------ --------- ------------- -------------- -------------
Issued, called up and fully paid
Ordinary shares of GBP0.01 each
At start of
the period 262,657,882 217,885,322 3,220 2,701 31,794 29,942 Issued in the year 45,714,292 44,772,560 501 519 286 1,852 At end of the period 308,372,174 262,657,882 3,721 3,220 32,080 31,794
The Company has one class of ordinary share capital.
a. On a resolution at a general meeting, every member (whether present in person, by proxy or authorised representative) has one vote in respect of each ordinary share held by him.
b. All ordinary shares rank equally in the right to participate in any approved dividend distribution applicable to this class of share.
c. Except as otherwise provided below, all dividends must be
i. Declared and paid according to the amounts paid up on the shares on which the dividend is paid; and
ii. Apportioned and paid proportionately to the amounts paid up on the shares during any portion of the period in respect of which the dividend is paid.
d. If any share is issued in terms of providing that it ranks for dividend as from a particular date that share ranks for dividend accordingly.
e. In the event of any winding up all shares will rank equally in relation to distribution of capital.
f. All shares are non-redeemable.
On 27 May 2020, the Company announced its intention to raise GBP0.8 million (before expenses) by the placing of 45,714,292 new Ordinary Shares at a price of 1.75 pence per share to existing and new investors. In connection with the placing 22,857,146 warrants were issued to the placees at a price 3.5 pence which may be exercised for 18 months following the date of Admission. The Warrants will not be admitted to trading on AIM or any other stock market and are not transferable.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors
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