![](/cdn/assets/images/search/clock.png)
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 |
---|---|---|---|---|---|
Nuformix Plc | LSE:NFX | London | Ordinary Share | GB00BYW79Y38 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.15 | 0.20 | 329,465 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Pharmaceutical Preparations | 0 | -859k | -0.0010 | -1.70 | 1.43M |
TIDMNFX
RNS Number : 4440J
Nuformix PLC
13 December 2022
Nuformix plc
("Nuformix", the "Company" or the "Group")
Half Year Report
13 December 2022: Nuformix plc (LSE: NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announces its unaudited results for the six months ended 30 September 2022.
Operational highlights (including post-period end)
-- Initial pre-clinical inhalation studies undertaken with NXP002 demonstrated:
o the proprietary novel form can be delivered in-vivo by a range of nebulisers at the optimum particle size for delivery to the deep lung;
o very high doses appear to be well-tolerated in the lung; and
o an in-vivo inhalation dose response was observed for both inflammatory and fibrotic biomarkers associated with disease progression.
-- Subsequently, the Company initiated studies in a state-of-the-art 3D human Idiopathic Pulmonary Fibrosis (" IPF") lung tissue, using a disease and species relevant model, which will focus firstly on the anti- inflammatory and anti-fibrotic action of NXP002 in combination with current standards-of-care and secondly investigate duration of action.
-- The Company presented NXP002 for the first time to the global IPF medical and pharmaceutical specialist community at the ERS Congress in Barcelona.
-- A programme of work to progress NXP004 was initiated:
o scale-up of lead cocrystal production processes; and
o in-vitro dissolution comparison of lead co-crystals to Lynparza(R) (commercially available olaparib).
-- Oxilio, the licensee of NXP001, is investigating aprepitant for the potential new treatment of cancer indications. Continuing efforts are being made with Quotient Sciences to explore the formulation development options of NXP001 to understand the feasibility of achieving bioavailability and a dosing regime adequate for treatment of this indication. This work, which is contingent on the manufacturing and supply of additional cocrystal material for testing and evaluation, is underway.
-- Leadership team enhanced with the appointments of:
o Dr Julian Gilbert as Non-Executive Chairman, who brings significant pharma and biotech business development, corporate development and general leadership experience; and
o Dr Dan Gooding as Executive Director, who is a co-founder of Nuformix and was the Company's CEO until June 2020. He instigated the Company's NXP002 programme as an inhaled therapy for the treatment of IPF and has been acting as a consultant to the Company since March 2022.
Financial Highlights
-- Loss before tax GBP423,677 (30 September 2021: loss of GBP449,023)
-- Loss on ordinary activities (after tax credit) of GBP422,514 (30 September 2021: loss of GBP449,023)
-- Loss per share 0.06p (30 September 2021: 0.08p)
-- Net assets of GBP4,591,964 (30 September 2021: GBP5,250,968) including GBP389,840 of cash and cash equivalents at 30 September 2022 (30 September 2021: GBP1,071,831)
Dr Dan Gooding, Executive Director of Nuformix, said: "Our pre-clinical efforts to date demonstrate that inhaled treatment of IPF and related fibrotic lung diseases via NXP002 is a viable concept, a concept that it is becoming increasingly validated by clinical data emerging from the public domain. I expect our on-going penultimate pre-clinical studies to conclude that our data and IP support the progression of the programme towards patients for whom I believe NXP002 can address both the side effect and efficacy limitations of existing IPF treatment options. We hope to announce results for both NXP002 and NX004 in the near-term, with work on both programmes underway. Programme progression is being achieved using existing funds thanks to a lean operational model, which will continue to operate until our R&D and targeted partnering activities require further resource. I am excited by our prospects for the remainder of the year and look forward to sharing results as they emerge."
Enquiries:
Nuformix plc Dr Dan Gooding, Executive Director Via IFC Advisory Stanford Capital Partners Limited Tom Price / Patrick Claridge (Corporate Finance) +44 (0) 20 3650 3650 John Howes (Corporate Broking) +44 (0) 20 3650 3652 IFC Advisory Limited Tim Metcalfe +44 (0) 20 3934 6630 Zach Cohen nuformix@investor-focus.co.uk
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing. The Company aims to use its expertise in discovering, developing and patenting novel drug forms, with improved physical properties, to develop new products in new indications that are, importantly, differentiated from the original (by way of dosage, delivery route or presentation), thus creating new and attractive commercial opportunities. Nuformix has a pipeline of pre-clinical assets with potential for significant value and early licensing opportunities.
Nuformix plc shares are traded on the London Stock Exchange's Official List under the ticker: NFX. For more information, please visit www.nuformix.com .
Chairman's statement
Operational review
NXP002 (new form of tranilast) - Idiopathic Pulmonary Fibrosis (IPF)
NXP002 is the Group's pre-clinical lead asset and a potential novel inhaled treatment for IPF and possibly other fibrosing interstitial lung diseases ("ILDs"). It is a proprietary, new form of the drug tranilast, to be delivered in an inhaled formulation.
IPF is a devastating lung disease associated with a higher mortality rate than many cancers and where there is a need for additional treatment options. Thus, IPF represents a high unmet medical need and a significant commercial opportunity. IPF is classified as a rare disease and presents a global commercial market that is forecast to grow to US$8.8bn by 2027. Sales of standard-of-care therapies OFEV and Esbriet achieved US$2.5bn and US$1bn respectively in 2021.
Tranilast has a long history of safe use as an oral drug for allergies, but there is evidence that supports its potential in fibrosis, including IPF. NXP002 is differentiated as it is a new form of tranilast that is being formulated for delivery direct to the lungs by inhalation, a new route of administration for this drug. The inhalation route is a well-known strategy for treatment of lung diseases to yield greater efficacy and reduce systemic side-effects compared to oral treatment. Nuformix has two patent families protecting new forms of tranilast, some members of which have been granted in major pharmaceutical territories, while others are still in prosecution. In addition, in March 2022 a method of use patent application was filed.
NXP002, as a potential treatment for IPF, is a likely candidate for Orphan Drug Designation which could provide additional product protection against potential competitors. The positioning of such an inhaled treatment for IPF could be either added to standard of care or administered as a monotherapy.
The pre-clinical inhalation strategy, initiated by the Company has significantly progressed NXP002 demonstrating:
-- it can be delivered in-vivo by a range of nebulisers at the optimum particle size; -- very high doses appear to be well-tolerated; and
-- an in-vivo inhalation dose response was observed for inflammatory and fibrotic biomarkers that is consistent with previous ex-vivo human IPF tissue studies.
However, the pre-clinical inhalation disease model chosen proved to be complex, and unlike previous studies in human IPF tissue, it continues to be challenging to achieve consistent and reproducible results, which will likely increase in the study of combination therapies, which are now clearly required given the clinical trends intelligence gathered at the ERS. As a consequence, the Company initiated studies in 3D human IPF lung tissue using a disease and species relevant model that is now available commercially via a CRO. Work will focus on NXP002 in combination with current standards-of-care, with the ultimate aim of reducing their negative side effects whilst enhancing their efficacy.
NXP002 combinations have already shown great promise in human diseased IPF tissue, showing a pleasing synergistic efficacy effect with low doses of standards-of-care, resulting in the Group filing a new combination patent application earlier in 2022. The change in pre-clinical strategy , supported by intelligence gathered at ERS, is therefore aligned with and further enhances the Company's overall patent position as it continues to build assets for eventual out-licensing.
The Company presented NXP002 for the first time to the global IPF medical and pharmaceutical specialist community at the ERS Congress in Barcelona. The Company's NXP002 poster sessions were well-attended by, amongst others, potential licensing partners, while the conference confirmed that inhalation is now widely accepted as a future IPF treatment modality.
Overall, the Board is encouraged by the progress of the studies and the positive data generated to date and is considering next steps, including potential further R&D studies to add further value and licensing activities.
NXP004 (novel forms of olaparib) - Oncology
The Group discovered novel forms of olaparib, a drug currently marketed by AstraZeneca, a Lynparza(R). Lynparza(R) was first approved in December 2014 for the treatment of adults with advanced ovarian cancer and deleterious or suspected deleterious germline BRCA mutation. Since then, it has secured similar approvals in breast, pancreatic and prostate cancers with further trials on-going. These approvals have propelled Lynparza(R) sales to US$2.7bn in 2021 with industry analysts forecasting annual sales of US$9.7bn by 2028.
The Group has filed two patent applications on its novel forms of olaparib with the potential for patent life to 2040/2041.
The Company demonstrated enhanced performance of NXP004 cocrystals compared to olaparib. Subsequently, further preformulation studies allowed the Company to identify lead cocrystals to be progressed for further development.
The Company initiated work to progress the NXP004 programme in three key areas:
-- commence scale-up of lead cocrystal production processes;
-- compare in-vitro dissolution performance of lead co-crystals to the marketed Lynparza product; and
-- based on the results from these studies a formulation development programme may be initiated. The aims of this work will be to develop prototype formulations that offer the potential to be both bioequivalent and 'bio-better' versus the Lynparza product.
This work will direct and support future out-licensing discussions for NXP004.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is currently marketed as a product in the oncology supportive care setting (chemotherapy induced nausea and vomiting). Nuformix granted an exclusive licence to Oxilio Ltd ("Oxilio"), a privately held pharmaceutical development company, to license NXP001 globally for oncology indications on terms previously disclosed. Continuing efforts are being made with Quotient Sciences to explore the formulation development options of NXP001 to understand the feasibility of achieving bioavailability and a dosing regime adequate for treatment of this indication. This work which is contingent on the manufacturing and supply of additional cocrystal material for testing and evaluation is underway.
Board changes
In the period from April 2022 to September 2022 a number of Board changes have occurred:
-- appointment of Dr Julian Gilbert as Non-Executive Chairman, previously a Non-executive Director, replacing Dr Alastair Riddell who resigned in May 2022
-- appointment of Dr Dan Gooding as an Executive Director who is a was a co-founder of Nuformix and the Company's CEO until June 2020
Outlook
The Company to continues to advance and exploit the current assets within the portfolio through the R&D and business development activities as set out above. The sharing agreement with Lanstead provides cash on a monthly basis to the Company to fund its lean operations until the Group's R&D and targeted partnering activities require further resource.
The strategy of the Group is to continue to increase the value of its existing assets while maintaining tight control of costs, including conducting business development/licensing activities using a structured and data-driven approach, with the goal of seeking global licensing deals.
Financial Review
In the first half of the financial year, the Board has continued to focus expenditure on R&D activities that add value to the current assets while optimising the operation to minimise administrative expenditure and the operational cost-base.
Dr Julian Gilbert
Non-Executive Chairman
12 December 2022
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been prepared in accordance with UK adopted IAS 34 'Interim Financial Reporting';
2. the condensed set of financial statements has been prepared in accordance with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and fair view of the asset, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation as a whole as required by DTR 4.2.4R; and
4. the interim management report includes a fair review of the information required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
The directors of Nuformix plc are listed in the Group's 2022 Annual Report and Accounts and the current board are set out on the Investors Information section of Nuformix's website at: Investors Information - Nuformix
Dr Julian Gilbert
Non-Executive Chairman
12 December 2022
Further copies of this document are available from the company's registered address and will be available on the company's website later today.
Nuformix plc
Registration number: 09632100
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive Income for the six months ended 30 September 2022
6 months 6 months ending ending Year ending 30 September 30 September 31 March 2022 2021 2022 Unaudited Unaudited Audited Note GBP GBP GBP Revenue - 50,000 50,000 Cost of sales - (1,695) (1,695) -------------- -------------- -------------- Gross profit - 48,305 48,305 Total administrative expenses (423,677) (497,327) (1,318,577) Other operating income - - - -------------- -------------- -------------- Operating loss (423,677) (449,022) (1,270,272) Finance costs - - - -------------- -------------- -------------- Loss before tax (423,677) (449,022) (1,270,272) Income tax receipt 1,163 - 161,279 Loss for the period and total comprehensive income for the period (422,514) (449,022) (1,108,993) ============== ============== ============== Loss per share - basic and diluted 4 0.06p 0.08p 0.19p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 30 September 2022
30 September 30 September 31 March 2022 2021 2022 Note Unaudited Unaudited Audited GBP GBP GBP Assets Non-current assets Property, plant and equipment 5 177 698 438 Intangible assets 6 4,132,182 4,168,640 4,150,411 4,132,359 4,169,338 4,150,849 --------------- ------------------ ------------ Current assets Trade and other receivables 257,327 53,663 199,600 Income tax asset - 121,020 161,279 Cash and cash equivalents 389,840 1,071,831 464,095 647,167 1,246,514 824,974 --------------- ------------------ ------------ Total assets 4,779,526 5,415,852 4,975,823 =============== ================== ============ Equity and liabilities Equity Share capital 7 709,309 591,609 615,609 Share premium 6,671,253 6,384,835 6,500,817 Merger relief reserve 10,950,000 10,950,000 10,950,000 Reverse acquisition reserve (8,005,195) (8,005,195) (8,005,195) Share option reserve 2,039,044 2,019,681 2,026,664 Retained earnings (7,772,447) (6,689,962) (7,349,933) --------------- ------------------ ------------ Total equity 4,591,964 5,250,968 4,737,962 --------------- ------------------ ------------ Current liabilities Trade and other payables 187,562 164,884 237,861 --------------- ------------------ ------------ 187,562 164,884 237,861 Total equity and liabilities 4,779,526 5,415,852 4,975,823 =============== ================== ============
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the six months ended 30 September 2022
Share Share Merger Reverse Share Retained Total capital premium Relief acquisition option earnings GBP GBP GBP Reserve reserve reserve GBP GBP At 31 March 2021 591,609 6,384,835 10,950,000 (8,005,195) 2,005,952 (6,240,940) 5,686,261 Loss for the half-year and total comprehensive income - - - - - (449,022) (449,022) Share and warrant based payment - - - - 13,729 - 13,729 --------- ----------- ------------ ---------------------- ----------- ------------------ ----------- As at 30 September 2021 591,609 6,384,835 10,950,000 (8,005,195) 2,019,681 (6,689,962) 5,250,968 Loss for the half-year and total comprehensive loss - - - - - (659,971) (659,971) Issue of share capital 24,000 145,982 - - - - 169,982 Share issue costs - (30,000) - - - - (30,000) Share and warrant based payment - - - - 6,983 - 6,983 --------- ----------- ------------ ---------------------- ----------- ------------------ ----------- At 31 March 2022 615,609 6,500,817 10,950,000 (8,005,195) 2,026,664 (7,349,933) 4,737,962 Loss for the half-year and total comprehensive income - - - - - (422,514) (422,514) Issue of share capital 93,700 170,436 - - - - 264,136 Share and warrant based payment - - - - 12,380 - 12,380 --------- ----------- ------------ ---------------------- ----------- ------------------ ----------- As at 30 September 2022 709,309 6,671,253 10,950,000 (8,005,195) 2,039,044 (7,772,447) 4,591,964 ========= =========== ============ ====================== =========== ================== ===========
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the six months ended 30 September 2022
6 months 6 months ending 30 ending Year September 30 September Ended 31 March 2022 2021 2022 Unaudited Unaudited Audited GBP GBP GBP Cash flows from operating activities Loss for the year (422,514) (449,022) (1,108,993) Adjustments to cash flows from non-cash items Depreciation and amortisation 18,489 18,488 36,976 Income tax expense - - (161,279) Share and warrant based payment 12,380 13,729 20,712 (391,645) (416,805) (1,212,584) Working capital adjustments (Increase) decrease in trade and other receivables (58,888) (21,403) (167,340) Increase (decrease) in trade and other payables (50,300) (159,740) (86,763) ---------------------------- ---------------------- ---------------------- Cash generated from operations (500,833) (597,948) (1,466,687) Income taxes (paid)/received 162,442 121,020 ---------------------------- ---------------------- ---------------------- Net cash flow from operating activities (338,391) (597,948) (1,345,667) Cash flows from investing activities Net cash flows from investing - - - activities ---------------------------- ---------------------- ---------------------- Cash flows from financing activities Proceeds of share issue 264,136 - 139,982 Net cash flows from financing activities 264,136 - 139,982 ---------------------------- ---------------------- ---------------------- Net (decrease)/increase in cash and cash equivalents (74,255) (597,948) (1,205,685) Cash and cash equivalents at start of period 464,095 1,669,780 1,669,780 Cash and cash equivalents at end of period 389,840 1,071,832 464,095 ---------------------------- ---------------------- ----------------------
Nuformix plc Unaudited Interim Results
Notes to the Consolidated Financial Statements for the six month ended 30 September 2022
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Accounting Standards as endorsed by the UK Endorsement Board ("IAS"), and are compliant with IAS34 "Interim Financial Reporting."
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.
The accounting policies and methods of computation followed in the condensed consolidated interim financial statements are the same as those applied in the most recent annual report
The consolidated interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2022, prepared in accordance with IAS, have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified and included a reference to which the Auditors drew attention by way of an emphasis of matter, without qualifying their report, that a material uncertainty existed that might cast significant doubt on the Group's ability to continue as a going concern at that time. The Auditors' Report did not contain any statements under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements are for the 6 months to 30 September 2022.
The condensed consolidated interim financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 31 March 2022, which were prepared in accordance with UK adopted International Accounting Standards ("IFRSs"). As explained above, although this was a different accounting framework, there is no impact on recognition, measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued ordinary share capital of Nuformix Technologies Limited and became the legal parent of Nuformix Technologies Limited. The accounting policy adopted by the Directors applies the principles of IFRS 3 (Revised) "Business Combinations" in identifying the accounting parent as Nuformix Technologies Limited and the presentation of the Group consolidated statements of the Company (the legal parent) as a continuation of financial statements of the accounting parent or legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared on the going concern basis of preparation which, inter alia, is based on the directors' reasonable expectation that the Group has adequate resources to continue to operate as a going concern for at least twelve months from the date of their approval. In forming this assessment, the directors have prepared cashflow forecasts covering the period ending 31 March 2024 which take into account the likely run rate on overheads and planned research expenditure and the expectations of a further fundraise to be completed in H1-23.
Whilst there can be no guarantee of the successful outcome of future studies, in compiling the cashflow forecasts the directors have made cautious estimates of the likely outcome of such studies, when a fundraise may complete and have considered alternative strategies should projected funding be delayed or fail to materialise. These strategies include postponing non-committed research expenditure, securing alternative licensing arrangements from those currently planned and additional corporate activity to support the business.
These circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern. The consolidated interim financial statements do not include any adjustments that would result if the company or Group was unable to continue as a going concern.
After careful consideration, the directors consider that they have reasonable grounds to believe that the Group can be regarded as a going concern and, for this reason, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax attributable to the equity holders of the Group by the weighted average number of shares in issue during the period.
The basic earnings per share for each comparative period is calculated by dividing the loss in each of those periods by the legal entity's historical weighted average number of shares outstanding.
30 September 30 September 31 March 2022 2021 2022 Unaudited Unaudited Audited GBP GBP GBP Loss after tax (422,514) (449,022) (1,108,993) Weighted average number of shares 707,261,281 591,609,368 598,447,724 Basic and diluted loss per share 0.06p 0.08p 0.19p 5 Property, Plant and Equipment Computer equipment Total GBP GBP Cost or valuation At 31 March 2021 1,561 1,561 At 30 September 2021 1,561 1,561 At 31 March 2022 1,561 1,561 ------------------------- ------------- At 30 September 2022 1,561 1,561 ------------------------- ------------- Depreciation At 31 March 2021 604 604 Charge 259 259 ------------------------- ------------- At 30 September 2021 863 863 Charge 260 260 At 31 March 2022 1,123 1,123 Charge 261 261 ------------------------- ------------- At 30 September 2022 1,384 1,384 ------------------------- ------------- Carrying amount At 30 September 2021 698 698 ========================= ============= At 31 March 2022 438 438 ========================= ============= At 30 September 2022 177 177 ========================= ============= 6 Intangible Assets Goodwill Patents Total GBP GBP GBP Cost At 31 March 2021 4,023,484 449,611 4,473,095 ----------- --------- --------- At 30 September 2021 4,023,484 449,611 4,473,095 Written Off - (85,035) (85,035) ----------- --------- --------- At 31 March 2022 4,023,484 364,576 4,388,060 ----------- --------- --------- At 30 September 2022 4,023,484 364,576 4,388,060 =========== ========= =========
Amortisation
At 31 March 2021 - 286,227 286,227
Amortisation charge - 18,228 18,228
At 30 September 2021 - 304,455 304,455
Amortisation charge - 18,229 18,229
On Written Off - (85,035) (85,035)
At 31 March 2022 - 237,649 237,649
Amortisation charge - 18,229 18,229 At 30 September 2022 - 255,878 255,878 Net book value At 30 September 2021 4,023,484 145,156 4,168,640 At 31 March 2022 4,023,484 126,927 4,150,411 At 30 September 2022 4,023,484 108,698 4,132,182
For impairment testing purposes, management consider the operations of the Group to represent a single cash-generating unit ("CGU") focused on research and development. Consequently, the goodwill is effectively allocated and considered for impairment against the business as a whole being the single CGU.
7 Share Capital
Allotted, called up and fully paid shares
30 September 30 September 31 March 2022 2021 2022 Unaudited Unaudited Audited No. GBP No. GBP No. GBP --------------- ------------ --------------- ------------ -------------------- ---------------- Ordinary shares of GBP0.001 each 709,309,368 709,309 591,609,368 591,609 615,609,368 615,609 --------------- ------------ --------------- ------------ -------------------- ----------------
On 4 April 2022, the company completed a capital increase through the issue of 93,700,000 shares of GBP0.001 each in a share placement at a price of GBP0.015 per share. The Share Premium arising has been calculated in line with the Sharing Agreement with Lanstead Capital Partners LP ("Lanstead") as outlined below.
In December 2021 the Company entered into a Sharing Agreement with Lanstead, split into two tranches of new shares issued with payments to be received over a 20-month period from March 2022 to October 2023.
The agreement is structured in such a way that the proceeds received by the Company are linked to the market price for the Company's shares. The proceeds are calculated based on the volume-weighted average share price in the month preceding the payment from Lanstead, compared to a target price of 2p per share. Based on historic share prices, and a valuation as at the latest available price the total proceeds from Tranche 2 (issued in April 2022) are expected to be GBP264,136 (including Share Premium of GBP170,436), of which GBP206,609 has been recognized in debtors.
8 Share Options and Warrants
The Group operates share-based payments arrangements to remunerate directors and key employees in the form of a share option scheme. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled, share-based payments and is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.
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 GPGCWPUPPGMP
(END) Dow Jones Newswires
December 13, 2022 02:00 ET (07:00 GMT)
1 Year Nuformix Chart |
1 Month Nuformix 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