Level 2

Company Announcements

Half-year Report

By LSE RNS

RNS Number : 0105S
PME African Infrastructure Opps PLC
28 September 2017
 

28 September 2017

 

PME African Infrastructure Opportunities plc

("PME" or the "Company")

(AIM: PMEA.L)

 

 

Interim Results for the six months ended 30 June 2017

 

 

PME African Infrastructure Opportunities plc announces its unaudited interim results for the six months ended 30 June 2017.

 

 

Financial Highlights

 

 

·      Net Asset Value of US$9.2 million (31 December 2016: US$9.5 million)

 

·      Net Asset Value per share of US$0.22 (31 December 2016: US$0.23 per share)

 

·      Loss for the six months ended 30 June 2017 was US$0.33 million (H1 2016: loss of US$0.39 million)

 

·      Basic and diluted loss per share of US$0.0081 (H1 2016: loss per share of US$0.0095)

 

 

Subsequent to the period end, the Company returned US$3.4 million to PME shareholders in September 2017 by way of a tender offer to acquire 16,389,294 ordinary shares in the Company at a price of US$0.21 per ordinary share.

 

 

For further information please contact:

 

 

Smith & Williamson Corporate Finance Limited

Nominated Adviser

Azhic Basirov / Ben Jeynes

 

 

+44 20 7131 4000

Stifel Nicolaus Europe Limited

Broker

Neil Winward / Tom Yeadon

 

+44 20 7710 7600

 

 

Chairman's Statement

On behalf of the Board of Directors (the "Board"), I am pleased to present the interim results for PME African Infrastructure Opportunities plc ("PME" or the "Company" and together with its subsidiaries the "Group") for the six months ended 30 June 2017.

 

The remit of the Company's directors (the "Directors") under the Company's investing policy is to seek to realise the remaining assets of the Company and to return both existing cash reserves and the proceeds of realisation of the remaining assets to shareholders.

 

Investments

 

On 29 June 2017 the Company announced that its wholly-owned subsidiary PME Locomotives (Mauritius) Limited had completed and settled a put option with Sheltam (Mauritius) Limited for three C30 locomotives (the "Put Option") and that cash consideration of US$4.25 million, together with interest of US$163,000, had been received by the Group.

 

On 1 August 2017 the Company notified shareholders that an Extraordinary General Meeting ("EGM") was to be held at 10.00a.m. (UK time) on 6 September 2017. Accompanying the notice of EGM was a circular (the ''Tender Offer Document'') which set out the Company's proposal to renew shareholder authority for the Company to return capital to shareholders via a series of Tender Offers and set out details of a current tender offer (the ''Current Tender Offer''). On 6 September 2017 the resolution put to Shareholders was approved and the Current Tender Offer closed on 13 September 2017. Under the Current Tender Offer, a total of 16,389,294 Ordinary Shares were purchased at a price of US$0.21 per Ordinary Share, representing approximately 40.0 per cent of the Ordinary Shares in issue. 

 

The completion and settlement of the Put Option took longer than had originally been anticipated but following discussions with the counterparty the Board of Directors was able to ensure that the Put Option consideration, together with additional interest, was received. In turn, this has allowed the Board of Directors to propose the return of up to US$3.4 million to Ordinary Shareholders in accordance with the Company's investing policy.

 

The Company now has one remaining investment asset, the benefit of the remaining 21 years of a leasehold interest in a building in Dar-es-Salaam, Tanzania (the ''Dar-es-Salaam Property"). The Dar-es-Salaam Property was acquired by the Company's Tanzanian subsidiary, PME Properties Limited, in 2010 from Dovetel (T) Limited ("Dovetel"), the Company's former telecommunication investee company in Tanzania. The Dar-es-Salaam Property, which is managed by a local managing agent, is currently 63% let. The investment continues to trade profitably.

 

Dovetel was also a tenant of part of the Dar-es-Salaam Property but has been in default on the payment of rent. As previously reported to shareholders, the Company has followed various legal steps to correct the situation. The process of evicting Dovetel from the premises continues.

 

The Dar-es-Salaam Property has three tenants other than Dovetel. One tenant has a lease agreement for 809 square metres with approximately 2 years to run on the lease. The second tenant rents 628 square metres on a five year lease ending in May 2021 with rental increases built into the agreement. The third tenant leases 603 square metres under a three year lease ending in August 2019. The managing agent is attempting to let the remaining empty space in the building other than the premises occupied by Dovetel. Once the eviction is complete this part of the building will also be offered for rent. 

 

The Directors have maintained the value of the Dar-es-Salaam Property at US$5.0 million. This valuation is in line with the value assessed by a local expert at 31 December 2016 and takes into account both current vacancy levels and the current economic climate in Tanzania. 

 

The Board of Directors intends to work towards the sale of the Dar-es-Salaam Property and is working with the Company's local advisers to finalise the tax position of the Tanzanian subsidiary with the local tax authorities. The Board believes it is in the interests of the Company to have a clear determination of the tax position of the Tanzanian subsidiary before the Dar-es-Salaam Property is sold.

 

Financial Results

 

The loss for the six months to 30 June 2017 was US$0.33 million (2016: loss of US$0.39 million), representing US$0.0081 loss per ordinary share (2016: loss per ordinary share US$0.0095). The loss for the period was made up of dividend income from subsidiary companies, the net loss in the fair value of assets and ongoing operating and administrative costs.

 

The Directors, having considered the latest valuation of the Dar-es-Salaam Property, are of the opinion that the Dar-es-Salaam Property is reflected in the balance sheet at realistic fair values.

 

As at 30 June 2017, PME's unaudited Net Asset Value attributable to ordinary shareholders in accordance with IFRS was US$9.2 million (US$0.22 per ordinary share), compared to the US$9.5 million (US$0.23 per ordinary share) that was reported as at 31 December 2016.

 

Return of Cash and Outlook

 

Shortly after the period end, the Company received the majority of the proceeds from completion of the Put Option by way of a buyback of shares held by the Company in PME Locomotives (Mauritius) Limited, and US$3.4 million of such funds has been set aside for the Current Tender Offer with the remainder being retained for working capital purposes.

 

The marketing process for the sale of the Dar-es-Salaam Property has been postponed due to ongoing negotiations with tax authorities in Tanzania regarding the tax position of the Tanzanian subsidiary holding the asset. The sale process will begin once the tax position is clarified, the local economic uncertainty in Tanzania has receded and the vacant space has been relet to the satisfaction of the Board.

 

A further and final tender offer for ordinary shares in the Company will be proposed once the Dar-es-Salaam Property has been sold.

 

Paul Macdonald

Chairman

27 September 2017

 

 

 

Statement of Comprehensive Income

 

 

 

(Unaudited)

 Period from 1 January

2017 to 30 June 2017

 

(Unaudited)

Period from 1 January

2016 to 30 June 2016

 

 

Note

US$'000

US$'000

 

 

 

 

Net (losses)/gains on financial assets at fair value through profit or loss

3

(68)

75

Dividend income

 

226

-

Operating and administration expenses

9

(490)

(454)

Foreign exchange gain/(loss)

 

2

(12)

Operating loss and loss before income tax

 

(330)

(391)

 

 

 

 

Income tax

14

-

-

Loss and total comprehensive expense for the period

 

(330)

(391)

 

 

 

 

Basic and diluted loss per share (cents) attributable to the equity holders of the Company during the period

5

(0.81)

(0.95)

 

The accompanying notes form an integral part of these interim financial statements

 

 

 

Balance Sheet

 

 

(Unaudited)

 As at 30 June

2017

(Audited)

 As at 31 December 2016

 

Note

US$'000

US$'000

Assets

 

 

 

Current assets

 

 

 

Financial assets at fair value through profit or loss

3

9,239

9,260

Trade and other receivables

 

51

69

Cash and cash equivalents

 

28

261

Total current assets

 

9,318

9,590

Total assets

 

9,318

9,590

 

 

 

 

Equity and liabilities

 

 

 

Equity

 

 

 

Issued share capital

6

410

410

Capital redemption reserve

7

1,395

1,395

Retained earnings

 

7,352

7,682

Total equity

 

9,157

9,487

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

8

161

103

Total current liabilities

 

161

103

Total liabilities

 

161

103

Total equity and liabilities

 

9,318

9,590

 

The interim financial statements were approved and authorised for issue by the Board of Directors on 27 September 2017 and signed on its behalf by:

 

Paul Macdonald                                    Lawrence Kearns

Director                                                   Director

 

The accompanying notes form an integral part of these interim financial statements

 

 

 

Statement of Changes in Equity

 

 

Share capital

Capital

redemption

reserve

Retained

earnings

Total

US$'000

US$'000

US$'000

US$'000

Balance at 1 January 2016

410

1,395

7,271

9,076

 

Comprehensive expense

 

 

 

 

 

Loss for the period

-

-

(391)

(391)

 

Total comprehensive expense for the period

-

-

(391)

(391)

 

Balance at 30 June 2016

410

1,395

6,880

8,685

 

 

 

 

 

 

 

Balance at 1 January 2017

410

1,395

7,682

9,487

 

Comprehensive expense

 

 

 

 

 

Loss for the period

-

-

(330)

(330)

 

Total comprehensive expense for the period

-

-

(330)

(330)

 

Balance at 30 June 2017

410

1,395

7,352

9,157

 

                   

 

 

The accompanying notes form an integral part of these interim financial statements

 

 

 

Cash Flow Statement

 

 

 

 

(Unaudited)

Period from 1 January

2017 to 30 June 2017

(Unaudited)

 Period from 1 January

2016 to 30 June 2016

 

Note

US$'000

US$'000

Cash flows from operating activities

 

 

 

Purchase of financial assets - loans to investee companies

3

(47)

(53)

Dividends received

 

226

-

Operating and administrative expenses paid

 

(413)

(462)

Net cash used in from operating activities

 

(234)

(515)

 

 

 

 

Net decrease in cash and cash equivalents

 

(234)

(515)

Cash and cash equivalents at beginning of period

 

261

1,331

Foreign exchange gains/(losses) on cash and cash equivalents

 

1

(3)

Cash and cash equivalents at end of period

 

28

813

 

 

The accompanying notes form an integral part of these interim financial statements

 

 

Notes to the Interim Financial Statements

 

 

1              General Information

 

PME African Infrastructure Opportunities plc (the "Company") was incorporated and is registered and domiciled in the Isle of Man under the Isle of Man Companies Acts 1931 to 2004 on 19 June 2007 as a public limited company with registered number 120060C. The investment objective of PME African Infrastructure Opportunities plc and its subsidiaries (the "Group") was to achieve significant total return to investors through investing in various infrastructure projects and related opportunities across a range of countries in sub-Saharan Africa. On 19 October 2012 the shareholders approved the revision of the Company's Investing Policy which is now to realise the remaining assets of the Company and to return both existing cash reserves and the proceeds of realisation of the remaining assets to shareholders.

 

The Company's investment activities were managed by PME Infrastructure Managers Limited (the "Investment Manager") to 6 July 2012. No alternate has been appointed therefore the Board of Directors has assumed responsibility for the management of the Company's remaining assets. The Company's administration is delegated to Galileo Fund Services Limited (the "Administrator"). The registered office of the Company is Millennium House, 46 Athol Street, Douglas, Isle of Man, IM1 1JB.

 

Pursuant to its AIM admission document dated 6 July 2007, there was an original placing of up to 180,450,000 Ordinary Shares with Warrants attached on the basis of 1 Warrant for every 5 Ordinary Shares. Following the close of the placing on 12 July 2007, 180,450,000 Shares and 36,090,000 Warrants were issued. The Warrants lapsed in July 2012. The Shares of the Company were admitted to trading on AIM, a market of the London Stock Exchange, on 12 July 2007 when dealings also commenced.

 

Financial Year End

The financial year end for the Company is 31 December in each year.

 

Going concern

In assessing the going concern basis of preparation of the interim financial statements for the period ended 30 June 2017, the Directors have taken into account the status of current negotiations on the realisation of the remaining assets. The Directors consider that the Group has sufficient funds for its ongoing operations and therefore have continued to adopt the going concern basis in preparing these interim financial statements.

 

2              Summary of Significant Accounting Policies

 

2.1           Basis of preparation

 

The accounting policies applied by the Company in the preparation of these condensed financial statements are the same as those applied by the Company in its financial statements for the year ended 31 December 2016.

 

These interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company as at and for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.

 

In accordance with IFRS 10, 'Consolidated financial statements', the Directors have concluded that the Company meets the definition of an investment entity and therefore no longer consolidates its subsidiaries, instead it is required to account for these subsidiaries at fair value through profit or loss in accordance with IAS 39, 'Financial instruments: recognition and measurement'  and prepares separate company financial statements only.

 

The interim financial statements for the six months ended 30 June 2017 are unaudited. The comparative interim figures for the six months ended 30 June 2016 are also unaudited.

 

3              Financial Assets at Fair Value through Profit or Loss

 

The following subsidiaries of the Company are held at fair value in accordance with IFRS 10:

 

 

Country of incorporation

Percentage of shares

held

PME Locomotives (Mauritius) Limited

Mauritius

100%

PME TZ Property (Mauritius) Limited

Mauritius

100%

 

The following company is an indirect investment of the Company and is included within the fair value of the direct investments:

 

 

Country of incorporation

Percentage of shares held

Parent company

PME Properties Limited

Tanzania

100%

PME TZ Property (Mauritius) Limited

 

The following table shows a reconciliation of the opening balances to the closing balances for fair value measurements:

 

 

30 June 2017

31 December 2016

 

US$'000

US$'000

Start of the period/year

9,260

7,856

Increase in loans to investee companies

47

174

Movement in fair value of financial assets

(68)

1,230

End of the period/year

9,239

9,260

 

Assets carried at amounts based on fair value are defined as follows:

 

·      Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

·      Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

·      Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

 

The fair values of all financial assets at fair value through profit or loss are determined using valuation techniques using significant unobservable inputs. Accordingly, the fair values are classified as level 3.  There were no transfers between levels during the current period or prior year. The key inputs and most significant unobservable inputs are shown below.

 

 

Fair value as at

30 June 2017

 

US$'000

Fair value as at 31 December

2016

US$'000

Valuation techniques and inputs

Significant unobservable inputs

Sensitivity to significant unobservable inputs

Rail assets (PME Locomotives (Mauritius) Limited)

4,433

4,270

 

Value of net assets

 

N/A

N/A

Real estate investments (PME TZ Property (Mauritius) Limited)

4,806

4,990

Adjusted discounted cash flow property valuation (inputs including rental income, operating costs, vacancy and discount rate)

plus value of other net assets

Discount rate

 

 

 

 

If the discount rate were 1% higher/lower the estimated fair value would (decrease)/increase by US$38,000

 

N/A

 

Total

9,239

9,260

 

 

 

 

Commitments under operating leases relating to PME Properties Limited are disclosed in note 12.

 

4              Net Asset Value per Share

 

 

As at

30 June 2017

As at

31 December 2016

Net assets attributable to equity holders of the Company (US$'000)

9,157

9,487

Shares in issue (thousands)

40,973

40,973

NAV per share (US$)

0.22

0.23

 

The NAV per share is calculated by dividing the net assets attributable to equity holders of the Company by the number of Ordinary Shares in issue.

 

5              Basic and Diluted Loss per Share

 

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period.

 

 

Period ended

30 June 2017

 

Period ended

30 June 2016

Loss attributable to equity holders of the Company (US$'000)

(330)

(391)

Weighted average number of Ordinary Shares in issue (thousands)

40,973

40,973

Basic loss per share (cents) from loss for the period

(0.81)

(0.95)

 

There is no difference between basic and diluted Ordinary Shares as there are no potential dilutive Ordinary Shares.

 

6              Share Capital

 

Ordinary Shares of US$0.01 each

31 December 2016 and

30 June 2017

Number

31 December 2016 and

30 June 2017

US$'000

Authorised

500,000,000

5,000

 

C Shares of US$1 each

31 December 2016 and

30 June 2017

Number

31 December 2016 and

30 June 2017

US$'000

Authorised

5,000,000

5,000

Issued

-

-

 

Ordinary Shares of US$0.01 each

30 June 2017

US$'000

31 December 2016

US$'000

40,973,236 (31 December 2016: 40,973,236) Ordinary Shares

in issue, with full voting rights

410

410

 

410

410

 

At incorporation the authorised share capital of the Company was US$10,000,000 divided into 500,000,000 Ordinary Shares of US$0.01 each and 5,000,000 C Shares of US$1.00 each. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

 

The holders of C Shares would be entitled to one vote per share at the meetings of the Company. The C Shares can be converted into Ordinary Shares on the approval of the Directors. On conversion each C share would be sub-divided into 100 C Shares of US$0.01 each and will be automatically converted into New Ordinary Shares of US$0.01 each.

 

7              Capital Redemption Reserve

 

The capital redemption reserve is created on the cancellation of shares equal to the par value of shares cancelled. This reserve is not distributable.

 

8              Trade and Other Payables

 

 

30 June 2017

US$'000

31 December 2016

US$'000

Administration fees payable

21

20

Audit fee payable

28

53

CREST service provider fee payable

6

5

Directors' fees and expenses payable

26

6

Legal fees payable

38

-

Tender costs payable

20

-

Other sundry creditors

22

19

 

161

103

 

The fair value of the above financial liabilities approximates their carrying amounts.

 

9              Operating and Administration Expenses

 

 

 Period ended

30 June 2017

US$'000

Period ended

30 June 2016

US$'000

Administration expenses

72

77

Administrator and Registrar fees

41

43

Audit fees

28

32

Directors' fees

115

113

Professional fees

214

174

Other

20

15

Operating and administration expenses

490

454

 

Administrator and Registrar fees

The Administrator receives a fee of 10 basis points per annum of the net assets of the Company between £0 and £50 million; 8.5 basis points per annum of the net assets of the Company between £50 million and £100 million and 7 basis points per annum of the net assets of the Company in excess of £100 million, subject to a minimum monthly fee of £4,000 and a maximum monthly fee of £12,500 payable quarterly in arrears.

 

Administration fees expensed by the Company for the period ended 30 June 2017 amounted to US$37,451 (30 June 2016: US$38,573).

 

The Administrator provides general secretarial services to the Company, for which it receives a minimum annual fee of £5,000. Additional fees, based on time and charges, apply where the number of Board meetings exceeds four per annum. For attendance at meetings not held in the Isle of Man, an attendance fee of £750 per day or part thereof is charged. The fees payable by the Company for general secretarial services for the period ended 30 June 2017 amounted to US$3,901 (30 June 2016: US$4,018).

 

Administration fees of the Mauritian subsidiaries for the period ended 30 June 2017 amounted to US$8,625 (30 June 2016: US$14,432). 

 

Administration fees of PME Properties Limited for the period ended 30 June 2017 amounted to US$34,897 (30 June 2016: US$21,742).

 

Directors' Remuneration

The maximum amount of basic remuneration payable by the Company by way of fees to the Directors permitted under the Articles of Association is £200,000 per annum. The Directors are each entitled to receive reimbursement of any expenses incurred in relation to their appointment. The Executive Directors are entitled to receive annual basic salaries of £75,000.

 

Total fees and basic remuneration (including VAT where applicable) and expenses payable by the Company for the period ended 30 June 2017 amounted to US$114,758 (30 June 2016: US$112,735) and was split as below. Directors' insurance cover payable amounted to US$14,877 (30 June 2016: US$14,918).

 

 

Period ended

30 June 2017

US$'000

Period ended

30 June 2016

US$'000

Paul Macdonald

49

50

Lawrence Kearns

54

56

Expense reimbursement

12

7

 

115

113

 

10            Operating segments

 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity.  The chief operating decision-makers have been identified as the Board of Directors.

 

The Board reviews the Company's internal reporting in order to assess performance and allocate resources. It has determined the operating segments based on these reports. The Board considers the business on a project by project basis by type of business. The type of business is transport (railway) and leasehold property.

 

Six months ended 30 June 2017

Transport

Leasehold

Property

Other*

Total

 

 

PME

Locomotives

PME TZ Property

 

 

 

US$'000

US$'000

US$'000

US$'000

Net gains/(losses) on financial assets at fair value through profit or loss

128

(196)

-

(68)

Dividend income

-

226

-

226

Profit/(loss) for the period

128

30

(488)

(330)

                 

* Other refers to income and expenses of the Company not specific to any specific sector such as income on un-invested funds and corporate expenses.

 

Six months ended 30 June 2016

Transport

Leasehold

Property

Other**

Total

 

 

PME

Locomotives

PME TZ Property

 

 

 

US$'000

US$'000

US$'000

US$'000

Net losses on financial assets at fair value through profit or loss

(37)

124

(12)

75

Loss for the period

(37)

124

(478)

(391)

                 

** Other refers to income and expenses of the Company not specific to any specific sector such as income on un-invested funds and corporate expenses.

 

30 June 2017

Transport

Leasehold

Property

Other*

Total

 

 

PME Locomotives

PME TZ Property

 

 

 

US$'000

US$'000

US$'000

US$'000

Segment assets

4,433

4,806

79

9,318

Segment liabilities

-

-

(161)

(161)

                 

* Other assets comprise cash and cash equivalents US$27,932 and other assets US$50,849.

 

31 December 2016

Transport

Leasehold

Property

Other**

Total

 

 

PME

Locomotives

PME TZ Property

 

 

 

US$'000

US$'000

US$'000

US$'000

Segment assets

4,270

4,990

330

9,590

Segment liabilities

-

-

(103)

(103)

                 

** Other assets comprise cash and cash equivalents US$261,333 and other assets US$69,479.

 

11            Risk Management


The Company's activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The financial risks relate to the following financial instruments: financial assets at fair value through profit or loss, loans and receivables, cash and cash equivalents, secured loan and trade and other payables.  There has been no material change in the market, credit or liquidity risk profile since the year ended 31 December 2016.


There have been no changes in risk management policies or responsibilities since the year end. The risk management is carried out by the executive Directors.


These interim financial statements do not include all financial risk management information and disclosures required for full annual financial statements and should be read in conjunction with the financial statements of the Company as at and for the year ended 31 December 2016.


The Company has a number of financial instruments which are not measured at fair value in the balance sheet. The fair values of these instruments are not materially different to their carrying amounts as the interest rates are close to current market rates or the instruments are short-term in nature.

 

12            Contingent Liabilities and Commitments

 

PME Properties Limited has entered into a number of operating lease agreements in respect of properties. The lease terms are between one and ten years and the majority of the lease agreements are renewable at the end of the lease period at market rates.

 

The Group's future aggregate minimum lease payments, by virtue of its indirect investment in PME Properties Limited, under operating leases are as follows:

 

 

30 June 2017

US$'000

31 December 2016

US$'000

Amounts payable under operating leases:

 

 

Within one year

65

25

In the second to fifth years inclusive

308

300

Beyond five years

1,160

1,220

 

1,533

1,545

 

13            Related Party Transactions

 

Parties are considered to be related if one party has the ability to control the other party or to exercise significant influence over the other party in making financial or operational decisions. Key management is made up of the Board of Directors.

 

The Directors of the Company are considered to be related parties by virtue of their influence over making operational decisions. Directors' remuneration is disclosed in note 9.

 

14            Income Tax Expense

                               

The Company is resident for taxation purposes in the Isle of Man and is subject to income tax at a rate of zero per cent (2016: zero per cent).

 

15            Post Balance Sheet Events

 

Following the successful conclusion and settlement of the put option, on 12 July 2017, PME Locomotives (Mauritius) Limited carried out a share buyback purchasing 4,400,000 of its own shares from the Company for a consideration of US$4,400,000 with the cash providing the Company with funds for its tender offer.

 

In September 2017 the latest tender offer closed. The Company purchased 16,389,294 Ordinary Shares, comprising 40.0 per cent. of the Ordinary Shares at a price of US$0.21 per Ordinary Share. These shares were cancelled on 19 September 2017, leaving 24,583,942 Ordinary Shares in issue.

 

16           Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR SEMFIWFWSEFU

Top of Page