TIDMFOX
RNS Number : 4608N
Fox Marble Holdings PLC
30 September 2021
AIM: FOX 30 September 2021
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Interim Results for the six months ended 30 June 2021
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 2021.
Operational Highlights
-- Further sales agreements worth in excess of EUR579k signed in
2021 for processed marble to be supplied to projects in Kosovo over
2021 and 2022 from our factory in Prilep. These include agreements
to supply marble for a new municipal contract in Mitrovice worth
EUR0.2 million, and with the Berisha building group for supply of
marble to their projects with an expected value of EUR0.2 million.
At 30 June 2021 the factory currently had an order book of
contracted and active projects with a value of EUR1.9 million.
-- The factory output and efficiency continues to grow with
gangsaw output growing by 61% on 2020 and tile output growing 123%,
despite a slow first quarter as projects were delayed by weather
and Covid-19 resurgence.
-- The Company has received the formal opinion of eminent
English Barrister and Queen's Counsel, Samuel Wordsworth QC of
Essex Court Chambers (as announced on 30 September 2021). He has
submitted his opinion in respect of the Company's EUR195M claim
against the Republic of Kosovo claim being advanced by Dentons
Europe CS LLP. Mr. Wordsworth QC's opinion supports the Company's
claim that the Republic of Kosovo has breached the provisions of
the Kosovo Investment Law, and it is his view that an international
arbitral tribunal will have jurisdiction to decide the Company's
claim under that Law. The Company's legal team has now identified
Fox Marble's choice of arbitrator of the three that will sit and
adjudicate the claim and will be notifying such choice to the
Republic of Kosovo shortly.
-- Cash balance as at 23 September 2021 of EUR0.4 million,
including EUR0.2 million of restricted cash in relation to
litigation funding.
Financial Highlights
-- Revenue from the sale of processed marble products for the
six months to 30 June 2021 increased to EUR0.2 million (H1 2020:
EUR0.1 million) despite a slow start to the year as projects were
delayed by weather and Covid 19. Since the half year sales have
shown improvement, with EUR0.3 million of revenue recorded in the
two months to 30 August 2021. The block marble market continues to
falter, as high shipping costs have further damaged the market
following the initial Covid 19 shocks.
-- Losses for the half year were EUR0.7 million (H1 2020: EUR0.8
million), helped by strict measures to control cost.
-- Production at our quarries continues to be strictly
controlled due to the ongoing disruption in the market for block
marble. Production for the six months to 30 June 2021 was 2,959
tonnes (2020 - 932 tonnes).
Chris Gilbert, CEO, commented: "The Company has been navigating
the challenges of a global pandemic and the ensuing impacts on the
marble industry. Whilst the international block market continues to
falter, we are seeing continued progress in the processed marble
market in Kosovo. "
Operational Update
Sales
Sales for the half year were EUR0.2 million (2020 - EUR0.2
million). The block marble market continues to be impacted by the
Covid 19 pandemic as well as a significant increase in global
shipping rates. The processed marble market has shown more positive
signs. The Company had a slow start to the year due to cold winter
weather and Covid 19 resurgence, but Q2 and Q3 to date have been
much more positive, as the projects won by Fox Marble commenced
work.
A number of new contracts were signed for processed marble in
2021 which, together with contracts signed in 2020 are expected to
form the backbone of sales through the end of 2021 and 2022.
-- A contract to supply 6,500 square metres of cut and finished
paving tiles for installation in the town square for the
Municipality of Kamenica in Kosovo. 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. The total value of the contract is in excess of
EUR160,000.
-- A contract to supply 20,000 square metres of cut and finished
paving tiles for installation in the town square for the
Municipality of Mitrovice in Kosovo has been won. 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 and 2022. The total value of the contract
is in excess of EUR186k.
-- A contract to supply material for installation in a
residential project in Kosovo has also been won. 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 and 2022. The total value of the contract
is in excess of EUR212k.
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.
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.
The factory output and efficiency continues to grow with gangsaw
output growing by 61% since the same period in 2020 and tile output
growing 123%, despite a slow first quarter as projects were delayed
by weather and Covid-19 resurgence.
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.
The production at the quarry continues to be tightly controlled to
preserve working capital till such point at the market for block
marble improves.
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. The production at the quarry continues to be
tightly controlled to preserve working capital till such point at
the market for block marble improves
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. Two new
potential quarries have been identified and after initial
examination of the resource the Company secured the licence over
one new quarry site. Progress on developing the quarry has been
stalled as due to delays in the appointment of the board at the
licencing agency in Kosovo which has been pending since the most
recent election in late 2020. This will provide the opportunity to
increase both block sales and processed marble from the factory
from 2022 onwards.
Litigation
On 4 September 2019 Fox Marble launched United National
Commission on International Trade Law (UNCITRAL) arbitration
proceedings, against the Republic of Kosovo for damages in excess
of EUR195 million, as a result of the failure of the State to
protect Fox Marble's rights over the Maleshevë quarry. The Company
believes the Kosovan Government to be in clear breach of its
responsibilities towards the Company as a foreign investor in
Kosovo and that this action is in the best interests of its
shareholders and employees.
The Company anticipates a fair and satisfactory resolution. All
the Company's other operations, including the quarries and
processing factory in Kosovo and the Prilep quarry in Northern
Macedonia, are unaffected. The background to the claim is the
dispute arising with the former shareholders of Green Power Sh.P.K
and Scope Sh.P.K, which has resulted in Fox Marble being prevented
from operating the Maleshevë quarry. Since the dispute arose Fox
Marble has been working to resolve the matter with the appropriate
Kosovan Government agencies, namely the Kosovo mining regulator,
the Independent Commission of Mines and Mineral ("ICMM") and the
Agjencia e Regjistrimit të Bizneseve ("ARBK"), the Kosovo business
registration agency. However, in what is a clear breach of Kosovo
Law 04/L-220 "On Foreign Investment" (2014), Fox Marble has been
prevented from asserting its rights in these matters. Despite the
cumulative weight of evidence, Fox Marble was denied the right to
appeal any decision relating to the Maleshevë quarry in direct
contravention of the provisions of the Kosovo foreign investment
law, Law 04 /L-220.
As a direct consequence of the ARBK and ICMM decisions, the
Company has brought arbitration proceedings against the Republic of
Kosovo pursuant to Article 16 of the Kosovo foreign investment law
(as above). The basis of the claim for damages is the investment
made to date in the Maleshevë quarry, loss of future revenues
associated with the site and future investment plans in Kosovo.
Significant future investment plans are the subject of the MOU
signed in October 2016 by the Government of Kosovo and Stone
Alliance LLC which is majority owned by Fox Marble.
On the 16 December 2020 the Company announced that it had
engaged the services of Dentons CS Europe LLP to act on the
Company's behalf in its circa EUR195 million claim against the
Republic of Kosovo. Dentons have agreed a fee arrangement which
enables Fox Marble to bring the Arbitration through to its
conclusion. On the same day the Company announced it had secured
litigation funds of GBP500,000. The litigation funding has been
raised from private investors. This funding, plus a pre-agreed
return on investment, will only be repaid if the Arbitration
proceedings are successful and no Company shares are being provided
to the investors in the Litigation Fund.
The Company has received the formal opinion of eminent English
Barrister and Queen's Counsel, Samuel Wordsworth QC of Essex Court
Chambers (as announced on 30 September 2021). He has submitted his
opinion in respect of the Company's EUR195M claim against the
Republic of Kosovo claim being advanced by Dentons Europe CS
LLP.
Mr. Wordsworth QC's opinion supports the Company's claim that
the Republic of Kosovo has breached the provisions of the Kosovo
Investment Law, and it is his view that an international arbitral
tribunal will have jurisdiction to decide the Company's claim under
that Law.
The Company's legal team has now identified Fox Marble's choice
of arbitrator of the three that will sit and adjudicate the claim
and will be notifying such choice to the Republic of Kosovo
shortly.
Financing
On 16 December 2020, the Company announced a conditional placing
of 65,500,000 new Ordinary Shares at a price of 1.6 pence per share
through Brandon Hill Capital Limited, the Company's joint broker,
to raise GBP1,048,000 million before expenses. The Placing was
conditional, inter alia, on shareholders giving the directors
authorities to issue new ordinary shares on a non-pre-emptive
basis. A General Meeting of shareholders was held on 4 January 2021
to grant the Board authority to allot the Placing Shares for cash
on a non pre-emptive basis, at which authority was granted.
Application was made for the 65,500,000 Placing Shares to be
admitted to trading on AIM on the 5 January 2021. The Placing
Shares rank pari passu with the existing ordinary shares of the
Company
On the 1 May 2021 Fox Marble agreed a credit facility with
Brandon Hill Capital Limited for GBP1,000,000. The repayment date
of the facility is 31 May 2022 and any amounts drawn down would
incur an interest rate of 9%. As at the date of this report no
amounts had been drawn down on this facility. In addition to this
the Company has agreed a further facility of GBP700,000 with a
non-related party high net worth individual, that can be used if
required.
In August 2021 the Company reached agreement with the holders of
EUR1.7m Gulf Loan to extend the terms of the loan note to 31 August
2022.
Note
This announcement contains inside information of the purposes of
Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations
2019/310. The Directors of the Company are responsible for the
release of this announcement.
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)
Nick Naylor/Nick Athanas/Liz Kirchner Tel: +44 (0) 20 3394
(Corporate Finance) 2973
Amrit Nahal (Sales)
Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
5000
Cairn Financial Advisers LLP (Nomad)
Sandy Jamieson/Liam Murray/Ludovico Tel: +44 (0) 20 7213
Lazzaretti 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 2020
2021 2020 Audited
Unaudited Unaudited
EUR'000s
EUR'000s EUR'000s
------------------------------------ ------- ----------- ----------- ------------
Revenue 196 186 716
Cost of Sales (103) (105) (559)
----------- ----------- ------------
Gross Profit 93 81 157
=========== =========== ============
Administrative and other operating
expenses (604) (762) (2,794)
Operating loss (511) (681) (2,637)
=========== =========== ============
Finance costs 4 (201) (310) (458)
Finance income 5 29 192 171
----------- ----------- ------------
Loss before taxation (683) (799) (2,924)
=========== =========== ============
Taxation - - 120
Loss for the period (683) (799) (2,804)
=========== =========== ============
Other comprehensive income - - -
Total comprehensive loss for
the period attributable to
owners of the parent company (683) (799) (2,804)
=========== =========== ============
Loss per share
Basic loss per share 7 (0.002) (0.003) (0.01)
Diluted loss per share 7 (0.002) (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 2021 December June 2020
Unaudited 2020 Unaudited
Audited EUR'000s
EUR'000s
EUR'000s
---------------------------------- ------ ----------- ---------- -----------
Assets
Non-current assets
Intangible assets 2,772 2,793 2,811
Property, plant and equipment 7 4,704 4,819 5,026
----------
Total non-current assets 7,476 7,612 7,837
=========== ========== ===========
Current assets
Trade and other receivables 1,012 1,152 1,053
Inventories 3,290 3,041 4,086
Cash and cash equivalents 626 378 781
----------- ---------- -----------
Total current assets 4,928 4,571 5,920
----------- ---------- -----------
Total assets 12,404 12,183 13,757
=========== ========== ===========
Current liabilities
Trade and other payables 1,472 1,561 1,221
Borrowings 8 1,790 1,841 86
----------- ---------- -----------
Total current liabilities 3,262 3,402 1,307
=========== ========== ===========
Non-current liabilities
Deferred tax liability 85 85 85
Lease Commitments 174 260 229
Borrowings 8 2,901 2,799 4,492
----------
Total non-current liabilities 3,160 3,144 4,806
----------- ---------- -----------
Total liabilities 6,422 6,546 6,113
=========== ========== ===========
Net assets 5,982 5,637 7,643
==========
Equity
Share capital 9 4,567 3,721 3,721
Share premium 9 32,230 32,057 32,080
Retained loss (30,966) (30,283) (28,279)
Share based payment reserve 115 106 85
Other reserves 36 36 36
----------- ---------- -----------
Total equity attributable
to owners of the parent company 5,982 5,637 7,643
=========== ========== ===========
FOX MARBLE HOLDINGS PLC
Condensed consolidated statement of cash flows
Six months Six months Year
ended ended ended 31
30 June 30 June December
2021 2020 2020
Notes Unaudited Unaudited Audited
EUR'000s EUR'000s EUR'000s
-------------------------------------- -------- ----------- ----------- ----------
Cash flows from operating activities
Loss before taxation (683) (799) (2,924)
Adjustment for:
Finance costs 4 201 310 457
Finance income 5 (29) (192) (171)
Operating loss for the period (511) (681) (2,638)
=========== =========== ==========
Adjustment for:
Amortisation 22 26 43
Depreciation 7 149 152 421
Disposal of PPE - - 29
Equity settled transactions 9 21
Provision for impairment of
receivables - - 14
Provision for bad debts - - 163
Provision for inventory - - 928
Changes in working capital:
Increase in receivables 140 130 136
Increase in inventories (249) (157) (41)
Increase/(decrease) in accruals (7) 46 (47)
Decrease in trade and other payables (175) (330) 424
-----------
Net cash used in operating activities (623) (779) (709)
=========== =========== ==========
Cash flow from investing activities
Expenditure on property, plant
and equipment 7 (35) (90) (179)
Interests on bank deposits - - 189
----------- -----------
Net cash outflow from investing
activities (35) (90) (179)
=========== =========== ==========
Cash flows from financing activities
Proceeds from issue of shares
(net of issue costs) 9 1,019 1,458 763
Proceeds on issue of debt (net - 222 -
of issue costs)
Interest paid (43) (59) (76)
Net cash inflow from financing
activities 976 805 687
=========== =========== ==========
Net increase/(decrease) in cash
and cash equivalents 318 266 (201)
Cash and cash equivalents
at beginning of
Period 308 578 578
Cash and cash equivalents at
end of period 626 781 378
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 2020 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 2020 3,721 32,080 85 36 (28,279) 7,644
========== ========== ========== ========== ========== ==========
Total comprehensive
loss for the period - - - - (2,005) (2,005)
-------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Transactions with
owners
Share based transactions 21
Share capital issued (23) - -2
As at 31 December
2020 3,721 32,057 106 36 (30,283) 5,637
-------------------------- ---------- ---------- ---------- ---------- ---------- ----------
Total comprehensive
loss for the period - - - - (683) (683)
Transactions with
owners
Share based transactions - - 9 - - 9
Share capital issued 846 173 - - -- 1,019
As at 30 June 2021 4,567 32,230 115 36 (30,966) 5,982
========================== ========== ========== ========== ========== ========== ==========
Notes to the condensed consolidated financial statements for the
period ended 30 June 2021
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 2021.
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 2020 and those expected to be
applicable to the financial statements for the year ending 31 D
ecember 2021.
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 2020 were approved by the Board on 4 June 2021 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 2021 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 2020, which have been prepared in accordance with IFRS
as adopted by the European Union. The Annual Report and Accounts
2020 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 and 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. Furthermore, the forecasts assume that
sales of block marble will resume during 2021, 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 scenarios which management have considered
that could impact the financial performance of the Company. These
include: (a) 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; (b) Fulfilment of the Company's order book could be
delayed, or the payment of amounts due under such contracts could
be delayed. (c) The continued progression of the Covid-19 may have
a further detrimental impact on sales or on operations, and (d) The
resumption of block sales to the international block market may be
slower than expected.
As at 23 September 2021 the Company had EUR0.4 million in cash
including EUR0.2 million of restricted funds related to litigation
funding. 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.
On 1 May 2021, the Company entered into a facility arrangement
of GBP1,000,000 at an interest rate of 9% per annum arranged by
Brandon Hill Capital Limited, which may be drawn down at the
Company's request. This facility expires on 31 May 2022 and as at
the date of this report no amounts had been drawn down on this
facility. . In addition to this the Company has agreed a further
facility of GBP700,000 with a non-related party high net worth
individual, that can be used if required.
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
2021 2020 2020
EUR'000s EUR'000s EUR'000
--------------------------------------- ----------- ----------- -------------
Finance Costs
Interest expense on borrowings (88) (179) (280)
Net foreign exchange loss on (113) - -
loan note instrument
Movement in fair value of derivative (123) (153)
Interest payable on lease liabilities - (8) (24)
----------- ----------- -------------
(201) (310) (457)
----------- ----------- -------------
5) Net finance Income
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
EUR'000s EUR'000s EUR'000
-------------------------------------- ----------- ----------- -------------
Finance Income
Movement in fair value of derivative 29 - -
Net foreign exchange gain on
loan note instrument 192 171
Interest income on bank deposits - - -
-
29 192 171
=========== =========== =============
6) Loss per share
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
EUR'000s EUR'000s EUR'000
---------------------------------- ------------ ------------ -------------
Loss for the period used
for the calculation of basic
LPS 683 799 2,804
Number of shares
Weighted average number of
ordinary shares for the purpose
of basic LPS 372,416,568 234,936,870 287,591,514
Effect of potentially dilutive
ordinary shares
Weighted average number of
ordinary shares for the purpose
of diluted LPS 372,416,568 234,936,870 287,591,514
Loss per share:
Basic (0.002) (0.003) (0.01)
Diluted (0.002) (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
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 31 7,915
Additions - 55 90 - - 90
Disposal - (170) - (54) - (170)
As at 31 December
2020 160 3,400 333 3,911 31 7,835
Additions - 35 1 36
Reclass - 170 - (170)- - -
As at 30 June 2021 160 3,605 333 3,741 32 7,871
Depreciation
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
Charge for the
period - 42 41 185 - 268
Disposals - (141) - - - (141)
As at 31 December
2020 - 241 68 2,676 31 3,016
Charge for the
period - 98 51 - 148
Reclass - 141 - (141) - -
As at 30 June 2021 - 480 68 2,586 31 3,196
Net book value
---------- --------------- --------- --------------- ----------------- ----------
As at 30 June 2021 160 3,124 265 1,154 1 4,704
========== =============== ========= =============== ================= ==========
As at 31 December
2020 160 3,159 265 1,234 1 4,819
As at 30 June 2020 160 3,175 216 1,474 1 5,026
========== =============== ========= =============== ================= ==========
8) Borrowings
30 June 31 December 30 June
2021 2020 2020
EUR'000s EUR'000s EUR'000s
------------------------------------ ---------- ---------------- ----------
Current liabilities
Convertible loan note 1,790 1,841 85
Derivative over own equity
at fair value - - 1
---------- ---------------- ----------
1,790 1,841 86
========== ================ ==========
Non-Current liabilities
Convertible loan note 2,771 2,640 4,307
Other borrowings held at amortised
cost - 56
Derivative over own equity
at fair value 159 159 129
2,930 2,799 4,492
========== ================ ==========
9) Share capital
30 June 31 December Share Share Share premium Share
2021 2020 capital capital 30 June premium
Number Number 30 June 31 December 2021 31 December
2021 2020 2020
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 308,372,174 262,657,882 3,721 3,220 32,057 31,794
Issued in the
year 70,500,000 45,714,292 846 501 173 254
At end of the
period 378,872,174 308,372,174 4,567 3,721 32,230 32,057
On 16 December 2020, the Company announced a conditional placing
of 65,500,000 new Ordinary Shares at a price of 1.6 pence per share
through Brandon Hill Capital Limited, the Company's joint broker,
to raise GBP1,048,000 million before expenses. The Placing was
conditional, inter alia, on shareholders giving the directors
authorities to issue new ordinary shares on a non-pre-emptive
basis. A General Meeting of shareholders was held. on 4 January
2021 to grant the Board authority to allot the Placing Shares for
cash on a non pre-emptive basis, at which authority was granted.
Application was made for the 65,500,000 Placing Shares to be
admitted to trading on AIM on the 5 January 2021. The Placing
Shares rank pari passu with the existing ordinary shares of the
Company.
On the 16 February 2021 the Company issued 5,000,000 new
ordinary shares in the Company to five individuals in lieu of cash
payments. The issue of shares reflects the contributions made to
the Company by these individuals.
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.
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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END
IR KKLFLFKLXBBK
(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
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