TIDMOSI
RNS Number : 9823M
Osirium Technologies PLC
15 May 2020
15 May 2020
Osirium Technologies plc
("Osirium", "the Group" or "the Company")
Final Results
Substantial progress against growth strategy
Osirium Technologies plc (AIM: OSI.L), a leading vendor of
cloud-based cybersecurity software, today announces its final
results for the 12 months ended 31 December 2019.
Financial highlights
-- Total bookings, the Group's primary KPI, increased 54% to GBP
1.82 million (2018: GBP1.18 million)
-- Total recognised revenue increased by 22% to GBP1.17 million (2018: GBP0.96 million)
-- Deferred revenue increased by 89% to GBP1.37 million (2018:
GBP0.72 million), providing enhanced visibility
-- Operating loss of GBP3.40 million (2018: GBP2.67 million), in line with expectations
-- Cash balances at 31 December 2019 of GBP3.85 million (31 December 2018: GBP2.39 million)
Operational highlights
-- Clear illustrations of successful "land and expand" strategy
with strong expansion and on-sell contracts
o New customers added in established sectors such as finance and
the NHS, as well as securing new accounts in fleet management
services and central government
-- Maintained 100% renewals with existing customers
-- Continued investment in the business resulting in significantly enhanced infrastructure
o Launched two new products in the year, growing addressable
market and value proposition
o Grew and strengthened teams in engineering, sales, support,
marketing
o Successful GBP4.78 million fundraise in October 2019
-- Secured first sale of Privileged Process Automation product,
launched in the period, demonstrating value of targeted R&D
programme
Post year-end
-- In a direct response to the COVID-19 pandemic the Group has
taken a number of actions to ensure that all staff are healthy,
safe and working from home. This has allowed Osirium to continue
supporting our customers with no compromise on service levels or
delivery
-- Enter new year with strongest pipeline to date
o Continued business momentum and further sales including in the
NHS and Ambulance Services
o Competitive wins, demonstrating our increasing reputation as a
solution provider with a clear understanding of the challenges
facing this sector
o Additional sales in North America
-- Established presence in Benelux and started sales and
marketing initiatives in that region and the Nordics
David Guyatt, Chief Executive Officer, commented : "2019 was a
year of substantial progress for the Group, both operationally and
in terms of new business momentum. During 2019, we added new
customers and grew our engagement with the existing client base,
which saw 100% retention, contributing to a 54% increase in
bookings. Furthermore, we expanded our network of channel partners
and successfully brought two new solutions to market, substantially
enhancing the Group's value proposition.
The requirement for securing, controlling and auditing critical
IT assets continues to be a prime concern for all organisations. We
help our customers substantially improve operations, reduced time
and costs, with extensively reduced risk of security breaches.
We cannot ignore the increasing impact on our business of the
Coronavirus pandemic. To the best of our ability we have factored
this into our planning. The safety and health of our employees,
partners and customers is paramount, and we have taken decisive
steps to move fully to remote working, with an online engineering,
sales, marketing and support model for engaging with our customers.
The Board remains cautious and vigilant in the very short-term as
the full impact of COVID-19 on the general economy is not yet
known, however we have contingency plans in place and factored
these into our planning and are limiting the cash outflows out of
the business as best as we can.
Despite the significant challenge COVID-19 presents we are
moving forward this year with continued business momentum. Our
focus on growing our market presence and customer-centric approach,
coupled with our expanded offering and a solid foundation of
visible revenue, gives the Board confidence in the Group's
long-term prospects."
https://email.edisoninvestment.com/t/2PWO-11EHM-DA4ATOSIDD/cr.aspx
For further information:
Osirium Technologies plc Tel: +44 (0) 118 324 2444
David Guyatt, Chief Executive Officer
Rupert Hutton, Chief Financial
Officer
www.osirium.com
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710 7600
(Nominated Adviser and Broker)
Fred Walsh
Alma
(Financial PR)
Josh Royston / D avid Ison / Harriet Tel: +44 (0) 203 405 0205
Jackson
Notes to Editors:
Osirium Technologies plc (AIM: OSI) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Security solutions. Osirium's
cloud-based products protect critical IT assets, infrastructure and
devices by preventing targeted cyber-attacks from directly
accessing Privileged Accounts, removing unnecessary access and
powers of Privileged Account users, deterring legitimate Privileged
Account users from abusing their roles and containing the effects
of a breach if one does happen.
Osirium has defined and delivered what the Directors view as the
next generation Privileged Access Management solution. Osirium's
award-winning Privileged Task Management module further strengthens
Privileged Account Security by minimising the cyber-attack surface
and delivering an impressive return on investment benefits for
customers. Building on Osirium's Privileged Task Management module,
in May 2019 Osirium launched Privileged Process Automation,
providing a highly-flexible platform for automating essential IT
processes to set a new benchmark in IT Process Automation. This was
followed by the launch of Privileged Endpoint Manager in December
2019, bringing the total portfolio to three complementary
solutions.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to AIM in April 2016. For further information
please visit www.osirium.com.
Chairman and Chief Executive's Statement
Overview
We are pleased to report the Group's results for the year to 31
December 2019 which show strong financial progress in line with our
operational objectives for the year. We experienced a step change
in traction for our next generation enterprise Privileged Access
Security solutions with bookings, our key financial measure,
growing 54% over the prior year to GBP1.82 million. Investment in
our product range during the year has expanded our addressable
market and we have established the right teams internally to
springboard our growth strategy in the year ahead.
Our strategic focus on growing market presence through new
contract wins and 'land-and-expand' orders from existing accounts,
whilst maintaining 100% customer retention levels across the board,
has driven the Group's growth in the period. During the year we
expanded our footprint within existing customer sectors, with a
number of new business wins in the finance and NHS sectors, while
also establishing a foothold in new verticals, including fleet
management services and central government. As we win new business,
we are becoming further entrenched in our customers' organisations
as our solutions touch end users across all aspects of a business's
operations.
In line with the Group's ambition to extend its market reach
beyond its direct sales channel, several new business wins in the
year were delivered and managed through channel partnerships,
consisting of Managed Service Providers and Security Integrators.
The Group continues to build its channel partner relationships and
sees this an important route to market, in conjunction with its
direct marketing efforts.
Investment in the business remains a key priority as the Group
scales, while maintaining tight controls on costs. As a result of
investing in product development during the year, we brought to
market two new pioneering solutions in what we define as our
overall Privileged Access Security portfolio. The expansion to
three complementary offerings is an important development for the
Group, significantly widening the market opportunity, enhancing our
value proposition with cross-selling opportunities, and
strengthening our position as a leading innovator in the Privileged
Access Security market. To support and scale the expanded offering,
we have also invested in the technical and commercial teams,
employed our first sales specialist in mainland Europe, launched a
refreshed website to attract new business, and believe we are
well-resourced to execute the Group's ambitious growth plans in the
year ahead.
The Group completed a fundraise in October, raising in aggregate
GBP4.78 million (before expenses) through the issue of subscription
shares, convertible loan notes and a placing at a premium of
approximately 3% to pre-announcement closing price, supporting the
Group's investment programme and growth strategy. The substantial
participation in the fundraise by Group employees, contributing
10.3% of the overall funds raised, is a reflection of the ambition
shared across the whole team at Osirium and the confidence we have
in the opportunity ahead. On behalf of the Board, we would like to
thank all our shareholders for their continued support as well as
all employees for their ongoing commitment and dedication.
The market opportunity is large and growing in sophistication,
with Privileged Access now no longer viewed in the context of a
niche offering but as an indispensable asset for corporate
cybersecurity protection. Our reputation in this market as a
leading specialist is growing and we have significantly enhanced
the Group's infrastructure to capture this opportunity as we move
forward.
Results
Total bookings in the period increased 54% to GBP1.82 million
(2018: GBP1.18 million). This translated into recognised revenue
for the year of GBP1.17 million, an increase of 22% (2018: GBP0.96
million). As a result of the Group's Software-as-a-Service ("SaaS")
revenue recognition policy, which recognises revenues over the
course of multi-year contracts, deferred revenue grew to circa.
GBP1.37 million (2018: GBP0.72 million), providing the Company with
greater visibility of future revenues as we enter the new financial
year. Cash balances as at 31 December 2019 were GBP3.9 million (31
December 2018: GBP2.4 million).
The Group's loss before tax for the year was GBP3.45 million
increased from the loss of GBP2.67 million for the year to 31
December 2018, in line with the Board's expectations.
The Group's focussed R&D programme, a key pillar of our
long-term growth strategy, resulted in R&D spend for the year
of GBP1.77 million on direct staff and contractor costs for
research and development. The focus of product investment is in
enhancements to the portfolio including clustering PAM servers to
deliver greater scalability, developing machine-guided automation
in PPA as well as human-guided automation, and creating our first
Privileged Endpoint Management solution. The Group anticipates
revenues to increase further during 2020 and is targeting increased
service revenues with the addition of extra consultancy
resource.
Business model
The Group's revenue is composed of SaaS software licences, with
the Group's Privileged Access Management (PAM) product charged per
device, and the new Privileged Process Automation (PPA) product
charged per user. The recently released Privileged Endpoint
Management (PEM) product will be charged per protected endpoint.
Service revenue comes largely from existing customers as they grow
and expand their use of Osirium's software solutions.
Bookings, the Group's key financial metric, is the total value
of a contract signed in a given year. Therefore, recognised revenue
will lag bookings while the business is in growth phase.
Due to the quality of the Osirium software, support and
professional services received by our clients we are pleased to
report a 100% renewal rate among our existing customers.
As awareness of Osirium grew in 2019 we saw customers
increasingly willing to make a purchase without requiring a Proof
of Concept ("POC"). However, when a POC has been or is required,
Osirium Professional Services have developed a rigorous POC process
incorporating objectives, requirements, agreed metrics for success,
implementation, training and project management. In 2019, these
resulted in a 100% conversion rate from POC to final customer
sale.
Market - the growing awareness of 'Privilege'
The threat posed by cybersecurity breaches to the business
community continues to be elevated to the top of corporate agendas
with headline-grabbing incidents fuelling demand for expertise and
solutions. Cybersecurity is no longer viewed as an isolated IT
issue, but rather as a key risk management issue at the core of
corporate governance for businesses across all sectors. 2019 was no
exception with high profile breaches resulting in reputational
damage and severe punishment from authorities for a number of
household brand names.
The recurring use cases driving customer demand for control of
privileged access are:
-- Insider Threats : sometimes concern over maliciously-driven
security breaches caused by disgruntled employees, but increasingly
and inadvertently caused by too many people (often without the
necessary skills) having too much access to too many privileged
accounts
-- External Attacks : hacker attacks targeting privileged accounts
-- Third Parties and Vendors : securely managing internal staff
can be a challenge. Many prospects find it even more difficult to
maintain visibility and control over an ever-changing network of
contractors, outsourced staff and vendors who require some access
to privileged accounts to do their work
-- Audits and Compliance : without rigorous controls over who
had access to which systems and performed which tasks at what time,
meeting compliance obligations becomes impossible
Within the umbrella of cybersecurity solutions, Privileged
Access Management (PAM), the cornerstone of the Osirium Privileged
Access Security portfolio, addresses the threat involved in 80% of
cybersecurity breaches, namely the loss or theft of privileged
credentials (Forrester Wave report, Nov 2018). PAM solutions
tightly control and monitor access by users with elevated
'privileges' to an enterprise's most valuable IT assets in order to
minimise the risk of security breaches. It is more evident than
ever that this message is resonating with our customers and
potential customer base with growing awareness of what 'Privilege'
means in a cybersecurity environment. As a result, we have built
our largest new business pipeline to date as businesses seek to
acquire the necessary tools they need for adequate protection.
Forecasts for the PAM market consistently point to a substantial
market opportunity, with the Gartner Forecast for Information
Security and Risk Management, Q2 2019, expecting the PAM market to
reach $2.5bn worldwide by 2023.
Growth strategy
The Group's growth strategy is centred around three core
principles: innovation, customer focus and market expansion.
Commitment to innovation
Osirium's technology is uniquely positioned as a purpose-built
solution portfolio, designed specifically to address the challenges
of Privileged Access. Our 'next generation' products have been
built from the ground up and are not modifications of acquired
solutions designed to address other needs. As a result, the
simplicity of implementation remains a key differentiator for the
Group.
We have invested in our product offering ahead of the curve and
we are now seeing the anticipated market take-up. It is this
commitment to ongoing innovation that drove the launch of two new,
highly relevant products in the period, bringing the total
solutions range to three complementary offerings. The Group's full
Privileged Access Security portfolio now consists of:
-- Privileged Access Management 'PAM' the Group's cornerstone
product, protecting Privileged Accounts
-- Privileged Process Automation 'PPA' (launched in Q2 under the
initial code name 'Opus') a framework for securely automating
complex IT processes
-- Privileged Endpoint Management 'PEM' (launched in Q4) a
solution allowing customers to control and remove potentially risky
admin rights from endpoints
We were delighted to report our first sale of our PPA product
during the year, very soon after launching the product. This
contract, with an existing Osirium customer, is an example of how
we can broaden our relationships within the customer base whilst
also expanding our new business discussions. This was clear
validation of the value derived from our targeted R&D programme
and the market readiness for our offering.
The focus for product development in the year ahead is the
ongoing refinement of the platform's technical specifications and
user interface. We will be adding new functionality and
capabilities to the three core offerings, and will be exploring an
offering targeted at the Managed Service Provider sector.
Customer focus
"Land and Expand", our model of securing an initial sale with a
customer and the following with additional licences or product
orders, remains a key strategy for the Company.
Customer service and retention is at the heart of Osirium. The
Group is proud to have achieved a 100% customer retention rate
during the year, and it is this focus that provides the foundation
for future growth as new customers are acquired and the 'land and
expand' cycle begins again.
During the year we received a major expansion order with a UK
provider of software and IT services to the public sector following
an initial order nine months earlier in the year. The revised
contract represented an expanded base of protected devices for the
customer by more than ten-fold, demonstrating the success of the
'land-and-expand' model and customer first approach.
Market Expansion
We saw a step change in the traction that our offerings are
gaining in the market. This has been driven by both maintaining a
direct-touch model with our customers as well as the expansion of
our indirect channel via channel partners. We have also expanded
our channel model to encompass Managed Service Providers and
specialist Managed Security Service Providers, who have already
delivered significant contract wins, and who we see as a core part
of our growth strategy.
Our key target market remains mid-tier and upper mid-tier
enterprises. We have established a key presence in sectors such as
financial services, the NHS and retail, and are building out our
presence in new sectors including fleet services, manufacturing and
energy. As well as continuing to develop our home market in the UK
we see growing interest from prospects across the rest of Europe
and beyond, including the Group's first sales in North America. As
a result, the Group has established a base in mainland Europe to
service these prospects and capitalise on the expanding market
opportunity.
Current trading, Coronavirus effect and outlook
This past year has seen substantial progress achieved against
our growth plans with an expanded product suite, a confident team,
and accelerating traction in terms of our market presence. The
market opportunity is clearer than ever as Privileged Access
Security is increasingly a corporate priority, helping to deliver
our strongest pipeline to date.
Nonetheless, at the time of writing, we cannot ignore the
increasing impact on our business of the Coronavirus pandemic. To
the best of our ability we have factored this into our planning.
The safety and health of our employees, partners and customers is
paramount, and we have taken decisive steps to move fully to remote
working, with an online engineering, sales, marketing and support
model for engaging with our customers. The Board remains cautious
and vigilant in the very short-term as the full impact of COVID-19
on the general economy is not yet known, however we have
contingency plans in place and factored these into our planning and
are limiting the cash outflows out of the business as best as we
can.
Despite the significant challenge COVID-19 presents we are
moving forward this year with continued business momentum. Our
focus on growing our market presence and customer-centric approach,
coupled with our expanded offering and a solid foundation of
visible revenue, gives the Board confidence in the Group's
long-term prospects .
Financial Review
Overview
The Group has significantly increased revenue and bookings
during the year, demonstrating greater customer engagement and
investment. The Group considers bookings to be its key financial
measures and a good reflection of the growth the Company
experienced in the period under review. Bookings for the 12-month
period ended 31 December 2019, represented by total invoiced sales
for annual subscriptions, were GBP1.82 million, an increase of 54%
over the previous year (2018: GBP1.18 million).
Given the Group's revenue recognition policy, which recognises
revenue in equal annual instalments over the course of multi-year
contracts, revenue for the year was GBP1.17 million, an increase of
22% over the prior year (2018: GBP0.96 million).
The 12-month loss after tax for the Group was GBP2.83 million,
increased from the loss of GBP2.27 million for the year to 31
December 2018, in line with the Board's expectations. The losses of
the Group have increased following significant investment in
increasing headcount and activity levels in our sales, pre-sales,
marketing and engineering departments of the business.
Revenue analysis
Revenue for the 12-month period ended 31 December 2019 was
GBP1.17m (2018: GBP0.96m). Total customer count increased by 14 for
the year ended 31 December 2019, up to 50 (2018: 36). This customer
growth reflects the increasing sales momentum experienced by the
business as the Group broadens its customer base, and customer
demand for our PAM, PPA and PEM solutions grows.
Company deferred revenues as at 31 December 2019 were GBP1.37
million, compared with deferred revenues at the end of December
2018 of GBP0.72 million, helping provide a degree of visibility and
certainty over our future revenue streams.
Taxation
The Group has benefited from the tax relief given on development
expenditure, which has resulted in a research and development tax
credit of GBP557,000 being claimed for the year to 31 December
2019, compared with GBP408,000 for the previous year to 31 December
2018. This further demonstrates the consistent investment made in
the Company's innovative cybersecurity product and its pioneering
qualities.
Loss per share
Loss per share for the year on both a basic and fully diluted
basis was 19p. In the prior year the basic and diluted loss per
share was 17p.
Results and dividend
The Directors are not recommending the payment of a final
dividend (2018: GBPnil).
Research and development & capital expenditure
The Group spent GBP1.77 million (2018: GBP1.44 million) on
direct staff and contractor costs for research and development, of
which all was capitalised in both periods. This expenditure relates
to the development of new and enhanced software offerings. The
Group invests in new product development and the continual
modification and improvement of its existing products to meet
technological advances, customer and ever-expanding new market
requirements of the fast-paced cybersecurity market.
Future developments
The Group has embarked upon a strategy which will extend its
activities to the provision of a full range of Privileged Access
Security solutions. As well as expanding into new geographical
markets and industry sectors, the Group will continue to invest in
developing innovative and differentiated solutions for its growing
customer base.
Cash flow
The Group's cash balances were GBP3.85 million (2018: GBP2.39
million).
Cash reserves were boosted by the fund raise that raised GBP4.78
million gross cash (before expenses, fees and commissions) in
October 2019.
Net cash used in operating activities for the period was GBP1.05
million (2018: GBP1.17 million).
Key Performance Indicators (KPIs)
The Group's progress against its strategic objectives is
monitored by the Board of Directors by reference to KPIs.
Progress made is a reflection of the performance of the business
since publicly listing and the Group's achievement against its
strategic plans. The Group considers major KPIs to be bookings,
revenue, deferred revenue, channel partners, new customers and
sectors, customer renewals, and software evaluations.
Bookings are monitored on a monthly basis and reported in detail
at board meetings. Bookings have increased by 54% to GBP1.82
million for the year to 31 December 2019 from GBP1.18 million for
the year ended 31 December 2018.
As a result of the increase in booking, the revenue KPI is
performing well, with total revenue up 22% to GBP1.17 million
(2018: GBP0.96 million) and deferred revenue up 89% to GBP1.37
million (2018: GBP0.72 million), for the periods under review.
Non-financial KPIs include:
-- Channel partners : the Group has added sufficient reseller
partners to meet our plan and have also been establishing
agreements with Managed Service providers and Managed Security
Service Providers, who we see as key to opening up new revenue
streams. We are also adding to the team a Channel Sales Director to
expand the overall indirect sales capability.
-- New customers and sectors wins : we were pleased to add
customers in 2019 in new sectors such as central government and
fleet management services. We expect this growth to continue as PAM
becomes mainstream and we can independently sell our PPA and PEM
solutions as the first Osirium product into a new customer
account.
-- Customer retention : 100% of customers were retained in the
year, which compares favourably with our SaaS peers highlighting
the 'mission-critical' nature of our solution and customer
satisfaction.
-- Software Evaluations : growing company reputation in the PAM
marketplace means that customers are increasingly willing to
purchase Osirium solutions without requiring a Proof of Concept
(POC). However, in 2019 when POC's were required they resulted in a
100% conversion rate from POC to sale.
The Group also measures and monitors brand recognition and
momentum increases in the Osirium name as we continue to build a
global brand. Brand recognition includes monitoring Osirium's
Search Engine Optimisation Position and quarterly growth in
qualified sales leads with a quantified 'call to action'.
Consolidated Statement of Comprehensive Income
Year ended Year ended
31-Dec-19 31-Dec-18
Notes GBP GBP
CONTINUING OPERATIONS
Revenue 1,171,586 957,461
GROSS PROFIT 1,171,586 957,461
Other operating income - 6,300
Administrative expenses (4,571,317) (3,638,561)
OPERATING LOSS (3,399,731) (2,674,800)
Finance costs (52,197) (1,125)
Finance income 35 551
LOSS BEFORE
TAX (3,451,893) (2,675,374)
Income tax
credit 622,514 407,606
LOSS FOR THE YEAR ATTRIBUTABLE
TO
THE OWNERS OF OSIRIUM TECHNOLOGIES
PLC (2,829,379) (2,267,768)
Loss per share from continuing
operations 19p 17p
Basic and diluted
loss per share 19p 17p
Consolidated Statement of Financial Position
As at As at
31-Dec-19 31-Dec-18
Notes GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 2,936,473 2,307,235
Property, plant & equipment 77,534 52,920
Right-to-use assets 110,392 -
CURRENT ASSETS
Trade and other receivables 4 982,369 748,011
Cash and cash equivalents 5 3,854,922 2,386,624
TOTAL CURRENT
ASSETS 4,837,291 3,134,635
TOTAL ASSETS 7,961,690 5,494,790
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 1,889,098 1,170,306
Lease liability 33,916
NON-CURRENT LIABILITIES
Deferred tax - -
Lease liability 76,973 -
Convertible loan
notes 2,345,408 -
TOTAL LIABILITIES 4,345,395 1,170,306
EQUITY
SHARE HOLDERS' EQUITY
Called up share capital 194,956 135,542
Share premium 10,635,500 8,968,554
Share option reserve 337,559 337,559
Convertible note
reserve 394,830 -
Merger reserve 4,008,592 4,008,592
Retained earnings (11,955,142) (9,125,763)
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSIRIUM TECHNOLOGIES
PLC 3,616,295 4,324,484
TOTAL EQUITY AND LIABILITIES 7,961,690 5,494,790
Consolidated Statement of Changes in Equity
Called up Share
share Retained Share Merger option Total
capital earnings premium reserve reserve equity
GBP GBP GBP GBP GBP GBP
Balance at 1
January 2018 103,944 (6,857,995) 5,008,619 4,008,592 337,559 2,600,719
Changes in
Equity
Issue of share
capital 31,598 - 4,202,609 - - 4,234,207
Issue costs - - (242,674) - - (242,674)
Total
comprehensive
loss - (2,267,768) - - (2,267,768)
Balance at 31
December 2018 135,542 (9,125,763) 8,968,554 4,008,592 337,559 4,324,484
Changes in
Equity
Issue of share
capital 59,414 - 2,020,091 - - 2,079,505
Issue costs - - (353,145) - - (353,145)
Equity element
of loan notes
issued - - - - 394,830 394,830
Total
comprehensive
loss - (2,829,379) - - - (2,829,379)
Balance at 31
December 2019 194,956 (11,955,142) 10,635,500 4,008,592 337,559 3,616,295
Consolidated Statement of Cash Flows
Year ended Year ended
31-Dec-19 31-Dec-18
Notes (Audited) (Audited)
GBP GBP
Cash flows used in operating
activities
Cash generated from
operations (1,517,218) (1,580,100)
Interest paid - (1,125)
Tax received 473,262 407,606
------------ --------------
Net cash used in operating
activities (1,045,142) (1,173,619)
------------ --------------
Cash flows used in investing
activities
Purchase of intangible fixed
assets (1,773,395) (1,439,119)
Purchase of tangible
fixed assets (79,428) (16,533)
Sale of tangible
fixed assets 431 -
Interest received 35 551
------------ --------------
Net cash used in investing
activities (1,852,357) (1,455,101)
------------ --------------
Cash flows from financing activities
Share issue 2,079,505 3,991,533
Issue of loan notes 2,700,000 -
Shars issue cost (353,145) -
Lease payment (60,563) -
Net cash from financing
activities 4,365,797 3,991,533
------------ --------------
Increase in cash and cash equivalents 1,468,298 1,362,813
Cash and cash equivalents at
beginning of year 2,386,624 1,023,811
------------ --------------
Cash and cash equivalents at
end of year 3,854,922 2,386,624
============ ==============
Notes
1. Significant Accounting Policies
The preliminary announcement does not constitute full financial
statements.
The results for the year ended 31 December 2019 included in this
preliminary announcement are extracted from the audited financial
statements for the year ended 31 December 2019 which were approved
by the Directors on 15 May 2020. The auditor's report on those
financial statements was unqualified and did not include a
statement under Section 498(2) or 498(3) of the Companies Act
2006.
The 2019 annual report is expected to be posted to shareholders
and included within the investor relations section of our website
on 15 May 2020 and will be considered at the Annual General
Meeting. The financial statements for the year ended 31 December
2019 have not yet been delivered to the Registrar of Companies.
The auditor's report on the consolidated financial statements of
Osirium plc for the period ended 31 December 2018 was unqualified
and did not include a statement under Section 498(2) or 498(3) of
the Companies Act 2006. The financial statements for the period
ended 31 December 2018 have been delivered to the Registrar of
Companies.
Basis of Preparation
The financial statements have been prepared on a going concern
basis under the historical cost convention, and in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the EU, the International Financial Reporting Interpretations
Committee (IFRIC) interpretations issued by the International
Accounting Standards Boards ("IASB") that are effective or issued
and early adopted as at the time of preparing these Financial
Statements and in accordance with the provisions of the Companies
Act 2006.
Basis of Consolidation
The consolidated financial statements incorporate the assets and
liabilities of the subsidiary of Osirium Technologies PLC
('company' or 'parent entity') as at 31 December 2019 and the
results of the subsidiary for the year then ended. Osirium
Technologies PLC and its subsidiary together are referred to in
these financial statements as the 'Group'.
Subsidiaries are all those entities over which the consolidated
entity has control. The consolidated entity controls an entity when
the consolidated entity is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the consolidated entity. They are
de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on
transactions between entities in the Group are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the
consolidated entity.
The acquisition of subsidiaries is accounted for using the
acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity
transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling
interest acquired is recognised directly in equity attributable to
the parent.
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the statement of profit or
loss and other comprehensive income, statement of financial
position and statement of changes in equity of the consolidated
entity. Losses incurred by the consolidated entity are attributed
to the non-controlling interest in full, even if that results in a
deficit balance.
Where the consolidated entity loses control over a subsidiary,
it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any
cumulative translation differences recognised in equity. The
consolidated entity recognises the fair value of the consideration
received and the fair value of any investment retained together
with any gain or loss in profit or loss.
Going Concern
As part of their going concern review the Directors have
followed the guidelines published by the Financial Reporting
Council entitled "Guidance on the Going Concern Basis of Accounting
and Reporting on Solvency and Liquidity Risks (2016)". The
Directors have prepared detailed financial forecasts and cash flows
looking beyond 12 months from the date of these Financial
Statements. In developing these forecasts the Directors have made
assumptions based upon their view of the current and future
economic conditions that will prevail over the forecast period.
On the basis of the above projections, the Directors are
confident that Osirium has sufficient working capital to honour all
of its obligations to creditors as and when they fall due.
Accordingly, the Directors continue to adopt the going concern
basis in preparing the Financial Statements.
Cash reserves were boosted by the fund raise in the year that
raised GBP4.8m net cash in October 2019.
Shares GBP 1.7 million
Loan GBP2 .7 million
----------------
Total GBP4 .4 million
----------------
At year end the group had cash reserves of GBP3.9 million cash
at bank available to support future business activities.
The Board remains cautious and vigilant in the very short-term
as the full impact of COVID-19 on the general economy is not yet
known, however we have contingency plans in place and factored this
into our planning as best as we can. Given the Group's high level
of recurring revenue, strong backlog of contracted future revenue,
and software offering that supports mission critical operations,
the Board believes the business to be well positioned to withstand
this period and has confidence in the Group's ongoing momentum.
New and Amended Standards and Interpretations
The consolidated entity has adopted all of the new or amended
Accounting Standards and Interpretations issued by the
International Accounting Standards Board ('IASB') that are
mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that
are not yet mandatory have not been early adopted.
The following new standards, amendments or interpretations,
effective for the first time for the financial year beginning on or
after 1 January 2019 have had the following impact on the
Group:
IFRS 16 Leases
The consolidated entity has adopted IFRS 16 from 1 January 2019.
The standard replaces IAS 17 'Leases' and for lessees eliminates
the classifications of operating leases and finance leases. Except
for short-term leases and leases of low-value assets, right-of-use
assets and corresponding lease liabilities are recognised in the
statement of financial position. Straightline operating lease
expense recognition is replaced with a depreciation charge for the
right-of-use assets (included in operating costs) and an interest
expense on the recognised lease liabilities (included in finance
costs). In the earlier periods of the lease, the expenses
associated with the lease under IFRS 16 will be higher when
compared to lease expenses under IAS 17. However, EBITDA (Earnings
Before Interest, Tax, Depreciation and Amortisation) results
improve as the operating expense is now replaced by interest
expense and depreciation in profit or loss. For classification
within the statement of cash flows, the interest portion is
disclosed in operating activities and the principal portion of the
lease payments are separately disclosed in financing
activities.
In applying IFRS 16 for the first time, the Group has used the
following practical expedients permitted by the standard:
-- Accounting for leases with a remaining lease term of 12
months as at 1 January 2019 as short-term leases;
-- Excluding any initial direct costs from the measurement of right-of-use assets; and
-- Using hindsight in determining the lease term when the
contract contains options to extend or terminate the lease; and
-- The value of the right of use asset at the transition date
has been assessed as equalling the lease liability at that
date.
The Group has adopted IFRS 16 'Leases' from 1 January 2019 using
the modified retrospective approach and has not restated
comparatives for the 2018 reporting period, as permitted under the
specific transitional provisions in the standard. The
reclassifications and adjustments arising from the new leasing
rules are therefore recognised in the opening balance sheet on 1
January 2019.
Group GBP
Undiscounted operating lease GBP186,686
commitments at 31 December 2018
------------
Discounting* (GBP27,231)
------------
Lease liabilities at 1 January GBP159,455
2019
------------
* Under the modified retrospective transition method, future
lease payments at 1 January 2019 were discounted using an
incremental borrowing rate representative of the incremental
borrowing rate of interest that the Group would have to pay to
borrow over a similar term, with a similar security. The weighted
average discount rate used at initial application was 7.5%.
The effect of adoption of IFRS 16 as at 1 January 2019 is as
follows:
Assets GBP159,455
Right of use asset
Total assets GBP159,455
-----------
Liabilities GBP159,455
Lease liability
Total liabilities GBP159,455
-----------
2. Accounting Policies
Revenue Recognition
Revenue represents net invoiced sales of services, excluding
value added tax. Sales of software licence subscriptions are
recognised over the period of the contract with the deferred income
being recognised in the statement of financial position. Sales of
one-off installation services are invoiced and recognised fully on
completion of the installation.
Contract Assets
Contract assets are recognised when Osirium has transferred
goods or services to the customer but where Osirium is yet to
establish an unconditional right to consideration. Contract assets
are treated as financial assets for impairment purposes.
Functional and Presentational Currency
Items included in the Financial Statements of Osirium are
measured using the currency of the primary economic environment in
which the entity operates ('the functional currency'). The
financial information is presented in UK sterling (GBP), which is
the functional and presentational currency of Osirium.
Rounding
The figures in the financial statements of Osirium for the
current and preceding year are rounded to nearest whole pound.
Financial Instruments
Financial assets and financial liabilities are recognised in
Osirium's statement of financial position when Osirium becomes
party to the contractual provisions of the instrument. Financial
assets are de-recognised when the contracted rights to the cash
flows from the financial asset expire or when the contracted rights
to those assets are transferred. Financial liabilities are
de-recognised when the obligation specified in the contract is
discharged, cancelled or expired.
Financial assets
Trade and Other Receivables
Trade and other receivables are recognised initially at fair
value and subsequently measured at amortised cost using the
effective interest method less the provision for impairment.
Appropriate provisions for estimated irrecoverable amounts are
recognised in the statement of comprehensive income when there is
objective evidence that the assets are impaired. The amount of the
provision is the difference between the carrying amount and the
present value of estimated future cash flows interest income is
recognised by applying the effective interest rate, except for
short term receivables when the recognition of interest would be
immaterial. Under IFRS 9 for financial instruments, intercompany
balances are tested for impairment, since Osirium is currently loss
making this suggests that not all of the balance is likely to be
repaid, as such the directors feel that an impairment of 25% is a
true reflection of this. This will be reviewed on an annual basis
by the directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand, demand deposits
held on call with banks, and other short- term highly liquid
investments with original maturities of three months or less that
are readily convertible to a known amount of cash and are subject
to an insignificant risk of changes in value. Cash and cash
equivalents are shown in the financial statements as 'cash and cash
equivalents'.
Impairment of Financial Assets
Osirium recognises a loss allowance for expected credit losses
on financial assets which are either measured at amortised cost or
fair value through other comprehensive income. The measurement of
the loss allowance depends upon Osirium's assessment at the end of
each reporting period as to whether the financial instrument's
credit risk has increased significantly since initial recognition,
based on reasonable and supportable information that is available,
without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to
credit risk since initial recognition, a 12-month expected credit
loss allowance is estimated. This represents a portion of the
asset's lifetime expected credit losses that is attributable to a
default event that is possible within the next 12 months. Where a
financial asset has become credit impaired or where it is
determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses.
The amount of expected credit loss recognised is measured on the
basis of the probability weighted present value of anticipated cash
shortfalls over the life of the instrument discounted at the
original effective interest rate.
For financial assets mandatorily measured at fair value through
other comprehensive income, the loss allowance is recognised in
other comprehensive income with a corresponding expense through
profit or loss. In all other cases, the loss allowance reduces the
asset's carrying value with a corresponding expense through profit
or loss.
Financial Liabilities and Equity
Trade and Other Payables
Trade payables are initially measured at fair value and are
subsequently measured at amortised cost using the effective
interest rate method; this method allocates interest expense over
the relevant period by applying the 'effective interest rate' to
the carrying amount of the liability.
Borrowings
Borrowings are recognised initially at fair value less
transactions costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the
statement of comprehensive income over the period of borrowings
using the effective interest method.
The component of the convertible notes that exhibits
characteristics of a liability is recognised as a liability in the
statement of financial position, net of transaction costs.
On the issue of the convertible notes the fair value of the
liability component is determined using a market rate for an
equivalent non-convertible bond and this amount is carried as a
non-current liability on the amortised cost basis until
extinguished on conversion or redemption. The increase in the
liability due to the passage of time is recognised as a finance
cost. The remainder of the proceeds are allocated to the conversion
option that is recognised and included in shareholders equity as a
convertible note reserve, net of transaction costs. The carrying
amount of the conversion option is not premeasured in the
subsequent years. The corresponding interest on convertible notes
is expensed to profit or loss.
Equity
Equity instruments issued by Osirium are recognised at fair
value on initial recognition net of transaction costs.
Taxation
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. Osirium's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the dates of the
Statements of Financial Position.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial information and the corresponding tax bases used
in the computation of the taxable profit, and is accounted for
using the balance sheet liability method. Deferred tax liabilities
are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that is probable
that taxable profits will be available against which is deductible
temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from
the initial recognition (other than in a business combination) of
other assets and liabilities in a transaction that affects neither
the taxable profit not the accounting profit.
The carrying of deferred tax assets is reviewed at each
statement of financial position date and reduced to the extent that
it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the year when the liability is settled or the asset is
realised based on tax laws and rates that have been enacted at the
Statement of Financial Position date. Deferred tax is charged or
credited in the Statement of Comprehensive Income, except when it
relates to items charged or credited in other comprehensive income,
in which case the deferred tax is also dealt with in other
comprehensive income.
Deferred tax assets and liabilities are offset when it is a
legally enforceable right to set off the current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and Osirium intends to settle its
current tax assets and liabilities on a net basis.
Property, Plant and Equipment
Plant and equipment are measured at cost less accumulated
depreciation and accumulated impairment losses. Depreciation is
provided at the following annual rates in order to write off each
asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost
Osirium has elected not to recognise a right-of-use asset and
corresponding lease liability for short-term leases with terms of
12 months or less and leases of low-value assets. Lease payments on
these assets are expensed to profit or loss as incurred.
Internally-generated Development Intangible Assets
An internally-generated development intangible asset arising
from Osirium's product development is recognised if, and only if,
Osirium can demonstrate all of the following:
-- The technical feasibility of completing the intangible asset
so that it will be available for us of sale.
-- Its intention to complete the intangible asset and use or sell it.
-- Its ability to use or sell the intangible asset.
-- How the intangible asset will generate probably future economic benefits.
-- The availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset.
-- Its ability to measure reliably the expenditure attributable
to the intangible asset during its development.
Internally-generated development intangible assets are amortised
on a straight-line basis over their useful lives. Amortisation
commences in the financial year of capitalisation. Where no
internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the year in
which it is incurred. The amortisation cost is recognised as part
of administrative expenses in the statement of comprehensive
income.
Development costs - 20% per annum, straight line
Impairment of Tangible and Intangible Assets
At each statement of financial position date, Osirium reviews
the carrying amounts of its assets to determine whether there is
any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that
are independent from other assets, Osirium estimates the
recoverable amount of the cash-generating unit to which the asset
belongs. An intangible asset with an indefinite useful life is
tested for impairment at least annually and whenever there is an
indication that the asset may be impaired.
The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a
revaluation decrease.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (or cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset (or cash- generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in profit or loss,
unless the relevant asset is carried at a revalued amount, in which
case the reversal of the impairment loss is treated as a
revaluation increase.
Right of Use Assets
A right-of-use asset is recognised at the commencement date of a
lease. The right-of-use asset is measured at cost, which comprises
the initial amount of the lease liability, adjusted for, as
applicable, any lease payments made at or before the commencement
date net of any lease incentives received, any initial direct costs
incurred, and, except where included in the cost of inventories, an
estimate of costs expected to be incurred for dismantling and
removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis
over the unexpired period of the lease or the estimated useful life
of the asset, whichever is the shorter. Where Osirium expects to
obtain ownership of the leased asset at the end of the lease term,
the depreciation is over its estimated useful life. Right-of use
assets are subject to impairment or adjusted for any remeasurement
of lease liabilities.
Lease Liability
The lease liability is initially measured at the present value
of the lease payments during the lease term discounted using the
interest rate implicit in the lease, or the incremental borrowing
rate if the interest rate implicit in the lease cannot be readily
determined. The weighted average lessee's incremental borrowing
rate applied to the lease liabilities on 1 January 2019 was 7.5%.
The lease term is the non-cancellable period of the lease plus
extension periods that the Group is reasonably certain to exercise
and termination periods that the Group is reasonably certain not to
exercise.
Leases are cancellable when each party has the right to
terminate the lease without permission of the other party or
incurring more than an insignificant penalty. The lease term
includes any rent-free periods.
Subsequent measurement of the lease liability
The lease liability is subsequently increased for a constant
periodic rate of interest on the remaining balance of the lease
liability and reduced for lease payments.
Interest on the lease liability is recognised in profit or loss,
unless interest is directly attributable to qualifying assets, in
which case it is capitalised in accordance with the Group's policy
on borrowing costs.
Employee Benefit Costs
Osirium operates a defined contribution pension scheme.
Contributions payable to Osirium's pension scheme are charged to
the Statement of Comprehensive Income in the year to which they
relate.
Share-based Payments
Osirium issues equity-settled share-based payments to certain
employees and others under which Osirium receives services as
consideration for equity instruments (options) in Osirium.
Equity-settled share-based payments are measured at fair value at
the date of grant by reference to the fair value of the equity
instruments granted. The fair value determined at the grant date of
equity-settled share-based payments is recognised as an expense in
Osirium's Statement of Comprehensive Income over the vesting period
on a straight-line basis, based on Osirium's estimate of the number
of instruments that will eventually vest with a corresponding
adjustment to equity. The expected life used in the valuation is
adjusted, based on management's best estimate, for the effect of
non-transferability, exercise restrictions, and behavioural
considerations.
Non-vesting and market vesting conditions are taken into account
when estimating the fair value of the options at grant date.
Service and non-market vesting conditions are taken into account by
adjusting the number of options expected to vest at each reporting
date. When the options are exercised Osirium issues new shares. The
proceeds received net of any directly attributable transaction
costs are credited to share capital (nominal value) and share
premium.
Segment Reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is a responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors that makes
strategic decisions.
Financial Risk Factors
Osirium's activities expose it to a variety of financial risks:
market risk, credit risk and liquidity risk. Osirium's overall risk
management programme focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on
Osirium's financial performance. Risk management is carried out by
management under policies approved by the directors. The directors
provide principles for overall risk management, as well as policies
covering specific areas, such as, interest rate risk,
non-derivative financial instruments and investment of excess
liquidity.
Earnings per Share
Basic earnings per share is calculated by dividing the profit
attributable to the owners of Osirium Technologies plc, excluding
any costs of servicing equity other than ordinary shares, by the
weighted average number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary shares
issued during the financial year.
Critical Accounting Estimates and Judgements
The preparation of the Financial Statements requires management
to make judgements and estimates that affect the reported amounts
of assets and liabilities at each statement of financial position
date and the reported amounts of revenue during the reporting
periods. Actual results could differ from these estimates. The
directors consider the key areas to be in respect of intangible
assets, impairment of intercompany receivables and the share based
payment charge. Information about such judgements and estimations
are contained in individual accounting policies (intangible assets,
trade and other receivables and share based payment charge
respectively).
3. Segment Information and Revenue
Management information is provided to the chief operating
decision maker as a whole. As a result Osirium is a single
operating segment. All revenue is derived from the sale of software
subscriptions and consultancy services to the customers in the
UK.
The Group had two (2018: two) customers that all represented
over 10% of total revenue each. The total revenue for these two
customers was GBP385,990 (2018: GBP339,256) which represents 33%
(2018: 35%) of the Group's total income for the year:
Year Ended 31 December 2019 GBP %
Customer 1 124,849 11
-------- ---
Customer 2 261,141 22
-------- ---
Total 385,990 33
-------- ---
Year Ended 31 December 2018 GBP %
Customer 1 133,660 14
-------- ---
Customer 2 205,596 21
-------- ---
Total 339,256 35
-------- ---
All revenue above is derived from contracts with customers of
Osirium.
4. Trade and Other Receivables
Group Year Group Year Company Year Company Year
Ended 31/12/2019 Ended 31/12/2018 Ended 31/12/2019 Ended 31/12/2018
Current - -
------------------ ------------------ ------------------ ------------------
Trade receivables GBP206,998 GBP244,642 - -
------------------ ------------------ ------------------ ------------------
Other receivables GBP558,465 GBP408,000 - -
------------------ ------------------ ------------------ ------------------
VAT GBP7,070 - - -
------------------ ------------------ ------------------ ------------------
Prepayments GBP209,836 GBP95,369 GBP71,277 GBP5,058
------------------ ------------------ ------------------ ------------------
Amounts due from - - GBP1,925,923 GBP5,370,303
Group undertakings
------------------ ------------------ ------------------ ------------------
Total GBP982,369 GBP748,011 GBP1,997,200 GBP5,375,361
------------------ ------------------ ------------------ ------------------
All trade receivable invoices that make up the balances were
invoiced on or after 11 October 2019.
As at 31 December 2019 Osirium had no material receivables past
due but not impaired (31 December 2018: GBPnil).
The directors have made an assessment on the amounts due from
group undertakings under IFRS 9 for impairment of financial assets.
As Osirium is loss making and the likelihood is that a proportion
of the amount due from the group undertakings will not be received,
the directors have deemed it prudent to account for an impairment
of 75% with this being looked at every 12 months on a continuous
basis.
The Directors consider that the carrying value of trade and
other receivables approximates their fair value.
Allowance for expected credit losses
The group has assessed the expected credit losses for the year
ended 31 December 2019 and concluded that there is no material
impairment against trade receivables.
5. Cash and Cash Equivalents
Group as at Group as Company as Company as
31/12/2019 at 31/12/2018 at 31/12/2019 at 31/12/2019
Cash and cash GBP3,854,922 GBP2,386,624 GBP3,706,558 GBP2,216,249
equivalents
------------- --------------- --------------- ---------------
The Directors consider that the carrying value of cash and cash
equivalents approximates their fair value.
6. Annual Report and Accounts and Annual General Meeting
The Annual Report and Accounts for the year ended 31 December
2019 will be available to download from the Company's website at
www.osirium.com/investors later today, Friday 15 May 2020, and hard
copies will be posted to shareholders in compliance with AIM Rule
20 as soon as possible next week.
The Annual General Meeting is scheduled to take place at 11am on
16 June 2020 at the Company's offices at Theale Court, 11-13 High
Street, Theale, RG7 5AH. The formal AGM notice is included in the
Annual Report and Accounts. In light of the Government's 'Stay at
Home Measures' to deal with the COVID-19 pandemic, it is currently
envisaged that the AGM will be run as a closed meeting with the
minimum number of shareholders present to ensure that the meeting
is quorate, and conducted without a presentation or a question and
answer session. Unfortunately, under current 'Stay at Home
Measures', shareholders or others attempting to attend the AGM in
person may not be permitted entry. The Board will continue to keep
Government guidance under review and may, if necessary, make
further changes to the arrangements for the AGM. Further
announcements and information will be provided as required and
shareholders should continue to monitor the Company's website at
https://osirium.com/investors/ for up-dates.
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.
END
FR SFAFALESSELI
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May 15, 2020 02:00 ET (06:00 GMT)
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