TIDMCGA
RNS Number : 1600N
China Gateway International PLC
30 August 2011
For immediate release 30 August 2011
CHINA GATEWAY INTERNATIONAL PLC ("the Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MAY 2011
The Company sets out below its unaudited interim results for the
six months ended 31 May 2011. The unaudited six month interim
report is available on the Company's web-site www.cgi-plc.com
Chairman's Statement
During the period under review the Company has focused on the
dual objectives of agreeing a Planning Performance Agreement
("PPA") in relation to its Dover property holdings and concluding a
Section 106 Agreement with regard to the Manston site.
Dover
As anticipated in the Annual Financial Statements to 30 November
2010, the Company signed a PPA with Dover District Council ("DDC")
on Friday 22 July 2011 with regard to the proposed development at
Western Heights and Great Farthingloe Farm, Dover. The Company has
worked closely with DDC and key stakeholders in the project during
the period under review to deliver a PPA that includes a programme
which sets out timescales agreed by all parties to help deliver the
submission of a planning application by the end of January
2012.
Manston
The Company has continued its negotiation with Thanet District
Council ("TDC") and Kent County Council who requested additional
information to meet the necessary terms of the Section 106
Agreement. Terms have now been agreed in principle by all parties
as announced in the RNS of 27 July 2011. Following submission to
TDC and a 21 day EIA regulatory period, this matter should be
referred to a meeting of the TDC Planning Committee before the end
of the year.
The Board acknowledges and thanks its principal lending bank
(Israel Discount Bank), its shareholders and the Company's advisors
for their continued support which has allowed the Company to make
further progress towards realizing the value of the Dover
properties and the establishment of full planning permission in
relation to the Manston project.
For further information, please contact:
Ken Wills, China Gateway International PLC +44 (0) 1843
822444
Roland Cornish, Beaumont Cornish Limited +44 (0) 20 7628
3396
STATEMENT OF FINANCIAL POSITION
At 31 May 2011
Unaudited Unaudited Audited
Note 31 May 11 31 May 10 30 Nov 10
ASSETS GBP'000 GBP'000 GBP'000
Non-current assets
Fixtures and fittings - 1 -
Investment property 5 3,490 55,900 3,490
Deferred tax asset 1,109 2,182 995
--------------------------------- --------------------------------- ---------------------------------
Total non-current assets 4,599 58,083 4,485
Current assets
Properties intended for
sale 6 12,434 - 12,309
Trade and other
receivables 7 43 4,553 37
Cash and cash equivalents - 9 -
--------------------------------- --------------------------------- ---------------------------------
Total current assets 12,477 4,562 12,346
--------------------------------- --------------------------------- ---------------------------------
TOTAL ASSETS 17,076 62,645 16,831
============================ ============================ ============================
EQUITY AND LIABILITIES
Equity
Issued share capital 8 259 247 249
Share premium 8 15,609 15,476 15,499
Retained earnings (36,697) 7,399 (36,086)
--------------------------------- --------------------------------- ---------------------------------
Total equity (20,829) 23,122 (20,338)
Non-current liabilities
Deferred tax provision - 7,242 -
--------------------------------- --------------------------------- ---------------------------------
Total non-current
liabilities - 7,242 -
Current liabilities
Trade and other payables 9 1,039 862 942
Interest bearing loans
and borrowings 10 33,045 31,419 32,406
Provisions 3,821 - 3,821
--------------------------------- --------------------------------- ---------------------------------
Total current liabilities 37,905 32,281 37,169
Total liabilities 37,905 39,523 37,169
--------------------------------- --------------------------------- ---------------------------------
TOTAL EQUITY AND
LIABILITIES 17,076 62,645 16,831
============================ ============================ ============================
STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 31 May 2011
Unaudited Unaudited Audited
31 May 11 31 May 10 30 Nov 10
Note GBP'000 GBP'000 GBP'000
Continuing Operations:
Revenue - - 500
Administrative expenses (257) (416) (833)
Other operating income 14 13 35
Write back of properties intended
for sale - - 6,630
Fair value losses on properties
intended for sale 6 (55) - -
Fair value losses on investment
property 5 (62) (327) (54,862)
--------------------------------- --------------------------------- ---------------------------------
Operating Loss (360) (730) (48,530)
Finance costs 11 (365) (359) (2,100)
--------------------------------- --------------------------------- ---------------------------------
Loss Before Taxation (725) (1,089) (50,630)
Taxation 114 147 6,202
--------------------------------- --------------------------------- ---------------------------------
Loss and Total Comprehensive Income
for the Financial Period (611) (942) (44,428)
--------------------------------- --------------------------------- ---------------------------------
Attributable to:
Equity holders of the Company (611) (942) (44,428)
============================ ============================-- ============================-
Loss per Share from Continuing
Operations Attributable to the Equity
Holders of the Company during the
Period
Basic pence per share 12 (2.45)p (4.03)p (184.46)p
============================ ============================ ============================
Diluted pence per share 12 (2.45)p (4.03)p (184.46)p
============================ ============================ ============================
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the 6 months ended 31 May 2011
Share Share Shares to Retained Unaudited
capital premium be issued Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
December
2009 210 15,065 148 8,341 23,764
Issue of
shares 37 411 (148) - 300
Total
comprehensive
income for
the period - - - (942) (942)
--------------------------------- --------------------------------- --------------------------------- --------------------------------- ---------------------------------
As at 31 May
2010 247 15,476 - 7,399 23,122
============================---------- ============================ ============================ ============================ ============================
Share Share Shares to Retained Unaudited
capital premium be issued Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
December
2010 249 15,499 - (36,086) (20,338)
Issue of
shares 10 110 - - 120
Total
comprehensive
income for
the period - - - (611) (611)
--------------------------------- --------------------------------- --------------------------------- --------------------------------- ---------------------------------
As at 31 May
2011 259 15,609 - (36,697) (20,829)
============================---------- ============================-- ============================-- ============================-- ============================-====--
STATEMENT OF CASHFLOWS
For the 6 months ended 31 May 2011
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Cash used in Operations
Loss before taxation (725) (1,089) (50,630)
Adjustments for:
Depreciation - 5 3
Fair value losses on investment
property 117 327 54,862
Interest expense 365 359 2,100
(Increase)/decrease in trade and
other receivables (6) - 46
Increase in properties intended for
sale - - (6,630)
Increase in trade payables and other
payables 97 188 300
--------------------------------- --------------------------------- ---------------------------------
Cash (used in)/generated from
Operations (152) (210) 51
Interest paid (365) (359) (765)
--------------------------------- --------------------------------- ---------------------------------
Net Cash used in Operating
Activities (517) (569) (714)
--------------------------------- --------------------------------- ---------------------------------
Cash Flows from Investing Activities
Additions to investment property (62) (327) (676)
Additions to properties intended for
sale (180) - -
Sale of property intended for sale - 500 -
--------------------------------- --------------------------------- ---------------------------------
Net Cash from/(used in) Investing
Activities (242) 173 (676)
--------------------------------- --------------------------------- ---------------------------------
Cash Flows from Financing Activities
Proceeds from share issue 120 330 325
--------------------------------- --------------------------------- ---------------------------------
Net Cash from Financing Activities 120 330 325
--------------------------------- --------------------------------- ---------------------------------
Net Decrease in Cash and Cash
Equivalents (639) (66) (1,065)
Cash and Cash Equivalents at
Beginning of Period (1,006) 59 59
--------------------------------- --------------------------------- ---------------------------------
Cash and Cash Equivalents at End of
Period (1,645) (7) (1,006)
============================ ============================ ============================
There were no major non-cash movements in the period.
STATEMENT OF CASHFLOWS (CONTINUED)
For the 6 months ended 31 May 2011
Cash and cash equivalents include the following for the purposes
of the Statement of Cash Flows.
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Cash - 9 -
Bank overdraft (Note 10) (1,645) (16) (1,006)
--------------------------------- --------------------------------- ---------------------------------
(1,645) (7) (1,006)
============================ ============================ ============================
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
For the 6 months ended 31 May 2011
1 General Information
China Gateway International Plc is a public limited company
incorporated in the United Kingdom under the Companies Act 2006
(Registration number 05868936) and is listed on the Alternative
Investment Market ("AIM"). The address of the registered office is
One America Square, Crosswall, London, EC3N 2SG.
The interim financial information has not been audited or
reviewed and was approved for issue by the Board of Directors on 26
August 2011.
2 Summary of Significant Accounting Policies
The principal Accounting Policies applied in the preparation of
these Interim Financial Statements are consistent with those of the
annual financial statements for the year ended 30 November 2010, as
detailed in those annual financial statements. These Policies have
been consistently applied to all periods presented, unless
otherwise stated.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
3 Basis of Preparation of Financial Statements
The Unaudited Interim Financial Statements have been prepared on
a going concern basis in accordance with EU-endorsed International
Financial Reporting Standards ("IFRS") and IFRIC interpretations
and the parts of the Companies Act 2006 applicable to companies
reporting under IFRS. The Interim Financial Statements have also
been prepared under the historical cost convention, as modified by
the carrying of investment property at fair value.
Items included in the Interim Financial Statements are measured
using the currency of the primary economic environment in which the
entity operates (its "functional currency"). The Interim Financial
Statements are presented in Pounds Sterling ("GBP"), which is the
Company's functional and presentational currency.
The Preparation of the Interim Financial Statements in
conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its
judgement in the process of applying the Company's accounting
policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the consolidated Financial Statements are disclosed
in Note 4.
a) Non-statutory accounts
The interim financial information for the six months ended 31
May 2011 set out in this interim report does not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006. Statutory accounts for the year ended 30
November 2010 were approved by the Board of Directors on 20 May
2011 and delivered to the Registrar of Companies. The report on
those accounts was unqualified and the auditor drew attention by
way of emphasis to the Company's going concern. Disclosure in the
annual financial statements for the year ended 30 November 2010
indicate a material uncertainty which may cast significant doubt on
the Company's ability to continue as a going concern and the annual
financial information for the year ended 30 November 2010 contained
in this interim report does not include the adjustments that would
result if the Company was unable to continue as a going
concern.
The financial information for the 6 months ended 31 May 2011 and
for the 6 months ended 31 May 2010 has not been audited. As
permitted, the Company has chosen not to adopt IAS 34 "Interim
Financial Statements" in preparing this interim financial
information.
3 Basis of Preparation of Financial Statements (continued)
b) Going concern
In considering the Company's ability to continue operations for
the foreseeable future, the Directors have considered the Company's
forecast operating cashflow for the period up to the end of May
2012 and the cashflow associated with the Company's properties over
periods appropriate to the development in each case.
In the view of the Directors the Company requires continued
financial support in order to continue as a going concern. These
interim financial statements have been prepared on a going concern
basis in view of the continued support being received from the
Company's lending bank Israel Discount Bank and from its
shareholders.
The support received from Israel Discount Bank takes the form of
facilities available subject to both specific and general
conditions. The current facility was made available on 7 December
2010 in the amount of GBP34.5 million.
Of this facility the loan element of GBP31.4 million is fully
drawn and the overdraft facility is to be utilised as follows:
-- GBP115,000 to satisfy the Section 106 Agreement at Manston
thereby allowing full planning permission to be granted. The
property valuation detailed in Note 5 stated that the granting of
full planning permission will increase the value of the Manston
property by GBP720,000.
-- GBP1,585,000 towards the cost of obtaining a master plan
covering Western Heights and Farthingloe. This master plan will
illustrate that the sites are suitable for residential development
and in line with a valuation prepared by Drivers Jonas Deloitte in
October 2010, prior to the granting of planning permission this
will increase the value of these properties to approximately
GBP16.97 million from their current stock value of GBP12.43
million.
-- GBP1,400,000 to fund the banks future interest costs.
The facility is repayable on demand however the bank have
confirmed that, subject to no breach of covenants, it is their
present intention to continue to make this facility available until
at least 30 November 2011.
The property valuations on Western Heights and Farthingloe
further show that the granting of planning permission for private
residential development on those sites will result in an increase
in the value of the land concerned to a figure of up to GBP35.8
million. The Directors consider that the facility provided to
prepare the master plan will be sufficient to allow the Company to
deal with all matters in relation to the relevant planning
applications.
IBD have indicated that should sufficient progress have been
achieved with regard to planning permission at both Dover and
Manston by 30 November 2011 they will give favourable consideration
to an extension of the existing facility to at least 31 May 2012
subject to continuing compliance with the conditions associated
with the facility. The Directors are confident in achieving such
progress.
The Directors have reviewed the relevant aspects of the
Company's forecasts and the potential position regarding the
Company's properties for the period to 31 May 2012 and consider
there should be no breaches of the covenants concerned. The
Directors believe that the Company will meet all of the specific
and general conditions associated with the facility going
forward.
Since the year ended 30 November 2010 the Company's shareholders
have invested further funds totalling GBP120,000 by way of private
placements.
3 Basis of Preparation of Financial Statements (continued)
b) Going concern (continued)
The shareholders have indicated that future requests for
additional investment to fund ongoing working capital for overhead
costs will be considered favourably subject to continuing bank
support and satisfactory progress on planning matters at both Dover
and Manston.
After making enquiries and considering the matters described
above, the Directors have a reasonable expectation that the Company
has adequate resources to continue in operational existence for the
foreseeable future. For these reasons they continue to adopt the
going concern basis in the preparation of the Interim Financial
Statements.
c) Standards and Interpretations in issue but not yet Effective
or not yet Endorsed
Amendments to IFRS 7 "Financial Instruments Disclosures" are
designed to help users of the financial statements evaluate the
risk exposures relating to transfers of financial assets and the
effect of those risks on an entity's financial position for annual
periods beginning on or after 1 January 2011. The expected impact
of these disclosures will be reviewed by management once endorsed
and where relevant the Company will apply the disclosures in their
Financial Statements in the future.
IFRS 9 "Financial Instruments" specifies how an entity should
classify and measure financial liabilities for annual periods
beginning on or after 1 January 2013. The expected impact of this
specification will be reviewed by management and where relevant the
Company will apply the requirements to their Financial Statements
in the future.
Amendments to IAS 12 "Income Taxes" introduce a presumption that
recovery of the carrying amount of an asset measured using the fair
value model in IAS 40 "Investment Property" will normally be
through sale for annual periods beginning on or after 1 January
2012. The expected impact of this amendment will be reviewed by
management once endorsed and where relevant the Company will apply
the requirements to their Financial Statements in the future.
Amendments to IFRS 1 "First-time Adoption of International
Financial Reporting Standards" replace references to a fixed date
of 1 January 2004 with "the date of transition to IFRSs", thus
eliminating the need for companies adopting IFRSs for the first
time to restate derecognition transactions that occurred before the
date of transition to IFRSs, and provide guidance on how an entity
should resume presenting financial statements in accordance with
IFRSs after a period when the entity was unable to comply with
IFRSs because its functional currency was subject to severe
hyperinflation. This amendment applies to annual periods beginning
on or after 1 July 2011. This is not expected to have an impact on
the Company's financial statements in the future.
"Improvements to IFRSs" are collections of amendments to IFRSs
resulting from the annual improvements project, a method of making
necessary, but non-urgent, amendments to IFRSs that will not be
included as part of another major project. These amendments have
various implementation dates and are not expected to have an impact
on the Company's financial statements in the future.
An amendment to IFRIC 14 "IAS 19 - The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their Interaction",
on prepayments of a minimum funding requirement, applies in the
limited circumstances when an entity is subject to minimum funding
requirements and makes an early payment of contributions to cover
those requirements. The amendment permits such an entity to treat
the benefit of such an early payment as an asset. This amendment
applies to annual periods beginning on or after 1 January 2011.
This is not expected to have an impact on the Company's financial
statements in the future.
4 Critical Accounting Estimates, Judgements and Assumptions
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectation
of future events that are believed to be reasonable under the
circumstances.
The Company makes estimates, judgements and assumptions
concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The
assumptions and judgements that have a significant risk of causing
a material adjustment to the carrying amounts of assets and
liabilities within the financial statements are detailed below:
a) Planning permission
The assumption that the Company can continue operating as a
going concern requires the eventual granting of planning permission
on all of the Company's properties.
With regard to Dover it is assumed that sufficient progress will
be achieved in relation to planning applications during the annual
period to 30 November 2011 so as to increase the value of the
properties and to allow both the Company's lending bank and its
shareholders to consider favourably the provision of further
support to the Company.
It is assumed with regard to Manston that following the
satisfaction of the requirements of the Section 106 Agreement the
existing resolution to grant will result in full planning
permission being granted. This will lead to an uplift in the value
of this property and will also allow the Company to recommence its
marketing efforts in relation to Manston.
b) Working capital and development finance
Note 10 to the Unaudited Interim Financial Statements details
the position with regard to the Company's banking facilities and
judgments made with regard to the going concern basis as detailed
on pages 10 and 11 to the Unaudited Interim Financial
Statements.
As explained in note 10 subject to other bank covenants not
being breached, the Company's principal bankers have agreed to make
the facility available until 30 November 2011. In addition the bank
has indicated a willingness to consider an extension of this period
to at least 31 May 2012. It is assumed that covenants will not be
breached and that the Company's banking facilities will be
available until at least 31 May 2012.
It is further assumed that additional funds will be made
available from private share placements to provide the ongoing
working capital requirement in respect of overhead costs of the
Company.
Should these assumptions prove to be incorrect the Company will
need to investigate alternative sources of funding to enable it to
continue operations.
It is the Directors' belief that their continued good
relationship with the Company's lending bank and with its major
shareholders will enable the working capital requirement to be met
until such time as significant progress has been made in relation
to planning permission on the Company properties.
4 Critical Accounting Estimates, Judgements and Assumptions
(continued)
c) Deferred tax asset
Included in the statement of financial position is a deferred
tax asset of GBP1.109 million. This relates to tax losses
recognized to the extent that there will be future taxable profits
against which the losses can be utilized. In recognising this
deferred tax asset the Company is assuming that such future profits
will arise. The creation of such profits from its main activities
is the Company's primary objective and the Directors are confident
that the objective will be achieved. The recognition of the
deferred tax asset has been based on the Directors' expectation
that the disposal of the Dover Properties will result in a taxable
profit. Should this assumption prove to be incorrect then the
deferred tax asset would be written down to nil.
d) General economic uncertainty
In preparing the Unaudited Interim Financial Statements and in
planning for the future development of the Company's trading
activities the Directors have had to make judgments regarding
general economic conditions and the uncertainties arising from the
worldwide recession. The Directors have actively discussed these
issues with senior business and political figures both locally and
nationally in the UK and in China and are of the opinion that the
Company's Dover development and Manston project are well placed to
benefit from any subsequent upturn in the local, national and
global economies.
5 Investment Property
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Beginning of period 3,490 55,900 55,900
Additions 62 327 2,452
Fair value losses (62) (327) (54,862)
--------------------------------- --------------------------------- ---------------------------------
End of period 3,490 55,900 3,490
============================ ============================ ====--===========================
The Company's land and buildings were revalued as at 7 October
2010 by Drivers Jonas Deloitte, Property Consultants.
The valuation represents the market value of the freehold
interest of the land at Manston Business Park, in its present
condition with the benefit of any current leases and planning
permission.
Total bank borrowings of GBP33,042,666 (2010 - GBP31,402,885)
are secured by way of a legal charge against the investment
property as noted above.
6 Properties Intended for Sale
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Beginning
of the
period 12,309 4,970 4,970
Additions 180 - 709
Disposals - (4,970) -
Write back - - 6,630
Fair value
losses (55) - -
--------------------------------- --------------------------------- ---------------------------------
End of
period 12,434 - 12,309
============================ ============================ ======--===========================
Part of the bank borrowings of GBP33,042,666 (2010 -
GBP31,402,885) are secured by way of a legal charge against the
properties intended for sale as noted above.
The increase in the value of these properties reflects them at
the lower of cost and net realisable value having regard to the
potential future realisable value supported by the Drivers Jonas
Deloitte valuation of 7 October 2010.
7 Trade and Other Receivables
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Trade receivables 1 1 2
Prepayments 13 6 10
VAT recoverable 17 20 12
Other receivables 12 4,526 13
--------------------------------- --------------------------------- ---------------------------------
43 4,553 37
============================ ============================ ======--===========================
8 Called-Up Share Capital
Authorised
Unaudited Unaudited Audited
31 May
31 May 11 10 30 Nov 10
GBP'000 GBP'000 GBP'000
50,000,000 Ordinary shares of GBP0.01 500 500 500
============================ ============================ =====--===========================
Allocated
Number of Ordinary but not Share
shares shares allotted premium Total
000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
December 2009 21,000 210 148 15,065 15,423
Shares issued 3,931 39 (148) 434 325
--------------------------------- --------------------------------- --------------------------------- --------------------------- ---------------------------------
As at 30 November
2010 24,931 249 - 15,499 15,748
(audited)
Shares issued 960 10 - 110 120
--------------------------------- --------------------------------- --------------------------------- --------------------------- ---------------------------------
As at 31 May 2011 25,891 259 - 15,609 15,868
(unaudited)
============================---------- ============================ ============================ =========================== ============================
During the 6 months to 31 May 2011 960,000,000 shares were
issued for GBP120,000 to fund working capital requirements.
9 Trade and Other Payables
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Trade payables 204 132 191
Other payables 25 2 2
Social security and other taxes 12 5 11
Accrued expenses 798 723 738
--------------------------------- --------------------------------- ---------------------------------
1,039 862 942
============================ ============================ =====--===========================
All the trade and other payables are due within one year.
10 Borrowings
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Bank overdrafts 1,645 16 1,006
Interest bearing loan and
borrowings 31,400 31,403 31,400
--------------------------------- --------------------------------- ---------------------------------
33,045 31,419 32,406
============================ ============================ =====--===========================
Bank borrowings are repayable on demand. However the bank has
indicated their intention to make the facility available until 30
November 2011. The borrowings to 31 May 2011 carried interest at
LIBOR plus 3%.
Bank borrowings of GBP33,042,666 (2010 - GBP31,402,885) are
secured by way of a legal charge against the investment property
and properties intended for sale.
The fair value of the borrowings is as stated above.
11 Finance Costs
Unaudited Unaudited Audited
31 May
11 31 May 10 30 Nov 10
GBP'000 GBP'000 GBP'000
Interest expense on bank
borrowings 365 359 765
Bank fee - - 1,335
--------------------------------- --------------------------------- ---------------------------------
365 359 2,100
============================ ============================ ===--===========================
12 Loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Basic
Unaudited Unaudited Audited
31 May 11 31 May 10 30 Nov 10
Loss
attributable
to equity
holders of
the Company GBP(610,481) GBP(941,954) GBP(44,428,000)
============================ ============================ ============================--
Weighted
average
number of
ordinary
shares in
issue 24,962,181 23,381,255 24,085,948
============================ ============================--
Basic loss
per share
(pence per
share) (2.45)p (4.03)p (184.46)p
============================ ============================ ============================--
12 Loss per share (continued)
Diluted
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares.
There were no dilutive potential ordinary shares in issue during
the current or prior periods.
The diluted loss per share therefore becomes the basic loss per
share as noted above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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