TIDMNSCI
RNS Number : 9405Z
NetScientific PLC
24 September 2020
NetScientific plc
("NetScientific" or the "Company" or the "Group")
Interim Results for the six months ended 30 June 2020
London, UK - 24 September 2020: NetScientific Plc (AIM: NSCI),
today announces its interim results for the six months ended 30
June 2020. NetScientific is concentrating its strategy and
commercial management on life sciences and technology companies,
leveraging trans-Atlantic relationships and global opportunities to
deliver shareholder value.
Highlights
o Strategy review completed, showing strong underlying asset
value and significant potential.
o Post period end, successful all paper acquisition of EMV
Capital expanded the NSCI portfolio to 15 companies with additional
resources and capabilities strengthening the basis for future
growth.
o New and existing shareholders subscribed GBP2.3m in a
placing.
o New Chairman, CEO, CFO with pro-active management team in
place for 2020.
o COVID-19 has had some short-term impact on revenue in ProAxsis
and clinical trials timing for PDS and Glycotest, but the impact
has been limited by Government support and management actions.
Also, NetScientific and several of its portfolio companies are
seeing new sustainable opportunities in healthcare.
o Reduced loss after tax of GBP1,277k (H1 2019: loss GBP3,509k)
reflecting improved trading and cost control by the portfolio
companies.
o Group cash resources at 30 June 2020 of GBP1,933k (H1 2019:
GBP2,502k; H2 2019: GBP3,453k) and Group cash resources at 31
August 2020 were GBP3,077k and of this Plc cash stands at
GBP1,571k.
Portfolio Highlights
ProAxsis
-- Cumulative revenue to March 2020 pre COVID-19 pandemic was
ahead of budget and prior year continuing the trend from 2019.
-- Short term COVID-19 impact on revenue in first half, but
mitigated by support schemes and grant funded developments, and now
progressing significant opportunities. Four grants won in the first
half of the year worth a total of GBP430k.
-- Agreed and signed heads of terms and in advanced negotiations
to buy out Qubis and the founders, after which NetScientific will
hold 95% of ProAxsis' fully diluted share capital increased from
54.0%.
-- Increased investment in infrastructure and production capacity to deliver future growth.
Glycotest
-- Review and Increased focus by new NetScientific team on the
business and operational performance has produced substantial cost
savings, more effective management and improved efficiency.
-- Implemented cash preservation plan during March 2020 as all
sites halted clinical trials due to COVID-19 pandemic.
-- Good progress made to date on the clinical trial, with most
sites now reopen and the COVID-related delay now caught-up.
-- Larry Cohen CEO announced planned retirement during H1 2020
after five years of service. Charles Swindell COO has taken over
the running of the business.
-- Dr. Ilian Iliev joined the Board (taking over from Ian
Postlethwaite, formerly a Director of the Company).
-- NetScientific holds approximately 51.5% of Glycotest's fully
diluted share capital. Shanghai Fosun Pharmaceutical Co., Limited,
currently owns 28.6%, which upon receipt of Tranches 3 and 4 will
increase to 40.0%.
PDS Biotechnology
-- In the first half of the year due to COVID-19, PDS suffered
delays in its clinical program. However, since then the Company has
made significant progress across both its immuno-oncology and
infectious disease programs, including the launch of two phase 2
clinical trials, with the National Cancer Institute and the MD
Anderson Cancer Center, and a COVID-19 vaccine program.
-- Strong market interest allowed the company to raise $ 32m
during 2020 in two funding rounds in volatile market conditions,
positioning the company well for execution of its business
plan.
-- NetScientific participated in both rounds to a total of
GBP1.0m, protecting its stake and providing crucial anchor support
for PDS.
-- NetScientific now holds approximately 5.76% of PDS's fully
diluted share capital and Dr. Ilian Iliev was appointed to the
Board of PDS.
Venture Portfolio
-- 23 January 2020 Epibone, Inc. raised a $8.0 million series
seed round, at which point NetScientific converted a convertible
loan note of $250k plus interest into an equity investment valued
at $417k/GBP337k. NetScientific holds 0.8% of Epibone's fully
diluted share capital.
-- 21 May 2020 G-Tech Medical, Inc. raised $6.7 million series A
financing round led by DigiTx Partners, at which point
NetScientific converted a previously fully impaired convertible
loan of $250k plus interest into an equity investment and
convertibles valued in total at $532k/GBP431k. NetScientific holds
3.8% of G-Tech's fully diluted share capital.
-- We are continuing to explore opportunities with other Venture Portfolio companies.
EMV Capital portfolio
-- Through the acquisition of EMV Capital, NetScientific has
expanded its portfolio by a further 8 companies where EMV Capital
has a carried interest.
-- As set out in the Circular, EMV Capital acquired the following portfolio:
Portfolio Sector and description (further Carried interest Capital
company detail set out below) arrangements Under Advisory
(CIA) or profits
share (PS)
with investors
Sofant Technologies Semiconductors-Satellite and 17-20% (CIA) GBP2.3m
Ltd 5G wireless communications
------------------------------------------- ------------------- ----------------
Q-Bot Limited Building automation-Robotics 10-20% (CIA) GBP2.0m
& artificial intelligence
("AI")
------------------------------------------- ------------------- ----------------
SageTech Chemistry & medical technology-Halocarbon 20% (CIA) Confidential
Medical Equipment capture
Limited
------------------------------------------- ------------------- ----------------
Nanotech
Industrial
Solutions,
Inc. Material science and chemistry 15% (CIA) $1.0m
------------------------------------------- ------------------- ----------------
PointGrab, Building automation-Robotics 15% (CIA) GBP3.3m
Inc. & AI
------------------------------------------- ------------------- ----------------
Wanda Health, AI & medical technology-Digital
Inc. health platform 20% (PS) $1.4m
------------------------------------------- ------------------- ----------------
Vortex Biosciences, Medical technology-Oncology
Inc. diagnostics 20% (PS) $3.4m
------------------------------------------- ------------------- ----------------
Insight Photonic Semiconductors-Akinetic Swept 20% (PS) Warrants
Solutions, Source Laser for $1.25m
Inc.
------------------------------------------- ------------------- ----------------
-- These portfolio companies provide NetScientific with a more
diversified range of opportunities, additional revenue and capital
returns.
-- On 12 August 2020 led by EMV Capital, Sofant Technologies
Limited secured GBP2.3m in an oversubscribed funding round. This
transaction increases assets under advisory by EMV Capital in
Sofant by a further GBP1.6m.
Ilian Iliev, CEO of NetScientific, said:
"The half-year results show continued progress in
NetScientific's operational and portfolio performance. Together
with the acquisition of EMV Capital and the GBP2.3m placing,
NetScientific now has a broader portfolio, increased opportunities,
and enhanced capabilities, so the company is well positioned to
increase shareholder value and to deliver continued growth."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland Ltd (NOMAD Financial
Adviser and broker)
Chris Fielding / Darshan Patel Tel: +44 (0)20 7220 1666
MO PR ADVISORY (Press Contact)
Mo Noonan Tel: +44 (0)78 7644 4977
mo@mopradvisory.com
About NetScientific Plc
NetScientific is a life sciences and technology company,
leveraging the trans-Atlantic relationships and global
opportunities to deliver shareholder value.
For more information, please visit the website at
www.netscientific.net
JOINT CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2020
JOINT CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REVIEW
Following a challenging period, including Board changes, the
current directors of the company undertook a strategic review of
the group and its portfolio. As a result, NetScientific is
concentrating its strategy and commercial management on life
sciences and technology companies, leveraging the trans-Atlantic
relationships and global opportunities to deliver shareholder
value.
The Directors concluded that there is a strong underlying asset
value, with significant potential to enhance Shareholder value in
each of the portfolio companies by changing from the previous more
passive approach to a more proactive management of the portfolio.
This involves a greater focus on execution, improved controls and
more efficient procedures, combined with judicious investment by
the Company. Where possible this balance sheet investment is
supplemented by external funding, utilising "soft money" such as
grants, tax credits and collaborations, and where available
non-dilutive debt to leverage third-party equity.
This revised strategy, in the opinion of the Directors, protects
the Company and shareholder value, mitigates risks and allows the
portfolio companies to work though the current impact on markets
and in certain cases take advantage of the new opportunities
arising from COVID-19.
The acquisition of EMV Capital in August provides NetScientific
with additional capabilities and resources to implement this
strategy. The Directors believe that as a result the Group benefits
from a larger portfolio with varying time horizons and stages of
development , and a broader base than the previous healthcare
portfolio. In addition, following NetScientific's earlier focus on
minimising costs and overheads, after the placing and acquisition
of EMVC, the company has greater expertise and resource, to
implement the new strategy.
COVID-19
On 30 January 2020 the World Health Organisation declared that
coronavirus disease 2019 "COVID-19" outbreak was a global health
emergency. As a result, the Group and portfolio companies did
experience disruption to operations due to COVID-19. pandemic.
Inevitably it had some short-term impact, with a decrease in
revenue, tighter cash flow and delays to clinical trials, but this
was limited by Government support, successful grant awards and
management actions. The effect is reflected in the consolidated
financial statements for the six months ended 30 June 2020.
The carrying value of the Group assets have been assessed in
light of the COVID-19 pandemic and the long-term impacts that this
will have on the investments of the Group. Overall, we believe that
the Healthcare sector is in a strong position and it was not seen
as necessary to impair the carrying value of any assets further. We
are closely monitoring and managing the events, and will take
further actions if required, as the situation continues to evolve.
Cash planning and management is in place for all businesses, which
have been stress tested based on a number of scenarios. Importantly
as a result of the pandemic, NetScientific and several of its
portfolio companies are seeing new sustainable opportunities,
offering significant potential for future growth.
Finance
For the period, the Group made a loss of GBP1,277k (H1 2019:
GBP3,509k), split between continuing and discontinued operations as
follows:
- Continuing operations GBP1,277k (H1 2019: GBP2,192k)
- Discontinued operations GBPNil (H1 2018: GBP1,317k)
Trading to the end of Feb 2020 was ahead of prior year by 153%
for the same period and in line with budget, but the half year
revenue is slightly lower at GBP136k (H1 2019: GBP158k) due to the
impact of COVID-19
Other operating income of GBP568k (H1 2019: GBP15k) relates to
the change in fair value of financial assets classified as "fair
value through profit and loss" (FVTPL) on conversion of convertible
loan notes in Epibone and G-Tech of GBP485k (H1 2019: GBPNil),
writeback of estimated credit losses on trade receivables of GBP56k
and ProAxsis grant income of GBP26k (H1 2019: GBP15k).
Research and development costs of GBP736k (H1 2019: GBP859k)
were lower in the first half as Glycotest slowed on clinical trials
and the initiation of its development program during Q2 2020.
Selling and administrative costs of GBP1,044k (H1 2019:
GBP1,326k) were lower due to central office cost savings.
Included in other costs are merger and acquisition costs of
GBP198k (H1 2019: GBP160k) for transaction fees incurred on the
acquisition of EMV Capital. Also included are share option costs of
GBP9k (H1 2019: GBP35k).
The Group ended the period with net assets of GBP4,110k a
decrease from the position at 31 December 2019 of GBP5,105k. This
is explained by the loss in the period of GBP1,277k, offset by the
positive movement in the equity investment reserve of GBP130k.
Cash at 30 June 2020 was GBP1,933k (H1 2019: GBP2,502k). Cash
used in operations during the period was GBP1,179k (H1 2019:
GBP3,109k). Post placing group cash resources at 31 August 2020
were GBP3,077k and Plc cash was GBP1,571k.
Equity investments held for sale and derivative financial
instruments were fair valued and stood at GBP2,874k on 30 June 2020
(H1 2019: GBP3,192k). A decrease in value of GBP318k relates
predominately to PDS Biotechnology, quoted on Nasdaq Capital
Markets under the ticker "PDSB", a trade investment measured at
fair value.
CytoVale, is not quoted on an active market and fair value has
been established using inputs other than quoted prices that are
observable; i.e. the price from in an investment by a third party
in December 2019.
Post the 30 June 2020 balance sheet date, Netscientific raised
GBP2.3m in a placing (GBP2.0m net of costs). The funds are being
used as follows:
o Protect and enhance position in portfolio companies
o Judicious investment in expanded opportunities
o Leverage NSCI funding to anchor investment syndication
o Expand/Add revenue, market & value
o Cash runway and contingency
o Positioning for further growth
Board changes
On the 31 March 2020, Sir Richard Sykes retired from the Board
following nine years as Chairman. John Clarkson took over as the
Chairman of the Board on 1 April 2020.
In addition, Ian Postlethwaite resigned from the Board on 30
April 2020 after four years of service. Effective 1 May 2020 Dr.
Ilian Iliev, previously Non-Executive Director, became an Executive
Director and CEO.
Summary and Outlook
Following the challenges experienced during the first half of
2020, the Group's is now making good progress. The Board believes
that the portfolio companies continue to hold great potential,
which the Directors intend to unlock for the benefit of
shareholders.
To maximise the benefits of the acquisition of EMV Capital and
the successful placing, the Directors are implementing plans for a
smooth integration of the two businesses and pursuing a more
pro-active commercial management of the enlarged portfolio, in
accordance with the strategic plan.
In the opinion of the Directors, the combination of
NetScientific and EMV Capital has the potential to deliver
shareholder value, firstly, by maximising returns from existing
portfolio companies through focused execution and thereafter
through further targeted investments in existing and new
opportunities.
John Clarkson Ilian Iliev
Non-Executive Director and Chairman Chief Executive Officer
24 September 2020 24 September 2019
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2020
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2019
Notes 2020 2019 GBP000's
GBP000's GBP000's
Revenue 3 136 158 735
Cost of sales (4) (14) (117)
--------------------------------------- -------- ------------ ------------ -------------
Gross profit 132 144 618
Other operating income 568 15 76
Research and development costs (736) (859) (1,979)
Selling, general and administrative
costs (1,044) (1,326) (2,079)
Other costs 4 (207) (195) (269)
Loss from operations (1,287) (2,221) (3,633)
Finance income 1 10 21
Finance expense (21) (12) (22)
Loss before taxation (1,307) (2,223) (3,634)
Income Tax 30 31 88
--------------------------------------- -------- ------------ ------------ -------------
Loss for the period from continuing
operations (1,277) (2,192) (3,546)
--------------------------------------- -------- ------------ ------------ -------------
Discontinued Operations
Loss for the period from discontinued
operations 7 - (1,317) (1,326)
--------------------------------------- -------- ------------ ------------ -------------
Total loss for the period (1,277) (3,509) (4,872)
--------------------------------------- -------- ------------ ------------ -------------
Loss attributable to:
Owners of the parent 5 (864) (3,134) (4,491)
Non-controlling interests (413) (375) (381)
--------------------------------------- -------- ------------ ------------ -------------
(1,277) (3,509) (4,872)
--------------------------------------- -------- ------------ ------------ -------------
Basic and diluted loss per share
attributable to owners of the parent
during the period: 5
Continuing operations (1.1p) (2.4p) (4.3p)
Discontinued operation - (1.4p) (1.4p)
--------------------------------------- -------- ------------ ------------ ---------------
Total loss for the period (1.1p) (3.8p) (5.7p)
The notes form part of these financial information
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2019
Notes 2020 2019 GBP000's
GBP000's GBP000's
Loss for the period (1,277) (3,509) (4,872)
Items that may be subsequently reclassified
to profit or loss in subsequent
periods:
Exchange differences on translation
of foreign operations 143 (228) (56)
Change in fair value of investments
classified as fair value through
other comprehensive income 130 118 (1,340)
Total comprehensive loss for the
period (1,004) (3,619) (6,268)
-------------------------------------------------------- ------------ ------------ -------------
Attributable to:
Owners of the parent (633) (3,306) (5,891)
Non-controlling interests (371) (313) (377)
---------------------------- ---------- ---------- ----------
(1,004) (3,619) (6,268)
--------------------------- ---------- ---------- ----------
The notes form part of these financial information
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
Unaudited Unaudited Audited
30 June 30 June 31 December
2020 2019 2019
Notes GBP000's GBP000's GBP000's
---------------------------------------- -------- ---------- ---------- -------------
Assets
Non-current assets
Property, plant and equipment 128 150 128
Right-of-use assets 6 205 237 221
Equity investments classified as
FVTOCI* 9 2,784 2,925 1,468
Derivative financial assets classified
as FVTPL** 10 90 267 262
Total non-current assets 3,207 3,579 2,079
---------------------------------------- -------- ---------- ---------- -------------
Current assets
Inventories 51 51 30
Trade and other receivables 266 437 603
Cash and cash equivalents 1,933 2,502 3,453
---------------------------------------- -------- ---------- ---------- -------------
Total current assets 2,250 2,990 4,086
---------------------------------------- -------- ---------- ---------- -------------
Total assets 5,457 6,569 6,165
---------------------------------------- -------- ---------- ---------- -------------
Liabilities
Current liabilities
Trade and other payables (886) (434) (623)
Lease liabilities (31) (29) (30)
Loans and borrowings (150) (147) (163)
---------------------------------------- -------- ---------- ---------- -------------
Total current liabilities (1,067) (610) (816)
---------------------------------------- -------- ---------- ---------- -------------
Non-current liabilities
Lease liabilities (180) (211) (194)
Loans and borrowings (100) (60) (50)
Total non-current liabilities (280) (271) (244)
---------------------------------------- -------- ---------- ---------- -------------
Total liabilities (1,347) (881) (1,060)
---------------------------------------- -------- ---------- ---------- -------------
Net assets 4,110 5,688 5,105
---------------------------------------- -------- ---------- ---------- -------------
Issued capital and reserves
Attributable to the parent
Called up share capital 11 3,928 3,928 3,928
Share premium account 58,006 58,006 58,006
Capital reserve account 237 237 237
Equity investment reserve (1,278) 50 (1,408)
Foreign exchange and capital reserve 1,485 1,154 1,384
Retained earnings (57,536) (56,805) (56,681)
---------------------------------------- -------- ---------- ---------- -------------
Equity attributable to the owners
of the parent 4,842 6,570 5,466
Non-controlling interests 8 (732) (882) (361)
---------------------------------------- -------- ---------- ---------- -------------
Total equity 4,110 5,688 5,105
---------------------------------------- -------- ---------- ---------- -------------
* Fair value through other comprehensive income
** Fair value through profit and loss
The notes
form part
of these financial
information
CONSOLIDATED
STATEMENT
OF CHANGES
IN EQUITY
FOR THE SIX
MONTHSED
30 JUNE 2020
Shareholders' equity
Foreign
exchange
Equity and
Share Share Capital investment Retained capital Non-controlling Total
capital premium reserve reserve earnings reserve Total interests equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
1 January
2019 3,452 53,839 237 (68) (51,442) 1,444 12,105 (5,935) 6,170
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Loss for the
period - - - - (3,134) - (3,134) (375) (3,509)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - (290) (290) 62 (228)
Change in
fair value
during the
period - - - 118 - - 118 - 118
Total
comprehensive
income - - - 118 (3,134) (290) (3,306) (313) (3,619)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Decrease in
subsidiary
shareholding - - - - 1,205 - 1,205 1,092 2,297
Disposal of
subsidiaries - - - - (3,469) - (3,469) 4,274 805
Share-based
payments - - - - 35 - 35 - 35
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
30 June 2019 3,928 58,006 237 50 (56,805) 1,154 6,570 (882) 5,688
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Loss for the
period - - - - (1,357) - (1,357) (6) (1,363)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - 230 230 (58) 172
Change in
fair value
during the
period - - - (1,458) - - (1,458) - (1,458)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Total
comprehensive
income - - - (1,458) - 230 (2,585) (64) (2,649)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Decrease in
subsidiary
shareholding - - - - 1,463 - 1,463 585 2,048
Share-based
payments - - - - 18 - 18 - 18
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
31 December
2019 3,928 58,006 237 (1,408) (56,681) 1,384 5,466 (361) 5,105
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Loss for the
period - - - - (864) - (864) (413) (1,277)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - 101 101 42 143
Change in
fair value
during the
period - - - 130 - - 130 - 130
Total
comprehensive
income - - - 130 (864) 101 (633) (371) (1,004)
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
Share-based
payments - - - - 9 - 9 - 9
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
30 June 2020 3,928 58,006 237 (1,278) (57,536) 1,485 4,842 (732) 4,110
--------------- --------- --------- --------- ----------- --------- --------- ---------- ---------------- ---------
CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE SIX MONTHSED 30 JUNE
2020
-------------------------------------------- ------ ------------ ------------ -------------
Notes Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2019
2020 2019 GBP000's
GBP000's GBP000's
-------------------------------------------- ------ ------------ ------------ -------------
Cash flows from operating activities
Loss after income tax (1,277) (3,509) (4,872)
Adjustments for:
Depreciation of property, plant
and equipment 21 21 42
Depreciation of right to use assets 16 16 32
Estimated credit losses on trade
receivables (56) - 56
Loss on disposal of property, plant
and equipment - - 4
Loss on disposal of subsidiaries 7 - 703 703
Change in fair value of financial (485) - -
assets classified as FVTPL
Share-based payments 9 35 53
Foreign exchange (loss) / gain (6) (213) 23
Finance income (1) (10) (21)
Finance costs 13 12 22
Income Tax (30) (31) (88)
(1,796) (2,976) (4,046)
Changes in working capital
(Increase)/decrease in inventories (21) (14) 7
(Increase)/decrease in trade and
other receivables 427 110 (130)
Increase / (decrease) in trade and
other payables 211 (229) (26)
Cash used in operations (1,179) (3,109) (4,195)
-------------------------------------------- ------ ------------ ------------ -------------
Income tax received - - 72
-------------------------------------------- ------ ------------ ------------ -------------
Net cash used in operating activities (1,179) (3,109) (4,123)
-------------------------------------------- ------ ------------ ------------ -------------
Cash flows from investing activities
Disposal of discontinued operations,
net of cash disposed of - 34 34
Purchase of property, plant and
equipment (21) (3) (6)
Purchase of available for sale investments (503) - -
Interest received 1 3 7
Net cash from / (used in) investing
activities (523) 34 35
-------------------------------------------- ------ ------------ ------------ -------------
Cash flows from financing activities
Proceeds received on change in stake
in subsidiary - 2,297 4,345
Lease payments (10) (19) (38)
Proceeds of loan 50 - -
Net cash from financing activities 40 2,278 4,307
-------------------------------------------- ------ ------------ ------------ -------------
Increase / (decrease) in cash and
cash equivalents (1,662) (797) 219
Cash and cash equivalents at beginning
of the period 3,453 3,316 3,316
Exchange differences on cash and
cash equivalents 142 (17) (82)
----------------------------------------- -------- -------- --------
Cash and cash equivalents at end
of the period 1,933 2,502 3,453
----------------------------------------- -------- -------- --------
COMPANY INFORMATION
1. ACCOUNTING POLICIES
Basis of preparation
The interim financial information, which is unaudited, has been
prepared on the basis of the accounting policies expected to apply
for the financial year to 31 December 2020 and in accordance with
recognition and measurement principles of International Financial
Reporting Standards (IFRSs) as endorsed by the European Union.
The financial information for the period ended 30 June 2020 does
not constitute the full statutory accounts for that period. The
Annual Report and Financial Statements for the year ended 31
December 2019 have been filed with the Registrar of Companies. The
Independent Auditor's Report on the Report and Financial Statements
for the year ended 31 December 2019 was unqualified and did not
contain a statement under sections 498(2) or 498(3) of the
Companies Act 2006.
The 2019 Annual Report audit report did draw attention to the
material uncertainty relating to going concern as follows:
The group is loss generating and is reliant upon fundraising and
cost savings in order to obtain the resources necessary to
continue. The Going concern status of the group is dependent on
meeting its forecast including generating revenues, receiving
planned payments from third parties and achieving planned cost
savings. In the event the group is unable to meet its forecasts it
will need to raise further finance. These events or conditions
indicate that a material uncertainty exists that may cast
significant doubt on the group and the company's ability to
continue as a going concern.
These events or conditions, along with other matters as set out
in note 2 of the 2019 Annual Report, indicate that a material
uncertainty exists which may cast significant doubt over the
Group's ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
Because of the judgements involved, we have determined going
concern to be a key audit matter. We have obtained and reviewed the
latest cash flow forecasts prepared by management to check the
group has adequate financial resources to continue as a going
concern for at least 12 months from the date of this report. Our
work on this included checking that the assumptions used in the
cashflows were in line with our knowledge of the business, and
incorporated management's cash saving initiatives as well as the
progress of their funding options and investment strategy moving
forward. We also considered the accuracy of management's
forecasting in light of previous results.
As each of the remaining significant investments are
self-sustaining, we have looked at the forecast cash flows of each
entity individually to check that they would not have an adverse
effect on the cash flow of the group as a whole, and we have
vouched key items in these forecasts to supporting
documentation.
1. ACCOUNTING POLICIES (continued)
Going Concern
The Group is subject to a number of risks that are
characteristic of IP commercialisation and early-stage life
sciences and technology companies due to the nature of the
industry. These risks include, amongst others, uncertainties
inherent to R&D, trials, and regulatory approvals of pipeline
assets.
The Group has historically experienced net losses and
significant cash outflows from cash used in operating activities,
which reflect the development and early commercialisation stage of
the portfolio. As at 30 June 2020, the Group had total equity of
GBP4,110k (H1 2019: GBP5,688k), which included an accumulated
deficit of GBP57,536k (H1 2019: GBP56,805k). The Group incurred a
net loss for the six months 30 June 2020 of GBP1,277k (H1 2019:
GBP3,509k), used cash in operating activities of GBP1,179k (H1
2019: GBP3,109k) for the same period. As at 30 June 2020, the Group
had cash and cash equivalents of GBP1,933k (H1 2019:
GBP2,502k).
The Group has reviewed the major budgeted assumptions and
sensitivities in light of Covid-19 and drawn up cash preservation
plans in case revenue does not continue as planned, or it faces
delays in planned payments from third parties. It has initiated
further cost saving plans across the Group and delayed expenditure
where possible, until there is more clarity on the financial impact
of the pandemic. In some cases, the crisis restrictions will delay
trials and programs, which will defer expenditure and thus extend
the cash runway. Also, there may be opportunities to take advantage
of the financial support measures and divert resources to support
the Covid-19 effort and generate new revenue streams, further
ensuring the Group has options and cash for at least the next
twelve months.
The Going concern status of the group is dependent on meeting
its forecast including generating revenues, receiving planned
payments from third parties and achieving planned cost savings.
Post balance date the Group has raised GBP2.3m by way of a public
offering (GBP2.0m net of costs). This gives cash out to 2022.
Currently Plc cash stands at GBP1,571k as at 31 August 2020.
The financial statements do not include any adjustments that
would be necessary if the group or company was unable to continue
as a going concern.
1. ACCOUNTING POLICIES (continued)
Change in accounting policies
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 2019 annual financial statements, except for amendments to
IFRS 16: COVID-19 Related Rent Concessions, which were adopted on 1
June 2020.
Details of the impact this amendment has had are given below.
Other new and amended standards and Interpretations issued by the
IASB that will apply for the first time in the next annual
financial statements are not expected to impact the Group as they
are either not relevant to the Group's activities or require
accounting which is consistent with the Group's current accounting
policies.
Amendments to IFRS 16: COVID-19-Related Rent Concessions
Effective 1 June 2020, IFRS 16 was amended to provide a
practical expedient for lessees accounting for rent concessions
that arise as a direct consequence of the COVID-19 pandemic and
satisfy the following criteria:
(a) The change in lease payments results in revised
consideration for the lease that is substantially the same as, or
less than, the consideration for the lease immediately preceding
the change;
(b) The reduction is lease payments affects only payments
originally due on or before 30 June 2021; and
(c) There are is no substantive change to other terms and conditions of the lease.
Rent concessions that satisfy these criteria may be accounted
for in accordance with the practical expedient, which means the
lessee does not need to assess whether the rent concession meets
the definition of a lease modification. Lessees apply other
requirements in IFRS 16 in accounting for the concession.
The Group has elected to utilise the practical expedient for all
rent concessions that meet the criteria. The practical expedient
has been applied retrospectively, meaning it has been applied to
all rent concessions that satisfy the criteria, which in the case
of ProAxsis, occurred from March 2020 to June 2020.
Accounting for the rent concessions as lease modifications would
have resulted in the Group remeasuring the lease liability to
reflect the revised consideration using a revised discount rate,
with the effect of the change in the lease liability recorded
against the right-of-use asset. By applying the practical
expedient, The Group is not required to determine a revised
discount rate and the effect of the change in the lease liability
is reflected in profit or loss in the period in which the event or
condition that triggers the rent concession occurs. The effect of
applying the practical expedient is disclosed in Note 6.
2. SEGMENTAL REPORTING
An operating segment is a component of the group that engages in
business activities from which it may earn revenues and incur
expenses, for which separate financial information is available and
whose operating results are evaluated by the Chief Operating
Decision Maker to assess performance and determine the allocation
of resources. The Chief Operating Decision Maker has been
identified as the Board of Directors.
The Directors are of the opinion that, whilst each subsidiary
(the operations of which are described in the Joint Chairman's and
Chief Executive Officer's Report) meets the definition of an
operating segment, they can be aggregated into one single
reportable segment as they share similar economic characteristics.
Each subsidiary is engaged in the development of intellectual
property and are largely pre-revenue. The Board of Directors assess
the performance of the operating segment using financial
information which is measured and presented in a manner consistent
with that in the financial statements.
3. REVENUE
Revenue from contracts with customers
30 June 2020 Delivered Goods Service Fee's Total
GBP000's GBP000's GBP000's
---------------- ---------------- -------------- ----------
United Kingdom 114 22 136
114 22 136
---------------- ---------------- -------------- ----------
30 June 2019 Delivered Goods Service Fee's Total
GBP000's GBP000's GBP000's
---------------- ---------------- -------------- ----------
United Kingdom 154 4 158
154 4 158
---------------- ---------------- -------------- ----------
4. MERGER AND ACQUISITION COSTS
Within other costs is merger and acquisition costs, where the
group has incurred transaction fees of GBP198k (H1 2019: GBP160k)
payable to lawyers and brokers for the acquisition of EMV Capital,
which completed 25 August 2020.
5. LOSS PER SHARE
The basic and diluted loss per share is calculated by dividing
the loss for the financial period by the weighted average number of
ordinary shares in issue during the period. Potential ordinary
shares from outstanding options at 30 June 2020 of 3,605,984 (30
June 2019: 3,475,984; 31 December 2019: 3,475,984) are not treated
as dilutive as the group is loss making.
Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000's GBP000's GBP000's
------------------------------------------- ------------ ------------ --------------
Loss attributable to equity holders
of the Company
Continuing operations (864) (2,061) (3,409)
Discontinued operations - (1,073) (1,082)
------------ ------------ --------------
Total Loss attributable to equity holders
of the Company (864) (3,134) (4,491)
------------ ------------ --------------
Number of shares
Weighted average number of ordinary
shares in issue 78,561,866 78,561,866 78,561,866
6. IFRS 16 LEASES
The table below shows the impact due to IFRS 16 and the initial
effect on the balance sheet as at 1 January 2019.
Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000's GBP000's GBP000's
----------------------------------- ------------ ------------ --------------
Right-of-use asset
Opening balance 221 253 253
Less:
Depreciation during the period (47) (16) (32)
------------ ------------ --------------
Balance at end of period 237 237 221
------------ ------------ --------------
Lease Liability
Opening balance (224) (253) (253)
Add:
Payments 19 19 38
Less:
Interest charge during the period (6) (6) (9)
Balance at end of period (211) (240) (224)
------------ ------------ --------------
Split as follows:
Current Liability (31) (29) (30)
Long Term Liability (180) (211) (194)
(211) (240) (224)
------------ ------------ --------------
There is only one long term lease as at 1 January 2019, the
Group has decided it will apply the modified retrospective approach
to IFRS 16, and therefore will only recognise leases on balance
sheet as at 1 January 2019. In addition, it has decided to measure
right-of-use assets by reference to the measurement of the lease
liability on that date. This will ensure there is no immediate
impact to net assets on that date.
Instead of recognising an operating expense for its operating
lease payments, the Group will instead recognise interest on its
lease liabilities and amortisation on its right-of-use assets. This
will increase the reported total loss for the year by the amount of
its current operating lease cost, which for the year ended 31
December 2018 was GBP521k. Due to the short terms of the Group's
leases, approximately there will only be a nominal charge to
interest of approximately GBP9k with the rest of the charge being
recognised as depreciation of GBP32k. There are several short-term
leases where the lease commitment is under 6 months in length where
the Group will continue to spread the lease payments on a
straight-line basis over the lease term.
The Group has elected to utilise the practical expedient for all
rent concessions that meet the criteria. The practical expedient
has been applied retrospectively, meaning it has been applied to
all rent concessions that satisfy the criteria, which in the case
of ProAxsis, occurred from March 2020 to June 2020 and amounted to
GBP9k.
Accounting for the rent concessions as lease modifications would
have resulted in the Group remeasuring the lease liability to
reflect the revised consideration using a revised discount rate,
with the effect of the change in the lease liability recorded
against the right-of-use asset. By applying the practical
expedient, The Group is not required to determine a revised
discount rate and the effect of the change in the lease liability
is reflected in profit or loss in the period in which the event or
condition that triggers the rent concession occurs. The rent
concession of GBP9k will be repaid to the leasee over nine months
from July 2020 in equal instalments.
7. DISCONTINUED OPERATIONS
On the 22 March 2019 the Company completed the sale of its
interests in Vortex and Wanda, together with outstanding loans and
convertible loan notes owed by Wanda or Vortex to Deeptech for cash
consideration of GBP150k.
The post-tax loss on disposal of discontinued operations was
determined as follows:
Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000's GBP000's GBP000's
--------------------------------------------- ------------- ------------ --------------
Cash consideration received - 150 150
------------- ------------ --------------
Total consideration received - 150 150
------------- ------------ --------------
Cash disposed of - (116) (116)
------------- ------------ --------------
Net cash inflow on disposal of discontinued
operation - 34 34
------------- ------------ --------------
Net liabilities disposed of (other
than cash):
Property, plant and equipment - (2) (2)
Inventories - - -
Trade and other receivables - (92) (92)
Trade and other payables - 162 162
------------- ------------ --------------
- 68 68
----------------------------------------------------------- ------------ --------------
Non-controlling interests - (805) (805)
Pre-tax loss on disposal of discontinued
operations - (703) (703)
------------- ------------ --------------
Post tax losses incurred to the date
of disposal - (614) (623)
Loss on disposal of discontinued operations - (1,317) (1,326)
------------- ------------ --------------
8. CHANGES IN NON-CONTROLLING INTEREST "NCI"
In February and November 2019, a non-controlling interest
acquired additional interests in Glycotest, Inc. Overall the Groups
ownership of Glycotest, Inc. decreased from 87.5% to 77.51% a
movement of 9.99% and then a further 11.86% taking the Groups
ownership to 65.65% at the end of the year. The carrying value of
Glycotest, Inc. net assets in the Group's consolidated financial
statements on the date of the acquisitions was GBP4,252k and
GBP38k. Proceeds received from non-controlling interests amounted
to GBP4,345k.
In 2019 this resulted in an increase in equity attributable to
owners of the Company of GBP2,668k and a change in non-controlling
interest of GBP1,677k.
9. EQUITY INVESTMENTS CLASSIFIED AS FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (FVTOCI)
Represents equity securities Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000's GBP000's GBP000's
--------------------------------------------------------- -------------- ------------- --------------
Opening balance at start of period 1,468 2,768 2,768
Additions 503 - -
Conversion of derivative financial 666 - -
assets
Change in fair value during the period 147 157 (1,300)
Closing balance at end of period 2,784 2,925 1,468
% of issued Currency
Name Country of incorporation share capital denomination GBP000's
------------------------------ ------------------------- -------------- ------------- --------------
PDS Biotechnology Corporation USA 6.79% US$ 1,696
CytoVale, Inc. USA 1.00% US$ 406
Epibone, Inc. USA 0.84% US$ 337
G-Tech Medical, Inc. USA 3.04% US$ 345
2,784
-------------------------------------------------------- -------------- ------------- --------------
Equity investments held for sale and derivative financial
instruments were fair valued and stand at GBP2,874k (H1 2019:
GBP3,192k). A decrease in value of GBP318k, relates predominately
to PDS Biotechnology a trade investment measured at fair value
through other comprehensive income.
The shares in CytoVale, Inc. are not quoted in an active market.
The fair value has been established using the price of recent
investment by a third party this is consistent with past
valuations.
In November 2018 PDS Biotechnology entered into merger agreement
with Edge Therapeutics, which completed on 14 March 2019, to form a
Nasdaq-Listed Clinical-Stage Cancer Immunotherapy company. PDS
Biotechnology, is quoted on Nasdaq Capital Markets under the ticker
"PDSB" and fair value has been established by using the last quoted
price of $2.01 on 30 June 2020 (H1 2019: $5.99). In January 2020
NetScientific made a further investment in PDS of GBP0.5m at a
share price of $1.30 per share. Post balance date 13 August 2020
NetScientific has made a further investment in the successful $19m
public offering of GBP0.5m at a share price of $2.75 per share. The
Group has invested GBP3,234k in PDS to date (H1 2019: GBP2,731k).
NetScientific now holds approximately 5.76% of PDS's fully diluted
share capital post the August placing and further investment of
GBP0.5m.
CytoVale, is not quoted on an active market and fair value has
been established using inputs other than quoted prices that are
observable; i.e. the price from a recent investment by a third
party in December 2019.
23 January 2020 Epibone, Inc. raised a $8.0 million series seed
round at which point NetScientific converted a convertible loan
note of $250k plus interest into an equity investment valued at
$417k/GBP337k. NetScientific holds 0.8% of Epibone's fully diluted
share capital.
21 May 2020 G-Tech Medical, Inc. raised $6.7 million series A
financing round led by DigiTx Partners at which point NetScientific
converted a previously fully impaired convertible loan of $250k
plus interest into an equity investment valued in total at
$426k/GBP345k. NetScientific holds 3.04% of G-Tech's fully diluted
share capital as an equity investment and a further 0.76% as a
financial asset classified as FVTPL giving a total investment in
G-Tech of 3.80% fully diluted.
The carrying value of all Group assets was assessed in light of
the COVID-19 pandemic and the long-term impacts that this will have
on the investments of the Group. No impairments or adjustments were
deemed necessary.
10. DERIVATIVE FINANCIAL ASSETS CLASSIFIED AS FAIR VALUE THROUGH PROFIT AND LOSS (FVTPL)
Represents equity securities Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2020 2019 2019
GBP000's GBP000's GBP000's
----------------------------------------------------- -------------- ------------- --------------
Opening balance at start of period 262 297 297
Conversion to Equity Investments classified (666) - -
as FVTOCI
Change in fair value during the period 494 (30) (35)
Closing balance at end of period 90 267 262
% of issued Currency
Name Country of incorporation share capital denomination GBP000's
-------------------------- ------------------------- -------------- ------------- --------------
PDS Biotechnology Warrant USA - US$ 4
G-Tech Medical, Inc. USA 0.76% US$ 86
90
---------------------------------------------------- -------------- ------------- --------------
The PDS warrant has been valued using the Black-Scholes Model
and a level 3 fair value hierarchy, given the unobservable data for
volatility and its fair value. These warrants may be exercised at
any time prior to May 2021 at a price of $8.39/GBP6.79.
23 January 2020 Epibone, Inc. raised a $8.0 million series seed
round at which point NetScientific converted a convertible loan
note of $250k plus interest into an equity investment and was
transferred in full on conversion to Equity Investments classified
as FVTOCI.
21 May 2020 G-Tech Medical, Inc. raised $6.7 million series A
financing round led by DigiTx Partners at which point NetScientific
converted a previously fully impaired convertible loan of $250k
plus interest into an equity investment valued at $426k/GBP345k
which was transferred to equity investments classified at FVTOCI.
It also received common form convertibles and recognised at fair
value $106k/GBP86k of financial assets classified as FVTPL.
NetScientific holds 0.76% of the fully diluted share capital as
financial assets classified as FVTPL and a further 3.04% as equity
investments classified as FVTOCI giving a total investment in
G-Tech of 3.80% fully diluted.
Longevity and Neumitra convertible loan notes remain fully
impaired.
11. CALLED UP SHARE CAPITAL
No change in the issued and paid up capital during the period to
30 June 2020 (H1 2019: GBPNil).
Post balance date 25 August 2020 the Company agreed to acquire
100 per cent of the issued share capital of EMV Capital in
consideration and issued 3,521,480 New Ordinary Shares to Futura
Messis, representing in aggregate 30.0 per cent. of the Company's
fully diluted share capital as enlarged only by the
Acquisition.
The Company raised gross proceeds of GBP2.3 million before
expenses through the conditional issue of 3,538,455 Placing Shares
at 65 pence per share effective 25 August 2020.
The Company effected on 25 August 2020 a Capital Reorganisation
on the basis that:
1. the Existing Ordinary Shares of GBP0.05 sub-divided into:
a. one Interim Ordinary Share, being an ordinary share in the
capital of the Company with a nominal value of GBP0.005; and
b. one Deferred Share being a deferred share in the capital of
the Company with a nominal value of GBP0.045 each, and
2. the resulting Interim Ordinary Shares were consolidated into
New Ordinary Shares of GBP0.05 each (the "New Ordinary Shares") on
the basis of one New Ordinary Share for every 10 Interim Ordinary
Shares.
The Deferred Shares are not transferable. The holders of the
Deferred Shares shall not, by virtue of or in respect of their
holdings of Deferred Shares, have the right to receive notice of
any general meeting of the Company or the right to attend, speak or
vote at any such general meeting.
The rights attaching to the Deferred Shares will be minimal and
such shares dodo not carry any dividend rights and are only
entitled to a payment on a return of capital (whether by winding up
or otherwise) after an amount of GBP10,000,000 has been paid in
respect of each New Ordinary Share (an extremely remote
possibility). The Deferred Shares have not been listed or admitted
to trading on AIM (nor any other stock market) and are not
transferable without the prior written consent of the Company.
The holders of the Deferred Shares shall be deemed to have
conferred the irrevocable authority on the Company at any time to:
(i) appoint any person, for and on behalf of such holder, to, inter
alia, transfer some or all of the Deferred Shares (without making
any payment therefor) to such person(s) as the Company may
determine (including without limitation the Company itself); and
(ii) repurchase or cancel such Deferred Shares without obtaining
the consent of the holders thereof. In addition, the Company may
repurchase all of the Deferred Shares, at a price not exceeding one
pence in aggregate.
The Articles have been amended to reflect the creation of the
Deferred Shares and to set out the rights attaching to them which
was approved on the 24 August 2020.2020 The changes in respect of
the Deferred Shares are the only changes made to the Articles of
Association.
12. RELATED PARTY DISCLOSURES
John Clarkson controls Development, Financial and Management
Services Ltd, which has provided consultancy services totalling
GBP90k during the period (H1 2019: GBPNil). The balance owed as at
30 June 2020 is GBP40k (H1 2019: GBPNil).
Dr Ilian Iliev controls London Innovation Partners Ltd which has
provided consultancy services totalling GBP70k during the period
prior to becoming CEO on the 1 April 2020. The balance owed as at
30 June 2020 is GBP36k (H1 2019: GBPNil).
An interest free loan of GBP10k had been extended to Francois
Martelet, the exe-Chief Executive Officer of the Group. The balance
outstanding as at 30 June 2020 is GBPNil (H1 2019: GBP5k).
Melvin Lawson, who is interested in 29.98% of the issued share
capital of NetScientific, is also the principal provider of finance
to Deeptech Growth Disruptive, an EMV Capital Ltd SPV. Accordingly,
the sale of subsidiaries Vortex and Wanda represents a related
party transaction in accordance with AIM rule 13.
Post balance date 12 August 2020 NetScientific drew down GBP0.4m
under the loan facility agreement with AB Group a company
controlled by Melvin Lawson to fund in the short term the purchase
of GBP0.5m PDS shares in the latest $19m public offering. The
facility, which incurs interest of 10.0% pa on drawn amounts and
3.0% pa on undrawn amounts and has an arrangement fee of 1%, can be
extended by mutual agreement for an additional six months and is
secured on the whole of NetScientific's interest in PDS.
On 28 August 2020 the GBP0.4m loan agreement with AB Group plus
GBP2k interest was repaid in full.
Except as noted above, there are no additional related party
transactions that could have a material effect on the financial
position or performance of the Group and of the Company during this
financial period under review.
13. EVENTS AFTER THE REPORTING PERIOD
On 12 August 2020 PDS closed a $19 million public offering at
$2.75 per share and NetScientific made a further investment in PDS
of GBP0.5 million using GBP0.4m loan agreement with AB Group as
short-term financing.
On 255 August 2020 NetScientific completed the 100% acquisition
of EMV Capital from Futura Messis Group Ltd, a company owned and
managed by Dr Iliev (the interim CEO of NetScientific). The all
paper transaction issued to Futura Messis, 3,521,480 New Ordinary
Shares representing in aggregate 30.0 per cent of the Company's
fully diluted share capital as enlarged only by the
Acquisition.
The Company issued 3,538,455 Placing Shares under a placing
agreement, at 65p each to raise gross proceeds of GBP2.3m (net of
costs GBP2.0m).
On 12 August 2020 led by EMV Capital, Sofant Technologies
Limited secured GBP2.3m in an oversubscribed funding round. This
transaction increases assets under advisory by EMV Capital in
Sofant by a further GBP1.6m.
On 28 August 2020 the GBP0.4m loan agreement with AB Group plus
GBP2k interest was repaid in full.
The COVID-19 pandemic continues to evolve and further actions
that alter our business operations may be required in the coming
months. The Group continues to monitor the situation very closely,
with a primary focus on the health, wellbeing and safety of all its
employees and local communities. If this changes the Group will of
course provide an update accordingly.
DIRECTORS: John Clarkson
Stephen Smith
Ilian Iliev
SECRETARY: Stephen Crowe
REGISTERED OFFICE: Anglo House,
Bell Lane Office Village
Bell Lane
Amersham
Buckinghamshire
HP6 6FA
REGISTERED NUMBER: 08026888 (England and Wales)
AUDITORS: BDO LLP
Arcadia House
Maritime Walk
Ocean Village
Southampton
Hampshire
SO14 3TL
SOLICITORS:
UK Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH
Trowers & Hamlin LLP
3 Bunhill Row
London
EC1Y 8YZ
US DLA Piper LLP
One Liberty Place
1650 Market Street
Suite 4900
Philadelphia
Pennsylvania 19103-7300
USA
NOMINATED ADVISOR AND BROKER: WH Ireland Ltd
24 Martin Lane
London
EC4R 0DR
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END
IR SEWEFDESSEFU
(END) Dow Jones Newswires
September 24, 2020 02:00 ET (06:00 GMT)
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