TIDMWKS
RNS Number : 8056Z
Works Media Group (The) PLC
29 September 2009
29 September 2009
THE WORKS MEDIA GROUP PLC
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
The Works Media Group Plc ("The Works Media Group" or "the Group") whose
principal activity is the international sale and UK distribution of feature
films announces today its interim results for the six months ended 30 June 2009.
Financial Highlights
* Turnover for the period decreased by 10% to GBP1,234,000 (2008:GBP1,384,000)
* Gross margin increases from 43% to 48%
* Loss before taxation of GBP365,000 (2008 loss GBP340,000)
* Cash available to the Group of GBP309,000 (2008: GBP411,000)
Corporate Highlights
* Successful execution of strategy to transform business.
* Fundraising underway.
* Film Distribution - The Works UK Distribution
* 4 films released in cinemas and 4 on DVD during the six months.
* Universal Pictures released all titles on DVD under output agreement.
* Multi-media rights to 36 titles acquired to date on 20 year licences.
* "Mongol" on course to be most successful film ever released by The Works.
* Film Sales - The Works International
* Servicing arrangement with Quickfire Films to finance substantial increase in
future revenues.
* Films contracted for sale in 2010.
* Critical acclaim for The Cove and "Anvil! The Story of Anvil"
Costa Theo, non-executive Chairman of The Works Media Group said: -
"Although the immediate outlook remains challenging, change is underway at The
Works Media Group. New revenue streams are being targeted in UK Distribution
and a fundamental repositioning of The Works International has begun. The Group
is well positioned for future growth but needs to be refinanced in order to take
advantage of the obvious opportunities. "
For further information, please contact:
The Works Media Group plc 020 7612 0030
Norman Humphrey, CEO
Dowgate Capital Advisers Limited 020 7492 4777
Lindsay Mair/Antony Legge
These interim results are also available on the Group's web site:
www.theworksmediagroup.com
CHAIRMAN'S STATEMENT
OVERVIEW
The first half of 2009 has seen a continuation in performance at The Works Media
Group. Though the Group is yet to be profitable, the loss for the
period, GBP365,000, was not as severe as expected by the management at the
outset of the year. This is due mainly to the excellent performance of The Works
UK Distribution's 2008 title "Mongol", which continues to sell well on DVD and
has improved revenue from that division's rights library.
The UK film distribution market, probably the second largest in the world, has
continued to be competitive in 2009. Well capitalised UK distribution companies
are competing fiercely for quality titles, which is keeping acquisition costs
high. Marketing costs also remain high making it costly to achieve visibility in
a crowded market and against many films' large advertising budgets. The Works UK
Distribution continued its strategy of reducing the number of films it releases
in order to preserve cash until this frenetic activity in the UK market settles.
In the first half of 2009 we released four films as opposed to the desired rate
of one per month. As our UK division is currently responsible for approximately
85% of the Group's turnover, this reduced activity continues to impact on Group
turnover which was GBP1,234,000 in the first half of this year as compared to
GBP1,384,000 in the first half of 2008. On a positive note, competition between
our larger competitors is very costly for them and the recent modest improvement
of the sterling dollar exchange rate has meant that acquisition has become
marginally easier, at least for US content.
I am pleased to report the transformation of The Works International continues
apace. The new managing director of the subsidiary, Carl Clifton, has scaled up
the division's sales performance, selling in excess of $1,000,000 worth of
rights at the Cannes Film Festival in May, the benefit of which should be
experienced over the next eighteen months. This result is considerably better
than the company's sales activity at the Cannes Film Festival of 2008. Carl has
also begun the difficult task of altering the brand's perception in the
marketplace and the company is beginning to be perceived as a purveyor of
commercial art films and documentaries such as The Cove, as opposed to strictly
art house. I expect in the next six months, Carl will progress this
transformation further so that The Works International is perceived as a sales
company of quality, commercial films.
FUND RAISING
As mentioned in my previous note, the board recognises that if the Group is to
take advantage of the considerable opportunity presented by its vertical
integration and market positioning, it will require further funding going
forward. To this end, our CEO, Norman Humphrey has continued and expanded upon
his discussions with potential funding sources and we are confident that his
endeavours will conclude in a positive outcome. I also feel that as the global
"credit crunch" appears to be receding, we are well positioned to take advantage
of investors returning to the market.
BOARD CHANGES
I am sorry to announce the resignation of Crispin Barker from the board of
directors. Crispin has departed to pursue other opportunities and his experience
and business acumen will be missed.
CURRENT OUTLOOK AND FUTURE PROSPECTS
Market conditions continue to be demanding for the Group. This has not been
unexpected by the board, and we have continued to fight to preserve our
position, mainly by continuing to look for opportunities to reduce Group
overhead.
The executives are continually looking for ways to expand the business into
other areas. For example, Mick Southworth, the UK's managing director, has
spearheaded a drive to become involved in films from script stage, and this has
resulted in the impending production of the film "4321" which the Works UK will
distribute in the UK. However, the most opportune way of increasing capacity at
the Works is through a capital injection.
The Works International expects to see further growth in the latter half of 2009
as new titles such as "Beautiful Kate" begin their sales cycle at the Toronto
Film Festival and the American Film Market. The relationship with Quickfire has
developed and this is reflected in the acquisition of titles such as "Glorious
39","The Cove" and "Prima Linea".
There are good indications that the Group will emerge from the financial crisis
in a better condition than it was before and will be in a position to capitalise
on any opportunities which arise from the improved economic marketplace.
Costa Theo
30 September 2009
CHIEF EXECUTIVE'S REPORT
OVERVIEW
Trading conditions are difficult. Global film production remains depressed and
competition, scarcity and exchange rate movements align to increase the cost of
rights acquisition. The Works has temporarily reduced the scale of its
distribution activity to "ride out the storm", but I believe the Group is well
positioned for the inevitable economic recovery.
PERFORMANCE
Consolidated turnover during the six months to 30 June 2009 was GBP1,234,000,
10% lower than the GBP1,384,000 achieved during the first half of 2008. The
decrease in turnover is a direct consequence of a deliberate policy introduced
during the second half of 2008 to reduce distribution activity and preserve
cash. Fortunately our assessment of the speed of general economic recovery is
better today than it was when we made our Interim Statement in 2008. We have
therefore been less aggressive determining the carrying value of our catalogue
and a fall in provisions has increased the gross margin percentage from 43% in
the first half of 2008 to 48% in 2009. The decline in turnover equals the fall
in cost of sales and the gross margin at GBP597,000 is almost identical to the
GBP599,000 achieved in 2008.
Turnover at The Works International is unchanged from the first half of 2008;
however overheads increased following the appointment of Carl Clifton as
managing director of the subsidiary on 5th January 2009. The rise in overheads
at The Works International explains the increase in the consolidated loss on
ordinary activities to GBP356,000 from GBP341,000 in the first half of 2008.
DISTRIBUTION ACTIVITY
The Works UK Distribution released only four films during the first half of
2008, whereas six titles were released during the comparable period in 2008. It
is our intention to rebuild distribution activity once funding and economic
conditions allow.
The highlights of the first six months of 2009 include the cinematic release of
a documentary about the world's least successful heavy metal band, "Anvil: The
Story of Anvil", and continuing strong DVD sales of the epic "Mongol: The Rise
To Power of Genghis Khan". "Anvil" may be Oscar nominated later this year and is
another solid addition to The Works catalogue.
Our sub-licensing arrangements with Universal Pictures, Virgin Media and BT
Vision position the company well for future growth but the subsidiary's
potential is impeded by a lack of access to funds.
INTERNATIONAL SALES
It is our objective to broaden the range of films sold by The Works
International, to represent bigger budgeted pictures and to increase volume.
Transformation is underway, but it will take time. The appointment of Carl
Clifton as managing director of the subsidiary in January 2009 has changed trade
perception of the sales agency and will enable the company to represent more
commercial pictures. However, the lead time between our appointment as sales
agent, which occurs before a film goes into production and our recognition of
commission on sale of the completed picture, can be as long as a year. The
benefit of changes introduced in the first half of 2009, will therefore not be
felt until 2010.
International trading activity during the first half of 2009 was modest. The
commercial highlight was the Belgium thriller, "Loft". Production volumes in the
UK and most other territories continue to be depressed but The Works
International already has a number of new films in the pipeline. Commissions are
anticipated in the second half of 2009 on Rachel Ward's drama, "Beautiful Kate",
Sarah Watt's comedy "My Year Without Sex", Italian thriller "Prima Linea" and
Stephen Poliakoff's "Glorious 39".
CURRENT OUTLOOK & FUTURE PROSPECTS
Although the immediate outlook is challenging, change is underway at The Works
Media Group. The repositioning of The Works International is expected to deliver
medium term growth and the development of new and complementary revenue streams
at The Works UK Distribution will broaden its offering. Our future prospects
are dependent upon access to finance and the executives are actively
investigating potential sources in the order to drive the business forward.
Norman Humphrey
29 September 2009
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+--------------------------------------------+----------+-------+---+-------+---+------+---+----------+
| | | 6 | 6 | 12 | |
| | | Months | Months | Months | |
| | | Ended | Ended | Ended | |
| | | 30 | 30 | 31 Dec | |
| | | June | June | 2008 | |
| | | 2009 | 2008 | Audited | |
| | | Unaudited | Unaudited | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | Notes | GBP000 | GBP000 | GBP000 | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Turnover | 3 | 1,234 | 1,384 | 2,605 | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Cost of sales | | (637) | (785) | (1,464) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Gross profit | | 597 | 599 | 1,141 | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Operating Expenses | | (953) | (940) | (1,766) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Loss on Ordinary Activities | | (356) | (341) | (625) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Interest Receivable | | - | 1 | 2 | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Interest Payable | | (9) | - | (2) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Loss before taxation | | (365) | (340) | (625) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | |
+--------------------------------------------+------------------+-----------+----------+--------------+
| UK Corporation Tax | | - | - | - |
+--------------------------------------------+------------------+-----------+----------+--------------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Loss for the period attributable to equity | | (365) | (340) | (625) | |
| share holders | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Earnings per share | | | | | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Basic (pence) | 4 | (0.19) | (0.18) | (0.33) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Diluted | 4 | (0.19) | (0.18) | (0.33) | |
+--------------------------------------------+----------+-----------+-----------+----------+----------+
| Dividend | | | - | - | |
+--------------------------------------------+----------+-------+---+-------+---+------+---+----------+
GROUP BALANCE SHEET AS AT 30 JUNE 2009
+--------------------------------+-------+-----------+------------+----------+
| | | As at | As at | As at |
| | | 30 June | 30 June | 31 Dec |
| | | 2009 | 2008 | 2008 |
| | | Unaudited | Unaudited | Audited |
+--------------------------------+-------+-----------+------------+----------+
| |Notes | GBP000 | GBP000 | GBP000 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Non Current Assets | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Goodwill and intangible fixed | | - | - | - |
| assets | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Property, Plant and Equipment | | 17 | 24 | 21 |
+--------------------------------+-------+-----------+------------+----------+
| Investments | | 11 | 25 | 11 |
+--------------------------------+-------+-----------+------------+----------+
| | | 28 | 49 | 32 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Current assets | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Work in progress | | 1,985 | 1,790 | 1,976 |
+--------------------------------+-------+-----------+------------+----------+
| Trade and other receivables | | 658 | 933 | 797 |
+--------------------------------+-------+-----------+------------+----------+
| Cash and cash equivalents | | 449 | 545 | 549 |
+--------------------------------+-------+-----------+------------+----------+
| | | 3,092 | 3,268 | 3,322 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Total assets | | 3,120 | 3,317 | 3,354 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Current liabilities | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Trade and other payables | | (784) | (1,080) | (819) |
+--------------------------------+-------+-----------+------------+----------+
| Accruals | | (162) | (145) | (104) |
+--------------------------------+-------+-----------+------------+----------+
| Deferred Income | | (52) | (70) | (194) |
+--------------------------------+-------+-----------+------------+----------+
| | | (998) | (1,295) | (1,117) |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Non current liabilities | | (750) | - | (500) |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Total liabilities | | (1,748) | (1,295) | (1,617) |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Net assets | | 1,372 | 2,022 | 1,737 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Shareholders' equity | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Called up share capital | | 4,394 | 4,394 | 4,394 |
+--------------------------------+-------+-----------+------------+----------+
| Share premium account | | 8,688 | 8,688 | 8,688 |
+--------------------------------+-------+-----------+------------+----------+
| Retained earnings | | (11,548) | (10,898) | (11,183) |
+--------------------------------+-------+-----------+------------+----------+
| Minority interest | | (162) | (162) | (162) |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
| Equity Shareholders' funds | | 1,372 | 2,022 | 1,737 |
+--------------------------------+-------+-----------+------------+----------+
| | | | | |
+--------------------------------+-------+-----------+------------+----------+
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+----------------------------------+------+------------+-----------+-----------+
| | | 6 Months | 6 Months | 12 Months |
| | | Ended | Ended | Ended |
| | | 30 June | 30 June | 31 Dec |
| | | 2009 | 2008 | 2008 |
| | | Unaudited | Unaudited | Audited |
+----------------------------------+------+------------+-----------+-----------+
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash flows from operating | | | | |
| activities: | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Operating loss | | (356) | (341) | (625) |
+----------------------------------+------+------------+-----------+-----------+
| Non-Recurring charges | | - | 75 | 88 |
+----------------------------------+------+------------+-----------+-----------+
| Depreciation | | 6 | 2 | 10 |
+----------------------------------+------+------------+-----------+-----------+
| (Increase)/Decrease in inventory | | (9) | (97) | (283) |
+----------------------------------+------+------------+-----------+-----------+
| (Increase)/Decrease in debtors | | 139 | 234 | 370 |
+----------------------------------+------+------------+-----------+-----------+
| Increase/(Decrease) in creditors | | (119) | (282) | (460) |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Net cash generated by operating | | (339) | (409) | (900) |
| activities | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash flows from investing | | | | |
| activities | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Interest received | | - | 1 | 2 |
+----------------------------------+------+------------+-----------+-----------+
| Purchase of non current assets | | (2) | (11) | (15) |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Net cash generated by investing | | (2) | (10) | (13) |
| activities | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash inflow/(outflow) before | | (341) | (419) | (913) |
| financing | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash flows from financing | | | | |
| activities | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Interest paid | | (9) | - | (2) |
+----------------------------------+------+------------+-----------+-----------+
| Loan Finance | | 250 | - | 500 |
+----------------------------------+------+------------+-----------+-----------+
| Issue of ordinary share capital | | - | - | - |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Net cash received/(used) by | | 241 | - | 498 |
| financing activities | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Net (decrease)/ increase in cash | | (100) | (419) | (415) |
| and cash equivalents | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash and cash equivalent at | | 549 | 964 | 964 |
| beginning of period | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Cash and cash equivalent at the | | 449 | 545 | 549 |
| end of period | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Less: Production and Development | | (140) | (134) | (139) |
| funds held on trust for third | | | | |
| parties. | | | | |
+----------------------------------+------+------------+-----------+-----------+
| | | | | |
+----------------------------------+------+------------+-----------+-----------+
| Available cash at bank and in | | 309 | 411 | 410 |
| hand | | | | |
+----------------------------------+------+------------+-----------+-----------+
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+----------------+-------------+----------+----------+----------+----------+-----------+
| | Number of | Share | Share | Minority | Retained | Total |
| | shares | capital | premium | interest | earnings | share |
| | | | | | | holders' |
| | | | | | | funds |
+----------------+-------------+----------+----------+----------+----------+-----------+
| | | GBP000's | GBP | GBP | GBP | GBP 000's |
| | | | 000's | 000's | 000's | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| Group | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| At 1 January | 147,502,437 | 4,394 | 8,688 | (162) | (11,183) | 1,737 |
| 2009 | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| Retained loss | - | - | - | - | (365) | (365) |
| for the period | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| Share capital | - | - | - | - | - | - |
| issued | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
| At 30 June | 147,502,437 | 4,394 | 8,688 | (162) | (11,548) | 1,372 |
| 2009 | | | | | | |
+----------------+-------------+----------+----------+----------+----------+-----------+
The accompanying accounting policies and notes form an integral part of these
financial statements.
NOTES TO THE GROUP INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
1. Basis of Preparation
The condensed consolidated financial statements for the six-month period to 30
June 2009 are unaudited. The comparative figures for the 12 month period ended
on 31 December 2008 are extracts from the published accounts for that year and
do not constitute full statutory accounts. A copy of the full accounts for that
period, on which the auditors have issued an unqualified report, has been
delivered to the Registrar of Companies.
2. Accounting Policies
The condensed consolidated financial statements have been prepared on the
historical cost basis in accordance with IFRS adopted by the EU using the same
accounting policies as were used in the annual financial statements for the year
ended 31 December 2008. The condensed half-yearly financial statements do not
include all the information required for full annual financial statements and
hence cannot be construed as in full compliance with IFRS.
3. Turnover
Turnover of the Group for the period has been derived from its principal
activity, the management of development, financing, production and distribution
of feature films and the international sale of film rights.
4.Earnings per share
The calculation of basic earnings per ordinary share is based on earnings
attributed to equity share holders of GBP(365,000). The weighted average number
of shares in issue during the six month period ended 30 June 2009 was
190,401,645, being 147,502,437 ordinary shares of 0.1p and 42,899,208 deferred
shares of 9.9p.
The calculation of diluted earnings per share is based on the basic earnings per
share, adjusted to allow for the issue of shares and the post tax effect of
dividends and interest on the assumed conversion of all dilutive options and
other dilutive potential ordinary shares.
5.Publication of Non-Statutory Accounts
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
figures for the year ended 31 December 2008 have been extracted from the
statutory financial statements that have been filed with the Registrar of
Companies. The auditors' report on those financial statements was unqualified
and did not contain a statement under Section 237(2) of the Companies Act 1985.
6.AIM Rule Compliance Report
The Works Media Group plc is quoted on AIM and as such under AIM Rule 31 the
Company is required to:
1.have in place sufficient procedures, resources and controls to enable its
compliance with the AIM Rules;
2.seek advice from its nominated adviser ("Nomad") regarding its compliance with
the AIM Rules;
3.provide the company's Nomad with any information it requests in order for the
Nomad to carry out its responsibilities under the AIM Rules for Companies and
the AIM Rules for Nominated Advisors;
4.ensure that each of the Company's Directors accepts full responsibility,
collectively and individually, for compliance with the AIM Rules; and
5.ensure that each director discloses without delay all information which the
Company needs in order to comply with AIM Rule 17 (Disclosures of Miscellaneous
Information) insofar as that information is known to the director or could with
reasonable diligence be ascertained by the director.
In order to ensure that these obligations are being discharged, the Board has
established a committee of the Board (the "AIM Committee"), chaired by Costa
Theo, a non-executive director of the Company.
Having reviewed relevant Board papers and met with the Company's Executive Board
and the Nomad to ensure that such is the case, the AIM Committee is satisfied
that the Company's obligations under AIM Rule 31 have been satisfied during the
period under review.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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