TIDMAMEI
RNS Number : 3494S
African Medical Investments PLC
30 November 2012
African Medical Investments plc / Index: AIM / Epic: AMEI /
Sector: Healthcare
30 November 2012
African Medical Investments plc ('African Medical' or 'the
Company')
Interim Results
African Medical Investments plc, the AIM listed company
operating in the African healthcare sector, announces its results
for the six month period ended 31 August 2012.
OVERVIEW:
-- Improved medical case mix in hospitals lays foundation for sustainable revenue improvements
-- Cost control initiatives bear fruit with 16% reduction in Group operating expenses
-- Operating loss down 19%, with losses per share from continuing operations down 26%
-- Defined growth strategy - Tete, Mozambique facility opened
and to be developed into fully fledged hospital over the next two
years
-- Balance sheet restructure continued through disposal of Air
Evacuation subsidiary and other non-core assets
-- Maputo hospital access disrupted by major roadworks,
negatively impacting turnover; however construction will enhance
long term access
-- Harare facility remains the subject of legal dispute
negatively impacting results for the period through loss of revenue
and increased legal costs
CHIEF EXECUTIVE OFFICER'S STATEMENT
Our strategy review and growth objectives remain centred on the
stabilisation of our current portfolio of medical facilities, being
the AMI Hospital Maputo, AMI Hospital Dar es Salaam and AMI
Hospital Harare, as we focus on creating a foundation for
sustainable profitability moving forward. Nonetheless, we have also
made important strides forward with our expansion plans, and have
now opened a clinic in Tete, Mozambique, and remain in advanced
negotiations to secure a hospital management contract in Lusaka,
Zambia. With a defined development and growth strategy continuing
to fuel the Group's turnaround, African Medical is continuing to
build on its offering of excellent international standard
healthcare to create a leading specialist hospital brand in
Africa.
This opportunity to create a leading specialist hospital brand
remains a hugely attractive prospect for the Group, as the economic
fundamentals of Africa continue to underpin the demand and
requirement for a quality private healthcare provider. With a
rapidly growing, and increasingly urban population there is an ever
expanding captive market for international quality healthcare. This
mainly stems from the burgeoning African middle class, foreign
business investors, governments and health insurers, looking to
secure high quality and affordable medical support. With this in
mind, we have looked to further tailor our healthcare offerings to
meet these requirements and identified potential new opportunities
to expand and attract new patients and corporate clients.
Our primary focus throughout the period has been on the
continued recovery of our existing operations, concentrating
particularly on revenue, cost control, governance and reporting. On
a broader Group level, we have also started the necessary process
of restructuring and strengthening our balance sheet and I would
like to thank shareholders for their recent approval, which has
given the directors the ability to issue further ordinary shares to
convert the existing convertible loan notes owned by our long term
investment partner, Harbinger Capital Partners Master Fund I, Ltd
('Harbinger'), which will enhance our balance sheet further.
Finally, the Group continues to outsource non-core activities
and dispose of non-core businesses in order to focus on its primary
revenue drivers, its healthcare facilities, which the Board believe
have the optimum potential to deliver returns for shareholders.
Key objectives at each of the Group's hospital facilities have
included attracting specialist doctors and consultants to the
facilities to drive supplier-induced demand, forging and improving
relationships with insurers and corporates to secure preferred
provider contracting status, and improving the accessibility and
affordability of our primary care and casualty facilities. These
three points remain the key ingredients to creating the optimum
case mix for a hospital with the objective of establishing a
consistent and reliable revenue stream. In addition, cost control
remains high on the agenda resulting in an overall reduction in
continuing operating expenses in each of the hospitals. The overall
reduction in overhead expenses of 16% is, however, attributable to
the inactivity at the Harare hospital. Group central operating
expenses have risen 13% following the appointment of the new
management in the second half of 2012.
AMI Hospital Dar es Salaam
The above described process of improving the case mix has
produced solid results at the 30 bed AMI Hospital Dar es Salaam,
with revenues increasing 18% to US$1.3m (2011: US$1.1m). Revenues
have benefited from price reductions driving a 28% increase in
patient numbers from approximately 1,000 per month to more than
1,300 per month during the period. We are confident of maintaining
these trends and remain proactive in negotiating contracts with new
insurers and corporates to ensure we remain a preferred provider in
Tanzania. In conjunction with the upswing in insurance demand, the
number of patients drawn to the hospital due to specialist doctors
has also increased following the appointment of key clinical staff
in the strategically important disciplines of gynaecology,
paediatrics, orthopaedics, and urology. In line with this, I am
confident that as word continues to spread regarding clinical
specialities, further supplier led business will be generated
henceforth.
Cost of sales in this AMI Hospital Dar es Salaam has declined by
27%, resulting in a reduction in gross loss from $1m to $0.3m.
The restructuring of hospital operations at the AMI Hospital Dar
es Salaam has also enabled us to refocus our most value accretive
and efficient clinical activities, which include minor and routine
surgical procedures. To capitalise on these high margin procedures,
we have tailored our theatres and case mix to optimise efficiencies
and theatre usage. Improving facilities, such as our day theatre,
is an important step for the Group, and in the same vein, the
disposal of non-core facilities and services is a necessary tool in
reducing operating expenditure and improving efficiencies. With
this in mind, the decision to dispose of our aesthetics business at
the Dar es Salaam hospital was taken in order for us to concentrate
fully on our core specialities including women's, children's and
specialist surgery.
AMI Hospital Maputo
A key challenge at our 35 bed AMI Hospital Maputo has been the
reduction of debtors and improving our cost of sales, and we are
making headway in both regards. Key initiatives have included the
tightening of controls over credit and insurance sales since
February 2012 and this has borne fruit for the hospital during the
reporting period. Having established this facility as a centre of
excellence for disciplines such as paediatrics, gynaecology,
surgery, orthopaedics, and dentistry, we have worked hard to
establish the right case mix to improve revenues. However revenues
have been negatively impacted during the period, with turnover down
28% to US$2.3m (2011: US$3.2m) due to outsourcing of the pathology
lab, sale of the aesthetics unit, pricing contracts with insurers
and disruptions to access owing to road infrastructure upgrades in
front of the hospital from July 2012. The combined effect of these
factors has been a reduction in patient numbers from approximately
3,400 per month to 2,300 per month. Despite the short term impacts
of the road works, we are confident that the upgrade will have a
positive long term affect on our revenue generation potential as
our hospital will be located on a major dual carriage thoroughfare
of Maputo. This will both increase traffic passing the facility
providing emergency patients with easier access, and provide the
hospital with further visibility and exposure for patients
requiring specialist care or non-emergency clinical assistance.
Importantly during this period, in-patient numbers, an important
driver of profitability, remained stable.
Cost of sales in the AMI Hospital Maputo declined 15% resulting
in a gross profit of $0.2m compared with $0.7m in the previous
period. This reduction in gross profit was due to both the reduced
patient numbers and revenues described above, but also certain
semi-variable costs, particularly employment costs that continued
to be incurred.
AMI Hospital Harare
The Group's third hospital facility, the 18 bed AMI Hospital
Harare, has been the subject of a legal dispute following the
forcible occupation of the hospital by the former management
company led by the previous chief executive. Proceedings in the
Supreme Court are on-going and the arguments in the case have now
been heard. We await a judgement regarding the eviction order which
we anticipate to receive by the end of 2012. As would be expected,
the continuing legal issues and loss of revenue at Harare has
affected the Group's overall financial performance, with Harare
revenue during the period down to US$ nil (2011: US$0.9m).
Tete and Lusaka developments
The third dimension to our development strategy, following the
stabilisation and growth of our current facilities, concerns the
expansion into new geographic locations. This strategy began during
the period with the opening of a small clinic in Tete in northern
Mozambique. Whilst this remains a small facility compared with our
other healthcare units, our objective is to establish a
fully-fledged specialist hospital at the site over the next two
years. The clinic is now generating modest revenues and with a
rapidly expanding mining hub with limited healthcare services
currently within easy access, we believe this represents a good
opportunity to build a significant business in Tete. In addition,
management is in advanced negotiations to secure a hospital
management contract in Lusaka, Zambia.
Corporate strategy and financing
In terms of corporate strategy, we have focussed on putting the
foundations in place to recapitalise the Group and rationalise our
structure, which has included the commencement of initiatives to
dispose of unnecessary offshore subsidiaries. We have supplemented
our interim cash requirements during the period through the issue
of convertible loan notes to Harbinger, as has been announced
previously, and also through the disposal of our aviation business.
Whilst this has enabled the Group to continue to implement its
turnaround strategy, our immediate objective is to secure the
Group's funding requirements through appropriate long-term gearing
of the restructured balance sheet as well as attracting new
strategic and/or financial investors as we continue to believe the
Group has the potential to create substantial value for
shareholders.
I look forward to providing further updates regarding our
funding strategy in due course, and would like to extend my thanks
to our valued shareholders and partners for their continued
commitment as we establish African Medical as a leading medical
brand across the continent.
Peter Botha
Chief Executive Officer
30 November 2012
** ENDS **
For further information please visit www.amiplc.com or
contact:
Peter Botha African Medical Investments Tel: +44 (0) 20 7408
Plc 9200
Jonathan Wright Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Foreman Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Condensed Consolidated Income Statement
For the six month period to 31 August 2012
Unaudited Unaudited Unaudited
Note 6 months 6 months year ended
to to 29 February
31 August 31 August 2012
2012 2011
$'000 $'000 $'000
------------------- ----------------- --------------
Revenue 3,560 5,254 10,944
Cost of sales (3,735) (5,102) (10,452)
------------------- ----------------- --------------
Gross (loss) / profit (175) 152 492
Operating expenses (3,054) (3,635) (8,641)
Loss from financial irregularities (24) (272) (450)
Loss from sale of property, plant
and equipment - - (191)
Impairment reversal of property, plant 215 - -
and equipment
Impairment of property, plant and
equipment - - (4,302)
Impairment of current loans receivable - - 131
Operating loss (3,038) (3,755) (12,961)
Other (losses) and gains (1) 1 50
Net finance (expense)
/ income (390) 2 (540)
------------------- ----------------- --------------
Loss for the period from continuing
operations (3,429) (3,752) (13,451)
------------------- ----------------- --------------
Discontinued operations
Loss for the period from discontinued
operations 4 (405) (122) (1,570)
Loss for the period attributable to
owners of the company (3,834) (3,874) (15,021)
------------------- ----------------- --------------
Loss per share 5 (1.49 cents) (5.31 cents)
- Basic and diluted (cents) (1.19 cents)
Loss per share from continuing 5 (1.44 cents) (4.76 cents)
operations (1.06 cents)
- Basic and diluted (cents)
Loss per share from discontinued 5 (0.05 cents) (0.56 cents)
operations (0.13 cents)
- Basic and diluted (cents)
Condensed Consolidated Statement of Comprehensive Income
For the six month period to 31 August 2012
Unaudited Unaudited Unaudited
6 months 6 months year ended
to to 29 February
31 August 31 August 2012
2012 2011
$'000 $'000 $'000
----------- ---------------- -------------
Loss for the period (3,834) (3,874) (15,021)
Other comprehensive income net of
tax:
Foreign exchange translation (loss)
/ gain (37) 654 207
----------- ---------------- -------------
Total comprehensive income for the
period (3,871) (3,220) (14,814)
----------- ---------------- -------------
Comprehensive income attributable
to owners of the parent (3,871) (3,220) (14,814)
----------- ---------------- -------------
Condensed ConsolidatedBalance Sheet
As at 31 August 2012
Unaudited Unaudited Unaudited
31 August 31 August 29 February
2012 2011 2012
Note $'000 $'000 $'000
----------- ----------- --------------
Assets
Non current assets
Property, plant and equipment 13,223 21,369 15,263
Total non-current assets 13,223 21,369 15,263
Current assets
Inventories 938 444 642
Trade receivables 968 1,556 1,009
Other receivables 670 476 293
Cash and cash equivalents 338 626 195
----------- ----------- --------------
Total current assets 2,914 3,102 2,139
Total assets 16,137 24,471 17,402
----------- ----------- --------------
Liabilities
Current liabilities
Trade payables (1,791) (996) (1,309)
Other payables (3,813) (2,499) (3,732)
Bank overdraft (863) - (283)
----------- ----------- --------------
Total assets (6,467) (3,495) (5,324)
----------- ----------- --------------
Non-current liabilities
Interest bearing loans 6 (6,294) (4,750) (5,271)
----------- ----------- --------------
Total liabilities (12,761) (8,245) (10,595)
----------- ----------- --------------
Net assets 3,376 16,226 6,807
----------- ----------- --------------
Equity
Issued share capital 7 57,267 55,267 57,267
Other reserves 6 1,444 987 1,004
Share based payment reserve 217 59 217
Warrant reserve 647 647 647
Translation reserve 619 1,103 656
Retained earnings (56,818) (41,837) (52,984)
----------- ----------- --------------
Total equity 3,376 16,226 6,807
----------- ----------- --------------
Condensed Consolidated Statement of Changes in Equity
As at 31 August 2012
Issued Other Share-based Warrant Translation Retained Minority Total
share reserves payment reserve reserve earnings interests $'000
capital $'000 reserve $'000 $'000 $'000 $'000
$'000 $'000
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Balances at 1
March 2011 55,267 987 59 647 449 (37,963) - 19,446
Loss for the 6
months to 31
August 2011 - - - - - (3,874) - (3,874)
Other
comprehensive
income
Exchange
translation
differences
on foreign
operations - - - - 654 - - 654
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Total
comprehensive
income for
the year - - - - 654 (3,874) - (3,220)
Balance at 31
August 2011 55,267 987 59 647 1,103 (41,837) - 16,226
Loss for 6
months to 29
February
2012 - - - - - (11,147) - (11,147)
Other
comprehensive
income
Exchange
translation
differences
on foreign
operations - - - - (447) - - (447)
Total
comprehensive
income for
the year - - - - (447) (11,147) - (11,594)
Transactions
with owners
Convertible
loan note
issue
- equity
portion - 17 - - - - - 17
Share based
payment charge - - 158 - - - - 158
Share issues 2,000 - - - - - - 2,000
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Total
transactions
with owners 2,000 17 158 - - - - 2,175
Balance at 29
February 2012 57,267 1,004 217 647 656 (52,984) - 6,807
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Condensed Consolidated Statement of Changes in Equity (continued)
As at 31 August 2012
Issued Other Share-based Warrant Translation Retained Minority Total
share reserves payment reserve reserve earnings interests $'000
capital $'000 reserve $'000 $'000 $'000 $'000
$'000 $'000
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Balance at 1
March 2012 57,267 1,004 217 647 656 (52,984) - 6,807
Loss for the 6
months to 31
August 2012 - - - - - (3,834) - (3,834)
Other
comprehensive
income
Exchange
translation
differences
on foreign
operations - - - - (37) - - (37)
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Total
comprehensive
income for
the year - - - - (37) (3,834) - (3,871)
Transactions
with owners
Convertible
loan note
issue
- equity
portion - 440 - - - - - 440
--------- ---------- ------------ ---------- ------------- ---------- ----------- ---------
Total
transactions
with owners - 440 - - - - - 440
Balance at 31
August 2012 57,267 1,444 217 647 619 (56,818) - 3,376
========= ========== ============ ========== ============= ========== =========== =========
Condensed Consolidated Statement of Cash Flows
For the six months to 31 August 2011
Unaudited Unaudited Unaudited
6 months 6 months Year to
to to 29 February
31 August 31 August 2012
2012 2011
$'000 $'000 $'000
---------- ---------- ------------
Loss before taxation (3,429) (3,752) (13,451)
Adjustments for:
- Depreciation of property, plant and equipment 138 975 1,309
- Share based payments expense - - 290
- Provision for bad debts (decrease) /
increase (13) - 897
- Loss on disposal of property, plant and
equipment 356 6 191
- Other gains and losses 65 (2) (132)
- Net interest expense / (income) 390 (2) 540
- Impairment reversal of property, plant
and equipment (215) - -
- Impairment of property, plant and equipment - - 4,302
- Impairment of current loans receivables - - (131)
---------- ---------- ------------
Operating cash outflow before movements
in working capital (2,708) (2,775) (6,185)
Working capital adjustments:
- Increase in inventories (144) (128) (330)
- Decrease / (increase) in trade and other
receivables 43 (636) (892)
- Increase / (decrease) in trade and other
payables 543 (354) 1,094
- FCTR effect in income statement - 94 -
---------- ---------- ------------
Cash used in operations (2,266) (3,799) (6,313)
---------- ---------- ------------
Interest received - 2 1
Finance costs (5) - (3)
Net cash used in discontinued operations (147) (288) (322)
---------- ---------- ------------
Net cash used in operating activities (2,418) (4,085) (6,637)
---------- ---------- ------------
INVESTING ACTIVITIES
Purchase of property, plant and equipment (188) (602) (806)
Proceeds on disposal of property, plant
and equipment 114 13 137
Proceeds on disposal of subsidiary 972 - -
Net cash used in investing in discontinued
activities (3) (62) (158)
Net cash used in investing activities 895 (651) (827)
---------- ---------- ------------
FINANCING ACTIVITIES
Proceeds from issue of share capital - - 2,000
Proceeds from issue of convertible loan
note 1,075 700 700
Net cash flow from financing activities 1,075 700 2,700
---------- ---------- ------------
Net decrease in cash and cash equivalents (448) (4,036) (4,764)
Cash and cash equivalents at start of the
period (88) 4,681 4,681
Effect of foreign exchange rate changes 11 (19) (5)
---------- ---------- ------------
Cash and cash equivalents at end of the
period (525) 626 (88)
---------- ---------- ------------
Notes to the Interim Consolidated Financial Statements
1. General Information
African Medical Investments plc ("the Company") and its
subsidiaries (together "the Group") are focused on the African
healthcare sector. The Company is a public limited company
incorporated and domiciled in the Isle of Man. The address of its
registered office is Fort Anne, Douglas, Isle of Man, IM1 5PD.
The Company is listed on the AIM Market of the London Stock
Exchange plc.
The unaudited interim consolidated financial statements for the
six months ended 31 August 2012 were approved for issue by the
board on 30 November 2012.
The figures for the six months ended 31 August 2012 and 31
August 2011 are unaudited and do not constitute full accounts. The
comparative figures for the year ended 29 February 2012 are
extracts from the annual report, subject to adjustment for the
reclassification of discontinued operations, and do not constitute
statutory accounts.
The interim consolidated financial statements have been
presented and prepared in US Dollars because this is the currency
of the primary economic environment in which the Group
operates.
2. Basis of preparation
The basis of preparation and accounting policies set out in the
Annual Report and Accounts for the year ended 29 February 2012 have
been applied in the preparation of these interim condensed
consolidated financial statements. These are in accordance with the
recognition and measurement criteria of International Financial
Reporting Standards ("IFRS") as adopted by the European Union
("EU") and with those of the Standing Interpretations issued by the
International Financial Reporting Interpretations Committee
("IFRIC") of the International Accounting Standards Board ("IASB").
References to IFRS hereafter should be construed as references to
IFRS as adopted by the EU.
3. Accounting policies
The interim condensed consolidated financial statements have
been prepared on a consistent basis with the accounting policies
that are expected to apply in the full year financial statements
for the year ending 28 February 2013, which will be prepared in
accordance with IFRS as adopted by the EU. The current and
comparative periods have been prepared using the accounting
policies and practices consistent with those adopted in the annual
financial statements for the year ended 29 February 2012.
The financial information set out in this interim report does
not constitute statutory accounts. The financial information for
the six month periods ended 31 August 2012 and 2011 is neither
audited nor reviewed. Information relating to the year 29 February
2012 is derived from the statutory accounts for that period, which
have been reported on by the Company's auditors. The auditors'
report on those accounts contained an emphasis of matter in regard
to going concern, and an emphasis of matter in regard to losses and
impairments arising from financial irregularities and other asset
impairments.
4. Discontinued operations
On 15 June 2012, the company entered into an agreement to sell
its wholly owned subsidiary, AMI Aviation Services (Pty) Ltd ('AMI
Aviation'), for US$1.3 million. The disposal was in accordance with
the Board's strategy of consolidating the Company's portfolio of
specialist private hospitals and improving its financial
performance.
Consequently, the aviation business has been reclassified as a
discontinued operation and its trading results are included in the
income statement as a single line below 'Loss for the period from
continuing operations' and the comparatives restated accordingly.
The trading results' arising from the discontinued operations was
as follows:
Unaudited Unaudited Unaudited
31 August 31 August 29 February
2012 2011 2012
$'000 $'000 $'000
---------- ---------- ------------
Revenue 371 687 1,147
Cost of sales (1) (3) (753)
---------- ---------- ------------
Gross profit 370 684 394
Operating expenses (582) (806) (1,057)
Impairment of property, plant
and equipment - - (1,056)
Other gains and losses (4) - 149
Loss on disposal of subsidiary (189) - -
---------- ---------- ------------
Loss for the year (405) (122) (1,570)
---------- ---------- ------------
5. Loss per share
The calculation of basic and diluted loss per share is based on
the following data:
Unaudited Unaudited Unaudited
6 months 6 months Year to
to to 29 February
31 August 31 August 2012
2012 2011
$'000 $'000 $'000
------------- ------------- -------------
Loss for the purpose of basic loss
per share (loss for the period attributable
to equity holders of the parent) (3,834) (3,874) (15,021)
------------- ------------- -------------
Loss for the purpose of basic loss
per share on continuing operations
(loss for the period on continuing
operations attributable to equity
holders of the parent) (3,429) (3,752) (13,451)
------------- ------------- -------------
Loss for the purpose of basic loss
per share on discontinued operations
(loss for the period on discontinued
operations attributable to equity
holders of the parent) (405) (122) (1,570)
------------- ------------- -------------
Number of shares:
Weighted average number of ordinary
shares for the purposes of basic
and diluted loss per share 322,233,871 260,526,741 282,638,463
------------- ------------- -------------
Loss per share (1.19 cents) (1.49 cents) (5.31 cents)
Loss per share from (1.06 cents) (1.44 cents) (4.76 cents)
continuing operations
Loss per share from (0.13 cents) (0.05 cents) (0.56 cents)
discontinued operations
Due to the loss incurred in the period, there is no dilutive
effect of share options.
6. Interest bearing loans
Unaudited Unaudited
6 months Year to
to 29 February
31 August 2012
2012
$'000 $'000
----------- -------------
Nominal value of convertible
loan notes in issue at the beginning
of the year 6,275 5,036
Convertible loan notes issued
during the year 1,122 700
Interest 342 538
----------- -------------
7,738 6,275
=========== =============
Represented by:
Fair value of convertible loan
notes 6,294 5,271
Equity - Other reserves 1,444 1,004
Total liability 7,738 6,275
=========== =============
On 2 February 2011 convertible loan notes to the value of
$5,000,000 were issued to Harbinger Capital Partners Master Fund
Limited ('Harbinger') bearing interest at 10% per annum. An
extension of this agreement was finalised on 16 August 2011 with
the issue of a further $700,000 convertible loan notes. On 29
August 2012, the terms of the convertible loan notes were amended
to provide the Group with the right to convert the loan notes to
equity and such that the conversion price for the loan notes was
reduced to 0.875p per share or any lower price if shares were
subsequently issued at such lower price.
During the period, loan notes were issued to Harbinger on 7
March 2012 and 20 April 2012 for $450,000 and $375,000 respectively
with compound annual interest rates of 10% and 18% respectively. On
29 August 2012 the terms of these loan notes were amended to
provide Harbinger and the Group the right to convert the loan notes
to equity at 0.875p per share or any lower price if shares are
subsequently issued at such lower price, and to reduce the interest
rate to 10% compounded annually.
On 29 August 2012 further convertible loan notes for $250,000
were issued to Harbinger bearing interest at 10% per annum
compounded annually and convertible into equity by either Harbinger
or the Group at 0.875p per share or any lower price if shares were
subsequently issued at such lower price. In respect of the same
loan note agreement, Harbinger subscribed for further loan notes
for $750,000 on the same terms and conditions, the subscription of
which completed on 18 October 2012. As a result of certain delays
in this final subscription the conversion price for all convertible
loan notes in issue was raised to 1.125p per share.
The convertible loan note instruments constitute a compound
financial instrument. The fair value of the instruments has been
calculated using a discount rate of 15%, being the director's best
estimate of a fair rate of interest for an ordinary loan excluding
any equity elements.
7. Share capital
Ordinary shares of no
par value
Allotted and fully paid
Number $'000
------------ ----------------
At 1 March 2011 and 31 August
2011 260,526,741 55,267
------------ ----------------
Issue of shares (a) 61,707,130 2,000
------------ ----------------
At 1 March 2012 and 31 August
2012 322,233,871 57,267
------------ ----------------
(a) Upon his appointment as Chief Executive Officer on 5 July
2011, Dr. Peter Botha subscribed for a total of 61,707,130 shares
in the company at a price of 2 pence per share. All requirements
necessary for the completion of this subscription were met on 28
September 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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