TIDMCTEA
RNS Number : 9093Z
Catenae Innovation PLC
17 January 2024
Catenae Innovation PLC
("Catenae", the "Company" or the "Group")
Further re: Convertible Loan
Notice of Annual General Meeting
Proposed Change of Name
Proposed Share Capital Reorganisation
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, announces an update on its
convertible loan funding and posting of a circular to shareholders
convening an annual general meeting providing details, inter alia,
of a proposed change of name to Catenai plc, proposed capital
organisation and increase of authorisation to issue shares on a non
pre-emptive basis, which will require the approval of
shareholders.
Convertible Loan Update
Further to the announcement on 30 September 2022, the Company
has renewed its GBP250,000 convertible loan note facility
("Convertible Loan" or "Facility") with Sanderson Capital Partners
Limited ("Sanderson Capital") for a further 12 months (to January
2025). To date, the Company has drawn down GBP131,000 of the
Facility, being GBP81,000 under the previous Facility and GBP50,000
under the renewed Facility.
Pursuant to the Facility, the Company will issue Sanderson
Capital GBP50,000 worth of new ordinary shares in the Company at a
price of the lower of the closing middle price on the 15 January
2024 or the price of the next fundraise ("Facility Price").
The drawdown of GBP81,000 under the previous agreement is
carried forward and the Company will pay 10% of this amount in new
ordinary shares at the Facility Price as a drawdown fee.
Sanderson Capital will also receive warrants equalling one-half
option on the total amount to be drawn down on the Facility (i.e
GBP125,000 worth of warrants). The warrants will be exercisable for
36 months from the date of issue with an exercise price equal to
the Facility Price ("Warrants").
The Company has the right to buy-back any outstanding drawdown
amount at any time ("Buy-Back Right") with a 5% penalty fee. Should
the Company exercise its Buy-Back Right, it will pay Sanderson
Capital 105% of the amount it is buying back and Sanderson Capital
will then have the option to convert up to 60% of the drawdown
amount the Company is buying back into shares in the Company at a
conversion price of the lower of the closing middle price on 15
January 2024(4) , 90% of the 5-day volume weighted average price
prior to conversion or the price of the next fundraise.
The share and warrant issuances to Sanderson Capital detailed
above are subject to the Board receiving shareholder approval at
the Company's forthcoming Annual General Meeting and will be issued
to Sanderson Capital such that Sanderson Capital do not hold more
than 29.9% of the Company's issued share capital.
Notice of Annual General Meeting
The Company also announces that its Annual General Meeting
("AGM") will be held on 9 February 2024 at 12pm at the offices of
RWK Goodman LLP at 69 Carter Lane, London, EC4V 5EQ. The Company
has posted a circular (the "Circular") and a notice convening the
AGM.
The Circular includes, inter alia, details of both a proposed
name change to Catenai plc and a proposed share capital
reorganisation ("Share Capital Reorganisation"). A form of proxy
will accompany the Circular.
A copy of the Circular will shortly be available to download
from the Company's website at:
https://www.catenaeinnovation.com/investors/financial-reports
The text from the Chairman's letter as well as the definitions
are set out in Appendix I.
Electronic Communication Consent Request Letter
Going forward the Company intends to supply all notices,
documents and information ("Documents and Information") to
shareholders via electronic means, including a designated
shareholder portal operated by its Registrar (through which
shareholders' will also be able to vote at general meetings). The
Directors believe that increased use of electronic communications
will deliver significant savings to the Company in terms of
administration, printing and postage costs, as well as speeding up
the provision of information to shareholders. The reduced use of
paper will also have environmental benefits. To allow the Company
to supply Documents and Information to shareholders via electronic
means, the Company has sent to all shareholders a letter requesting
consent to electronic communication. A copy of the letter will be
available on the Company's website shortly.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2024
Latest time and date for receipt 12:00pm on 7 February
of the Forms of Proxy
Annual General Meeting 12:00pm on 9 February
Latest date for dealings in Existing 9 February
Ordinary Shares
Record Date 7pm on 6 February
Admission effective and commencement 12 February
of dealings in the New Ordinary
Shares
CREST accounts credited with 12 February
the New Ordinary Shares in uncertificated
form
Despatch of definitive certificates 14 February
for New Ordinary Shares (in certificated
form)
Notes:
(1) References to times in the above are to London time (unless
otherwise stated).
(2) The dates set out in the timetable above may be subject to
change.
(3) If any of the above times or dates should change, the
revised times and/or dates will be notified by an announcement to a
regulatory information service.
STATISTICS**
Conversion ratio of Existing Ordinary Five Existing Ordinary
Shares to Consolidated Shares Shares : one Consolidated
Share
Number of Existing Ordinary Shares in
issue at the date of this Document 285,038,925*
Total expected number of New Ordinary
Shares in issue following the Capital
Reorganisation 57,007,785
Total expected number of New Deferred
Shares in issue following the Capital
Reorganisation 57,007,785
*Based on the register of members of the Company as at close of
business on 16 January 2024.
**In addition, there are 83,333,332 ordinary shares of 0.1p each
held in the Company's share reserve as disclosed in the Company's
annual accounts for the period ended 31 December 2022.
The Company will be applying for a new ISIN and SEDOL codes,
which will be notified by way of a regulatory news
announcement.
The Company continues to carefully manage its working capital
position.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Chief Executive Officer of the Company and the Directors of
the Company are responsible for the release of this
announcement.
For further information please contact:
+44 (0)191 580
Catenae Innovation PLC 8545
Guy Meyer, Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
+44 (0)20 7186
Shard Capital Partners LLP (Broker) 9952
Damon Heath
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media
and technology services. The Company specialises in Distributed
Ledger Technology solutions that solve commercial challenges and
create opportunities for its clients. The Company has an
experienced IT team of project managers and integrators who have
deployed systems across corporate, government and educational
sectors.
www.catenaeinnovation.com
Appendix I
1. Introduction
As announced on 4 December 2023, the Company settled its legal
dispute in relation to Hyperneph Software Limited and can now look
forward to the year ahead, to continuing to grow existing revenue
streams and also to pursue acquisition opportunities with a simpler
corporate structure.
For the year ended 31 December 2023, the Board considered 15
opportunities and, whilst the Company's revenues for the year have
been below expectations, the Company remains upbeat about existing
commercial opportunities. The Company first announced that it had
received an order from SaxaVord Space Port ("SaxaVord"), previously
known as the Shetland Space Centre) as part of a three-phase
project to deliver a digital dashboard solution on 9 August 2021.
The Company has
been EURn discussions for additional work with another business
unit at SaxaVord. On 17 December 2023 SaxaVord was granted a
license by the UK's Civil Aviation Authority to operate as the UK's
first vertical launch spaceport. The license includes authorisation
to launch up to 30 rocket launches per year from the site making
SaxaVord the UK's as well as Western Europe's first vertical launch
site.
On 29 September 2023, the Company announced its half-year
results for the period ended 30 June 2023 which included an update
on the convertible loan facility entered into between the Company
and Sanderson Capital Partners Limited ("Sanderson Capital") (first
announced on 30 September 2022). As at 30 June 2023, an advance of
GBP30,000 had been received against the GBP125,000 and no shares or
warrants issued to Sanderson Capital. As at 28 September 2023, a
total advance of GBP61,000 had been received against the GBP125,000
and no shares or warrants had been issued to Sanderson Capital.
The Company is appreciative of Sanderson Capital's continued
support and confirms that it has renewed its GBP250,000 convertible
loan note facility ("Facility") with Sanderson Capital for a
further 12 months (to January 2025). As at the date of this letter,
the Company has drawn down GBP131,000 of the Facility, being
GBP81,000 under the previous Facility and GBP50,000 under the
renewed Facility.
Pursuant to the Facility, the Company will issue Sanderson
Capital GBP50,000 worth of new ordinary shares in the Company at a
price of the lower of the closing middle price on the 15 January
2024 or the price of the next fundraise ("Facility Price").
The drawdown of GBP81,000 under the previous agreement is
carried forward and the Company will pay 10% of this amount in new
ordinary shares at the Facility Price as a drawdown fee.
Sanderson Capital will also receive warrants equalling one-half
option on the total amount to be drawn down on the Facility (i.e
GBP125,000 worth of warrants). The warrants will be exercisable for
36 months from the date of issue with an exercise price equal to
the Facility Price ("Warrants").
The Company has the right to buy-back any outstanding drawdown
amount at any time ("Buy-Back Right") with a 5% penalty fee. Should
the Company exercise its Buy-Back Right, it will pay Sanderson
Capital 105% of the amount it is buying back and Sanderson Capital
will then have the option to convert up to 60% of the drawdown
amount the Company is buying back into shares in the Company at a
conversion price of the lower of the closing middle price on 15
January 2025, 90% of the 5-day volume weighted average price prior
to conversion or the price of the next fundraise.
The share and warrant issuances to Sanderson Capital detailed
above are subject to the Board receiving shareholder approval at
the Company's forthcoming Annual General Meeting and will be issued
to Sanderson Capital such that Sanderson Capital do not hold more
than 29.9% of the Company's issued share capital.
2. Purpose of the Capital Reorganisation
The Company is proposing to undertake a share capital
reorganisation in order to issue New Ordinary Shares to Sanderson
Capital and to have the ability to raise further funds from new
investors in the future. The Company's share price is currently
trading close to the nominal value of its Existing Ordinary Shares
- a company is unable to issue new ordinary shares at a price below
its nominal value.
In the medium term the Company will need to raise further
capital to strengthen its working capital position in addition to
the Facility provided by Sanderson Capital. If a placing with
investors were to occur it would likely happen at a price below the
current par value of the Existing Ordinary Shares.
The Capital Reorganisation is subject to shareholder approval at
the Annual General Meeting, notice of which is set out at the end
of this Document. The purpose of this Document is to provide
Shareholders with details of the Capital Reorganisation and to
explain why the Directors are recommending that Shareholders vote
in favour of the Capital Reorganisation at the Annual General
Meeting.
The structure of the Capital Reorganisation is such that the
Company will continue to meet the statutory requirement of having
GBP50,000 minimum nominal value of issued share capital.
3. Proposed Capital Reorganisation
The proposed Capital Reorganisation will comprise two
elements:
(4) The Consolidation
Every five Existing Ordinary Shares of 0.2 pence each will be
consolidated into one Consolidated Shares of 1 pence each.
(b) The Sub-Division
Immediately following the Consolidation, each Consolidated Share
will then be sub-divided into one New Ordinary Share of 0.2 pence
each and one New Deferred Share of 0.8 pence each.
The Capital Reorganisation requires the passing of the
Resolutions at the Annual General Meeting, which is to be held at
12pm on 9 February 2024 at RWK Goodman LLP, 69 Carter Lane, London,
EC4V 5EQ.
If the Resolutions are passed, the Capital Reorganisation will
become effective immediately following close of business on that
date.
4. Consolidation
At the Annual General Meeting, the Directors are inviting
Shareholders to approve the Resolutions, which will authorise the
Consolidation, pursuant to which every five Existing Ordinary
Shares will be consolidated into one Consolidated Share, and the
subsequent sub-division.
As all of the Existing Ordinary Shares are proposed to be
consolidated, the proportion of issued ordinary shareholdings in
the Company held by each Shareholder immediately before and
immediately after the Consolidation will, save for fractional
entitlements, remain unchanged.
In the event the number of Existing Ordinary Shares attributed
to a Shareholder is not exactly divisible by 5, the Consolidation
will generate an entitlement to a fraction of a Consolidated Share.
On the Sub-Division, such fractional entitlements will be carried
over to the relevant New Ordinary Shares, but not the New Deferred
Shares and the New Ordinary Shares, which comprise fractional
entitlements, will then be sold on the open market (see further
explanation at paragraph 7 ).
Accordingly, following the implementation of the Capital
Reorganisation, any Shareholder who as a result of the
Consolidation, has a fractional entitlement to any New Ordinary
Shares, will not have a proportionate shareholding of New Ordinary
Shares exactly equal to their proportionate holding of Existing
Ordinary Shares.
Furthermore, any Shareholders holding fewer than 5 Existing
Ordinary Shares as at the Record Date will cease to be a
shareholder of the Company. The minimum threshold to receive
Consolidated Shares will be 5 Existing Ordinary Shares.
5. Sub-Division
Immediately following the Consolidation, each Consolidated Share
will be sub-divided into one New Ordinary Share of 0.2 pence each
and one New Deferred Share of 0.8 pence each.
Where there are fractional entitlements to a Consolidated Share,
the Board considers it fair that upon Sub-Division, the same
fractional entitlements to a Consolidated Share will apply to each
New Ordinary Share, but not a New Deferred Share.
The record date for the Sub-Division will be the same as for the
Consolidation, which is 7 p.m. on 9 February 2024.
6. Effects of the Capital Reorganisation
For purely illustrative purposes, examples of the effects of the
Capital Reorganisation are set out below:
Existing Ordinary New Ordinary Share Deferred Share
Shares
1,000,000 200,000 200,000
25,000 5,000 5,000
500 100 100
------------------ ------------------- ---------------
The example below shows a fractional entitlement, the value of
which will depend on the market value of the New Ordinary Shares at
the time of sale.
Existing Ordinary New Ordinary New Deferred Fractional
Shares
15,213 3,042 3,042 0.6
------------------ ------------- ------------- -----------
Application will be made for the New Ordinary Shares to be
admitted to trading on AIM and dealings in the New Ordinary Shares
are expected to commence on or around 12 February 2024, subject to
obtaining the new ISIN and admission of the New Ordinary Shares by
CREST.
7. Fractional entitlements to Consolidated Shares
As set out above, the Consolidation will give rise to fractional
entitlement to a Consolidated Share where any holding is not
precisely divisible by five. On Sub-Division of any such
Consolidated Share, which occurs immediately thereafter, the same
fractional entitlement will apply to each New Ordinary Share, but
not a New Deferred Share then arising. As regards to the New
Ordinary Shares, no certificates regarding fractional entitlements
will be issued. Instead, any New Ordinary Shares, in respect of
which there are fractional entitlements, will be aggregated and
sold in the market for the best price reasonably obtainable on
behalf of Fractional Shareholders entitled to fractions.
The Company will distribute the proceeds of sale in due
proportion to any such Fractional Shareholders in accordance with
article 19 of the Articles. In the event that the net proceeds of
sale amount to GBP3 or less per holder, the Board is of the view
that, as a result of the disproportionate costs, it would not be in
the best interests of the Company to distribute such proceeds of
sale, which instead shall be retained for the benefit of the
Company in accordance with article 19 of the Articles.
For the avoidance of doubt, the Company is only responsible for
dealing with fractions arising on registered holdings. For
Shareholders whose shares are held in the nominee accounts of UK
stockbrokers, the effect of the Capital Reorganisation on their
individual shareholdings will be administered by the stockbroker or
nominee in whose account the relevant shares are held. The effect
is expected to be the same as for shareholdings registered in
beneficial names, however it is the stockbroker's or nominee's
responsibility to deal with fractions arising within their customer
accounts and not the Company's.
8. Resulting Share Capital
The issued share capital of the Company immediately following
the Capital Reorganisation, is expected to comprise 57,007,785 New
Ordinary Shares, 57,007,785 New Deferred Shares and 32,236,017
Existing Deferred Shares.
9. Rights attaching to New Ordinary Shares and the Deferred Shares
The New Ordinary Shares arising upon implementation of the
Capital Reorganisation will have the same rights as the Existing
Ordinary Shares, including voting, dividend and other rights and as
set out in the Articles.
The New Deferred Shares arising upon implementation of the
Capital Reorganisation will have the same rights as the Existing
Deferred Shares, including no dividend or voting rights and, upon a
return of capital, the right only to receive the amount paid up
thereon after the holders of ordinary shares in the capital of the
Company have received the aggregate amount paid up thereon and as
set out in the Articles.
10. Effects on Options and Other Instruments
The entitlements to New Ordinary Shares of holders of securities
or instruments convertible into New Ordinary Shares (such as share
options) are expected to be adjusted to reflect the Capital
Reorganisation.
11. General Meeting
You will find set out at the end of this Document a notice
convening the Annual General Meeting to be held at RWK Goodman LLP,
69 Carter Lane, London, EC4V 5EQ at 12pm on 9 February 2024.
The Resolutions to be proposed at the Annual General Meeting are
as follows:
(a) Resolutions 1 to 5: Resolutions in respect of accepting the
annual accounts of the Company, re-appointing the Directors who
retire as Directors by rotation and re-appointing the Company's
auditors (Ordinary Resolutions)
Ordinary Resolutions are proposed to approve routine business at
the Annual General Meeting
(b) Resolution 6: Capital Reorganisation (Ordinary Resolution)
An ordinary resolution is proposed to approve the Capital
Reorganisation. The Board considers it desirable to effect the
Capital Reorganisation as, in the Board's opinion, it should
improve the liquidity and marketability of New Ordinary Shares.
(4) EUR) Resolution 7: Grant the directors the authority to
allot shares and grant rights (Ordinary Resolution)
(4) An ordinary resolution is required to grant the Board the
authority to allot shares and grant rights to subscribe for shares
in the capital of the Company in accordance with section 551 of the
Companies Act 200(d) Resolution 8: Disapply the statutory
pre-emption rights in relation to the allotment of shares and
granting of rights to subscribe for shares (Special Resolution)
A special resolution is required to disapply the statutory
pre-emption rights in relation to the allotment and issue of shares
in the capital of the CompanEUR
(e) Resolution 9: Change the Company's name (Special Resolution)
A special resolution to approve changing the Company's name to
Catenai plc.
(f) Resolution 10: Amendments to the Company's articles of association (Special Resolution)
A Special Resolution to approve amendments to the Company's
articles of association.
12. United Kingdom taxation in relation to the Capital Reorganisation
For the purposes of UK taxation of chargeable gains, a
Shareholder should not be treated as making a disposal of all or
part of his holding of Existing Ordinary Shares by reason of the
Consolidation. The New Ordinary Shares should be treated as the
same asset, and as having been acquired at the same time and at the
same aggregate cost as, the holding of Existing Ordinary Shares
from which they derive. On a subsequent disposal of the whole or
part of the New Ordinary Shares comprised in the new holding, a
shareholder may, depending on his or her circumstances, be subject
to tax on the amount of any chargeable gain realised.
13. Action to be taken
You are requested to register your votes by completing, scanning
and then submitting a Form of Proxy (enclosed with the Annual
General Meeting notice below) to the Registrar at:
proxy@avenir-registrars.co.uk as soon as possible. Even if you
intend to attend the Annual General Meeting you are encouraged to
complete and return a Form of Proxy. The Form of Proxy must be
received by the Registrar not less than 48 hours (excluding
weekends and bank holidays) before the time fixed for the Annual
General Meeting (or any adjournment thereof). You may also vote by
completing and posting a Form of Proxy to the Registrar at: Avenir
Registrars Ltd, 5 St Johns Lane, London, EC1M 4BH.
The completion and return of a Form of Proxy will not prevent
you from attending the Annual General Meeting and voting in person
if you subsequently wish to do so.
Shareholders are reminded that, if their shares are held in the
name of a nominee, only that nominee or its duly appointed proxy
can be counted in the quorum at the Annual General Meeting.
Separate processes exist for CREST votes to be cast within the
CREST system.
If you are in any doubt as to what action you should take, you
are recommended to seek your own personal financial advice from
your broker, bank manager, solicitor, accountant or other
independent financial adviser authorised under the Financial
Services and Markets Act 2000 (as amended) if you are resident in
the United Kingdom or, if not, from another appropriately
authorised independent financial adviser, immediately.
If you need any help with voting please contact the Registrar,
Avenir Registrars Ltd on +44 20 7692 5500, or by email at
proxy@avenir-registrars.co.uk .
14. Electronic Communications
Going forward the Company intends to supply all notices,
documents and information (" Documents and Information" ) to
shareholders via electronic means, including a designated
shareholder portal operated by its Registrar (through which
shareholders' will also be able to vote at general meetings). The
Directors believe that increased use of electronic communications
will deliver significant savings to the Company in terms of
administration, printing and postage costs, as well as speeding up
the provision of information to shareholders. The reduced use of
paper will also have environmental benefits. To allow the Company
to supply Documents and Information to you via electronic means you
are required to give your consent to the same. You are requested to
read the enclosed letter entitled "Request to send or supply
documents and information via a website and/ or in electronic form"
and either fill out the enclosed reply slip as instructed or email
details of your email address and mobile number to John Farthing,
the company secretary.( john.farthing@catenaeinnovation.com ).
15. Recommendation
The Directors consider that the Capital Reorganisation is fair
and reasonable and is in the best interests of the Company and its
Shareholders as a whole. The Directors therefore recommend you vote
in favour of all of the Resolutions.
The Directors intend to vote in favour of all of the Resolutions
in respect of their own beneficial holdings of Existing Ordinary
Shares. Such shareholdings comprise 44,069,515 Existing Ordinary
Shares representing approximately 15.46% per cent. of the total
Existing Ordinary Shares.
Yours faithfully
Brian Thompson
Chairman
DEFINITIONS
"Admission" admission of the New Ordinary Shares to
trading on AIM and such admission becoming
effective in accordance with the AIM Rules;
"AIM Rules" the AIM Rules for Companies and the AIM
Rules for Nominated Advisers, as issued
by the London Stock Exchange from time
to time;
"AIM" the AIM market operated by the London
Stock Exchange;
"Annual General Meeting" the general meeting of the Company to
be held at RWK Goodman LLP, 69 Carter
Lane, London, EC4V 5EQ on 9 February 2024
at 12pm , notice of which is set out at
the end of this Document;
"Articles" the articles of association of the Company
at the date of this Document;
"Board" the board of directors of the Company;
"Capital Reorganisation" the proposed Consolidation and the Sub-Division;
"Certificated" or in the description of a share or other security
"Certificated Form" which is not in uncertificated form (that
is, not in CREST);
"Company" or "Catenae Catenae Innovation plc (registered under
Innovation" company number 04689130), to be renamed
as "Catenai plc" pursuant to the proposed
resolutions being considered at the Annual
General Meeting;
"Consolidated Shares" ordinary shares of 1 pence each in the
Company to be created following the Consolidation;
"Consolidation" the proposed consolidation of every five
Existing Ordinary Shares of 0.2 pence
each into one Consolidated Share of 1
pence each;
"CREST" the relevant system (as defined in the
CREST Regulations) in respect of which
Euroclear is the operator (as defined
in the CREST Regulations);
"CREST Regulations" the Uncertificated Securities Regulations
2001 (SI 2001/3755), as amended;
"Directors" the directors of the Company uthorizedhorised
committee thereof;
"Document" this document;
"Euroclear" Euroclear UK & International Limited,
the operator of CREST;
"Existing Deferred the existing deferred shares of 9.8 pence
Shares" each in the capital of the Company;
"Existing Ordinary the ordinary shares of 0.2 pence each
Shares" in issue as at the date of this Document;
"Form of Proxy" the form of proxy for use by Shareholders
in connection with the Annual General
Meeting;
"Fractional Shareholders" Shareholders entitled to fractions of
shares as a result of the Capital Reorganisation;
"London Stock Exchange" London Stock Exchange Group plc;
"New Deferred Shares the deferred shares of 0.8 pence each
in the capital of the Company to be created
following the Sub-Division;
"New Ordinary Shares" the ordinary shares of 0.2 pence each
in the capital of the Company to be created
following the Sub-Division;
"Record Date" 7:00 p.m. on 6 February 2024 ;
"Registrar" Avenir Registrars Ltd;
"Resolutions" the resolutions to be proposed at the
Annual General Meeting, details of which
are set out in this Document;
"Shareholder(s)" a holder of Existing Ordinary Shares;
"Sub-Division" the sub-division of each Consolidated
Share of 1 pence each into one New Ordinary
Share of 0.2 pence each and one New Deferred
Share of 0.8 pence each; and
"United Kingdom" or the United Kingdom of Great Britain and
"UK" Northern Ireland.
All references in this Document to "GBP" or "pence" are to the
lawful currency of the UK
(4) To note this date was misstated in the Circular as 15
January 2025
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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