TIDMNFX
RNS Number : 4440J
Nuformix PLC
13 December 2022
Nuformix plc
("Nuformix", the "Company" or the "Group")
Half Year Report
13 December 2022: Nuformix plc (LSE: NFX), a pharmaceutical
development company targeting unmet medical needs in fibrosis and
oncology via drug repurposing, announces its unaudited results for
the six months ended 30 September 2022.
Operational highlights (including post-period end)
-- Initial pre-clinical inhalation studies undertaken with NXP002 demonstrated:
o the proprietary novel form can be delivered in-vivo by a range
of nebulisers at the optimum particle size for delivery to the deep
lung;
o very high doses appear to be well-tolerated in the lung;
and
o an in-vivo inhalation dose response was observed for both
inflammatory and fibrotic biomarkers associated with disease
progression.
-- Subsequently, the Company initiated studies in a
state-of-the-art 3D human Idiopathic Pulmonary Fibrosis (" IPF")
lung tissue, using a disease and species relevant model, which will
focus firstly on the anti- inflammatory and anti-fibrotic action of
NXP002 in combination with current standards-of-care and secondly
investigate duration of action.
-- The Company presented NXP002 for the first time to the global
IPF medical and pharmaceutical specialist community at the ERS
Congress in Barcelona.
-- A programme of work to progress NXP004 was initiated:
o scale-up of lead cocrystal production processes; and
o in-vitro dissolution comparison of lead co-crystals to
Lynparza(R) (commercially available olaparib).
-- Oxilio, the licensee of NXP001, is investigating aprepitant
for the potential new treatment of cancer indications. Continuing
efforts are being made with Quotient Sciences to explore the
formulation development options of NXP001 to understand the
feasibility of achieving bioavailability and a dosing regime
adequate for treatment of this indication. This work, which is
contingent on the manufacturing and supply of additional cocrystal
material for testing and evaluation, is underway.
-- Leadership team enhanced with the appointments of:
o Dr Julian Gilbert as Non-Executive Chairman, who brings
significant pharma and biotech business development, corporate
development and general leadership experience; and
o Dr Dan Gooding as Executive Director, who is a co-founder of
Nuformix and was the Company's CEO until June 2020. He instigated
the Company's NXP002 programme as an inhaled therapy for the
treatment of IPF and has been acting as a consultant to the Company
since March 2022.
Financial Highlights
-- Loss before tax GBP423,677 (30 September 2021: loss of GBP449,023)
-- Loss on ordinary activities (after tax credit) of GBP422,514
(30 September 2021: loss of GBP449,023)
-- Loss per share 0.06p (30 September 2021: 0.08p)
-- Net assets of GBP4,591,964 (30 September 2021: GBP5,250,968)
including GBP389,840 of cash and cash equivalents at 30 September
2022 (30 September 2021: GBP1,071,831)
Dr Dan Gooding, Executive Director of Nuformix, said: "Our
pre-clinical efforts to date demonstrate that inhaled treatment of
IPF and related fibrotic lung diseases via NXP002 is a viable
concept, a concept that it is becoming increasingly validated by
clinical data emerging from the public domain. I expect our
on-going penultimate pre-clinical studies to conclude that our data
and IP support the progression of the programme towards patients
for whom I believe NXP002 can address both the side effect and
efficacy limitations of existing IPF treatment options. We hope to
announce results for both NXP002 and NX004 in the near-term, with
work on both programmes underway. Programme progression is being
achieved using existing funds thanks to a lean operational model,
which will continue to operate until our R&D and targeted
partnering activities require further resource. I am excited by our
prospects for the remainder of the year and look forward to sharing
results as they emerge."
Enquiries:
Nuformix plc
Dr Dan Gooding, Executive Director Via IFC Advisory
Stanford Capital Partners Limited
Tom Price / Patrick Claridge (Corporate
Finance) +44 (0) 20 3650 3650
John Howes (Corporate Broking) +44 (0) 20 3650 3652
IFC Advisory Limited
Tim Metcalfe +44 (0) 20 3934 6630
Zach Cohen nuformix@investor-focus.co.uk
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet
medical needs in fibrosis and oncology via drug repurposing. The
Company aims to use its expertise in discovering, developing and
patenting novel drug forms, with improved physical properties, to
develop new products in new indications that are, importantly,
differentiated from the original (by way of dosage, delivery route
or presentation), thus creating new and attractive commercial
opportunities. Nuformix has a pipeline of pre-clinical assets with
potential for significant value and early licensing
opportunities.
Nuformix plc shares are traded on the London Stock Exchange's
Official List under the ticker: NFX. For more information, please
visit www.nuformix.com .
Chairman's statement
Operational review
NXP002 (new form of tranilast) - Idiopathic Pulmonary Fibrosis
(IPF)
NXP002 is the Group's pre-clinical lead asset and a potential
novel inhaled treatment for IPF and possibly other fibrosing
interstitial lung diseases ("ILDs"). It is a proprietary, new form
of the drug tranilast, to be delivered in an inhaled
formulation.
IPF is a devastating lung disease associated with a higher
mortality rate than many cancers and where there is a need for
additional treatment options. Thus, IPF represents a high unmet
medical need and a significant commercial opportunity. IPF is
classified as a rare disease and presents a global commercial
market that is forecast to grow to US$8.8bn by 2027. Sales of
standard-of-care therapies OFEV and Esbriet achieved US$2.5bn and
US$1bn respectively in 2021.
Tranilast has a long history of safe use as an oral drug for
allergies, but there is evidence that supports its potential in
fibrosis, including IPF. NXP002 is differentiated as it is a new
form of tranilast that is being formulated for delivery direct to
the lungs by inhalation, a new route of administration for this
drug. The inhalation route is a well-known strategy for treatment
of lung diseases to yield greater efficacy and reduce systemic
side-effects compared to oral treatment. Nuformix has two patent
families protecting new forms of tranilast, some members of which
have been granted in major pharmaceutical territories, while others
are still in prosecution. In addition, in March 2022 a method of
use patent application was filed.
NXP002, as a potential treatment for IPF, is a likely candidate
for Orphan Drug Designation which could provide additional product
protection against potential competitors. The positioning of such
an inhaled treatment for IPF could be either added to standard of
care or administered as a monotherapy.
The pre-clinical inhalation strategy, initiated by the Company
has significantly progressed NXP002 demonstrating:
-- it can be delivered in-vivo by a range of nebulisers at the optimum particle size;
-- very high doses appear to be well-tolerated; and
-- an in-vivo inhalation dose response was observed for
inflammatory and fibrotic biomarkers that is consistent with
previous ex-vivo human IPF tissue studies.
However, the pre-clinical inhalation disease model chosen proved
to be complex, and unlike previous studies in human IPF tissue, it
continues to be challenging to achieve consistent and reproducible
results, which will likely increase in the study of combination
therapies, which are now clearly required given the clinical trends
intelligence gathered at the ERS. As a consequence, the Company
initiated studies in 3D human IPF lung tissue using a disease and
species relevant model that is now available commercially via a
CRO. Work will focus on NXP002 in combination with current
standards-of-care, with the ultimate aim of reducing their negative
side effects whilst enhancing their efficacy.
NXP002 combinations have already shown great promise in human
diseased IPF tissue, showing a pleasing synergistic efficacy effect
with low doses of standards-of-care, resulting in the Group filing
a new combination patent application earlier in 2022. The change in
pre-clinical strategy , supported by intelligence gathered at ERS,
is therefore aligned with and further enhances the Company's
overall patent position as it continues to build assets for
eventual out-licensing.
The Company presented NXP002 for the first time to the global
IPF medical and pharmaceutical specialist community at the ERS
Congress in Barcelona. The Company's NXP002 poster sessions were
well-attended by, amongst others, potential licensing partners,
while the conference confirmed that inhalation is now widely
accepted as a future IPF treatment modality.
Overall, the Board is encouraged by the progress of the studies
and the positive data generated to date and is considering next
steps, including potential further R&D studies to add further
value and licensing activities.
NXP004 (novel forms of olaparib) - Oncology
The Group discovered novel forms of olaparib, a drug currently
marketed by AstraZeneca, a Lynparza(R). Lynparza(R) was first
approved in December 2014 for the treatment of adults with advanced
ovarian cancer and deleterious or suspected deleterious germline
BRCA mutation. Since then, it has secured similar approvals in
breast, pancreatic and prostate cancers with further trials
on-going. These approvals have propelled Lynparza(R) sales to
US$2.7bn in 2021 with industry analysts forecasting annual sales of
US$9.7bn by 2028.
The Group has filed two patent applications on its novel forms
of olaparib with the potential for patent life to 2040/2041.
The Company demonstrated enhanced performance of NXP004
cocrystals compared to olaparib. Subsequently, further
preformulation studies allowed the Company to identify lead
cocrystals to be progressed for further development.
The Company initiated work to progress the NXP004 programme in
three key areas:
-- commence scale-up of lead cocrystal production processes;
-- compare in-vitro dissolution performance of lead co-crystals
to the marketed Lynparza product; and
-- based on the results from these studies a formulation
development programme may be initiated. The aims of this work will
be to develop prototype formulations that offer the potential to be
both bioequivalent and 'bio-better' versus the Lynparza
product.
This work will direct and support future out-licensing
discussions for NXP004.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is
currently marketed as a product in the oncology supportive care
setting (chemotherapy induced nausea and vomiting). Nuformix
granted an exclusive licence to Oxilio Ltd ("Oxilio"), a privately
held pharmaceutical development company, to license NXP001 globally
for oncology indications on terms previously disclosed. Continuing
efforts are being made with Quotient Sciences to explore the
formulation development options of NXP001 to understand the
feasibility of achieving bioavailability and a dosing regime
adequate for treatment of this indication. This work which is
contingent on the manufacturing and supply of additional cocrystal
material for testing and evaluation is underway.
Board changes
In the period from April 2022 to September 2022 a number of
Board changes have occurred:
-- appointment of Dr Julian Gilbert as Non-Executive Chairman,
previously a Non-executive Director, replacing Dr Alastair Riddell
who resigned in May 2022
-- appointment of Dr Dan Gooding as an Executive Director who is
a was a co-founder of Nuformix and the Company's CEO until June
2020
Outlook
The Company to continues to advance and exploit the current
assets within the portfolio through the R&D and business
development activities as set out above. The sharing agreement with
Lanstead provides cash on a monthly basis to the Company to fund
its lean operations until the Group's R&D and targeted
partnering activities require further resource.
The strategy of the Group is to continue to increase the value
of its existing assets while maintaining tight control of costs,
including conducting business development/licensing activities
using a structured and data-driven approach, with the goal of
seeking global licensing deals.
Financial Review
In the first half of the financial year, the Board has continued
to focus expenditure on R&D activities that add value to the
current assets while optimising the operation to minimise
administrative expenditure and the operational cost-base.
Dr Julian Gilbert
Non-Executive Chairman
12 December 2022
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been
prepared in accordance with UK adopted IAS 34 'Interim Financial
Reporting';
2. the condensed set of financial statements has been prepared
in accordance with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and
fair view of the asset, liabilities, financial position and profit
or loss of the group and the undertakings included in the
consolidation as a whole as required by DTR 4.2.4R; and
4. the interim management report includes a fair review of the information required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact
on the condensed set of financial statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
The directors of Nuformix plc are listed in the Group's 2022
Annual Report and Accounts and the current board are set out on the
Investors Information section of Nuformix's website at: Investors
Information - Nuformix
Dr Julian Gilbert
Non-Executive Chairman
12 December 2022
Further copies of this document are available from the company's
registered address and will be available on the company's website
later today.
Nuformix plc
Registration number: 09632100
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive
Income for the six months ended 30 September 2022
6 months 6 months
ending ending Year ending
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
Note GBP GBP GBP
Revenue - 50,000 50,000
Cost of sales - (1,695) (1,695)
-------------- -------------- --------------
Gross profit - 48,305 48,305
Total administrative expenses (423,677) (497,327) (1,318,577)
Other operating income - - -
-------------- -------------- --------------
Operating loss (423,677) (449,022) (1,270,272)
Finance costs - - -
-------------- -------------- --------------
Loss before tax (423,677) (449,022) (1,270,272)
Income tax receipt 1,163 - 161,279
Loss for the period and total
comprehensive income for the
period (422,514) (449,022) (1,108,993)
============== ============== ==============
Loss per share - basic and
diluted 4 0.06p 0.08p 0.19p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 30 September
2022
30 September 30 September 31 March
2022 2021 2022
Note Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 5 177 698 438
Intangible assets 6 4,132,182 4,168,640 4,150,411
4,132,359 4,169,338 4,150,849
--------------- ------------------ ------------
Current assets
Trade and other receivables 257,327 53,663 199,600
Income tax asset - 121,020 161,279
Cash and cash equivalents 389,840 1,071,831 464,095
647,167 1,246,514 824,974
--------------- ------------------ ------------
Total assets 4,779,526 5,415,852 4,975,823
=============== ================== ============
Equity and liabilities
Equity
Share capital 7 709,309 591,609 615,609
Share premium 6,671,253 6,384,835 6,500,817
Merger relief reserve 10,950,000 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195) (8,005,195)
Share option reserve 2,039,044 2,019,681 2,026,664
Retained earnings (7,772,447) (6,689,962) (7,349,933)
--------------- ------------------ ------------
Total equity 4,591,964 5,250,968 4,737,962
--------------- ------------------ ------------
Current liabilities
Trade and other payables 187,562 164,884 237,861
--------------- ------------------ ------------
187,562 164,884 237,861
Total equity and liabilities 4,779,526 5,415,852 4,975,823
=============== ================== ============
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the six months
ended 30 September 2022
Share Share Merger Reverse Share Retained Total
capital premium Relief acquisition option earnings GBP
GBP GBP Reserve reserve reserve GBP
GBP
At 31 March
2021 591,609 6,384,835 10,950,000 (8,005,195) 2,005,952 (6,240,940) 5,686,261
Loss for the
half-year
and total
comprehensive
income - - - - - (449,022) (449,022)
Share and
warrant based
payment - - - - 13,729 - 13,729
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
As at 30
September
2021 591,609 6,384,835 10,950,000 (8,005,195) 2,019,681 (6,689,962) 5,250,968
Loss for the
half-year
and total
comprehensive
loss - - - - - (659,971) (659,971)
Issue of share
capital 24,000 145,982 - - - - 169,982
Share issue
costs - (30,000) - - - - (30,000)
Share and
warrant based
payment - - - - 6,983 - 6,983
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
At 31 March
2022 615,609 6,500,817 10,950,000 (8,005,195) 2,026,664 (7,349,933) 4,737,962
Loss for the
half-year
and total
comprehensive
income - - - - - (422,514) (422,514)
Issue of share
capital 93,700 170,436 - - - - 264,136
Share and
warrant based
payment - - - - 12,380 - 12,380
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
As at 30
September
2022 709,309 6,671,253 10,950,000 (8,005,195) 2,039,044 (7,772,447) 4,591,964
========= =========== ============ ====================== =========== ================== ===========
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the six months ended 30
September 2022
6 months 6 months
ending 30 ending Year
September 30 September Ended
31 March
2022 2021 2022
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Loss for the year (422,514) (449,022) (1,108,993)
Adjustments to cash flows from non-cash
items
Depreciation and amortisation 18,489 18,488 36,976
Income tax expense - - (161,279)
Share and warrant based payment 12,380 13,729 20,712
(391,645) (416,805) (1,212,584)
Working capital adjustments
(Increase) decrease in trade and other
receivables (58,888) (21,403) (167,340)
Increase (decrease) in trade and other
payables (50,300) (159,740) (86,763)
---------------------------- ---------------------- ----------------------
Cash generated from operations (500,833) (597,948) (1,466,687)
Income taxes (paid)/received 162,442 121,020
---------------------------- ---------------------- ----------------------
Net cash flow from operating activities (338,391) (597,948) (1,345,667)
Cash flows from investing activities
Net cash flows from investing - - -
activities
---------------------------- ---------------------- ----------------------
Cash flows from financing activities
Proceeds of share issue 264,136 - 139,982
Net cash flows from financing
activities 264,136 - 139,982
---------------------------- ---------------------- ----------------------
Net (decrease)/increase in cash and
cash
equivalents (74,255) (597,948) (1,205,685)
Cash and cash equivalents at start of
period 464,095 1,669,780 1,669,780
Cash and cash equivalents at end of
period 389,840 1,071,832 464,095
---------------------------- ---------------------- ----------------------
Nuformix plc Unaudited Interim Results
Notes to the Consolidated Financial Statements for the six month
ended 30 September 2022
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Accounting Standards as endorsed by the UK
Endorsement Board ("IAS"), and are compliant with IAS34 "Interim
Financial Reporting."
The Group prepares its accounts in accordance with applicable UK
Adopted International Accounting Standards.
The accounting policies and methods of computation followed in
the condensed consolidated interim financial statements are the
same as those applied in the most recent annual report
The consolidated interim financial statements are unaudited and
do not constitute statutory accounts within the meaning of Section
434 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2022, prepared in accordance with IAS, have been
filed with the Registrar of Companies. The Auditors' Report on
these accounts was unqualified and included a reference to which
the Auditors drew attention by way of an emphasis of matter,
without qualifying their report, that a material uncertainty
existed that might cast significant doubt on the Group's ability to
continue as a going concern at that time. The Auditors' Report did
not contain any statements under section 498 of the Companies Act
2006.
The condensed consolidated interim financial statements are for
the 6 months to 30 September 2022.
The condensed consolidated interim financial information does
not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with
the group's annual financial statements for the year ended 31 March
2022, which were prepared in accordance with UK adopted
International Accounting Standards ("IFRSs"). As explained above,
although this was a different accounting framework, there is no
impact on recognition, measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared
on the going concern basis of preparation which, inter alia, is
based on the directors' reasonable expectation that the Group has
adequate resources to continue to operate as a going concern for at
least twelve months from the date of their approval. In forming
this assessment, the directors have prepared cashflow forecasts
covering the period ending 31 March 2024 which take into account
the likely run rate on overheads and planned research expenditure
and the expectations of a further fundraise to be completed in
H1-23.
Whilst there can be no guarantee of the successful outcome of
future studies, in compiling the cashflow forecasts the directors
have made cautious estimates of the likely outcome of such studies,
when a fundraise may complete and have considered alternative
strategies should projected funding be delayed or fail to
materialise. These strategies include postponing non-committed
research expenditure, securing alternative licensing arrangements
from those currently planned and additional corporate activity to
support the business.
These circumstances indicate the existence of a material
uncertainty which may cast significant doubt on the Group's ability
to continue as a going concern. The consolidated interim financial
statements do not include any adjustments that would result if the
company or Group was unable to continue as a going concern.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and, for this reason, they continue to adopt the
going concern basis in preparing the consolidated interim financial
statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Group by the weighted
average number of shares in issue during the period.
The basic earnings per share for each comparative period is
calculated by dividing the loss in each of those periods by the
legal entity's historical weighted average number of shares
outstanding.
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (422,514) (449,022) (1,108,993)
Weighted average number of shares 707,261,281 591,609,368 598,447,724
Basic and diluted loss per share 0.06p 0.08p 0.19p
5 Property, Plant and Equipment
Computer equipment
Total
GBP GBP
Cost or valuation
At 31 March 2021 1,561 1,561
At 30 September 2021 1,561 1,561
At 31 March 2022 1,561 1,561
------------------------- -------------
At 30 September 2022 1,561 1,561
------------------------- -------------
Depreciation
At 31 March 2021 604 604
Charge 259 259
------------------------- -------------
At 30 September 2021 863 863
Charge 260 260
At 31 March 2022 1,123 1,123
Charge 261 261
------------------------- -------------
At 30 September 2022 1,384 1,384
------------------------- -------------
Carrying amount
At 30 September 2021 698 698
========================= =============
At 31 March 2022 438 438
========================= =============
At 30 September 2022 177 177
========================= =============
6 Intangible Assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 31 March 2021 4,023,484 449,611 4,473,095
----------- --------- ---------
At 30 September 2021 4,023,484 449,611 4,473,095
Written Off - (85,035) (85,035)
----------- --------- ---------
At 31 March 2022 4,023,484 364,576 4,388,060
----------- --------- ---------
At 30 September 2022 4,023,484 364,576 4,388,060
=========== ========= =========
Amortisation
At 31 March 2021 - 286,227 286,227
Amortisation charge - 18,228 18,228
At 30 September 2021 - 304,455 304,455
Amortisation charge - 18,229 18,229
On Written Off - (85,035) (85,035)
At 31 March 2022 - 237,649 237,649
Amortisation charge - 18,229 18,229
At 30 September 2022 - 255,878 255,878
Net book value
At 30 September 2021 4,023,484 145,156 4,168,640
At 31 March 2022 4,023,484 126,927 4,150,411
At 30 September 2022 4,023,484 108,698 4,132,182
For impairment testing purposes, management consider the
operations of the Group to represent a single cash-generating unit
("CGU") focused on research and development. Consequently, the
goodwill is effectively allocated and considered for impairment
against the business as a whole being the single CGU.
7 Share Capital
Allotted, called up and fully paid shares
30 September 30 September 31 March
2022 2021 2022
Unaudited Unaudited Audited
No. GBP No. GBP No. GBP
--------------- ------------ --------------- ------------ -------------------- ----------------
Ordinary shares
of GBP0.001
each 709,309,368 709,309 591,609,368 591,609 615,609,368 615,609
--------------- ------------ --------------- ------------ -------------------- ----------------
On 4 April 2022, the company completed a capital increase
through the issue of 93,700,000 shares of GBP0.001 each in a share
placement at a price of GBP0.015 per share. The Share Premium
arising has been calculated in line with the Sharing Agreement with
Lanstead Capital Partners LP ("Lanstead") as outlined below.
In December 2021 the Company entered into a Sharing Agreement
with Lanstead, split into two tranches of new shares issued with
payments to be received over a 20-month period from March 2022 to
October 2023.
The agreement is structured in such a way that the proceeds
received by the Company are linked to the market price for the
Company's shares. The proceeds are calculated based on the
volume-weighted average share price in the month preceding the
payment from Lanstead, compared to a target price of 2p per share.
Based on historic share prices, and a valuation as at the latest
available price the total proceeds from Tranche 2 (issued in April
2022) are expected to be GBP264,136 (including Share Premium of
GBP170,436), of which GBP206,609 has been recognized in
debtors.
8 Share Options and Warrants
The Group operates share-based payments arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-settled share-based payments are measured at
fair value (excluding the effect of non-market-based vesting
conditions) at the date of grant. The fair value determined at the
grant date of the equity-settled, share-based payments and is
expensed on a straight-line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
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IR GPGCWPUPPGMP
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December 13, 2022 02:00 ET (07:00 GMT)
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