TIDMZED
RNS Number : 7653X
Zenova Group PLC
31 August 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
("MAR") WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN
(WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN
31 August 2022
Zenova Group PLC
("Zenova", the "Company" or the "Group")
Interim results for the six months ended 31 May 2022
Zenova Group PLC (AIM: ZED) , a provider of innovative fire
safety and heat management technology and products, today announces
its interim results for the six months ended 31 May 2022.
Significant progress has been made in the period:
-- Financial highlights for the period
o Revenue generation has commenced from previously announced
international sales contracts.
o Sales for the six months to 31 May 2022 of GBP75k (2021 -
GBP6k).
o Operating loss for the period of GBP1,038k (2021 - GBP271k)
driven by spending on product development, testing, and
marketing.
o Cash balance at 31 May 2022 of GBP1.7 million.
-- Key contracts signed
o United States of America - distribution agreement signed with
Omnis Panels LLC to distribute Zenova products throughout the
construction sector.
o UK - Beyond Surface Solutions appointed as a stockist and
reseller of Zenova products.
-- Key new clients
o NHS Epsom and St Helier University Hospitals Trust to use
Zenova products throughout the Trust`s estate.
o UK TV and film industry: Bells and Two Tones Fire and Rescue
Limited, the leading fire safety provider for the film industry,
has assessed, approved, and placed its first order of Zenova fire
safety products.
-- Manufacturing
o Scalable manufacturing is in place in three separate
jurisdictions (Europe, UK and Canada) to help ensure the supply of
all Zenova products to satisfy the expected growth in demand across
multiple geographies while minimizing shipping costs.
Post period end highlights
-- Significant contracts signed, orders placed, and/or products specified
o GBP1.2m contract signed in June for a minimum delivery of
Zenova products within 12 months with Ethmaar Investment Company,
Saudi Arabia.
o Zenova IR specified with KC Cabins Solutions Ltd to provide
enhanced insulation for 250 of their new modular eco-home range of
buildings for an initial quantity of 50,000 litres.
o SIG Plc has now placed orders for Zenova FP, IP, IR and Primer
products. SIG Plc is an experienced specialist within the
construction sector and one of the largest in the UK and with a
significant presence in Europe.
o Pinewood studios has now been supplied with FP and WB
products, thus providing solutions to greatly improve their fire
safety.
-- Investor updates
o Lock-In agreements entered into by Directors and founders
confirming non-disposal of their shares have been extended until
July 2023.
o Extension to 21(st) October 2022 of Amati Global Investors
Limited`s right to subscribe to 6,578,947 additional ordinary
shares in the Company at 19 pence per share with total value of
GBP1,250,000.
Tony Crawley, Chief Executive of Zenova Group PLC commented:
"Zenova has made strategic progress over the last six months which
lays the foundations for significant growth going forward. The
Group is well funded with rigorous cost controls in place to manage
the expansion of the business. We look forward to announcing
further positive news in the near future."
Chairman's Statement
Zenova has made encouraging progress in this interim period in
what has been a challenging trading environment for business
generally. Strategic developments over the last six months have
laid the foundation for a positive future. The company remains in
good financial health, implementing a program of rigorous control
of costs, as we grow the business in a managed and sustained
manner.
Since our last report, the focus has been on product
development, testing and certification to meet the most recent fire
safety regulations implemented in the UK, which are amongst most
stringent in the world today. Significant investment is being made
in accessing global markets. We believe our products are best in
class. As such a key focus at this time is one of communication as
we pursue market penetration. We have engaged in a number of
activities to develop brand recognition which we believe will help
boost future growth potential.
Despite a global pandemic and the war in the Ukraine, resulting
in global supply chain disruption, energy cost inflation and
shipping delay issues affecting Zenova in common with many sectors,
the company is gaining strength. Progress is positive across its
product range, including those still in development. Our outsourced
manufacturing capabilities are primed and ready to ramp up levels
of production to support future growth of the business.
A number of sub distribution partners have now been appointed
with further partners identified both in the UK and overseas and we
have chosen several new specialised partners in key sectors.
Zenova has secured new contracts in a number of targeted
markets, domestically and internationally, with products being
specified. This is encouraging progress. Successful trials and
pilots have allowed the company to penetrate many key sectors. th
the recent global energy crisis Zenova IP and IR products are now
even more relevant in supporting businesses and homes in conserving
energy and reducing their carbon footprint.
As revenue streams grow, we will continue to implement strict
cost management policies to ensure that the Company remains in a
healthy working capital position.
I would like to thank all our employees and partners for their
hard work over the last six months. They have embraced our vision
to establish Zenova as a trusted supplier of effective and
commercially viable products that provide innovative fire safety
and heat management solutions. We are most grateful for their
support and dedication and look forward to announcing further
progress in the near future.
Don Nicolson
Non-executive Chairman
Operating Update
Target Segments
The key sectors currently being targeted by the Company's sales
and marketing team are as follows:
-- Social Housing Government - grant led
-- Local Authorities
-- Military
-- Transport
-- Construction
-- Marine
-- Film & TV
-- Fire services
-- Modular Homes
Key Contracts & Clients
The company has secured a number of cornerstone agreements
within key sectors which are expected to develop into longer term
sales from these partnerships
-- Beyond Surface Solutions Ltd is a specialist within the
Marine and Automobile sectors with stock now purchased of FP,IP,IR
and Primer and in place. A number of key trials are now underway
with the motor industry for both FP and IP products to assist with
fire protection and insulation respectively. Beyond Surface
Solutions has now placed their first order and the company
anticipates increasing continuous sales into the future.
-- Saudi Arabia sub distributor Ethmaar Investment Company has
been appointed as a sub-distributor of products FP, IP, IR and
Primer. Once the company has completed final Government checks an
expected first order will be placed in Q4 2022
-- Omnis is now a Sub distributor within the construction sector
in the USA for products FP, IP, IR and Primer. Omnis has begun the
task of building brand awareness in the USA with a number of trade
show events completed with some significant interest.
-- SIG Plc has purchased and stocked Zenova FP, Zenova IP,
Zenova IR and Primer products, which are now available to their
large customer base.
-- It is expected that the Zenova IR specification for KC Cabins
will contribute to a significant near term cash inflow for the
Group.
-- Zenova products used successfully on Pinewood Studios special
effects live burn sets for big budget productions, saving time and
money for the production with added environmental benefits and
additional safety on the film sets and barrier protection between
studio buildings.
Product Validation
-- NHS Epsom and St Helier University Hospitals Trust is testing
Zenova IP and Zenova IR products on hospital sites with
'side-by-side' comparison analysis to be independently
verified.
-- During the interim period Dorset & Wiltshire Fire &
Rescue Service has successfully concluded tests of Zenova FP in
'real-world' kitchen fire demonstrations.
-- Intertek has recently conducted testing that confirms
sizeable heat build-up reduction on steel surfaces using Zenova IP
and Zenova IR.
-- Zenova products have recently undergone fire investigation
demonstrations for experts from the insurance sector, fire &
rescue services and police services by Gardiner Associates Training
and Research.
Manufacturing
Scalable manufacturing partners put in place to help ensure the
supply of all Zenova products can satisfy the expected growth in
demand for products across multiple geographies.
Products
During the period the Company completed the testing on Zenova
WB, a wildfire barrier fluid (applied via spray wands or aerial
drops), which provides a virtual barrier where fire simply will not
burn. Repeated tests on a variety of dry wildfire fuels (grasses,
hays, brush) demonstrates the substantial fire resistance Zenova WB
provides, while remaining viable after application for 30+ days in
dry conditions.
By creating an effective fire stop, ZENOVA WB provides essential
property and personal protection for dwellings, buildings, people
or wildlife that find themselves in harm's way when these
devastating fires occur.
Zenova fire extinguishers which utilise its unique fluid which
is capable of extinguishing all types of fires and is much more
effective than existing fire extinguishing methods, such as water,
powder or foam have been subject to extensive tests. This product,
once fully certificated to the latest standard of EN3
certification, will come to market before the end of 2022.
Further testing is ongoing for products to ensure we continue to
satisfy various sector regulations and legislation.
Investor Updates
Amati Global Investors Limited has extended its right to
subscribe to 6,578,947 additional ordinary shares in the Company at
19 pence per share with total value of GBP1,250,000 substantially
adding to its stake.
Lock-In agreements entered into by Directors and founders
confirming non-disposal of their shares have been extended until
July 2023.
The company has made good progress launching to market a number
of products within a very difficult global year for many. With many
new building regulations and Brexit changes to products legislation
which Zenova has kept abreast of and moved quickly to adopt the
necessary legislation requirements, allowing us now to expand into
a specification market. We believe with current fire regulation
changes and the energy crisis Zenova products are now positioned to
capitalize on the market's needs for the future.
Tony Crawley
CEO
Note
This announcement contains inside information of the purposes of
Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations
2019/310. The Directors of the Company are responsible for the
release of this announcement.
For further information please contact:
Zenova Group PLC
Tony Crawley, Chief Executive Officer Via Orana Corporate LLP:
Don Nicolson, Non-Executive Chairman Anthony Eastman
Tel: +44 20 3475 6834
SPARK Advisory Partners Limited (Nominated Adviser)
Matt Davis / Adam Dawes Tel: +44 20 3368 3550
SI Capital Limited (Broker)
Nick Emerson Tel: +44 1483 413 500
Notes to Editors
The Group, through Zenova Ltd, is the holder of intellectual
property that underpins a suite of fire safety and temperature
management products and technology. The product range is applicable
to industrial, commercial, and residential markets. The Group's
products include fire retardant paints, insulating paints and
render, fire extinguishing fluid and applications. Through
innovative development, and a refined formulation and development
process, Zenova provides industry leading solutions across a range
of fire protection and temperature management problems,
comprising:
Zenova FP
A water-based fire-resistant paint that prevents ignition and
spread of fire. It can be used in commercial, industrial and
domestic applications on a variety of materials, from wood to
metal.
Zenova FX
Patent pending fire extinguisher filled with proprietary Zenova
Fluid (Zenova FXB) that extinguishes all types of fires, reduces
chances of re-ignition, works in cold (-15 C) conditions, is
non-toxic and does not produce harmful by-products.
Zenova IP
Thermal insulating paint that creates a thermal barrier,
provides thermal reflection of sunrays & infrared radiation,
anti-condensation and anti-mould properties. It can be applied to
virtually any exterior or interior material, regardless of the
surface.
Zenova IR
Thermal insulating render to enhance the effectiveness of
insulation by creating a thermo shield. It fills all cavities and
gaps regardless of geometric shape and creates a vacuum - the most
effective insulator.
Zenova WB ,
A wildfire barrier fluid (applied via spray wands or aerial
drops), which provides a virtual barrier where fire simply will not
burn. Repeated tests on a variety of extremely dry wildfire fuels
(grasses, hays, brush) demonstrates the incredible fire resistance
Zenova WB provides, while remaining viable after application for
30+ days in dry conditions .
Zenova CS
Patent pending next generation ceiling sprinkler filled with
proprietary Zenova Fluid (Zenova FXB) that removes the need to
install large fluid tanks, piping, complicated equipment and
software. This sprinkler could be installed in the kitchen.
The Group has achieved this without compromising the
sustainability of natural and economical resources, including
personal health and safety, with ecologically sound products.
Unaudited Consolidated Statement of Comprehensive Income
For the
Six months Six months year ended
ended 31 ended 31 30 November
May 2022 May 2021 2021
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------- ----- ----------- ----------- -------------
Continuing operations
Revenue 75 - 6
Cost of sales (38) - -
Gross profit 37 - 6
=========== =========== =============
Administrative expenses (1,075) (217) (1,147)
Operating loss (1,038) (217) (1,141)
=========== =========== =============
Other comprehensive
income - - -
Loss before taxation (1,038) (217) (1,141)
=========== =========== =============
Taxation - - (15)
Loss after taxation (1,038) (217) (1,156)
=========== =========== =============
Basic loss per share 4 (1.11p) (7.20p) (2.72p)
Diluted loss per share 4 (1.11p) (7.20p) (2.72p)
Consolidated Statement of Financial Position
As at
As at 31 As at 31 30 November
May 2022 May 2021 2021
Company Number: 13403221 Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------- ----- ----------- ----------- -------------
ASSETS
NON-CURRENT ASSETS
Goodwill 5 2,346 - 2,346
Property, plant & equipment 6 13 3 8
Right of use asset 133 - 149
Deferred tax - 15 -
----------- ----------- -------------
TOTAL NON-CURRENT ASSETS 2,492 18 2,503
----------- ----------- -------------
CURRENT ASSETS
Inventory 39 - -
Trade and other receivables 289 5 173
Cash and cash equivalents 1,700 207 2,936
----------- ----------- -------------
TOTAL CURRENT ASSETS 2,028 212 3,109
----------- ----------- -------------
TOTAL ASSETS 4,520 230 5,612
=========== =========== =============
LIABILITIES
NON-CURRENT LIABILITIES
Payables: Amounts falling
due after one year 7 45 50 50
Lease Liability 134 - 148
----------- ----------- -------------
TOTAL NON-CURRENT LIABILITIES 179 50 198
----------- ----------- -------------
CURRENT LIABILTIES
Borrowings 7 - 380 -
Payables: Amounts falling
due within one year 100 97 135
----------- ----------- -------------
100 477 135
----------- ----------- -------------
TOTAL LIABILITIES 279 527 333
=========== =========== =============
NET ASSETS 4,241 (297) 5,279
=========== =========== =============
EQUITY
Share capital 8 94 50 94
Share premium 8 6,310 - 6,310
Other reserves (68) (68) (68)
Share based payment reserve 161 - 161
Retained earnings (2,256) (279) (1,218)
----------- ----------- -------------
TOTAL EQUITY 4,241 (297) 5,279
=========== =========== =============
Consolidated Statement of Cash Flows
Six months Six months Year ended
ended 31 ended 31 30 November
May 2022 May 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------------- ----------- ----------- -------------
CASH FLOWS USED IN OPERATING
ACTIVITIES
Loss for the period (1,038) (217) (1,156)
Adjustments to cash flows from
non-cash items
Income tax expense - - 15
Acquisition of Zenova Limited - 50 -
Consolidation of Zenova Limited - (68) -
Share based payment charge - - 161
Adjustments for changes in working
capital
Inventory (39) - -
Trade and other receivables (116) (2) (171)
Rights of use asset 16 - (149)
Trade and other payables (35) 68 106
Lease Liability (14) - 148
NET CASH FLOW USED IN OPERATING
ACTIVITIES (1,226) (170) (1,045)
----------- ----------- -------------
CASH FLOW USED IN INVESTING
ACTIVITIES
Expenditure on property plant
and equipment (5) (3) (8)
----------- ----------- -------------
NET CASH FLOW USED IN INVESTING
ACTIVITIES (5) (3) (8)
----------- ----------- -------------
CASH FLOW FROM FINANCING ACTIVITIES
Issue of share capital net of
costs - - 3,609
Bank loan (5) - -
Issue of convertible loan note - 180 180
----------- ----------- -------------
NET CASH FLOW FROM FINANCING
ACTIVITIES (5) 180 3,789
----------- ----------- -------------
NET INCREASE IN CASH AND CASH
EQUIVALENTS (1,236) 7 2,735
----------- ----------- -------------
CASH AND CASH EQUIVALENTS AT
THE START OF THE PERIOD 2,936 201 201
----------- ----------- -------------
CASH AND CASH EQUIVALENTS AT
THE OF THE PERIOD 1,700 207 2,936
=========== =========== =============
Consolidated Statement of Changes in Equity
Share Capital Share Premium Share based Other Reserve Accumulated
payment reserve losses Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- -------------- -------------- ----------------- -------------- ----------------- -------------
Balance at 30
November 2020 - - - - (62) (62)
-------------- -------------- ----------------- -------------- ----------------- -------------
Loss and total
comprehensive
loss for the
period - - - - (217) (217)
Transactions
with owners
Share capital
issued 50 - - - - 50
Merger reserve
arising on
acquisition of
Zenova Limited - - - (68) - (68)
-------------- -------------- ----------------- -------------- ----------------- -------------
Balance at 31
May 2021 50 - - (68) (279) (297)
-------------- -------------- ----------------- -------------- ----------------- -------------
Loss and total
comprehensive
loss for the
period - - - - (939) (939)
Transactions
with owners
Share options
charge - - 161 - - 161
Share capital
issued 44 6,310 - - - 6,403
-------------- -------------- ----------------- -------------- ----------------- -------------
Balance at 30
November 2021 94 6,310 161 (68) (1,218) 5,279
-------------- -------------- ----------------- -------------- ----------------- -------------
Loss and total
comprehensive
loss for the
period - - - - (1,038) (1,038)
-------------- -------------- ----------------- -------------- ----------------- -------------
Balance at 31
May 2022 94 6,310 161 (68) (2,256) 4,241
============== ============== ================= ============== ================= =============
Notes to consolidated and parent company financial statements
for 6 months to 31 May 22
1. General Information
The principal activity of Zenova Group plc and its subsidiary
and associate companies (collectively "Zenova Group" or "Group") is
development, manufacture and sale of fire-retardant systems.
Zenova Group plc is the Group's ultimate Parent Company ("the
parent company"). It is incorporated in England and Wales and
domiciled in England. The address of its registered office is 172
Arlington Road London NW1 7HL. Zenova Group plc shares are admitted
to trading on the London Stock Exchange's AIM market.
2. Basis of Preparation
The results for the six-month period ending 31 May 2022 are
unaudited and have been prepared in accordance with International
Accounting Standards (IFRS) as adopted for use in the United
Kingdom (UK IFRS). The interim consolidated financial information
set out in this report does not constitute statutory accounts as
defined by S434 of the Companies Act 2006, and should be read in
conjunction with the annual financial statements for the year ended
30 November 2021.
The results for the year ended 30 November 2021 have been
extracted from the statutory financial statements for the year
ended 30 November 2021. Statutory accounts for Zenova Group Plc for
the year ended 30 November 2021 were approved by the Board on 20
April 2022 and have been filed with the Registrar of Companies. The
report of the auditors on those accounts was unqualified and did
not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006.
The accounting policies applied in these results are consistent
with those applied in the Group`s Annual Report for the year ending
30 November 2021 and those expected to be applicable to the
financial statements for the year ending 30 November 2022.
The interim financial information for the six-month period from
1 December 2021 to 31 May 2022 was approved by the Board on 31
August 2022.
3. Going Concern
The Group assesses at each reporting date whether it is a going
concern for the foreseeable future. In making this assessment
management considers:
(a) the current working capital position and operational
requirements;
(b) the timing of expected sales receipts and completion of
existing orders;
(c) the sensitivities of forecast sales figures over the next 18
months;
(d) the timing and magnitude of planned expenditure; and
(e) the level of indebtedness of the company and timing of when
such liabilities may fall due, and accordingly the working capital
position over the next 18 months.
Management considers in detail the going concern assessment,
including the underlying assumptions, risks and mitigating actions
to support the assessment. The assessment is subject to estimation
uncertainty and there is judgement in determining underlying
assumptions
There are several scenarios which management have considered
that could impact the financial performance of the Group. These
include:
(a) Disruption of the supply chain, and any delays in the supply
of raw material that may impact the ability of the Group to produce
its products.
(b) Delays in testing and certification required for
geographical and sector specific expansion.
(c) Failure of the sales contracts to be realised, and expected
sales growth to fall below expectations.
(d) Changes in legislation that may increase lead times in
production or testing.
(e) Intellectual property on which the company may be reliant to
keep its competitive advantage could be challenged.
As at 31 May 2022 the Group had GBP1.70 million in cash.
If the cash receipts from sales are lower than anticipated the
Group has identified that it has available to it a number of
contingent actions, that it can take to mitigate the impact of
potential downside scenarios. These include seeking additional
financing, leveraging existing sale agreements, reviewing planned
expenditure and reducing overheads.
In conclusion having regard to the existing and future working
capital position and projected sales the Directors are of the
opinion that the application of the going concern basis is
appropriate.
4. Earnings per share
Six months Six months Year ended
ended 31 ended 31 30 November
May 2022 May 2021 2021
GBP'000 GBP'000 GBP'000
------------------------------------- ----------- ----------- -------------
Loss for the period used for
the calculation of basic EPS 1,038 217 1,156
Number of shares
Weighted average number of ordinary
shares for the purpose of basic
EPS 93,384,051 3,013,792 42,408,348
Effect of potentially dilutive - - -
ordinary shares
----------- ----------- -------------
Weighted average number of ordinary
shares for the purposed of diluted
EPS 93,384,051 3,013,792 42,408,348
Loss per share
Basic (1.11p) (7.20p) (2.72p)
Diluted (1.11p) (7.20p) (2.72p)
Basic earnings per share is calculated by dividing the loss
attributable to owners of the Group by the weighted average number
or ordinary shares in issue during the year.
5. Acquisition of Zenova Distribution Limited
On 22 July 2021, the Company acquired Zenova Distribution
limited (Company number 12884314), whose registered office is at
160 Camden High Street, London NW1 0NE, its sole distributor, for a
total consideration of approximately GBP2.4 million satisfied by
the issue of Ordinary Shares.
The acquisition has been accounted for under IFRS 3 'Business
Combinations' using the acquisition method .
Provisional
fair value
GBP'000
Fair value of consideration issued 2,346
------------
2,346
============
The assets and liabilities recognised as a result Provisional
of the acquisition are as follows: fair value
GBP'000
Goodwill 2,346
------------
Net assets acquired 2,346
============
Fair value of the consideration issued was calculated by
reference to the market value of the shares issued as consideration
on the date of acquisition.
Goodwill relates to the sales contracts negotiated and in
negotiation by Zenova Distribution Limited at the date of
acquisition, as well as the additional margin that would be
retained by the Group, as a result of consolidating the
distribution business within the group
As permitted by IFRS 3 Business Combinations, the business
combination is accounted for using provisional amounts. Any
adjustments to the provisional amounts will be made within the
measurement period to reflect new information obtained about fact
and circumstances that were in existence at the acquisition date.
The measurement period cannot exceed one year from the acquisition
date.
6. Property Plant and Equipment
Office Equipment Total Property,
GBP`000 Plant and Equipment
GBP`000
------------------------ ----------------- ---------------------
Cost
As at 30 November 2020 - -
Additions 3 3
As at 31 May 2021 3 3
Additions 6 6
As at 30 November 2021 9 9
Additions 6 6
As at 31 May 2022 15 15
Depreciation
As at 30 November 2020 - -
Charge for the period - -
As at 31 May 2021 - -
Charge for the period 1 1
As at 30 November 2021 1 1
Charge for the period 1 1
As at 31 May 2022 2 2
Net book value
As at 31 May 2021 3 3
----------------- ---------------------
As at 30 November 2021 8 8
----------------- ---------------------
As at 31 May 2022 13 13
================= =====================
7. Borrowings
Six months Six months Year ended
ended 31 ended 31 30 November
May 2022 May 2021 2021
GBP'000 GBP'000 GBP'000
------------------------- ----------- ----------- -------------
Current liabilities
Convertible loan notes - 380 -
----------- ----------- -------------
- 380 -
=========== =========== =============
Non-Current liabilities
Bank loan 45 50 50
----------- ----------- -------------
45 50 50
=========== =========== =============
Between 01 May 2020 and 30 April 2021 and the Group issued
GBP380,000 of unsecured convertible loan notes.
On the 22 July 2021 Convertible loan notes with a face value of
GBP380,000 were converted to 2,999,850 shares of the Company at a
33.33% discount to the placing price of 12.73p.
8. Share capital
31 May 30 November Share Share Share Share
2022 Number 2021 Number capital capital premium premium
31 May 30 November 31 May 30 November
2022 2021 2022 2021
GBP'000
GBP'000 GBP'000
GBP'000
---------------------- ------------- ------------- --------- ------------- --------- -------------
Issued called up and fully paid ordinary shares
of GBP0.01 each
At start of the
period 93,384,053 - 94 - 6,310 -
Issued in the year - 93,384,053 - 94 - 6,310
------------- ------------- --------- ------------- --------- -------------
At end of the period 93,384,053 93,384,053 94 94 6,310 6,310
============= ============= ========= ============= ========= =============
On 20 May 2021, the Company issued in aggregate 49,999,998
Ordinary Shares to the shareholders in Zenova Ltd in connection
with the Share Exchange.
On 30 June 2021, the Company issued in aggregate 4,350,000
Ordinary Shares to Rockmasters Limited in consideration for
services rendered by Christopher Gilbert to the Group prior to
Admission.
On the 22 July 2021 the Company issued 12,350,000 shares at an
issue price of 19p per share for the purchase of Zenova
Distribution Limited.
On the 22 July 2021 the Company issued 23,684,203 shares as part
of its initial public offering at an issue price of 19p per
share.
On the 22 July 2021 Convertible loan notes with a face value of
GBP380,000 were converted to 2,999,850 shares of the Company at a
33.33% discount to the placing price.
In connection with the placing on the 22 July 2021, the company
recognised GBP915k of costs against share premium.
9. Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified 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 reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
IR SDLSUFEESEEA
(END) Dow Jones Newswires
August 31, 2022 05:30 ET (09:30 GMT)
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