TIDMPVR
Providence Resources P.l.c.
2021 Half Year Results
Dublin and London -- September 29th, 2021 - Providence Resources
P.l.c. (PVR LN, PRP ID), the Irish-based Energy Company, today
announces its unaudited interim results for the half year ended
June 30, 2021.
Business Review
-- Governance
James Menton was appointed as Senior Independent Non-Executive
Director on 14 May 2021 as an initial step in adding to the quality
and range of board competencies considered essential for shaping
the future Providence Resources Plc business strategy.
Pat Plunkett stepped down from the Board following the Annual
General Meeting (AGM) on 22 July 2021 and James Menton assumed the
role of Chair following the AGM.
In line with the policy of strengthening the board, two new
board members were identified and recruited to join Non-Executive
Director Andrew MacKay who was appointed in July 2020. On 23 July
2021 Peter Newman was appointed as Senior Independent Non-Executive
Director and Ann-Marie O'Sullivan was appointed as a Non-Executive
Director.
-- Strategic review of development potential of Barryroe
A full strategic review of the development potential of the
Barryroe field has been initiated by the new Board of Providence
Resources Plc in order to prepare a robust case for the development
of the field to optimise value for shareholders, while recognising
the need for Irish energy security through the energy transition.
Following termination of the farmout to SpotOn Energy, the
strategic review, which will include independently evaluated
assessments of the field's development scenarios and their
potential, is considered essential by the Board.
The results of this strategic review, encompassing both
Providence's Technical Strategy and it's related Financial
Strategy, will be completed in Q4 2021 and will determine the
strategic plan for the development of the Barryroe Field.
-- Barryroe, Celtic Sea (SEL 1/11) - Subject to Lease Undertaking
application
The Group holds an 80% working interest in and is operator of
SEL 1/11 which contains the Barryroe oil accumulation. The Barryroe
Standard Exploration Licence period continued up until the 13 July
2021. Prior to its expiry, and having met all the conditions
attaching to that Licence, the Group applied for the follow-on
permit, being a Lease Undertaking, which is subject to government
approval. Initial documentation for an application for a Lease
Undertaking was submitted to the regulatory authority in April 2021
and was completed in July 2021, prior to the expiry of SEL 1/11 in
July 2021. The regulatory authority requested additional
information in support of the application, which was provided. The
Lease Undertaking application remains under consideration by the
regulatory authority.
The Directors note that the Irish Government has stated that
existing authorisations can continue to apply to progress through
the licensing stages. This position is consistent with the recent
legislative amendments made to the Petroleum and Other Minerals
Development Act 1960 through the Climate Action and Low Carbon
Development (Amendment) Act 2021.
In February 2021, the farmout agreement with SpotOn Energy
Limited was extended to provide SpotOn with additional time to
finalise project development funding. In April 2021, following
SpotOn's failure to meet key financing conditions, the agreement
was terminated.
Providence immediately reassumed direct responsibility for
progressing the development and recruited an experienced Oil &
Gas team to refresh and optimise a phased development plan for the
Barryroe field, with Providence as operator. This new team's
technical evaluation is nearing completion and includes independent
contributions from specialist sub-surface, facilities, and drilling
consultants. The aim is to prepare a phased project development
plan which is operationally and economically robust. The results of
this work will be incorporated into the full strategic review of
the development potential of the Barryroe field to be completed in
Q4 2021.
In February 2021 Providence Resources Plc subsidiary (Exola DAC)
received consent to carry out a site survey. The survey is
scheduled for October 2021.
-- Other License Areas
Dragon, St. George's Channel (SEL 1/07)
Under discussion with the regulatory authority.
Hook Head, North Celtic Sea (SEL 2/07)
Subject of a Lease Undertaking application.
Helvick/Dunmore Celtic Sea (Lease Undertaking)
Subject to work programme finalisation. Extension is under
consideration by the regulatory authority.
Avalon -- Southern Porcupine (FEL 2/19)
The relinquishment documentation is in process with the
regulatory authority.
Dunquin -- Southern Porcupine (FEL 3/04)
The relinquishment documentation is in process with the
regulatory authority.
-- Finance
Operating loss for the period was EUR1.065m versus EUR1.063m in
the prior period.
Profit before tax for the period was EUR1.628m, due to a
non-cash accounting gain in relation to the warrants revaluation
(EUR3.155m net revaluation gain) which exceeded operating and
administrative costs incurred in the period. The loss for the
equivalent period was EUR9.247m (EUR7.764m net revaluation
loss).
Basic/diluted profit per share of 0.18 cents and 0.14 cents
versus loss in prior year of 1.30 cents for both basic and
diluted.
As at 30 June 2021, total cash and cash equivalents was
EUR3.645m versus EUR2.269m at 30 June 2020.
The Group had no debt as of 30 June 2021. (2020: Nil).
During the period 86,061,529 warrants at GBP0.03 were exercised
raising c. EUR2.9m. The remainder of the warrants expired on the 6
May 2021. The warrants were issued as part of the May 2020
fund-raising. 177,973,004 warrants with an exercise price of
GBP0.09 remain exercisable until 6 May 2022.
The total issued and voting share capital as of 30 June 2021 was
974,864,403 ordinary shares of EUR0.001 each.
4,500,000 share options were granted to both James Menton and
Andrew Mackay on 24 May 2021.
4,500,000 share options were granted to both Peter Newman and
Ann-Marie O'Sullivan on 18 August 2021.
Providence Resources Plc CEO, Alan Linn commented on the
importance of the Barryroe development:
"It is widely recognised that gas will be an essential energy
supply for decades to come, in order to underpin and complement the
growth of renewable energy sources. With the decline of the Corrib
Gas Field within a five-year period, we are focused on progressing
our strategic plan for Barryroe as a matter of urgency. The
successful development of Barryroe would secure an indigenous oil
and gas supply for Ireland, without which 100% of Ireland's gas
will be imported by 2031. At a time when much of Europe is
experiencing difficulties with energy supply, a coherent transition
strategy is critical to avoid the prospect of energy blackouts
becoming a common occurrence."
ABOUT PROVIDENCE RESOURCES
Providence Resources Plc is an Irish based Energy Company with
oil and gas assets located offshore Ireland. Providence's shares
are quoted on the AIM in London and Euronext Growth Market in
Dublin. Further information on Providence can be found on
www.providenceresources.com
INVESTOR ENQUIRIES
---------------------------
Providence Resources P.l.c. Tel: +353 1 219 4074
Alan S Linn
Chief Executive Officer
Investor Relations
Job Langbroek
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
MEDIA ENQUIRIES Tel: +353 87 6909735
---------------------------
Murray Consultants
Joe Heron
PROVIDENCE RESOURCES P.l.c.
Condensed consolidated income statement
For the 6 months ended 30 June 2021
6 months ended 30 June 2021 6 months ended 30 June 2020 Year ended 31 December 2020
Unaudited Unaudited Audited
Notes EUR'000 EUR'000 EUR'000
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Continuing operations
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Administration expenses 2 (1,065) (1,063) (2,163)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Pre-licence expenditure - - (5)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Impairment of exploration
and evaluation assets 5,9 - - (272)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Operating loss (1,065) (1,063) (2,440)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Finance income 4 3,765 1 361
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Finance expense 3 (1,072) (8,185) (8,279)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Profit/(loss) before income
tax 1,628 (9,247) (10,358)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Income tax expense - - -
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Profit/(loss) for the period 1,628 (9,247) (10,358)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Profit/(loss) per share
(cent) -- continuing
operations
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Basic profit/(loss) per
share 11 0.18 (1.30) (1.31)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
Diluted profit/(loss) per
share 11 0.14 (1.30) (1.31)
---------------------------- ----------- ----------------------------------- ----------------------------- -----------------------------
The total recognised profit/(loss) for the period is entirely
attributable to equity holders of the Company.
The accompanying notes are an integral part of these condensed
consolidated financial statements.
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2021
6 months ended 30 June 2021 6 months ended 30 June 2020 Year ended 31 December 2020
Unaudited Unaudited Audited
Notes EUR'000 EUR'000 EUR'000
------------------------------------------------------ ------ --------------------------- --------------------------- ---------------------------
Profit/(loss) for the financial period 1,628 (9,247) (10,358)
-------------------------------------------------------------- --------------------------- --------------------------- ---------------------------
OCI Items that may be reclassified into profit or
loss
------------------------------------------------------ ------ --------------------------- --------------------------- ---------------------------
Foreign exchange translation differences 1,930 206 (5,453)
-------------------------------------------------------------- --------------------------- --------------------------- ---------------------------
Total income recognised in other comprehensive income
from continuing operations 1,930 206 (5,453)
------------------------------------------------------ ------ --------------------------- --------------------------- ---------------------------
Total comprehensive income/(expense) for the period 3,558 (9,041) (15,811)
-------------------------------------------------------------- --------------------------- --------------------------- ---------------------------
The total comprehensive income/(expense) recognised for the
period is entirely attributable to equity holders of the
Company.
The accompanying notes are an integral part of these condensed
consolidated financial statements.
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of financial position
As at 30 June 2021
30 June 2021 30 June 2020 31 December 2020
Unaudited Unaudited Audited
Notes EUR'000 EUR'000 EUR'000
--------------------------------------------------- ----- ------------ ------------ ----------------
Assets
--------------------------------------------------- ----- ------------ ------------ ----------------
Exploration and evaluation assets 5 62,723 65,940 60,425
--------------------------------------------------- ----- ------------ ------------ ----------------
Property, plant and equipment 3 24 13
--------------------------------------------------- ----- ------------ ------------ ----------------
Total non-current assets 62,726 65,964 60,438
--------------------------------------------------- ----- ------------ ------------ ----------------
Trade and other receivables 6 154 240 223
--------------------------------------------------- ----- ------------ ------------ ----------------
Cash and cash equivalents 3,645 2,269 2,110
--------------------------------------------------- ----- ------------ ------------ ----------------
Total current assets 3,799 2,509 2,333
--------------------------------------------------- ----- ------------ ------------ ----------------
Total assets 66,525 68,473 62,771
--------------------------------------------------- ----- ------------ ------------ ----------------
Equity
--------------------------------------------------- ----- ------------ ------------ ----------------
Share capital 7 71,829 71,696 71,743
--------------------------------------------------- ----- ------------ ------------ ----------------
Share premium 7 260,271 253,239 256,773
--------------------------------------------------- ----- ------------ ------------ ----------------
Undenominated capital 623 623 623
--------------------------------------------------- ----- ------------ ------------ ----------------
Foreign currency translation reserve 6,564 10,293 4,634
--------------------------------------------------- ----- ------------ ------------ ----------------
Share based payment reserve 962 858 806
--------------------------------------------------- ----- ------------ ------------ ----------------
Retained deficit (283,561) (284,361) (285,189)
--------------------------------------------------- ----- ------------ ------------ ----------------
Total equity attributable to equity holders of the
company 56,688 52,348 49,390
--------------------------------------------------- ----- ------------ ------------ ----------------
Liabilities
--------------------------------------------------- ----- ------------ ------------ ----------------
Decommissioning provision 9 6,346 6,014 5,853
--------------------------------------------------- ----- ------------ ------------ ----------------
Warrant liability 10 - 4,356 3,555
--------------------------------------------------- ----- ------------ ------------ ----------------
Lease liability - - -
--------------------------------------------------- ----- ------------ ------------ ----------------
Total non-current liabilities 6,346 10,370 9,408
--------------------------------------------------- ----- ------------ ------------ ----------------
Warrant liability 10 2,948 4,561 3,158
--------------------------------------------------- ----- ------------ ------------ ----------------
Trade and other payables 8 543 1,194 815
--------------------------------------------------- ----- ------------ ------------ ----------------
Total current liabilities 3,491 5,755 3,973
--------------------------------------------------- ----- ------------ ------------ ----------------
Total liabilities 9,837 16,125 13,381
--------------------------------------------------- ----- ------------ ------------ ----------------
Total equity and liabilities 66,525 68,473 62,771
--------------------------------------------------- ----- ------------ ------------ ----------------
The accompanying notes are an integral part of these condensed
consolidated financial statements.
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of changes in Equity
For the 6 months ended 30 June 2021
Foreign Share
Currency Based
Share Undenominated Share Translation Payment Retained
Capital capital Premium Reserve Reserve Deficit Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 1 January
2021 71,743 623 256,773 4,634 806 (285,189) 49,390
-------------- ------- ------------- ------- ----------- ------- --------- --------
Profit for
financial
period - - - - - 1,628 1,628
-------------- ------- ------------- ------- ----------- ------- --------- --------
Currency
translation - - - 1,930 - - 1,930
-------------- ------- ------------- ------- ----------- ------- --------- --------
Total
comprehensive
income - - - 1,930 - 1,628 3,558
-------------- ------- ------------- ------- ----------- ------- --------- --------
Transactions
with owners,
recorded
directly in
equity
-------------- ------- ------------- ------- ----------- ------- --------- --------
Shares issued
in period 86 - 3,498 - - - 3,584
-------------- ------- ------------- ------- ----------- ------- --------- --------
Share based
payments in
period - - - - 156 - 156
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 30 June
2021 71,829 623 260,271 6,564 962 (283,561) 56,688
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 1 January
2020 71,512 623 251,300 10,087 642 (274,898) 59,266
-------------- ------- ------------- ------- ----------- ------- --------- --------
Loss for
financial
period - - - - - (9,247) (9,247)
-------------- ------- ------------- ------- ----------- ------- --------- --------
Currency
translation - - - 206 - - 206
-------------- ------- ------------- ------- ----------- ------- --------- --------
Total
comprehensive
income - - - 206 - (9,247) (9,041)
-------------- ------- ------------- ------- ----------- ------- --------- --------
Transactions
with owners,
recorded
directly in
equity
-------------- ------- ------------- ------- ----------- ------- --------- --------
Shares issues
in period 184 - 1,939 - - (216) 1,907
-------------- ------- ------------- ------- ----------- ------- --------- --------
Share based
payments in
period - - - - 216 - 216
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 30 June
2020 71,696 623 253,239 10,293 858 (284,361) 52,348
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 1 January
2020 71,512 623 251,300 10,087 642 (274,898) 59,266
-------------- ------- ------------- ------- ----------- ------- --------- --------
Loss for
financial
year - - - - - (10,358) (10,358)
-------------- ------- ------------- ------- ----------- ------- --------- --------
Currency
translation - - - (5,453) - - (5,453)
-------------- ------- ------------- ------- ----------- ------- --------- --------
Total
comprehensive
income - - - (5,453) - (10,358) (15,811)
-------------- ------- ------------- ------- ----------- ------- --------- --------
Transactions
with owners,
recorded
directly in
equity
-------------- ------- ------------- ------- ----------- ------- --------- --------
Share based
payment
expense - - - - 448 - 448
-------------- ------- ------------- ------- ----------- ------- --------- --------
Share options
lapsed in
year - - - - (284) 284 -
-------------- ------- ------------- ------- ----------- ------- --------- --------
Shares issued
in year 231 - 5,473 - - (217) 5,487
-------------- ------- ------------- ------- ----------- ------- --------- --------
Transactions
with owners,
recorded
directly in
equity 231 - 5,473 - 164 67 5,935
-------------- ------- ------------- ------- ----------- ------- --------- --------
At 31 December
2020 71,743 623 256,773 4,634 806 (285,189) 49,390
-------------- ------- ------------- ------- ----------- ------- --------- --------
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of cash flows
For the 6 months ended 30 June 2021
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2021 2020 2020
------------------------------------------------------ --------- --------- --------
Unaudited Unaudited Audited
------------------------------------------------------ --------- --------- --------
EUR'000 EUR'000 EUR'000
------------------------------------------------------ --------- --------- --------
Cash flows from operating activities
------------------------------------------------------ --------- --------- --------
Profit/(loss) before income tax for the period 1,628 (9,247) (10,358)
------------------------------------------------------ --------- --------- --------
Adjustments for:
------------------------------------------------------ --------- --------- --------
Depletion and depreciation 3 14 24
------------------------------------------------------ --------- --------- --------
Impairment of exploration and evaluation assets - - 272
------------------------------------------------------ --------- --------- --------
Finance income (3,765) (1) (361)
------------------------------------------------------ --------- --------- --------
Finance expense 1,072 8,185 8,279
------------------------------------------------------ --------- --------- --------
Equity settled share based payment charge 156 216 448
------------------------------------------------------ --------- --------- --------
Foreign exchange (19) 34 21
------------------------------------------------------ --------- --------- --------
Change in trade and other receivables 69 158 175
------------------------------------------------------ --------- --------- --------
Change in trade and other payables (272) (321) (700)
------------------------------------------------------ --------- --------- --------
Net cash outflow from operating activities (1,128) (962) (2,200)
------------------------------------------------------ --------- --------- --------
Cash flows from investing activities
------------------------------------------------------ --------- --------- --------
Interest received - 1 1
------------------------------------------------------ --------- --------- --------
Acquisition of exploration and evaluation assets (331) (390) (845)
------------------------------------------------------ --------- --------- --------
Acquisition of property, plant and equipment (2) - (1)
------------------------------------------------------ --------- --------- --------
Net cash used in investing activities (333) (389) (845)
------------------------------------------------------ --------- --------- --------
Cashflows from financing activities
------------------------------------------------------ --------- --------- --------
Proceeds from issue of security instruments (see note
7) 2,974 3,277 4,836
------------------------------------------------------ --------- --------- --------
Security instrument Issue costs - (350) (349)
------------------------------------------------------ --------- --------- --------
Net cash from financing activities 2,974 2,927 4,487
------------------------------------------------------ --------- --------- --------
Net increase in cash and cash equivalents 1,513 1,576 1,442
------------------------------------------------------ --------- --------- --------
Cash and cash equivalents at beginning of period 2,110 710 710
------------------------------------------------------ --------- --------- --------
Effect of exchange rate fluctuations on cash and cash
equivalents 22 (17) (42)
------------------------------------------------------ --------- --------- --------
Cash and cash equivalents at end of period 3,645 2,269 2,110
------------------------------------------------------ --------- --------- --------
The accompanying notes are an integral part of these condensed
consolidated financial statements.
PROVIDENCE RESOURCES P.l.c.
Note 1 -- Accounting Policies
General Information
Providence Resources P.l.c. ("the Company") is a Company
incorporated and domiciled in the Republic of Ireland. The
registration number of the Company is 268662 and the address of the
registered office is Paramount Court, Corrig Road, Sandyford
Business Park, Dublin 18, D18 R9C7. The unaudited consolidated
interim financial statements of the Company for the six months
ended 30 June 2021 (the "Interim Financial Statements") include the
Company and its subsidiaries (together referred to as the "Group").
The Interim Financial Statements were authorised for issue by the
Directors on 30 September 2021.
Basis of accounting
These interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and should be
read in conjunction with the Group's last annual consolidated
financial statements as at and for the year ended 31 December 2020
('last annual financial statements'). They do not include all of
the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the last annual financial statements.
The 30 June 2021 figures and the 30 June 2020 comparative
figures do not constitute statutory financial statements of the
Group within the meaning of the Companies Act, 2014. The
consolidated financial statements of the Group for the year ended
31 December 2020, together with the independent auditor's report
thereon, were filed with the Irish Registrar of Companies following
the Company's Annual General Meeting and are also available on the
Company's Website. The auditor's report on those financial
statements was unqualified and contains a "material uncertainty
related to going concern" paragraph.
The condensed set of financial statements included in this
half-yearly financial report has been prepared on a going concern
basis as the Directors consider that the Group has adequate
resources to continue in operational existence for the foreseeable
future (See below for further details on the Directors assessment
of going concern).
In preparing these interim financial statements, management has
made judgements and estimates that affect the application of
accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from
these estimates. The significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those described in the last
annual report.
The Interim Financial Statements are presented in Euro, rounded
to the nearest thousand, which is the functional currency of the
Company and also the presentation currency for the Group's
financial reporting.
PROVIDENCE RESOURCES P.l.c.
Accounting Policies (continued)
Significant accounting policies (continued)
The significant accounting policies applied in these interim
financial statements are the same as those applied by the Group in
its consolidated financial statements as at and for the year ending
31 December 2020.
Amendments to standards and interpretations which are effective
for the Group from 1 January 2021 do not have a material effect on
the results or financial posting in the interim financial
statements as at and for the period ending 30 June 2021.
Going concern
The Group had net assets of EUR56.7m, including cash on hand of
EUR3.6m as at 30 June 2021. It recognised a profit after taxation
of EUR1.6m for the six month period as a result of a gain arising
from the revaluation of warrants issued in 2020. The Directors have
carefully considered the financial position of the Group and, in
that context, have prepared the interim financial statements on a
going concern basis.
The company raised approximately EUR2.9 million in equity in the
period January to June 2021, through the conversion of 86,061,529
warrants of GBP0.03 each, which were issued as part of the May 2020
fundraising. The total conversion rate for these GBP0.03 warrants
was 74.9%. There are 177,973,004 GBP0.09 further warrants in issue
which expire on 6 May 2022.
The Group's principal interest is the development of the
Barryroe oil and gas Field. The Barryroe Standard Exploration
Licence period continued up until the 13 July 2021. Prior to its
expiry, having met all the conditions attaching to that Licence,
the Group applied for the follow-on permit, being a Lease
Undertaking, which is subject to government approval. The approval
process is ongoing and the Directors anticipate that the Lease
Undertaking will be granted. The Directors note that the Irish
Government has stated that existing authorisations can continue to
apply to progress through the licensing stages. This position is
consistent with the recent legislative amendments made to the
Petroleum and Other Minerals Development Act 1960 through the
Climate Action and Low Carbon Development (Amendment) Act 2021.
The Directors have carefully considered the financial position
of the Group and have prepared cashflow forecasts for the next 12
months, considering both current and future expenditure commitments
and the options available to fund such commitments, including
equity funding and other financing options in the twelve month
period from the date of approval of these interim financial
statements. In making their cashflow forecasts, including the
primary underlying assumptions, being the granting of the Barryroe
Lease Undertaking on terms and conditions that are acceptable along
with the completion of an appropriate fund raising in the period
for the proposed Barryroe work programme, the Directors believe
that the Group will have sufficient funds available over the next
12 months to meet all its commitments as they fall due.
The Directors have considered the matters set out above and
determined that the assumptions of the grant of the Barryroe Lease
Undertaking and the related raising of additional funding in the
next 12 months represents a material uncertainty that may cast
significant doubt upon the Group's ability to continue as a going
concern, and the Directors note that the Group may, as a
consequence, be unable to continue realising its assets and
discharge its liabilities in the normal course of business.
PROVIDENCE RESOURCES P.l.c.
Going concern (continued)
The Directors, after making enquiries and considering the
uncertainties described above, have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable
future. The Directors anticipate that an appropriate financing
exercise will be successfully completed and note that the Group has
continued to have the strong support of its shareholders.
For these reasons, the Directors have adopted the going concern
basis in preparing the interim financial statements which do not
include any adjustments that would be necessary if this basis were
subsequently adjudged to be inappropriate.
Note 2 -- Administration Expenses
6 months ended 30 6 months ended 30 Year ended 31
June 2021 June 2020 December 2020
------------------ ------------------ ------------------ ------------------
Unaudited Unaudited Audited
------------------ ------------------ ------------------ ------------------
EUR'000 EUR'000 EUR'000
------------------ ------------------ ------------------ ------------------
Corporate,
exploration and
development
expenses 1,084 1,035 2,142
------------------ ------------------ ------------------ ------------------
Foreign exchange
(gains)/losses
net (19) 28 21
------------------ ------------------ ------------------ ------------------
Total
administration
expenses for the
period 1,065 1,063 2,163
------------------ ------------------ ------------------ ------------------
Capitalised in
exploration and
evaluation assets - - -
------------------ ------------------ ------------------ ------------------
Total charged to
the income
statement 1,065 1,063 2,163
------------------ ------------------ ------------------ ------------------
Note 3 -- Finance Expense
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2021 2020 2020
--------------------------------------------------- --------- --------- --------
Unaudited Unaudited Audited
--------------------------------------------------- --------- --------- --------
EUR'000 EUR'000 EUR'000
--------------------------------------------------- --------- --------- --------
Unwinding of discount on decommissioning provision
(note 8) 302 287 565
--------------------------------------------------- --------- --------- --------
Foreign exchange on decommissioning provision 159 - -
--------------------------------------------------- --------- --------- --------
Interest on right to use asset 1 1 1
--------------------------------------------------- --------- --------- --------
Issued costs associated with the warrants - 133 132
--------------------------------------------------- --------- --------- --------
Movement in fair value of warrants (note 10)* 610 7,764 7,581
--------------------------------------------------- --------- --------- --------
Total finance expense recognised in income
statement 1,072 8,185 8,279
--------------------------------------------------- --------- --------- --------
*The EUR0.6m finance expense arises on the GBP0.03 warrants
instruments exercised during the period from 1 January 2021 to 5
May 2021. The GBP0.6m is a non-cash items and reflects the
difference between the fair value of the instrument exercised and
the price paid by the warrant holder to acquire the instrument.
PROVIDENCE RESOURCES P.l.c.
Note 4 -- Finance Income
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2021 2020 2020
---------------------------------------------------- --------- --------- --------
Unaudited Unaudited Audited
---------------------------------------------------- --------- --------- --------
EUR'000 EUR'000 EUR'000
---------------------------------------------------- --------- --------- --------
Bank deposit interest income - 1 1
---------------------------------------------------- --------- --------- --------
Movement in fair value of warrants (note 10)* 3,765 - -
---------------------------------------------------- --------- --------- --------
Foreign exchange on decommissioning provision (note
9) - - 360
---------------------------------------------------- --------- --------- --------
Total finance expense recognised in income statement 3,765 1 361
---------------------------------------------------- --------- --------- --------
*The EUR3.7m of finance income is a non-cash item and relates to
a fair value gain on the Group's warrants instruments. EUR3.1m of
this gain relates to the release of the unexercised GBP0.03
warrants which expired on 5 May 2021, the balance of EUR0.6m
reflects the movement in the assumptions underpinning the GBP0.09
warrant valuations.
Note 5 -- Exploration and evaluation assets
EUR'000
----------------------------- -------
Cost and book value
----------------------------- -------
At 1 January 2020 65,377
----------------------------- -------
Additions 390
----------------------------- -------
Foreign exchange translation 173
----------------------------- -------
At 30 June 2020 65,940
----------------------------- -------
At 1 January 2020 65,377
----------------------------- -------
Additions 902
----------------------------- -------
Cash calls received in year (57)
----------------------------- -------
Impairment charge (272)
----------------------------- -------
Foreign exchange translation (5,525)
----------------------------- -------
At 31 December 2020 60,425
----------------------------- -------
At 1 January 2021 60,425
----------------------------- -------
Additions 331
----------------------------- -------
Foreign exchange translation 1,967
----------------------------- -------
At 30 June 2021 62,723
----------------------------- -------
The exploration and evaluation asset balance as at 30 June 2021
relates to the Group's Barryroe interest.
Note 6 -- Trade and other receivables
30 June 2021 30 June 2020 31 December 2020
-------------------------------- ------------ ------------ ----------------
Unaudited Unaudited Audited
-------------------------------- ------------ ------------ ----------------
EUR'000 EUR'000 EUR'000
-------------------------------- ------------ ------------ ----------------
VAT recoverable 22 46 28
-------------------------------- ------------ ------------ ----------------
Prepayments 98 155 162
-------------------------------- ------------ ------------ ----------------
Amounts due from joint operation
partner 34 39 33
-------------------------------- ------------ ------------ ----------------
Total 154 240 223
-------------------------------- ------------ ------------ ----------------
PROVIDENCE RESOURCES P.l.c.
Note 7 -- Share Capital and Share Premium
Number
------------------------------------- --------- ------------- -------------
Authorised: '000 EUR'000
------------------------------------- --------- ------------- -------------
At 1 January 2021
------------------------------------- --------- ------------- -------------
Deferred shares of EUR0.011 each 9,944,066 109,385
------------------------------------- --------- ------------- -------------
Ordinary shares of EUR0.001 each 986,847 987
------------------------------------- --------- ------------- -------------
At 30 June 2021
------------------------------------- --------- ------------- -------------
Deferred shares of EUR0.011 each 9,944,066 109,385
------------------------------------- --------- ------------- -------------
Ordinary shares of EUR0.001 each 1,800,000 1,800
------------------------------------- --------- ------------- -------------
Number Share Capital Share Premium
------------------------------------- --------- ------------- -------------
Issued: '000 EUR'000 EUR'000
------------------------------------- --------- ------------- -------------
Deferred shares of EUR0.011 each
------------------------------------- --------- ------------- -------------
At 1 January 2020 6,441,373 70,855 5,691
------------------------------------- --------- ------------- -------------
At 31 December 2020 and 30 June 2021 6,441,373 70,855 5,691
------------------------------------- --------- ------------- -------------
Ordinary share of EUR0.001 each
------------------------------------- --------- ------------- -------------
At 1 January 2020 657,425 657 245,609
------------------------------------- --------- ------------- -------------
Shares issued in period 184,089 184 1,939
------------------------------------- --------- ------------- -------------
At 30 June 2020 841,514 841 247,548
------------------------------------- --------- ------------- -------------
Warrants exercised in year 47,289 47 3,534
------------------------------------- --------- ------------- -------------
At 31 December 2020 (Ordinary Shares
of EUR0.001) 888,803 888 251,082
------------------------------------- --------- ------------- -------------
Warrants exercised in period 86,062 86 3,498
------------------------------------- --------- ------------- -------------
At 30 June 2021 974,865 974 254,580
------------------------------------- --------- ------------- -------------
At 30 June 2021 (Total deferred and
Ordinary shares) 7,416,238 71,829 260,271
------------------------------------- --------- ------------- -------------
On 5 May 2020, the Company issued 177,973,004 Ordinary Shares as
part of a placing and subscription agreement which raised c.
EUR3.1m from security instruments before expenses. Each of these
security instruments comprised of one Ordinary Share of EUR0.001,
one GBP0.03 warrant and one GBP0.09 warrant.
On issuance, a fair value of EUR1.9m was attributed to the
Ordinary Shares (share capital / share premium outlined above) and
EUR1.2m to the Warrant instruments based on the effective share
price at that date. In line with the Group's accounting policies
these Warrants are presented as financial liabilities (note
10).
The holder of each warrant can exercise its rights under the
instrument which allows that holder to convert the warrant into one
ordinary share, with a par amount of EUR0.001, by payment of the
exercise price of GBP0.03 or GBP0.09, as applicable. The warrants
are non-transferrable.
During the period from January 2021 to June 2021, 86,061,529
GBP0.03 warrants were converted in Ordinary Shares raising an
additional EUR2.9m for the company. The GBP0.03 warrants expired on
the 6 May 2021. The GBP0.03 warrants were issued as part of the
fund raising in 2020.
PROVIDENCE RESOURCES P.l.c.
Note 8 -- Trade and other payables
30 June 2021 30 June 2020 31 December 2020
---------------- ------------ ------------ ----------------
Unaudited Unaudited Audited
---------------- ------------ ------------ ----------------
EUR'000 EUR'000 EUR'000
---------------- ------------ ------------ ----------------
Accruals 379 487 361
---------------- ------------ ------------ ----------------
Other payables 164 690 445
---------------- ------------ ------------ ----------------
Lease liability - 17 9
---------------- ------------ ------------ ----------------
Total 543 1,194 815
---------------- ------------ ------------ ----------------
Note 9 -- Decommissioning provision
30 June 2021 30 June 2020 31 December 2020
----------------------------- ------------ ------------ ----------------
Unaudited Unaudited Audited
----------------------------- ------------ ------------ ----------------
EUR'000 EUR'000 EUR'000
----------------------------- ------------ ------------ ----------------
At beginning of year 5,853 5,733 5,733
----------------------------- ------------ ------------ ----------------
Unwinding of discount 302 287 565
----------------------------- ------------ ------------ ----------------
Foreign exchange loss/(gain) 159 - (360)
----------------------------- ------------ ------------ ----------------
Translation adjustment 32 (6) (85)
----------------------------- ------------ ------------ ----------------
Total 6,346 6,014 5,853
----------------------------- ------------ ------------ ----------------
The provision for decommissioning is reviewed annually. The
provision has been calculated assuming industry established
oilfield decommissioning techniques and technology at current
prices and is discounted at 10% per annum, reflecting the
associated risk profile.
PROVIDENCE RESOURCES P.l.c.
Note 10 - Warrants
On 5 May 2020, the Company raised c. EUR3.1m by the issue of
security instruments with each security instrument comprising one
ordinary share, with a par amount of EUR0.001, one GBP0.03 warrant
(expires in May 2021) and one GBP0.09 warrant (expires in May
2022). The fair value of the warrants was calculated using Black
Scholes model. The following key input assumptions were applied to
the initial valuation on issuance of these instruments:
GBP0.03 Warrants GBP0.09 Warrants
------------------------------ ---------------- ----------------
Number of warrants 177,973,004 177,973,004
------------------------------ ---------------- ----------------
Volatility 148% 148%
------------------------------ ---------------- ----------------
Time period 1 Year 2 Years
------------------------------ ---------------- ----------------
Dividend yield 0% 0%
------------------------------ ---------------- ----------------
Risk free interest rate (0.01%) (0.01%)
------------------------------ ---------------- ----------------
Exercise price GBP0.03 GBP0.09
------------------------------ ---------------- ----------------
Placing effective Share price 0.01068 0.01068
------------------------------ ---------------- ----------------
Initial value of security 0.00299 0.00349
------------------------------ ---------------- ----------------
Fair value EUR531,444 EUR621,982
------------------------------ ---------------- ----------------
The c. EUR3.1m raised before expenses, from previous and new
shareholder investors, for the security instruments in May 2020 was
considered the transaction price fair value. The split of this fair
value on issuance of these security instruments, based on a placing
effective share price of EUR0.01068, was EUR0.531m for the GBP0.03
Warrants, EUR0.622m for the GBP0.09 Warrants and EUR1.901m for the
Ordinary Shares (split between share capital and share premium
account (note 7)).
On 30 June 2020, the warrants were fair valued using appropriate
inputs including the closing share price on that day of EUR0.0448.
The fair value movement being the difference between initial
valuation and 30 June 2020 valuation in the amount of EUR7.764m
going through the finance expense line in the income statement.
GBP0.03 Warrants GBP0.09 Warrants
------------------------------ ---------------- ----------------
Number of warrants 177,973,004 177,973,004
------------------------------ ---------------- ----------------
Volatility 148% 148%
------------------------------ ---------------- ----------------
Time period .85 Year 1.85 Years
------------------------------ ---------------- ----------------
Dividend yield 0% 0%
------------------------------ ---------------- ----------------
Risk free interest rate (0.01%) (0.01%)
------------------------------ ---------------- ----------------
Exercise price GBP0.03 GBP0.09
------------------------------ ---------------- ----------------
Closing share price 30 June EUR0.0448 EUR0.0448
------------------------------ ---------------- ----------------
Fair value as at 30 June 2020 EUR4,560,940 EUR4,356,476
------------------------------ ---------------- ----------------
During 2020, 47,288,814 of the GBP0.03 warrants were exercised.
There were a number of warrants transactions exercised in each of
the months. The key assumptions used in the calculation of their
fair value at the exercise date are included in the table below.
The weighted average closing price was used to reflect the number
of transactions in each month.
PROVIDENCE RESOURCES P.l.c.
Note 10 -- Warrants (continued)
September 20 October 20 December 20
------------------------------------- ------------ ---------- -----------
Number of warrants 24,648,335 10,966,667 11,673,812
------------------------------------- ------------ ---------- -----------
Volatility 125% 125% 125%
------------------------------------- ------------ ---------- -----------
Time period 0.58 Year 0.50 Year 0.33 Year
------------------------------------- ------------ ---------- -----------
Dividend yield 0% 0% 0%
------------------------------------- ------------ ---------- -----------
Risk free interest rate (0.6%) (0.6%) (0.6%)
------------------------------------- ------------ ---------- -----------
Exercise price GBP0.03 GBP0.03 GBP0.03
------------------------------------- ------------ ---------- -----------
Weighted average closing share price EUR0.07 EUR0.08 EUR0.06
------------------------------------- ------------ ---------- -----------
Fair value EUR1,138,828 EUR557,901 EUR324,687
------------------------------------- ------------ ---------- -----------
The fair value of the warrants exercised during the year 2020 is
recognised as a finance expense of EUR2.02m in the income statement
(see note 3) with a corresponding increase in share premium.
On 31 December 2020, the warrants were fair valued using
appropriate inputs including the closing share price on that day of
EUR0.055. The period of 18 months was used for the volatility
calculation for the GBP0.09 warrants which would expire on 6 May
2022 and the GBP0.03 warrants which expire on 6 May 2021. The
4-month period for the GBP0.03 warrants was too short and would
distort the volatility calculation as it is key component when
calculating the fair value using Black Scholes. The fair value
movement being the difference between the initial valuation and 31
December 2020 valuation in the amount of EUR5.56m is recorded as a
finance expense in the income statement.
GBP0.03 Warrants GBP0.09 Warrants
------------------------------------- ---------------- ----------------
Number of warrants 130,684,190 177,973,004
------------------------------------- ---------------- ----------------
Volatility 125% 125%
------------------------------------- ---------------- ----------------
Time period 0.33 Year 1.33 Year
------------------------------------- ---------------- ----------------
Dividend yield 0% 0%
------------------------------------- ---------------- ----------------
Risk free interest rate (0.06%) (0.06%)
------------------------------------- ---------------- ----------------
Exercise price GBP0.03 GBP0.09
------------------------------------- ---------------- ----------------
Closing share price 31 December 2020 EUR0.055 EUR0.055
------------------------------------- ---------------- ----------------
Fair value as at 31 December 2020 EUR3,157,748 EUR3,555,240
------------------------------------- ---------------- ----------------
During 2021, there were 86,061,529 GBP0.03 warrants exercised
before they expired on the 6 May 2021.
January 21 February 21 March 21 April 21 May 21
------------------ ---------- ----------- --------- ---------- ----------
Number of warrants 287,372 1,666,666 1,000,000 65,975,822 17,131,669
------------------ ---------- ----------- --------- ---------- ----------
Volatility 135% 135% 135% 206% 208%
------------------ ---------- ----------- --------- ---------- ----------
Time period 0.30 Year 0.18 Year 0.10 Year 0.016 Year 0.003 Year
------------------ ---------- ----------- --------- ---------- ----------
Dividend yield 0% 0% 0% 0% 0%
------------------ ---------- ----------- --------- ---------- ----------
Risk free interest
rate (0.61%) (0.61%) (0.61%) (0.61%) (0.61%)
------------------ ---------- ----------- --------- ---------- ----------
Exercise price EUR0.0337 EUR0.0342 EUR0.035 EUR0.035 EUR0.035
------------------ ---------- ----------- --------- ---------- ----------
Weighted average
closing share
price EUR0.075 EUR0.075 EUR0.054 EUR0.0392 EUR0.038
------------------ ---------- ----------- --------- ---------- ----------
Fair value EUR12,685 EUR71,219 EUR23,419 EUR439,557 EUR62,804
------------------ ---------- ----------- --------- ---------- ----------
The fair value of the warrants exercised during the period to
June 2021 is recognised as a finance expense of EUR0.61m in the
income statement (see note 3) with a corresponding increase in
share premium.
PROVIDENCE RESOURCES P.l.c.
Note 10 -- Warrants (continued)
At 30 June 2021, the GBP0.09 warrants were fair valued. The
assumptions are shown in the table below.
GBP0.09 Warrants
--------------------------------- ----------------
Number of warrants 177,973,004
--------------------------------- ----------------
Volatility 176%
--------------------------------- ----------------
Time period 0.83 Year
--------------------------------- ----------------
Dividend yield 0%
--------------------------------- ----------------
Risk free interest rate (0.61%)
--------------------------------- ----------------
Exercise price GBP0.09
--------------------------------- ----------------
Closing share price 30 June 2021 EUR0.043
--------------------------------- ----------------
Fair value as at 30 June 2021 EUR2,948,469
--------------------------------- ----------------
The table below shows the fair value movements.
Number of GBP0.03 Warrants Number of GBP0.09 Warrants Total
Warrants EUR'000 Warrants EUR'000 EUR'000
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Initial Valuation 177,973,004 EUR531 177,973,004 EUR622 EUR1,153
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Fair value as at 30 June 2020 177,973,004 EUR4,561 177,973,004 EUR4,356 EUR8,917
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Total Fair value movement recognised in the income
statement at 30 June 2020 (see note 3) EUR4,030 EUR3,734 EUR7,764
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
September 20 exercised 24,648,335 EUR1,139 - - EUR1,139
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
October 20 exercised 10,966,667 EUR558 - - EUR558
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
December 20 exercised 11,673,812 EUR324 - - EUR324
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Exercised fair value 47,288,814 EUR2,021 - - EUR2,021
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Fair value as at 31 December 2020 130,684,190 EUR3,158 177,973,004 EUR3,555 EUR6,713
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Fair value 2020 EUR5,179 EUR3,555 EUR8,734
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Total fair value movement recognised in the income
statement for year 2020 (see note 3) EUR4,648 EUR2,933 EUR7,581
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
January 21 exercised 287,372 EUR13 - - EUR13
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
February 21 exercised 1,666,666 EUR71 - - EUR71
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
March 21 exercised 1,000,000 EUR23 - - EUR23
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
April 21 exercised 65,975,822 EUR440 - - EUR440
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
May 21 exercised 17,131,669 EUR63 - - EUR63
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Exercised fair value movement recognised in the income
statement to 30 June 2021 (see note 3) 86,061,529 EUR610 - - EUR610
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Fair value as at 30 June 2021 - 177,973,004 EUR2,948 EUR2,948
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
Total fair value movement recognised in the income
statement for the period to 30 June 2021 (see note
4) (EUR3,158) (EUR607) (EUR3,765)
------------------------------------------------------- ----------- ---------------- ----------- ---------------- ----------
PROVIDENCE RESOURCES P.l.c.
Note 11 -- Earnings per share
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2021 2020 2020
----------------------------------------------------- --------- --------- --------
Unaudited Unaudited Audited
----------------------------------------------------- --------- --------- --------
EUR'000 EUR'000 EUR'000
----------------------------------------------------- --------- --------- --------
Profit/(loss) attributable to equity holders of the
company from continuing operations 1,628 (9,247) (10,358)
----------------------------------------------------- --------- --------- --------
The basic weighted average number of Ordinary shares
in issue ('000)
----------------------------------------------------- --------- --------- --------
In issue at beginning of year and end of period 888,803 657,425 657,425
----------------------------------------------------- --------- --------- --------
Adjusted for share issue in period 30,675 55,739 130,519
----------------------------------------------------- --------- --------- --------
Weighted average number of ordinary shares 919,478 713,164 787,944
----------------------------------------------------- --------- --------- --------
Basic profit/(loss) per share (cent) 0.18 (1.30) (1.31)
----------------------------------------------------- --------- --------- --------
Dilutive shares 217,900 - -
----------------------------------------------------- --------- --------- --------
Weighted average number of ordinary shares 1,137,378 - -
----------------------------------------------------- --------- --------- --------
Diluted profit/(loss) per share (cent) 0.14 (1.30) (1.31)
----------------------------------------------------- --------- --------- --------
There is a difference in the basic and dilutive profit for
ordinary share in the period to 30 June 2021.
However, for prior period, there is no difference between the
loss per ordinary share and the diluted loss per share for the
reported periods as all potentially dilutive ordinary shares
outstanding are anti-dilutive.
There were 39,927,000 (2020: 41,150,000) anti-dilutive share
options and 177,973,004 (2020: 355,946,008) anti-dilutive warrants
in issue as at 30 June 2021.
Note 12 -- Share schemes
Share option schemes were introduced in August 1997 (expired
August 2007), May 2005 (expired October 2015) and June 2009
(expired in June 2019) under which share options may be offered to
employees, Directors and consultants. In addition, a long-term
incentive plan was introduced in 2016. Options are recommended at a
level to attract retain and motivate participants in the
competitive environment in which the Group operates, The
Remuneration Committee reviews and assesses proposals to grant
share options to participants.
The Group operates the following employee share schemes:
2020 Scheme
In 2020, the directors adopted a share option scheme which
contains certain performance criteria. No options can be issued
after 10 years of the scheme. The option price is the market price
immediately preceding the date of the grant. The "2020 scheme"
operates as an equity-settled share option scheme and the options
granted are subject to certain conditions. No option is exercisable
more than seven years after grant date and no option is exercisable
within one year of grant.
PROVIDENCE RESOURCES P.l.c.
Note 12 -- Share schemes (continued)
The applicable criteria for the exercise of the options are;
(i) 33% of the total number of options granted are exercisable after one.
(ii) 33% of the total number of options granted are exercisable after two years.
(iii) The remaining 33% of the total number of options granted are exercisable after a further year has elapsed.
During the period, 9,000,000 share options were granted under
the 2020
Share option scheme. The 9,000,000 options were granted to the Directors.
Grant Date 21 May 2021
-------------------------- -----------
Number of options granted 9,000,000
-------------------------- -----------
Volatility 150%
-------------------------- -----------
Time period 7 Years
-------------------------- -----------
Dividend yield 0%
-------------------------- -----------
Risk free interest rate (0.0156%)
-------------------------- -----------
Exercise price EUR0.038
-------------------------- -----------
The total share based payments expense in the period to 30 June
2021 charged to the income statement was EUR156,000 (2020:
EUR216,000).
Note 13 - Commitments
As at 30 June 2021, the Group has capital commitments of
approximately EUR1.5m (30 June 2020: EUR0.3m) to contribute to its
share of costs of exploration and evaluation activities.
Note 14 -- Post Balance Sheet Events
Pat Plunkett resigned from the Board and chairman on 22 July
2021. James Menton was appointed chairman.
Ann-Marie O'Sullivan and Peter Newman were appointed to the
Board on 23 July 2021.
There were 4,500,000 share options awarded to both Ann-Marie
O'Sullivan and Peter Newman on the 18 August 2021.
There have been no other significant events since the balance
sheet date which would require disclosure in or amendment of these
interim financial statements.
(END) Dow Jones Newswires
September 29, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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