TIDMPOLX
RNS Number : 3725N
Polarean Imaging PLC
24 September 2019
Polarean Imaging Plc
("Polarean" or the "Company")
Half-year Report
Polarean Imaging plc (AIM: POLX), the medical-imaging technology
company, with a proprietary drug-device combination product for the
magnetic resonance imaging (MRI) market, announces its unaudited
interim results for the six months ended 30 June 2019.
Highlights
-- Significant enrolment in Phase III FDA clinical trials (the
"Clinical Trials") as Clinical Trials near completion
-- Third trial site added at University of Cincinnati, in
addition to Duke University and the University of Virginia, to
improve enrolment rates for its Clinical Trials
-- Three new orders for Polarean's 9820 Xenon Polariser system
from the University of British Columbia, The Hospital for Sick
Children ("SickKids") in Toronto and the University of Kansas.
-- Third tranche of US$1m confirmed from US$3m Small Business
Innovation Research ("SBIR") grant
-- Second London Investor Symposium completed in June 2019
-- Appointment of Charles ("Chuck") Osborne as the Company's new Chief Financial Officer
-- Net cash of US$1.28m at 30 June 2019
Post-period end
-- Raised GBP2.1m (gross) via a placing of 11,666,667 ordinary
shares at a placing price of 18p per share in July 2019
-- Enrolment for the Clinical Trials has now passed 98% in the
lung transplant pathway and 87% in the lung lobe resection pathway,
with a total of 80 patients targeted for enrolment
-- Delivered and installed a 9820 Xenon Polariser system at SickKids
-- Number of Xenon Polariser systems installed or on order is 25
Richard Hullihen, CEO of Polarean, commented: "Our continued
global engagement with the expanding base of clinicians and
researchers, while extending our technology and discovering new
techniques, reinforces our belief that pulmonary medicine patients
and their doctors deserve the benefits of our unique
three-dimensional, non-invasive, reproducible hyperpolarised xenon
gas imaging technology. We have now entered a crucial period for
the Company as the Clinical Trials near completion, with the
top-line results of the Clinical Trials expected before the end of
2019. We remain confident and excited for the future of Polarean
and are grateful to our shareholders and stakeholders for their
continued support."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Richard Morgan, Chairman
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
David Hignell / Lindsay Mair / Jamie Spotswood
(Corporate Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 (0)7980 541 893 / +44 (0)7879
741 001
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue generating, medical drug-device
combination companies operating in the high resolution functional
magnetic resonance imaging market.
The Group develops equipment that enables existing MRI systems
to achieve an improved level of pulmonary function imaging and
specialises in the use of hyperpolarised Xenon gas ((129) Xe) as an
imaging agent to visualise ventilation and gas exchange regionally
in the smallest airways of the lungs, the tissue barrier between
the lung and the bloodstream and in the pulmonary vasculature.
Xenon gas exhibits solubility and signal properties that enable it
to be imaged within other tissues and organs.
CEO Statement
Introduction
The six month period ending 30 June 2019 has seen Polarean make
substantial progress towards its goal of completing the Clinical
Trials for the Company's medical drug-device combination.
The first half of the financial year was committed to critically
analysing the performance of the Clinical Trial sites and their
protocols and processes for recruitment as the Clinical Trials
progressed and enrolment rates increased. Despite having skilled
academic site clinical trial organizations and contract research
organizations (CROs), there is always a period of discovery and
correction associated with any first of type trial, and we found
and fixed several restrictions to our recruitment rates, working
collaboratively with our CROs and academic sites.
Results overview
Our financial performance, with sales being made on a
research-use-only basis to academic institutions in the US and
Europe, remains in-line with management expectations. Revenues for
the first half decreased from US$1.0m to US$0.4m, with gross
profits US $0.32m (H1 2018: US$0.75m). This is primarily
attributable to the timing of polariser sales. We received three
high value polariser orders, during H1 2019, one of which was
installed during September 2019. The other two polarisers are
anticipated to be delivered during Q4 2019. Gross operating margins
remain at over 50%. Administrative Expenses were flat for the
period. Our overall loss before tax increased to US$3.4m from
US$2.7m in the same comparable period, due to the lower revenue
during the period. Cash controls within the business remain robust
and as at 30 June 2019 we held US US$1.28m in net cash or cash
equivalents.
The Company held its second Investor Symposium in London on 12
June 2019. Attendance was significantly higher than it was at our
first investor symposium which we held in June 2018, and the
feedback from the 2019 symposium was positive. We conducted a
review of the latest technology breakthroughs, as well as
presentations by Key Opinion Leaders from two sites: Dr. Jason
Woods from Cincinnati Chilldren's Hospital speaking on Cystic
Fibrosis, and Dr. Sudarshan Rajagopal from Duke University speaking
on pulmonary vascular disease. The video of the symposium can be
viewed here:
http://www.polarean-ir.com/content/investors/videos.asp
Post-period end events
Placing to raise GBP2.1m (gross) at 18p completed
On the 22 July 2019 Polarean announced the completion of a
placing to raise an additional GBP2.1m (gross) at a placing price
of 18 pence per share in response to strong demand from
institutional and EIS/VCT investors. We are encouraged with the
support shown by new and existing shareholders and these additional
funds will further support our Clinical Trials in the US,
preparation of our New Drug Application ("NDA") for submission to
the US Food and Drug Administration ("FDA"), preparations for
commercial launch and the improvements we continue to make to our
polarisers.
Delivery of Xenon Polarisers
Whilst we seek clinical approval for our medical drug-device
combination we continue to expand our installed base of systems
through additional sales of research units to academic
institutions.
Post-period end, we delivered and installed a new system at the
SickKids Hospital Toronto. This is an additional system for
SickKids who is a long-term collaborator and customer of the
Company.
In February and July 2019, we received orders for additional
Polarean 9820 Polariser systems. We anticipate shipping these two
systems to the customers in the second half of 2019. The number of
systems installed or on order is currently 25*.
* Inadvertently reported as 24 in the RNS dated 10 September
2019 which omitted the system ordered by KUMC as per the RNS dated
11 July 2019.
Outlook
We continue to demonstrate and reinforce our belief that
Polarean's technology can be a tremendous benefit to patients and a
powerful new tool for clinicians in discovering and demonstrating
treatable traits in pulmonary medicine. In addition, our latest new
techniques lead us into the field of cardiology and pulmonary
vascular disease which is one example of the upside potential of
our technology. There are 40 clinical trials currently ongoing into
the use of (129) Xe MRI accruing to the FDA website.
The burden of pulmonary disease in the USA is approximately
US$150bn, with pulmonary disease widespread and growing, affecting
nearly 40 million Americans. Given the limitations of existing
methods of diagnosis and lung disease monitoring, we believe that
there is a significant unmet need for non-invasive, quantitative,
and cost-effective image-based diagnosis technology. We believe
that our unique medical drug-device combination utilizing 129Xe
offers the ideal solution for improving pulmonary disease diagnosis
and we are confident that this will be borne out during the
Company's Clinical Trials.
Richard Hullihen
Chief Executive Officer
23 September 2019
Consolidated unaudited statement of comprehensive income
for the six months ended 30 June 2019
Unaudited Unaudited Audited
Note 6 months 6 months 12 months
ended 30.6.19 ended 30.6.18 ended 31.12.18
US$ US$ US$
Revenue 399,639 1,026,926 2,439,139
Cost of sales (75,185) (279,455) (633,463)
--------------- --------------- ----------------
Gross profit 324,454 747,471 1,805,676
Administrative expenses (3,068,371) (3,106,922) (6,161,916)
Depreciation (4,661) (4,489) (10,140)
Amortisation (341,937) (308,426) (616,852)
Selling and distribution expenses (147,821) (20,998) (31,766)
Share based payment expense (139,886) (87,400) (251,790)
--------------- --------------- ----------------
Loss from operations (3,378,222)) (2,780,764) (5,266,788)
(22,356)
Finance expense 356) (52,654) (188,055)
Finance income 274 27 184
--------------- --------------- ----------------
Loss on ordinary activities
before taxation 4 (3,400,304) (2,833,391) (5,454,659)
Taxation - - -
--------------- --------------- ----------------
Loss and total other comprehensive
expense (3,400,304) (2,833,391) (5,454,659)
Basic and fully diluted loss
per share (US$) 4 (0.034) (0.057) (0.078)
POLAREAN IMAGING PLC
Consolidated unaudited statement of financial position
As at 30 June 2019
Unaudited Unaudited Audited
As at 30.6.19 As at 30.6.18 As at 31.12.18
US$ US$ US$
Assets Note
Non-current assets
Property, plant and equipment 13,091 23,403 17,752
Intangible assets 3,735,973 4,352,824 4,044,398
Right-of-use asset 131,773 - -
Trade and other receivables 5,539 12,536 12,539
-------------- -------------- ---------------
3,886,376 4,388,763 4,074,689
Current assets
Inventories 1,233,039 1,069,342 651,781
Trade and other receivables 1,094,988 1,148,306 4,226,585
Cash and cash equivalents 1,277,195 1,374,866 875,601
-------------- -------------- ---------------
3,605,222 3,592,514 5,753,967
-------------- -------------- ---------------
Total assets 7,491,598 7,981,277 9,828,656
-------------- -------------- ---------------
Equity
Share capital 5 49,767 36,396 49,427
Share premium 11,200,461 6,432,812 11,063,075
Group reorganisation reserve 7,813,337 7,813,337 7,813,337
Share-based payment reserve 1,218,221 913,945 1,078,335
Accumulated losses (15,619,993) (9,591,499) (12,212,767)
-------------- -------------- ---------------
Total equity 4,661,793 5,604,991 7,791,407
Liabilities
Non-current liabilities
Deferred income 87,029 - 70,726
Borrowings 6 83,168 - -
Contingent consideration 316,000 316,000 316,000
-------------- -------------- ---------------
486,197 316,000 386,726
Current liabilities
Trade and other payables 1,604,792 1,908,079 1,590,482
Borrowings 6 82,716 149,878 5,213
Deferred income 656,100 2,329 54,828
-------------- -------------- ---------------
2,343,608 2,060,286 1,650,523
-------------- -------------- ---------------
Total equity and liabilities 7,491,598 7,981,277 9,828,656
-------------- -------------- ---------------
Consolidated unaudited statement of changes in equity
As at 30 June 2019
Share-based
Share Share Group Other payment Accumulated
capital premium re-organisation equity reserve losses Total equity
-------- ------------ ---------------- -------- ------------ -------------- -------------
Balance as at 31 December
2017 (audited) 23,291 1,448,037 7,813,337 87,305 826,545 (6,758,108) 3,440,407
Loss and total comprehensive
income for the period - - - - - (2,833,391) (2,833,391)
Transaction with owners
Issue of shares 13,105 5,124,897 - (87,305) - - 5,050,697
Share issue costs - (140,122) - - - - (140,122)
Share-based payments - - - - 87,400 - 87,400
-------- ------------ ---------------- -------- ------------ -------------- -------------
Balance as at 30 June
2018 (unaudited) 36,396 6,432,812 7,813,337 - 913,945 (9,591,499) 5,604,991
Loss and total comprehensive
income for the period - - - - - (2,621,268) (2,621,268)
Transaction with owners
Issue of shares 13,031 5,036,577 - - - - 5,049,608
Share issue costs - (406,314) - - - - (406,314)
Share-based payments - - - - 164,390 - 164,390
Balance as at 31 December
2018 (audited) 49,427 11,063,075 7,813,337 - 1,078,335 (12,212,767) 7,791,407
-------- ------------ ---------------- -------- ------------ -------------- -------------
Change in accounting policy - - - - - (6,922) (6,922)
-------- ------------ ---------------- -------- ------------ -------------- -------------
Restated total equity
at 1 January 2019 49,427 11,063,075 7,813,337 - 1,078,335 (12,219,689) 7,784,485
-------- ------------ ---------------- -------- ------------ -------------- -------------
Loss and total comprehensive
income for the period
Transaction with owners - - - - - (3,400,304) (3,400,304)
Issue of shares
Share-based payments 340 137,386 - - - - 137,726
- - - - 139,886 - 139,886
Balance as at 30 June
2019 (unaudited) 49,767 11,200,461 7,813,337 - 1,218,221 (15,619,993) 4,661,793
======== ============ ================ ======== ============ ============== =============
Consolidated unaudited cash flow statement
for the six months ended 30 June 2019
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 30.6.19 ended 30.6.18 ended
US$ US$ 31.12.18
US$
Cash flows from operating activities
Loss for the period before taxation (3,400,304) (2,833,391) (5,454,659)
Adjustments for non-cash/non-operating
items:
Depreciation of plant and equipment 4,661 4,489 10,140
Amortisation of intangible assets 341,937 308,426 616,852
Share based compensation 139,886 87,400 251,790
Interest paid 22,356 52,654 188,055
Interest received (274) (27) (184)
(2,891,738) (2,380,449) (4,388,006)
Changes in working capital:
Increase in inventories (581,257) (419,482) (1,921)
Increase in trade and other receivables (301,448) (659,448) (69,517)
(Decrease)/increase/ in trade
and other payables 36,955 10,026 (315,894)
Increase/(decrease) in deferred
revenue 617,575 (24,233) 98,992
--------------- --------------- ------------
Net cash flows used from operating
activities (3,119,913) (3,473,586) (4,676,346)
Cash flows from investing activities
Purchase of plant and equipment - (6,551) (6,551)
--------------- --------------- ------------
Net cash used in investing activities - (6,551) (6,551)
Cash flows from financing activities
Repayment of loans (116,126) (307,623)
Issue of shares 3,577,509 4,063,539 5,093,775
Interest paid (22,356) (52,654) (188,055)
Interest received 274 27 184
Principal elements of lease payments (42,793) - -
Interest elements of lease payments 8,873 - -
--------------- --------------- ------------
Net cash generated from financing
activities 3,521,507 3,894,786 4,598,281
Net increase in cash and equivalents 401,594 414,649 (84,616)
Cash and equivalents at beginning
of period 875,601 960,217 960,217
Cash and equivalents at end of
period 1,277,195 1,374,866 875,601
NOTES TO THE INTERIM ACCOUNTS
1. Basis of preparation
The accounting policies adopted are consistent with those of the
previous financial year ended 31 December 2018.
This interim consolidated financial information for the six
months ended 30 June 2019 has been prepared in accordance with AIM
rule 18, 'Half yearly reports and accounts'. This interim
consolidated financial information is not the group's statutory
financial statements within the meaning of section 434 of the
Companies Act 2006 (and information as required by section 435 of
the Companies Act 2006) and should be read in conjunction with the
annual financial statements for the year ended 31 December 2018,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) and have been delivered to the Registrar
of Companies. The auditors have reported on those accounts; their
report was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information for the six
months ended 30 June 2019 is unaudited. In the opinion of the
Directors, the interim consolidated financial information presents
fairly the financial position, and results from operations and cash
flows for the period. Comparative numbers for the six months ended
30 June 2018 are also unaudited.
This interim consolidated financial information is presented in
US Dollars ($).
2. Changes in accounting policies
The Group has initially adopted IFRS 16 Leases from 1 January
2019. IFRS 16 introduced a single, on-balance sheet accounting
model for leases. As a result, the Group, as a lessee, has
recognised right-of-use assets representing its rights to use the
underlying assets and lease liabilities representing its obligation
to make lease payments.
The Group has applied IFRS 16 using the modified retrospective
approach, under which the cumulative effect of initial application
is recognised in retained earnings at 1 January 2019. Accordingly,
the comparative information presented for 2018 has not been
restated - i.e. it is presented, as previously reported, under IAS
17 and related interpretations. The details of the changes in
accounting policies are disclosed below.
Definition of a lease
Previously, the Group determined at contract inception whether
the arrangement was or contained a lease under IFRIC 4 Determining
Whether an Arrangement contains a Lease. The Group now assesses
whether a contract is or contains a lease based on the new
definition of a lease. Under IFRS 16, a contract is, or contains, a
lease if the contract conveys a right to control the use of an
identified asset for a period of time in exchange for
consideration.
On transition to IFRS 16, the Group elected to apply the
practical expedient to grandfather the assessment of which
transactions are leases. It applied IFRS 16 only to contracts that
were previously identified as leases. Contracts that were not
identified as leases under IAS 17 and IFRIC 4 were not
reassessed.
Significant accounting policies
The Group recognises a right-of-use asset and a lease liability
at the lease commencement date. The right-of-use asset is initially
measured at cost, and subsequently at cost less any accumulated
amortisation and impairment losses, and adjusted for certain
measurements of the lease liability.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit or, if that rate cannot
be readily determined, the Group's incremental borrowing rate.
Generally, the Group uses its incremental borrowing rate as the
discount rate.
The lease liability is subsequently increased by the interest
cost on the lease liability and decreased by lease payments made.
It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, a change in estimate of
the amount expected to be payable under a residual value guarantee,
or as appropriate, changes in the assessment of whether a purchase
or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
The Group has applied judgement to determine the lease term for
some lease contracts in which it is a lease that include renewal
options. The assessment of whether the Group is reasonably certain
to exercise such options impacts the lease term, which
significantly affects the amount of lease liabilities ad
right-of-use assets recognised.
Transition
Previously, the Group classified property leases as operating
lease under IAS 17. At transition, for leases classified as
operating leases under IAS 17, lease liabilities were measured at
the present value of the remaining lease payments, discounted at
the Group's incremental borrowing rate as at 1 January 2019.
Right-of-use assets are measured at their carrying value as if IFRS
16 has been applied since the commencement date, discounted using
the lessee's incremental borrowing rate at the date of initial
application.
The Group used the following practical expedients when applying
IFRS 16 to leases previously classified as operating leases under
IAS 17:
-- Applied the exemption not to recognise right-of-use assets
and liabilities for leases with less than 12 months of lease
term;
-- Excluded the initial direct costs from measuring the
right-of-use asset at the date of initial application; and
-- Used hindsight when determining the lease term if the
contract contains options to extend or terminate the lease.
Impact on transition
The impact (increase/(decrease)) on the statement of financial
position as at 1 January 2019 as a result of adopting IFRS 16 is as
follows:
US$
---------
Right-of-use assets 165,284
Accumulated losses (6,922)
Borrowings 191,361
Trade and other payables (19,155)
---------
When measuring lease liabilities for leases that were classified
as operating leases, the Group discounted the lease payment using
its incremental borrowing rate at 1 January 2019. The
weighted-average rate applied is 10%.
US$
--------
Operating lease commitment at 31 December 2018 as disclosed
in the Group's consolidated financial statements 183,421
Plus additional lease payments 34,814
--------
Operating lease commitment 218,235
The discounted lease liability recognised at 1 January 2019
after using the incremental borrowing rate 191,361
--------
Impact for the period
As a of result of initially applying IFRS 16, in relation to the
leases that were previously classified as operating leases, the
Group recognised amortisation and interest costs, instead of
operating lease expense. During the six months ended 30 June 2019,
the Group recognised US$33,511 of amortisation charges and US$8,873
of interest costs from these leases.
3. Going concern
The interim consolidated financial information for the six
months ended 30 June 2019 have been prepared on the going concern
basis.
The Directors consider the going concern basis of preparation to
be appropriate in preparing the financial statements. In
considering the appropriateness of this basis of preparation, the
Directors have received the Group's working capital forecasts for a
minimum of 12 months from the date of the approval of this
financial information. Based on their consideration the Directors
have reasonable expectation that the Group has adequate resources
to continue for the foreseeable future and that carrying values of
intangible assets are supported. Thus, they continue to adopt the
going concern basis of accounting in preparing this financial
information.
4. Loss per share
The basic and diluted loss per share for the period ended 30
June 2019 was US$0.034 (2018: US$0.057) The calculation of loss per
share is based on the loss of US$3,400,304 for the period ended 30
June 2019 (2018: loss of US$2,833,391) and the weighted average
number of shares in issue during the period for calculating the
basic profit per share of 101,087,330 shares (2017:
49,432,227).
5. Called up share capital
Unaudited Unaudited Audited
30.6.19 30.6.18 31.12.18
US$ US$ US$
Allotted, issued and fully paid
Ordinary Shares 49,767 36,396 49,427
---------- ---------- ---------
The number of shares in issue was as follows: Number of
shares
Balance at 1 January 2018 1,814,003
Effect of share split 46,656,158
Issued during the period 24,939,303
------------
Balance at 30 June 2018 73,409,464
Issued during the period 22,382,126
Issue of shares upon converting loans 4,939,303
------------
Balance at 31 December 2018 100,730,893
Exercised warrants (705,040)
------------
Balance at 30 June 2019 101,435,933
------------
On 31 March 2019, the warrants were exercised that resulted in
the conversion of an addition 705,040 ordinary shares.
6. Borrowings
Unaudited Unaudited Audited
30.6.19 30.6.18 31.12.18
US$ US$ US$
Non-current
Lease liability 83,168 - -
---------- ---------- ---------
Current
Related Party Loans - 7,936 -
Bank Overdraft 8,443 141,942 5,213
Lease Liability 74,273 - -
---------- ---------- ---------
Total 82,716 149,878 5,213
---------- ---------- ---------
7. Share based payments
Share Options
The Company grants share options as its discretion to Directors,
management and employees. These are accounted for as equity settled
transactions. Should the options remain unexercised after a period
of ten years from the date of grant the options will expire unless
an extension is agreed to by the board. Options are exercisable at
a price equal to the Company's quoted market price on the date of
grant or an exercise price to be determined by the board.
Details of share options granted, exercised, forfeited and
outstanding at the year-end are as follows:
Number of Weighted average
share options exercise price(US$)
Outstanding at 1 January 2019 15,560,560 0.13
Forfeited during the period (550,941) 0.20
Granted during the period 1,200,000 0.20
Outstanding at 30 June 2019 16,209,619 0.14
-------------------------------- --------------- ---------------------
The fair value of options granted has been calculated using the
Black Scholes model which has given rise to fair values per share
of US$0.09. This is based on risk-free rates of 1.41% and
volatility of 40.84%.
The weighted average contractual life of the share options
outstanding at the reporting date is 7.41 years.
Share Warrants
The Company grants share warrants at its discretion to
Directors, management, employees, advisors and lenders. These are
accounted for as equity settled transactions. Terms of warrants
vary from agreement to agreement.
Details for the warrants exercised, lapsed and outstanding at
the period ending 30 June 2019 are as follows:
Number Weighted average
of share exercise price
warrants (US$)
Outstanding at 1 January 2019 7,023,539 0.09
Lapsed during the period (157,796) 0.20
Exercised during the period (705,040) 0.20
Outstanding at 30 June 2019 6,160,703 0.08
-------------------------------- ---------- -----------------
Exercisable at 30 June 2019 6,160,703 0.08
-------------------------------- ---------- -----------------
On 2 April 2019, the Company issued 705,040 new ordinary shares
of GBP0.00037 each in the capital of the Company at the exercise
price of 15 pence per share, following the exercise of warrants.
The total consideration received by the Company pursuant to the
warrant exercise was GBP105,756. An additional 157,796 warrants
lapsed on 31 March 2019.
The weighted average contractual life of the share warrants
outstanding at the reporting date is 4.14 years.
8. Subsequent events
On 22 July 2019, the Company announced it had raised a total of
GBP2.1million (before expenses) via the placing of total of
11,666,667 ordinary shares at a price of 18p per share with
institutional investors. The net proceeds of the placing will be
used to further support the Company's Clinical Trials, the
preparation and submission of the NDA, provide additional working
capital to build new polarisers for future orders and to further
support the preparation for market launch following submission of
the NDA and the development of relationships with strategic
partners of the Company.
On 24 July 2019, the Company issued 1,336,000 new ordinary
shares of GBP0.00037 each in the capital of the Company at the
exercise price of 15 pence per share, following the exercise of
warrants.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BCGDCLDDBGCX
(END) Dow Jones Newswires
September 24, 2019 02:01 ET (06:01 GMT)
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