The information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
21 May 2021
Drumz plc
(the “Company” or the “Group”)
Final results for
the year ended 31 December 2020
Drumz plc (AIM: DRUM) the investing company focused on building
value in technology, is pleased to announce its final results for
the year ended 31 December 2020.
Highlights
- In the year the Company changed its investing policy to focus
on the technology sector.
- First technology investment made in Acuity Risk Management
Limited (“Acuity”), an award winning cybersecurity software
company.
- Despite COVID, Acuity announces new business wins and
significant growth in forward contracted revenues.
Angus Forrest, Chief Executive
commented on the results:
“We have made progress in the past six months and are
increasingly confident that the promise shown by Acuity and its
improved SaaS business model which is beginning to show with growth
in new business should accelerate from here. Drumz has
reviewed many new investment opportunities, and we are determined
to focus on the opportunities which offer Drumz and its
shareholders the best returns. We look forward to the future with
optimism.”
Annual General Meeting
In view of the current prevailing guidance from the British
Government in relation to the COVID-19 pandemic and specifically
the restrictions on large gatherings, the 2021 AGM which will be
held on 18 June will be convened with the minimum quorum of
shareholders (which will comprise the Company’s directors) in order
to conduct the business of the meeting.
This year, we are requesting that any relevant questions on the
Annual Accounts or other business to be transacted at the meeting
are submitted by shareholders in advance. Shareholders can do so by
sending questions in writing to the Registered Office or by
emailing info@drumzplc.com no later than 14 June (at
least 4 days before the AGM). Prior to the meeting, answers to
questions will be provided on the Investor Section of the Company’s
website at www.drumzplc.com.
For further information
please contact: |
|
Drumz Plc |
www.drumzplc.com |
Angus Forrest |
+44 (0) 20 3582 0566 |
|
|
WH Ireland (NOMAD & Broker) |
www.whirelandcb.com |
Mike Coe / Chris Savidge |
020 7220 1666 |
|
|
Peterhouse Capital Limited (Joint
broker) |
|
Lucy Williams / Duncan Vasey |
020 7469 0936 |
Chairman’s Statement
I am pleased to present the results of Drumz plc (“Drumz” or
“Company” or “Group”) for the year ended 31
December 2020.
On 30 June 2020 shareholders
approved changes to the Company’s strategic direction from a
company, which had principally invested in real estate to one
focused on the technology sector. Simultaneously there
were a number of Board changes with Angus
Forrest, John Wakefield and I
being appointed and Stephen Wicks
and John Depasquale stepping down. I
would like to thank Stephen and John for their stewardship and
collective contributions to the Company over the past few
years.
Results and performance
The Group’s results for the year ended 31
December 2020 showed revenues of £12,000 (2019: £2,000) and
an operating loss of £149,000 (2019: profit £43,000).
At 30 June the principal asset of the Group was its legacy
holding in KCR Residential REIT plc (‘KCR’), which owns property in
the private rented residential sector, in particular blocks of
studio, one and two bedroom apartments which are rented to private
tenants in the UK.
The share price performance of KCR has been disappointing over
the year and the value of the KCR holding has declined from
£1,181,000 to £573,000, equating to an unrealised loss of £608,000.
I am also disappointed to report that the KCR share price has
fallen further since the year end.
During the period under review Drumz made its first investment
in Acuity Risk Management Limited (“Acuity”), an award winning
business, specialising in risk management for cybersecurity.
Acuity’s proprietary software platform STREAM™ provides its blue
chip customer base on a SaaS basis, with a comprehensive view of
risk and compliance on an enterprise wide basis. Drumz has invested
£500,000 in cash for an initial 20 per cent. shareholding in Acuity
and has an option to acquire an additional 5 per cent. shareholding
for a further £125,000. Further details on the progress
achieved by Acuity is in the CEO report and Investment report.
Therefore, the overall results of the Group for the year ended
31 December 2020 show a loss before
taxation of £757,000 (2019: loss of £72,000), of which £608,000
(2019: £134,000) was due to the fall in value of the Group’s
investment in KCR. The shareholders’ funds have increased to
£1,518,000 (2019: £1,204,000), principally as a result of the two
separate fund raisings undertaken by the Company in July and
October 2020.
New investment Policy
The Company’s new investment policy is to invest principally,
but not exclusively in the technology sector in
Europe. The Directors consider that there are
opportunities to invest in and acquire established technology
businesses which own their own intellectual property and improve
them through a combination of the management skills and expertise
available from Drumz and further investment capital as
required.
Whilst it is not possible to be entirely prescriptive, it is
likely that the opportunities would generally have some or all of
the following characteristics, namely:
- Established business
- Software is proven and a key tool for users
- SaaS (“Software as a Service”) business model
- Significant B2B market opportunity
Macroeconomic impacts
During the current period there have been two major
macroeconomic factors which have impacted the economy, namely:
- Brexit – as regulations change with Britain’s withdrawal from
the EU, the software industry, particularly those selling on a SaaS
basis, appear at present to be relatively unaffected by this new
environment and
- COVID-19 – this global pandemic has had a major impact on the
world economy and the ways in which people work. On the positive
side, the software industry lends itself well to employees working
effectively from remote locations, but the broader impact of the
pandemic on global demand remains uncertain. At Acuity,
there was a decline in new business sales in the second quarter of
its financial year, after the first lockdown announced by the UK
Government, but since then new business has picked up
strongly.
Outlook
The first phase of the planned change programme at Acuity, with
a complete overhaul of its commercial infrastructure and
strengthening of the sales and marketing operations has now been
completed. The Board believe that the benefits of the
actions already taken will be seen over the coming
months. We are now considering several new investment
opportunities. I would like to welcome all new
shareholders and thank all shareholders for their continuing
support. I should also like to thank my colleagues and
our advisors for their respective contributions and look forward to
further progress in the current financial year.
Simon Bennett
Chairman
21 May 2021
Chief Executive’s Report
Since the 2020 AGM, when shareholders approved changes to the
business to focus on the technology sector was one of change as
your Company transitioned and made its first technology
investment. In that time changes have been made to the
Board of directors, a pipeline of technology investment
opportunities has been generated and a new corporate name has been
adopted.
Our strategy
Drumz’s strategy is to invest, predominantly but not exclusively
in the technology sector, to achieve capital growth in the medium
term, three to five years. We invest in operating
companies whose activities include the sale of software or the use
of software. The Board seeks to make investments where the
associated risks are acceptable given the expertise available to
the Company.
Our business model
Our business model is to identify established software companies
with potential, that we can acquire or invest in and which would
benefit from our expertise in order to exploit their market
opportunity and thereby transform value. The skills and experience
we inject, mainly relate to commercial, sales and marketing
activities. Our objective is to transform the value of
our investments by increasing growth rates and
scale. Having achieved these goals the Company will
determine whether the investee companies should be retained or
whether it would be better to realise value by way of a trade sale
or Initial Public Offering (“IPO”).
By acquiring established businesses whose software is valuable
to its customers, Drumz is investing in businesses with a validated
product / service so should be able to accelerate growth and value
faster than for earlier stage companies, whilst being better able
to identify and manage the associated risks.
Our business model is designed to allow all parties to benefit.
It is achieved by investing in opportunities where the Board sees
growth and if necessary, can provide expertise and assistance to
management to accelerate growth and drive scale, two of the
principal drivers of value for potential buyers.
In a typical scenario:
Year 1: Initial review with key changes
identified, and actions taken to set the foundations (business
model, pricing, marketing, sales channels, partners);
Year 2: Build on the initial changes with
any necessary refinements and implementation of business drivers;
and
Year 3: Continue to accelerate growth (by
this stage the business will be bigger and is likely to be growing
at a far faster rate than previously)
Investments and Portfolio update
Acuity Risk Management
This 15 year old company has developed a software platform which
is used for risk management mainly for cybersecurity, but which
also has the flexibility to be adapted for management of other
risks including supplier management or health and
safety. Acuity has won awards for its principal product
STREAM™ which has a 5-star rating in Gartner’s 2021 Peer Insights
review of recent software buyers and has won a five star rating for
five consecutive years from leading security trade journal, SC
MEDIA. The product is in use by Acuity’s customers in
the UK, Europe and the United
States.
There has been considerable progress at Acuity in the time Drumz
has been involved and some of the resulting contract wins have been
announced on the Stock Exchange’s Reach News Service. All sales are
now made on a SaaS basis with improved commercial terms and new
pricing structures, which has substantially improved the company’s
recurring revenues and average order values. A new digital
marketing agency is generating increased and better quality sales
leads which are fed into the sales team, which has been grown over
the past year to increase sales capacity. These measures
are beginning to show benefits through faster rates of growth in
both the numbers and value of orders and we look forward to
continuing to work with Acuity to build on these
foundations.
The biggest impact of COVID-19 on Acuity was felt in the quarter
July to September 2020, when the
Company found it difficult to get new customers to commit to new
orders. However, since then, demand has recovered and
continued to build in subsequent quarters. The increasing
likelihood and impact of cyber attacks and consequently the
relative importance of cyber security give the Board confidence to
believe that the demand for Acuity’s services will continue to
grow.
KCR Residential REIT
KCR is a legacy investment which owns a portfolio, mostly
properties, which comprise residential and retirement
flats. Whilst Savills reported the UK housing market
performed strongly in 2020 and Nationwide reported growth in
transaction numbers (13%) and annual price growth of 7.3 per cent,
it is disappointing that the share price has declined over the
second six months of 2020 and subsequently, such that it is now at
a level which represents a discount of 50% to net asset
value.
Summary and Outlook
In 2020 we achieved the requisite changes at Drumz and began the
process of making the transformation necessary to drive value
enhancement at Acuity, which is now attracting considerable
interest. This demonstrates that our strategy is working
and we continue to review a number of other possible investment
opportunities.
Angus Forrest
Chief Executive
21 May 2021
Group statement of comprehensive income
for the year ended 31 December
2020
|
Notes |
2020
£’000 |
2019
£’000 |
Continuing
operations |
|
|
|
Revenue |
|
12 |
2 |
Cost of sales |
|
— |
— |
Gross profit |
|
12 |
2 |
Reversal of accrued
remuneration for former director |
|
— |
117 |
Administrative
expenses |
|
(161) |
(76) |
Operating
profit/(loss) |
2 |
(149) |
43 |
Loss on
investments |
4 |
(608) |
(134) |
Recovery of bad debt
written off in previous periods |
|
_ |
19 |
Loss before
taxation |
|
(757) |
(72) |
Taxation |
- |
— |
— |
Loss for the year
attributable to shareholders of the parent company |
|
(757) |
(72) |
Total comprehensive
income for the year attributable to shareholders of the parent
company |
|
(757) |
(72) |
Earnings per
share |
|
|
|
Basic and diluted
earnings per share from total and continuing operations |
|
(0.36)p |
(0.06)p |
Group statement of financial position
as at 31 December 2020
|
Notes |
2020
£’000 |
2019
£’000 |
ASSETS |
|
|
|
Non-current
assets |
|
|
|
Investments at fair
value through profit or loss |
4 |
1,073 |
1,181 |
|
|
1,073 |
1,181 |
Current assets |
|
|
|
Trade and other
receivables |
|
14 |
5 |
Cash and cash
equivalents |
|
491 |
96 |
|
|
505 |
101 |
Total assets |
|
1,578 |
1,282 |
LIABILITIES |
|
|
|
Current
liabilities |
|
|
|
Trade and other
payables |
|
60 |
78 |
Total liabilities |
|
60 |
78 |
Net assets |
|
1,518 |
1,204 |
EQUITY |
|
|
|
Share capital |
5 |
2,613 |
2,392 |
Share premium |
|
8,039 |
7,189 |
Convertible loan |
|
88 |
88 |
Merger reserve |
|
1,012 |
1,012 |
Retained earnings |
|
(10,234) |
(9,477) |
Total equity |
|
1,518 |
1,204 |
Group statement of changes in equity
for the year ended 31 December
2020
|
Share
capital
£’000 |
Share
premium
£’000 |
Convertible
loan
£’000 |
Merger
reserve
£’000 |
Retained
earnings
£’000 |
Total
equity
£’000 |
Balance at 1 January
2019 |
2,392 |
7,189 |
88 |
1,012 |
(9,405) |
1,276 |
Total comprehensive
income |
— |
— |
— |
— |
(72) |
(72) |
Balance at 31 December
2019 |
2,392 |
7,189 |
88 |
1,012 |
(9,477) |
1,204 |
|
|
|
|
|
|
|
Balance at 1 January
2020 |
2,392 |
7,189 |
88 |
1,012 |
(9,477) |
1,204 |
Transactions with
owners in their capacity as owners: |
|
|
|
|
|
|
Issue of shares (net
of costs) |
221 |
850 |
— |
— |
— |
1,071 |
|
221 |
850 |
— |
— |
— |
1,071 |
|
|
|
|
|
|
|
Total comprehensive
income |
— |
— |
— |
— |
(757) |
(757) |
|
|
|
|
|
|
|
Balance at 31 December
2020 |
2,613 |
8,039 |
88 |
1,012 |
(10,234) |
1,518 |
Group statement of cash flows
for the year ended 31 December
2020
|
2020
£’000 |
2019
£’000 |
Cash flows from
operating activities |
|
|
Loss before
taxation |
(757) |
(72) |
Adjustments for: |
|
|
Fair
value adjustment for listed investments |
608 |
134 |
Interest income |
— |
— |
(Increase)
/ decrease in trade and other receivables |
(2) |
3 |
(Decrease)
/ increase in trade and other payables |
(25) |
(146) |
Net cash used in
operating activities |
(176) |
(81) |
Cash flows from
investing activities |
|
|
Purchase of
investments |
(500) |
— |
Cash flows from
financing activities |
|
|
Cash raised through
issue of shares (net of transaction costs) |
1,071 |
— |
Net decrease in cash
and cash equivalents |
(395) |
(81) |
Cash and cash
equivalents at beginning of financial year |
96 |
177 |
Cash and cash
equivalents at end of financial year |
491 |
96 |
Notes to the financial Statements
General information
Drumz plc is a company incorporated and domiciled in the
United Kingdom. The Company is a
public limited company, which is listed on AIM of the London Stock
Exchange, incorporated and domiciled in England and Wales. The address of the registered office is
Burnham Yard, London End, Beaconsfield, HP9 2JH.
The principal accounting policies adopted in the preparation of
the Group and Company financial statements are set out below.
Basis of accounting
Basis of preparation
The Group and Company financial statements have been prepared
under the historical cost convention, except as modified for
financial assets at fair value through profit or loss.
The Group and Company financial statements have been prepared in
accordance with the accounting policies set out below and
international accounting standards in conformity with the Companies
Act 2006.
The accounting policies have been applied consistently
throughout the Group and the Company for the purposes of the
preparation of these financial statements and the same accounting
policies, presentations and methods of computation are followed in
this set of financial statements as were applied in the previous
set of audited financial statements.
Going concern
The financial statements have been prepared on the going concern
basis.
The Directors have a reasonable expectation that the Company and
Group has adequate resources to continue operating for the
foreseeable future. For this reason, they continue to
adopt the going concern basis in preparing the Company’s and
Group’s financial statements. This has been assessed
using detailed cash flow analysis so that the Board can conclude
that the Company and Group has sufficient capital resources for at
least 12 months without any additional working capital financing
requirement.
1. Income and segmental analysis
The Group generates income by charging investee companies fees
and for profits or losses on investments. These
operating segments are monitored by the Executive Directors and
strategic decisions are made on the basis of segment operating
results. The segmental analysis of operations is as follows:
Segmental analysis by activity
|
2020
£’000 |
2019
£’000 |
Segment result |
|
|
Operating income |
12 |
— |
Investment
activities: |
|
|
Reversal of accrued
remuneration for former director |
— |
117 |
Administrative
expenses |
(161) |
(76) |
|
(149) |
(41) |
Rental activities: |
|
|
Net rental income |
— |
2 |
|
— |
2 |
Operating
loss/profit |
(149) |
43 |
Loss in value of quoted
investment |
(608) |
(134) |
Recovery of bad debt
written off in previous periods |
– |
19 |
Loss before tax |
(757) |
(72) |
|
2020
£’000 |
2019
£’000 |
Segment assets |
|
|
|
|
|
|
|
|
Investment
activities: |
|
|
Non-current assets –
investment |
1,073 |
1,181 |
Other |
505 |
101 |
|
|
|
Total assets |
1,578 |
1,282 |
|
2020
£’000 |
2019
£’000 |
Segment
liabilities |
|
|
Investment
activities: |
|
|
Current
liabilities |
60 |
78 |
Total liabilities |
60 |
78 |
Total assets less total
liabilities |
1,518 |
1,204 |
The activity of investments arose wholly in the United Kingdom.
2. Operating profit / loss
Operating profit / loss is stated after charging:
|
2020
£’000 |
2019
£’000 |
Auditor’s remuneration
for: |
|
|
Audit services |
|
|
– audit of the Group’s
and Company’s annual accounts |
12 |
7 |
– audit of
subsidiaries pursuant to legislation |
3 |
3 |
Share based
payment (options) |
1 |
— |
3. Earnings per ordinary share
The earnings per ordinary share is based on the weighted average
number of ordinary shares in issue during the year of 210,083,568
ordinary shares of 0.1p (2019: 123,912,957 ordinary shares of 0.1p)
and the following figures:
|
2020 |
2019 |
Loss attributable to
equity shareholders (£’000) |
(757) |
(72) |
Loss per ordinary
share |
(0.36)p |
(0.06)p |
Diluted earnings per share is taken as equal to basic earnings
per share as the Group’s average share price during the period is
lower than the exercise price of the share options and therefore
the effect of including share options is anti-dilutive.
4. Investments
|
Investment
£’000 |
Cost |
|
At 1 January 2020 |
1,705 |
Additions |
500 |
At 31 December
2020 |
2,205 |
Fair value
movements |
|
At 1 January 2020 |
(524) |
Fair value
adjustment |
(608) |
At 31 December
2020 |
(1,132) |
Fair value |
|
At 31 December
2020 |
1,073 |
At 31 December
2019 |
1,181 |
Drumz plc acquired shares in KCR Residential REIT plc at a price
of £0.70 per share in 2018. The investment was classed as fair
value through profit and loss in accordance with IFRS 9. The
investment was valued downwards at the year-end in accordance with
IFRS 13. The closing value at 31 December
2020 was £573,000.
Drumz plc acquired shares in Acuity Risk Management Limited in
September 2020. The value of this investment is shown at
cost, £500,000. As part of the investment, the agreement
also contained an option to invest a further £125,000 for
5%. The directors consider the value of this option to
be immaterial.
Fair value hierarchy
In accordance with IFRS 7, financial instruments are measured by
level of the following fair value measurement hierarchy:
- Level 1: quoted prices in an active market for identical assets
or liabilities. The fair value of financial instruments traded in
active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are
readily and regularly available and those prices represent actual
and regularly occurring market transactions on an arm’s-length
basis. The quoted market price used for financial assets held by
the Group is the closing price on the last day of the financial
year of the Group. These instruments are included in level 1 and
comprise FTSE and AIM-listed investments classified as held at fair
value through profit or loss.
- Level 2: the fair value of financial instruments that are not
traded in an active market is determined by using valuation
techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as
possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the
instrument is included in level 2.
- Level 3: the fair value of financial instruments that are not
traded in an active market (for example, investments in unquoted
companies) is determined by using valuation techniques such as
earnings multiples. If one or more of the significant inputs is not
based on observable market data, the instrument is included in
level 3.
There have been no transfers between these classifications in
the period (2019: none). The change in fair value for the current
and previous years is recognised through profit or loss.
All assets held at fair value through profit or loss were
designated as such upon initial recognition.
Movements in investments held at fair value through profit or
loss are summarised as follows:
|
Level 3
Equity investments £’000 |
Level 1
Equity investments £’000 |
Total investments
£’000 |
Cost |
|
|
|
At 1 January 2020 |
– |
1,705 |
1,705 |
Additions |
500 |
|
– |
At 31 December
2020 |
500 |
1,705 |
2,205 |
Fair value losses |
|
|
|
At 1 January 2020 |
— |
(524) |
(524) |
Fair value
adjustment |
— |
(608) |
(608) |
At 31 December
2020 |
— |
(1,132) |
(1,132) |
Fair value |
|
|
|
At 31 December
2020 |
500 |
573 |
1,073 |
At 31 December
2019 |
— |
1,181 |
1,181 |
Investment in the subsidiaries of the parent company are carried
at £nil (2019: £nil). See note 12 for details of
subsidiary undertakings.
5. Share capital
|
2020
£’000 |
2019
£’000 |
Allotted, called up
and fully paid |
|
|
344,821,957 (2019: 123,912,957) ordinary shares of 0.1p
each |
345 |
124 |
2,268,113,165 (2019: 2,268,113,165) deferred shares of 0.1p
each |
2,268 |
2,268 |
|
2,613 |
2,392 |
|
2020
Number |
2020
£’000 |
2019
Number |
2019
£’000 |
Ordinary shares |
|
|
|
|
At 1 January 2020 |
123,912,957 |
124 |
123,912,957 |
124 |
Additions |
220,909,091 |
221 |
— |
— |
At 31 December
2020 |
344,822,048 |
345 |
123,912,957 |
124 |
On 1 July the Company issued 130,000,000 new Ordinary shares of
0.1p at 0.5p per share to raise approximately £650,000 before
expenses; and on 1 October it issued a further 90,909,091 new
Ordinary shares at 0.55p to raise a further £500,000 before
expenses.
Deferred shares
The deferred shares have:
- no right to any dividend;
- the right to receive notice of any general meeting and to
attend such meeting but no right to vote thereat; and
- the right on a winding up or other return of capital (after
payment of the debts and liabilities of the Company and an amount
equal to the amounts paid up, or credited as paid up, including any
premium on the ordinary shares of the Company, together with any
unpaid arrears of dividend declared on such shares) to an
amount equal to the amounts paid up or credited as paid up on such
deferred shares.
Share option scheme
The Group operates an unapproved share option scheme. Awards
under each scheme are made periodically to employees. The share
options in this scheme vest three years after the date of grant and
have an exercise period of seven years. The options may only be
exercised by option holders while they are still employees of the
Group. If death in service occurs the options can be exercised (to
the extent that they have vested) by the option holder’s personal
representatives within 12 months from the date of death. If an
option holder ceases to be employed and the Directors deem the
option holder to be a ‘Good Leaver’ the options can be exercised
(to the extent that they have vested) within six months from the
date of cessation of employment.
A reconciliation of option movements over the year ended
31 December 2020 is shown below:
|
Number |
Exercise
price |
Outstanding at 31
December 2019 |
6,100,000 |
|
Lapsed
during the year |
(6,100,000) |
2.00p |
Granted on 15 July
2020 |
11,000,000 |
0.65p |
Granted on 25 November
2020 |
4,000,000 |
0.55p |
Outstanding at 31
December 2020 |
15,000,000 |
|
At 31 December 2020 outstanding
options granted over ordinary shares were as follows:
Share option scheme |
Exercise price |
Number |
Dates exercisable |
Company unapproved |
0.65p |
11,000,000 |
15 July
2020 to
14 July 2030 |
Company unapproved |
0.55p |
4,000,000 |
25 Nov
2020 to
24 Nov 2030 |
The weighted average exercise price for the Group’s options are
as follows:
Options issued during the
year: 0.62p
Options forfeited/lapsed during the
year:
2.0p
Options outstanding at 31 December
2020: 0.62p
Options exercisable at 31 December
2020: nil
The weighted average remaining contractual life of the share
options outstanding at the end of the year is 9 years (2019: 4
years).
The Group has used the Black-Scholes formula to calculate the
fair value of outstanding share options. The assumptions applied to
the Black-Scholes formula for share options issued and the fair
value per option are detailed in the table below for options issued
in the year. The charge calculated up to 31
December 2020 is immaterial and has not been recognised
as an expense (2019: £nil). Volatility was calculated using
historical share price information for the six months prior to the
date of grant.
|
Unapproved share
options 2020 grant |
Date of grant |
15 July
2020 |
Expected life of
options based on options exercised to date |
3
years |
Volatility of share
price |
87% |
Dividend yield |
0% |
Risk free interest
rate |
0.01% |
Share price at date of
grant |
0.65p |
Exercise price |
0.65p |
Fair value per
option |
£0.46 |
Date of grant |
25 Nov
2020 |
Expected life of
options based on options exercised to date |
3
years |
Volatility of share
price |
10% |
Dividend yield |
0% |
Risk free interest
rate |
0.01% |
Share price at date of
grant |
0.48p |
Exercise price |
0.35p |
Fair value per
option |
£0.00 |