REG - B90 Holdings PLC - Unaudited Interim Results
28/09/2023 07:00
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RNS Number : 9097N B90 Holdings PLC 28 September 2023
28 September 2023
B90 Holdings plc
("B90", the "Company" or "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
B90 Holdings plc (AIM: B90), the online marketing and operating company for
the gaming industry, is pleased to announce its unaudited interim results for
the six months ended 30 June 2023, which are also available on its website at
www.b90holdings.com.
During the reported period the Company has achieved a number of important
strategic milestones and is well positioned to capitalise on promising future
prospects.
Operational Highlights
· Business Advancements: B90 continues its journey to becoming a
prominent and scalable gaming service provider through strategic acquisitions,
seamless integration, and cutting-edge technological solutions.
· Diverse Business Divisions: The Company now operates through two
divisions: lead generation enterprises and online gaming products. Platforms
like Emwys, oddsen.nu, and tippen4you.com, dedicated to the Scandinavian
market, engage users with online gaming forums and maintain affiliate
agreements. Spinbookie and Bet90, licensed platforms, offer sports betting and
casino experiences covering global sporting events.
· Strategic Partnerships: B90 has established collaborations with
renowned brands such as Playtech, Bet365, Betsafe, and Betsson, strengthening
its market presence.
· Industry Expertise: Mark Blandford, founder of Sportingbet, joined as
Strategic Adviser, bringing extensive experience and insights to the team.
Team composition further strengthened with appointments of Andrew McIver as
a non-executive director, Ronny Breivik taking the role of Executive Chairman
and Farzad Peyman bringing his expertise in finance and M&A strategy.
Financial Highlights
· Revenue Performance: Revenues for H1 2023 amounted to €754,659,
reflecting a 25% decrease compared to the same period in 2022 mainly due to
the unexpected internal restructuring after the Extraordinary Shareholders
Meeting held in November 2022, which took internal focus away from revenue
generation. Management is targeting a revenue recovery now these adjustments
have been implemented.
· Net Loss Analysis: In addition to the change in revenue, the net
operating loss for H1 2023 was €1,623,398, influenced by increased
amortization charges resulting from acquisitions in H2 2021 and increased
marketing spend, of which a major portion was executed in the second quarter
of 2023, and anticipated to generate revenues in the second half of 2023.
· Strategic Marketing Investments: Investment of €361,815 (H1 2022:
€266,396) in marketing initiatives during H1 2023, reflects a significant
increase compared to the same period in 2022. These investments are projected
to drive revenue growth in H2 2023 and beyond.
· Successful Fundraising: The company secured €2.27 million (before
expenses) through subscriptions for Convertible Loan Notes ("CLN") in H1 2023.
A further CLN subscription of €2.0 million was announced in June 2023, and
received after the period end, enhancing financial flexibility. Post-period
end, a further €2,325,000 (or £2.0 million, before expenses) was raised by
way of an equity placing and subscription, bringing the total raised in this
financial year to €6.6 million. Concurrent with this most recent fundraise,
the Company served conversion notices to all holders of the existing loan
notes, thereby simplifying the Group's capital structure.
Ronny Breivik, Executive Chairman commented:
"We are excited with the substantial operational progress made during the
first half of 2023. Our strategic acquisitions, enhanced team composition, and
increased marketing investments are pivotal to our future growth. While we
navigate dynamic market conditions, we are poised for success through our 'buy
and build' M&A strategy and commitment to delivering value to our
shareholders. The future holds great promise for B90 Holdings as it
capitalises on strategic partnerships, expansion initiatives, and emerging
opportunities within the dynamic gaming industry.
He added:
"We are focussed on our strategy of organic growth alongside sourcing
accretive acquisitions, as symbolised by the Emwys acquisition. This milestone
propels us forward in scale and operations, augmenting our marketing concept.
Armed with fresh knowledge and investment, we are well positioned to drive
revenue growth while capitalising on existing marketing operations. Emwys'
integration aligns perfectly with our 'buy and build' M&A strategy."
-ends-
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Ronny Breivik, Executive Chairman
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Johnson / Rob Patrick
Zeus (Joint Broker) +44 (0)20 3829 5000
Louisa Waddell / Simon Johnson
Panmure Gordon (UK) Limited (Joint Broker) +44 (0)20 7886 2500
Simon J French
Belvedere (Financial PR & IR) +44 (0)20 3008 6864
John West / Llewellyn Angus
About B90 Holdings plc
B90 Holdings plc is a company in the online gambling industry, focused on the
operation of its own online Sportsbook and Casino product as well as marketing
activities for other online gaming companies. We specialise in providing
innovative gaming experiences and state-of-the-art technology solutions. With
a strong focus on customer satisfaction and responsible gambling practices,
B90 Holdings is dedicated to shaping the future of the online gaming
landscape.
CHAIRMAN'S STATEMENT
Business and Strategic Progress
I am very pleased to update shareholders on the substantial advancements we
have achieved on our journey to becoming a prominent, scalable gaming service
provider. Through the strategic acquisition, integration, and efficient
operation of technological solutions, we have made significant strides.
Diverse Business Divisions
Currently, our business encompasses two distinct divisions: our lead
generation enterprises and our online gaming products. Among the former, we
have Emwys - acquired in July 2023 and completed in September 2023 - alongside
platforms like oddsen.nu and tippen4you.com. These platforms, dedicated to the
Scandinavian market, engage users with online gaming forums and maintain
affiliate agreements with third-party operators. Our latter division
includes Spinbookie and Bet90, licensed platforms that offer sports betting
and casino experiences, encompassing a wide spectrum of global sporting
events, including live betting markets. We have also established partnerships
with renowned brands such as Playtech, Bet365, Betsafe, and Betsson.
Strategic Milestones in the First Half of the Year
The first half of this year marked numerous positive milestones for the
Company. In January 2023, following the successful acquisition of Arden
Partners, Zeus became our broker, enhancing our broking capability and
expanding the analytical coverage of the Company. Subsequently, we secured
€570,000 (approximately £500,000) in funding from existing investors to
provide working capital and fuel our growth initiatives.
Industry Pioneer Joins as Strategic Adviser
In February 2023, we proudly welcomed Mark Blandford, the visionary founder of
Sportingbet, as our Strategic Adviser. A highly respected figure in the online
gaming industry, Mark's extensive experience and industry acumen have proven
invaluable. His role as a non-executive director at Gaming Realms plc and
Chairman of the board at Gambling.com Group Limited demonstrates his important
role in the sector.
Continuous Growth and Leadership Enhancements
As the period progressed, we announced additional funding achievements -
raising a further €1,267,000 (approximately £1.1 million) in April and a
further €2.0 million (approximately £1.7 million) in June 2023. In
addition, Board changes were also introduced, with Ronny Breivik assuming the
role of Executive Chairman and, post-period end, Andrew McIver was appointed
as Non-Executive Director. Andrew's tenure at Sportingbet, coupled with his
involvement in other successful gaming ventures, positions him as a
Non-executive Director with profound insights. His experience extends to
leadership roles at prominent gaming companies, including Jackpotjoy plc.
Strategic Acquisition Amplifies Marketing Capabilities
In a significant post-period development, we have signed a share purchase
agreement with Funko International AB, to acquire Emwys AB. This Swedish
marketing company specialises in pay-per-click (PPC) marketing within the
online gambling sector. The associated license and marketing agreement with
Funko augments our marketing expertise, enabling future revenue growth through
strategic affiliate partnerships. Emwys brings sought-after expertise in PPC
marketing, a technique that elevates search engine visibility and enhances
audience targeting.
Firm Focus on Organic Growth and Expansion
Our growth strategy hinges on organic expansion, including partnerships with
businesses seeking operational expertise and distribution capabilities. Our
portfolio's buy-and-build strategy continues to drive our evolution.
Financial Performance Review
The first half of 2023 marked an important transition for the business as we
put in place the financial and operational building blocks that will enable us
to grow the business through the acquisition, integration and operation of
technological, marketing and operational solutions. The Company aspires to
be a leading gaming service provider of scale, targeting both profitability
and generating positive free cash flows.
Revenue Overview
In the first half of 2023, our total revenues were €754,659, marking a 25%
decrease when compared to the same period in 2022 (H1 2022: €1,009,870).
This decline was largely a result of internal management changes that were
implemented towards the conclusion of 2022, after the Extraordinary
Shareholders Meeting held in November 2022. However, it is important to note
that the position has now stabilised, and we are confident that our revenue
trajectory will rebound moving forward.
Net Operating Profit/(Loss) Analysis
The net operating loss for the current period was €1,623,398, an increase
from the €1,275,857 loss incurred in the first half of 2022. This upswing in
loss can be attributed to the decreased revenue combined with a higher
marketing spend. This higher marketing spend is expected to deliver higher
revenues during the second half of this year.
Focused Marketing Investment
Our commitment to driving growth has led to a substantial augmentation in
marketing efforts. Notably, we allocated c.€361,000 to marketing initiatives
during the initial six months of 2023, marking a significant increase from the
c.€266,000 spent during the same period in 2022. A major portion of this
investment was executed in the second quarter of 2023, and we anticipate these
strategic endeavours to yield favourable outcomes, positively influencing our
revenue growth in the latter part of 2023 and beyond.
Convertible Loan Note (CLN) Fundraising
During the first half of 2023, we successfully secured €2.27 million (before
expenses) through subscriptions for CLNs. Demonstrating our ongoing drive
for capital enhancement, we recently announced an additional subscription of
€2.0 million in the CLN on 30 June. These funds were duly received in July
2023, enhancing our financial flexibility, and positioning us for future
growth initiatives. Post-period end, the Company served conversion notices to
all holders of the Company's existing CLNs, pursuant to which 86,810,441 new
ordinary shares were issued. Following this conversion, no CLNs remain in
issue.
Maximising Opportunities in AIM Market
We are focussed on maximising the opportunities afforded to B90 of being one
of the few listed online bookmakers and gaming companies on AIM. A recent
example is the completion of the acquisition of Enwys AB, and the associated
license agreement entered into with Funko International AB.
Promising Outlook
In summary, our steadfast efforts have strengthened our balance sheet and
nurtured customer relations and retention strategies. Our affiliate and direct
marketing approaches have evolved, backed by strong shareholder support. Our
Latin American expansion focuses on operational enhancement, retention, and
per-customer spending. By strategically investing in targeted marketing, we
are focussed on achieving revenue growth and elevated gaming volumes.
Furthermore, the first results from the Google PPC campaigns run via the newly
acquired Enwys AB, have resulted in revenues in line with management
expectations for August and the first half of September 2023.
Team Additions
Our team expansions have enhanced our collective expertise with valuable
insights and contacts. As we navigate the next phase of growth, these
additions position us for success.
Acquisitions and Strategic Expansion
Our strategy of accretive acquisitions is underway, symbolised by the Emwys
acquisition. This milestone propels us forward in scale and operations,
augmenting our marketing concept. Armed with fresh knowledge and investments,
we are well positioned to drive revenue growth while capitalising on existing
marketing operations. Emwys' integration aligns perfectly with our 'buy and
build' M&A strategy.
Future-Focused Goals
Moving forward, we remain committed to swift yet strategic scaling. Through
focused acquisitions and license agreements, we will continue to pursue near
term profitability and positive cash flows. As we embark on this dynamic
journey, our strategic approach drives us toward a promising future. Thank
you for your continued support.
Ronny Breivik
Executive Chairman
28 September 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED
Period ended Period ended Year ended
Note 30 June 2023 30 June 2022 31 December 2022
€ € €
Revenue 754,659 1,009,870 2,138,212
Salary expense (915,773) (919,346) (2,112,893)
Marketing and selling expense (360,815) (266,396) (763,821)
Other administrative expense (870,366) (902,169) (1,950,016)
Depreciation, amortisation and impairment expense (231,103) (197,816) (1,557,525)
Total administrative expenses (2,378,057) (2,285,727) (6,384,255)
Operating loss (1,623,398) (1,275,857) (4,246,043)
Finance expense (171,621) - (35,833)
Loss before tax (1,795,019) (1,275,857) (4,281,876)
Taxation - - 13,680
Loss for the period (1,795,019) (1,275,857) (4,268,196)
Loss per share attributable to equity holders of the Company
- Basic (in €) 2 (0.0064) (0.0052) (0.0164)
- Diluted (in €) 2 (0.0064) (0.0052) (0.0164)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
UNAUDITED UNAUDITED AUDITED
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2023 2022 2022
€ € €
Non-current assets
Goodwill 2,229,211 3,324,531 2,229,211
Other intangible assets 4,099,761 4,595,252 4,330,863
Total non-current assets 6,328,972 7,919,783 6,560,074
Current assets
Other receivables & prepayments 235,409 120,875 193,627
Cash and cash equivalents 733,601 655,556 359,053
Total current assets 969,010 776,431 552,680
Total assets 7,297,982 8,696,214 7,112,754
Equity and liabilities
Share capital - - -
Additional paid-in capital 30,966,848 29,660,600 30,966,848
Reverse asset acquisition reserve (6,046,908) (5,086,668) (6,046,908)
Retained earnings (23,620,284) (19,122,497) (21,957,873)
Total shareholders' equity 1,299,656 5,451,435 2,962,067
Non-current liabilities
Convertible loan note 3,145,522 - 655,646
Deferred tax liability 246,924 273,600 259,920
Total non-current liabilities 3,392,446 273,600 915,566
Current liabilities
Trade and other payables 2,605,880 2,966,787 3,210,344
Corporate income tax payable - 4,392 24,777
Total current liabilities 2,605,880 2,971,179 3,235,121
Total equity and liabilities 7,297,982 8,696,214 7,112,754
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Additional Equity portion convertible loan note Other reserves (Restated) * Retained Earnings Total Non-controlling interest Total
Capital Paid in capital Equity
€ € € € € € € €
Balance as at 1 January 2022 - 27,734,003 - (5,086,668) (17,987,052) 4,660,283 (24,388) 4,635,895
Loss for the financial period - - - - (1,275,857) (1,275,857) - (1,275,857)
Share based payments - - - - 192,400 192,400 - 192,400
Share based acquisitions - 1,077,600 - - (51,988) 1,025,612 24,388 1,050,000
Issue of share capital - 861,021 - - - 861,021 - 861,021
Cost of raise of capital - (12,024) - - - (12,024) - (12,024)
Balance as at 30 June 2022 - 29,660,600 - (5,086,668) (19,122,497) 5,451,435 - 5,451,435
Balance as at 1 January 2022 - 27,734,003 - (5,086,668) (17,987,052) 4,660,283 (24,388) 4,635,895
Loss for the financial period - - - - (4,268,196) (4,268,196) - (4,268,196)
Share based acquisition - 2,037,840 - (960,240) (51,988) 1,025,612 24,388 1,050,000
Share based payments - - - - 349,363 349,363 - 349,363
Issue of share capital - 1,219,800 - - - 1,219,800 - 1,219,800
Costs of raising capital - (24,795) - - - (24,795) - (24,795)
Balance as at 31 December 2022 - 30,966,848 - (6,046,908) (21,957,873) 2,962,067 - 2,962,067
Loss for the financial period - - - - (1,795,019) (1,795,019) - (1,795,019)
Share based payments - - - - 132,608 132,608 - 132,608
Balance as at 30 June 2023 - 30,966,848 - (6,046,908) (23,620,284) 1,299,656 - 1,299,656
* the other reserves include (1) Reserves relating to reverse asset
acquisition from prior periods & (2) Contingent earn-out shares issuable
in relation to the Spinbookie acquisition.
CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED UNAUDITED AUDITED
30 June 30 June 31 December
2023 2022 2022
€ € €
Cash flows from operating activities
Operating (loss)/profit (1,623,398) (1,275,857) (4,246,043)
Adjustments for:
Share based payments 132,608 192,400 349,364
Impairment of goodwill - - 1,095,320
Amortisation of intangibles 231,103 197,816 462,205
Bad debt expense - - 23,450
Cash flow used in operations before working capital changes (1,259,687) (885,641) (2,315,704)
(Increase)/decrease in trade and other receivables (39,281) 39,124 (57,077)
Increase/(Decrease) in trade and other payables (517,046) (174,226) 61,062
Cash flow used in operations (1,816,014) (1,020,743) (2,311,719)
Tax (paid)/received - - -
Cash flow used in operating activities (1,816,014) (1,020,743) (2,311,719)
Cash flow from investing activities
Acquisition of intangible assets - - -
Net cash outflow used in investing activities - - -
Cash flow from financing activities
Proceeds of issue of new shares - 848,997 1,195,004
Finance expenses (81,482) - -
Receipts from loans 2,272,044 - 648,466
Net cash inflow used in financing activities 2,190,562 848,997 1,843,470
Net increase/(decrease) in cash and cash equivalents 374,548 (171,746) (468,249)
Cash and cash equivalents at start of period 359,053 827,302 827,302
Cash and cash equivalents at end of period 733,601 655,556 359,053
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
1. Basis of preparation
The condensed interim consolidated financial statements incorporate the
results of B90 Holdings plc (the "Company") and entities controlled by the
Company (its subsidiaries) (collectively the "Group").
The condensed interim consolidated financial statements are unaudited, do not
constitute statutory accounts and were approved by the Board of Directors on
27 September 2023. The auditor's report on the year ended 31 December 2022
financial statements was unqualified, though it made reference, by way of
emphasis, to a material uncertainty in relation to going concern, and an
emphasis of matter related to impairment of other intangible assets. The
year ended 31 December 2022 Annual Report and financial statements is
available on the Company's website (www.b90holdings.com).
The preparation of unaudited condensed interim consolidated financial
statements requires management to make judgements, estimates and assumptions
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.
In preparing the unaudited condensed interim consolidated financial
statements, 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 that applied to the consolidated financial statements as at
and for the year ended 31 December 2022.
The unaudited condensed interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted by the
European Union. IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the IFRS Interpretations
Committee and there is an ongoing process of review and endorsement by the
European Commission. These policies are consistent with those to be adopted
in the Group's consolidated financial statements for the year ended 31
December 2023. The accounting policies, including those related to
significant judgements and key sources of estimation uncertainty, applied in
this interim report are the same as those applied by the Group in the
consolidated financial statements for the year ended 31 December 2022. The
group has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing the interim financial information.
The principal risks and uncertainties of the Group have not changed since the
last annual financial statements for the year ended 31 December 2022, where a
detailed explanation of such risks and uncertainties can be found.
Going concern
The Group reported a net loss of €1.8 million for the six months ended 30
June 2023. Furthermore, the Group had a negative cash flow from operations
of €1.8 million for the six months ended 30 June 2023.
Whilst trading during the first six months of 2023 was in line with the
Board's expectations, it was lower than for the first six months of 2022 and
the Group continues to operate at a loss. As a result of acquisitions
completed subsequent to the period end and executing on its strategic plan to
grow the Group's operations and revenues in the various verticals in a
targeted manner, entering into strategic partnerships and investing in further
marketing to expand the customer base and geographical reach, Management is
targeting the Group becoming cash flow positive early 2024
Furthermore, as a result of recent fundraises, completed as announced in July
and September 2023, the Group has improved its financial position.
However, should trading not be in line with management's expectations going
forward, the Group's ability to pay its trade payables may be impacted, in
which case the Group will need to raise further funding. In the circumstance
that this is needed and whilst the directors are confident of being able to
raise such funding if required, there is no certainty that such funding will
be available and/or the terms of such funding.
Whilst acknowledging this material uncertainty, the Directors remain confident
that they will be able to continue to expand the Group's operations and
generate a positive operational cash flow within a reasonable time or, if
needed, be able to raise additional funding when required, and therefore the
Directors consider it appropriate to prepare the financial statements on a
going concern basis. The financial statements do not include the adjustments
that would result if the Group and Company was unable to continue as a going
concern.
2. Earnings per share
The calculation of earnings per share is based on the following earnings and
number of shares.
6 months 6 months Year ended
31 December 2022
ended ended
30 June 2022
30 June 2022
€ € €
Earnings
Loss for the purpose of basic and diluted earnings per shares being net result
attributable to equity shareholders
(1,795,019) (1,275,857) (4,268,196)
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings 282,144,816 245,051,972 260,483,323
per share
Weighted average number of dilutive share options - - -
Weighted average number of ordinary shares for the purposes of diluted 282,144,816 245,051,972 260,483,323
earnings per share
Basic loss per share (€) (0.0064) (0.0052) (0.0164)
Diluted loss per share (€) (0.0064) (0.0052) (0.0164)
3. Significant events during the reporting period
On 6 February 2023, the Company announced that it had raised €0.57 million
(c. £0.5 million) through a subscription for Convertible Loan Notes ("CLN").
Furthermore, a payable amount of €127,700 (c.£112,500) to a key marketing
partner was settled by issuing CLNs. The CLNs have a term of 3 years from
issue and are convertible no earlier than 1 January 2024, at the request of
the CLN holder, at a 10% discount to the volume weighted average price for the
five trading days prior to the conversion notice. The CLNs are convertible, at
the discretion of the Company, at any time on the same terms. The CLNs carry a
coupon of 10% per annum, which shall accrue and be paid upon redemption or
conversion.
On 7 February 2023, the Company announced that it had appointed Mark Blandford
as its strategic adviser.
On 5 April 2023, the Company announced that it had raised €1.26 million (c.
£1.1 million) through subscriptions on CLNs. These CLNs had the same
terms as the CLNs announced on 6 February 2023.
On 19 April 2023, the Company announced that it had granted options over
11,500,000 new ordinary shares to certain directors and employees of the
Company. The options have an exercise price of 6.2p and have a 5 year vesting
term.
On 6 June 2023, the Company announced that it had appointed Panmure Gordon
(UK) Limited as Joint Broker.
On 30 June 2023, the Company announced that it had raised a further €2.0
million (c.£1.7 million) through subscriptions for CLNs. These CLNs have the
same terms as the ones announced on 6 February 2023. The final funds were
received by the Company on 12 July 2023 and therefore are not accounted for in
this interim report for the period ending 30 June 2023. Furthermore, the
Company announced that Ronny Breivik, who previously held the title of Interim
Executive Chairman, had become Executive Chairman.
An amount of €348,000 (c. £300,000) was already received on 30 June 2023,
but this funding only completed on 12 July 2023 and was therefore announced on
13 July 2023.
4. Subsequent events
On 12 July 2023, the Company announced that it had entered into a share
purchase agreement to acquire the entire share capital of Enwys AB ("Emwys"),
a Swedish marketing company that specialises in pay-per-click ("PPC")
marketing in the online gambling sector. In conjunction with this acquisition,
the Company entered into a license and marketing agreement with regards to the
Google advertising accounts used by Emwys, conducted in the Finnish market.
The total consideration payable by the Company was, in aggregate, €3.6
million for Emwys' entire share capital on a cash free and debt free basis.
The initial consideration payable of €500,000 in cash and €250,000 in the
form of CLNs, was issued following signing the agreements in July 2023. The
balance of the consideration, which completed the transaction, was settled on
15 September 2023, and consisted of €1.25 million in cash and €1.6 million
in equity, at a price of £0.0544491, being a 10 per cent discount to 5-day
volume weighted average price per ordinary share as at close of business on 12
September 2023, resulting in the issuance of 25,271,308 new ordinary shares.
Furthermore, on 15 September 2023, the Company announced that it had raised a
further €2,325,000 (or £2,000,000) before expenses, at a price of
£0.0544491 per share, resulting in the issuance of 36,731,551 new ordinary
shares, using its broker and existing shareholders.
On the same date, the Company served conversion notices to all the holders of
the Company's existing CLNs holders, including accrued interest, pursuant to
which 86,810,441 new ordinary shares were issued. The Company also converted
an amount of €542,000 in liabilities and professional fees into shares, all
at a price of £0.0544491, resulting in the issuance of a further 8,560,111
new ordinary shares.
As a result of the above, the total number of shares in issue now is
439,518,227 Shares.
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