REG - Central Asia Metals - Final Results <Origin Href="QuoteRef">CAML.L</Origin> - Part 2
04/04/2017 07:06
- Part 2: For the preceding part double click ID:nRSD4314Ba
Off-take buyers' fees (2,916) - - (2,916)
Revenue 64,412 - - 64,412
Kounrad EBITDA 46,068 - - 46,068
Copper Bay administrative expenses - (475) - (475)
Unallocated costs including corporate - - (10,656) (10,656)
Group continuing operations EBITDA 46,068 (475) (10,656) 34,937
Depreciation and amortisation (10,339) - (47) (10,386)
Foreign exchange gain/(loss) 8,744 (253) 501 8,992
Other income 66 - - 66
Inventory write-off (600) - - (600)
Finance income 23 - 18 41
Finance costs (304) - - (304)
Profit/(loss) before income tax 43,658 (728) (10,184) 32,746
Income tax (10,365)
Profit for the year after tax from continuing operations 22,381
Loss from discontinued operations (163)
Profit for the year 22,218
The total production at Kounrad for 2016 was 14,020 tonnes (2015: 12,071
tonnes) whilst the total quantity of copper sold was 13,938 tonnes (2015:
12,040 tonnes). The average gross price achieved from the sale of copper was
$4,994 per tonne (2015: $5,336 per tonne).
EBITDA is a non-IFRS financial measure. CAML calculates EBITDA as profit or
loss for the year excluding the following items:
· Income tax expense;
· Exceptional items;
· Finance income and expense;
· Other income;
· Foreign exchange;
· Depreciation and amortisation; and
· Discontinuing operations;
EBITDA is intended to provide additional information to investors and
analysts. It does not have any standardised meaning prescribed by IFRS and
should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. EBITDA excludes the impact of
cash costs of financing activities and taxes, and the effects of changes in
operating working capital balances, and therefore is not necessarily
indicative of operating profit or cash flow from operations as determined
under IFRS. Other companies may calculate EBITDA differently.
A reconciliation between net profit for the year and EBITDA is presented
below:
2016$'000 2015$'000
Profit for the year 26,097 22,218
Plus/(less):
Income tax expense 6,661 10,365
Depreciation and amortisation 5,083 10,386
Foreign exchange loss/(gain) 1,234 (8,992)
Inventory write-off - 600
Other income (192) (66)
Finance income (67) (41)
Finance costs 158 304
Loss from discontinued operations 130 163
Group continuing operations EBITDA 39,104 34,937
Corporate and Copper Bay administrative expenses 12,217 11,131
Kounrad EBITDA 51,321 46,068
Group segmental assets and liabilities for the year ended 31 December 2016 are
as follows:
Segmental assets Segmental liabilities
31 Dec 16 $'000 31 Dec 15 $'000 31 Dec 16 $'000 31 Dec 15 $'000
Kounrad 98,275 94,666 (13,700) (15,536)
Copper Bay 4,766 5,369 (259) (330)
Assets held for sale 45 83 (356) (432)
Unallocated including corporate 35,394 32,957 (2,689) (2,551)
138,480 133,075 (17,004) (18,849)
5. Revenue 2016$'000 2015$'000
International customers 68,442 65,794
Domestic customers 827 1,534
Total gross revenue 69,269 67,328
Less: off-take buyers' fees (2,562) (2,916)
Revenue 66,707 64,412
The Group sells and distributes its copper cathode product primarily through
an off-take arrangement with Traxys, which has been retained as CAML's
off-take partner through to 31 December 2018. The off-take arrangements are
for a minimum of 90% of the SX-EW plant's output. The copper cathodes are
delivered from the Kounrad site by rail under an FCA (Incoterms 2010)
contractual basis and delivered to the end customers in Turkey.
The off-take agreement provides for the option of provisional pricing i.e. the
selling price is subject to final adjustment at the end of the quotation
period based on the average price for the month following delivery to the
buyer. The Company may mitigate commodity price risk by fixing the price in
advance for its copper cathode sales with the off-take partner.
The costs of delivery to the end customers have been effectively borne by the
Group through means of an annually agreed buyer's fee which is offset from the
selling price.
During 2016, the Group sold 13,751 tonnes (2015: 11,750 tonnes) of copper
through the off-take arrangements. Some of the copper cathodes are also sold
locally and during 2016, 187 tonnes (2015: 290 tonnes) were sold to local
customers.
6. Cost of sales
2016$'000 2015$'000
Reagents and materials 5,291 6,229
Depreciation and amortisation (note 12 and 13) 4,975 10,264
Mineral extraction tax 3,858 3,834
Employee benefit expense 2,670 3,333
Consulting and other services 1,138 1,037
Taxes and duties 456 813
18,388 25,510
7. Distribution and selling costs 2016$'000 2015$'000
Transportation costs 44 31
Employee benefit expense 61 83
Taxes and duties 20 30
Depreciation and amortisation 16 36
Materials and other expenses 74 84
215 264
264
The above distribution and selling costs are those incurred at the Kounrad
site in addition to the costs associated with the off-take arrangements. Note
5 refers to the costs associated with the off-take arrangements (off-take
buyers' fee).
8. Administrative expenses
2016$'000 2015$'000
Employee benefit expense 6,411 6,077
Share based payments 2,959 2,396
Consulting and other services 3,146 3,359
Office-related costs 991 1,170
Taxes and duties 484 999
Depreciation and amortisation 92 86
Total from continuing operations 14,083 14,087
Total from discontinued operations 130 163
14,213 14,250
9. Income tax
2016$'000 2015$'000
Current tax on profits for the year 9,580 10,386
Deferred tax credit (note 22) (2,919) (21)
Income tax expense 6,661 10,365
Taxation for each jurisdictions is calculated at the rates prevailing in the
respective jurisdictions.
The tax on the Group's profit before tax differs from the theoretical amount
that would arise using the weighted average tax rate applicable to profits of
the consolidated entities as follows:
2016$'000 2015$'000
Profit before taxation including loss from discontinued operations 32,758 32,583
Tax calculated at domestic tax rates applicable to profits in the respective countries 6,553 7,432
Tax effects of:
Expenses not deductible for tax purposes 1,758 2,224
Movement on unrecognised deferred tax - tax losses 2,120 1,187
Movement on unrecognised deferred tax - other (851) -
Movement on recognised deferred tax (note 22) (2,919) -
Utilisation of previously unrecognised tax losses - (478)
Income tax expense 6,661 10,365
Corporate income tax is calculated at 20% (2015: 20.25%) of the assessable
profit for the year for the UK parent company and 20% for the operating
subsidiaries in Kazakhstan (2015: 20%).
Expenses not deductible for tax purposes includes share based payment charges
and transfer pricing adjustments in accordance with Kazakhstan tax
legislation.
Deferred tax assets have not been recognised on tax losses primarily at the
parent company and Copper Bay subsidiaries as it remains uncertain whether
these entities will have sufficient taxable profits in the future to utilise
these losses.
10. Earnings/(loss) per share
(a) Basic
Basic earnings/(loss) per share is calculated by dividing the profit/(loss)
attributable to owners of the Company by the weighted average number of
Ordinary Shares in issue during the year excluding Ordinary Shares purchased
by the Company and held as treasury shares (note 16).
2016$'000 2015$'000
Profit from continuing operations attributable to owners of the parent 26,400 22,548
Loss from discontinued operations attributable to owners of the parent (130) (163)
Profitable attributable to owners of the parent 26,270 22,385
Weighted average number of Ordinary Shares in issue 111,558,091 111,558,091
2016$ cents 2015$ cents
Earnings/(loss) per share from continuing and discontinued operations attributable to owners of the parent during the year (expressed in $ cents per share)
From continuing operations 23.66 20.21
From discontinued operations (0.12) (0.15)
From profit for the year 23.54 20.06
(b) Diluted
The diluted earnings/(loss) per share is calculated by adjusting the weighted
average number of Ordinary Shares outstanding after assuming the conversion of
all outstanding granted share options.
2016$'000 2015$'000
Profit from continuing operations attributable to owners of the parent 26,400 22,548
Loss from discontinued operations attributable to owners of the parent (130) (163)
Profitable attributable to owners of the parent 26,270 22,385
Weighted average number of Ordinary Shares in issue 111,558,091 111,558,091
Adjusted for
- Share options 2,670,098 2,396,361
Weighted average number of Ordinary Shares for diluted earnings per share 114,228,189 113,954,452
Diluted earnings/(loss) per share 2016 $ cents 2015 $ cents
From continuing operations 23.11 19.79
From discontinued operations (0.12) (0.15)
From profit for the year 22.99 19.64
11. Foreign exchange loss/(gain)
The Tenge devalued by 85% during 2015 which resulted in the recognition of
exchange gains through the prior year income statement for the year ended 31
December 2015 of $8,992,000, arising mostly on US Dollar denominated monetary
assets and liabilities held by the Group's Kazakhstan based subsidiaries whose
functional currency is the Tenge.
12. Property, plant and equipment
Construction inprogress $'000 Plant and equipment $'000 Mining assets$'000 Motor vehicles and office equipment $'000 Total $'000
Cost
At 1 January 2015 7,683 81,990 - 1,715 91,388
Additions 6,416 935 - 486 7,837
Disposals - (76) - (65) (141)
Change in asset retirement obligation estimate - 207 - - 207
Transfers (9,668) 9,658 - 10 -
Acquisition of Copper Bay - 3 - - 3
Transfer from intangible assets - - 1,601 - 1,601
Exchange differences (2,428) (43,309) - (845) (46,582)
At 31 December 2015 2,003 49,408 1,601 1,301 54,313
Additions 11,572 557 - 202 12,331
Disposals - (246) - (3) (249)
Change in estimate - asset retirement obligation - (22) - - (22)
Transfers (10,443) 10,427 - 16 -
Exchange differences 67 985 30 26 1,108
At 31 December 2016 3,199 61,109 1,631 1,542 67,481
Accumulated depreciation
At 1 January 2015 - 16,000 - 727 16,727
Provided during the year - 7,630 - 164 7,794
Disposals - (69) - (56) (125)
Transfer from intangible assets - - 62 - 62
Exchange differences - (10,608) - (337) (10,945)
At 31 December 2015 - 12,953 62 498 13,513
Provided during the year - 3,445 38 155 3,638
Disposals - (246) - (3) (249)
Exchange differences - 213 - 42 255
At 31 December 2016 - 16,365 100 692 17,157
Net book value at 31 December 2015 2,003 36,455 1,539 803 40,800
Net book value at 31 December 2016 3,199 44,744 1,531 850 50,324
Following receipt of the regulatory approvals required for the Kounrad Stage 2
Expansion in November 2015, management has extended the useful economic lives
of certain property, plant and equipment and the fair value uplift on the
Kounrad Transaction. The original estimate of 10 years useful economic life
has now been increased through to 2034 which represents the end of the subsoil
user licence. This change in estimate was applied from 1 January 2016 and has
resulted in a reduction in the Group's annual depreciation charge.
During 2016, $10,443,000 was transferred from construction in progress to
plant and equipment following the material completion of the Kounrad Stage 2
Expansion in late 2016. The amount remaining in construction in progress as
at 31 December 2016 relates to equipment for the Stage 2 Expansion including
the Lake Balkhash pipeline which will be commissioned in 2017.
The devaluation of the Tenge during 2015 resulted in non-cash foreign exchange
losses within property, plant and equipment during the year ended 31 December
2015. This is due to the translation on consolidation of the Group's
Kazakhstan-based subsidiaries whose functional currency is the Tenge as well
as the goodwill and fair value uplift adjustments to the carrying amounts of
assets and liabilities arising on the Kounrad Transaction which are
denominated in Tenge.
The reduction in estimate in relation to the asset retirement obligation of
$22,000 (2015: increase of $207,000) is due to a combination of adjusting the
provision recognised at the net present value of future expected costs using
an inflation rate of 6.02% (2015: 5.68%) and discount rate of 8.07% (2015:
7.22%) representing the risk-free rate (pre-tax) for Kazakhstan as well as
updating the provision for management's best estimate of the costs that will
be incurred based on current contractual and regulatory requirements and the
estimated useful life of mine to 2034.
13. Intangible assets
Goodwill$'000 Exploration andevaluation costs$'000 Mining licences and permits $'000 Computersoftware and website $'000 Total $'000
Cost
At 1 January 2015 20,291 2,805 60,399 55 83,550
Additions - 542 - 14 556
Transfers to property, plant and equipment - (1,601) - - (1,601)
Acquisition of Copper Bay Limited - 1,641 (3,222) - (1,581)
Exchange differences (10,185) (1,348) (26,546) (31) (38,110)
At 31 December 2015 10,106 2,039 30,631 38 42,814
Additions - 1,561 14 19 1,594
Exchange differences 187 - 306 1 494
At 31 December 2016 10,293 3,600 30,951 58 44,902
Accumulated amortisation
At 1 January 2015 - 64 1,850 31 1,945
Provided during the year - 41 2,668 11 2,720
Transfers to property, plant and equipment - (62) - - (62)
Exchange differences - (43) (1,994) (19) (2,056)
At 31 December 2015 - - 2,524 23 2,547
Provided during the year - - 1,554 9 1,563
Exchange differences - - 30 3 33
At 31 December 2016 - - 4,108 35 4,143
Net book value at 31 December 2015 10,106 2,039 28,107 15 40,267
Net book value at 31 December 2016 10,293 3,600 26,843 23 40,759
The devaluation of the Tenge during 2015 resulted in non-cash foreign exchange
losses within intangible assets for the prior year ended 31 December 2015.
This is due to the translation on consolidation of the Group's
Kazakhstan-based subsidiaries whose functional currency is the Tenge as well
as the goodwill and fair value uplift adjustments to the carrying amounts of
assets and liabilities arising on the Kounrad Transaction which are
denominated in Tenge.
Impairment assessment
Kounrad project
The Kounrad project located in Kazakhstan has an associated goodwill balance.
In accordance with IAS 36 'Impairment of assets' and IAS 38 'Intangible
Assets', a review for impairment of goodwill is undertaken annually or at any
time an indicator of impairment is considered to exist and in accordance with
IAS 16 'Property, plant and equipment', a review for impairment of long-lived
assets is undertaken at any time an indicator of impairment is considered to
exist.
The discount rate applied to calculate the present value is based upon the
real weighted average cost of capital applicable to the cash generating unit
("CGU"). A CGU is the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other
assets or groups of assets.
The discount rate reflects equity risk premiums over the risk-free rate, the
impact of the remaining economic life of the CGU and the risks associated with
the relevant cash flows based on the country in which the CGU is located.
These risk adjustments are based on observed equity risk premiums, historical
country risk premiums and average credit default swap spreads for the period.
The key economic assumptions used in the review were a copper price $6,280 per
tonne and a discount rate of 8%. Assumptions in relation to operational and
capital expenditure are based on the latest budget approved by the Board.
Copper Bay project
The Group has reviewed the indicators for impairment under IFRS 6 Exploration
and Evaluation of Mineral Resources and has not identified any indicators of
impairment.
The carrying value of the net assets is not currently sensitive to any
reasonable changes in key assumptions.
14. Trade and other receivables Current receivables
31 Dec 16 $'000 31 Dec 15 $'000
Prepayments 347 836
VAT receivable 548 1,769
Other receivable 24 43
919 2,648
Non-current receivables
Prepayments 368 1,493
VAT receivable 2,370 2,757
2,738 4,250
4,250
The carrying value of all the above receivables is a reasonable approximation
of fair value. There are no amounts past due at the end of the reporting
period that have not been impaired apart from the VAT receivable balance as
explained below. Management's policy is to assess all trade and other
receivables for recoverability on a regular basis. A provision is made where
doubt exists and amounts are fully written-off when information becomes known
that the amounts due will not be recovered.
As at 31 December 2016, the total Group VAT receivable was $2,918,000 (2015:
$4,526,000) which includes an amount of $2,838,000 (2015: $4,423,000) of VAT
owed to the Group by the Kazakhstan authorities. In 2016, the authorities
refunded $3,494,000 and a further amount of $238,000 was refunded from the
authorities in February 2017 and has been classified as current trade and
other receivables as at 31 December 2016. The Group is working closely with
its advisors to recover the remaining portion. The planned means of recovery
will be through a combination of the local sales of cathode copper to
effectively offset VAT liabilities and by a continued dialogue with the
authorities.
15. Cash and cash equivalents
31 Dec 16 $'000 31 Dec 15 $'000
Cash at bank and on hand 32,209 33,498
Short-term deposits 8,049 8,004
40,258 41,502
Cash at bank and on hand included in assets held for sale - 22
Total cash and cash equivalent 40,258 41,524
Restricted cash 118 494
Total cash and cash equivalent including restricted cash 40,376 42,018
The restricted cash amount of $118,000 is held to cover SUC licence
requirements.
16. Share capital and premium
Number of shares Ordinary shares $'000 Sharepremium $'000 Treasury shares $'000
At 1 January 2015 112,069,738 1,121 67,079 (9,644)
Exercise of options - - - 1,663
Sales of EBT shares - - - 171
Capital reduction scheme - - (67,079) -
At 31 December 2015 112,069,738 1,121 - (7,810)
Sale of EBT shares - - - 30
At 31 December 2016 112,069,738 1,121 - (7,780)
The par value of Ordinary Shares is $0.01 per share and all shares are fully
paid.
During 2015, the Company completed a court approved capital reduction scheme,
which resulted in $67,079,000 being transferred from the share premium account
to distributable reserves.
17. Currency translation reserve
Currency translation differences arose primarily on the translation on
consolidation of the Group's Kazakhstan-based subsidiaries whose functional
currency is the Tenge as well as the goodwill and fair value uplift
adjustments to the carrying amounts of assets and liabilities arising on the
Kounrad Transaction which are denominated in Tenge. The Tenge was relatively
stable during 2016 and resulted in a non-cash currency translation gain of
$1,034,000 recognised within equity. The devaluation of the Tenge during
2015, resulted in a non-cash currency translation loss of $77,352,000
recognised within equity in the prior year ended 31 December 2015.
18. Trade and other payables
31 Dec 16 $'000 31 Dec 15 $'000
Trade and other payables including accruals 3,762 3,907
Corporation tax, social security and other taxes 2,258 2,354
6,020 6,261
The carrying value of all the above payables is equivalent to fair value.
The Group made a net provision for the 2016 Kazakhstan corporate income tax
liability of $940,000 (2015: $638,000) having paid an amount of $8,675,000 in
advance during the year (2015: $9,325,000). $533,000 was also paid during the
year in relation to 2015 corporate income tax.
All Group trade and other payables are payable within less than one year for
both reporting periods.
19. Cash generated from operations
Note 2016$'000 2015$'000
Profit before income tax including discontinued operations 32,758 32,583
Adjustments for:
Depreciation 12 3,520 7,666
Amortisation 13 1,563 2,720
(Gain)/loss on disposal of property, plant and equipment (64) 16
Foreign exchange loss/(gain) 11 1,234 (8,992)
Change in provision for doubtful receivables - (41)
Share based payments 2,959 2,396
Write-off of inventory - 600
Finance income (67) (41)
Finance costs 158 304
Changes in working capital:
Inventories (288) (1,454)
Trade and other receivables 14 3,241 (1,647)
Trade and other payables 18 (268) (515)
Cash generated from operations 44,746 33,595
20. Dividend per share
In line with the Company dividend policy, the Company paid $20,360,000 in 2016
(2015: $20,368,000) which consisted of a 2016 interim dividend of 5.5 pence
per share and a final dividend for 2015 of 8.0 pence per share (2015: interim
dividend of 4.5 pence per share and a final dividend for 2014 of 7.5 pence per
share). The dividend declared amount recognised in the statement of changes
in equity of $20,404,000 is different to the dividend paid recognised in the
cash flow statement of $20,360,000 due to dividends payable as at 31 December
2016 recognised in trade and other payables and foreign exchange differences
on the GBP declared dividend.
The Directors will propose a final dividend in respect of the year ended 31
December 2016 of 10.0 pence per share at the forthcoming Annual General
meeting (AGM).
21. Related party transactions
Key management remuneration
Key management remuneration comprises the Directors' remuneration, including
Non-Executive Directors, disclosed in the Remuneration Committee Report of the
2016 Annual Report and other key management personnel of $428,000.
Kenges Rakishev
Mr Kenges Rakishev became a major shareholder of CAML on 23 May 2014 following
completion of the Kounrad Transaction. He was appointed to the CAML Board on 9
December 2013 following the completion of the first part of the transaction.
Consequently, Kenges Rakishev is considered a related party in any dealings he
has with the Group. As part of the obligations on Kenges Rakishev for
completing the Kounrad Transaction, he signed a relationship agreement with
CAML setting out the terms of the relationship between himself and the Group.
Kenges Rakishev is the chairman of the board of directors of JSC
Kazkommertsbank ("KKB") and has full control over the voting and other rights
of a combined 71.31% stake in KKB's issued and outstanding share capital, made
up of shares in KKB held by Kenges Rakishev directly and indirectly. The
Group uses the facilities of KKB within Kazakhstan for its normal day-to-day
banking and as at 31 December 2016, the Group held $4,053,000 with KKB (31
December 2015: $6,107,000). The Group incurred expenditure of $23,000 on
insurance premiums with a subsidiary of KKB. The Group has made an insurance
claim under which a syndicate of insurers including a subsidiary of KKB and
other insurers, of which Kenges Rakishev is an interested party through
shareholdings, have a potential liability (see note 23).
22. Deferred income tax liability
The movements in the Group's deferred tax assets and liabilities which are
expected to be recovered or settled more than 12 months after the reporting
period are as follows:
At 1 January 2016 $'000 Currency translation differences $'000 Credit to income statement $'000 At 31 December 2016 $'000
Other timing differences (134) - 52 (82)
Deferred tax liability on fair value adjustment on Kounrad Transaction (10,106) (1,220) 2,867 (8,459)
Deferred tax liability, net (10,240) (1,220) 2,919 (8,541)
A taxable temporary difference arose as a result of the Kounrad Transaction,
where the carrying amount of the assets acquired were increased to fair value
at the date of acquisition but the tax base remained at cost. The deferred
tax liability arising from this taxable temporary difference has been reduced
by $2,867,000 during the year ended 31 December 2016 to reflect the tax
consequences of depreciating and amortising the recognised fair values of the
assets since the date of acquisition.
At 1 January 2015 $'000 Currency translation differences $'000 Credit to income statement $'000 At 31 December 2015 $'000
Other timing differences (276) 121 21 (134)
Deferred tax liability on fair value adjustment on Kounrad Transaction (20,291) 10,185 - (10,106)
Deferred tax liability, net (20,567) 10,306 21 (10,240)
The devaluation of the Tenge during 2015 resulted in a currency translation
difference on the deferred tax liability of $10,306,000 during the year ended
31 December 2015. This is primarily due to the translation of the goodwill
arising on the Kounrad Transaction which is denominated in Tenge.
Where the realisation of deferred tax assets is dependent on future profits,
the Group recognises losses carried forward and other deferred tax assets only
to the extent that the realisation of the related tax benefit through future
taxable profits is probable.
The Group did not recognise other potential deferred tax assets arising from
losses of $7,991,000 (2015: $5,385,000) as there is insufficient evidence of
future taxable profits within the entities concerned. Unrecognised losses can
be carried forward indefinitely.
At 31 December 2016, the Group had other deferred tax assets of $1,543,000
(2015: $934,000) in respect of share based payments and other temporary
differences which had not been recognised because of insufficient evidence of
future taxable profits within the entities concerned.
There are no significant unrecognised temporary differences associated with
undistributed profits of subsidiaries at 31 December 2016 and 2015,
respectively.
23. Events after the reporting period
Kazakhstan VAT recoverability
As at 31 December 2016 a total of $2,838,000 (2015: $4,423,000) of VAT
receivable was still owed to the Group by the Kazakhstan authorities. A
portion of this amount totalling $238,000 was refunded from the authorities in
February 2017 and has been classified as current trade and other receivables
as at 31 December 2016.
Insurance claim
In relation to the insurance claim in respect of the operational incident at
Kounrad in June 2015, the Group continues negotiations with the insurer in an
attempt to achieve a successful outcome.
Mongolia
In December 2016, CAML Mongolia BV signed an agreement with a third party to
sell its entire interest in Monresources LLC for cash consideration of $100
with deferred consideration dependent on the outcome of future events.
Confirmation of the transfer of shares to the third party was received in
February 2017.
Following unsuccessful attempts to dispose of the Ereen project, CAML has
taken the decision to exit its position in Zuunmod UUL LLC. It is envisaged
that this process will be completed in 2017.
Shuak
Under the terms of the Shuak framework agreement, on 22 February 2017, CAML
reduced its interest in Shuak BV to 80%, with 20% effectively being held by
local partners. The transfer of the SUC is expected to occur during Q2 2017.
This information is provided by RNS
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