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CHL - Churchill Mining News Story

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Last Trade - 05/12/16

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Energy
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Micro Cap
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Position in Universe th / 1827

Churchill Mining plc - Final Results - Part 2

Wed 15th October, 2014 7:30am
- Part 2: For the preceding part double click  ID:nRSO3467Ua 

resources and assessing performance of the operating segments. 
 
Investments 
 
In its separate financial statements, the Company recognises its investments in subsidiaries at cost inclusive of share
based payments less any provision for impairment. 
 
Cash and cash equivalents 
 
Cash comprises bank and cash deposits at variable interest rates. Any interest earned is accrued monthly and classified as
interest income. Cash equivalents comprise short-term, highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. 
 
Employee benefits 
 
Provision is made for the Company's liability for employee benefits arising from services rendered by employees. Employee
benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the
liability is settled.  Employee benefits payable later than one year have been measured at the present value of the
estimated future cash flows to be made for those benefits. 
 
Key sources of estimation uncertainty 
 
The Group makes estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on
historical experiences and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. In the future, actual experience may deviate from these estimates and assumptions. The estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are as follows: 
 
·     While conducting an impairment review of its assets, the Group exercises judgement in making assumptions by
evaluating conditions and events specific to the Group that may be indicative of impairment triggers. Changes in these
estimates used can result in significant charges to the statement of comprehensive income ; and 
 
·     Employee, corporate advisory and consulting services received as well as the corresponding increase in equity, are
measured by reference to the fair value of the equity instruments at the date of grant, excluding the impact of any non
market vesting conditions. The fair value of share options is estimated by using an option pricing model, on the date of
grant based on certain assumptions. Those assumptions are described in the Notes to the accounts where more details,
including carrying values, are disclosed. 
 
NOTE 2:  FINANCE INCOME 
 
                                          Consolidated  
                                          2014          2013   
                                          $'000         $'000  
                                                               
 Finance income - foreign exchange gains  304           63     
 Finance income - Bank interest           2             16     
 Total finance income                     306           79     
 
 
NOTE 3:  LOSS FROM OPERATIONS 
 
                                                                                                                                       Consolidated          
                                                                                                                                       2014          2013      
                                                                                                                                       $'000         $'000     
 Loss before tax includes the following expense items:                                                                                                         
                                                                                                                                                               
 Administrative expenses                                                                                                                                       
 Audit & accounting and other fees                                                                                                     91            178       
 Consulting & professional fees                                                                                                        252           535       
 Legal fees                                                                                                                            1,462         4,221     
 VAT costs unrecovered                                                                                                                 6             61        
 Depreciation & amortisation                                                                                                           13            45        
 Employee salaries and benefits                                                                                                        336           872       
 Operating lease expense                                                                                                               60            120       
 Travel expenses                                                                                                                       45            114       
 Public relations consultancy                                                                                                          58            619       
 Other administrative costs                                                                                                            139           272       
 Impairment of land                                                                                                                    -             1,757     
 Impairment of other financial assets                                                                                                  -             2,258     
 Impairment of exploration and evaluation expenditure                                                                                  -             399       
 Equity settled share based payment expense                                                                                            249           73        
 Loss from sale of financial assets                                                                                                    46            -         
                                                                                                                                       2,757         11,524    
 Finance expenses                                                                                                                                              
 Foreign exchange losses                                                                                                               7             160       
                                                                                                                                                               
 Total administrative and finance expenses                                                                                             2,764         11,684    
                                                                                                                                                               
 During the year the following fees were paid or payable for services provided by the Auditors of the parent entity and subsidiaries:                
                                                                                                                                       Consolidated  
                                                                                                                                       2014          2013    
                                                                                                                                       $'000         $'000   
 Fees payable to the Company's Auditor for the audit of the Company's annual accounts                                                  31            38        
 Other services - interim review                                                                                                       10            11        
 Fees payable for the audit of the subsidiaries                                                                                        12            22        
 Total                                                                                                                                 53            71        
                                                                                                                                                                   
 
 
NOTE 4:  SALARIES 
 
                                                                                                Consolidated  
                                                                                                2014          2013   
                                                                                         Note   $'000         $'000  
                                                                                                                     
 Staff costs (including Directors' fees) comprise:                                                                   
 Employee salaries and benefits                                                                 144           704    
 Superannuation/pension costs                                                                   7             25     
 Directors' fees and benefits                                                                   186           147    
 Share-based payments                                                                    18     249           73     
                                                                                                586           949    
                                                                                                                     
                                                                                                Number        
 Average number of employees (including Directors)                                              11            17     
                                                                                                
                                                                                         2014   2013          
 Directors' remuneration and Other Key Management disclosures                            $'000  $'000         
                                                                                                              
 Directors' short term benefits                                                                               
 Directors' fees and benefits                                                            186    147           
 Consultancy fees/Salaries                                                               18     415           
 Sub-Total                                                                               204    562           
                                                                                                              
 Directors'  long  term benefits                                                                              
 Share based payments (options)                                                          171    51            
 Total Director Remuneration                                                             375    613           
                                                                                                              
 Other Key management short term benefits                                                                     
 Consultancy fees                                                                        209    229           
 Key management salaries                                                                 -      116           
 Sub-Total                                                                               209    345           
                                                                                                              
 Key management long term benefits                                                                            
 Share based payments (options)                                                          39     9             
 Total Other Key Management Remuneration                                                 248    354           
                                                                                                              
 Total Director and Key Management Remuneration                                          623    967           
                                                                                                              
 The amounts set out above include emoluments for the highest paid Director as follows:                       
 Short term benefits                                                                     51     333           
 Total                                                                                   51     333           
 
 
Key management consists of the Board of Directors and the Company Secretary/Chief Financial Officer. 
 
The Company provides Directors' & Officers' liability insurance at a cost of $38,125 (2013: $38,821). This cost is not
included in the above table. 
 
NOTE 5:  TAXATION ON LOSS FOR THE YEAR 
 
                                                                                                                                                                                                                                                                        
 Major components of income tax expense for the years ended 30 June 2014 and 2013 are:                                                                                                                                                               
 Current tax expense                                                                                                                                                                                                                                 -        -         
 Deferred tax expense                                                                                                                                                                                                                                -        -         
 Total tax expense                                                                                                                                                                                                                                   -        -         
                                                                                                                                                                                                                                                                        
 A reconciliation of income tax expense  applicable to accounting loss before income tax at the statutory income tax rate to income tax expense at the Company's effective income tax rate for the years ended 30 June 2014 and 2013 is as follows:  
 Accounting loss before income tax                                                                                                                                                                                                                   (2,450)  (11,601)  
                                                                                                                                                                                                                                                                        
 At the statutory income tax rate of 30%                                                                                                                                                                                                             (735)    (3,480)   
 Effects of:                                                                                                                                                                                                                                                            
 Non-deductible expenses                                                                                                                                                                                                                             566      1,549     
 Temporary differences and tax losses not brought to account as a deferred tax asset                                                                                                                                                                 158      1,775     
 Less:                                                                                                                                                                                                                                                                  
 Tax rate differential                                                                                                                                                                                                                               11       156       
 Income tax expense                                                                                                                                                                                                                                  -        -         
                                                                                                                                                                                                                                                                        
 Effective income tax rate of 0%                                                                                                                                                                                                                     0%       0%        
 
 
Effective income tax rate of 0% 
 
0% 
 
0% 
 
No amounts of deferred tax assets or liabilities have been charged / (credited) to the consolidated statement of
comprehensive income or reserves. The deductible temporary differences and Australian domestic tax losses being $18,405,000
(2013: $18,176,000) do not expire under current tax legislation. Indonesian tax losses expire after five years. Deferred
tax assets have not been recognised in respect of these items because at this point it is not probable that future taxable
profits will be available against which the Group can utilise the benefits of tax losses. The Group has not offset deferred
tax assets across different jurisdictions. Foreign tax losses in relation to the Indonesian subsidiary PT Indonesia Coal
Development expire as follows: 
 
 Financial Year  Expire (year)  $'000  
                                       
 2009/2010       2015           2,798  
 2010/2011       2016           4,351  
 2011/2012       2017           3,680  
 2012/2013       2018           1,086  
 2013/2014*      2019           277    
 
 
*Estimate based on the actual loss for 2013/2014 
 
NOTE 6:  LOSS PER SHARE 
 
                                                                                                                                                                                                                                                                  Consolidated  
                                                                                                                                                                                                                                                                  2014          2013         
                                                                                                                                                                                                                                                                  $'000         $'000        
                                                                                                                                                                                                                                                                                             
 Loss attributable to owners of the parent company                                                                                                                                                                                                                (2,450)       (11,601)     
                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                  Number        
                                                                                                                                                                                                                                                                                             
 Weighted average number of shares used in the calculation of basic and diluted loss per share                                                                                                                                                                    123,383,315   122,822,049  
                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                  Cents         
 Loss per share                                                                                                                                                                                                                                                                              
 Basic  and diluted loss per share                                                                                                                                                                                                                                (1.99c)       (9.45c)      
                                                                                                                                                                                                                                                                                             
 The effect of all potential ordinary shares arising from the exercise of options going forward is considered to be anti-dilutive. 13,318,493(2013: 7,205,068) potential ordinary shares have been excluded from the above calculation as they are not dilutive.  
 
 
NOTE 7:  PARENT COMPANY LOSS FOR THE FINANCIAL YEAR 
 
The Company has taken advantage of the exemption as allowed by Section 408 of the Companies Act 2006 and has not presented
its own statement of comprehensive income in these financial statements.  The Company loss for the year was $2,390,597
(2013: Loss $9,335,223). 
 
NOTE 8:  OTHER FINANCIAL ASSETS 
 
 Name                        Country of incorporation  Reporting Date  Proportion of voting rights held at 30 June 2014  Proportion of voting rights held at 30  
                                                                                                                         June 2013                               
 Spitfire Resources Limited  Australia                 30 June 2014    0%                                                9.8%                                    
 
 
                                                             $'000    
 2013                                                                 
 Balance at 1 July 2012                                      2,006    
 Impairment of available for sale asset                      (2,558)  
 Reversal of available for sale reserve to income statement  533      
 Effect of movement in exchange rates                        (7)      
 Balance at 30 June 2013                                     274      
                                                                      
 2014                                                                 
 Balance at 1 July 2013                                      274      
 Sale of financial asset                                     (240)    
 Loss on sale of financial asset                             (46)     
 Effect of movement in exchange rates                        12       
 Balance at 30 June 2014                                     -        
 
 
NOTE 9:  SEGMENT INFORMATION 
 
The Group's reportable segments are set out below and include the Indonesian and Australian corporate offices which are
administrative cost centres. 
 
Operating segments are reported in a manner consistent with the reporting provided to the board. 
 
 Consolidated 2014                 Australia - Corporate office  Indonesia - Administration Office  Total    
                                   $'000                         $'000                              $'000    
                                                                                                             
 Finance income                    5                             5                                  10       
 Administration expenses           (2,479)                       (232)                              (2,711)  
 Loss on sale of financial assets  (46)                          -                                  (46)     
 Exchange differences              304                           (7)                                297      
                                                                                                             
 Loss for the year after taxation  (2,216)                       (234)                              (2,450)  
                                                                                                             
 Non current assets                6                             1                                  7        
 Other receivables                 57                            2,492                              2,549    
 Cash and cash equivalents         2,993                         23                                 3,016    
                                                                                                             
 Segment assets                    3,056                         2,516                              5,572    
                                                                                                             
 Trade and other payables          681                           58                                 739      
 Loans and Borrowings              -                             2,483                              2,483    
 Provisions                        -                             40                                 40       
                                                                                                             
 Segment liabilities               681                           2,581                              3,262    
                                                                                                             
 Segment net assets                2,375                         (65)                               2,310    
 
 
 Consolidated 2013                                Australia - Corporate office  Indonesia - Administration Office  Total     
                                                  $'000                         $'000                              $'000     
                                                                                                                             
 Finance income                                   15                            1                                  16        
 Administration expenses                          (5,846)                       (1,264)                            (7,110)   
 Impairment of Land                               -                             (1,757)                            (1,757)   
 Impairment of other financial assets             (2,258)                       -                                  (2,258)   
 Impairment of exploration and evaluation assets  (253)                         (146)                              (399)     
 Exchange differences                             (160)                         67                                 (93)      
                                                                                                                             
 Loss for the year after taxation                 (8,502)                       (3,099)                            (11,601)  
                                                                                                                             
 Non current assets                               284                           11                                 295       
 Other receivables                                202                           3,025                              3,227     
 Cash and cash equivalents                        4,825                         23                                 4,848     
                                                                                                                             
 Segment assets                                   5,311                         3,059                              8,370     
                                                                                                                             
 Trade and other payables                         832                           3,135                              3,967     
 Provisions                                       -                             44                                 44        
                                                                                                                             
 Segment liabilities                              832                           3,179                              4,011     
                                                                                                                             
 Segment net assets                               4,479                         (120)                              4,359     
 
 
NOTE 10:  OTHER RECEIVABLES 
 
                                    Consolidated  Company  
                                    2014          2013     2014   2013   
                                    $'000         $'000    $'000  $'000  
 Current                                                                 
                                                                         
 Related party receivables          3,342         4,029    -      -      
 Impairment for non-recovery        (859)         (1,036)  -      -      
 Prepayments and other receivables  66            234      56     202    
                                    2,549         3,227    56     202    
 
 
The Group's exposure to credit and currency risk related to other receivables is disclosed in Note 20. Contingencies in
relation to the recovery of related party receivables are detailed in Note 22. 
 
NOTE 11:  PROPERTY, PLANT AND EQUIPMENT 
 
                                                  Consolidated  Company  
                                                  2014          2013     2014   2013   
                                                  $'000         $'000    $'000  $'000  
                                                                                       
 Plant & Equipment                                                                     
 Cost                                                                                  
 Balance at start of year                         255           409      111    110    
 Disposals                                        (12)          (156)    -      -      
 Additions                                        -             1        -      1      
 Effects of movements in exchange rates           -             1        -      -      
 Balance at end of year                           243           255      111    111    
                                                                                       
 Accumulated Depreciation                                                              
 Balance at start of year                         234           324      101    66     
 Depreciation expense for the year                13            45       4      35     
 Reversal of accumulated depreciation - disposal  (11)          (134)    -      -      
 Effects of movements in exchange rates           -             (1)      -      -      
 Balance at end of year                           236           234      105    101    
 Net book value at end of the year                7             21       6      10     
                                                                                       
 Freehold land                                                                         
 Cost                                                                                  
 Balance at start and end of year                 -             1,757    -      -      
 Impairment                                       -             (1,757)  -      -      
 Balance at the end of  year                      -             -        -      -      
 Net book value at end of year                    -             -        -      -      
                                                                                       
 Total                                                                                 
 Cost                                                                                  
 Balance at start of year                         255           2,166    111    110    
 Impairment                                       -             (1,757)  -      -      
 Disposals                                        (12)          (156)    -      -      
 Additions                                                      1        -      1      
 Effects of movements in exchange rates                         1        -      -      
 Balance at end of year                           243           255      111    111    
                                                                                       
 Accumulated Depreciation                                                              
 Balance at start of year                         234           324      101    66     
 Depreciation expense for the year                13            45       4      35     
 Reversal of accumulated depreciation - disposal  (11)          (134)    -      -      
 Effect of movements in exchange rates                          (1)      -      -      
 Balance at end of year                           236           234      105    101    
                                                                                       
 Net book value at end of year                    7             21       6      10     
 Net book value at start of year                  21            1,842    10     44     
 
 
NOTE 12:  INVESTMENT IN SUBSIDIARIES 
 
The principal subsidiaries of Churchill Mining Plc, all of which have been included in these consolidated financial
statements, are as follows: 
 
 Name                           Country of Incorporation  Proportion of ownership interest  
                                                                                            
 Planet Mining Pty Ltd          Australia                 100%                              
 PT Indonesia Coal Development  Indonesia                 100%                              
 PT Techno Coal Utama Prima*    Indonesia                 100%                              
 PT Ridlatama Tambang Mineral*  Indonesia                 75%                               
 PT Ridlatama Trade Powerindo*  Indonesia                 75%                               
 PT Ridlatama Steel*            Indonesia                 75%                               
 PT Ridlatama Power*            Indonesia                 75%                               
 
 
*Undertaking held indirectly by the Company. 
 
Churchill Mining Plc owns 95% of the shares in PT Indonesia Coal Development with the balance (5%) held by Planet Mining
Pty Ltd. 
 
Movements of investments in subsidiaries during the period are: 
 
                                                   Company  
                                                   2014     2013     
                                                   $'000    $'000    
                                                                     
 Loans to subsidiaries - Non-current assets                          
 -   Opening Balance                               -        -        
 -   Loans to subsidiaries                         60       1,343    
 -   Impairment of subsidiary carrying value       (60)     (1,343)  
 Total loans to subsidiaries - non-current assets  -        -        
                                                                     
 Equity investment in subsidiaries                                   
 -   Opening Balance                               158      2,205    
 -   Impairment of subsidiary carrying value       (158)    (2,047)  
 Total equity investment in subsidiaries           -        158      
                                                                     
 Total investment in subsidiaries                  -        158      
 
 
The total of subsidiary loans at 30 June 2014 is $49,039,912 (2013: $48,979,805), the recovery of which has been impaired
in full. The intercompany loans are unsecured, non-interest bearing and repayable on demand.  Following impairment of the
underlying assets held within the relevant subsidiaries, Churchill Mining Plc has accordingly reduced the carrying value of
investments held at a parent company level. 
 
NOTE 13: TRADE AND OTHER PAYABLES 
 
                              Consolidated  Company  
                              2014          2013     2014   2013   
                              $'000         $'000    $'000  $'000  
                                                                   
 Current                                                           
 Trade payables               67            847      67     721    
 Accruals and other payables  672           127      614    111    
                              739           974      681    832    
 
 
The Group's exposure to credit and currency risk related to trade and other payables is disclosed in Note 20. 
 
NOTE 14:  LOANS AND BORROWINGS 
 
                                                                                                                                                                                                                                                                                                                                                   Consolidated  Company  
                                                                                                                                                                                                                                                                                                                                                   2014          2013     2014   2013   
                                                                                                                                                                                                                                                                                                                                                   $'000         $'000    $'000  $'000  
                                                                                                                                                                                                                                                                                                                                                                                        
 Current                                                                                                                                                                                                                                                                                                                                                                                
 Related party payables                                                                                                                                                                                                                                                                                                                            2,483         2,993    -      -      
                                                                                                                                                                                                                                                                                                                                                   2,483         2,993    -      -      
                                                                                                                                                                                                                                                                                                                                                                                        
 Included in the loans and borrowings are amounts potentially payable of $2,482,664 due to the non-controlling shareholders of the IUP Companies PT Ridlatama Tambang Mineral, PT Ridlatama Trade Powerindo, PT Ridlatama Steel and PT Ridlatama Power.  Contingencies in relation to the payment of related party loans are detailed in Note 22.  
 
 
NOTE 15: PROVISIONS 
 
                    Consolidated  Company  
                    2014          2013     2014   2013   
                    $'000         $'000    $'000  $'000  
                                                         
 Non-current                                             
 Employee benefits  40            44       -      -      
                    40            44       -      -      
 
 
The provision relates to the estimated liability for post-employment benefits at year end for staff engaged by PT Indonesia
Coal Development. 
 
NOTE 16:  COMMITMENTS 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                     Consolidated  Company  
                                                                                                                                                                                                                                                                                                                                                                                                                                     2014          2013     2014   2013   
                                                                                                                                                                                                                                                                                                                                                                                                                                     $'000         $'000    $'000  $'000  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 Operating lease commitments                                                                                                                                                                                                                                                                                                                                                                                                                                              
 The total future aggregate minimum lease payments  under non-cancellable operating leases:                                                                                                                                                                                                                                                                                                                                                                               
 Within one year                                                                                                                                                                                                                                                                                                                                                                                                                     20            18       20     16     
 Within two to five years                                                                                                                                                                                                                                                                                                                                                                                                            18            -        18     -      
                                                                                                                                                                                                                                                                                                                                                                                                                                     38            18       38     16     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 The above amount relates to a property sub-lease for 41 York Street, Subiaco Western Australia with the term expiring on 31 May 2016 with rent payable monthly in advance.                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 Consultant and Key Management compensation commitments                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 Commitments under consulting contracts not provided for in the financial statements and payable:                                                                                                                                                                                                                                                                                                                                                                         
 Within one year                                                                                                                                                                                                                                                                                                                                                                                                                     204           249      204    249    
                                                                                                                                                                                                                                                                                                                                                                                                                                     204           249      204    249    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 Other commitments                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 In February 2013 the Company entered into an engagement letter with Quinn Emanuel Urquhart & Sullivan ("Quinn Emanuel")"in connection with the ICSID international arbitration proceedings against the Republic of Indonesia. As part of this engagement the Group is committed to pay Quinn Emanuel a success fee of 3% of the value of the first $50 million recovered and 5% of all recovered amounts greater than $50 million.  
 
 
NOTE 17:  SHARE CAPITAL, SHARE PREMIUM AND RESERVES 
 
                                     Company      Company      
                                     2014         2013         2014   2013   
                                     Number       Number       $'000  $'000  
                                                                             
 Allotted, called up and fully paid                                          
 At start of year                    123,168,095  122,520,368  2,230  2,220  
 Additions                           451,467      647,727      7      10     
 At end of year                      123,619,562  123,168,095  2,237  2,230  
 
 
                                                             Allotted, called up and fully paid  Share premium  
 Date       Details                                          Number                              $'000          $'000   
                                                                                                                        
                                                                                                                        
 30/6/2012  Closing balance at 30 June 2012                  122,520,368                         2,220          77,537  
 11/1/2013  Issue of shares to directors @ 11p per share     647,727                             10             104     
 30/6/2013  Closing balance at 30 June 2013                  123,168,095                         2,230          77,641  
 7/1/2014   Issue of shares to directors @ 22.23p per share  451,467                             7              150     
                                                             123,619,562                         2,237          77,791  
 
 
Share premium 
 
The share premium reserve amount arises from subscriptions for or issue of shares in excess of nominal value. 
 
Other Reserves 
 
Other Reserves include 
 
(i)    Merger reserve 
 
During the 2013 year, the merger reserve which arose previously from the availability of merger relief in connection with
the acquisition of PT Indonesia Coal Development by a share for share exchange that represented the difference between the
fair value of consideration given for the shares and the nominal value of those instruments, was transferred to retained
deficit due to the impairment of the investments in the subsidiary companies. 
 
(ii) Foreign exchange reserve 
 
The amount represents gains/losses arising from the translation of the financial statements of foreign operations, the
functional currency of which is different from the presentation currency of the Group. The reserve is dealt with in
accordance with the accounting policy set out in note 1 to these financial statements. 
 
(iii)   Equity settled share options reserve 
 
The amount relates to the fair value of the share options that have been expensed through the statement of comprehensive
income less amounts, if any, that have been transferred to the retained earnings/deficit upon exercise. 
 
Retained deficit 
 
Retained deficit represents the cumulative net gains and losses recognised in the statement of comprehensive income less
any amounts reflected directly in other reserves. 
 
NOTE 18:  SHARE BASED PAYMENTS 
 
Share options 
 
The Company has issued share options, some of which have vested immediately on grant and others with vesting periods. The
options are not listed. Share options are exercisable for ordinary shares which when exercised rank equally with existing
ordinary shares. 
 
 Exercise price  Grant date  Outstanding at start of year  (Exercised)/Granted during the year  (Lapsed/ Expired) during the year  Outstanding at end of year  Final exercise date  
                                                                                                                                                                                    
 2013                                                                                                                                                                               
 60p             17/12/2007  250,000                       -                                    (250,000)                          -                           17/12/2012           
 70p             17/12/2007  250,000                       -                                    (250,000)                          -                           17/12/2012           
 80p             17/12/2007  250,000                       -                                    (250,000)                          -                           17/12/2012           
 75p             09/05/2008  3,100,000                     -                                    (3,100,000)                        -                           09/05/2013           
 50p             19/08/2011  5,000,000                     -                                    (300,000)                          4,700,000                   19/08/2016           
 50p             29/10/2012  -                             1,500,000                            -                                  1,500,000                   29/10/2017           
 28p             21/03/2013  -                             5,400,000                            -                                  5,400,000                   21/03/2018           
 48p             03/05/2013  -                             50,000                               -                                  50,000                      03/05/2018           
                                                                                                                                                                                    
 Total                       8,850,000                     6,950,000                            (4,150,000)                        11,650,000                                       
                                                                                                                                                                                    
 2014                                                                                                                                                                               
 50p             19/08/2011  4,700,000                     -                                    -                                  4,700,000                   19/08/2016           
 50p             29/10/2012  1,500,000                     -                                    -                                  1,500,000                   29/10/2017           
 28p             21/03/2013  5,400,000                     -                                    -                                  5,400,000                   21/03/2018           
 48p             03/05/2013  50,000                        -                                    -                                  50,000                      03/05/2018           
 50p             09/12/2013  -                            

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