Amur Minerals Corp - Interim Results 2022
09/09/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220909:nRSI8344Ya&default-theme=true
RNS Number : 8344Y Amur Minerals Corporation 09 September 2022
9 September 2022
AMUR MINERALS CORPORATION
(AIM: AMC)
Interim Results 2022
Chairman's Statement
On behalf of Amur Minerals Corporation (the "Company"), I take this
opportunity to update shareholders on the Company's progress during the first
six months of 2022.
Since 2020, Amur has been in discussions with a shortlist of potential
partners or purchasers, including Russian and internationally based mining
companies, investment groups, financial institutions, metal trading groups and
electric vehicle battery manufacturers. During 2021, a proposed outright
purchase of Kun-Manie by Stanmix Holding Limited ("Stanmix") was selected as
it offered the highest consideration available to the Company, approaching
fair market value. Work on negotiating transaction documentation was initiated
and neared completion in late February 2022.
On 24 February 2022, Russia initiated a special military operation ("SMO") in
the Ukraine. The action resulted in the immediate implementation of
sanctions and counter-measure responses by the Russian Government on 28
February, 1 March and 8 March 2022. The combined actions had an immediate
impact on the terms of the proposed sale of Kun-Manie and the terms of the
disposal were materially modified to abide by all constraints imposed by
sanctions and counter measures.
In early May 2022, a revised share purchase agreement with Stanmix was
negotiated and executed, however the offer from Stanmix was rejected by way of
a shareholder vote. The primary reasons from shareholders attending were:
• Payment terms extended over to long a period.
• No absolute guarantee that all payments would be
forthcoming.
• Initial payments were insufficient.
• Specific dividends to shareholders were not
identified.
The Company revisited the M&A potential given the concerns of the General
Meeting attended by the shareholders. Following the shareholder vote on 25
May 2022, the Board re-engaged with the Buyer team and sought to negotiate a
package which addressed the concerns of shareholders raised at the meeting.
At the same time, the situation in Ukraine has deteriorated and it is
increasingly clear that the SMO will be ongoing and its effects will be
widespread and protracted.
On 8 August 2022, the Company announced that it had entered into a Share
Purchase Agreement ("SPA") pursuant to which it has agreed to sell its
indirect subsidiary Kun-Manie for an aggregate consideration payable in cash
of US$35 million (the "Disposal"). Addressing the concerns expressed by our
shareholders, this proposal was approved by way of shareholder vote on 24
August 2022. The aggregate purchase price is comprised of US$5 million in
respect of the entire issued share capital of Kun-Manie and US$30 million for
assignment to the Buyer of the benefit of all loans owed by Kun-Manie to
Amur. Completion of the transaction is also subject to the consent of the
Federal Antimonopoly Service of Russia or its relevant territorial department
to the Disposal being granted and such consent not being conditional upon any
further actions or omissions by way of the parties of the share purchase
agreement, and the approval under Presidential Decree No. 81 dated 1 March
2022 and all ensuing Russian Federation regulatory statutes having been
granted on the terms required by applicable law, and not having been
subsequently revoked, and such approval not being conditional upon any further
actions or omissions by any party. The Company expects, and it is a condition
of the SPA, that all consents will be obtained within 90 days of signing of
the SPA.
The Buyer is Bering Metals LLC a Russian incorporated company controlled by
Vladislav Sviblov. Vladislav Sviblov is a Russian entrepreneur, top-manager,
investor, and main shareholder of some major mining and industrial assets,
including Highland Gold, one of the largest gold miners in Russia. In April
2022, Highland Gold Mining entered into a definitive agreement to acquire the
Russian assets of New York Stock Exchange-listed Kinross Gold Corporation. By
the end of 2021 and in advance of its acquisition of Kinross Gold's Russian
assets, Highland Gold became the top three largest gold producer in Russia,
having extracted 18.3 tonnes of gold.
Future Strategy
If the Disposal completes in accordance with its terms, the Company will move
forward as a cash shell in accordance with Rule 15 of the AIM Rules. Following
receipt of the consideration of US$35 million, the Company intends to pay a
special dividend of 1.8 pence per share, within 90 days of Completion.
The Directors intend to seek to acquire another company or business (a
"reverse takeover"), which will require shareholder approval. The Board, in
considering the Company's future strategy, it will seek to identify
opportunities offering the potential to deliver value creation and returns to
shareholders over the medium to long-term in the form of capital and / or
dividends.
The Company will be required to complete an acquisition or acquisitions which
constitute(s) a reverse takeover under AIM Rule 14 on or before the date
falling six months from the completion of the Disposal, or be re-admitted to
trading on AIM as an investing company under AIM Rule 8. Failing that, the
Company's Ordinary Shares would then be suspended from trading on AIM pursuant
to AIM Rule 40. If the Company's shares remain suspended for six months,
admission of the Company's shares will be cancelled.
TEO Project
On 7 June 2022, the Company announced the Russian Federation approval of the
results of the final Permanent Conditions Report ("TEO Project") on its far
east Russia Kun-Manie nickel copper sulphide project which had been submitted
to the Russian Government Commission for Natural Resources Reserves ("GKZ") in
August 2021.
With the TEO Project complete, the results can be used to commence the next
phase of the development which is to compile the Mining Plan due mid-year
2023. The completion of the GKZ review has established the reserves available
for open pit mining at its "Detailed Exploration and Mining Production"
licence (BLG 15883 TE) located in Amur Oblast. This Mining Plan will lead to
obtaining construction, mining and operational approvals and funding
considerations. However, management's attention has turned to the completion
of the sale of the underlying entity which holds the licence, AO Kun-Manie.
Financial Overview
As at 30 June 2022 the Group had cash reserves of US$5.3 million, down from
US$6.7 million at the start of 2022 and the Company remains debt free. During
the period, the Company received US$0.3 million from the issue of share
capital upon the execution of warrants.
Administration expenses for the first half of 2022 totalled US$1.7 million (H1
2021: US$1.1 million), an increase caused by an increase in legal fees in
connection with the proposed sale of Kun-Manie and claim against the Company
(as disclosed in note 7). There was a currency translation loss of US$8.5
million (H1 2021: translation loss of US$0.4 million) which was due to the
strengthening of the Russian rouble to the US dollar. Expenditure on
exploration was US$0.3 million (H1 2021: US$0.4 million) as the Company
completed the majority of the work on the TEO Project in the prior year. The
exploration asset balance has been transferred to 'Non- current assets held
for sale' as at 30 June 2022 and 31 December 2021, as detailed in Note 6.
Mr. Robert Schafer
Non-Executive Chairman
8 September 2022
Note
Unaudited Unaudited Audited
30 June 2022 30 June 2021 31 December 2021
Non-current assets
Exploration and evaluation assets 5 - 24,364 -
Property, plant and equipment - 266 -
Financial assets at fair value through profit and loss - 6,137 -
- 30,767 -
Current assets
Inventories - 209 -
Other receivables 36 234 109
Cash and cash equivalents 5,305 1,846 6,682
5,341 2,289 6,791
Non-current assets classified as held for sale 6 33,038 - 24,447
Total assets 38,379 33,056 31,238
Current liabilities
Trade and other payables 7 1,120 836 968
1,120 836 968
Non-Current Liabilities
Rehabilitation provision 3 145 -
3 145 -
Total non-current liabilities
Liabilities directly associated with non-current assets classified as held for 6 262 - 159
sale
Total liabilities 1,386 981 1,127
36,993 32,075 30,111
Net assets
Equity
Share capital 9 80,794 80,449 80,449
Share premium 4,278 4,278 4,278
Foreign currency translation reserve (9,124) (17,091) ( (17,612)
Share options reserve 512 683 512
Accumulated deficit (39,467) (36,244) (37,516)
Total equity 36,993 32,075 30,111
Approved on behalf of the Board on 8 September 2022
Paul Gazzard
Non Executive Director (Audit Committee Chairman)
Note Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Administrative expenses (1,714) (1,154) (1,790)
Operating loss (1,714) (1,154) (1,790)
Finance income - 327 -
Gain on revaluation of assets held at fair value through profit and loss - 1,046 -
Foreign exchange - 17 -
Profit/(Loss) before tax (1,714) 236 (1,790)
Tax - - -
expense
(1,714) 236 (1,790)
Loss for the year from continuing operations
6 - - 956
Profit from discontinued operations - assets sold
Loss from discontinued operations - assets held for sale 6 (237) - (372)
Profit/ (Loss) for the period / year attributable to owners of the parent (1,951) 236 (1,206)
Other Comprehensive (loss) / income:
Items that could be reclassified to profit or loss
Exchange differences on translation of foreign operations 8,488 383 (138)
Total comprehensive (loss) / income for the period / year attributable to 6,537 619 (1,344)
owners of the parent
Loss per share (cents) from continuing operations attributable to owners of 4 US (0.12) US 0.02 US (0.13)
the Parent - Basic & Diluted
Earnings per share (cents) from discontinued operations attributable to owners 4 US (0.02) - US 0.04
of the Parent - Basic & Diluted
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Cash flows used in operating activities:
Payments to suppliers and employees (1,433) (1,040) (1,833)
Interest paid - - -
Net cash outflow from operating activities (1,433) (1,040) (1,833)
Cash flow used in investing activities:
Payments for exploration expenditure (327) (428) (426)
Sale of investments in subsidiaries - - 6,137
Interest received - 326 327
Net cash used in investing activities (327) (102) 6,038
Cash flow from financing activities:
Cash received on issue of shares, net of issue costs 345 - -
Net cash generated from financing activities 345 - -
Net (decrease)/increase in cash and cash equivalents (1,415) (1,142) 4,205
Cash and cash equivalents at beginning of period / year 6,682 2,790 2,790
Effect of foreign exchange rates 38 198 (313)
Cash and cash equivalents at end of period / year 5,305 1,846 6,682
Share capital Share Foreign currency translation reserve
premium Share Accumulated deficit
options reserve Total
At 1 January 2022 80,449 4,278 (17,612) 512 (37,516) 30,111
Loss for the period - - - - - -
Exchange differences on translation of foreign operations - - 8,488 - (1,951) 6,537
Total comprehensive income for the period - - 8,488 - (1,951) 6,537
Issue of share capital 345 - - - - 345
Costs of issue - - - - - -
At 30 June 2022 (unaudited) 80,794 4,278 (9,124) 512 (39,467) 36,993
At 1 January 2021 80,449 4,278 (17,474) 577 (36,480) 31,350
Profit for the period - - - - 236 236
Other comprehensive income for the period - - 383 - - 383
Total comprehensive income for the period - - 383 - 236 619
Issue of share capital - - - - - -
Costs of issue - - - - - -
Options granted - - 106 - 106
Warrants granted - - - - - -
At 30 June 2021 (unaudited) 80,449 4,278 (17,091) 683 (36,244) 32,075
At 1 January 2021 80,449 4,278 (17,474) 577 (36,480) 31,350
Loss for the year - - - - (1,206) (1,206)
Exchange differences on translation of foreign operations - - (138) - - (138)
Total comprehensive loss for the period - - (138) - (1,206) (1,344)
Issue of share capital - - - - - -
Conversion of warrants - - - - - -
Options charge for the year - - - 105 - 105
Options expired - - - (170) 170 -
At 31 December 2021 (audited) 80,449 4,278 (17,612) 512 (37,516) 30,111
1. Reporting Entity
Amur Minerals Corporation (the "Company" or the "Group") is a company
domiciled in the British Virgin Islands. The consolidated interim financial
information as at and for the six months ended 30 June 2022 comprise the
results of the Company and its subsidiaries (together referred to as the
"Group").
The consolidated financial statements of the Group as at and for the year
ended 31 December 2021 are available upon request from the Company's
registered office at Kingston Chambers, P.O. Box 173, Road Town, Tortola,
British Virgin Islands or at www.amurminerals.com
(http://www.amurminerals.com) .
2. BASIS OF PREPARATION
The financial information set out in this report is based on the consolidated
financial information of Amur Minerals Corporation and its subsidiary
companies. The financial information of the Group for the 6 months ended 30
June 2022 was approved and authorised for issue by the Board on 8 September
2022. The interim results have not been audited. This financial information
has been prepared in accordance with the accounting policies that are expected
to be applied in the Report and Accounts of Amur Minerals Corporation for the
year ended 31 December 2021 and are consistent with the recognition and
measurement requirements of IFRS as issued by the International Accounting
Standards Board ("IASB") and interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC"). The auditor's report
on the Group accounts to 31 December 2021 was issued with a clean audit
opinion. The comparative information for the full year ended 31 December 2021
is not the Group's full annual accounts for that period but has been derived
from the annual financial statements for that period.
The consolidated financial information incorporates the results of Amur
Minerals Corporation and its subsidiaries undertakings as at 30 June 2022.
The corresponding amounts are for the year ended 31 December 2021 and for the
6 month period ended 30 June 2021.
The Group financial information is presented in US Dollars ('US$') and values
are rounded to the nearest thousand Dollars.
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were applied in
the Group's latest annual audited financial statements except for those that
relate to new standards and interpretations effective for the first time for
periods beginning on (or after) 1 January 2022, and will be adopted in the
2022 annual financial statements.
A number of new standards, amendments and became effective on 1 January 2022
and have been adopted by the Group. None of these standards have materially
affected the Group.
3. GOING CONCERN
The Group operates as a natural resource exploration and development group.
The Company is considered to be in the final stages of exploration and
evaluation activities of its Kun-Manie project.
The Directors have reviewed the Group's cash flow forecast for the period to
30 June 2023 and believe the Group has sufficient cash resources to cover
planned and committed expenditures over the period.
The Group is in the process of finalising the sale of its wholly owned
subsidiary AO Kun-Maine and if it completes in line with the requirements of
the signed Share Purchase Agreement ("SPA"), the Group will use the proceeds
of sale to pay dividends while maintaining funds to acquire another project
via a reverse takeover ("RTO"). Should an RTO not be completed, the Company
will enter into suspension and after six months in suspension the Company will
be delisted. In anticipation of a sale, the board are examining projects of
interest as a part of its strategy.
The Board are confident that the sale will complete in line with the
requirements of the SPA, however, should the sale not complete, the Directors
have forecast a scenario where the Kun-Maine project is advanced, and per the
requirements to maintain the license, develop a mine plan. The Board are
confident that they have sufficient funds to take the TEO forward and to
produce a Mine Plan, and in a worse-case scenario mitigating actions within
the Directors' control could be taken to reduce overheads if required.
However, substantial funds would need to be raised in order to fully support
preproduction and construction of the mine, outside of the going concern
period.
The biggest risk with taking the Kun-Maine project forward is the Company's
ability to still operate within Russia in light of Russia's SMO and the
sanctions put in place by the multiple nations of the world. To date, the
Company has still been able to control its subsidiary and operations, however,
the Board understands that further restrictions and sanctions could make
operating and raising sufficient capital from international and in Russia
financial institutions difficult or impossible.
Additionally, the Directors are optimistic that funding will be raised when
required, however they understand that their ability to do this is not
completely within in their control.
Under both scenarios outlined above the Directors are confident that
throughout the going concern forecast period the Group will have sufficient
funds to meet obligations as they fall due and thus the Directors continue to
prepare the financial statements on a going concern basis.
4. PROFIT/(LOSS) PER SHARE
Basic and diluted profit/(loss) per share is calculated and set out below. The
effects of warrants and share options outstanding at the period end are
anti-dilutive as they will serve to reduce the profit/(loss) per share. A
total of 90.1 million of potential ordinary shares have therefore been
excluded from the following calculations:
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Net loss for the year from continued operations attributable to equity (1,714) 236 (1,790)
shareholders
Weighted average number of shares for the period/year 1,390,380,602 1,379,872,315 1,379,872,315
Basic profit/(loss) per share for continued operations (expressed in cents) US (0.12) US 0.02 US (0.13)
(237) - 584
Net loss for the year from discontinued operations attributable to equity
shareholders
Weighted average number of shares for the period/year 1,390,380,602 1,379,872,315 1,379,872,315
Basic profit/(loss) per share for discontinued operations (expressed in cents) US (0.02) - US 0.04
5. Exploration and evaluation assets
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
At start of the period / year - 23,542 23,542
Additions 327 428 703
Impairments - - (8)
Transfer to assets available for sale (note 6) (327) - (24,110)
Foreign exchange differences - 394 (127)
At end of the period / year - 24,364 -
The Group did not recognise any impairment in respect of its exploration and
evaluation assets during the period (H1 2021: nil) (2021: US$ 8,000).
6. Available for sale financial asset
On 9 May 2022 the Directors announced that they had made a formal plan to sell
the Group's 100% interest in AO Kun-Manie ("AO KM") and signed a binding share
purchase agreement ("SPA") with a third party for a total consideration of
US$105 million. The Directors determined that as at 31 December 2021 AO KM
should be classified as an asset held for sale in accordance with IFRS 5.
The sale did not complete, and the SPA was subsequently terminated. However
after further negotiation, on 4(th) August 2022 the Company signed a second
SPA which was approved by shareholder vote on 24(th) August. The completion of
the sale is still subject to terms, however, the Directors have no reason to
doubt that the sale will complete. Therefore, the Directors determine that AO
KM should still be classified as an asset held for sale as at 30 June 2022.
The Directors undertook an impairment assessment of the disposal group's
assets in accordance with IFRS 5 and concluded that the asset's fair value
less costs to sell was in excess of their carrying value. As such, no
impairment has been recognised.
The financial performance and cash flow information of the discontinued
operation is as follows;
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Administration expenses (236) - (367)
Loss before tax from discontinued operations (236) - (367)
Taxation (1) - (5)
Loss from discontinued operations (237) - (372)
Net cash flows used in operating activities (69) - (261)
Net cash flows from financing activities - - -
Net cash flows from investment activities (327) - (426)
Net decrease in cash used in disposal group (396) - (687)
The following assets were reclassified as held for sale in relation to the
discontinued operation:
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Plant and machinery 143 - 173
Exploration 32,773 - 24,110
Cash 75 - 47
Inventory 41 - 90
Trade and other debtors 6 - 27
Total assets of disposal group held for sale 33,038 - 24,447
The following liabilities were reclassified as held for sale in relation to
the discontinued operation as at 31 December 2021:
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Provisions 156 - 112
Trade payables 23 - -
Accruals 62 - 46
Other payables 21 - 1
Total liabilities of disposal group held for sale 262 - 159
7. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Trade payables 191 241 101
Accruals 519 573 667
Other payables 410 22 247
Transfer to assets available for sale (note 6) - - (47)
Total liabilities of disposal group held for sale 1,120 836 968
Included in other payables is a payable of US$0.4 million in settlement of a
claim brought against the Company in the prior financial year, and represents
the Company's share net of insurance contribution. As at 31 December 2021, the
total claim of US$2.3 million was disclosed in the financial statements as a
contingent liability as the Directors did not consider it probable that the
Company would make a material payment in respect of this claim. Refer to note
11 for further details.
8. SHARE BASED PAYmENTS
Options:
No options were granted during the period ended 30 June 2022 or 30 June 2021.
At 30 June 2022 the following options were outstanding at the beginning and
end of the period:
Outstanding at 1 January 2022 30,000,000
Granted -
Exercised -
Expired (523,000)
Vesting -
Outstanding at 30 June 2022 29,477,000
The fair value of the options is estimated at the grant date using a
Black-Scholes model, taking into account the terms and conditions on which the
options were granted. This uses inputs for share price, exercise price,
expected volatility, option life, expected dividends and risk-free rate.
The share price is the price at which the shares can be sold in an arm's
length transaction between knowledgeable, willing parties and is based on the
mid-market price on the grant date. The expected volatility is based on the
historic performance of Amur Minerals shares on the Alternative Investment
Market of the London Stock Exchange. The option life represents the period
over which the options granted are expected to be outstanding and is equal to
the contractual life of the options. The risk-free interest rate used is equal
to the yield available on the principal portion of US Treasury Bills with a
life similar to the expected term of the options at the date of measurement.
The total charge arising from outstanding options for the period was US$nil
(H1 2021: US$105,527; December 2021: US$105,527).
Warrants:
No warrants were granted during the period ended 30 June 2022 or 30 June 2021.
At 30 June 2022 the following warrants were outstanding at the beginning and
end of the period:
Outstanding at 1 January 2022 32,732,226
Granted -
Exercised (13,000,000)
Expired (10,902,956)
Outstanding at 30 June 2022 8,829,270
There was no charge arising from outstanding warrants for the period (H1 2021:
nil; December 2021: nil).
On 28 January 2022, Plena Global Opportunities LLC elected to convert
3,000,000 warrants, at the warrant exercise price of 1.43 pence per share
providing the Company £42,900.
On 3 February 2022, Axis Capital Marketing, LTD elected to convert 5,000,000
warrants, at the warrant exercise price of 2.12 pence per share providing the
Company £106,000.
On 11 February 2022, Axis Capital Marketing, elected to convert 5,000,000
warrants, at the warrant exercise price of 2.12 pence per share providing the
Company £106,000.
9. share Capital
Audited
Unaudited Unaudited 31 December 2021
30 June 2022 30 June 2021
Number of Shares (no par value):
Authorised 2,000,000,000 2,000,000,000 2,000,000,000
Total issued 1,392,872,315 1,379,872,315 1,379,872,315
10. RELATED PARTIES
For the purposes of these financial statements, entities are considered to be
related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational
decisions as defined by IAS 24 "Related Party Disclosures". In addition,
other parties are considered to be related if they are under common control.
In considering each possible related party relationship, attention is directed
to the substance of the relationship, not merely the legal form.
Details of transactions between the Group and related parties are disclosed
below.
Compensation of Key Management Personnel
Key management personnel are considered to be the Directors and senior
management of the Group
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2022 30 June 2021 31 December 2021
Salaries and fees 249 501 745
Share-based payments - 89 55
249 501 800
11. EVENTS AFTER THE REPORTING DATE
On 5 August the Company announced that it had entered into an SPA for the sale
of 100% of its interest in Irosta's wholly owned subsidiary, AO Kun-Manie. For
a total consideration of US$ 35 million, Bering Metals LLC will purchase AO KM
and the benefit of all amounts owed by AO KM to Amur under intra-group loans.
On 24 August the shareholders of the Company approved the resolution to
dispose of the entire issued share capital of AO Kun-Manie, held by Irosta
Trading Limited, to Bering Metals LLC.
On 2 September the Company settled a claim brought against the Company in the
prior year for a value US$0.4 million. Refer to note 7 for further details.
12. INTERIM REPORT
Copies of this interim report for the six months ended 30 June 2022 will be
available from the Company's website www.amurminerals.com
(http://www.churchillmining.com) .
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance LLP BlytheRay
Robin Young CEO Richard Morrison Megan Ray
Adam Cowl Tim Blythe
+7(4212)755615 +44(0)20 3470 0470 +44 (0) 20 7138 3203
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UPUBWBUPPGAR