Half-year Report
01/09/2023 09:41
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RNS Number : 1190L URA Holdings PLC 01 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
01 September 2023
URA Holdings plc
("URA" or the "Company")
The Directors of URA are pleased to present the unaudited financial statements
of URA Holdings plc for the period ended 30 June 2023.
URA Holdings plc (LSE: URAH), the mineral exploration group listed on the
Standard List segment of the main market of the London Stock Exchange
announces its unaudited financial statements for the period ended 30 June
2023. The full report is available on the Company's website
at www.uraholdingsplc.co.uk (https://uraholdingsplc.co.uk/index.php) . In
accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority
("FCA"), a copy of the 2023 Interim Report will also be submitted to the FCA
via the National Storage Mechanism and will shortly be available to the public
for inspection at:
ttps://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
Highlights:
· Primary focus on the rapid advancement of the Gravelotte Emerald
Mine ("GEM") back into production following completion of the acquisition in
February 2023
· Site refurbishment and construction of processing plant progressing
within budget and on schedule
· Continued strong shareholder support with a modest but
oversubscribed fundraise completed in May 2023 to raise £330,000 at a price
of 2p per share
Chairman's Statement
I am happy to report on an active and successful six months in the life of
your company which, as shareholders will know, has undergone a radical and
exciting change of direction since its relisting last year. Following that
successful reconstruction, refinancing and relisting, we acquired control of
the Gravelotte emerald mining operation in South Africa. As shareholders will
know, Gravelotte was once the world's largest emerald mines and, although it
has been out of production for many years, our work and resource studies
suggest it has the potential to become a major operating mine again. The past
six months have seen substantial progress towards recommencing production and
the Directors believe it is on track to begin initial mining operations in the
coming months.
Although production ceased many years ago, we believe this was not due to any
diminution in the quality or accessibility of emeralds but rather for internal
company reasons. The independent JORC Resource which we commissioned from ACA
Howe and announced late in 2022 has effectively demonstrated this, disclosing,
as shareholders are aware, a mineral resource of 29 million carats just from
the two most recently producing areas and a further exploration target of 164
to 344 million carats across other parts of the licence area. The resource
estimation utilised the recent drilling done over the last five years as well
as historical mine production data and other geological data, which ACA Howe,
a well-established and highly respected specialist in gemstones and precious
metals, had prior knowledge as well as extensive prior experience of
Gravelotte.
Our initial assessment of Gravelotte was based on very conservative
assumptions regarding gem quality and our studies and costings suggest that
the mine will be very viable on that basis. However, Gravelotte is known
historically to have produced significant quantities of high-quality gems of
good colour and clarity. The mine's emeralds are sometimes known as Cobra
emeralds due to the name of one of our open pits and the names of both
Gravelotte and Cobra still carry brand recognition in the market. There is no
reason to think that the quality mix in the future will be any different, but
our project assessment is not dependent on this.
Gravelotte covers a large, fully compliant, mining licence area and large
parts remain unexplored; it was and will continue as an open pit operation
although the mineralisation has been shown to continue at deeper levels.
Despite being mothballed for a lengthy period, much of the site infrastructure
including buildings, fencing and roads remain in existence - in need of
refurbishment but in essentially good condition. We have spent recent months
repairing and upgrading this infrastructure and building a processing plant
capable of being expanded over time once in production. We have already put
together a small but very experienced and effective team on the ground, some
of whom were also in situ when we acquired Gravelotte.
The reports and work done tell us that the mine can be brought into profitable
production on an initial small scale and our intention is therefore to bring
it into operation on this basis, and in the near term with a quite modest
amount of additional capital. Once we have restarted production in this way,
we will of course seek to expand the mining operations.
To get into production will require some important additional equipment and a
modest increase in mining personnel. The phase 1 processing plant to restart
mining operation is already more than 50% complete with only a few important
items of processing equipment still required. Most importantly, we will use an
optical sorter to extract the ore and we have identified and tested the
necessary piece of equipment. This will enable emeralds to be extracted
using modern technology whilst reducing the staffing numbers required and
greatly reducing security risk. Other processing equipment has also been
ordered, identified, or acquired.
Bringing the mine up to operating standard has, as stated above, been actively
pursued and to a great extent completed in recent months. This includes a
major upgrade and refurbishment of electricity pylons and facilities, a large
upgrade to security systems, electrical fencing, guarding, processed water
storage facilities, haulage roads and accommodation.
The loss for the period was £388,000, reflecting continuing expenditure on
Gravelotte with modest corporate costs. There has been a significant increase
in the net asset value of the Company as the final completion of the
Gravelotte mine was completed during the period under review. The value of
£4.15 million now shown on the balance sheet largely reflects a
capitalisation of expenditure at Gravelotte up to 30 June 2023 and, we
believe is no real reflection of its true value; however it does begin to
reflect the increasing value of the Company.
We completed a modest but oversubscribed fundraise in May 2023 to raise
£330,000 at a price of 2p per share to enable us to finalise orders for the
optical sorter and other equipment. We plan to raise further funds in the near
term so as to keep the project moving forward to completion and initial
production.
We are grateful for the efforts and expertise of our team and would remind
shareholders of management's previous success achieved in gem production. We
believe the project remains very materially undervalued in the Market but once
up and running we believe we have a rapid route to profitability and this
should flow through to a proper appreciation of the project's real value.
Edward Nealon
Chairman
1 September 2023
Business Review
The Directors present the interim results of URA Holdings Plc ("the Company"),
together with its subsidiaries ("the Group"), for the six-month period from 1
January 2023 to 30 June 2023.
UPDATE ON INVESTMENTS AND ACTIVITIES
During the interim period, ending 30 June 2023, the Company continued to
progress our exploration strategy focusing during the six months mostly on the
Gravelotte Emerald Mine (GEM). The conditional acquisition of which was
originally announced on 24 March 2022, subject to conditions which were
subsequently been satisfied or waived. The acquisition of G.E.M Venus
(Proprietary) Limited, the owner of a 76% interest in Gravelotte, was
completed during the period under review on 27 February 2023. The terms of the
acquisition are, in broad terms, only £100,000 in the Company's ordinary
shares and a royalty payment of AUD200,000 in cash for each 5,000,000 carats
of emeralds produced up to a total maximum aggregate amount of AUD2,000,000.
We have acquired a 76% holding in GEM, the remainder being held by an Employee
and Community Trust for the benefit of the local community and our workforce.
On 23 May 2023 the Company raised £280,000 by a placing and subscription of
14,000,000 new ordinary shares and a further £50,000 satisfied by the issue
of convertible loan notes to Austin Acquisitions 1 Limited, which were
converted in to 2,500,000 ordinary shares on 10 July 2023.
During the period under review, the Group made a pre-tax loss of £388,000
which mainly results from the operational activities of GEM, including work
done upgrading the infrastructure on site, as well as costs relating to the
completing the acquisition of GEM, the maintaining of licences and general
administrative costs and corporate costs.
Net assets of the Group were £1.36 million at the period end and include
Sundry Creditors of £2.97m which includes the future royalty payments from
emerald production to Magnum Mining as detailed above. Our strategy remains to
seek value opportunities in the mineral sector with a focus on southern
Africa, looking for situations which potentially offer rapid prospects of
value creation. We believe the Gravelotte mine falls firmly into this
category. Overall, we consider that we have made an excellent start to this
process, and it only remains for me to thank the team, including our
professional advisers, Directors and former Directors, who have brought us to
the Market and provided the prospects for a profitable future for
shareholders.
During the period the Company has made significant improvements to the GEM
site's critical infrastructure in preparation for the commencement of mining
activities, including:
· Water storage and availability: The current levels of available water
for processing activities have increased to approximately 14 million litres.
The total water storage capacity on site has been upgraded to approximately 20
million litres. Water reclamation infrastructure continues to be further
upgraded in order to ensure maximum recovery once operations commence.
· Security Upgrades: On-site security has now been upgraded with over
10km of electric fencing around the site perimeter and high-risk areas.
Additional fire breaks have also been created and existing fire breaks have
been cleared in preparation for the winter fire season.
· Haulage roads: Approximately 7km of main haulage roads on site as
well as the access road to the part of the open pit where mining is scheduled
to recommence has been rehabilitated, upgraded or established.
· Rehabilitation of historic disturbance: Approximately 1.5ha of
historic gold slimes and tailings have been rehabilitated. This represents
over 50% of the total rehabilitation requirement.
· Electrical infrastructure: Over 80 High voltage electrical poles have
either been replaced or re-treated. An additional 11KV 380V transfer has been
installed and electrical conductors and switch gear has been replaced and
updated.
· Accommodation Upgrades: to accommodation continues and all current
staff and management are now accommodated on site.
· Processing Plant Upgrades: Upgrades to the dewatering and screening
circuit has been completed. Engineering drawings have been completed to
upgrade the existing processing plant and include vibrating screens as well as
an additional crushing and milling circuit. This will create additional surge
and throughput capacity. The local procurement of suitable high-quality
second-hand equipment and components has commenced.
Bernard Olivier
CEO
1 September 2023
Directors' Report
The directors present their interim consolidated financial statements of the
company for the six-month period from 1 January 2023 to 30 June 2023.
DIRECTORS OF THE COMPANY
The directors who have served during the period and up to the date of approval
were as follows:
Edward Nealon Chairman
Bernard Olivier Chief Executive Officer
Peter Redmond Non-executive Director
John Treacy Non-executive Director
Sam Mulligan Operations Director
RESULTS AND DIVIDENDS
The interim condensed consolidated statement of comprehensive income is set
out on page 7 and shows the loss for six-month period to 30 June 2023. The
directors consider the loss for the period to be in line with expectations.
The directors do not recommend a payment of a dividend.
This report was approved by the Board and signed on its behalf:
Edward Nealon
Chairman
1 September 2023
Interim Condensed Consolidated Statement of Comprehensive Income
Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2023 Year ended 31 Dec 2022 6 months to 30 June 2022
Unaudited Unaudited Audited Unaudited
£'000s £'000s £'000s £'000s
Continuing operations
Operating expenses (390) (281) (549) (305)
Loan amounts written off - - (264) -
Amortisation / Impairment 2 - (199) -
Loss before taxation (388) (281) (1,012) (305)
Taxation - - - -
Loss for the period from continuing operations (388) (281) (1,012) (305)
Other comprehensive income
Exchange difference on currency translations - - - -
Total comprehensive loss for the period (388) (281) (1,012) (305)
Basic earnings per share (pence) (0.32p) (0.23p) (0.82p) (0.01p)
Diluted earnings per share (pence) (0.28p) (0.20p) (0.69p) -
The notes on pages 11-15 form part of these interim condensed consolidated
financial statements.
Interim Condensed Consolidated Statement of Financial Position
Company number: 05329401 Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2023 Year ended 31 Dec 2022 6 months to 30 June 2022
Unaudited Unaudited Audited Unaudited
Note £'000s £'000s £'000s £'000s
ASSETS
Non-Current Assets
Investments - 2,098 - -
Property, Plant & Equipment 31 - - -
Intangible assets
Exploration licence & investment 2,692 100 11 -
Goodwill 1,428 - 995 -
Total Non-Current Assets 4,151 2,198 1,006 -
Current Assets
Other receivables 5 107 294 27 162
Cash at bank and in hand 175 145 362 709
282 439 389 871
Total Assets 4,433 2,637 1,395 871
Current Liabilities
Trade and other payables 6 (3,077) (1,174) (132) (89)
Total Liabilities (3,077) 1,174 (132) (89)
Net Assets 1,356 1,463 1,263 782
Equity
Share capital 7 16 16 14 24
Share premium 3,017 3,017 2,546 1,353
Other reserves 14 14 6 1
Retained earnings (1,691) (1,584) (1,303) (596)
Total Equity 1,356 1,463 1,263 782
The notes on pages 11 - 15 form part of these interim condensed consolidated
financial statements.
These interim condensed consolidated financial statements were approved and
authorised for issue by the Board and were signed on its behalf by:
Ed Nealon
Chairman
1 September 2023
Interim Condensed Consolidated Statement of Changes in Equity
Group Share Share Other Retained earnings Total equity
capital premium reserves
£'000s £'000s £'000s £'000s £'000s
As at 1 January 2023 14 2,546 6 (1,303) 1,263
Total comprehensive income - - - (388) (388)
Net equity issued 2 471 8 - 381
16 3,017 14 (1,691) 1,356
Balance at 30 June 2023
Company Share Share Other Retained earnings Total equity
capital premium reserves
£'000s £'000s £'000s £'000s £'000s
As at 1 January 2023 14 2,546 6 (1,303) 1,263
Total comprehensive income - - - (281) (281)
Net equity issued 2 471 8 - 381
16 3,017 14 (1,584) 1,463
Balance at 30 June 2023
Group Share Share Other Retained earnings Total equity
capital premium reserves
£'000s £'000s £'000s £'000s £'000s
As at 1 January 2022 3 342 - (291) 54
Total comprehensive income - - - (1,012) (1,012)
Net equity issued 11 2,204 6 - 2,221
14 2,546 6 (1,303) 1,263
Balance at 31 December 2022
Group Share Share Other Retained earnings Total equity
capital premium reserves
£'000s £'000s £'000s £'000s £'000s
As at 1 January 2022 3 342 - (291) 54
Total comprehensive income - - - (305) (305)
Net equity issued 21 1,011 1 - 1,032
24 1,353 1 (596) 782
Balance at 30 June 2022
The notes on pages 11 - 15 form part of these interim condensed consolidated
financial statements.
Interim Condensed Consolidated Statement of Cash Flows
Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2022 Year ended 6 months to 30 June 2022
31 Dec 2022
Unaudited Unaudited Unaudited
Audited
£'000s £'000s £'000s £'000s
Cash flows from operating activities
Loss for the period (388) (281) (1,012) (305)
Amortisation and impairment 2 - 199 -
Share based payment 8 - 6 -
(Increase)/decrease in receivables (80) (246) 10 (125)
Increase/(decrease) in payables 2,019 29 50 7
Net cash used in operating activities 1,561 (498) (747) (423)
Cash flows from investing activities
Purchase of subsidiary and intangible asset (2,029) - (1,206) -
Net cash used in investing activities (2,029) - (1,206) -
Cash flows from financing activities
Sub-Division & Consolidation of Shares - - - 16
Issue of shares for cash, net of costs 281 281 2,216 1,017
Convertible loan notes - - - -
Net cash from financing activities 281 281 2,216 1,033
Net increase / (decrease) in cash and cash equivalents (187) (217) 263 610
Cash and cash equivalents at the beginning of the period 362 362 99 99
Cash and cash equivalents at the end of the period 175 145 362 709
The notes on pages 11 - 15 form part of these interim condensed consolidated
financial statements.
Notes to the Interim Condensed Consolidated Financial Reports
1. General information
URA Holding Plc's interim condensed consolidated financial statements are
presented in British Pound Sterling (GBP) which is the functional currency of
the Company. These interim consolidated financial statements were approved
for issue by the Board of Directors on 1 September 2023.
URA Holding Plc is the Group's ultimate parent company. It is a public
limited company incorporated in England and Wales. The address of its
registered office is at 60 Gracechurch Street, London, EC3V 0HR, UK and its
shares are limited on the Main Standard Market of the London Stock Exchange.
The financial information set out in these interim consolidated financial
statements does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The Company's statutory financial statements for the
year ended 31 December 2022 have been filed with the Registrar of Companies.
The auditor's report on those financial statements was unqualified and did not
contain a statement under Section 498(2) of the Companies Act 2006.
These interim results have not been audited though they been reviewed under
ISRE 2410 of the Auditing Practices Board.
In the opinion of the Directors the interim condensed consolidated financial
statements present fairly the financial position, and results from operations
and cash flows for the period in conformity with the generally accepted
accounting principles consistently applied.
2. Nature of operations
The Company is an African focused mineral exploration company. The Company
will leverage the extensive in-house skills of its Board and team to identify
and pursue unique, value-enhancing opportunities in minerals with a view to
proving-up early-stage exploration projects for ongoing monetisation and the
delivery of stakeholder returns.
Currently, the Company's operations relate to the exploration of both the GEM
asset in South Africa and the Malaika licence areas in Zambia as well as the
maintenance of the appropriate licenses over these areas.
3. Accounting policies
These interim condensed consolidated financial statements are for the
six-month period ended 30 June 2023. They have been prepared in accordance
with IAS34 'Interim Financial Reporting'. They do not include all of the
information required in annual financial statements in accordance with IFRS,
and should be read in conjunction with the financial statements for the period
ended 31 December 2022.
4. Basis of preparation and going concern
These interim consolidated financial statements have been prepared on a going
concern basis which the directors believe to be appropriate. The interim
consolidated financial statements are presented in Pounds Sterling and have
been rounded to the nearest £'000.
Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position
at cost and comprise cash in hand, cash at bank, deposits held at call with
banks, other short-term highly liquid investments with original maturities of
three months or less. Bank overdrafts are included within borrowings in
current liabilities on the statement of financial position. For the purposes
of the statement of cash flows, cash and cash equivalents also includes any
bank overdrafts.
Deferred taxation
Deferred income taxes are provided in full, using the liability method, for
all temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred
income taxes are determined using tax rates that have been enacted or
substantially enacted and are expected to apply when the related deferred
income tax asset is realised, or the related deferred income tax liability is
settled.
The principal temporary differences arise from depreciation or amortisation
charged on assets and tax losses carried forward. Deferred tax assets relating
to the carry forward of unused tax losses are recognised to the extent that it
is probable that future taxable profit will be available against which the
unused tax losses can be utilised.
Foreign currencies
(i) Functional and presentational currency
The Directors consider GBP Pound Sterling to be the Company's functional
currency, therefore the financial statements are presented in GBP Pound
Sterling.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions
and from the translation at period end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in the statement
of comprehensive income.
Monetary assets and liabilities denominated in foreign currencies are
translated at the rates ruling at the statement of financial position date.
All differences are taken to the statement of comprehensive income.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and
bank balances, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market
rate of interest. The Company currently has no financial assets that are
considered to be of a financing transaction nature.
Financial assets are derecognised when (a) the contractual rights to the cash
flows from the asset expire or are settled, or (b) substantially all the risks
and rewards of the ownership of the asset are transferred to another party or
(c) despite having retained some significant risks and rewards of ownership,
control of the asset has been transferred to another party who has the
practical ability to unilaterally sell the asset to an unrelated third party
without imposing additional restrictions.
Investments
Investments are recognised at the lower of cost or market value.
Financial liabilities
Basic financial liabilities, including trade and other payables, are initially
recognised at transaction price, unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present
value of the future receipts discounted at a market rate of interest. Debt
instruments are subsequently carried at amortised cost, using the effective
interest rate method. Trade payables are obligations to pay for goods or
services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if payment
is due within one year or less. If not, they are presented as non-current
liabilities. Trade payables are recognised initially at transaction price and
subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the increase of new shares or options are shown in equity as a
deduction from the proceeds.
Share based payments
The Company enters equity-settled share-based compensation plans with its
Directors and contractors, in which the counterparty provides services to the
Company in exchange for remuneration in the form of certain equity instruments
of the Company. The equity instruments comprise warrants and share options.
The services received by the Company in these share-based payment agreements
are measured by reference to the fair value of the equity instruments at the
date of grant and are recognised as an expense in the statement of total
comprehensive income with a corresponding increase in equity.
The Company estimates the fair value of the equity instruments at the grant
date using the Black Scholes model in which the terms and conditions upon
which those equity instruments were granted are considered.
Adoption of new and revised standards and changes in accounting policies
There are no new accounting standards which have become effective from 1
January 2022 that have a significant impact on the Group's interim condensed
consolidated financial statements.
5. Other receivables
Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2023 Year ended 6 months to 30 June 2022
31 Dec 2022
Unaudited Unaudited Unaudited
Audited
£'000s £'000s £'000s £'000s
Prepayments 13 13 18 23
Sundry debtors 68 260 - 129
VAT recoverable 26 21 9 10
Closing balance 107 294 27 162
The Directors consider that the carrying amount of other receivables is
approximately equal to their fair value.
6. Trade and other payables
Group Company Group Group
6 months to 30 June 2022 6 months to 30 June 2022 Year ended 6 months to 30 June 2022
31 Dec 2022
Unaudited Unaudited Unaudited
Audited
£'000s £'000s £'000s £'000s
Trade payables 17 10 15 30
Sundry creditors 2,973 1,077 - -
Accruals 87 87 117 58
Closing balance 3,077 1,174 132 89
The Directors consider that the carrying amount of trade payables approximates
to their fair value.
7. Share capital
Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2023 Year ended 6 months to 30 June 2022
31 Dec 2022
Unaudited Unaudited Unaudited
Audited
Allotted, called up and fully paid share capital 16 16 14 14
Movements in Equity
Number of shares in issue
Opening Ordinary Shares in issue of £0.0001 each
141,845,592
Issue of Ordinary Shares of £0.0001 each 18,000,000
Closing New Ordinary Shares in issue of £0.0001 each 159,845,592
The Company has one class of ordinary shares which carry no right to fixed
income.
8. Financial instruments
Interest rate risk
The Company's exposure to interest rate risk, which is the risk that a
financial instrument's value will fluctuate as a result of changes in market
interest rates on classes of financial assets and financial liabilities, was
as follows:
Group Company Group Group
6 months to 30 June 2023 6 months to 30 June 2023 Year ended 6 months to 30 June 2021
31 Dec 2022
Unaudited Unaudited Unaudited
Audited
Floating interest rate £000'
Financial assets and liabilities - - - -
Cash 175 145 362 708
175 145 362 708
The net fair value of financial assets and financial liabilities approximates
to their carrying amount as disclosed in the statement of financial position
and in the related notes.
Financial risk management
The Directors recognise that this is an area in which they may need to develop
specific policies should the Company become exposed to further financial risks
as the business develops.
Capital risk management
The Company considers capital to be its equity reserves. At the current stage
of the Company's life cycle, the Company's objective in managing its capital
is to ensure funds raised meet the Company's working capital commitments.
Credit risk management
With respect to credit risk arising from financial assets of the Company,
which comprise cash and cash equivalents held in financial institutions, the
Company are deemed to be at low credit risk.
Liquidity risk
The Company manages liquidity risk by maintaining adequate banking facilities
and no current borrowing facilities. The Company continuously monitor
forecasts and actual cash flows, matching the maturity profiles of financial
assets and liabilities and future capital and operating comments. The
Directors' consider the Company to have adequate current assets and forecast
cash from operations to manage liquidity risks arising from current and
non-current liabilities.
9. Related party transactions
There were no related party transactions during the period.
10. Earnings per share
Earnings per share is calculated by dividing the loss for the period
attributable to ordinary equity shareholders of the parent by the number of
ordinary shares outstanding during the period.
During the period the calculation was based on the loss for the 6-month period
of £388,000 (2022: £282,000) divided by the weighted number of ordinary
shares 120,737,993, (2022: 26,908,140).
11. Events after the reporting date
As stated above, the convertible loan notes issued on 23 May 2023 were
converted into 2,500,000 ordinary shares on 10 July 2021. There have been no
other significant events between the end of the period and the publication of
these accounts.
- Ends -
For further information please contact:
URA Holdings plc +44 (0)746 368 6497
Bernard Olivier (CEO)
Jeremy Sturgess-Smith (COO)
info@uraholdingsplc.co.uk (mailto:info@uraholdingsplc.co.uk)
Peterhouse Capital Limited +44 (0)20 7469 0930
Lucy Williams
Duncan Vasey
(https://uraholdingsplc.co.uk/announcements-publications.php)
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