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RNS Number : 1455A Jangada Mines PLC 22 September 2025
Jangada Mines Plc / EPIC: JAN.L / Market: AIM/ Sector: Mining
22 September 2025
Jangada Mines Plc ('Jangada' or the 'Company')
Interim Results
Jangada Mines plc, a Brazil focussed natural resource development company, is
pleased to announce its unaudited Interim Results for the period ended six
months to 30 June 2025.
CHAIRMAN'S STATEMENT
Since my last report, Jangada has been transformed with a new strategy
focussed on gold, an exciting project acquisition and the appointment of an
award-winning CEO with a track record of building large scale mining
operations in Brazil. We are now well set on a new path which we believe
will lead to a revaluation the business and reward the patience of our
shareholders.
The period under review was dominated by our desire to broaden our project
base and deliver on our stated objective of acquiring high quality assets that
we believe have transformative revaluation potential. We evaluated the
current commodity demand environment, assessed multiple potential projects and
advanced several opportunities but unfortunately none came to fruition. We
needed to find the right asset. Post period end, we achieved this, launching
our new gold strategy, by acquiring a 33.3% interest and in MTGOLD MINERAÇÃO
LTDA ("MTgold"), the owner of the highly prospective Paranaíta Gold Project
("Paranaíta" or the "Project"), located in Brazil's historically significant
Alta Floresta - Juruena Gold Province.
This transaction for £1 million in new Jangada Ordinary Shares and £250,000
in cash, also provides us with management control and an option to increase
our stake to 50.1% through the issue of a further £500,000 in new Ordinary
Shares, priced using a 20-day VWAP at the time of exercise.
Paranaíta ticks the boxes in terms of our investment criteria, and we are
extremely excited about its potential. Developed by highly experienced
Brazilian geologists with deep regional expertise, the Project has all the
hall marks of a first-rate high grade open pittable project. With an in-ground
gold acquisition cost of ~US$ 10/oz, early resource upgrade potential and a
defined development path, we believe there is acute revaluation upside.
Paranaíta is a 7,211-hectare gold-rich porphyry-epithermal system with
extensive historical data, a record of artisanal mining, and structural
similarities to nearby producing high-grade gold deposits. To date, 15
primary high-grade gold occurrences have already been identified along an 8 km
east-west mineralised corridor. An internally generated resource estimate
currently stands at approximately 210,000 oz Au grading 3.165 g/t, compliant
with Comissão Brasileira de Recursos e Reservas standards. This is expected
to be readily converted to JORC classification and expanded further with
additional exploration work.
More than US$2 million has already been spent on historic exploration that
identified six high-priority zones and yielded excellent results, underscoring
Paranaíta's potential. Samples returned up to 135 g/t Au, drill intercepts
and trenching highlights include 5.0 metres at 5.48 g/t Au and 3.8 metres at
12.5 g/t Au respectively. The alignment of widespread gold mineralisation,
geochemical anomalies, and their correlation with magnetic structures strongly
indicates the potential presence of a large-scale deposit and we are confident
of 1 million oz. Importantly metallurgical test results yielded average
overall gold recovery of 86%.
With a new project and strategy, we have strengthened the team operationally
with the appointment of Brazilian national, Mr Paulo Guimarães Misk as Chief
Executive Officer. An award-winning mining professional with ~40 years'
experience across the full project lifecycle primarily in Brazil, he has the
perfect credentials to execute our strategy. He led Largo Inc.'s recovery from
near-bankruptcy to US$316m net income and a billion-dollar valuation in two
years and has delivered complex projects across the commodity spectrum. He
has held senior roles at Anglo American, AMG and RHI Magnesita and being
recognised with multiple awards, incl. Brazil Mining Personality of the Year
2019. He was formerly President of Bahia Mining Association and has the
expertise to drive Jangada forward and create value.
Paulo has hit the ground running. Following an immediate stie visit commenced
a fully funded exploration programme has commenced at Paranaíta. The
initiative aims to grow the existing 210,000 oz Au resource, to around 350,000
oz Au under JORC, initially focussing on two priority zones: TP02, hosting
106,600 oz Au at 16.65 g/t, and TP3.2, containing 34,588 oz Au at 1.35 g/t.
The programme includes 3,100 metres of trenching, 1,800 metres of RC drilling,
topographic and geophysical surveys, and analysis of more than 600 historic
samples. A Preliminary Economic Assessment for a high-grade, open-pit
operation producing 20,000 oz Au per year is expected in Q1 2026.
Investment Portfolio:
On the investment portfolio, we still retain shareholdings in a number of
entities.
We retain 100% ownership of the Pitombeiras Ferrovanadium Project, Ceará,
Brazil, but as reiterated in my last communique, we have not actively pursued
its development and instead elected to preserve cash and focus on identifying
assets with a quicker pathway to production and more market attractiveness
given current market sentiment.
With regards to Fodere Titanium Limited, we continue to await updates from
them regard funding, the execution of their business model and commercialising
its environmentally sustainable technology for extracting valuable metals from
titanium, vanadium, iron, and steel industries.
We have now partly exited our holding in Blencowe Resources Plc ("Blencowe"),
the proceeds of which are being invested in Paranaíta where we are in
control. We also maintain our small investment in Axies Ventures Limited
which is undertaking exploration of gold and copper projects in Cyprus. A
full update on our investments will be provided in the Final Results when
published.
Financial Results
As a development company, the Group is reporting a Loss from Continuing
Operations of $387k for the six months ended 30 June 2025 (30 June 2024:
$275k). Overall, the reported Total Comprehensive Loss attributable to the
Group for the reporting period was $127k (2024: $428k).
Outlook
I believe we are in an excellent state to deliver future value. Paranaíta
marks an entry point for the Company into the gold arena where the market
fundamentals for high grade development projects, with excellent data, are
extremely strong. This acquisition offers compelling re-rating potential with
limited capital requirements. With gold market fundamentals remaining strong
and investor sentiment favouring quality exploration and development stories,
we believe this is the ideal time to advance such a high-quality asset in a
supportive and mining-friendly jurisdiction.
We have a new CEO, a strong balance sheet, and an excellent platform for
growth. These are exciting times and at a sub £5million market
capitalisation, over the coming months, we expect to see a re-rating of our
Company as investors realise the potential of our gold strategy.
Brian McMaster
Executive Chairman
22 September 2025
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 30 JUNE 2025
30 June 30 June
2025 2024
(Unaudited) (Unaudited)
Notes $'000 $'000
Gain (loss) on fair value of investments 33 277
Profit (loss) on disposal of investments (5) (53)
Directors' remuneration (188) (182)
Foreign exchange (loss)/gain (2) (9)
Administration expenses (225) (308)
Operating loss from continuing operations (387) (275)
Finance expense - -
Loss before tax (387) (275)
Tax expense 5 - -
Loss from continuing operations (387) (275)
Other comprehensive income:
Items that will or may be classified to profit or loss:
Currency translation differences arising on translation of foreign operations 260 (153)
Total comprehensive loss attributable to owners of the parent (127) (428)
Loss per share from loss from continuing operations attributable to the Cents Cents
ordinary equity holders of the Company during the period
- Basic (cents) 6 (0.15) (0.11)
- Diluted (cents) 6 (0.15) (0.11)
Loss per share attributable to the ordinary equity holders of the Company Cents Cents
during the period
- Basic (cents) 6 (0.15) (0.11)
- Diluted (cents) 6 (0.15) (0.11)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 31 December
2025 2024
(Unaudited) (Audited)
Notes $'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 1,170 1,031
Property, plant and equipment 2 2
Investments 8 2,054 1,868
3,226 2,901
Current assets
Other receivables 12 1
Cash and cash equivalents 49 66
61 67
Total assets 3,287 2,968
Liabilities
Current liabilities
Trade payables 616 174
Accruals and other payables 243 239
Total liabilities 859 413
Issued capital and reserves attributable to owners of the parent
Share capital 9 135 135
Share premium 9 5,959 5,959
Translation reserve (574) (834)
Option reserve 10 665 665
Fair value reserve 38 38
Retained earnings (3,795) (3,408)
Total equity 2,428 2,555
Total equity & liabilities 3,287 2,968
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 30 JUNE 2025
Translation reserve Fair value reserve Option Retained earnings
Share capital Share premium reserve Total equity attributable to owners
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance as at 1 January 2024 135 5,959 (528) 38 709 (2,249) 4,064
Total comprehensive loss for the year - - - - - (275) (275)
Loss for the half-year
Other comprehensive loss - - (153) - - - (153)
Total comprehensive loss for the year - - (153) - - (275) (428)
Transactions with owners in their capacity as owners
Shares issued - - - - - - -
Share options issued - - - - - - -
Total transactions with owners - - - - - - -
Balance at 30 June 2024 135 5,959 (681) 38 709 (2,524) 3,636
135 5,959 (834) 38 665 (3,408) 2,555
Balance as at 1 January 2025
Total comprehensive loss for the year - - - - - (387) (387)
Loss for the half-year
Other comprehensive loss - - 260 - - - 260
Total comprehensive loss for the year - - 260 - - (387) (127)
Transactions with owners in their capacity as owners
Shares issued - - - - - - -
Shares options issued - - - - - - -
Total transactions with owner - - - - - - -
Balance at 30 June 2025 135 5,959 (574) 38 665 (3,795) 2,428
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF-YEAR ENDED 30 JUNE 2025
30 June 30 June
2025 2024
(Unaudited) (Unaudited)
Cash flows from operating activities $'000 $'000
Profit / (Loss) before Tax from continuing operations (387) (275)
Add back: loss/(profit) on sale of investment 5 53
Non-cash fair value (gain)/ loss on investments (33) (277)
Non-cash exchange difference 2 9
Operating cash flows before working capital changes (413) (490)
Decrease/(increase) in other receivables (10) 8
(Decrease)/increase in trade and other payables 388 45
Net cash outflow from operating activities (35) (437)
Investing activities
Development of exploration and evaluation assets (4) (8)
Non-cash investment from conversion of short-term loans - -
Sale of shares in investments 18 213
Purchase of shares in investment - -
Net cash (outflow) / inflow from investing activities 14 205
Financing activities
Cancellation of options - -
Net cash from financing activities - -
Net movement in cash and cash equivalents (21) (232)
Cash and cash equivalents at beginning of period 66 414
Movements in foreign exchange 4 6
Cash and cash equivalents at end of period 49 188
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 June 2025
1. General Information
The Company is a public limited company limited by shares,
incorporated in England and Wales on 30 June 2015 with the registration number
09663756 and with its registered office at Eastcastle House, 27/28 Eastcastle
Street, London W1W 8DH. The Company's principal activities are the exploration
and development of mining assets in Brazil.
2. Accounting Policies
Basis of preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules for
Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim
Financial Statements" in preparing this interim financial information. The
condensed consolidated financial information for the six months ended 30 June
2025 has been prepared on a basis consistent with, and on the basis of, the
accounting policies set out in the financial information in the Company's
published results for the year-end to 31 December 2024. The interim financial
statements of the Company have been prepared on the basis of the accounting
policies, presentation, methods of computation and estimation techniques
expected to be adopted in the financial information by the Company in
preparing its annual report as at 31 December 2024.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies Act 2006. It
has been prepared on a going concern basis in accordance with the recognition
and measurement criteria of UK-adopted International Accounting Standards, and
hence the previously reported accounting policies still apply.
The interim condensed consolidated financial statements do
not include all of the information required for full annual financial
statements and should be read in conjunction with the audited consolidated
financial statements of the Company as at and for the year ended 31 December
2024.
Statutory financial statements for the year ended 31 December
2024 were approved by the Board of Directors on 17 June 2025 and delivered to
the Registrar of Companies. The report of the auditors on those financial
statements was unqualified.
The Board have conducted a review of forecast earnings and cash over the next
twelve months, considering various scenarios and sensitivities. The Board have
a reasonable expectation that the Company has adequate resources to continue
in operational existence for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the interim financial
statements.
The consolidated financial information is presented in United States Dollars
($), which is also the functional currency of the Company. Amounts are rounded
to the nearest thousand ($'000), unless otherwise stated.
Changes in accounting principles and adoption of new and
revised standards
In the period ended 30 June 2025, the Directors have reviewed all the new and
revised Standards. There are no standards in issue but not yet effective which
could have a material impact on the financial statements.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Company and Group to continue in operational existence
for the foreseeable future and that, therefore, it is appropriate to adopt the
going concern basis in preparing the condensed consolidated interim financial
statements for the period ended 30 June 2025.
The interim Financial Statements have been prepared on a going concern basis.
Although the Group's assets are not generating revenues and an operating loss
has been reported, the Directors are of the view that the Group has sufficient
funds to meet all committed and contractual expenditure and to maintain good
title to the exploration licences.
As disclosed in the 31 December 2024 financial statements, the directors do
not consider there to be a material uncertainty, which may cast doubt about
the Group and Company's ability to continue as a going concern. The Directors
have a reasonable expectation that the Group will have adequate resources to
meet its capital requirements for the foreseeable future. For that reason, the
Directors have concluded that the financial statements should be prepared on a
going concern basis.
3. Critical accounting estimates and judgements
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed consolidated
interim financial statements as were applied in the preparation of the Group's
annual financial statements for the year ended 31 December 2024.
Judgements
Based on the Company's planned expenditure and working capital requirements,
the Directors have a reasonable expectation that the Company will have
adequate resources to meet its capital requirements for the foreseeable
future.
The Directors have considered the criteria of IFRS 6 regarding the impairment
of exploration and evaluation assets and have decided based on this assessment
that there is no basis to impair the carrying value of its exploration assets
for the Pitombeiras project (2024: $nil) at this time.
Estimates and assumptions
In arriving at the carrying value of investments in associates, the Company
determines the need for impairment based on the level of geological knowledge
and confidence of the mineral resources. Such decisions are taken on the basis
of the exploration and research work carried out in the period utilising
expert report.
The Company measures share options at fair value. For more detailed
information in relation to the fair value measurement of such items, please
refer to Note 10.
4. Segment information
The Company evaluates segmental performance on the basis of profit or loss
from operations calculated in accordance with IFRS 8. In the Directors'
opinion, the Company only operates in one segment: mining services. All
non-current assets have been generated in Brazil.
The Directors believe that the Company's operations are not subject to any
significant seasonality.
5. Tax expense
Half-year ended Half-year ended
30 June 2025 30 June 2024
Continuing operations Continuing operations
(Unaudited) (Unaudited)
$'000 $'000
Loss on ordinary activities before tax (387) (275)
Loss on ordinary activities multiplied by standard rate of corporation tax in (97) (69)
the UK of 25% (2024: 25%)
Effects of:
Recognition of previously unrecognised tax losses - -
Unrelieved tax losses for the period carried forward 97 69
Total tax charge for the period on continuing operations - -
Factors that may affect future tax charges
Apart from the losses incurred to date, there were no factors that may affect
future tax charges.
6. Loss per share
Half-year Half-year
ended ended
30 June 30 June
2025 2024
(Unaudited) (Unaudited)
$'000 $'000
Loss for the year (387) (275)
Weighted average number of shares (basic & diluted) 258,602,032 258,602,032
Loss per share - basic & diluted (US 'cents) (0.15) (0.11)
Subsequent to period end, the following transactions occurred:
· 21 July 2025,
o a placing of 133,333,334 new ordinary shares
o Investor Warrant of 1 warrant per 1 Placing Share,
o Directors fees settled through the issue of 58,333,333 Ordinary Shares
o a consultant agreed to convert fees owing to them into 3,333,333 new
Ordinary Shares.
· On 10 August 2025, 31,000,000 options, with a grant date of 10 August
2021, an expiry date of 10 August 2025 and an exercise price £0.08 per option
share, expired.
· On 20 August, the Company announced an acquisition with consideration
for the acquisition comprising in part 186,880,956 new Ordinary Shares to the
vendors.
Other than the above, there have been no transactions involving ordinary
shares or potential ordinary shares that would significantly change the number
of ordinary shares or potential ordinary shares outstanding between the
reporting date and the date of completion of these financial statements.
7. Exploration & evaluation assets
Exploration and evaluation assets represent the costs of pre-feasibility
studies, field costs, government fees and the associated support costs at the
Company's Pitombeiras West vanadium deposit project. The ultimate recoupment
of costs carried forward for exploration expenditure is dependent on the
successful development and commercial exploitation or sale of the respective
mining areas.
8. Investments
As at As at
30 June 31 December
2025 2024
(Unaudited) (Audited)
$'000 $'000
Investment in Fodere Titanium Limited 1,106 1,011
Investment in Blencowe Resources Plc 1,093 989
Investment in Axies Ventures Limited 69 63
Impairment in Investments (214) (195)
Carrying amount of investments 2,054 1,868
Level 1 Level 2 Level 3 Total
As at 30 June 2025 (Unaudited) $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 1,093 - 961 2,054
Total assets 1,093 - 961 2,054
Level 1 Level 2 Level 3 Total
As at 31 December 2024 (Audited) $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 989 - 879 1,868
Total assets 989 - 879 1,868
The Company holds shares in the share capital of Blencowe Resources Plc
("Blencowe"). Blencowe is a United Kingdom registered natural resources
company focused on the development of the Orom-Cross Graphite Project in
Uganda.
The Company holds shares in the share capital of Fodere Titanium Limited
("Fodere"). Fodere is a United Kingdom registered minerals technology company
which has developed innovative processes for the titanium, vanadium, iron and
steel industries.
The Company holds shares in the share capital of Axies Ventures Limited
("Axies"). Axies is a United Kingdom registered exploration and development
company focused on the Axies Copper Project in Cyprus.
9. Share capital
30 June 2025 31 December 2024
Issued Share Capital Share premium Issued Share Capital Share premium
Number $'000 $'000 Number $'000 $'000
At beginning and end of the period ordinary shares of 0.04p each: 258,602,032 135 5,959 258,602,032 135 5,959
Ordinary shares
Ordinary shares have the right to receive dividends as declared and, in the
event of a winding up of the Company, to participate in the proceeds from sale
of all surplus assets in proportion to the number of and amounts paid up on
shares held. Ordinary shares entitle their holder to one vote, either in
person or proxy, at a meeting of the Company.
10. Share options and warrants
Average exercise price per share option Period ended 30 June Average exercise price per share option Year ended 31 December 2024
$
$
2025 Number of
Number of options
options
At the beginning of the period - 31,000,000 - 34,844,444
Share options expired 9 February 2024 - - 0.09 (694,444)
Share options expired 30 November 2024 0.02 (3,150,000)
At the end of the period 31,000,000 31,000,000
On 19 February 2024, 694,444 options, with a grant date of 19 February 2021,
an expiry date of 19 February 2024 and an exercise price £0.09 per option
share, expired.
On 30 November 2024, 3,150,000 options, with a grant date of 1 December 2019,
an expiry date of 30 November 2024 and an exercise price £0.02 per option
share, expired.
Subsequent to the reporting period, on 10 August 2025, 31,000,000 options,
with a grant date of 10 August 2021, an expiry date of 10 August 2025 and an
exercise price £0.08 per option share, expired.
As at As at
30 June 2025 31 December 2024
$'000 $'000
Share based payments reserve
At beginning of period 665 709
Share based payments surrendered - (44)
Closing balance 665 665
Share options warrants outstanding at the end of the period have the following
expiry date and exercise prices:
Share options/warrants 30 June Share options/warrants 31 December
2025 2024
Exercise price
Grant date Expiry date £
10 August 2021 10 August 2025 0.08 31,000,000 31,000,000
The fair value at grant date is independently determined using an adjusted
form of the Black Scholes Model that takes into account the exercise price,
the term of the option, the impact of dilution (where material), the share
price at grant date and expected price volatility of the underlying share, the
expected dividend yield, the risk-free interest rate for the term of the
option and the correlations and volatilities of the peer group companies. In
addition to the inputs in the table above, further inputs as follows:
The model inputs for the 30,000,000 director and Brazilian employee options
and 1,000,000 third party warrants granted for consulting services included:
(a) 30,000,000 options are granted and split into two Tranches,
whereby 20,250,000 tranche A options have vesting conditions linked to
performance and 9,750,000 Tranche B options vest immediately.
(b) Tranche A is split further with 9,450,000 options vesting once
all necessary permits required to commence production are received and then a
further 10,800,000 options vest upon commencement of production at the
Pitombeiras Vanadium Project.
(c) The 9,450,000 options have a vesting period of two years from
grant date and the 10,800,000 options have a vesting period of three years
from the grant date.
(d) 1,000,000 warrants are granted for no consideration and vested
warrants are exercisable for a period of three years after the grant date: 10
August 2021.
(e) expiry date: 10 August 2025.
(f) share price at grant date: 8.0 pence.
(g) expected price volatility of the company's shares: 70.24%.
(h) risk-free interest rate: 0.591%.
11. Related Party Transactions
During the period the Company entered into the following transactions with
related parties:
Half-year ended Half-year ended
30 June 2025 30 June 2024
(Unaudited) (Unaudited)
$'000 $'000
FFA Legal Ltda
Legal and accountancy services expensed - 36
FFA Legal Ltda is a related party to the Company due to having a director in
common with Company. At the period end it was owed $nil (2024: $nil).
12. Parent Entity
Parent Entity Information 30 June 31 December
2025
2024
$'000 $'000
(Unaudited) (Audited)
Current assets 35 40
Non-Current assets 3,837 3,650
Total assets 3,872 3,690
Current liabilities (859) (412)
Total liabilities (859) (412)
Net Assets 3,013 3,278
Share capital 135 135
Share premium 5,959 5,959
Reserves (401) (682)
Accumulated losses (2,680) (2,134)
Total Equity 3,013 3,278
Loss of the parent entity (546) (1,118)
Other comprehensive profit for the year - -
Total comprehensive loss of the parent entity (546) (1,118)
13. Subsequent Events
On 21 July 2025, the Company announced it had raised £800,000 through a
placing of 133,333,334 new ordinary shares of £0.0004 par value in the
capital of the Company ("Ordinary Shares") at a price of 0.6 pence per share.
Also, as part of this, the Company agreed to issue an Investor Warrant of 1
warrant per 1 Placing Share, exercisable at 1 pence for a period of 2 years
from Admission. Further, alongside this, the Company announced that the
Directors have elected to convert accrued fees of £350,000 into equity
through the issue of 58,333,333 Ordinary Shares at the Placing Price. In
addition, a consultant to the Company has agreed to convert £20,000 of fees
owing to them into 3,333,333 new Ordinary Shares.
On 10 August 2025, 31,000,000 options, with a grant date of 10 August 2021, an
expiry date of 10 August 2025 and an exercise price £0.08 per option share,
expired.
On 20 August 2025, the Company announced the completion of its acquisition of
an initial 33.3% equity interest in MTGOLD MINERAÇÃO LTDA. The consideration
for the acquisition comprises the equivalent of £1 million in value of new
Jangada Ordinary Shares and £250,000 in cash. Accordingly, the Company has
issued 186,880,956 new Ordinary Shares to the vendors.
The Company sold 8,850,000 Blencowe Resources shares in July and August 2025.
Other than the above, there have been no significant events after the
reporting period.
14. Nature of Financial Information
The condensed consolidated interim financial information presented above does
not constitute statutory financial statements for the period under review.
15. Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 19 September 2025.
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