TIDMORM
RNS Number : 3898T
Ormonde Mining PLC
28 September 2010
?
28 September 2010
Ormonde Mining plc
Interim Results for the Six Months Ended 30 June 2010
DUBLIN & LONDON: 28 September 2010 - Ormonde Mining plc, the Spain-focused
development and exploration company, is pleased to announce its unaudited
interim results for the six months ended 30 June 2010.
Highlights:
Barruecopardo
Barruecopardo mineral resource upgraded to 11 million tonnes of 0.45%
WO3, with 60% of the resource now in Indicated status
Scott Wilson Mining study demonstrates increased production rates, a 10
year open pit prior to underground mining and very robust economics
Tungsten price continues to rise due to increasing supply side constraints.
La Zarza
Antofagasta opts to continue to fund exploration in the joint venture and
applications submitted for further exploration permits.
Michael Donoghue, Chairman of the Company, commented today,
"The Company has made significant strides over the first half of the year: the
independent Study on our tungsten project in Spain has been very encouraging
both on an economic and technical level and we will now press forward with
advancing the project towards production as rapidly as possible. The decision
by Antofagasta to continue to fund the joint venture at La Zarza is also very
encouraging".
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director,
Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mobile: +44 (0)7703
167065
Davy (Nominated Adviser & Joint Broker to Ormonde)
Fergal Meegan/Roland French Tel: + 353 (0)1 6796363
Fairfax I.S. PLC (Joint Broker)
Ewan Leggat/Katy Birkin Tel: +44 (0)207 598 5368
CHAIRMAN'S STATEMENT
OPERATIONAL REVIEW
I am very pleased to be in a position to report that we have made significant
progress on all fronts during 2010 and we now are entering a period where we
expect to move Barruecopardo towards the final engineering design phase with a
view to development of a mining operation in 2012. Progress at our La Zarza
project has also been very satisfactory with Antofagasta electing to continue to
fund expenditure on this joint venture.
Barruecopardo
A significant mineral resource upgrade was completed in May, with both a
doubling of the resource to 11 million tonnes at 0.45% WO3 (JORC-compliant) and
the upgrading of 60% of the resource from Inferred to Indicated status.
Following this, the Company engaged consultants Scott Wilson Mining to carry out
anindependent technical and economic Study, with an emphasis on the initial
years of a mining operation. The results of this Study show that the optimum
approach to mining in the initial 10 year period, based solely upon current
Indicated Resources, would be by open pit at a design production capacity of
500,000 tonnes per annum, an increase of 25% on the previously estimated initial
production rates. The Board regards the Study as very encouraging, not only in
terms of an improved production rate, but also due to the assessment that the
project would support an open pit operation for ten years prior to the
development of an underground mine.
At current tungsten prices, this Base Case is capable of generating Euro 9M per
year of averaged pre-tax operating cash flows for 10 years; rising to Euro 14M
per year at the higher tungsten prices suggested by commodity analysts, who
forecast a tungsten market supply deficit in the next few years. The initial
capital cost for the Base Case is Euro 30M. The Study also considered the
possibility of further increasing the open pit production rate to 800,000 tonnes
per annum for 10 years (Expanded Case) by the inclusion of the Inferred
Resources. This could result in the project generating Euro 16M per year of
averaged pre-tax operating cash flows at the current tungsten price.
These cash flows, relative to the low capital cost, would support a high level
of debt financing for the capital development stage of the project. Your
Company is advancing its discussions with both concentrate off-take end-users
and various banks with a view to putting in place an appropriate mix of debt,
off-take contracts and possibly a component of joint venture/equity funding,
when the engineering design phase and permitting has been completed.
The Scott Wilson Study considered only material that could be mined by open pit
in the first 10 years of an operation. Your Company anticipates that mining
would be continued by underground methods post completion of the Base Case
10-year open pit, to provide for a long life mine.
Drilling is resuming on site, focussed on infilling between the relevant
previous drillholes, and work on the engineering design phase is scheduled for
2011, with the objective of bringing a mining operation into production by late
2012.
La Zarza
Exploration activities at La Zarza, through the joint venture with Antofagasta
Minerals, proceeded during the first half of the year with drilling, geophysical
surveying and work on a revised structural interpretation for the massive
sulphides. This work formed the basis for a new global resource estimate
(non-JORC compliant) of 61M tonnes, grading 0.8% copper, 0.9g/t gold, 0.6% lead,
2.0% zinc and 5.7g/t silver. This resource includes a much smaller but higher
grade copper and gold "Silicatado" resource, which was the subject of Ormonde's
earlier studies. Encouragingly, after completion of its first year expenditures,
Antofagasta has opted to continue to fund exploration on the joint venture.
Ormonde has submitted applications to the provincial mining authority for
additional permits covering the strike extension of the La Zarza system and
controlling structures. These permits are to be included in the Joint venture
and work programmes will be extended over the new permit areas.
Salamanca Gold Properties
While the Company concentrates its funds and resources on progressing
Barruecopardo to production, the Board is at the same time anxious to advance
exploration of its highly prospective gold properties in Salamanca. With this
in mind, the Board commissioned an independent report on these properties by CSA
Global Pty Ltd. The report concluded that the properties incorporate all the
major features of classic intrusion related gold systems, which host a
considerable number of large scale, lower grade, gold mines in various parts of
the World.
The Board concluded that the best way to advance the work programmes on these
gold properties, as recommended in this report, would be through third party
funding via a joint venture. Expressions of interest have been received from
several parties and these are being pursued.
CORPORATE
Ormonde's operating loss for the period was EUR258k (EUR242k for the 6 months to
June 2009), which reflects a continued containment of administrative expenses.
We raised EUR726k (net of expenses) through a placement at the end of June for the
Company's activities on Barruecopardo and general working capital purposes.
Looking ahead, the favourable outlook for the tungsten market, as the
supply-demand situation tightens, is underpinning a strengthening of the
tungsten price, and I believe the prognosis for the future of tungsten producers
is very positive. Against this backdrop, work on Barruecopardo has yielded very
favourable technical and economic results. We intend to move this project
forward as rapidly as possible to become a major tungsten producer,
In closing I would like to welcome Fairfax as our joint broker with Davy. This
additional mining research and marketing capability in the London investment
community will be of great benefit to your Company as we progress forward.
Michael J. Donoghue
Chairman
28 September 2010
+-------------------------+------------+------------+------------+
| Ormonde Mining PLC | | | |
+-------------------------+------------+------------+------------+
| Consolidated Statement | | | |
| of Comprehensive Income | | | |
+-------------------------+------------+------------+------------+
| Six months ended 30 | | | |
| June 2010 | | | |
+-------------------------+------------+------------+------------+
| | unaudited | unaudited | audited |
+-------------------------+------------+------------+------------+
| | 6 months | 6 months | Year ended |
| | ended | ended | |
+-------------------------+------------+------------+------------+
| | 30-Jun-10 | 30-Jun-09 | 31-Dec-09 |
+-------------------------+------------+------------+------------+
| | EUR000s | EUR000s | EUR000s |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| Turnover | 0 | 0 | 0 |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| Administration expenses | (256) | (242) | (492) |
+-------------------------+------------+------------+------------+
| Exploration costs | 0 | 0 | (1,087) |
| written off | | | |
+-------------------------+------------+------------+------------+
| Finance income | 0 | 2 | 4 |
+-------------------------+------------+------------+------------+
| | ______ | ______ | ______ |
+-------------------------+------------+------------+------------+
| Loss for the period | (256) | (240 | (1,575) |
| before tax | | | |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| Interest payable | (2) | (2) | 0 |
+-------------------------+------------+------------+------------+
| Income tax expense | 0 | 0 | (4) |
+-------------------------+------------+------------+------------+
| | ______ | ______ | ______ |
+-------------------------+------------+------------+------------+
| Loss for the period | (258) | (242) | (1,579) |
| from continuing | | | |
| operations | | | |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| Other Comprehensive | 0 | 0 | 0 |
| Income | | | |
+-------------------------+------------+------------+------------+
| | ______ | ______ | ______ |
+-------------------------+------------+------------+------------+
| Total Comprehensive | (258) | (242) | (1,579) |
| Income for the period - | | | |
| all attributable to | | | |
| equity holders of the | | | |
| Company | | | |
+-------------------------+------------+------------+------------+
| | | | |
+-------------------------+------------+------------+------------+
| Loss per share | | | |
+-------------------------+------------+------------+------------+
| Basic | -EUR0.0011 | -EUR0.0012 | -EUR0.0071 |
+-------------------------+------------+------------+------------+
| Diluted | -EUR0.0011 | -EUR0.0012 | -EUR0.0070 |
+-------------------------+------------+------------+------------+
+------------------------------+------------+------------+------------+
| Ormonde Mining PLC | | | |
+------------------------------+------------+------------+------------+
| Consolidated Statement of | | | |
| Financial Position | | | |
+------------------------------+------------+------------+------------+
| As at 30 June 2010 | | | |
+------------------------------+------------+------------+------------+
| | unaudited | unaudited | audited |
+------------------------------+------------+------------+------------+
| | 30-Jun-10 | 30-Jun-09 | 31-Dec-09 |
+------------------------------+------------+------------+------------+
| | EUR000s | EUR000s | EUR000s |
+------------------------------+------------+------------+------------+
| Assets | | | |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Non current assets | | | |
+------------------------------+------------+------------+------------+
| Intangible assets - | 11,885 | 12,422 | 11,632 |
| Exploration and Evaluation | | | |
| assets | | | |
+------------------------------+------------+------------+------------+
| Property, plant & equipment | 6 | 11 | 9 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total Non-Current Assets | 11,891 | 12,433 | 11,641 |
+------------------------------+------------+------------+------------+
| Current assets | | | |
+------------------------------+------------+------------+------------+
| Trade & other receivables | 286 | 156 | 109 |
+------------------------------+------------+------------+------------+
| Cash & cash equivalents | 895 | 256 | 498 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total Current Assets | 1,181 | 412 | 607 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total assets | 13,072 | 12,845 | 12,248 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Equity & liabilities | | | |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Equity | | | |
+------------------------------+------------+------------+------------+
| Called up share capital | 7,906 | 7,102 | 7,447 |
+------------------------------+------------+------------+------------+
| Share premium account | 19,283 | 18,666 | 19,016 |
+------------------------------+------------+------------+------------+
| Other capital reserves | 269 | 268 | 269 |
+------------------------------+------------+------------+------------+
| Retained losses | (15,516) | (13,920) | (15,258) |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total equity - attributable | 11,942 | 12,116 | 11,474 |
| to the owners of the Company | | | |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Non-current liabilities | | | |
+------------------------------+------------+------------+------------+
| Trade & other payables | 300 | 650 | 100 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total Non-Current | 300 | 650 | 100 |
| Liabilities | | | |
+------------------------------+------------+------------+------------+
| Current liabilities | | | |
+------------------------------+------------+------------+------------+
| Trade & other payables | 830 | 79 | 674 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total Liabilities | 1,130 | 729 | 774 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| Total equity & liabilities | 13,072 | 12,845 | 12,248 |
+------------------------------+------------+------------+------------+
| | _______ | _______ | _______ |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
+--------------------------+-------------+-------------+-------------+
| Ormonde Mining PLC | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
| Consolidated Statement | | | |
| of Cashflows | | | |
+--------------------------+-------------+-------------+-------------+
| Six months ended 30 June | | | |
| 2010 | | | |
+--------------------------+-------------+-------------+-------------+
| | unaudited | unaudited | audited |
+--------------------------+-------------+-------------+-------------+
| | 6 months | 6 months | Year ended |
| | ended | ended | |
+--------------------------+-------------+-------------+-------------+
| | 30-Jun-10 | 30-Jun-09 | 31-Dec-09 |
+--------------------------+-------------+-------------+-------------+
| | EUR000s | EUR000s | EUR000s |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Cashflows from operating | | | |
| activities | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Net loss before interest | (256) | (242) | (1,576) |
| & tax | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Adjustments for: | | | |
+--------------------------+-------------+-------------+-------------+
| Depreciation | 3 | 5 | 9 |
+--------------------------+-------------+-------------+-------------+
| Exploration costs | 0 | 0 | 1,087 |
| written off | | | |
+--------------------------+-------------+-------------+-------------+
| Investment income | 0 | 0 | (3) |
| recognised in P&L | | | |
+--------------------------+-------------+-------------+-------------+
| (Increase)/Decrease in | (178) | 43 | 91 |
| receivables | | | |
+--------------------------+-------------+-------------+-------------+
| Increase/(decrease) in | 356 | (419) | (375) |
| liabilities | | | |
+--------------------------+-------------+-------------+-------------+
| Income taxes paid | 0 | 0 | (2) |
+--------------------------+-------------+-------------+-------------+
| | ________ | ________ | ________ |
+--------------------------+-------------+-------------+-------------+
| Cash generated from | (75) | (613) | (769) |
| operations | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Cashflows from financing | | | |
| activities | | | |
+--------------------------+-------------+-------------+-------------+
| Proceeds from issue of | 726 | 0 | 695 |
| share capital | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Investing activities | | | |
+--------------------------+-------------+-------------+-------------+
| Purchase of plant & | 0 | 0 | (2) |
| equipment | | | |
+--------------------------+-------------+-------------+-------------+
| Expenditure on | (253) | (271) | (568) |
| exploration activities | | | |
+--------------------------+-------------+-------------+-------------+
| Interest | (2) | 2 | 4 |
| received/(payable) | | | |
+--------------------------+-------------+-------------+-------------+
| Non cash movements | 0 | 0 | 0 |
+--------------------------+-------------+-------------+-------------+
| | ________ | ________ | ________ |
+--------------------------+-------------+-------------+-------------+
| Net cash used in | (255) | (269) | (566) |
| investing activities | | | |
+--------------------------+-------------+-------------+-------------+
| | ________ | ________ | ________ |
+--------------------------+-------------+-------------+-------------+
| Net (decrease)/increase | 397 | (882) | (640) |
| in cash | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Cash at beginning of | 498 | 1,138 | 1,138 |
| period | | | |
+--------------------------+-------------+-------------+-------------+
| | ______ | ______ | ______ |
+--------------------------+-------------+-------------+-------------+
| Cash at end of period | 895 | 256 | 498 |
+--------------------------+-------------+-------------+-------------+
+--------------------------+---------+---------+---------+----------+----------+---------+
| Ormonde Mining PLC | | | | | | |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | Share | | Share | | Retained | Total |
| Consolidated Statement | Capital | | based | | losses | |
| of Changes in Equity | | Share | payment | Other | | |
| | | Premium | reserve | Reserves | | |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | EUR000s | EUR000s | EUR000s | EUR000s | EUR000s | EUR000s |
+--------------------------+---------+---------+---------+----------+----------+---------+
| At 1 January 2009 | 7,102 | | | | (13,679) | 12,358 |
| | | 18,666 | 232 | 37 | | |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Proceeds of share issue | - | - | - | - | - | - |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Loss for the period | - | - | - | - | (242) | (242) |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+--------------------------+---------+---------+---------+----------+----------+---------+
| At 30 June 2009 | 7,102 | 18,666 | 232 | 37 | (13,921) | 12,116 |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Proceeds of share issue | 345 | 350 | - | - | - | 695 |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Loss for the period | - | - | - | - | (1,337) | (1,337) |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+--------------------------+---------+---------+---------+----------+----------+---------+
| At 31 December 2009 | 7,447 | 19,016 | 232 | 37 | (15,258) | 11,474 |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Proceeds of share issue | 459 | 267 | - | - | - | 726 |
+--------------------------+---------+---------+---------+----------+----------+---------+
| Loss for the period | - | - | - | - | (258) | (258) |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+--------------------------+---------+---------+---------+----------+----------+---------+
| At 30 June 2010 | 7,906 | 19,283 | 232 | 37 | (15,516) | 11,942 |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ |
+--------------------------+---------+---------+---------+----------+----------+---------+
| | | | | | | |
+--------------------------+---------+---------+---------+----------+----------+---------+
Notes to the Interim Financial Statements
1. Segmental Analysis
The Group is engaged in one business segment only, exploration of mineral
resource projects. Therefore only an analysis by geographical segment has been
presented. The Group has geographic segments in Ireland and Spain.
The segment results for the period ended 30th June 2010 are as follows:
+------------------------+---------+-------+
| | Ireland | |
| | | |
| | | Spain |
+------------------------+---------+-------+
| | EUR000s | |
| | | EUR000s |
+------------------------+---------+-------+
| Segment result before | - | (258) |
| tax | | |
+------------------------+---------+-------+
| | | |
+------------------------+---------+-------+
| Loss for the period | - | (258) |
+------------------------+---------+-------+
| | | |
+------------------------+---------+-------+
2. Loss per share
The basic and weighted average number of ordinary shares used in the calculation
of basic earnings per share are as follows:
+--------------------------+-------------+-------------+-------------+
| | 30-Jun-10 | | |
| | | | |
| | | 30-Jun-09 | 31-Dec-09 |
+--------------------------+-------------+-------------+-------------+
| | EUR000s | | |
| | | EUR000s | EUR000s |
+--------------------------+-------------+-------------+-------------+
| Loss for the period | (258) | (242) | (1,579) |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Weighted average number | 241,711,655 | | |
| of ordinary shares for | | | |
| the purposes of basic | | 217,170,586 | 223,365,910 |
| earning per share | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
| Basic loss per ordinary | (0.11) | (0.12) | (0.71) |
| share (in cent) | | | |
+--------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------+-------------+-------------+-------------+
Diluted earnings per share
The earnings used in the calculation of the diluted earnings per share are the
same as those for the basic earnings per share as outlined above.
3. Intangible assets - Exploration costs
+--------------------------+-------------+---------+
| | | |
+--------------------------+-------------+---------+
| | Exploration | |
| | and | |
| | Evaluation | Total |
| | Assets | |
+--------------------------+-------------+---------+
| | EUR000s | |
| | | EUR000s |
+--------------------------+-------------+---------+
| Cost | | |
+--------------------------+-------------+---------+
| At 1 January 2010 | 11,632 | 11,632 |
+--------------------------+-------------+---------+
| Additions | 253 | 253 |
+--------------------------+-------------+---------+
| At 30 June 2010 | 11,885 | 11,885 |
+--------------------------+-------------+---------+
| | | |
+--------------------------+-------------+---------+
4. Property, Plant and Equipment
+--------------------------+-----------+-----------+----------+---------+
| | Fixtures | Computer | Motor | Total |
| | & | Equipment | Vehicles | |
| | Fittings | | | |
+--------------------------+-----------+-----------+----------+---------+
| | EUR000s | EUR000s | EUR000s | EUR000s |
+--------------------------+-----------+-----------+----------+---------+
| Cost | | | | |
+--------------------------+-----------+-----------+----------+---------+
| At 1 January 2010 | 22 | 45 | 18 | 85 |
+--------------------------+-----------+-----------+----------+---------+
| Additions | - | - | - | - |
+--------------------------+-----------+-----------+----------+---------+
| At 30 June 2010 | 22 | 45 | 18 | 85 |
+--------------------------+-----------+-----------+----------+---------+
| | | | | |
+--------------------------+-----------+-----------+----------+---------+
| Accumulated Depreciation | | | | |
+--------------------------+-----------+-----------+----------+---------+
| At 1 January 2010 | 22 | 43 | 11 | 76 |
+--------------------------+-----------+-----------+----------+---------+
| Depreciation expense | - | 2 | 1 | 3 |
+--------------------------+-----------+-----------+----------+---------+
| At 30 June 2010 | 22 | 45 | 12 | 79 |
+--------------------------+-----------+-----------+----------+---------+
| | | | | |
+--------------------------+-----------+-----------+----------+---------+
| Net Book Value at 30 | - | - | 6 | 6 |
| June 2010 | | | | |
+--------------------------+-----------+-----------+----------+---------+
| Net Book Value at 31 | - | 2 | 7 | 9 |
| December 2009 | | | | |
+--------------------------+-----------+-----------+----------+---------+
5. Share Capital
+--------------------------+-----------+-----------+-----------+
| | 30-Jun-10 | | |
| | | 30-Jun-09 | 31-Dec-09 |
+--------------------------+-----------+-----------+-----------+
| Authorised Equity | EUR000s | EUR000s | EUR000s |
+--------------------------+-----------+-----------+-----------+
| 450,000,000 Ordinary | 11,250 | | |
| shares of 2.5c each | | 7,500 | 7,500 |
| (300,000,000 : 31 Dec | | | |
| 2009) | | | |
+--------------------------+-----------+-----------+-----------+
| 100,000,000 Deferred | 3,809 | | |
| shares of 3.809214 cent | | 3,809 | 3,809 |
| each | | | |
+--------------------------+-----------+-----------+-----------+
| | 15,059 | 11,309 | 11,309 |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
| Issued Capital | | | |
+--------------------------+-----------+-----------+-----------+
| Share capital | 7,906 | 7,102 | 7,447 |
+--------------------------+-----------+-----------+-----------+
| Share premium | 19,283 | 18,666 | 19,016 |
+--------------------------+-----------+-----------+-----------+
| | 27,189 | 25,768 | 26,463 |
+--------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------+-----------+-----------+-----------+
The financial information has been prepared under International Financial
Reporting Standards using accounting policies consistent with those in the last
Annual Report.
No dividends were paid or proposed in respect of the six months ended 30 June
2010.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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