REG - SEEEN PLC - Interim Results
29/09/2023 07:00
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RNS Number : 0849O SEEEN PLC 29 September 2023
SEEEN plc
("SEEEN", "Group", or the "Company")
Interim Results for the six months ended 30 June 2023
SEEEN plc (AIM: SEEN), the global media and technology platform that delivers
Key Video Moments and Video Commerce to transform its clients' video
profitability, is pleased to release its Interim Results for the six months
ended 30 June 2023 ("1H23") and the outlook for the remainder of financial
year 2023 ("FY23").
Further to our Technology Demo Day held on 14 September 2023, readers are
encouraged to visit seeen.com/techday/videos
(http://www.seeen.com/techday/videos) to learn more about the Group's
technology products and case studies across different verticals showing how
CreatorSuite 2.0 and the Group's other technology products and solutions
transform the profitability of our customers' investments in video.
1H23 Operating Highlights
· Continued progress against the Group's core technology KPIs,
reflecting investment in new sales hires:
o 22 vertical market customers in the financial publishing, sports and
retail & services markets
o 4 strategic customers in the publishing industry
o 8 e-commerce led customers
o Development of CreatorSuite 2.0, which was completed after period end
o Development of a beta version of ShortsCut, a new AI-based vertical
clipping tool to create short form video from long form content
· Creator Service Partner business (CSP, formerly called MCN)
increasingly profitable
o Increased focus on targeting publishers with large video back catalogues
to optimise historic and new video content through "Key Video Moments"
1H23 New Customer Wins
· First FAST (Free Advertising Supported Television) channel
client, as part of our YouTube CSP, expected to be worth approximately $1m in
revenues per year, for whom SEEEN is driving growth by accessing its back
catalogue to create Shorts and re-mixed content with potential for further
upsells of CreatorSuite 2.0. Since the period end, we have successfully sold
these services to another FAST channel
· Major financial publisher in the US to leverage events videos
with Key Video Moments to drive sign-ups for ongoing events (physical and
online), as well as magazine subscriptions with cross-selling opportunities
given the launch of CreatorSuite 2.0 with advertising as a key feature
· Sign up of several sports clubs, across multiple sports for
CreatorSuite 2.0 to drive increased fan engagement and sales direct from
existing video collections
1H23 Financial Highlights
Profitability
● Gross profit of $0.3 million, higher than 1H22 driven by improved
gross margin of 24.6% (1H22: 14.4%), reflecting increasing mix of technology
sales, as well as ongoing improved margins at the Group's CSP business
● Adjusted Group EBITDA(*) loss of $0.3m (1H22: loss of $0.4m),
reflecting increased investment in sales team, offset by increased
profitability from technology business
Revenues
● Changing mix of revenue reflecting proprietary technology
commercialisation
● Revenues from customers using CreatorSuite, the Group's primary
technology product, of approximately $450K, representing approximately 40% of
the Group's revenue (1H22: 33%)
o Recurring technology revenues of approximately $85,000 (1H22: $35,000)
● Total Group revenues of $1.1m (1H22: $1.9m). Reduction reflects:
(i) elimination of unprofitable revenue from CSP channel partners with no
technology upselling potential; (ii) loss of all CSP advertising revenue in
Russia since the start of the Ukrainian conflict; but also (iii) an increasing
proportion of technology sales within the revenue mix
Balance Sheet
● Cash as at 30 June 2023 of $2.1m; Group has sufficient resources
to reach profitability by executing on its sales strategy to drive both
technology and CSP sales
Post Period End Highlights
● Release of CreatorSuite 2.0 with new proprietary features focused
on delivering customisable, AI-driven Shoppable Video Prompts ("SVPs") and
additional functionality, such as advertising, to better service strategic
markets
● Successful Technology Day, which outlined the key benefits of
CreatorSuite 2.0 for customers
o Click through rates on video of up to 25%
o Cost per customer reduced by as much as 50% in Pay Per Click campaigns
o Significant increases in SEO (Search Engine Optimisation) traffic for
pages with Key Video Moments
● Initial beta release of ShortsCut tool
● Continued to win new customers across target markets:
o Second FAST channel secured, initially for YouTube CSP and Shorts Creation
services
o Additional sports clubs signed up across multiple different sports for
CreatorSuite 2.0
o E-commerce customers signed up to use CreatorSuite 2.0
2023 and 2024 Outlook
● Strong customer pipeline, driven by new technology products and
sales people
o Pipeline includes customers with potential for in excess of $2 million in
annual revenue for CSP
● 2023 revenues will be dependent on both YouTube advertising
market, which is typically strongest in 4Q, and continuing to execute against
customer pipeline, including some significantly larger opportunities in order
to achieve market expectations
● In addition to ongoing sales growth, 2024 revenues will
additionally benefit from a full year of technology sales made during 2023, as
well as potential for larger contracts targeted for signing during 4Q 2023
● On track to broadly meet market expectations for 2023 adjusted
EBITDA as the revenue mix shifts increasingly to technology based sales
● On track to achieve monthly cash flow breakeven from current
pipeline of opportunities
Notes:
* See Note 5 to the accounts for a full reconciliation of adjustments between
reported and adjusted figures.
Adrian Hargrave, CEO of SEEEN, commented:
"In the first half of 2023, we have delivered against the strategy outlined at
the time of our fundraise. We have released CreatorSuite 2.0, developed
ShortsCut and, accelerated by our new sales hires, made significant progress
with customer sales and growing our pipeline. We are operating in a fast
growing market, characterised by increasing shifts towards video commerce and
generative AI for video. This gives us confidence that despite macroeconomic
headwinds, we will continue to accelerate our customer traction. We need to
remain opportunistic in our approach, but we have a strong team and product
set that we expect to drive us to breakeven. We look forward to delivering
further progress and shareholder value."
For further information please contact:
SEEEN plc Tel: +44 (0)7775 701 838
Adrian Hargrave, CEO Website: seeen.com (http://www.seeen.com)
Carmel Warren, CFO
Allenby Capital Limited Tel: +44 (0)20 3328 5656
(Nominated Adviser and Joint Broker)
Alex Brearley / George Payne (Corporate Finance)
Tony Quirke / Amrit Nahal (Sales and Corporate Broking)
Dowgate Capital Limited (Joint Broker) Tel: +44(0)20 3903 7721
Stephen Norcross
focusIR (Investor Relations) Tel: +44(0) 07866 384 707
Paul Cornelius / Kat Perez seeen@focusir.com
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").
CEO's Statement
Overview
After a successful fundraising in late 2022, we have executed against the
strategy promised to investors at that time. During 2023, the Company's
position has strengthened in the marketplace, as video commerce is becoming
more important for all video asset owners. This was clearly illustrated at our
recent Technology Demo Day. We have progressed along the key dimensions of a
successful growth plan:
· New commercial sales in our target sectors worth more than $1
million in annual revenue:
o Strategic customer #1 - FAST channel for whom we have used our AI to
create new content, including their most watched short form video of all time
with more than 30 million views across all platforms
o Strategic customer #2 - Technology-led sale to a major US financial
publisher to create a bespoke site leveraging video content from their events
to drive greater levels of ticket sales
o Addition of 14 vertical and e-commerce customers across sports, financial
publishing and brands, driving increased views, sales and engagement
· Creation of a sales organisation
o Hiring of sales people in the UK and the US to focus on our key markets.
This team works closely with both the technology and the CSP team to drive
customer success, resulting in successful self-serve deployments, as well as
bespoke integrations, such as automatically filling shopping carts within
e-commerce platforms
· Expanding sales pipeline
o Growing pipeline of opportunities across all target markets, including
larger opportunities that could be worth in excess of $2 million in annual
revenues
§ Focus on both technology and CSP sales with potential for cross-selling to
customers
· Prioritising technology sales while integrating and increasing
the profitability of SEEEN's CSP
o Increasing use of our technology offering for our CSP partner channels,
driving higher margin business with channels that want to do better with short
form content and drive video commerce
· Progress towards cash flow positive
o Improving gross margin reflects focus on technology-led sales and a more
profitable CSP business
o Development of product stack successfully completed to allow execution
against current sales pipeline, the Group's cost base is now focused on
delivering sales
· Despite the focus on profitability, we have reinvested in our
technology offering to build sustainable value by delivering proprietary
offerings to attack a large and growing market opportunity
o Release of CreatorSuite 2.0, including Shoppable Video Prompts, Fully
Customisable End Cards and advertising, building on our previous Key Video
Moment technology
o ShortsCut is already being used by some of our larger CSP partners to find
relevant short form content for publication and re-mixing, this will be more
aggressively rolled out in 4Q 23
On 14 September, we showcased our progress in a coherent way at our Technology
Demo Day, bringing together shareholders, customers and partners. During this
technology day, we outlined how our technology benefits customers, both
through an interactive panel who described how the video landscape is changing
and how SEEEN's platform offering helps them, as well as through six case
studies across different use cases, highlighting statistics such as how SEEEN
has helped deliver up to 25% clickthrough rates on video commerce
opportunities, driven a doubling of conversion rates and created short form
videos for content owners that have delivered over 30 million views by
creating Key Video Moments from within their existing collection. Since the
event, we have received inbound requests from potential customers who have
seen the use cases for our customers and would like to adapt SEEEN's offering
to their videos.
The whole event is available to view at seeen.com/techday/videos
(http://www.seeen.com/techday/videos) , as well as Key Video Moments from the
event for investors and customers to learn more about our offering.
As we head into 4Q, we have strengthened the Company's fundamentals and
competitive value propositions and we appreciate the support of our
shareholders in helping us to achieve this.
Below I go into more detail about the market opportunity, our products are
ready to meet this opportunity and sales prospects. We are on track to
achieve monthly cash flow breakeven and create significant shareholder value
by continuing to execute our plan and capitalising on the market opportunity
available for us.
The Market Opportunity
Despite the macroeconomic headwinds, two of the key markets in which the Group
operates are expected to grow strongly, being the video commerce market and
the use of Artificial Intelligence (AI) technology within video.
Since late 2022, there has been a strengthening of interest in AI solutions,
including Large Language Models, such as Open AI, and generative AI
technologies, such as Stability.ai and Dall-e, as well as nascent generative
video AI tools including synthesia.io. This increase in awareness of AI is
expected to lead to a near 20% CAGR for the global generative AI video market
through to 2032 (source: Market.us) and a large part of this is driven by the
other significant trend, the shift to mass online consumption especially in
video.
This shift is driven by a few core trends; the generational shift to online
consumption during Covid-19, the increasing speed of data transfer provided by
5G, allowing reliable video viewing on mobiles and tablets; and the rise of
social media platforms.
Video is increasingly the medium by which all generations consume information
and, therefore, the video commerce market, which is a core focus for SEEEN, is
expected to grow rapidly as well. This is evidenced by the fact that all
social video platforms have increasingly sought to integrate video commerce
into their offering, in addition to the traditional advertising route. In
fact, this market is expected to grow by 32% a year into a global market of
$2.8 trillion (source: Reportlinker). In addition, other online video markets
are also expected to grow at more than 10% a year, regardless of the economic
backdrop. Whilst everyone is aware of the social video platforms, publishers,
brands and sports clubs all host a lot of video content on their site, which
is expensive to create and will be increasingly viewed.
In order to increase their return on investment, video owners need tools to
(i) increase their yield from existing videos and (ii) find a way of better
leveraging their back catalogue of video to create "new" content that viewers
will want to watch. As I describe below and the case studies from our
Technology Demo Day show, we have solutions that have already directly
addressed both of these needs.
SEEEN's Solutions
SEEEN provides the solutions to meet the market opportunity to monetise video
more efficiently. Our Shoppable Video Prompts ("SVPs") are unique in the
market for the following reasons:
· They are combined with Key Video Moments to capitalise on short
viewer attention spans and serve up a contextual offer
· They enable fully bespoke and clickable prompts with direct
integration into shopping carts
· They can be provided as both in-video SVPs, as well as end cards
at the end of a Key Video Moment, maximising conversion rates
· We allow video owners to run adverts, as well as include SVPs,
therefore allowing them to "double dip" on revenue opportunities
The success of our Shoppable Video Prompts is seen in the clickthrough rates
(CTRs) that clients achieve using our technology. Our highest CTR rates for
individual videos are above 25%, but across the board we have achieved 10%+
CTRs, which compares with typical average rates of 3-5%. In addition, product
pages including our SVPs within a video have resulted in double the rate of
customer conversion versus product pages without video.
Our offering allows customers to use video to increase engagement and revenues
both from sales of their own products and subscriptions, as well as third
party affiliate sales, which is especially important to publishers, but can
also apply to any video owner who wants to integrate their offering with other
businesses.
In addition to CreatorSuite 2.0, we have also developed ShortsCut, which can
search a video collection for any topic by word, phrase, image or activity. It
has been tested with some of our CSP channels and has already generated
content that has received more than 30 million views, bringing revenue and
much increased awareness to our customers. We are continuing to add new
features in-house to this product, which we will roll out more aggressively
during 4Q 23 and 2024.
Finally, all of our AI is driven by JetStream, our AI backbone, which can run
multiple analysis models in parallel, speeding up the results generated for a
customer. We have continued to strengthen our in-house models, but
increasingly we are capable of creating bespoke model sets for customers who
want to search for specific objects, people and activities.
Outlook
Our solutions meet a growing market need, by delivering both increased yield
from videos and the ability to generate "new" content from existing video
libraries. We have products that are selling and a growing pipeline with
contract sizes ranging to in excess of $2 million in revenues per year
annually. We will continue to look to accelerate the pace of sales and
adoption throughout the remainder of 2023 and 2024 in order to drive us to
monthly cash flow breakeven. In a fast-moving sector, we continuously monitor
market trends and are looking to find opportunities to accelerate our growth,
either through partnerships or acquisitions, as well as listening to customer
demand for new features and products that might need to be developed. We look
forward to continuing to execute against our strategy and delivering a highly
valuable company in a fast-growing sector for our shareholders.
Adrian Hargrave
CEO
September 29, 2023
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Six months Six months Year ended
ended ended 31 December
30 June 2023 30 June 2022 2022
$ $ $
Unaudited Unaudited Audited
Revenue 1,129,508 1,883,666 3,253,055
Cost of sales (851,376) (1,611,826) (2,749,415)
Gross profit 278,132 271,840 503,640
Administrative expenses
- Share-based payments (55,007) (56,732) (108,825)
- Amortisation of intangibles (1,073,459) (987,677) (2,061,137)
- Impairment of goodwill - - (7,672,026)
- Other administrative costs (684,087) (793,654) (1,356,636)
Total administrative expenses (1,812,553) (1,838,064) (11,198,624)
Operating loss (1,534,421) (1,566,224) (10,694,984)
Other income - - -
Finance (expense) / income - - -
Loss before tax (1,534,421) (1,566,224) (10,694,984)
Taxation 99,382 161,755 423,308
Loss for the period (1,435,039) (1,404,468) (10,271,676)
Other comprehensive income
Exchange differences arising on translation of foreign operations (86,966) (3,445) (162,164)
Total comprehensive loss for the period (10,433,840)
(1,522,005) (1,407,913)
Earnings per share Cents Cents Cents
Basic (1.5) (2.8) (20.48)
Diluted (1.5) (2.8) (20.48)
Consolidated Statement of Financial Position as at 30 June 2023
At At At
30 June 30 June 31 December
2023 2022 2022
$ $ $
Unaudited Unaudited Audited
ASSETS
Non-current assets
Goodwill 2,090,132 9,762,158 2,090,132
Other intangible assets 3,525,917 4,614,409 3,924,317
Other receivables 1,800 1,800 1,800
5,617,849 14,378,367 6,016,249
Current assets
Trade and other receivables 1,029,951 867,295 2,905,576
Cash and cash equivalents 2,070,824 1,395,517 1,236,664
3,100,775 2,262,813 4,142,240
TOTAL ASSETS 8,718,624 16,641,180 10,158,489
EQUITY AND LIABILITIES
Equity attributable to holders of the parent
Share capital 7,454,052 7,400,732 7,454,052
Share premium 10,180,736 7,677,993 10,180,736
Merger reserve 8,989,501 8,989,501 8,989,501
Share based payment reserve 1,288,600 1,181,499 1,233,593
Foreign exchange reserve (83,275) 162,410 3,691
Retained profit (21,031,583) (10,729,337) (19,596,545)
Total Shareholders' Equity 6,796,031 14,682,798 8,265,028
Non-current liabilities
Deferred tax liability 47,611 407,955 146,992
47,611 407,955 146,992
Current liabilities
Trade and other payables 1,874,982 1,550,427 1,746,469
1,872,982 1,550,427 1,746,469
TOTAL EQUITY AND LIABILITIES 8,718,624 16,641,180 10,158,489
Interim Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Share Share Merger Share based payment Reserve Foreign Exchange Reserve Retained Total
Capital Premium Reserve Profit
$ $ $ $ $ $ $
As at 31 December 2021 7,400,732 7,677,993 8,989,501 1,124,768 165,855 (9,324,869) 16,033,980
Share-based payment expense - - - 56,732 - - 56,732
Loss for the period - - - - - (1,404,468) (1,404,468)
Issuance of shares - - - - - - -
Other comprehensive income - - - - (3,445) - (3,445)
As at 30 June 2022 7,400,732 7,677,993 8,989,501 1,181,500 162,410 (10,729,338) 14,682,798
Share-based payment expense - - - 52,094 - - 52,094
Loss for the period - - - - - (8,867,208) (8,867,208)
Issuance of shares 53,320 2,502,743 - - - - 2,556,064
Other comprehensive loss - - - - (158,719) - (158,719)
As at 31 December 2022 7,454,052 10,180,736 8,989,501 1,233,593 3,691 (19,596,545) 8,265,028
Share-based payment expense - - - 55,007 - - 55,007
Loss for the period - - - - - (1,435,039) (1,435,039)
Issuance of shares - - - - - - -
Other comprehensive income - - - - (86,966) - (86,966)
As at 30 June 2023 7,454,052 10,180,736 8,989,501 1,288,600 (83,275) (21,031,583) 6,796,031
Interim Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Six months Six months Year ended
ended ended 31 December 2022
30 June 2023 30 June 2022
$ $ $
Unaudited Unaudited Audited
Cash flows from operating activities
Loss before tax (1,534,421) (1,566,224) (10,694,984)
Adjustments for non-cash/non-operating items:
Amortisation of intangible assets 1,073,459 987,677 2,061,137
Impairment of goodwill - - 7,672,026
Share based payments 55,007 56,732 108,825
Interest paid / (received) - - -
Operating cash flows before movements in working capital (405,955) (521,815) (852,996)
(Increase) / decrease in trade and other receivables (216,823) (115,769) (3,635)
(Decrease) / increase in trade and other payables 126,518 297,367 435,441
Cash generated by operations (496,260) (340,216) (421,190)
Income taxes paid - - -
Net cash used in operating activities (496,260) (340,216) (421,190)
Cash flows from investing activities
Purchase of intangibles (675,060) (347,068) (730,437)
Net cash used in investing activities (675,060) (347,068) (730,437)
Cash flows from financing activities
Proceeds from issue of shares 2,092,449 - 463,314
Interest received / (paid) - - -
Net cash generated by/(used in) financing activities 2,092,449 - 463,314
Net (decrease)/increase in cash and cash equivalents 921,129 (687,284) (688,013)
Effect of exchange rates on cash (86,968) (3,448) (161,572)
Cash and cash equivalents at the beginning of period 1,236,664 2,086,249 2,086,249
Cash and cash equivalents at end of period 2,070,824 1,395,517 1,236,664
Notes to the Interim Consolidated Financial Information
for the six months ended 30 June 2023
1 General information
The Group is a global media and technology platform that delivers Key Video
Moments and Video Commerce to transform its clients' video profitability.
The Company is a public limited company domiciled in the United Kingdom and
incorporated under registered number 10621059 in England and Wales. The
Company's registered office is 27-28 Eastcastle Street, London W1W 8DH.
2 Significant accounting policies
Basis of preparation and changes to the Group's accounting policies
The accounting policies adopted in the preparation of the interim consolidated
financial information are consistent with those of the preparation of the
Group's annual consolidated financial statements for the period ended 31
December 2022. No new IFRS standards, amendments or interpretations became
effective in the six months to 30 June 2023.
Statement of compliance
This interim consolidated financial information for the six months ended 30
June 2023 has been prepared in accordance with UK adopted International
Accounting Standards ("Adopted IFRSs"). This interim consolidated financial
information is not the Group's statutory financial statements and should be
read in conjunction with the annual financial statements for the period ended
31 December 2022, which have been prepared in accordance with Adopted IFRS and
have been delivered to the Registrar of Companies. The auditors have reported
on those accounts; their report was unqualified, did not include references to
any matters to which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements under section
498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information for the six months ended 30
June 2023 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2022 are unaudited.
This interim consolidated financial information is presented in US Dollars
($), rounded to the nearest dollar.
Foreign currencies
Functional and presentational currency
Items included in this interim consolidated financial information are measured
using the currency of the primary economic environment in which each entity
operates which is considered by the Directors to be Pounds Sterling (£) for
the Parent Company and US Dollars ($) for all the Company's subsidiaries. This
interim consolidated financial information has been presented in US Dollars
which represents the dominant economic environment in which represents the
dominant economic environment in which the Group operates. The effective
exchange rate at 30 June 2023 was £1 = US$1.2714 (30 June 2022: £1 =
US$1.2175 and 31 December 2022: £1 = US$1.2098).
Critical accounting estimates and judgments
The preparation of interim consolidated financial information requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities and the reported amounts of income and expenses during the
reporting period. Although these estimates are based on management's best
knowledge of current events and actions, the resulting accounting estimates
will, by definition, seldom equal the related actual results.
In preparing this interim consolidated financial information, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements for the year ended 31 December 2022,
together with the recognition of development expenditure, described below.
Development expenditure
The Group recognises costs incurred on development projects as an intangible
asset which satisfies the requirements of IAS 38. The calculation of the costs
incurred includes the percentage of time spent by certain employees and
contractors on relevant development projects. The decision whether to
capitalise and how to determine the period of economic benefit of development
projects requires an assessment of the commercial viability of the projects
and the prospect of selling the project to new or existing customers. During
the period, the Group capitalized $459,560 of development expenditure.
Going Concern
The directors have a reasonable expectation that the Group has adequate
resources to continue operating for the foreseeable future, and for this
reason they have adopted the going concern basis of preparation in the
consolidated interim financial statements.
3 Trade Payable and Receivables
The majority of trade payables and receivables relate to receivables from
YouTube and payables to creator partners. In addition, trade and other
payables includes accruals for expenses to be accrued during the year,
payments to consultants who are paid monthly in arrears and historic
liabilities of the acquired businesses that relate to payables more than two
years ago and the Group does not expect to need to pay.
4 Loss per share
The loss per share has been calculated using the loss for the period and the
weighted average number of ordinary shares outstanding during the period, as
follows:
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December
2022
Unaudited Unaudited Audited
Earnings attributable to shareholders of the Company ($)
(1,435,039) (1,404,468) (10,271,676)
Weighted average number of ordinary shares 93,345,815 49,957,876 50,131,428
Diluted weighted average number of ordinary shares 93,345,815 49,957,876 50,131,428
Loss per share (cents) (1.5) (2.8) (20.48)
Diluted loss per share (cents) (1.5) (2.8) (20.48)
5 Summary of Adjustments between Reported and Adjusted EBITDA and
Operating Profit
$ in 000s 1H23 Reported Adjustment 1H23 Adjusted
Revenues 1,130 - 1,130
Cost of Sales (851) - (851)
Gross Profit 279 - 279
Operating expenses (1,813) - (1,813)
Share based payments - 55 55
Other adjustments - 60 60
Operating Profit (1,534) 115 (1,419)
Amortisation - Development cost 478 - 478
Amortisation - acquired intangibles 595 - 595
EBITDA (461) - (346)
6 Publication of announcement and the Interim Results
A copy of this announcement will be available at the Company's registered
office (27-28 Eastcastle Street, London, W1W 8DH) from the date of this
announcement and on its website - seeen.com (http://www.seeen.com) . This
announcement is not being sent to shareholders.
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