TIDMITX
RNS Number : 0806M
Itaconix PLC
12 September 2023
Itaconix plc
("Itaconix" or the "Company")
Half year results for the period ended 30 June 2023
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable plant-based polymers used to decarbonise everyday
consumer products, is pleased to announce its unaudited interim
results for the six months ended 30 June 2023.
A copy of the Interim Report & Accounts is available for
download on Itaconix's website at www.itaconix.com.
John R. Shaw, CEO of Itaconix, commented:
" Recurring and new orders from our expanding customer base
generated our fifth consecutive year of record first- half
revenues. With this commercial progress, we are leveraging our
proprietary technology platform to achieve key milestones towards
our goal of becoming a large, profitable specialty ingredient
company.
With higher revenues, higher gross profits, and continued
control over operating expenses, our Adjusted EBITDA(1) improved to
the lowest loss in the last five six-month periods.
With our proprietary technology platform, established production
capabilities, and successful fundraise in February 2023, we have
entered a new era of development with immediate and long-term
prospects for expansive growth . Our current products and customer
project pipeline are expected to allow us to pursue much larger
revenues. The Company is on course to deliver full year 2023
results in line with expectations. Importantly, our plant-based
solutions for sustainable consumer needs are also continuing to
make a notable contribution to the development and success of the
Low-Carbon Economy."
Financial Highlights
-- First half revenues of $4.0 million were 32% higher than the
first half of 2022, 59% higher than the second half of 2022.
-- Gross profits were $1.1 million, representing an increase of
49% over the first half of 2022 and an increase of 56% over the
second half of 2022.
-- Gross profit margin was 28% compared to 25% for the first
half of 2022. Gross profit margin on Performance Ingredients was
34% compared to 29% for the first half of 2022. This improvement in
gross profit margin was due to selective price increases, stable
raw material costs, lower transportation costs, more favorable USD
exchange rates, a more favorable blend of product and account
revenues, and higher volumes.
-- Adjusted EBITDA(1) was a loss of $0.4 million, compared to a
loss of $0.6 million for the first half of 2022 and a loss of $0.8
million for the second half of 2022, including continued investment
spending on major new revenue opportunities.
-- In February 2023, the Company completed an equity raise with
net proceeds of $11.5 million for working capital, select capital
spending, and continued investment in new revenue opportunities for
the Company's next chapter of growth.
-- Cash and Cash Equivalents as at 30 June 2023 was $10.9
million, compared to $0.6 million as at 31 December 2022.
Company Milestones:
-- Cleaning revenues were $3.7 million for the first half of
2023 compared to $2.7 million in the first half of 2022, reflecting
market gains for non-phosphate detergents using Itaconix(R) TSI(TM)
322. Continued growth is expected in North America and Europe as
current customers gain market share, new customers go into full
production with new formulations, and additional customers emerge
in the second half of 2023 from the current pipeline of new
cleaning projects.
-- Combined hygiene and beauty revenues were unchanged at $0.4
million for the first half of 2023. Initial successes with new
direct accounts are expected to generate higher revenue growth in
the second half of 2023 and into 2024.
-- Polymer research and process development on the Company's
plant-based superabsorbents have succeeded in achieving absorption
performance that is closer to the incumbent acrylate superabsorbent
polymers. These breakthroughs are milestones towards the Company's
goal of introducing a more competitive product with broader market
appeal in late 2024 or 2025.
-- The Company completed its first capital expenditure
investment from the most recent fundraise with the purchase and
installation of a new laboratory reactor for small scale-up
production of its BIO*Asterix plant-based intermediates. Continued
development through 2023 is expected to allow the marketing and
sale of research quantities in the first half of 2024.
-- Dr. Peter Nieuwenhuizen, who joined as an Independent
Non-Executive Director and Interim Chair in July 2022, was
appointed as Non-Executive Chair in January 2023.
-- Paul LeBlanc was appointed as an Independent Non-Executive
Director and Chair of the Audit Committee in January 2023. He
brings decades of financial and operating experience as CFO of
Bemis Associates, Inc., a global manufacturer of specialty films
and adhesives for the industrial and apparel markets.
-- Itaconix received the Frost & Sullivan 2022 North
American Enabling Technology Leadership Award in the bio-based
polymer industry, announced in March 2023.
-- The Company appointed Canaccord Genuity Limited as Joint Broker in April 2023.
The Company also announces that its Nominated Adviser and Joint
Broker, finnCap Ltd, has now changed its name to Cavendish Capital
Markets Ltd following completion of its own corporate merger.
(1) Adjusted EBITDA is defined and reconciled to Operating loss
in Note 4 of the Interim Report.
For further information please contact:
Itaconix plc +1 603 775-4400
John R. Shaw / Laura Denner
Belvedere Communications +44 (0) 20 3576 0320
John West / Llew Angus
Cavendish Capital Markets Ltd +44 (0) 20 7220 0500
Nominated Adviser & Joint Broker
Ed Frisby / Abigail Kelly / Milesh Hindocha
(Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM)
Canaccord Genuity +44 (0) 20 7523 8000
Joint Broker
Adam James
About Itaconix
Itaconix uses its proprietary plant-based polymer technology
platform to produce and sell specialty ingredients that improve the
safety, performance, and sustainability of consumer products. The
Company's current ingredients are enabling and leading new
generations of products in cleaning, hygiene, and beauty.
www.itaconix.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
Chief Executive's Statement
With record revenues and new funding, Itaconix has entered a new
era of development toward our long-term goal of becoming a large,
highly profitable, capital-efficient specialty ingredient
company.
More brands are turning to Itaconix's plant-based ingredients
for new generations of consumer products that are safer and more
sustainable without compromising on performance or cost. We intend
to expand our base of recurring revenues to reach profitability by
continuing to grow current accounts and adding new accounts from
our $30 million customer project pipeline.
Our $11.5 million fundraise in February 2023 provides us with
the funds needed to achieve our profitability goal and advance our
long-term goal of at least $100 million in annual revenues. We are
focused in the near term on increasing revenues from our current
customers and converting our $30 million customer project pipeline
into new revenues from new customers. We are also initiating new
efforts on higher-volume applications to capture more share of the
current $2.3 billion addressable market for the Itaconix technology
platform. As detailed below, we have begun to use the proceeds of
our fundraise to expand our staffing, to invest in new laboratory
equipment, and to accelerate the introduction of new products and
applications within the Company's VELAFRESH(R) hygiene and
BIO*Asterix(R) intermediates businesses.
We are applying nature to create a Low-Carbon Economy by using
itaconic acid to produce key ingredients for safer and more
sustainable everyday products with better performance and value.
Itaconic acid is a material produced in nature that can replace
synthetic chemistries such as acrylic acid and styrene when made
into a polymer. The Itaconix technology platform currently has 16
families of patents and patent applications that protect processes,
compositions, or uses for polymers of itaconic acid.
We are continuing to research and protect new polymers and new
applications that can expand the current $2.3 billion addressable
market for our ingredients within the $20 billion potential for our
technology platform. The success of our development processes was
recognised in March 2023 when Itaconix announced receipt of the
Frost & Sullivan Enabling 2022 North American Technology
Leadership Award in the bio-based polymer industry. Each year Frost
& Sullivan presents these awards to companies that have
developed pioneering technology that not only enhances current
products, but also enables the development of new products and
applications. The awards also recognize the high market acceptance
potential of recipients' technologies.
Financial Results
First half revenues of $4.0 million were 32% higher than the
first half of 2022 and 59% higher than the second half of 2022. In
addition, they are 71% of the full year revenues for 2022. Revenue
growth came from increased demand from current customers, new
recurring orders from new 2022 customers, and initial orders from
new 2023 customers. The Company is in a strong position to deliver
2023 revenues in line with current expectations and is making major
progress towards building the customer base to meet expectations
for revenues in 2024.
Gross profits were $1.1 million, representing an increase of 49%
over the first half of 2022.
Gross profit margin improved to 28.1% compared to 26.6% for the
full year of 2022, which remains below our long-term gross profit
margin target of 35%. The Company succeeded with price increases to
pass on higher raw material prices, experienced some easing in
transportation costs, and benefited with more favorable exchange
rates for the US dollar. The Company expects continued improvements
to gross margins in the second half of 2023.
Adjusted EBITDA(1) was a loss of $0.4 million, compared to a
loss of $0.6 million for the first half of 2022 and a loss of $0.8
million for the second half of 2022. As noted above, the Company
continues to make judicious investments in the research and
development for new products and applications that are adding new
addressable markets and major new revenue opportunities.
Loss for the period was $0.7 million, compared to a loss of $1.1
million in the first half of 2022 and a loss of $1.3 million in the
second half of 2022.
In February 2023, the Company completed an equity raise with net
proceeds of $11.5 million to fund working capital and support
continued growth.
Cash and Cash Equivalents as at 30 June 2023 were $10.9 million,
compared to $0.6 million as at 31 December 2022.
Commercial Progress
The Company is leading the introduction of new generations of
products in major consumer care applications, particularly within
the 360 million households across Europe and North America. As
brands and retailers face increased pressure from consumers to act
on climate change, Itaconix's plant-based ingredients have the
functional value to decarbonise everyday products with performance,
safety, cost, and sustainability.
Used as key ingredients in over 150 consumer brands, Itaconix
products are found in cleaning, hygiene, and beauty products in
major retailers across North America and Europe. With new products
continuing to emerge from its technology platform and over $30
million in new revenue potential currently in its customer project
pipeline, the Company expects sustained high growth in new and
recurring orders.
Cleaning
Cleaning revenues were $3.7 million for the first half of 2023
compared to $2.7 million in the first half of 2022. A new
generation of non-phosphate dishwashing detergents based on the
multifunctional value of Itaconix(R) TSI(TM) 322 is capturing
market share in North America and gaining more traction in Europe.
Itaconix(R) TSI(TM) 322 is the key ingredient in this new
generation of detergents for managing water hardness and assuring
shiny, spotless glasses and dishes. When formulated correctly into
a detergent, our plant-based polymer provides these detergents with
excellent shine performance, lower overall cost, and
industry-leading bio-based content.
The Company offers formulation solutions to transition brands
quickly and effectively to formulations that realise the full
functional value of its proprietary ingredients, including
performance testing and reliable supply of other key ingredients.
The Company generated $1.1 million in revenues in the first half of
2023 from providing these solutions, up from $0.6 million for the
first half of 2022.
The Company currently generates new demand from major detergent
producers in North America and Europe through direct selling
efforts and from smaller detergent customers through an expanding
network of distributors.
Hygiene
Hygiene revenues from direct sales of VELAFRESH(R) products and
through Croda for ZINADOR(R) products were $0.1 million for the
first half of 2023 compared to $0.2 million in the first half of
2022. Although overall revenues declined, the Company is encouraged
by new traction generated through its selling efforts, particularly
in pet care and household cleaning.
The Company continues to see significant revenue opportunities
for its plant-based superabsorbent. Early commercial work indicated
a need for higher absorption capacity to compete more effectively
with current acrylate incumbents. Polymer research and process
development initiated after the February 2023 fundraise has
generated desired performance improvements. These breakthroughs are
expected to allow the Company to introduce a more competitive
product with broader market appeal in late 2024 or 2025.
Beauty
Beauty revenues from direct sales of VELASOFT(R) products and
through Nouryon for its Amaze(R) SP product were $0.1 million for
the first half of 2023 compared to $0.1 million in the first half
of 2022.
The Company is continuing development of new haircare
ingredients based on a new patent filing in April 2022.
BIO*Asterix
BIO*Asterix products did not generate any revenues in the first
half of 2023, similar to the first half of 2022. The Company
continues to see large revenue opportunities for Itaconix products
that are sold to specialty chemical producers to use as
intermediates or components in their ingredients. The Company
completed its first major capital investment from the most recent
fundraise with the purchase and installation of a new laboratory
reactor for small scale-up production of its BIO*Asterix
plant-based intermediates. Continued development through 2023 is
expected to allow the marketing and sale of research quantities in
the first half of 2024.
Operational Review
We met all customer orders in the first half of 2023 and have
the capacity and capabilities in place to meet expected customer
needs through 2023 and into 2024. We are building our finished
goods inventories in North America and Europe to ensure we meet
these needs. We are also planning some investment in production
upgrades and modifications to improve process efficiencies and
production rates to meet future customer needs at our current
facility.
The cost and delivery times for the raw materials used in our
production processes have stabilized. We expect this stability to
transition into some easing in material and transportation costs
over the next six months.
We are selectively expanding our staffing to meet the demands of
current and future revenue development and growth. New hires were
made in research and development, quality control, production, and
customer support following the most recent fundraise. We plan to
expand our revenue generating capabilities by adding marketing and
sales staff.
Governance
Dr. Peter Nieuwenhuizen, who joined as an Independent
Non-Executive Director and Interim Chair in July 2022, was
appointed as Non-Executive Chair in January 2023.
Paul LeBlanc was appointed as an Independent Non-Executive
Director and Chair of the Audit Committee in January 2023. He
brings decades of financial and operating experience as CFO of
Bemis Associates, Inc., a global manufacturer of specialty films
and adhesives for the industrial and apparel markets.
Effective 22 August 2023, the Company completed the 50:1 share
consolidation approved by shareholders in June 2023.
Current Trading and Outlook
The Company's base of recurring revenues continues to grow and
generate record levels of revenues. With the cash resources in
place to support this growth and introduce further new Itaconix
plant-based ingredients, Itaconix is firmly in a new stage of
progress towards reaching its near-term targets and setting its
sights on bigger and broader opportunities for its technology
platform.
We are focused on more consumer brands using our current
ingredients and on entering higher-volume applications within our
current $2.3 billion addressable market. Key measures of success
for us through 2024 are the number of new brands we add and the
number of new products that we introduce in new applications.
The Company remains on course to deliver full year 2023 results
in line with expectations.
John R. Shaw
Chief Executive Officer
11 September 2023
Condensed consolidated income statement and statement of
comprehensive income
For the six months ended 30 June 2023
Unaudited Unaudited
6 Months 6 Months
to to
30 June 30 June
2023 2022
Notes $000 $000
Revenue 5 4,032 3,057
Cost of sales (2,899) (2,296)
--------- ---------
Gross profit 1,133 761
Other income 4 - -
Administrative expenses (1,863) (1,701)
--------- ---------
Group operating loss (730) (940)
Interest income 48 -
Exceptional expense on movement
of contingent consideration 6 - (174)
--------- ---------
Loss before tax (682) (1,114)
Taxation expense (12) (6)
--------- ---------
Loss for the period (694) (1,120)
Other comprehensive income, net
of income tax
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translated
foreign operations 439 97
--------- ---------
Total comprehensive loss for the
period (255) (1,023)
========= =========
Basic and diluted loss per share
(GBP) 7 (0.00p) (0.20p)
========= =========
Condensed consolidated statement of financial position
As at 30 June 2023
Unaudited Audited
As at As at
30 June 31 December
2023 2022
Notes $000 $000
Non-current assets
Property, plant and equipment 382 301
Right-of-use asset 252 343
--------- -----------
634 644
Current assets
Inventories 1,113 1,119
Trade and other receivables 482 164
Cash and cash equivalents 3 10,922 597
--------- -----------
12,517 1,880
--------- -----------
Total assets 13,151 2,524
========= ===========
Financed by
Equity shareholders' funds
Equity share capital 8 8,488 5,959
Equity share premium 58,057 47,942
Own shares reserve (5) (5)
Merger reserve 31,343 31,343
Share based payment reserve 752 643
Foreign translation reserve 338 (101)
Retained losses (87,250) (86,556)
--------- -----------
Total equity 11,723 (775)
Non-current liabilities
Long-term lease liability 48 119
--------- -----------
48 119
--------- -----------
Current liabilities
Trade and other payables 1,220 1,866
Contingent consideration 6 - 1,134
Short-term lease liability 160 180
--------- -------------
1,380 3,180
--------- -------------
Total liabilities 1,428 3,299
--------- -------------
Total equity and liabilities 13,151 2,524
========= =============
Interim condensed consolidated statement of cash flows
For the six months ended 30 June 2023
Unaudited Unaudited
6 Months 6 Months
to to
30 June 30 June
2023 2022
$000 $000
Cash flows from operating activities
Operating loss before tax (682) (1,114)
Adjustments for:
Depreciation of property, plant and
equipment 88 79
Depreciation of right-of-use asset 101 101
Share based payment charge 109 192
Revaluation of deferred consideration - 59
Gain on foreign exchange 439 97
Taxation (11) (6)
Decrease in inventories 5 317
Increase in receivables (319) (361)
(Decrease) / increase in payables (646) 622
--------- ---------
Net cash outflow from operating activities (916) (14)
--------- ---------
Cash flows from investing activities
Purchase of property, plant and equipment (168) (36)
--------- ---------
Net cash outflow from investing activities (168) (36)
--------- ---------
Cash flows from financing activities
Cash received from issuing share of
stock, net 11,510 387
Lease payments (57) (72)
Interest expense on lease payments (44) (27)
--------- ---------
Net cash inflow from financing activities 11,409 288
--------- ---------
Net inflow in cash and cash equivalents 10,325 238
Cash and cash equivalents at beginning
of the period 597 683
--------- ---------
Cash and cash equivalents at end
of the period 10,922 921
========= =========
Notes to the interim condensed consolidated financial
statements
1. General information
These unaudited interim condensed financial statements of
Itaconix plc for the six months ended 30 June 2023 were approved
for issue in accordance with a resolution of the Board on 11
September 2023. Itaconix plc is a public limited company
incorporated in the United Kingdom whose shares are traded on the
AIM Market of the London Stock Exchange.
This half-yearly financial report is also available on the
Group's website at https://itaconix.com/investor/reports-documents/
.
2. Accounting policies
These interim consolidated financial statements have been
prepared in accordance with UK adopted International Accounting
Standards (collectively "IFRS") . They do not include all
disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the 31
December 2022 ('2022') Annual Report. The financial information for
the half years ended 30 June 2023 and 30 June 2022 does not
constitute statutory accounts within the meaning of Section 434 (3)
of the Companies Act 2006 and both periods are unaudited.
The annual financial statements of Itaconix Plc ('the Group')
are prepared in accordance with IFRS . The comparative financial
information for the year ended 31 December 2022 included within
this report does not constitute the full statutory Annual Report
for that period. The statutory Annual Report and Financial
Statements for 2022 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report
and Financial Statements for the year ended 31 December 2022 was
unqualified and did not contain a statement under 498(2) - (3) of
the Companies Act 2006.
The interim condensed consolidated financial statements are
presented in US dollars and all values are rounded to the nearest
thousand ($'000) except when otherwise indicated. The interim
condensed consolidated financial statements are prepared on the
historical cost basis except for contingent consideration which has
been measured at fair value.
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 31 December 2022 annual financial statements, except for
those that relate to new standards and interpretations effective
for the first time for periods beginning on (or after) 1 January
2022 and will be adopted in the 2022 financial statements. There
are deemed to be no new and amended standards and/or
interpretations that will apply for the first time in the next
annual financial statements that are expected to have a material
impact on the Group.
Going concern
This Interim Report has been prepared on the assumption that the
business is a going concern. In reaching their assessment, the
Directors have considered a period extending at least 12 months
from the date of approval of this half-yearly financial report.
This assessment has included consideration of the forecast
performance of the business for the foreseeable future and the cash
available to the Group. As such, the Directors have concluded that
the Group continue as a going concern for the foreseeable future.
The interim financial statements do not include the adjustments
that would be required if the Group were unable to continue as a
going concern.
Risks and uncertainties
The principal risks and uncertainties facing the Group remain
broadly consistent with the Principal Risks and Uncertainties
reported in Itaconix plc's 31 December 2022 Annual Report.
3. Cash and cash equivalents
Unaudited Audited
As at As at
30 June 31 December
2023 2022
$000 $000
Cash at bank and in hand 10,922 597
--------- -----------
10,922 597
========= ===========
4. Reconciliation of Operating Loss to Adjusted EBITDA
The detail below shows the reconciliation of operating loss to
earnings before change in value of contingent consideration, share
based payment charge (non-cash), interest, taxes, depreciation and
amortisation (Adjusted EBITDA).
Unaudited Unaudited
6 Months 6 Months
to to
30 June 30 June
2023 2022
$000 $000
Loss for the period (694) (1,120)
Revaluation of contingent consideration - 174
Share based payment charge 109 192
Interest Income (48) -
Taxes 12 6
Depreciation and amortisation 189 180
--------- ---------
Adjusted EBITDA (432) (568)
========= =========
5. Segmental analysis
Revenue by business segments:
The Group has two business segments. Performance Ingredients
develops, produces and sells proprietary specialty polymers that
are used as functional ingredients to meet customers' needs in
cleaning, beauty and hygiene products. Formulation Solutions
provides technical services and ingredient supplies for formulated
products developed for customers based on Performance Ingredients.
These segments make up the continuing operations. Core Operations
include development expense, general and administrative expense,
professional fees, and governance costs to progress and grow the
Groups operations.
Net assets of the Group are attributable solely to Europe and
North America.
Six months ended 30 June 2023
Unaudited
Core 6 months
Operations to
Performance Formulation 30 June
Ingredients Solutions 2023
$000 $000 $000 $000
Revenue
Sale of goods 2,949 1,083 - 4,032
------------ ----------- ------------ ---------
Segment revenue 2,949 1,083 - 4,032
------------ ----------- ------------ ---------
Results
Depreciation and amortization (146) - - (146)
Cost of sales (1,778) (975) - (2,753)
------------ ----------- ------------ ---------
Gross profit 1,025 108 - 1,133
Administrative expense - - (1,864) (1,864)
Interest income - - 48 48
Taxation expense - - (11) (11)
------------ ----------- ------------ ---------
Segment (loss) / gain 1,025 108 (1,827) (694)
------------ ----------- ------------ ---------
Operating assets 1,959 67 11,125 13,151
------------ ----------- ------------ ---------
Operating liabilities (668) (64) (696) (1,428)
------------ ----------- ------------ ---------
Other disclosure:
Capital expenditure* 168 - - 168
------------ ----------- ------------ ---------
Six months ended 30 June 2022
Unaudited
Core 6 months
Operations to
Performance Formulation 30 June
Ingredients Solutions 2022
$000 $000 $000 $000
Revenue
Sale of goods 2,452 605 - 3,057
------------ ----------- ------------ ---------
Segment revenue 2,452 605 - 3,057
------------ ----------- ------------ ---------
Results
Depreciation and amortization (180) - - (180)
Cost of sales (1,555) (561) - (2,116)
------------ ----------- ------------ -----------
Gross profit 717 44 - 761
Administrative expense - - (1,701) (1,701)
Exceptional expense - - (174) (174)
Taxation expense - - (6) (6)
------------ ----------- ------------ -----------
Segment (loss) / gain 717 44 (1,881) (1,120)
------------ ----------- ------------ ---------
Operating assets 2,618 - 799 3,417
------------ ----------- ------------ ---------
Operating liabilities (1,419) - (618) (2,037)
------------ ----------- ------------ ---------
Other disclosure:
Capital expenditure* 36 - - 36
------------ ----------- ------------ ---------
*Capital expenditure consists of additions of property, plant
and equipment, and intangible assets.
Segmental information
Revenues
Unaudited Unaudited
Six Months Six Months
to to
30 June 2023 30 June 2022
$000 $000
Cleaning 3,723 2,691
Hygiene 144 183
Beauty 139 72
Other 26 111
4,032 3,057
============= =============
Geographical information
Revenues Net assets
Unaudited Unaudited Unaudited Audited
Six Months Six Months Six Months Year to
to to to 31 December
30 June 2023 30 June 2022 30 June 2023 2022
$000 $000 $000 $000
Europe 387 192 10,488 (879)
North America 3,645 2,865 1,235 104
4,032 3,057 11,723 (775)
============= ============= ============= ============
The revenue information above is based on the location of the
customer.
6. Contingent consideration
$'000
As at 31 December 2022 (Audited) 1,134
Settlement of contingent consideration (1,134)
As at 30 June 2023 (Unaudited) -
=======
On 8 February 2023, the Company and the Contingent Consideration
Payees entered into a settlement agreement for the contingent
consideration with the issuance of 18,094,582 new ordinary shares
.
7. Weighted-average number of ordinary shares
Unaudited Unaudited
6 Months 6 Months
to to
30 June 30 June
2023 2022
No No
Weighted average number of ordinary shares
for the
purposes of basic and diluted loss per
share ('000) 640,948 446,018
========= =========
8. Share capital
On 8 February 2023, the Company and the Contingent Consideration
Payees entered into a settlement agreement for the contingent
consideration with the issuance of 18,094,582 new ordinary shares
.
On 8 February 2023, the Company issued 67,519,000 ordinary
shares with a nominal value of 1p per share for 5.1p per share. The
consideration was received in cash.
On 27 February 2023, the Company issued 138,563,048 ordinary
shares with a nominal value of 1p per share for 5.1p per share. The
consideration was received in cash.
9. Events after the reporting period
Effective 22 August 2023, the Company completed a 50:1 share
consolidation. The resulting number of new shares issued are
13,486,122 with a nominal value of 50p per share.
10. Cautionary statement
This document contains certain forward-looking statements
relating to Itaconix plc. The Company considers any statements that
are not historical facts as "forward-looking statements". They
relate to events and trends that are subject to risk and
uncertainty that may cause actual results and the financial
performance of the Company to differ materially from those
contained in any forward-looking statement. These statements are
made by the Directors in good faith based on information available
to them and such statements should be treated with caution due to
the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
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