The deferred shares of 4p each have no rights to vote or to
participate in dividends and carry limited rights on return of
capital.
Shares issued during the year
Number of shares Nominal value Share Premium
GBP GBP
At 30 June 2012 1,013,039,792 10,130,398 15,524,957
Ordinary shares issued
during the year 70,000,000 700,000 1,645,000
----------------- --------------
At 30 June 2013 1,083,039,792 10,830,398 17,169,957
Ordinary shares issued
during the year 189,665,524 1,896,655 1,131,407
Share issue costs - - (126,605)
Warrants exercised - - 1,941,742
Warrants lapsed - - 345,600
At 30 June 2014 1,272,705,316 12,727,053 20,462,101
----------------- --------------
Shares Issued Number of Shares Nominal Value Share Premium
----------------------------------- ----------------- -------------- --------------
7 September 2012 at GBP0.01 each 45,000,000 450,000 1,057,500
----------------------------------- ----------------- -------------- --------------
18 September 2012 at GBP0.01 each 25,000,000 250,000 587,500
----------------------------------- ----------------- -------------- --------------
At 30 June 2013 70,000,000 700,000 1,645,000
----------------------------------- ----------------- -------------- --------------
27 August 2013 at GBP0.01 each 29,441,061 294,411 294,410
----------------------------------- ----------------- -------------- --------------
28 August 2013 at GBP0.01 each 18,250,000 182,500 182,500
----------------------------------- ----------------- -------------- --------------
30 August 2013 at GBP0.01 each 3,959,326 39,593 39,594
----------------------------------- ----------------- -------------- --------------
2 September 2013 at GBP0.01 each 2,538,026 25,380 25,380
----------------------------------- ----------------- -------------- --------------
24 October 2013 at GBP0.01 each 507,605 5,076 5,076
----------------------------------- ----------------- -------------- --------------
2 December 2013 at GBP0.01 each 12,500,000 125,000 125,000
----------------------------------- ----------------- -------------- --------------
12 December 2013 at GBP0.01 each 7,852,797 78,528 78,528
----------------------------------- ----------------- -------------- --------------
13 December 2013 at GBP0.01 each 7,614,082 76,141 76,141
----------------------------------- ----------------- -------------- --------------
2 January 2014 at GBP0.01 each 3,147,149 31,472 31,471
----------------------------------- ----------------- -------------- --------------
28 January 2014 at GBP0.01 each 2,045,645 20,456 20,457
----------------------------------- ----------------- -------------- --------------
3 February 2014 at GBP0.01 each 670,000 6,700 -
----------------------------------- ----------------- -------------- --------------
7 April 2014 at GBP0.01 each 24,047,596 240,476 60,119
----------------------------------- ----------------- -------------- --------------
28 April 2014 at GBP0.01 each 54,250,000 542,500 135,625
----------------------------------- ----------------- -------------- --------------
1 May 2014 at GBP0.01 each 22,842,237 228,422 57,106
----------------------------------- ----------------- -------------- --------------
At 30 June 2014 189,665,524 1,896,655 1,131,407
----------------------------------- ----------------- -------------- --------------
19. SHARE BASED PAYMENTS
Equity settled share-based payments
The Company has a share option scheme for directors, employees
and consultants.
SHARE OPTIONS
30 June 2013 30 June
or date of Granted Exercised 2014 or
appointment during during the date of
Lapsed the year year resignation
Name Price Note Number Number Number Number Number
---------------------- ----- ---- ------------ ------------ --------- ------------- ------------
SHARE OPTIONS
M Alikhani 1p A 7,000,000 (7,000,000) - - -
M Alikhani 3p B 5,000,000 - - 5,000,000
M Alikhani 9p C 3,597,000 - - 3,597,000
M Wainwright 3p B 2,000,000 - - - 2,000,000
M Wainwright 9p C 1,000,000 - - 1,000,000
H Furman 3p B 2,000,000 - - - 2,000,000
H Furman 9p C 1,000,000 - - 1,000,000
Staff and consultants 1p A 11,420,000 (10,750,000) - (670,000) -
Other staff and
consultants 3p B 28,625,000 - - 28,625,000
Other staff and
consultants 9p C 14,298,979 - - 14,298,979
Total options 75,940,979 (17,750,000) - (670,000) 57,520,979
SHARE WARRANTS
Other shareholders 6p E 127,916,666 (11,421,142) - (116,495,524) -
Other shareholders 6p F 72,500,000 - - (72,500,000) -
Total Share Warrants 200,416,666 (11,421,142) - (188,995,524) -
Total Share Options
and Warrants 276,357,645 (29,171,142) - (189,665,524) 57,520,979
SHARE WARRANTS (after the terms amendment below)
NOTE:
Note A - Exercisable at any time before 7 May 2014
Note B - Exercisable at any time before 15 October 2015
Note C - Exercisable at any time before 26 April 2016
Note E - Exercisable at any time before 24 April 2014
Note F - Exercisable at any time before 24 April 2014
Subsequent to the year end, 15,438,400 share options lapsed as a
result of the staff and consultants no longer working for the
Company. In addition, on 29 March 2015, Mr Furman and Mr Wainwright
agreed to the cancellation of their options amounting to 6,000,000
and the remaining 36,082,579 share options were cancelled on 18
February 2015 as part of the settlement agreement.
Warrants
On 5 August 2013, the Company changed the exercise price of
127,916,666 warrants (exercisable until 24 October 2013), from 6p
to 2p to be exercised by institutional investors. As a result of
this amendment the increase in fair value of the warrants was
determined at the date of the amendment using Black Scholes model,
using the following inputs:
Share price at the date of amendment 2.45p
Strike price 2p
Volatility 37%
Expected life 80 days
Risk free rate 1%
The resultant increase of the fair value of the warrants was
determined to be GBP614,000, which was recognised in the income
statement.
On the 9 August 2013, the terms of the remaining 72,500,000
warrants exercisable before 28 June 2014 were amended to reduce the
exercise price from 6p to 2p and reduce the exercise period to 24
October 2013. As a result of this amendment the increase in fair
value of the warrants was determined at the date of the amendment
using Black Scholes model, using the following inputs:
Share price at the date of amendment 2.42p
Strike price 2p
Volatility 37%
Expected life 77 days
Risk free rate 1%
The resultant increase of the fair value of the warrants was
determined to be GBP326,250, which was recognised in the income
statement.
Following the exercise price reduction between 27 August 2013
and 2 September 2013 a total of 54,188,413 warrants were exercised,
raising GBP1,083,768 before expenses.
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