TIDMETX
RNS Number : 9086C
e-Therapeutics plc
04 October 2018
ETX.L Half-Year 2018/9 Statement
e-therapeutics plc
("e-therapeutics" or the "Company")
Interim Financial Results for the six months ended 31 July
2018
Continued progress on strategy execution
Oxford, UK, 4 October 2018: e-therapeutics plc (AIM: ETX,
"e-therapeutics" or the "Company"), the network-driven drug
discovery (NDD) company, announces its interim results for the six
months ended 31 July 2018.
Operational highlights
Proprietary Network-Driven Drug Discovery (NDD) platform
advanced and strengthened
-- Continued enhancement of the NDD platform with patient
segmentation and informatics-based mechanism of action (MoA)
modules
-- Intellegens and Biorelate partnerships now incorporated into
platform, strengthening our artificial intelligence (AI)
capabilities
o Biorelate's AI-based natural language processing techniques
enhance compound bioactivity data and fibrosis disease modelling
knowledge
o Intelligens' AI-based neural network approach adds new data
capabilities to drive existing and new drug discovery projects
-- C4X Discovery collaboration allows us to expand how we use
genomic information to discover new drugs and drive new strategies
to treat disease
Business development activities progressing
-- Currently in detailed discussions with a number of potential
biopharma partners for NDD-based programmes and projects
-- Shortlisted as preferred partner by a number of biopharma
companies as part of their AI/machine learning/in-silico technology
selection exercises
-- In line with our strategy, we continue to evaluate broader
potential corporate development opportunities
Progress with Immuno-oncology (IO) programmes and creation of
new projects in commercially valuable areas
-- Progression of lead series, confirmation of novel MoA and
filing of first patent application from our tryptophan catabolism
IO programme
-- Further development of two chemical series in our checkpoint
signalling modulation IO programme that act by distinct biological
mechanisms
-- Progression of new generation of NDD-derived projects in fibrosis, IO and neurodegeneration
Financial highlights
-- Cash and deposits of GBP7.6m (31 January 2018: GBP9.6m)
-- Narrowed operating loss of GBP2.8m (H1 to 31 July 2017: loss of GBP3.7m)
-- R&D tax credit of GBP1.4m received
Post-period highlights
-- Post-period, filed a new NDD platform patent, covering
breakthroughs in our computational approach
Iain Ross, Non-Executive Chairman of e-therapeutics, said:
"During the period, e-therapeutics continued to execute
diligently against the strategic and tactical plan outlined last
year. Our novel, proprietary network-driven drug discovery (NDD)
platform leverages cutting-edge analytical, network biology,
machine learning and artificial intelligence technologies. We
believe it has significant potential to help unlock biological data
that can drive the drug discovery process and accelerate the
development of important new medicines."
Ray Barlow, CEO of e-therapeutics, added:
"In the last six months we continued to invest in our NDD
platform, rolling out additional functional enhancements. The new
partnerships and collaborations we have recently entered into
further extend the capabilities of the platform and its potential
in drug discovery. We have also made progress in our two existing
immuno-oncology drug discovery programmes and have used the
platform to generate new projects in industry-relevant and
potentially high-value discovery areas.
"In line with our strategy, we remain focused on developing the
business from existing capital and from non-dilutive sources of
funding. To this end, we have executed a systematic and extensive
international business development programme where the potential of
NDD has been recognised. We have been shortlisted as a preferred
partner by a number of biopharma companies and are in detailed
discussions on several distinct NDD deals. We also continue to
evaluate broader potential corporate development
opportunities."
For more information, please contact:
e-therapeutics plc Tel: +44 (0)1993 883 125
Ray Barlow, Chief Executive Officer www.etherapeutics.co.uk
Steve Medlicott, Finance Director
Numis Securities Limited Tel: +44 (0) 207 260 1000
Michael Meade/Freddie Barnfield (Nominated www.numis.com
Adviser)
James Black (Corporate Broking)
FTI Consulting Tel: +44 (0) 203 727 1000
Simon Conway/Brett Pollard etherapeutics@fticonsulting.com
About e-therapeutics
We are an Oxford, UK-based company with a unique and powerful
computer-based drug discovery platform and a specialised approach
to network biology.
Our novel network-driven methodology allows us to discover new
and better drugs in a more efficient and effective way.
We use our highly productive drug Discovery Engine to develop
our own IP-protected, pre-clinical drug discovery programmes which
will be of interest to partners looking to acquire or in-license
novel and differentiated assets. We are currently developing two
programmes in immuno-oncology and have a number of partner-ready
projects in areas such as fibrosis and tumour microenvironment.
Because of our novel network-driven drug discovery (NDD)
approach, we believe there is potential to enter into several
different types of collaborative partnerships with biotech, pharma
and other technology companies to create sustainable mutual
value.
About Network-Driven Drug Discovery (NDD)
e-Therapeutics' proprietary NDD platform comprises a suite of
powerful computational tools to augment and interrogate the vast
amount of biological information currently available in both public
and private databases.
Our NDD platform is founded on sophisticated network science and
employs techniques such as machine learning, artificial
intelligence (AI) and state-of-the-art data analysis tools. Using
our biological expertise, we can create and analyse network models
of disease to identify likely proteins that could effectively be
disrupted to treat the disease.
We believe that our network-driven approach more realistically
reflects the true complexity of disease, with its multiple and
often interconnected cellular pathways. By modelling and analysing
disease networks and considering the pattern of connections between
proteins, and not just single pathways, we more efficiently select
the very best drug-like compounds for screening and for subsequent
medicinal chemistry and pre-clinical testing. With our novel
methodology, significant numbers of active molecules can be
identified and tested quickly. Our approach is highly productive
and consistently generates hits that have been progressed into
potent, selective and novel drug molecules.
Our overall aim is to discover more efficacious drugs more
effectively. By using more biologically realistic, cell and
tissue-based assays we can choose and design compounds that are
more likely to translate into better, more clinically efficacious
drugs.
Strategy and Business Plan
Investments in the period have been focused on the organic
business plan we announced last year, which is founded on three
main pillars:
1. Creating and licensing partner-driven NDD-derived programmes
2. Out-licensing of our own NDD-derived assets
3. Continuously updating and improving our NDD platform.
Partner-ready NDD-derived programmes
We have continued to use our network biology expertise to create
opportunities in new, industry-relevant and potentially high-value
discovery areas. For example, we have reconfirmed nanomolar potent
hits in our axonal degeneration programme and initiated a new
neurodegeneration project in proteostasis. In the inflammatory
disease area, we have extended our NDD-derived lung fibrosis work
to explore kidney and liver fibrotic disease areas.
In the immuno-oncology space, we have confirmed hits in our
modulation of inhibitory receptor ligands (IRLs) programmes (GAL-9
and LIGHT). We have created a number of new network biology
projects in the tumour microenvironment area, including cancer
associated fibroblasts, macrophage polarisation and in regulatory
T--cell function. In the innate immunity ("hot" tumour) area we
have a potential small molecule approach to activate stimulation of
interferon genes (STING) adaptor protein.
Some of these new programmes are the subject of several
discussions with potential partners and show our ability to go from
concept to a potential partner-ready programme in a matter of
months.
Self-funded NDD-derived assets
We have made good progress optimising the pharmacokinetic and
potency profile of leads in our tryptophan catabolism programme. As
previously noted, our lead series are novel, potent, first-in-class
compounds that work by a different MoA to the existing IDO or TDO
inhibitors in this space. We have filed an initial patent
application on this work and have a number of other opportunities
to extend this patent estate if we so chose. In many ways this
exemplifies the benefit of the NDD approach in being able to
uncover novel mechanism to achieve a physiological outcome, e.g.
modulating tryptophan catabolism, but not by the inhibition of the
IDO enzyme.
Following recent negative clinical data on first generation IDO
inhibitors (including termination of Incyte's ECHO-301/KEYNOTE-252
studies with epacadostat) we have elected to complete additional
in-vitro and in-vivo work to generate good differentiating
structural and biological data versus the existing clinical agents
BMS-986205 and epacadostat. Once complete we will select a final,
differentiated candidate for IND-enabling work.
In our checkpoint signalling modulation programme, we have
continued to explore the two classes of novel compounds. These
compound classes are able to overcome (experimentally-induced)
T-cell anergy and exhaustion and act by two distinct mechanisms. In
further analysis we have identified additional chemotypes with
promising behaviour and we have carried out preliminary medicinal
chemistry on both of our initial compound series to improve potency
and pharmacokinetic parameters. Our most recent tool compounds (of
both classes) have potencies in the low 100nM range in cellular
assays and promising pharmacokinetics.
We are exploring their efficacy across a range of T-cell driven
tumour cell killing assays and to attempt to further deconvolve
their biological targets.
Continuously updating and enhancing our NDD platform
During the period we continued to invest in the augmentation of
the NDD platform. We have progressed our patient segment specific
NDD work, exemplified using breast cancer, and are presenting this
work externally now. We have also now successfully tested our
informatics-based target (MoA) deconvolution approach using public
domain data and will extend this work further.
Post period, we filed a new patent application covering our
proprietary NDD platform providing additional protection over and
above existing granted patents. The new application covers
enhancements and new techniques which have recently been added to
our platform and associated processes.
On 15 January 2018, we announced two collaborations with highly
innovative AI companies. These collaborations gave us unique access
to a number of state-of-the art techniques.
In our Biorelate collaboration we have successfully used their
AI-based, natural language processing (NLP) techniques to extract
useful, structured biological information to help inform our
NDD-derived fibrosis projects as well as augment our internal
compound bioactivity database. We have also progressed the
collaboration with Intellegens to use their neural network approach
to create new, potentially proprietary, predictive biological data
that will be useful in existing and new NDD projects.
On 1 May 2018 we announced a collaboration with C4X Discovery
Holdings plc (C4XD) under which we would use genetic data derived
from C4XD's Taxonomy3 technology to attempt to identify new
cellular mechanisms in Parkinson's disease. Work on discovering new
treatments in this area is ongoing, and results generated in the
collaboration shall be jointly owned by e-therapeutics and
C4XD.
Clinical Study
In 2017 we committed to the orderly wind down of our clinical
study ETS2101-004 on dexanabinol. The two remaining patients have
now received their final dose and will have a final follow-up visit
in October. Regulatory and ethics committees have been properly
informed of the decision to close the study and we anticipate that
expenditure on this will cease by the end of the year.
Business Development
The appetite for the application of in-silico and AI/machine
learning-based technologies in the drug discovery process continues
to grow. Many large biopharmaceutical companies are looking to
collaborate with (or potentially acquire) companies whose
technologies address the issues they face in terms of R&D
productivity. As already noted, NDD provides the industry with
potential benefits in terms of time, cost, novelty and quality over
traditional and other in-silico approaches.
Our outreach has been extensive and comprehensive. As of the
time of writing we have had detailed discussions and second-round
meetings with over half of the top 25 biopharmaceutical companies
(by market cap). Our NDD platform has been assessed against
competitor technologies and we have been shortlisted by a number of
companies as preferred partners. Discussions are ongoing, and we
have submitted several proposals to different companies based on
the application of our NDD platform to an area of biology of mutual
interest.
We have also had discussions with a broad range of other
organisations including other biotechnology companies and contract
research organisations (CROs). We will provide updates on progress
in this area in due course.
Cost control
We continue to manage our cash resources very carefully. Our
investment in the self-funded NDD-derived immuno-oncology
programmes has slowed in comparison to the second half last year.
This reflects the decision to generate more differentiating
biological data versus best-in-class compounds before advancing
into more expensive Candidate Selection and Lead Optimisation
work.
Overall, during the period we have reduced the spend on
self-funded discovery projects (32% lower versus H1 to 31 July
2017), people (17% lower versus H1 to 31 July 2017) and on clinical
development (54% lower versus H1 to 31 July 2017).
Our overarching aim is to have the flexibility to ensure we can
maintain our core NDD-platform and capabilities. Based on the first
half cash consumption exit rate, we expect that we will have enough
cash to continue core operations into 2020. However, this will need
to be evaluated if we wish to invest in further experimental
validation of new NDD-derived programmes or later stage
pre-clinical work.
Corporate Development Opportunities
As outlined in our most recent annual report, following
implementation of our new strategy, we are now in a better position
to be proactive in considering potential inorganic growth
opportunities. More specifically, we are open to such opportunities
that have the potential to add significant value to our
shareholders through enabling further augmentation of our core
technology platform or providing downstream skills, capabilities or
cash to further develop NDD-derived assets. We remain ready to
react to a potential wave of consolidation that may occur in the
next industry cycle.
Given our current focus on non-dilutive sources of capital we
have entered into a number of potential "risk share" discussions
with parties, including CROs, in which we would look for the
partner to fund development of some selected programmes in exchange
for a proportion of downstream economics. We consider this a
potential way to progress discovery projects in a capital-efficient
manner.
Conclusion
We continue to execute diligently against the strategic and
tactical plans we outlined last year and are making material
progress in all areas where we believe there is potential to create
significant value for our shareholders. I look forward to providing
further updates on our progress in due course.
Ray Barlow
CEO
Financial Review
Period end cash of GBP7.6m and reduced pre-tax loss of GBP2.8m
in H1
One of the primary targets of the Company is to carefully manage
cash burn as we focus on the commercial validation of the NDD
platform. This is evidenced by the fact that the first half results
continued the reducing trend in six monthly trading loss that was
seen in the previous financial year.
The first half operating loss was GBP2.8m and this compares to
GBP3.7m in the same period last year and an operating loss of
GBP3.1m in the second half of last year.
In the first half of this year we continued to focus our
investment on both the NDD platform and the two internally funded
Immuno-Oncology (IO) drug discovery assets. There was also a
significant reduction in development costs in the first half as we
continued to look for ways to manage costs in the ETS2101 Ib
trial.
The pre-tax loss in the first half of the year was GBP2.8m (H1
to 31 July 2017: GBP3.7m) and the reduction in cash and fixed
deposits over the same period was GBP2.0m (H1 to 31 July 17:
GBP1.6m).
Drug discovery spend in H1 was GBP1.6m (H1 to 31 July 2017:
GBP2.0m). Whilst we continue to invest in advancing the two IO drug
discovery projects, the prior year still incurred some costs from
other projects that were subsequently halted following the
strategic review last year.
We announced the orderly wind down of the ETS2101 phase Ib study
on 22 March 2016 and as per the trial protocol this study closed on
31 August 2018. Total development spend in H1 was GBP0.2m lower
than the comparative period of the prior year at GBP0.2m (H1 to 31
July 2017: GBP0.4m). It is our expectation that some cost will be
incurred in the second half of the year, albeit at a reduced rate
when compared to the first half.
Administrative expenses in the first half of GBP0.7m were
significantly lower than the previous year (H1 to 31 July 2017:
GBP1.0m) reflecting both a reduction in head count and an ongoing
internal focus on cost control.
Half year-end cash and fixed term deposits of GBP7.6m were
GBP2.0m lower than the year-end figure of GBP9.6m. This cash and
fixed term deposit reduction in H1 of GBP2m was slightly higher
than the comparative period in the prior year (H1 to 31 July 2017:
GBP1.6m) principally due to a lower R&D tax credit payment of
GBP1.4m (H1 to 31 July 2017: GBP3.0m).
The lower tax credit reflected the trend of reducing research
and development costs that have been seen over the last two
years.
Underlying cash burn, excluding R&D tax credits receipts, in
H1 of GBP3.4m was GBP1.2m lower than the same period in the prior
year. Our current expectations for cash burn in the second half of
the current financial year are materially lower than the GBP3.4m
incurred in H1. At planned activity levels, no further significant
working capital change is expected by the year end.
Summary Outlook
Based on our current strategy, and assuming no income in the
period, it is likely that there will be a further reduction in the
operating loss in the second half when compared to the first half.
This reduction reflects an ongoing cost reduction plan and
anticipated lower spend on the two core drug discovery projects.
The current cash position of the Company remains solid and our
financial projections mean that, based on current funding, we can
finance the Company into 2020.
Steve Medlicott
CFO
CONSOLIDATED INCOME STATEMENT FOR THE PERIODED 31 JULY 2018
--------------------------------------------------------------------------------------
6 months 6 months Year ended
ended ended 31 January
31 July 2018 31 July 2017 2018
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Revenue - - -
Cost of sales - - -
--------------------------------------- -------------- -------------- ------------
Gross profit - - -
Research and development expenditure (2,051) (2,744) (5,019)
Administrative expenses (742) (963) (1,749)
---------------------------------------- -------------- -------------- ------------
Operating loss (2,793) (3,707) (6,768)
Investment income 13 25 49
---------------------------------------- -------------- -------------- ------------
Loss before tax (2,780) (3,682) (6,719)
Taxation 603 713 1,360
---------------------------------------- -------------- -------------- ------------
Loss for the period/year attributable
to equity holders of the Company (2,177) (2,969) (5,359)
---------------------------------------- -------------- -------------- ------------
Loss per share: basic and
diluted (0.81)p (1.11)p (2.00)p
---------------------------------------- -------------- -------------- ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 JULY 2018
----------------------------------------------------------------------------------
6 months 6 months Year ended
ended ended 31 January
31 July 2018 31 July 2017 2018
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Loss for the period (2,177) (2,969) (5,359)
Other comprehensive income - - -
----------------------------------- -------------- -------------- ------------
Total comprehensive income
for the period/year attributable
to equity holders of the Company (2,177) (2,969) (5,359)
------------------------------------ -------------- -------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED
31 JULY 2018
Share Share Retained
capital premium earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1 February 2017 268 65,143 (49,431) 15,980
Total comprehensive income for
the period
Loss for the period - - (2,969) (2,969)
------------------------------------------- ---------
Total comprehensive income for
the period - - (2,969) (2,969)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 5 - 5
Equity-settled share-based payment
transactions - - 60 60
------------------------------------------- --------- --------- ---------- --------
Total contributions by and distribution
to owners - 5 60 65
------------------------------------------- --------- --------- ---------- --------
As at 31 July 2017 268 65,148 (52,340) 13,076
Total comprehensive income for
the period
Loss for the period - - (2,390) (2,390)
------------------------------------------- ---------
Total comprehensive income for
the period - - (2,390) (2,390)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares 1 6 - 7
Equity-settled share-based payment
transactions - - 45 45
------------------------------------------- --------- --------- ---------- --------
Total contributions by and distribution
to owners 1 6 45 52
------------------------------------------- --------- --------- ---------- --------
As at 31 January 2018 269 65,154 (54,685) 10,738
------------------------------------------- --------- --------- ---------- --------
Total comprehensive income for
the period
Loss for the period - - (2,177) (2,177)
-------------------------------------------
Total comprehensive income for
the period - - (2,177) (2,177)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 6 - 6
Equity-settled share-based payment
transactions - - 33 33
-------------------------------------------
Total contributions by and distribution
to owners - 6 33 39
-------------------------------------------
As at 31 July 2018 269 65,160 (56,829) 8,600
------------------------------------------- --------- --------- ---------- --------
CONSOLIDATED BALANCE SHEET
------------------------------- ----- ------------- ------------- -----------
31 July 31 January
31 July 2018 2017 2018
Note (un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 141 135 135
Property, plant and equipment 56 80 71
------------------------------- -----
197 215 206
------------------------------- ----- ------------- ------------- -----------
Current assets
Tax receivable 612 717 1,364
Trade and other receivables 105 125 91
Prepayments 495 506 504
Fixed-term deposits 2,000 4,500 2,500
Cash and cash equivalents 5,643 7,928 7,097
------------------------------- -----
8,855 13,776 11,556
------------------------------- ----- ------------- ------------- -----------
Total assets 9,052 13,991 11,762
------------------------------- ----- ------------- ------------- -----------
Current liabilities
------------------------------- ----- -------------
Trade and other payables 452 915 1,024
------------------------------- ----- ------------- ------------- -----------
Total liabilities 452 915 1,024
------------------------------- ----- ------------- ------------- -----------
Net assets 8,600 13,076 10,738
------------------------------- ----- ------------- ------------- -----------
Equity
Share capital 2 269 268 269
Share premium 65,160 65,148 65,154
Retained earnings (56,829) (52,340) (54,685)
------------------------------- -----
Total equity attributable
to equity holders of the
Company 8,600 13,076 10,738
------------------------------- ----- ------------- ------------- -----------
CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIODED 31 JULY 2018
-----------------------------------------------------------------------------------
6 months 6 months Year ended
ended ended 31 January
31 July 2018 31 July 2017 2018
31 July 31 July 31 January
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Loss for the period/year (2,177) (2,969) (5,359)
Adjustments for:
Depreciation, amortisation and
impairment 29 44 72
Loss on disposal of fixed assets - - -
Investment income (13) (25) (49)
Equity-settled share-based payment
expenses 33 60 105
Taxation (603) (713) (1,360)
------------------------------------- -------------- -------------- ------------
Operating cash flows before
movements in working capital (2,731) (3,603) (6,591)
(Increase)/decrease in trade
and other receivables (7) 131 145
Decrease in trade and other
payables (572) (1,036) (927)
Tax received 1,355 2,968 2,968
------------------------------------- --------------
Net cash from operating activities (1,955) (1,540) (4,405)
------------------------------------- -------------- -------------- ------------
Interest received 15 40 86
Acquisition of property, plant
and equipment (5) (53) (66)
Acquisition of other intangible
assets (15) - (5)
Decrease in fixed-term deposits 500 5,000 7,000
-------------------------------------
Net cash from investing activities 495 4,987 7,015
------------------------------------- -------------- -------------- ------------
Net proceeds from issue of share
capital 6 6 12
-------------------------------------
Net cash from financing activities 6 6 12
------------------------------------- -------------- -------------- ------------
Net (decrease)/increase in cash
and cash equivalents (1,454) 3,453 2,622
Cash and cash equivalents at
the beginning of the period/year 7,097 4,475 4,475
-------------------------------------
Cash and cash equivalents at
the end of the period/year 5,643 7,928 7,097
------------------------------------- -------------- -------------- ------------
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise
statutory accounts as defined within section 434 of the Companies
Act 2006. The Company is a public limited company; it is listed on
the London Stock Exchange's AIM market and is incorporated and
domiciled in the United Kingdom. The address of its registered
office is 17 Blenheim Office Park, Long Hanborough, Oxfordshire,
OX29 8LN, UK.
Statutory accounts for the year ended 31 January 2018 were
approved by the Board of Directors on 26 March 2018 and delivered
to the Registrar of Companies. The report of the Auditor on the
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006.
While this interim statement, which is neither audited nor
reviewed, has been prepared in accordance with the measurement and
recognition criteria of International Financial Reporting Standards
as adopted by the European Union ("IFRS"), it does not in itself
contain sufficient information to comply with IFRS. It does not
include all the information required for the full annual financial
statements and should be read in conjunction with the financial
statements of the Group as at, and for the year ended, 31 January
2018. It does not comply with International Accounting Standard
("IAS") 34 'Interim Financial Reporting' as is permissible under
the rules of AIM.
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 January 2018 (as defined therein) other than standards,
amendments and interpretations which became effective after 1
February 2018 and were adopted by the Group.
New or revised standard effective from 1 February 2018:
-- IFRS 9 - Financial Instruments
-- IFRS 15 - Revenue from Contracts with Customers
Amendments effective from 1 February 2018:
-- IFRS 2 - Classification and Measurement of Share-based Payment Transactions
-- IFRS 4 - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
-- IAS 49 - Transfers of Investment Property
-- IFRIC 22 - Foreign Currency Transactions and Advance Consideration
-- Various - Annual Improvements to IFRS Standards 2014-16 Cycle
Given the size and level of activity of the Group, which is not
currently revenue-generating, these new and revised standards and
amendments have had no material impact on the Group's accounting
policies, disclosure or amounts recognised.
2. Share Capital
31 July 31 January
31 July 2018 2017 2018
(un-audited) (un-audited) (audited)
In issue - fully paid
Ordinary shares of GBP0.001 each
(number) 268,605 268,339 268,531
------------------------------------ ------------- ------------- -----------
Allotted, called up and fully paid
Ordinary shares of GBP0.001 each
(GBP'000) 269 268 269
------------------------------------ ------------- ------------- -----------
During the period, 74,526 ordinary shares were issued at
7.38p.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
IR GMMGGNFGGRZM
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