TIDMTAIH
RNS Number : 3075L
Taihua Plc
30 September 2016
Taihua plc
("Taihua" or the "Company")
Interim Results for the six months ended 30 June 2016
Highlights
-- Sales in 2016 H1 were RMB 6,170,000 (2015 H1 : RMB 5,399,000).
-- Some initial signs of recovery in non-Forsythia sales,
primarily Homoharringtonine. However, commercial trading conditions
were challenging and as such we saw a significant reduction in
gross margin % from 29.1% in 2015 H1 to 22.6% in 2016 H1.
-- Operating loss after tax in 2016 H1 was RMB (977,000) (2015 H1: RMB 848,000).
Chairman's Statement
The supply of Traditional Chinese Medicine (TCM) raw materials
is seasonal. The first half of the year's financial performance is
largely a result of the supply and sale of the Company's
Homoharringtonine product along with its range of prescription-only
finished TCM products. Following the Board's decision to cease
production of Paclitaxel its contribution to the period's sales has
been modest.
Forsythia
All costs associated with cultivation during the first half of
the year are included in inventory for release when sales are made
in the second half of the year. Therefore, the forsythia plantation
has no effect on the consolidated statement on comprehensive
income.
Homoharringtonine
Homoharringtonine has traditionally been one of Taihua's most
successful products with a strong market position and high gross
margins. During the period of reapplication for GMP, much of this
market share was lost to competitors.
Now we have secured the GMP reaccreditation, efforts are being
made to recover this lost market share.
Sales in 2016 H1 were RMB 3,213,000 (2015 H1: RMB 552,000).
To start to recover this market share we have had to accept
lower pricing than was historically the norm and this has hit the
gross margins.
Gross margin % in 2016 H1 was 32.7% (2015 H1: 45.1%)
However, our total gross margin generated from Homoharringtonine
sales increased by 324% from RMB 249,000 in 2015 H1 to RMB
1,055,000 in 2016 H1.
Traditional Chinese Medicines
The competition for supply of Traditional Chinese Medicines has
become increasingly fierce. The main driver of this is the Chinese
Government's healthcare reforms which require each province to set
up open tendering systems for supply contracts. This has increased
competition which has led to reduced margins.
Gross margin % in 2016 H1 was 16.3% (2015 H1: 39.3%)
However, there are signs that volumes are starting to recover.
Our cost of sales in 2016 H1 was RMB 2,310,000 which was 12.6% more
than 2015 H1. In addition, 2016 H1 sales only commenced in March
2016 due to the GMP reaccreditation, so only four months were
available to make sales in this period compared to six months in
2015.
Strategic Direction
Following the successful reapplication for GMP there is some
evidence of improving sales in both TCMs and Homoharringtonine,
however increased competition in the market environment has led to
reduced gross margin %.
The Company is committed to increasing its market share in these
products but at the same time recognises that the previously
achievable profit margins on these products will probably not
recur.
Following the successful open offer and the approval by
shareholders of the share buyback, the Board is in discussions as
to the mechanics of making the share buyback and we expect this
will be announced shortly.
For more information please contact:
Nicholas Lyth, Taihua plc 0776 990 6686
Katy Mitchell, WH Ireland Limited +44 161 832 2174
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Revenue 6,170 5,399 34,229
Cost of sales (4,778) (3,828) (27,363)
----------- ----------- -----------
Gross profit 1,392 1,571 6,866
Gain/(loss) arising
on revaluation of
biological assets - 960 (4,387 )
Other income 435 1,159 1,499
Selling expenses (1,175) (1,125) (4,275)
General and administrative
expenses (1,629) (1,410) (29,867)
----------- ----------- -----------
(Loss)/profit before
income tax (977) 1,155 (30,164)
Income tax expense - (307) (484)
----------- ----------- -----------
(Loss)/profit for
the period/year (977) 848 (30,648)
Other comprehensive
income/(loss)
Exchange differences
arising on translation
of financial statements
of foreign of operations 1,191 52 (204 )
----------- ----------- -----------
Other comprehensive
income/(loss) for
the period/year,
net of tax 1,191 52 (204 )
Total comprehensive
income/(loss) for
the period/year 214 900 (30,852 )
=========== =========== ===========
Total (loss)/profit
for the period/year
attributable to equity
holders of
the Company (977 ) 848 (30,648 )
=========== =========== ===========
Total comprehensive
income/(loss) for
the period/year attributable
to equity holders
of the Company 214 900 (30,852 )
=========== =========== ===========
(Loss)/earnings per
share :
Basic (RMB per share) (0.012) 0.010 (0.375)
=========== =========== ===========
Diluted (RMB per
share) (0.012) 0.010 (0.375)
=========== =========== ===========
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
As at As at As at
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment 23,041 15,104 23,068
Prepaid lease payments 46,075 49,025 47,550
Land use rights 1,311 1,350 1,331
Biological assets - 5,347 -
Deferred tax assets - 65 -
70,427 70,891 71,949
----------- ----------- ---------------
CURRENT ASSETS
Inventories 17,907 15,108 14,449
Trade and bills receivables 31,067 54,405 41,319
Other receivables 737 378 50
Deposits and prepayments 4,125 3,521 3,856
Cash and cash equivalents 15,282 25,546 8,354
----------- -----------
69,118 98,958 68,028
----------- ----------- ---------------
TOTAL ASSETS 139,545 169,849 139,977
----------- ----------- ---------------
LIABILITIES
CURRENT LIABILITIES
Trade payables 3,858 2,393 2,012
Receipts in advance 2,606 1,494 4,167
Accrued expenses and
other payables 12,361 12,307 10,788
Amount due to a related
company - - 1,109
Amount due to a shareholder 6,119 8,030 7,468
Amounts due to directors 552 26 598
Income tax payable 65 77 65
----------- ----------- ---------------
25,561 24,327 26,207
----------- ----------- ---------------
NET CURRENT ASSETS 43,557 74,631 41,821
----------- ----------- ---------------
TOTAL LIABILITIES 25,561 24,327 26,207
----------- ----------- ---------------
NET ASSETS 113,984 145,522 113,770
=========== =========== ===============
EQUITY
CAPITAL AND RESERVES
ATTRIBUTABLE TO
EQUITY HOLDERS OF
THE COMPANY
Share capital 12,357 12,357 12,357
Other reserves 20,608 19,673 19,417
Retained profits 81,019 113,492 81,996
----------- ----------- ---------------
TOTAL EQUITY 113,984 145,522 113,770
=========== =========== ===============
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Foreign
Merger Reverse General Enterprise currency Share
Share relief Share acquisition reserve expansion translation options Retained
capital reserve premium reserve fund fund reserve reserve profits Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
At 1 January
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (557) 494 112,644 144,622
Loss for the
period - - - - - - - - 848 848
Other
comprehensive
income - - - - - - 52 - - 52
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
income for
the period - - - - - - 52 - 848 900
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
At 30 June
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (505) 494 113,492 145,522
======= ======= ======= =========== ======= ========== =========== ======= ======== =======
At 1 January
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (557) 494 112,644 144,622
Loss for the
year - - - - - - - - (30,648) (30,648)
Other
comprehensive
loss - - - - - - (204) - - (204)
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
loss for
the year - - - - - - (204) - (30,648) (30,852)
At 31 December
2015 12,357 64,364 4,783 (63,408) 9,297 4,648 (761) 494 81,996 113,770
Loss for the
period - - - - - - - - (977) (977)
Other
comprehensive
income - - - - - - 1,191 - - 1,191
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
Total
comprehensive
income for
the period - - - - - - 1,191 - (977) 214
------- ------- ------- ----------- ------- ---------- ----------- ------- -------- -------
At 30 June 2016 12,357 64,364 4,783 (63,408) 9,297 4,648 430 494 81,019 113,984
======= ======= ======= =========== ======= ========== =========== ======= ======== =======
TAIHUA PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit before income
tax (977) 1,155 (30,164)
Adjustments for :-
Increase in allowance for
bad debts 82 - 25,964
Amortisation on prepaid
lease premium 1,475 - 2,950
Amortisation on land use
rights 20 19 38
Depreciation 314 152 282
(Gain)/loss arising on revaluation
of biological assets - (960) 4,387
Provision for impairment
of property,
plant and equipment - - 510
Interest income (435) (1,159) (1,465)
Provision for write-down
of inventories - - 528
Operating (loss)/profit
before working capital changes 479 (793) 3,030
Increase in inventories (3,458) (3,041) (4,385)
Decrease/(increase) in trade
and bills receivables 10,170 1,420 (10,966)
(Increase)/decrease in other
receivables (687) 87 166
Increase in deposits and
prepayments (269) (806) (2,487)
Increase in trade payables 1,846 1,112 731
(Decrease)/increase in
receipts in advance (1,561) 507 3,180
Increase/(decrease) in
accrued expenses
and other payables 1,573 (3,507) (5,026)
(Decrease)/increase in
amounts due to related companies (1,109) (1,107) 2
(Decrease)/increase in
amount due to a shareholder (1,349) 29 (533)
(Decrease)/increase in
amounts due to directors (46) - 572
----------- ----------- -----------
Cash generated/(used in)
from operations 5,589 (6,099) (15,716)
Interest received 435 56 1,465
Profits tax paid - (2,658) (2,782)
----------- ----------- -----------
NET CASH FROM/(USED IN)
OPERATING ACTIVITIES 6,024 (8,701) (17,033)
----------- ----------- -----------
CASH FLOWS FROM INVESTING
ACTIVITY
Purchase of property, plant
and equipment (287) (12,681) (21,285)
----------- ----------- -----------
NET CASH USED IN INVESTING
ACTIVITY (287) (12,681) (21,285)
NET INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS 5,737 (21,382) (38,318)
CASH AND CASH EQUIVALENTS
AS AT 1 JANUARY 8,354 46,876 46,876
Effect of foreign exchange
change 1,191 52 (204)
----------- ----------- -----------
CASH AND CASH EQUIVALENTS
AS AT 30 JUNE/
31 DECEMBER 15,282 25,546 8,354
=========== =========== ===========
ANALYSIS OF THE BALANCES
OF CASH AND CASH EQUIVALENTS
Cash and bank balances 15,282 25,546 8,354
=========== =========== ===========
Notes to the Condensed Consolidated Financial Statements
for the six months ended 30 June 2016
1. GENERAL INFORMATION
Taihua Plc (the "Company") was incorporated and registered in
England and Wales on 29 August 2006 under the Companies Act 1985 as
a public company limited by shares with the name "China Natural
plc" with registered number 05918155. On 8 September 2006, the
Company changed its name to "Taihua plc". The address of the
registered office is 4 Harefield Place, St, Albans, Hertfordshire
AL4 9JQ, U.K.
The Company is an investment holding company and its
subsidiaries are principally engaged in the manufacturing,
distribution and sales of Traditional Chinese Medicine ("TCM")
products, and the principal place of business is Room 201, Unit 3,
No. 16 Zhong Hua, ShiJiCheng, FuZeYuan, 239 KeJi Road, Hi-tech
Zone, Xi An, 710077, People's Republic of China (the "PRC").
2. BASIS OF PREPARATION
The consolidated condensed financial statements have been
prepared in accordance with International Accounting Standard 34
Interim Financial Reporting.
The consolidated condensed financial statements have been
prepared on the historical cost basis except for certain financial
instruments, which are measured at fair values as explained in the
accounting policies set out below. Historical cost is generally
based on the fair value of the consideration given in exchange for
assets.
The consolidated condensed financial statements are rounded to
the nearest thousand ('000) and they are presented in Chinese
Renminbi (RMB), the official currency of the People's Republic of
China. RMB is the functional currency of the Company.
The consolidated condensed financial statements incorporate the
financial statements of the Company and entities controlled by the
Company (its subsidiaries). Control is achieved where the Company
has the power to govern the financial and operating policies of an
entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
The interim report was approved by the Board of Directors on 29
June 2016. The report is unaudited and does not constitute the
company's statutory accounts for the six months ended 30 June
2016.
3. SIGNIFICANT ACCOUNTING POLICIES
These consolidated condensed financial statements have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") issued by the International Accounting Standard
Board (IASB) and interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), as adopted by European
Union.
From the beginning of the reporting period, the Company has
adopted all relevant standards effective for accounting periods
beginning on or after 1 January 2016.
The presentation currency of the Group is RMB and therefore the
financial statements have been translated from GBP and HKD to RMB
at the following exchange rates:
Period end rates Average rates
30 June 2016 GBP1=RMB8.90036 GBP1=RMB9.37049
HKD1=RMB0.8565 HKD1=RMB0.8416
4. REVENUE
Revenue on sale of goods represents the invoiced value of goods
sold, net of value added tax ("VAT"), consumption tax ("CT") and
other sales taxes, after allowances for goods returns and trade
discounts.
An analysis of the Group's turnover and other revenue is set out
below:-
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Revenue 6,170 5,399 34,229
============ =========== ===========
Other revenue
Interest on trade
receivables 418 1,103 1,388
Interest income 16 56 77
Exchange gain 1 - 34
435 1,159 1,499
============ =========== ===========
5. OPERATING SEGMENTS
For the purposes of resources allocation and performance
assessment, the chief operating decision makers, who are the Board
of Directors, regularly review revenue and cost of sales for each
product. The financial information provided to the Board of
Directors contains profit or loss information of each product line.
Therefore, the operation of the Group constitutes four reportable
segments.
The Group's reportable segments under IFRS8 Operating Segments
are as follows:
-- Paclitaxel - Paclitaxel is extracted from the bark of the yew
tree (Taxus). This drug is one of the main-stream treatments for
cancer of the ovaries, breast, certain types of lung cancer, and a
cancer of the skin and mucous membranes more commonly found in
patients with acquired immunodeficiency syndrome (AIDS).
-- Homoharringtonine - Homoharringtonine is an alkaloid
extracted from the branches and leaves of the Cephalotaxus tree.
This drug has been prescribed for acute myeloid leukaemia and other
cancers in China.
-- TCM products - Traditional Chinese Medicine has recognition
as a viable alternative health treatment and has been recognised by
the World Health Organisation for its effectiveness in the
treatment of certain forms of illnesses and diseases. The Company
currently manufactures eight TCM products which are Gengnianan
Tablet, Duzhong Pingya Tablet, Zaoren Anshen Keli, Bunao Anshen
Tablet, Jiangzi Jianfei Tablet, Dabaidu Capsule, Runing Tablet and
Bian Tong Pian.
-- Forsythia - Known as lian qiao in PRC, is a flowering shrub.
The seeds and seed cases of this are harvested and, when dried,
form the basis of TCM preparations. Forsythia TCMs are primarily
sold to alleviate flu and cold like symptons.
The Group's revenues are significantly impacted by the
seasonality of the forsythia sales. Forsythia is mainly harvested
during autumn every year and therefore sales of forsythia are
recognised in the fourth quarter. Costs incurred to 30 June with
regard to the forsythia plantations have been included in
inventories for release when the forsythia is harvested later in
the year.
The following is an analysis of the Group's revenue and cost of
sales by reportable segments:-
(Six months (TCM)
ended 30 June
2016)
(unaudited) (Paclitaxel) (Homoharringtonine) (Forsythia) (products) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (313) (3,231) (-) (2,759) (6,303)
(Discounting
of revenue
on deferred)
(credit terms) (133 ()
--------------
(Revenue per
Consolidated)
(Statement
of
Comprehensive) (6,170)
(Income)
(Cost of sales) (292 () (2,176 () (2,310 () (4,778 ()
------------ ------------------- ----------- ---------- --------------
(Gross profit) (21) (1,055) (-) (449) (1,392)
============ =================== =========== ========== ==============
(Six months (TCM)
ended 30 June
2015)
(unaudited), (Paclitaxel) (Homoharringtonine) (Forsythia) (products) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (1,614) (552) (-) (3,383) (5,549)
(Discounting
of revenue
on deferred)
(credit terms) (150 ()
--------------
(Revenue per
Consolidated)
(Statement
of
Comprehensive) (5,399)
(Income)
(Cost of sales) (1,473 () (303 () (-) (2,052 () (3,828 ()
------------ ------------------- ----------- ---------- --------------
(Gross profit) (141) (249) (-) (1,331) (1,571)
============ =================== =========== ========== ==============
(TCM)
(Year ended (Paclitaxel) (Homoharringtonine) (Forsythia) (products)
31 December
2015) (Consolidated)
(RMB'000) (RMB'000) (RMB'000) (RMB'000) (RMB'000)
(Revenue) (2,411) (556) (26,670) (4,592) (34,229)
(Cost of sales) (2,120 () (815 () (21,091 () (3,337 () (27,363 ()
------------ ------------------- ----------- ---------- --------------
Gross profit/(loss) (291) (259 () (5,579) (1,255) (6,866)
============ =================== =========== ========== ==============
The management of the Group take into account revenue and costs
of sales as the key performance indicators when they make
management decisions. Other costs are not allocated to operating
segments as these are considered to be central operating costs of
the business. Assets and liabilities are not considered to be
specific to individual operating segments and therefore separate
analysis is not undertaken.
The difference between the information presented to the Board of
Directors and the information per the Consolidated Statement of
Comprehensive Income relates to the discount applied to revenues to
reflect the 180 day credit period granted to customers.
6. TAXATION
A unified income tax rate has been set at 25% for all enterprise
within the Group.
7. (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share
Basic (loss)/earnings per share are calculated by dividing the
(loss)/profit attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
period/year.
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
(Loss)/profit attributable
to
equity holders
of the
Company (RMB'000) (977 ) 848 (30,648 )
============ =========== ===========
Weighted average
number of
ordinary shares
in issue
(Thousands) 81,737 81,737 81,737
============ =========== ===========
(Loss)/earnings
per share
(RMB per share) (0.012 ) 0.010 (0.375 )
============ =========== ===========
Diluted (loss)/earnings per share
The company has one category of dilutive potential shares -
share options. A calculation is performed to determine the number
of shares that could have been issued at fair value based on the
monetary value of the subscription rights attached to outstanding
share options and warrants. It is compared with the number of
shares that would have been issued assuming the exercise of the
share options.
Six months Six months Year ended
ended ended
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
(Loss)/profit attributable
to
equity holders of
the Company (RMB'000) (977 ) 848 (30,648 )
============ =========== ===========
Weighted average
number of
ordinary shares
in issue
(Thousands) 81,737 81,737 81,737
Adjustment for
share options - - -
(Thousands) - Note
------------ ----------- -----------
Weighted average
number of
ordinary shares
for diluted
earnings (thousands) 81,737 81,737 81,737
============ =========== ===========
Diluted (loss)/earnings
per share (RMB
per share) (0.012 ) 0.010 (0.375 )
============ =========== ===========
Note: The share options have no dilutive effect for the six
months ended 30 June 2016.
8. PROPERTY, PLANT AND EQUIPMENT
During the period ended 30 Jun 2016, the Group incurred costs of
RMB260,000 and RMB27,000 to acquire plant and machinery and office
equipment respectively.
9. biological assets
Biological assets represent Chinese Yew trees (infant trees and
seedlings) and Eucommia bush.
The role of Chinese Yew trees is to provide the raw material for
the extraction of Paclitaxel compound. For many years the Group has
purchased this raw material from third party suppliers. In 2006,
2007 and 2008, it planted Chinese Yew trees in its own plantation,
these infant trees were undergoing biological transformation
leading them to mature, being able to produce material from which
Paclitaxel compound can be extracted. The initial harvest from
infant Chinese Yew trees is 5 years after planting. The trees
continue to mature and are estimated to have a harvestable life of
15 years. The harvest from any one Chinese Yew tree is 2kg per
harvest. The trees can be harvested on a 3-4 year cycle. In
previous years it has not been possible to measure the fair value
of infant Yew trees reliably and they have therefore been valued at
cost. However, as the trees approached maturity and the directors
expected to commence harvesting during 2011, the trees were valued
at their fair value less harvesting and initial processing costs in
compliance with IAS 41 in the financial statements for the year
ended 31 December 2010. The permit to harvest in 2011 was not
granted by relevant government body and first harvest has taken
place in 2012. The effect of applying IAS 41 on the basis of
valuation from 2012 to 2014 has been adjusted and brought
biological assets to its fair value during that year.
Eucommia bush is the key raw materials to make one of the
traditional Chinese medicine ("TCM") products. The Group does not
harvest them as demand for TCM products is low. As the quantity of
these plants is a fraction of the whole plantation and the
directors considered they are immaterial for fair value
measurement, accordingly they are recognised at costs.
In 2015, there's no harvest on Yew Tree and Eucommia bush, due
to paclitaxel market price is lower than its production costs and
no demand on TCM products. The Group is currently exposed to the
risk from price fluctuation of Paclitaxel and thus Chinese Yew. The
Board of Directors have assessed the market conditions and risks,
and decided to cease paclitaxel production for foreseeable future,
and fully impair biological assets.
Chinese Eucommia
Yew trees bush Total
--------- -------- -------
RMB'000 RMB'000 RMB'000
At 1 January 2015 4,333 54 4,387
Net change in fair value 960 - 960
-------
At 30 June 2015 5,293 54 5,347
========= ======== =======
At 1 January 2015 4,333 54 4,387
Impairment loss (4,333) (54) (4,387)
--------- -------- -------
At 31 December 2015 - - -
Valuation at 30 June 2016 - - -
========= ======== =======
10. SHARE CAPITAL
The total issued number of ordinary shares at the beginning and
by the end of the reporting period were both 81,737,330 at GBP0.01
per share.
11. RELATED PARTY TRANSACTIONS
As at As at As at
30 June 2016 30 June 31 December
2015 2015
(unaudited) (unaudited) (audited)
Amounts due to directors RMB'000 RMB'000 RMB'000
Chun Chai (26) (26) (26)
Yunwu Liu (526) - (572)
(552) (26) (598)
============ =========== ===========
The amounts are interest-free, unsecured and repayable on
demand.
12. EVENTS AFTER THE REPORTING DATE
The Company completed an open offer on 16 September 2016. As a
result of the open offer, the Company issued and allotted
22,911,312 ordinary shares of GBP0.01 each in the capital of the
Company ("Open Offer Shares") at an issue price of 2.63p to raise
GBP602,567.51 on 16 September 2016. The Open Offer Shares were
admitted to trading on AIM on 19 September 2016. Following the open
offer, the entitled issue share capital of the Company has been
changed to 104,648,642 ordinary shares of GBP0.01 each in the
capital of the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GRGDCBBXBGLG
(END) Dow Jones Newswires
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