TIDMDUKE
RNS Number : 4483P
Duke Royalty Limited
17 November 2016
17 November 2016
Duke Royalty Limited
("Duke Royalty" or the "Company")
Unaudited interim results.
17 November 2016 - Duke Royalty Limited ("Duke Royalty" or the
"Company"), a public diversified royalty company (AIM: DUKE), today
announces its interim financial results for the period ending 30
September 2016:
An extract from the interim report appears below and the full
version can be viewed on the Company's website at
www.dukeroyalty.com
For further information:
Duke Royalty Limited Neil Johnson
Charlie Cannon-Brookes
+44 (0) 1481 741 240
Peel Hunt LLP (Nominated Edward Knight
Adviser)
+44 (0)20 7418 8900
About Duke Royalty
Headquartered in Guernsey, Duke Royalty Limited is a team of
experienced financial executives dedicated to providing royalty
financing solutions to a diversified number of well-managed
businesses in Europe and abroad. Duke Royalty intends to reinvent
the royalty financing model for European public markets by lowering
costs through an efficient structure and entering into exclusive
alliances that leverage deal flow and expertise. A $50 billion
sector in North America, Duke Royalty plans to bring royalty
investing to the European market by leveraging the management
team's North American experience and success with royalty
investing. These investments are intended to provide robust,
stable, and long-term returns for Duke Royalty's shareholders.
Duke Royalty is listed on the AIM market under the ticker DUKE.
For more information, visit www.dukeroyalty.com.
Chairman's Report
During the period under review, the Company reported a loss
after taxation of GBP 603,783, which reflected the continued
development and progress of the Company's late stage royalty
pipeline.
In the Company's full year report released to the market on 25
July 2016, I referenced the fact that the Company was evaluating a
number of late stage royalty opportunities and that the Company was
considering its options to raise additional capital, either in the
form of equity or debt, to execute its investing policy and acquire
a portfolio of long term, stable, and diversified royalty
streams.
By way of an update, I can confirm that Company is currently in
active and advanced negotiations with a variety of potential
funders with a view to successfully concluding its targeted initial
funding round. Successful conclusion of these negotiations would
provide the Company with the financial means and capability to
conclude its inaugural royalty transactions. Shareholders should be
aware that, subsequent to the sale of the legacy mining investments
inherited from the previous management team, the Company has until
30th March 2017 to conclude a transaction in line with its
investing policy in accordance with AIM Rule 15 or its ordinary
shares may be suspended from trading on AIM. While there is no
certainty that the required funds can be raised to implement its
investing policy, given the late stage nature of the funding
negotiations the Company remains confident that it will be able to
conclude a transaction within this timeframe.
I look forward to being able to update shareholders of positive
progress in due course.
Nigel Birrell
Chairman
Consolidated Statement of Comprehensive Income
For the period ended 30 September 2016
Period ended
Period ended 30 September
30 September 2016 2015
Unaudited Unaudited
Notes GBP GBP
Income
Net capital loss on financial assets as fair value through
profit or loss 3 - (978,308)
Foreign currency gain 2 -
Investment income 3 - -
Net investment gain 3 2 (978,308)
---------- --------------
Expenses
Support services fees 10 (188,103) (356,708)
Directors' fees 10 (109,000) (78,715)
Legal and professional fees (124,628) (55,635)
Consultancy fees (38,125) (52,165)
Restructuring costs (15,071) (42,425)
Other expenses 4 (23,222) (37,434)
Administration fees (28,500) (17,722)
Audit fees (15,500) (17,600)
Travel & entertainment 10 (73,700) (14,666)
Registrar fees (5,941) (13,434)
Broker fees - (10,894)
Nomad fees (15,083) (10,000)
Foreign currency loss - (3,030)
Investment advisory fees (38,406) -
Total expenses (675,279) (710,428)
---------- --------------
Operating loss (675,277) (1,688,736)
Finance income 72,496 9
Finance costs 8 (1,002) (80,612)
Total comprehensive expense for the period (603,783) (1,769,339)
========== ==============
Basic and diluted deficit per share (pence) (7.66) (30.03)
========== ==============
All activities derive from continuing operations.
All income is attributable to the holders of the Ordinary Shares
of the Company.
Consolidated Statement of Changes in Equity
For the period ended 30 September 2016
Shares Warrants
Issued Issued Share Option Reserve Retained Earnings Total Equity
Notes GBP GBP GBP GBP GBP
At 1 April 2016 27,064,815 72,454 124,412 (25,191,366) 2,070,315
Total comprehensive
expense for the period - - - (603,783) (603,783)
Transactions with owners
Shares issued 7 - - - - -
Warrants cancelled 7 - (72,454) - - (72,454)
Total transactions with
owners - (72,454) - - (72,454)
----------- ---------- --------------------- ------------------ -------------
At 30 September 2016 27,064,815 - 124,412 (25,795,149) 1,394,078
=========== ========== ===================== ================== =============
At 1 April 2015 24,208,640 72,454 - (21,144,750) 3,136,344
Total comprehensive
expense for the year - - - (1,769,339) (1,769,339)
Transactions with owners
Shares issued 7 2,706,175 - - - 2,706,175
Warrants cancelled 7 - (72,454) - - (72,454)
Total transactions with
owners 2,706,175 (72,454) - - 2,633,722
----------- ---------- --------------------- ------------------ -------------
At 30 September 2015 26,914,815 - - (22,914,089) 4,000,726
=========== ========== ===================== ================== =============
Consolidated Statement of Financial Position
As at 30 September 2016
31 March
30 September 2016 2016
Unaudited Audited
Notes GBP GBP
ASSETS
Non-Current Assets
Investments at fair value through profit or loss 3 - -
Total non-current assets - -
Current Assets
Trade and other receivables 8 42,870 519,737
Cash and cash equivalents 1,382,211 1,625,749
Total current assets 1,425,081 2,145,486
Total Assets 1,425,081 2,145,486
================== ==========
EQUITY AND LIABILITIES
Equity
Shares issued 7 27,064,815 27,064,815
Warrants issued 7 - 72,454
Share option reserve 7 124,412 -
Retained losses 7 (25,795,149) (25,191,366)
Total Equity 1,394,078 2,070,315
Current Liabilities
Trade and other payables 9 31,003 75,171
Total current liabilities 31,003 75,171
Total equity and liabilities 1,425,081 2,145,486
============= =============
Net asset value per Ordinary Share (excluding
shares held in Treasury) 0.18 0.27
----- -----
Consolidated Statement of Cash Flows
For the period ended 30 September 2016
Period ended Period ended
30 September 2016 30 September 2015
Notes GBP GBP
Cash flows from operating activities
Proceeds from sale of investments 3 516,535 764,326
Interest and investment income 42 9
Operating expenses paid (760,115) (450,950)
Net cash inflow/(outflow) from operating activities (243,538) 313,385
Cash flows from financing activities
Proceeds from issue of shares 7 - 2,256,175
Payment of redemption of shares 7 - -
Repayment of loan - (1,500,000)
Loan facility issue costs - (341,199)
Escrow payments under loan agreement - 257,080
Net cash inflow from financing activities -- 672,056
Net change in cash and cash equivalents (243,538) 985,441
Cash and cash equivalents at beginning of period 1,625,749 517,597
Cash and cash equivalents at end of period 1,382,211 1,503,038
=================== ===================
Notes to the Consolidated Financial Statements
For the period ended 30 September 2016
1. GENERAL INFORMATION
Duke Royalty Limited ("Duke Royalty" or the "Company") is a
closed-ended investment company with limited liability formed under
the Companies (Guernsey) Law, 2008. The Company was incorporated in
Guernsey on 22 February 2012 and its shares were admitted to
trading on the London Stock Exchange's AIM on 9 July 2012. The
Company's registered office is shown on page 18.
Following a change in investment policy in June 2015, the
Company's investment objective is to invest in a diversified
portfolio of royalty finance and related opportunities.
The Company's shares are traded on AIM, a market operated by the
London Stock Exchange.
2. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of preparation
The Unaudited Condensed Financial Statements ("Interim
Statements") have been prepared in accordance with International
Accounting Standard ("IAS") 34: Interim Financial Reporting. The
Interim Statements do not include all the information and
disclosures required in annual financial statements, and should be
read in conjunction with the Company's Annual Report and
Consolidated Financial Statements for the year ended 31 March 2016
(2016 "Annual Report"), which were prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union and applicable Guernsey law.
b) New and amended standards and interpretations
The same accounting policies, presentation and methods of
computation are followed in these Interim Statements as were
followed in the preparation of the 2016 Annual Report.
At the date of authorisation of these Interim Statements, the
following standards and interpretations, which will become relevant
to the Company but have not been applied in these Consolidated
Financial Statements, were in issue but not yet effective:
IFRS 9, "Financial Instruments - Classification and Measurement"
(for accounting periods currently no sooner than 1 January 2018,
though no effective date has been set by the ISAB).
IFRS 7, Financial Instruments Disclosures - Amendments regarding
initial application of IFRS 9* - effective for periods commencing
on or after 1 January 2015.
*still to be endorsed by the EU.
IFRS 15, Revenue from contracts with customers - effective for
periods commencing on or after 1 January 2017.
c) Financial instruments
Financial assets and financial liabilities are recognised in the
Statement of Financial Position when the Company becomes a party to
the contractual provisions of the instrument. Financial assets and
financial liabilities are only offset and the net amount reported
in the Statement of Financial Position and Statement of
Comprehensive Income when there is a currently enforceable legal
right to offset the recognised amounts and the Company intends to
settle on a net basis or realise the asset and liability
simultaneously.
Financial assets
The classification of financial assets at initial recognition
depends on the purpose for which the financial asset was acquired
and its characteristics. All financial assets are initially
recognised at fair value. All purchases of financial assets are
recorded at trade date, being the date on which the Company became
party to the contractual requirements of the financial assets. The
Company has not classified any of its financial assets as Held to
Maturity or as Available for Sale. The Company's financial assets
comprise receivables and investments held at fair value through
profit or loss.
Loans and receivables
These assets are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They
principally comprise other receivables and cash and cash
equivalents. They are initially recognised at fair value on
acquisition, and subsequently carried at amortised cost using the
effective interest rate method less provisions for impairment. The
effect of discounting on these financial instruments is not
considered to be material.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits and other short-term highly liquid investments with an
original maturity of three months or less that are readily
convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Financial assets at fair value
Classification
The Company classifies its investments as "financial assets at
fair value". These financial assets are designated by the Company
at fair value through profit or loss at inception.
Recognition
Purchases and sales of investments are recognised on the trade
date, the date on which the Company commits to purchase or sell the
investment.
Measurement
Financial assets at fair value are initially recognised at cost,
being the fair value of consideration given. Subsequent to initial
recognition, all financial assets at fair value through profit or
loss are measured at fair value. Gains and losses arising from
changes in the fair value of the 'financial assets at fair value'
category are presented in the Statement of Comprehensive Income in
the period in which they arise.
Fair value estimation
Marketable (Listed) Securities - where an active market exists
for the securities, the value is stated at the bid price on the
last trading day in the period. Marketability discounts are not
applied unless there is some contractual, governmental or other
legally enforceable restriction preventing realisation at the
reporting date.
Unlisted Investments - are carried at such fair value as the
Directors consider appropriate given the performance of each
investee company and after considering the financial position of
the entity, latest news and developments.
Fair value hierarchy
IFRS 13 requires disclosure of fair value measurements by level
of the following fair value hierarchy.
Level 1 - inputs are quoted prices (unadjusted) in active
markets for identical assets and liabilities that the entity can
readily observe.
Level 2 - inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset, either directly
or indirectly.
Level 3 - inputs that are not based on observable market date
(unobservable inputs).
Derecognition of financial assets
A financial asset (in whole or in part) is derecognised either
(i) when the Company has transferred substantially all the risks
and rewards of ownership; or (ii) when it has neither transferred
nor retained substantially all the risks and rewards and when it no
longer has control over the assets or a portion of the asset; or
(iii) when the contractual right to receive cash flow has expired.
Any gain or loss on derecognition is taken to the Statement of
Comprehensive Income as appropriate.
Financial liabilities
The classification of financial liabilities at initial
recognition depends on the purpose for which the financial
liability was issued and its characteristics.
All financial liabilities are initially recognised at fair
value. All purchases of financial liabilities are recorded on trade
date, being the date on which the Company becomes party to the
contractual requirements of the financial liability. Unless
otherwise indicated the carrying amounts of the Company's financial
liabilities approximate to their fair values.
The Company's financial liabilities consist of any financial
liability measured at amortised cost.
Financial liabilities measured at amortised cost
These include loans and borrowings, payables and other
short-term monetary liabilities, which are initially recognised at
fair value and subsequently carried at amortised cost using the
effective interest rate method.
Derecognition of financial liabilities
A financial liability (in whole or in part) is derecognised when
the Company has extinguished its contractual obligations, it
expires or is cancelled. Any gain or loss on derecognition is taken
to the Consolidated Statement of Comprehensive Income.
Capital
Financial instruments issued by the Company are treated as
equity if the holder has only a residual interest in the assets of
the Company after the deduction of all liabilities. The Company's
Ordinary Shares and Warrants are classified as equity
instruments.
The Company considers its capital to comprise its Ordinary Share
Capital, Warrants and retained earnings.
Equity instruments
Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction from proceeds.
Where the Company purchases its own share capital, the
consideration paid, which includes any directly attributable costs,
is recognised as a deduction from equity shareholders' funds
through the Company's reserves. If such shares are subsequently
sold or re-issued to the market, any consideration received, net of
any directly attributable incremental transactions costs, is
recognised as an increase in equity shareholders' funds through the
Share Capital account.
d) Income
Interest income is recognised on a time apportioned basis using
the effective interest method. Investment income is recognised on
an accrual basis in the Consolidated Statement of Comprehensive
Income.
e) Expenses
Expenses are accounted for on an accrual basis.
f) Share based payments
The Company operates an equity settled Share Option Plan for its
directors and key advisers. As the shares issued vest immediately
the Company recognises the full expense within the Statement of
Comprehensive Income with the corresponding amount recognised in a
share option reserve.
The Company also settles a portion of expenses by way of share
based payments, these expenses are settled based on the fair value
of the service received as an expense with the corresponding amount
increasing equity.
3. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
For the period ended 30 September 2016 - Unaudited Level 1 Level 2 Level 3 Total
GBP GBP GBP GBP
Opening Cost - - - -
Additions at cost - - - -
Disposals proceeds - - - -
Net realised loss on disposal of investments - - - -
------------- --------- ------------ -------------
Closing portfolio cost - - - -
Net accumulated unrealised loss on investments - - - -
Closing valuation - - - -
============= ========= ============ =============
Net unrealised gain on investments - - - -
Net realised loss on disposal of investments - - - -
------------- --------- ------------ -------------
Net capital gain on fair value of financial assets
designated at fair value through profit
or loss - - - -
Investment income - - - -
------------- --------- ------------ -------------
Total gains on financial assets at fair value through
profit or loss - - - -
============= ========= ============ =============
For the year ended 31 March 2016 - Audited Level 1 Level 2 Level 3 Total
GBP GBP GBP GBP
Opening Cost 17,631,398 82,119 3,094,348 20,807,865
Transfer to level 3 (1,470,445) - 1,470,445 -
Cost change 161,355 - - 161,335
Disposals proceeds (1,599,574) (82,119) - -
Net realised loss on disposal of investments (14,722,734) - - (14,722,734)
------------- --------- ------------ -------------
Closing portfolio cost - - 4,564,793 4,564,793
Net accumulated unrealised loss on investments - - (4,564,793) (4,564,793)
Closing valuation - - - -
============= ========= ============ =============
Net unrealised gain/(loss) on investments 13,877,198 2,267 (1,558,771) 12,320,694
Net realised loss on disposal of investments (14,722,734) - - (14,722,734)
------------- --------- ------------ -------------
Net capital loss on fair value of financial assets
designated at fair value through profit
or loss (845,536) 2,267 (1,558,771) (2,402,040)
Investment income - - - -
------------- --------- ------------ -------------
Total gain/(losses) on financial assets at fair value
through profit or loss (845,536) 2,267 (1,558,771) (2,402,040)
============= ========= ============ =============
Fair Value Hierarchy
Financial assets designated at fair value through profit or loss
("financial assets"), are analysed by using a fair value hierarchy
that reflects the significance of inputs. The fair value hierarchy
has the following levels:
Level 1 - inputs are quoted prices (unadjusted) in active
markets for identical assets and liabilities that the entity can
readily observe.
Level 2 - inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset, either directly
or indirectly.
Level 3 - inputs that are not based on observable market data
(unobservable inputs).
Valuation techniques used in the determination of fair values,
including the key inputs used, are as follows:
Fair value hierarchy level Valuation techniques
Level 1 Fair value is the quoted price.
Level 2 The debenture was valued based on a precedent
transaction in the year on the same investment for the same
debenture. The fair value was deemed to be the price received of
the precedent transaction and accordingly was included within Level
2.
Level 3 The fair value of investments in the two unlisted
entities is derived by applying a discount rate, as deemed
appropriate by the Board, to in one case the latest unaudited NAV
and in the other case to the latest traded price prior to
suspension.
The significant unobservable input used in arriving at the fair
value is the discount rate applied by the Board. The discount rate
used is the best estimate of the measure of the impact of the
illiquid nature of the investments together with the certain issues
each investment is facing.
For financial instruments that are recognised at fair value on a
recurring basis, the Board determines whether transfers have
occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each
reporting period. The amount of GBP516,535 represents cash received
from unsettled trades relating to the previous accounting
period.
During the year to 31 March 2016 there was a transfer from Level
1 to Level 3. The investment was previously listed with quoted
prices on an active market. At the year end the investments did not
have an active market and were therefore valued by the Board using
the Company's valuation policy for unquoted investments. This
change caused the Company to reclassify the investments from Level
1 to Level 3. There have been no transfers during the period ended
30 September 2016.
4. OTHER EXPENSES
Period ended Period ended
30 September 2016 30 September 2015
Unaudited Unaudited
GBP GBP
Marketing costs 6,307 19,332
Sundry expenses 5,105 5,871
Insurance premiums 5,310 5,028
Listing fees 6,500 4,322
Custodian fees - 2,881
23,222 37,434
=================== ===================
5. TAXATION
The Company has been granted exemption from Guernsey taxation
and is charged an annual exemption fee of GBP1,200.
6. DIVIDS
No dividend was declared or paid in respect of the period ended
30 September 2016 (period ended 30 September 2015: GBPnil).
7. SHARES ISSUED
Number of subscription Number of ordinary Shares
Number of Warrants shares in issue GBP
Authorised
Unlimited number of
shares of no par value - - - -
------------------- --------------------------- -------------------------- -----------
Allotted, called up
and fully paid:
As at 1 April 2016 363,196 - 7,877,459 27,137,269
Warrants cancelled (363,196) - - (72,454)
As at 30 September
2016 - - 7,877,459 27,064,815
=================== =========================== ========================== ===========
No shares were issued during the period ended 30 September
2016.
The share option scheme was established to incentivise
directors, staff and certain key advisers and consultants to
deliver long-term value creation for shareholders. Options will be
awarded at the sole discretion of the Board of the Company which
also agreed not to grant options such that the total number of
unexercised options represents more than 10 per cent of the
Company's Ordinary Shares in issue from time to time. The Board
also expects that the exercise price will be at a premium to the
mid-market share price at the date of granting the options. Total
number of options awarded to Directors, Consultants and advisors
amount to 760,000, further information can be found in note 10. The
options vest with immediate effect, have an exercise price of 75
pence and expire five years after the date of issuance.
8. TRADE AND OTHER RECEIVABLES
31 March
30 September 2016 2016
GBP GBP
Prepayments and accrued income 42,870 3,202
Unsettled trades - 516,535
42,870 519,737
================== =========
9. TRADE AND OTHER PAYABLES
31 March
30 September 2016 2016
GBP GBP
Other creditors 13,503 -
Audit fees 12,500 25,000
Directors fees - 31,171
Investment advisory fees 5,000 10,000
Administration fees - 9,000
31,003 75,171
================== =========
10. RELATED PARTIES
Directors were entitled to the following remuneration during the
period;
Charge for period Outstanding at Outstanding at
Charge for period to period end year end
to 30/09/2016 30/09/2015 30/09/2016 31/03/2016
GBP GBP GBP GBP
Neil Johnson 50,000 30,746 - 8,755
Charles
Cannon-Brookes 35,000 20,377 - 5,833
Nigel Birrell 12,000 6,921 - 6,000
James Ryan 12,000 6,921 - 6,000
Mark Le Tissier - - - -
Robert King -
resigned 3
March 2016 - 13,750 - 4,583
109,000 78,715 - 31,171
------------------- ------------------- ------------------- --------------------
Total payments of GBP109,000 regarding Company Directors fees
were made during the period to Messrs Johnson, Cannon-Brookes,
Birrell and Ryan.
Directors were also reimbursed for GBP61,347 (30 September 2015:
GBP14,666) for expenses incurred on business on behalf of the
Company.
Mark Le Tissier, a Director of Trident Trust (Guernsey) Limited
waived his entitlement to a fee for his directorship.
The Investment Committee assists the Company in analysing and
recommending potential royalty transactions. Along with Neil
Johnson the Investment Committee is made up of David Campbell,
Andrew Carragher, Andrew Chadwick-Jones, Justin Cochrane, and Jim
Webster. During the period GBP20,000 (30 September 2015: GBPnil)
was paid to the committee members, of which GBP5,000 was
outstanding at the end of the period. Only the two independent
members (A Carragher and J Webster) earn a fee for their role on
the Investment Committee. Those fees were paid as follows:
Charge for Charge for Outstanding at Outstanding at
Entitlement per period to period to year end year end
annum 30/09/2016 30/09/2015 30/09/2016 31/03/2016
GBP GBP GBP GBP
A Carragher GBP20,000 10,000 - 5,000 -
J Webster GBP20,000 10,000 - - -
20,000 - 5,000 -
---------------- ---------------- --------------- ----------------
The related parties' interests in the share capital of the
Company are as follows:
Holding Holding Percentage
at Additional at of enlarged
30 September shareholdings 30 September share
Name 2015 in period 2016 capital
Abinvest Corporation 500,000 - 500,000 6.34%
N Johnson 400,000 - 400,000 5.08%
N Birrell 400,000 - 400,000 5.08%
J Ryan 400,000 - 400,000 5.08%
Richard Lockwood 383,550 - 383,550 4.87%
J Cochrane 315,000 - 315,000 4.00%
Arlington Group
Asset Management
Limited 250,000 45,000 295,000 3.28%
Charles Cannon-Brookes 158,517 - 158,517 2.01%
Andrew Carragher 150,000 - 150,000 1.90%
David Campbell 106,000 - 106,000 1.35%
Andrew Chadwick-Jones 106,000 - 106,000 1.35%
Charles Cannon-Brookes is a Director and shareholder of
Arlington Group Asset Management Limited which owns 295,000
Ordinary Shares and is therefore interested in 453,517 Ordinary
Shares representing 5.76 per cent of the total voting rights.
Neil Johnson is a Director of Abinvest Corporation and Abingdon
Capital Corporation. Abinvest Corporation is a wholly owned
subsidiary of Abingdon Capital Corporation. He owns 500,000
Ordinary Shares through Abinvest Corporation and 10,000 Ordinary
Shares through RBK&C Trust and therefore has an overall
interest in the Ordinary Shares of the Company of 910,000 Ordinary
Shares representing 11.55 per cent of the total voting rights.
Justin Cochrane, a current member of the Company's Healthcare
Investment Committee, joined Abingdon Capital Corporation
("Abingdon") as Executive Vice President, Corporate Development on
a full time basis. On 23 October 2015, the Board approved the issue
of 250,000 new Ordinary Shares of 60 pence each in the Company to
Mr Cochrane as a signing bonus, further cementing his alignment
with shareholders. Mr Cochrane overall interest in the Ordinary
Shares of the Company is 315,000 Ordinary Shares representing 4.00
per cent of the total voting rights.
As detailed in note 7 the Company has adopted a new share option
scheme ("the Scheme") to incentivise Directors, staff and certain
key advisers and consultants to deliver long-term value creation
for shareholders. Awards have been approved for the following
individuals, as follows:
Number of
Name Position options awarded
Nigel Birrell Director 85,000
Charles Cannon-Brookes Director 85,000
Neil Johnson Director 85,000
James Ryan Director 85,000
-----------------
Directors total 340,000
Consultants and advisors 420,000
-----------------
Total 760,000
=================
The options have an exercise price of 75 pence and expire five
years after the date of issuance.
Support Service Agreements with Abingdon Capital Corporation
("Abingdon") and Arlington Group Asset Management Limited
("Arlington") were signed on 16 June 2015. The services to be
provided by both Abingdon and Arlington include global deal
origination, vertical partner relationships and on-going investment
management, including preparation of investment reports,
performance data and compliance with the Company's investing
policy.
Abingdon is entitled to an annual service fee of GBP280,000 per
annum and Arlington is entitled to an annual service fee of
GBP95,000 per annum. In addition to the Service Fee, Abingdon shall
have the right from time to time to be issued and allotted up to
1,500,000 ordinary shares of no par value in the capital of the
Company following the conditions noted in section 8 of the Support
Service Agreement.
The Directors are not aware of any ultimate controlling
party.
11. CONTINGENT LIABILITIES
At 30 September 2016 there were no contingent liabilities (2015:
GBPnil).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VDLBFQFFEFBQ
(END) Dow Jones Newswires
November 17, 2016 04:00 ET (09:00 GMT)