REG - Photon Kathaas - Final Results

Tue May 29, 2012 7:01am BST

* Reuters is not responsible for the content in this press release.

RNS Number : 2692E
Photon Kathaas Productions Ltd
29 May 2012
 



Photon Kathaas Productions

 

Year end results

 

Chennai, 29 May 2012. Photon Kathaas Productions Ltd. (AIM: PKP, "PKP"), the South Indian film company, has published its results for the year to 31 December 2011.

 

Highlights

 

·              Four films produced during the year  "Nadunisi Naaygal", "Veppam", "Azhagar Samyin Kuthurai" and "Ekk Deewana Tha" 

Group's first Hindi language film "Ekk Deewana Tha" (EDT) released post period-end

·              Fifth film "Thanga Meengal"completed and due for release in July 2012

·              Commenced production of India's first tri-lingual film

·              Partnership with Eros International Media for large budget Tamil film

·              First TV production deal - post period end

·              Revenue US$ 4,138,711

·              Loss for the period US$ 348,055

·              Profit before one-time write down on EDT of US$ 104,579

 

Venkat Somasundaram, PKP Chief Executive said: 

 

"In our first full year as a listed company we have made considerable progress on a relatively small equity base to establish ourselves as a leading Southern Indian media production company and released a portfolio of films.  We are also extending activities into TV whilst continuing to leverage our content across a number of platforms.

 

"We now have higher visibility and lower risk with our current slate of productions for the next two years.  Although 2011 was not as successful as we had hoped, apart from EDT, the other productions were all profitable. We have forged alliances with leading production houses and as a result have considerable upside potential."

 

29 May 2012

 

Enquiries

 

Photon Kathaas


Michael Rosenberg

+44 (0)20 7938 4026

Venkat Somasundaram, Chief Executive

+65 6224 4991

Reshma Ghatala, Head of Marketing

+91 44 2820 2988



Seymour Pierce Limited

020 7107 8000

Nandita Sahgal/Tom Sheldon (Corporate Finance)

David Banks/ Jacqui Briscoe (Corporate Broking)




College Hill

020 7457 2020

Adrian Duffield/Jon Davies


 

About Photon Kathaas Productions

 

Photon Kathaas Productions (PKP) is a South Indian motion picture company which invests in the creation, production and exploitation of media content through a diverse portfolio of South Indian language films across different genres and budgets.

 

PKP benefits from a special creative relationship with its chief creative officer, Gautham Vasudev Menon. Gautham is one of the leading directors and producers in South Indian cinema. He has been involved in nine films to date, not only as a director but also as a screenplay writer, an executive producer and a producer. His earlier films include: Minnale (2000), Rehna He Tera Dile Mein (2001), Kaaka Kaaka (2003), Gharshana (2004), Vettaiyadu Vellaiyadi (2006), Pachaikili Muthucharam (2007), Vaaranam Aayiram (2008) Vinnaithaandi Varuvaayaa (2010), Ye Maaya Chesave (2010) and Nadunissi Naaygal (2011).

 

A. R. Rahman is PKP's creative adviser. He is an Indian film composer, record producer, musician and singer and is credited for totally overhauling the style in which music is made in India. A. R. Rahman has won two Academy Awards (Slumdog Millionaire), 25 Filmfare Awards, four Indian National Film Awards, a Bafta Award, two Golden Globes and two Grammy Awards.

 

CHAIRMAN'S STATEMENT

 

I am pleased to report on the first full year of trading for PKP being the 12 months ended 31 December 2011.

 

Revenues were US$ 4,138,711 with the Company reporting a loss of US$ 348,055 after making provision of US$ 556,607 following the disappointing performance on Ekk Deewana Tha.  This co-production with Fox Star Studios was released after the year end.  Without this provision the Company would have reported profits of US$ 104,579.

 

While it is disappointing to record a loss, the Board is pleased with the progress that PKP has made in its first full year as a public company in London. Since making its debut on AIM in November 2010, PKP has produced and released four movies ("Nadunisi Naaygal", "Veppam", "Azhagar Samyin Kuthurai", and "Ekk Deewana Tha") with a fifth ("Thanga Meengal") due for release in July 2012.

 

Already the Company has made remarkable progress in establishing itself as a leading production house in Southern India and has diversified its business model through launching its own music label "Photon Kathaas Music" ("PKM") to promote its own movies' soundtracks and associated products (such as ring tones). 

 

More recently the Company moved into TV production with the announcement of a co-production deal with "Big Daddy" to produce a new format reality TV show across all four South Indian languages. The show, titled "Sitaara" involves the search and identification on a heroine, who will star in PKP's productions. The show is expected to be broadcast in 2013.

 

A key part of PKP's strategy is the exploitation of its IP across different languages and genres.  One of the first examples of this was the shooting of "Ekk Deewana Tha", which is a Hindi remake of "Vinnai Thandi Varuvaaya" one of Gautham Vasudev Menon's Tamil language blockbusters.  This film is a co-production with Fox Star Studios, directed by Gautham Vasudev Menon with music by A.R. Rahman. Filming was completed during the year and "Ekk Deewana Tha" was released on 17 February 2012.

 

Despite an initially positive response to the film, by both test audiences and exhibitors in India (who were so impressed that they increased their orders for prints from approximately 500 to 750 prints) film critics were less positive and box office receipts have been impacted by negative publicity. The film was released both in India and overseas in February 2012, so it is too early to predict the final numbers. However, in view of the initial  poor response and negative reviews, the Board has decided it would be prudent after consultation with Fox, to record an impairment to the work in progress balance relating to Ek Deewana Tha (VTV-Hindi) as of 31 December 2011 for US$ 556,607 in these accounts.

 

On 26 October 2011, PKP announced that would it produce the Indian film industry's first movie shot simultaneously in three languages (Hindi, Tamil and Telugu) with three different sets of actors. This follows the Company's previous announcement that it had entered into two separate co-production agreements to shoot the Tamil and Telugu version of this movie. All three versions will be directed by Gautham Vasudev Menon, PKP's Chief Creative Officer.

 

Production is well under way and is expected to be completed by July 2012. The film will then be released first in Tamil and Telugu early in the second half of 2012. Viacom 18, the original production partner for the Hindi version of the movie, has now decided not to pursue the Hindi production due to internal reasons. However, PKP has already identified an alternative production house which has agreed to fund the movie on the same terms, and the film is expected to be released in Hindi in 2013.

 

The Tamil and Telugu productions have been fully financed by third parties and PKP will receive productions fees plus a share in profits. Total production costs are approximately US$ 2,585,000.

 

PKP is also seeking to further develop its output deal with Eros International Media, a leading player in the Indian film industry, under the terms of which PKP produces movies entirely funded by Eros in return for an up-front production fee and share of profits. On 13 December 2011, PKP announced that the two companies would co-produce a new, big budget Tamil film ""Yohan: Adhyaayam Ondru" to be directed by Gautham Vasudev Menon with music by A.R. Rahman. The film is due to commence production from August 2012.

 

 STRATEGIC OVERVIEW

 

First mover advantage in a fragmented but large and growing market

 

PKP is the first South Indian film company specifically created to produce and co-produce South Indian language films to be traded on a major international stock exchange.  It is also the first South Indian film company to adopt a studio-led corporate model, which provides the Company with significant first mover advantage which will enable PKP to become a market leader. 

 

By producing a diverse portfolio of movies across different genres, languages and budgets, PKP aims to build a proprietary library of film content based on a diverse portfolio of movies of different languages, genres and budgets. The management will also seek to exploit the intellectual property rights of its movie portfolio across a wide range of revenue streams including mobile ringtones, ring-back tones, wallpapers, clips, trailers, SMS-based interactivity, pay-per-view, video on demand and film merchandise. A strategy evidenced with the launch of PKP's own music label Photon Kathaas Music in December 2010.

 

In addition, the Board expects to be able to achieve significant operational efficiencies as a result of the simultaneous production of multi-lingual films (and resultant economies of scale), through entering partnership agreements with distributors and equipment providers, and by securing talent agreements with key members of cast and crew and through obtaining competitive terms from service providers.

 

 

OPERATING REVIEW

 

Films released during 2011

 

"Nadunisi Naaygal"

 

A small budget Tamil film directed by Gautham Vasudev Menon and co-produced by PKP in conjunction with R. S. Infotainment and Escape Artistes.   The film was released on 18 February 2011, with PKP's share of the total cost of approximately US$ 207,738.

 

To date, the film has generated total revenues of US$394,931 for PKP.  This comprises:

 

·      Domestic theatrical revenues at US$ 115,833.

·      TV rights: US$ 190,751 (gross value US$ 422,000)

·      International theatrical rights:  US$ 50,198

·      Dubbing rights (in other Indian languages): US$ 38,150

 

"Veppam"

 

A small budget Tamil film directed by Anjana Ali Khan.  The film released in June 2011. The total cost of the film was approximately US$ 600,000 (including print and publicity).

 

To date, the film has generated total revenues of US$ 806,108. This comprises:

 

·      Domestic theatrical revenues:  US$ 552,173

·      TV rights:  US$ 160,632

·      International theatrical revenues: US$ 34,190

·      Subbing rights (Telugu): US$ 58,229.

 

"Azhagar Samiyin Kuthirai"

 

A small budget Tamil film directed by Susindran and co-produced with Escape Artistes.  The film was released mid-August 2011. PKP was a minority investor in this project.  The Group invested US$ 62,866 and received a revenue share of US$ 85,838.

 

Films produced in 2011 and release post year end

 

"Ekk Deewana Tha"

 

Directed by PKP's Chief Creative Officer Gautham Vasudev Menon, Ekk Deewana Tha is PKP's fourth film and is a Hindi remake of his original Tamil-language blockbuster "Vinnai Thandi Varuvaaya" (which was also remade in Telugu as Ye Maaya Chesave in 2010).  The film was produced in conjunction with Fox Star Studios and RS Infotainment PVT Ltd and made its international theatrical release on 17 February 2012.

 

Films produced in 2011 and pending release

 

"Thanga Meengal"

 

A small budget Tamil film directed by Ram. Produced solely by PKP with a total production cost of US$ 600,000. The production of the film is complete and TV rights have been pre-sold for US$ 275,000. The film is due for release in June/July 2012 release.

 

 

Films currently under production

 

"Nee Thane Enn Ponn Vasantham"

 

The film is being made simultaneously in three languages (Tamil, Telugu and Hindi) on a first copy basis (for three different producers) with a production fee and profit share for PKP. Approximately 70% of the film is complete as of 29 May 2012. The Tamil and Telugu versions are expected to be released in H2 2012 and the Hindi version in H1 2013.

 

Future pipeline

 

"Yohan: Adhyaayam Ondru"

 

A large budget production movie (US$ 10 million) fully funded by Eros International Media Ltd to be directed by Gautham Vasudev Menon with music by A.R. Rahman. The film is to commence production from August 2012.

 

"TTA"

 

A medium budget bi-lingual (Tamil/Telugu) directed by Prem Sai. Pre-production is complete and film is to commence production from June 2012.

 

A number of other projects are at various stages of discussion including a large budget Tamil/Telugu bilingual film to be directed by Gautham Vasudev Menon, and a medium budget Tamil/Telugu bilingual (director to be decided).

 

TV production

 

On 29 May 2012, PKP announced a contract for its first TV production following the signing a co-production deal with "Big Daddy" the film and TV production company of Globosport India.

 

The two companies will jointly produce "Sitaara", a new format reality TV show, the first of its kind in India, which is based upon the search for South India's next leading actress.  The show will be produced in all four South Indian languages (Tamil, Telugu, Kannada and Malayalam) and the winning actresses will not only benefit from exposure to a huge TV audience, but will also star as heroines in future Photon Kathaas Productions.

 

Production is expected to start in H2 2012 and the programme is expected to be broadcast in 2013.

 

Financial review

 

In the first full year of trading, the Company achieved revenue of US$ 4,138,711 with gross margins of 19%.

 

Administrative costs were at 20% of the total revenues, in line the Board's expectations. The distribution costs of US$ 314,947 relate to the costs on account of prints, publicity and advertisement for the movies Nadunisi Naaygal and Veppam.  

 

Profitability before the one off non-cash provision was US$ 104,579 with an EPS excluding the provision of US $0.5 cents.  Reported loss per share was US$ 1.6 cents.

 

The foreign exchange cost of US$ 209,806 relates to translation of rupees into the reporting dollars and had minimal cash implications.

 

The Company's year-end cash position was US$ 114,076. 

 

 

CURRENT TRADING and OUTLOOK

 

PKP, with its first mover advantage of a studio-led corporate model, is well positioned to become a market leader in the South Indian Film Industry.  The three films that were released during 2011 fully met revenue and profit expectations.  However, the below par performance of the Ekk Deewana Tha (released in February 2012) was disappointing and has impacted profitability and cash for the financial year.  The senior management have all continued to work at significantly lower salaries than originally agreed in order to demonstrate their commitment to the future of the business.

 

The Board remains confident of meeting its internal revenue and profit expectations for 2012, which are underpinned by PKP's existing pipeline of film projects for 2012 and 2013. The current projects that are now underway are without financial risk and while this will provide lower margins, the cash flow of the business will be far more secure. The Board will still consider appropriate investment in new projects in due course, but for this year, the focus is on producing quality films with first class investor partners such as Eros International Media.

 

New opportunities opening up in the areas of TV production should also widen the Company's commercial base and generate additional income streams in the near future. PKP is also exploring opportunities to develop content exclusively for the Internet and digital rights management of leading South Indian film personalities.

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2011

 


Notes

31 December 2011

 

 

31 December 2010



US $

US $

CONTINUING OPERATIONS







Revenue

4

4,138,711

200,176





Cost of sales


 (3,349,337)





Gross  profit


789,374

33,506

Distribution costs


(314,947)

-

Administrative expenses   

 

 

(822,823)

 (337,956)





Loss before Tax

 

5

(348,396)

(304,450)

Income tax expense


341

(226)

 

Loss for the period attributable to the owners of the parent


(348,055)

(304,676)

Other comprehensive loss




Foreign exchange translation differences


(209,806)

(39,419)





Loss per share




(a) Basic

 

6

(0.016)

 

(0.031)

(b) Diluted

 

6

(0.016)

 

(0.031)

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 DECEMBER 2011

 


Notes

31 December 2011

31 December 2010



US $

US $

ASSETS




Non-current assets




Property, plant and equipment


2,349

2,608

Intangible assets


10,000

11,655

Other non-current assets


20,665

22,897

Deferred tax asset


115

-

Total non-current assets


33,129

37,160





Current assets




Trade receivables


556,912

38,512

Other current assets


486,552

16,350

Inventories

2

576,758

473,948

Cash and cash equivalents


114,076

1,116,254

Total current assets


1,734,298

1,645,064





    Total Assets


1,767,427

1,682,224





EQUITY AND LIABILITIES








SHAREHOLDERS' EQUITY




Share capital

3

               1,442,395

               1,345,306

Retained earnings


(654,712)

(306,657)

Foreign exchange reserve


(249,225)

(39,419)

Other reserves


18,917

2,632

Total Shareholders' Equity


 557,375

 

1,001,862





LIABILITIES




Non-current liabilities




Deferred tax liability


-    

226



-    

226

Current liabilities




Trade and other payables


1,210,052

680,136



1,210,052

680,136





Total Liabilities


1,210,052

680,362





Total Equity and Liabilities


1,767,427

 

1,682,224

Total comprehensive loss for the period attributable to the owners of the parent


(557,861)

(344,095)





 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2011

 


Share

capital US$

Retained

earnings

US$

Foreign

exchange reserve

US$

Other reserves

US$

Total

Shareholders

Equity

US$

Balance at 1 January 2010

                100

           (1,981)

 

-

 

-

           (1,881)

Loss for the year

                    -  

     (304,676)

 

-

 

-

     (304,676)

 

Other comprehensive loss for the year

                 

 

 - 

 

 

-                   

 

 

(39,419) 

 

 

-

                 

 

(39,419) 

 

Total  comprehensive loss for the year

                    - 

     (304,676)

 

 

(39,419)

 

 

-

     (344,095)

Issue of share capital

       2,414,509

-

-

-

   2,414,509

Share issue expenses

(1,069,303)

-

-

-

(1,069,303)

 

Share based payments - options

-

-

-

 

 

2,632

2,632

Balance at 1 January 2011

      1,345,306

    (306,657)

 

(39,419)

 

2,632

         1,001,862

 

Loss for the year

-  

(348,055)

 

-

 

-

   (348,055)

 

Other comprehensive loss for the year

                 

  - 

                

   - 

 

(209,806)

 

-

                 

(209,806)  

 

Total  comprehensive loss for the year

-

(348,055) 

 

 

(209,806)

 

 

-

(557,861) 

Issue of share capital

97,089

-

 

-

 

-

97,089

 

Share based payments - options

-

-

 

 

-

 

 

16,285

16,285

 

Balance at 31 December 2011

1,442,395

(654,712)

(249,225)

18,917

557,375

 

 

 

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 DECEMBER 2011

 


31 December 2011

31 December 2010


US $

US $

Cash flows from operating activities



Loss before tax

(348,396)

        (304,450)

Adjustments for:



Foreign exchange loss / (gain)

3,859

(20,673)

Depreciation of property, plant and equipment

1,193

75

Amortisation of intangible assets

1,655

1,655

Share based payment expense

16,285

2,632

Issue of share capital in lieu of salary payments

97,089

-

Increase in receivables

              (717,200)

              (39,870)

Increase in inventory

           (233,224)

           (501,160)

Increase in trade and other payables

            661,877 

            702,450

Increase in other current assets

(470,202)

(16,350)

Decrease / (Increase) in other non-current assets

            2,232

            (24,468)

Net cash used in operating activities

(984,832)

(200,159)




Cash flow from investing activities



Purchase of intangible assets

            -

            (13,310)

Purchase of property, plant and equipment

(934)

(2,683)

Net cash used in investing activities

            (934)

            (15,993)




Cash flow from financing activities



Proceeds from issue of capital

          -

         2,414,509

Share issue expenses

-

(1,069,303)

Net proceeds from financing activities

 -

1,345,206




Net (decrease) / increase in cash and cash equivalents

        (985,766)   

         1,129,054

Cash and cash equivalents at the beginning of the year

                 1,116,254

                  100

Effect of foreign exchange rate changes

(16,412)

(12,900)

Cash and cash equivalents at the end of the year

114,076

1,116,254




 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

 

1.      profile and BAsis of preparation

 

Photon Kathaas Productions Limited ("PKP" or "the Company") is a Singapore registered company. The Company's registered office is situated at 31 Cantonment Road, Singapore 089747.

 

The principal activities of the Company and its subsidiaries (the "Group") are those relating to the business of production and co-production of films primarily targeted at the South Indian audience of varying genre, language and budget.

 

The financial information for the years ended 31 December 2011 and 31 December 2010 have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial information set out herein is based on the transactions of the Group which consists of the Company and its subsidiaries, Photon Kathaas Production Private Limited, India and Photon Kathaas International Productions Limited, Singapore.

 

The preliminary announcement for the year ended 31 December 2011 were approved and authorised for issue by the board of directors on 28 May 2012. The financial information set out in this preliminary announcement does not constitute audited financial statements for the year ended 31 December 2011 but is derived from those statements upon which the company's auditors have given an unqualified report.

 

2.      INVENTORIES

 

 

Work in Progress

Group

31 December 2011

US$

Group

31 December 2010

US$

Co-production *

233,612

459,969

Own production

343,146

13,979

 

576,758

473,948

 

* During the year ended 31 December 2011, an amount of US$ 556,607  (2010: nil) has been recognised as cost of production expense in the income statement being the write down on account of net realisable value estimated to be lower than cost. The remaining balance of $233,612 held in work in progress is carried at net realisable value.         

 

During the year ended 31 December 2011, inventory of US$ 554,986 (2010: US$ 71,670 ) was recognised in profit and loss as an expense.

 

 

3.      Share Capital

 

PKP which is incorporated in Singapore is not required to have authorised share capital under the national jurisdiction. There is also no concept of a par value for the shares. For all matters submitted to vote in the shareholders meeting, every holder of the equity shares, as reflected in the records of the company on the date of the shareholders meeting has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of companies.

 

 

Issued, paid up and allotted Share Capital:

 

 

Issued, allotted and fully paid

Number of shares

US $

Subscribers shares

10,000

                100

Allotment of shares on 26 April 2010

1,088,900

           10,889

Allotment of shares on 17 September 2010

401,800

             4,018

Allotment of shares on 17 September 2010

139,409

             1,394


1,640,109

           16,401

Split ratio of 10:1 on 17 September 2010

16,401,090

           16,401

Allotment of shares on 4 November 2010

4,894,301

     2,398,208

As at 31 December 2010                                                              

21,295,391

         2,414,609

Allotment of shares on 17 February 2011

68,071

33,355

Allotment of shares on 16 June 2011

47,665

23,356

Allotment of shares on   4 August 2011

34,182

16,750

Allotment of shares on   8 December 2011

48,223

23,628

As at 31 December 2011                                                              

21,493,532

2,511,698

 

The allotments made during the year were all in lieu of salary to non-executive director Nathalie Schwartz (36,241 shares), Eastkings Ltd on behalf of non-executive director Michael Rosenberg (113,342 shares), chief financial officer Ramanujam TST, (34,920 shares) and an employee of the company (13,638 shares). No cash consideration has been received for the shares issued to the directors, officer, or employee. Shares allotted in lieu of salary totalled US$ 97,089 and were recorded as a charge in the consolidated statement of comprehensive income.

 

The Company on 2 November 2010 approved an Employee Stock Option Plan (ESOP). The scheme is monitored by the company based on the recommendations of the Remuneration Committee. The ESOP pool is 10% of the enhanced share capital post the listing. Accordingly, the total number of options under the pool is 2,129,539.  

 

 

4.      Revenues

 

The revenue comprises from the various types as follows:

 

Revenue

Group

31 December 2011

US$

Group

31 December 2010

US$

Own production

806,108

-

Co-production

480,769

-

First copy basis

2,848,833

-

Others

3,001

200,176

 

4,138,711

200,176

 

 

5.      Loss before tax

 

Loss before tax for the period has been arrived at after charging / (crediting):

 

 

 

 

Group

31 December 2011

US$

Group

31 December 2010

US$

Depreciation of property, plant and equipment

1,193

75

Amortisation of intangible assets

1,655

1,655

Net foreign exchange losses / (gains)

3,859

(20,673)

Total employee benefits

312,587

116,387

 

 

6.      LOSS PER SHARE

 

(a)  Basic

Basic loss per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.

 

           

31 December 2011

31 December 2010

 

US$

US$

Loss attributable to equity holders of the company

(348,055)

 

(304,676)

 

 

 

Weighted average number of ordinary shares in issue

21,397,902

9,907,674

 

(b)  Diluted

Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has dilutive potential ordinary shares in the form of share options.  The company has assessed that as the exercise price of the options, including the fair value of the services yet to be rendered, exceeds the average market share price during the year, there is no dilutive effect from the share options..

 

           

31 December 2011

31 December 2010

 

US$

US$

Loss attributable to equity holders of the company

(348,055)

 

(304,676)

 

 

 

Weighted average number of ordinary shares in issue

 21,397,902

9,907,674

 

 

7.      EVENTS AFTER THE REPORTING PERIOD DATE

 

Pursuant to the Company's listing arrangements and as stated in the Admission Document dated 3 November 2010 a total of 25,487 new Ordinary Shares were allotted on 8 February 2012 by the Company to Eastkings Ltd on behalf of Michael Rosenberg, Non-executive Chairman and Nathalie Schwarz, Non-executive Director. In accordance with the terms of their service contracts, Michael Rosenberg, and Nathalie Schwarz have agreed to take new Ordinary Shares in the Company in lieu of cash against Director's fees payable to them for the months of November and December 2011, as set out in the Admission Document. These Ordinary Shares have been allotted to them at an issue price of US$0.49 per share. Following the above issue of shares, Michael Rosenberg was allotted a total of 19,706 Ordinary Shares at a price of US$ 0.49 and Nathalie Schwarz was allotted a total of 5,781 Ordinary Shares at a price of US$ 0.49. The issued capital totals US$ 12,489 and is included in trade payables (Note 12) at 31 December 2011.

 

 

Post the issues, the Company has a total of 21,519,019 (31 December 2011 - 21,493,532) Ordinary Shares in issue.

 

8.      ANNUAL GENERAL MEETING ('AGM') AND POSTING OF ANNUAL REPORT

 

Copies of the Annual Report & Accounts together with the Notice and Notes of the 2011 AGM will be issued to all shareholders in due course. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR GMGZKRRDGZZM
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.