RNS Number : 6512V
Tadpole Technology PLC
30 May 2008
Tadpole Technology plc ("the Group")
Interim Results
The Group announces its Interim Results for the six months ended 31 March 2008.
A copy of this report is also available on the Company's website
www.tadpoletechnology.com.
30th May 2008
Tadpole Technology plc
Interim Report
31 March 2007
Corporate Summary
Tadpole Technology plc, a company listed on the London Stock Exchange (EPIC Code: TAD), is the holding company of two main operating
subsidiaries, Endeavors Technologies, Inc., based in Irvine, California and Endeavors Technologies Ltd., based in Yorkshire, England,
serving the global market for software application streaming.
The Group is an innovative software developer and the owner of the leading patents in its chosen market sector, application streaming, a
form of on demand software application delivery which forms part of the electronic software distribution marketplace.
Application streaming enables pay-per-use and try-before-you-buy models, where users can quickly experiment and experience software
locally and more easily than downloading. They can use software without waiting for the entire application to download and without consuming
more bandwidth than they actually need. Users save time and service providers save bandwidth.
Application streaming ultimately makes all applications more pervasive and ubiquitous, benefiting both end users and ISVs.
Management Commentary
Execution of the Group's business plan for its application streaming business has been frustrated significantly by the delay in securing
adequate funding.
The original plan to raise �5 million by way of an underwritten firm placing with institutional investors and open offer to existing
shareholders did not proceed primarily due to the collapse in confidence in financial markets. As a result, between November 2007 and
February 2008 when the project was aborted, the Company incurred professional costs amounting to �164,000 have been written off in the
income statement on page 6.
Since February 2008, the Board has expended considerable time and effort exploring a number of strategic alternatives including the sale
of the Group's assets to trade buyers, the sale of a controlling interest to another party, and funding arrangements aimed at alternative
types of investor such as high net worth private individuals, venture capitalists, private equity and other institutional investors.
The outcome of these negotiations is that the Company is now proposing a multistage funding initiative (subject to approval by
shareholders) capable of raising �5m to support the Group's business plan and strengthen its weak balance sheet.
It is also proposed to seek shareholder approval for the cancellation of the Company's listing on the Official List and its admission to
trading on AIM. The Board believes that AIM is a more appropriate market for a company of Tadpole's size; it offers the advantage of lighter
regulation and greater flexibility for corporate transactions with consequently lower costs. In addition there are possible beneficial tax
consequences for potential shareholders.
Given the current state of the financial markets, the Directors believe the proposed solution to the Group's financing needs, which will
enable management to execute its strategic plans, is in the best interests of current shareholders. It is evident, however, that the delay
in getting to this point has had a significant adverse impact on the performance of the business. Planned increases in sales resources and
expenditure on marketing initiatives have been delayed due to cash constraints and management has been pre-occupied with fund raising at the
expense of business development. Public announcements about our difficult financial condition (required for regulatory compliance) have
partly undermined our credibility with partners and existing or potential customers.
Financial Highlights
Operating results
Revenues from continuing operations in the first half year decreased by 59% to �813,000 compared with �1,993,000 in the first half last
year. However, previous year revenues included substantial licence fees arising from settlements with potential infringers of the Group's
intellectual property.
Operating expenses from continuing operations increased by 39% to �2,276,000 primarily in the UK by the establishment of a European
sales, marketing and support operation and in the US by increased investment in product development. There were 52 average personnel
employed in the first half compared with a planned average of 61 and an average of 29 in the same period last year.
Operating expenses in the first half year from discontinued operations amounted to �65,000.
A combination of reduced revenues and increased investment in new personnel resulted in a total operating loss of �1,488,000 in the
first half compared with an operating profit of �489,000 in the first half last year.
Balance Sheet and Funding
Total assets at 31 March 2008 were �1,531,000 compared with �2,738,000 at 30 September 2007, a reduction of �1,207,000 comprising
primarily a reduction of �345,000 in trade and other receivables and a reduction in cash of �755,000. Cash at 31 March 2008 stood at
�133,000. The Company is seeking funding through placement of convertible notes. See note 1(b).
Cash flow
Net cash used from operating activities in the first half was �1,637,000 compared with cash generated of �1,248,000 in the first half
last year.
Sales, marketing & product development
As explained earlier in this Review, the Group's business development plans have had to be modified due to the delay in securing
adequate funding.
Marketing activities were impacted significantly with discretionary expenditure substantially reduced. This affected a number of trade
shows, planned analyst coverage and a wide range of direct marketing initiatives.
Sales recruitment was halted with a major shortfall in sales resource against the planned figure; this particularly affected US
operations where the Company had recently released a number of sales personnel.
Given the rapid development of the markets in which the Company is active, it was fortunate that product development was maintained as
there were a number of feature advances from competing products.
Application Jukebox, the Company's next generation application streaming product/platform was debuted in October 2007 and placed on
general release in April 2008.
The Group's penetration of the enterprise market was slower than had been anticipated, primarily due to the rapid consolidation of the
market place and the adverse impact of the regulatory announcements regarding the Group's financial condition.
The Group has adapted its strategy to focus on systems integrators and resellers who provide integration with other vendors' products,
and also critically, have strong relationships with their existing customers.
OEM opportunities for using application streaming as a technology embedded in other solutions continues to attract interest; the recent
announcement by Proxy Networks of their use of the Group's technology to add value to its existing product line is one such example. The
Group plans to focus a proportion of its business development activities in this area as there are many companies, products and solutions
that could benefit from the OEM application of the Group's technologies.
The Software as a Service (SaaS) market, although more embryonic, showed rapid signs of development with European interest in SaaS
especially strong.
An independent review commissioned by the Group identified the SaaS market as one with relative lower barriers to entry for Endeavors
with significant revenue opportunities, and based upon this and other work the Group plans to focus the majority of its marketing activities
in this market sector.
The Group plans to develop its product set to optimise it for use in a SaaS based environment.
Trials and evaluations of the Group's products have in the main been successful, however the general speed of adoption has been slower
than expected primarily due to customers optimising and re-evaluating the commercial models they had planned for commercial realisation.
SaaS fundamentally changes the methods and possibilities for packaging of products and services and this has increased interest in the
approach whilst paradoxically slowing commercial fulfilment of these opportunities.
Wallace Systems with Group Moniteur released the first major SaaS based system in France in March 2008, and the associated reference and
case study articulates well the benefits of using application streaming as a method of SaaS delivery.
Outlook
The market opportunities for the Company's products remain strong. Subject to shareholder approval and the completion of the proposed
funding, the Group will have the time and resources to execute its plans.
Today, the revenue models associated with SaaS are transactional based, so the Group expects it will take at least a year to establish a
strong run rate business underpinned by a growing annuity of volume-related revenues.
The SaaS market represents a very significant opportunity for the Group to capture a major share and be a shaper and influencer on the
destiny of that market. It also affords the Group the opportunity to successfully re-position itself in the Enterprise market based on its
performance in the SaaS market.
Peter Bondar
Chief Executive Officer
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2008
Unaudited Unaudited Audited
Six months ended 31 March Six months ended 31 March Year ended 30 September
2008 2007 2007
Notes �'000 �'000 �'000
Revenue 2 813 1,993 3,276
Cost of sales - - (34)
Gross profit 813 1,993 3,242
Selling and marketing costs (824) (429) (1,189)
Research and development costs (662) (474) (1,077)
Administrative costs (790) (741) (1,248)
Total operating expenses (2,276) (1,644) (3,514)
Operating profit / (loss) 2 (1,463) 349 (272)
Finance revenue 20 24 36
Finance expenses (2) (101) (104)
Profit/(loss) before taxation (1,445) 272 (340)
Taxation 3 22 27 55
Profit/(loss) for the period (1,423) 299 (285)
attributable to continuing
operations
Profit/(loss) for the period (65) 190 542
from discontinued operations 2,5
Profit/(loss) for the period (1,488) 489 257
attributable to the equity
holders of the parent
Profit/(loss) per ordinary share
(pence):
(0.34)p 0.08p (0.07)p
Basic EPS from continuing 4
operations for the period
0.07p
Fully diluted EPS from
continuing operations for the
period 4 (0.34)p 0.12p (0.07)p
Basic EPS on profit/(loss) for 4 (0.35)p 0.12p 0.06p
the period
4 (0.35)p 0.06p.
Fully diluted EPS on
profit/(loss) for the period
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the six months ended 31 March 2008
Unaudited Unaudited Audited
Six months ended Six months ended 31 Year ended 30
31 March March September
2008 2007 2007
�'000 �'000 �'000
Exchange differences arising 35 19 (43)
on translation of foreign
operations
35 19 (43)
Net income/ (expense)
recognised directly in equity
Profit/(loss)for the period (1,488) 489 257
Total recognised income and (1,453) 508 214
expense relating to the period
attributable to equity holders
CONSOLIDATED BALANCE SHEET
at 31 March 2008
Unaudited Unaudited Audited
31 March 31 March 30 September
2008 2007 2007
Notes �'000 �'000 �'000
Non-current assets
Goodwill 947 952 915
Intangible assets 112 299 197
Property, plant and equipment 62 118 64
1,121 1,369 1,176
Current assets
Trade and other receivables 6 277 871 622
Cash and cash equivalents 133 2,188 888
410 3,059 1,510
Assets held for sale 5 - - 52
Total assets 1,531 4,428 2,738
Equity
Issued share capital 7 21,136 20,893 20,936
Share premium 7 40,484 40,109 40,109
Merger reserve 11,190 11,191 11,190
Foreign currency translation 2 29 (33)
reserve
Equity instruments reserve 226 380 190
Retained loss (72,874) (71,476) (71,455)
Total equity 164 1,126 937
Non-current liabilities
Deferred tax liabilities 33 90 59
Current liabilities
Trade and other payables 8 1,128 3,199 1,644
Interest-bearing loans and 9 195 - -
overdrafts
Tax liabilities 11 13 7
1,334 3,212 1,651
Liabilities held for sale 5 - - 91
Total liabilities 1,367 3,302 1,801
Total equity and liabilities 1,531 4,428 2,738
The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2008. They were signed on its behalf
by:
Peter Bondar - Chief Executive Officer
30 May 2008
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2008
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 30
31 March 31 March September
2008 2007 2007
�'000 �'000 �'000
Cash flows from operating
activities
(Loss)/profit before tax (1,510) 462 202
Depreciation, amortisation and 109 177 326
impairments
Movements in holiday pay (6) - 6
provision
Profit on disposal of - - 1
non-current assets
Share-based remuneration 69 48 110
Finance revenue (20) (24) (36)
Finance expenses 2 101 104
Decrease in receivables 261 588 560
Decrease in prepayments 85 - -
(Decrease) in payables (631) (104) (1,249)
Cash/(used by) generated from
operating activities before (1,641) 1,248 24
tax
Income taxes paid 4 - (9)
Net cash (used by)/generated (1,637) 1,248 15
from operating activities
Cash flows from investing
activities
Purchase of property, plant (26) (48) (122)
and equipment
Disposal of subsidiary 52 (14) (21)
Interest received 20 24 36
Net cash generated from/(used 46 (38) (107)
in) investing activities
Cash flows from financing
activities
Gross proceeds from issue of 585 42 85
share capital
Share issue costs (10) - -
Interest paid (2) (38) (41)
Proceeds from issue of loan 230 - -
note
Repayment of DivestCap loan - (763) (761)
note
Net cash generated from/(used
in) financing activities 803 (759) (717)
Net (decrease)/increase in (788) 451 (810)
cash and cash equivalents
Net foreign exchange 33 28 (11)
difference
Opening cash and cash 888 1,709 1,709
equivalents
Closing cash and cash 133 2,188 888
equivalents
Material non-cash transactions in the six months to 31 March 2008 and the comparatives comprise the impairment of goodwill and other
intangible assets, share based payment charges and the accounting for the convertible loans.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
(a) Financial information and accounting policies
The financial information set out within this report does not constitute the Group's consolidated statutory financial statements as
defined in section 240 of the Companies Act 1985. The results for the year ended 30 September 2007 have been extracted from the statutory
consolidated financial statements of Tadpole Technology Plc for the year ended 30 September 2007 which are prepared in accordance with IFRS,
on which the auditors gave an unqualified report (which made no statement under sections 237 (2) or (3) of the Companies Act 1985) and have
been filed with the Registrar of Companies.
The unaudited interim financial statements for the six months ended 31 March 2008 have been prepared in accordance with IAS 34 Interim
Financial Reporting and the disclosure requirements of the Listing Rules. The unaudited interim financial statements have been prepared on
the basis of the accounting policies set out in the most recently published financial statements of the Group for the year ended 30
September 2007.
The interim financial statements do not include all the information and disclosures required in the Annual Report and should be read in
conjunction with the Annual Report for the year ended 30 September 2007.
(b) Going concern
The financial statements have been prepared on the going concern basis which assumes that the Group will continue its operational
existence, and will be able to meet its liabilities as they fall due, for the foreseeable future.
In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements the Directors have prepared
forecast income statements, balance sheets and cash flows for the three years ending 30 September 2010 taking into consideration an expected
fund raising of up to �5 million by the issue of Convertible Loan Notes, subject to approval by shareholders at a General meeting on 20 June
2008.
The Notice of the General Meeting sent to shareholders contains a statement that "in order to ensure that adequate working capital, that
is sufficient for at least 12 months from the date (27 May 2008) of this document, is available to the Company, the Directors believe that a
minimum �2.5 million will need to be subscribed by way of the Loan Notes and the current potential investors who have expressed an interest
in the Company have given indications of investment up to an aggregate �4.5 million."
The Directors do not believe there are any alternative sources of funding available to the Company at present and, in the event that
subscriptions for the minimum funding requirement of �2.5 million are not received or the Resolutions put to shareholders at the General
Meeting are not passed there will be insufficient time to identify alternative sources of funding and consequently the Company will face
acute financial difficulty and will have to cease trading immediately and seek the appointment of an administrator.
(c) Risks and uncertainties
There are a number of risks which could have an impact on the performance of the Group for the remaining six months of the year and on
its long term performance. They include:
* Liquidity risk
* Foreign exchange risk
* Interest rate risk
* Customer dependence risk
* Market, technology and intellectual property risks
* Key employees risk
* Environmental and regulatory risk
These risks are described in more detail in the most recently published Annual Report. The Directors routinely monitor all of these
risks and uncertainties and appropriate actions are taken to mitigate these risks.
2. Segment information
The primary reporting segment format is determined to be business segments as this is the basis on which operations were managed during
the period.
For management purposes, the Group was split into two trading operations; the continuing business comprising the Streaming Division and
HQ costs and the discontinued Geospatial Solutions Division. The Streaming business offers application software streaming technology for
consumer, games-on-demand, and enterprise delivery and management of applications over the Internet and private networks. It is conducted
out of the UK and California, USA. The Geospatial business which provided enterprise infrastructure software solutions to support the
management, replication and distribution of geospatial data within and between organizations, was also conducted out of the UK and
California, USA.
The operations of the Group are not subject to significant seasonality.
Divisional segments
Unaudited six months ended 31 March 2008
Streaming Geospatial Total
�'000 �'000 �'000
Revenue
Licencing and support 813 - 813
Segment revenue 813 - 813
Cost of sales - - -
Gross profit 813 - 813
Selling and marketing costs (824) - (824)
Research and development costs (662) - (662)
Administrative costs (790) (65) (855)
Total operating expenses (2,276) (65) (2,341)
Operating loss (1,463) (65) (1,528)
Finance revenue 20
Finance expenses (2)
Loss before taxation (1,510)
Taxation 22
Loss for the period (1,488)
2. Segment information (continued)
Unaudited six months ended 31 March 2007
Streaming Geospatial Total
�'000 �'000 �'000
Revenue
Licencing and support 1,857 160 2,017
Royalties 123 - 123
Consultancy and services 13 2,505 2,518
Segment revenue 1,993 2,665 4,658
Cost of sales - (1,467) (1,467)
Gross profit 1,993 1,198 3,191
Selling and marketing costs (429) (521) (950)
Research and development costs (474) (331) (805)
Administrative costs (741) (156) (897)
Total operating expenses (1,644) (1,008) (2,652)
Operating profit 349 190 539
Finance revenue 24
Finance expenses (101)
Profit before taxation 462
Taxation 27
Profit for the period 489
2. Segment information (continued)
Audited for year ended 30 September 2007
Streaming Geospatial Total
�'000 �'000 �'000
Revenue
Licencing and Support 3,006 777 3,783
Royalties 242 - 242
Consultancy and services 28 3,693 3,721
Segment revenue 3,276 4,470 7,746
Cost of sales (34) (2,206) (2,240)
Gross profit 3,242 2,264 5,506
Selling and marketing costs (1,189) (745) (1,934)
Research and development costs (1,077) (364) (1,441)
Administrative costs (1,248) (613) (1,861)
Total operating expenses (3,514) (1,722) (5,236)
Operating profit/ (loss) (272) 542 270
Finance revenue 36
Finance expenses (104)
Profit before taxation 202
Taxation 55
Profit for the year 257
3. Taxation
The tax charges / (credits) comprise:
Unaudited Unaudited Audited
Six months ended 31 Six months ended 31 March Year ended 30 September
March
2008 2007 2007
�'000 �'000 �'000
UK corporation tax 4 5 7
Total current tax 4 5 7
Deferred tax release (26) (32) (62)
Tax on profit/(loss) on (22) (27) (55)
ordinary activities
4. Earnings per ordinary share
The calculation of the basic and diluted loss per ordinary share on continuing operations for the six months ended 31 March 2008 is
based on the Group net loss attributable to the continuing operations of �1,423,000 and on 424,636,492 ordinary shares, the weighted average
number in issue and ranking for dividend in the period. In accordance with IAS 33, the 30,793,417 outstanding share options and 8,500,000
unexercised share warrants have been excluded as the impact of their inclusion would be anti-dilutive.
The calculation of the basic and diluted loss per ordinary share on total operations for the six months ended 31 March 2008 is based on
the Group loss for the period of �1,488,000 and on 424,636,492 ordinary shares, the weighted average number in issue and ranking for
dividend in the period as above.
The calculation of the basic earnings per ordinary share on continuing operations for the six months ended 31 March 2007 is based on a
Group profit for the period of �299,000 and on 397,972,823 ordinary shares, the weighted average number in issue and ranking for dividend
during the period. The calculation of the basic earnings per ordinary share on total operations for the six months ended 31 March 2007 is
based on the Group profit for the period of �489,000 and on 397,972,823 ordinary shares, the weighted average number in issue and ranking
for dividend in the period as above.
The diluted earnings per share on continuing operations for the six months to 31 March 2007 is based on Group Profit of �299,000 and on
414,221,442 ordinary shares. This includes the outstanding 12.75 million share warrants. The diluted earnings per share on total operations
for the six months to 31 March 2007 is based on Group Profit of �489,000 and on 414,221,442 ordinary shares. This includes the outstanding
12.75 million share warrants.
The calculation of the basic and diluted loss per ordinary share on continuing operations for the year to 30 September 2007 is based on
the Group net loss attributable to the continuing operations of �285,000 and on 400,951,967 ordinary shares, the weighted average number in
issue and ranking for dividend in the year. In accordance with IAS 33, the 15,085,000 outstanding share options and 8,500,000 unexercised
share warrants have been excluded as the impact of their inclusion would be anti-dilutive.
The calculation of the basic and diluted profit per ordinary share on total operations for the year to 30 September 2007 is based on the
Group profit for the financial year of �257,000 and on 400,951,967 ordinary shares, the weighted average number in issue and ranking for
dividend in the year as above.
5. Assets and liabilities held for sale and discontinued operations
In November 2006 it was announced that the Ordnance Survey (OS) had suspended, on one month notice, two of the major work-streams in
connection with the development of the Phoenix programme, pending a strategic review. Prompt cost realignment actions, primarily in the UK,
enabled the Geospatial Solutions Division (GSD) to remain profitable. The Board also undertook a strategic review of the business and
concluded that it would be in the best interests of the Company and its stakeholders to sell its subsidiary Tadpole Cartesia, Inc. (TCI)
through which GSD's US operating activities were conducted. The sale of TCI was concluded in March 2007. Under the agreement the Company was
paid $1 cash and retained the Go! Sync intellectual property which the purchaser (TC Technology, Inc.) can exploit in return for royalty
payments. The loss on the disposal was �3,600.
On 29 March 2007, GSD signed a framework services contract with the OS for the continuation of the Editor work-stream.
In September 2007 the Company announced that Ordnance Survey served notice to terminate its contract with GSD and as a consequence, the
future of the division needed urgent review. As a result of that review, on 1 November 2007, the Company announced that it entered into an
asset purchase agreement with ESRI (UK) Limited ("ESRI"). Under the terms of the agreement ESRI acquired customer and support contracts,
product intellectual property rights and tangible fixed assets for an aggregate consideration of �545,000, comprising �225,000 in cash and
�320,000 in respect of customer support, premises lease and employee liabilities undertaken by ESRI. As a result, �52,000 of fixed assets
were shown on the balance sheet as assets held for sale at 30 September 2007, and �91,000 of deferred revenue, relating to the customer
support contracts for which ESRI agreed to assume responsibility, was shown on the balance sheet as liabilities held for sale at 30
September 2007. All other assets and liabilities, including debtors, creditors and cash remained with the Company.
As disclosed in the interim Report to 31 March 2007 the revenue for TCI, included in the results of the discontinued business, was
�244,000 (2006 - �856,000) and the operating loss was �219,000 (2006 - �434,000). In the period to 30 September 2007 the Company has
received �39,000 in royalties from TC Technology, Inc.
Included in the results for 2007 was a provision of �348,000 relating to the closure costs of the Geospatial Solutions Division, comprising
staff redundancies (�281,000), property dilapidations (�45,000) and other costs (�22,000).
6. Trade and other receivables
Unaudited Unaudited Audited
31 31 30 September
March March
2008 2007 2007
�'000 �'000 �'000
Trade receivables 78 635 388
Other receivables 49 5 4
Prepayments and accrued income 150 231 230
277 871 622
7. Share capital
During the six months ended 31 March 2008 the Company issued 20,000,000 of ordinary shares with par value of 1p for cash at a price of
2.925p per share. The total consideration before issue costs for the exercised options was �585,000, including �385,000 of premium.
There was no movement in the deferred shares during the current or prior year.
8. Trade and other payables
Unaudited Unaudited Audited
31 31 30 September
March March
2008 2007 2007
�'000 �'000 �'000
Trade payables 470 563 312
Social security, PAYE and VAT 27 248 170
Other payables 155 505 302
Accruals 329 711 687
Deferred revenues 147 1,172 173
1,128 3,199 1,644
9. Interest-bearing loans and borrowings
Unaudited
31
March
�'000
Current
� 230,000,000 convertible loan note 195
==========
The loan note is convertible, in whole or in part, at the option of the holder into ordinary capital of the Company at a rate of �0.01
per share. The loan note is secured by way of a floating charge against all the assets of the Group and carries interest at the rate of 2%
above the base rate of Barclays Bank plc, currently 7.00%, set and payable on maturity date. The note is repayable on 25 September 2008
The loan liability was recognised at its initial fair value, based on the present value of the future cash flows discounted using an
estimated market interest rate of 50% for a loan with no additional equity or other features. The carrying amount of the loan liability was
accreted up to its redemption amount at maturity using the effective interest method. As the amounts initially recognised in equity and as a
liability exceeded the proceeds received, a charge was recognised in administrative expenses at the outset of the transaction, reflecting
the cost of this deal.
�'000
Fair value of the liability component of the convertible loan at date of issue 194
Accretion of liability component during the period
1
-----------
195
Accretion of liability component allocated to future periods 35
-----------
Redemption value of convertible loan
230
-----------
10. Statement of changes in equity
Share Capital Share premium Merger reserve Foreign currency Equity instru-ments
Retained profit/ Total equity
account translation reserve reserve
(loss)
�'000 �'000 �'000 �'000 �'000
�'000 �'000
1 October 2006 20,851 40,109 11,190 10 380
(72,012) 528
Total recognised income and - - - 19 -
489 508
expense for the period
Share-based remuneration - - - - -
48 48
Share issues 42 - - - -
- 42
At 31 March 2007 20,893 40,109 11,190 29 380
(71,475) 1,126
Total recognised income
and expense for the period - - - (62) -
(232) (294)
Share-based remuneration - - - - -
62 62
Share issues 43 - - - -
- 43
Warrants exercised - - - - (190)
- 190
At 30 September 2007 20,936 40,109 11,190 (33) 190
(71,455) 937
Total recognised income
and expense for the period - - - 35 -
(1,488) (1,453)
Share-based remuneration - - - - -
69 69
Share issues 200 385 - - -
- 585
Costs relating to shares - (10) - - -
- (10)
issued
Equity component of - - - - 36
- 36
convertible loan note
At 31 March 2008 21,136 40,484 11,190 2 226
(72,874) 164
11. Responsibility statement of the Directors in respect of the interim financial statements
The directors of the Company confirm to the best of their knowledge:
a) the interim financial statements have been prepared in accordance with IAS 34;
b) the interim financial statements contain a fair review of the information required by DTR 4.2.7R being an
indication of the important events that have occurred during the first six months of the financial year and
a description of the principal risks and uncertainties for the remaining six months of the year; and
c) the interim financial statements include a fair review of the information required by DTR 4.2.8R being
disclosure of related party transactions and changes therein since the last Annual Report.
By order of the Board
Peter Bondar
Chief Executive Officer
30 May 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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