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RNS Number : 7059N
Savannah Resources PLC
26 September 2019
 

 

 

 

 

 

26 September 2019

Savannah Resources Plc

Interim Results

 

Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the 'Company'), the AIM quoted resource development company, is pleased to announce its interim financial results for the six months ended 30 June 2019.

 

Highlights:

·      Portugal:

100% ownership of the Mina do Barroso lithium project ('Mina do Barroso' or the 'Project') achieved through the acquisition of the outstanding 25% stake in June 2019 in an all share deal

Option over the Aldeia Mining Lease application blocks exercised, increasing the Project's footprint by over 50%

Mineral Resource at the Mina do Barroso increased by a further 37% to 27Mt with the additional Exploration Target increased by 25% to 11-19Mt, underpinning the Project's status as the most significant conventional lithium deposit in Western Europe

Suitability of Mina do Barroso's feldspar, quartz and a bulk tail product for use in a range of glass and ceramic applications confirmed by test work. Marketing studies imply higher co-product prices could be achieved than were assumed in 2018 Scoping Study

Commercial interest in the Project growing with discussions advanced with diverse groups of finance providers and potential strategic / offtake partners

Multiple workstreams associated with the Definitive Feasibility Study ("DFS") and the Environmental Impact Assessment ("EIA") progressed during the period

EIA to be submitted for approval in Q4 2019

Fully funded DFS to be completed in Q2 2020 to allow inclusion of additional deposits discovered and expanded metallurgical test work programme

·      Mozambique:

Mining Leases 9735C and 9229C on the Mutamba heavy mineral sands project conditionally awarded (subject to fulfilment of customary requirements) in September 2019 with the Mining Lease application for block 9228C in the final stage of approval

·      Oman:

Public Authority of Mining confirmed its intention to award the Mining Leases applied for on the Mahab 4 and Maqail South high-grade copper projects

Strategic review of Oman projects continuing

·      Corporate:

CSR programmes have continued as planned in Portugal and Mozambique

Investments in intangible assets and exploration reached £2.68m vs. £2.49m in H1 2018, reflecting the continuing pace of the project appraisal work on the Mina do Barroso project

Cash position at 30 June £3.1m, proforma cash position at 16 September £6.8m following the share placement and letters of intent for subscriptions totalling £5m in September 2019

 

To view the press release with the illustrative charts, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7059N_1-2019-9-25.pdf

 

CHAIRMAN'S STATEMENT

 

Your company has made significant progress during 2019 in developing its lithium project at Mina do Barroso and has the technical and, following the recent fundraise, financial capacity to finalise the DFS and EIA, which are necessary preconditions to the commencement of mining. Additionally, the Mutamba Joint Venture was awarded two mining licences over the Mutamba heavy mineral sands project (subject to the fulfilment of customary conditions) with a third mining licence understood to be in the final stages of approval, and the Omani Public Authority of Mining has recently confirmed its intention to award the Mining Leases applied for on the Mahab 4 and Maqail South high-grade copper projects.

 

The multiple external pressures currently being exerted on some of world's major economies and global capital markets has meant that the first nine months of 2019 has been a challenging time for industrial commodity players, particularly for those like Savannah in the development phase. While macro trends are beyond the Company's control, Savannah considers its best means of managing risk is to remain well capitalised and to deliver on its stated goal of focusing on its exposure to the positive market dynamics forecast for lithium through the Mina do Barroso project. Market dynamics for mineral sands are also currently positive and we continue to regard Mutamba as a significantly valuable asset for your company. Hence, our priorities remain to finance, construct and operate the Mina do Barroso lithium project, progress the Pre-Feasibility Study on the Mutamba mineral sands project and complete our strategic review on our Oman copper projects.

 

Mina do Barroso, Portugal

In our 2018 annual report published in May, I confirmed that Mina do Barroso is now our flagship project. This premier ranking has been driven by the combination of the evaluation success we have enjoyed at the Project to date, the potential for further expansion of the Mineral Resource and the mine life, and the increasing need for sustainable sources of lithium supply to feed the rapidly growing market for lithium ion batteries, particularly in Europe.

 

Bearing these factors in mind, the acquisitions of the outstanding 25% stake in Mina do Barroso and the adjacent Aldeia Mining Lease Application Blocks represented major milestones. These acquisitions have given Savannah and its shareholders greater exposure to Western Europe's most significant spodumene lithium project and provided management with much enhanced optionality for future transactions and financing related to the Project.

 

In parallel with these transactions, good progress was also made on the completion of the EIA and the associated DFS for the Project, and these remain the critical deliverables in addition to milestones such as licencing and financing. Headline developments during the period and into Q3 2019 included a further 37% increase in the Project's Mineral Resource to 27Mt incorporating maiden Mineral Resource Estimates for the Pinheiro deposit and the first target drilled on Aldeia Block A; production of battery grade spodumene concentrate from two of the three potential metallurgical processing routes being evaluated; and confirmation of the suitability of both separate and combined quartz and feldspar products from the Project for commercial applications in the glass and ceramics industries.

 

However, as explained in the recent placing announcement, there remains more work to do to complete the DFS. This has been brought about by the discovery and subsequent delineation of new orebodies which has meant that drilling campaigns have been extended, mine designs have needed to be reworked and pit sequencing plans revised. Our metallurgical test work programme has also been expanded. This is not only to include samples from the newly discovered deposits but also to comprehensively evaluate all ore types which will be treated at the project in the light of the processing challenges reported by the first wave of new spodumene producers in Australia over the past year. Savannah regards a rigorous approach to the DFS as vital to the future success of the Project.

 

This additional but very necessary work means that delivery of the DFS is now expected to occur in Q2 2020 against our previous target of early 2019 when we successfully raised £12.5m cash in mid-2018. These funds were designed to fund the Company's operations through early 2019, however, with spending discipline, actual expenditures were some 17% less than the use of funds forecast despite the four extra months covered, the one-off costs associated with the acquisition of the remaining 25% of Mina do Barroso and the costs of acquiring and evaluating the Aldeia tenements. 

 

It is worth highlighting what we have achieved:

 

Mineral Resources:

·      Over 18,500m of diamond and RC drilling completed since June 2018 (total on project since 2017 - 30,870m): +150% total metres drilled since June 2018

·      Resources increased: +93% to 27Mt containing 286kt Li2O (707kt LCE)

·      Orebodies increased: from 3 to 5

·      Average grade maintained above 1%: 1.06% Li2O

·      Low iron content confirmed: 0.8% average

·      Measured & Indicated Resources increased: +114% to 15Mt (55% of total resource)

·      Maiden co-product resource declared: 14.4Mt at Grandao

·      Lithium Exploration Target increased: +c. 50% (mid-point) to 11-19Mt at 1.0-1.2% Li2O

 

Pit scheduling:

·      Pit sequencing analysed and confirmed: Pinheiro, Grandao, Reservatorio, NOA, Aldeia (27Mt total resource at present vs. 14.4Mt in the Scoping Study model)

·      Mining rate increase: Expected 15% increase to 1.5Mtpa - helped by the Mineral Resource increase

·      Life of Mine: Dependent on final reserve estimate, but the initial life of mine should be greater than 11-year Scoping study model having regard to the Mineral Resource increases

 

Metallurgical Testing:

·      Lithium: Large quantity of representative material tested: 3.8 tonnes

·      Targeted recovery rate achieved: 80%

·      Battery grade concentrate produced:

·      Test work allowing selection of optimum flowsheet:

·      Co-products: Test work confirms suitability for commercial apps:

 

Processing Plant:

·      Alternative process plant sites on C-100 area studied: Site selected

·      Access road route alternatives identified and reviewed: Route selected

·      Total capex estimate should be maintained: USD$109m excluding contingencies from the scoping study

 

Commercial:

·      Lithium counterparty engagement: in contact with dozens of groups and as advised to the market these include OEMs, large European industrial groups, battery cell manufacturers and lithium refinery groups

·      Multiple term-sheets and MoUs under negotiation:  

·      Co-products: Engagement with major ceramics groups: with higher prices and product quality confirmed

·      EU funding: applications made

·      Engagement and ongoing discussions with banks and debt providers:

 

With the lengthened DFS period and the expanded scope of the work required extra funding was required. We raised £5.0m cash to ensure that the enlarged study programme is funded to completion. We continue to closely monitor costs and expenses.

 

Coincidental to our challenges with the DFS and those of other lithium project developers and new producers, the sector has also been impacted by a decline in the underlying prices of the various lithium raw materials (spodumene, lithium hydroxide, lithium carbonate). As one would expect, these declines have fed through into reduced equity market valuations for lithium companies, but we firmly believe we will see a reversal of the recent lithium price downturn, which is driven by a modest build-up of raw material inventories as a result of delays to lithium conversion plant expansions in Asia, and a reduction in electric vehicle subsidies in the Chinese market. We take comfort from the fact that significant growth in electric vehicles sales continued in H1 2019 (+42% vs. H1 2018) and that medium and long term sales forecasts remain compelling for lithium and lithium battery demand with sales of around 10m vehicles expected in 2025 and around 28m in 2030, equating to approximately one-third of all light vehicles currently sold.

 

Market commentators such as Roskill continue to forecast that these growth projections for electric vehicles and lithium battery demand will challenge lithium suppliers, leading to a growing market deficit in refined lithium during the 2020s and a recovery in prices from next year. Assuming these forecasts prove to be correct, our target of starting production at Mina do Barroso in H2 2021 could see the Project coming on-line at an ideal time to benefit from this improving market backdrop.

 

Based on the growing commercial interest we have seen in Mina do Barroso this year, it is clear that downstream lithium participants remain concerned about raw material supply in the medium to longer term, despite the current build-up of inventory. As a result, we have been able to advance our discussions with a number of potential offtake partners ranging from established lithium processors to large scale end users such as Auto industry OEMs, as well as new market participants.

 

Political interest in the Project has also increased as appreciation has grown for the strategic role that Mina do Barroso could play in anchoring a new lithium industry in Europe, and Portugal in particular. Our team is regularly engaged with the Portuguese administration up to and including Ministerial level, and we have also strengthened our relationships with various EU agencies regarding funding and other forms of support for the Project.

 

Plans around the financing package for the Project have also been advanced. Work to date on the capital cost continues to indicate that the estimate from the Scoping Study of US$109m (excluding contingency) to US$124.6m (including contingency) remains a realistic range and management believes that this quantum of capital can be secured through a combination of project finance debt, EU/Government funding, offtake-related/partner financing and royalty financing. Hence the Group is confident that further finance for the Project will not be required from existing shareholders and the equity capital markets. Discussions with project finance banks, private equity groups, Government/EU agencies, potential offtake partners, royalty providers, commodity traders and other strategic investors have all been progressed and are continuing.

 

With the revised DFS timetable now in place and fully funded, we expect to produce regular news flow from the Project as we conclude on the major inputs to the study, complete the EIA and progress our discussions around offtake and financing.

 

Mineral Sands Projects, Mozambique

In September 2019 a significant milestone was reached on the Mutamba mineral sands project with the Minister of Mineral Resources and Energy in Mozambique awarded two of the three Mining Leases applied for in 2018. With two Leases approved and the outstanding 9228C Lease application reported to be in the final stage of award, we believe the status of this world class mineral sands project, which we are evaluating in partnership with Rio Tinto, has been significantly advanced.

 

The opportunity presented by Mutamba has also benefited from the improved market dynamics seen in the mineral sands market over the last 12 months. Market commentators such as TZMI have forecast for some time that prices for the key titanium minerals, rutile and ilmenite, as well as for the zircon contained in the sands would increase as existing inventories were consumed and not replaced at a sufficient rate in the face of demand growing in line with global GDP trends. Based on recent comments from existing mineral sands producers, these forecast market dynamics are now playing out. Consumption is expected to continue to grow in-line with the global economy and hence new sources of supply, such as Mutamba, should be required to meet the increased demand as existing operations become depleted and close.

 

Following formalisation of the leases, Savannah, as the project operator, will continue its preparations for the Pre-Feasibility Study on Mutamba. Completing that study would see our stake in the project rise from the current 20% to 35%.

 

Copper Projects, Oman

In our 2018 annual report we announced that we would be undertaking a strategic review of our assets in Oman given the delays we had experienced with licence approvals and the diminished status the projects had in our portfolio due to the superior opportunity presented by the Mina do Barroso lithium project.

 

While the strategic review is continuing, we were heartened by the advice received in August from the Public Authority for Mining in Oman ("PAM") that it intends to grant the mining licences over the Mahab 4 and Maqail South copper deposits which were applied for in 2016. Following the approvals received from a series of government authorities and a rigorous review of the applications by PAM, formal award should take place once licencing fees have been officially set under the new Mining Law which was introduced in March 2019. As with our Mozambique joint venture, we believe that award of these Licences will eliminate one of the main risks of our joint venture projects in Oman, helping us to reach a well-informed conclusion on the best option for our shareholders regarding the projects.

 

Corporate Social Responsibility (CSR)

Savannah remains fully committed to the CSR programmes which we presented in detail for the first time in our 2018 annual report.

 

In Portugal we have continued to engage with the communities living around the Project, with the level of interaction expected to increase as finalised information on the Project becomes available, especially from the EIA. A monthly newsletter is issued to local residents, who are also able to discuss the Project with our staff at the new Community Information Centre we opened in April of this year. Our latest community meeting held on 14 August was again well attended. We have also recently appointed a Head of Communication & Community Affairs to help with the full range of stakeholders.

 

In Mozambique, the new Jangamo Training Centre that Savannah and Rio Tinto created in partnership with the German NGO, GIZ, graduated its first group of 42 technicians. The Centre is tasked with helping to match labour demands with skills development in the Inhambane Province and offers training courses in electrical maintenance, carpentry, plumbing and construction. Savannah and Rio Tinto also worked with GIZ on the provision of approximately 7,000 coconut tree seedlings to the Government of Jangamo district and the Institute of Employment and Vocational Training.

 

Financial Summary

Savannah is reporting a loss for the period of £1.97m (30 June 2018: £1.17m) (31 December 2018: £3.07m), reflecting the rapid pace of our project developments, primarily around Mina do Barroso. Net assets have increased to £23.76m (30 June 2018: £14.59m) (31 December 2018: £25.42m) due to the increase in exploration activity during the period, predominantly associated with the lithium project in Portugal.

 

No funds were raised during the reporting period with cash at 30 June 2019 reported at £3.08m following the £14.6m raised in total during 2018. £3.76m was subsequently raised in September 2019 with additional intended commitments of £1.24m from Savannah's major shareholder Al Marjan Limited and another PDMR to ensure that ongoing commitments, including the completion of the DFS on the Mina do Barroso project following the extension to the study's timetable are well funded.

 

Outlook

We view the recent volatility in the lithium sector as symptomatic of the changes in its supply and demand dynamics over the short term. We believe that the outlook for lithium prices remains positive in the medium and long term with demand driven by ever tightening emissions legislation, the public's growing concern regarding climate change and the reducing cost of ownership of Electric Vehicles. The Mina do Barroso project gives Savannah great exposure to this burgeoning industry and we remain firmly focused on delivery of the DFS on the project in Q2 2020. The table above shows the global refined lithium market dynamics and spodumene price forecast.

Figure: Global Refined lithium market dynamics & spodumene price forecast

 

Following the mining licence awards in Mozambique, we will continue with our preparations for the recommencement of the Pre-Feasibility Study on Mutamba. We will also continue to evaluate the options available to us for value creation around our Oman projects. Given that developments are expected across the portfolio, future meaningful news flow should be generated on a regular basis.

 

Our efforts would not be possible without the financial support provided by our shareholders. On behalf of the Company I would like to extend my sincere thanks to all our shareholders for their ongoing support and welcome new investors who participated in the September 2019 placing. Particular thanks goes to the Al Marjan Group which remains the Company's largest shareholder, after its £1.2m commitment to the September financing. We were also very pleased to receive further investment from our existing institutional shareholders and to attract additional UK and European institutional investment. This has increased the proportion of our Company held by funds to around 17%. While the placing price of 2p must have been very disappointing to our retail investors in particular, the £5 million raised combined with our existing reserves gives us the cash necessary to complete the DFS and EIA studies on Mina do Barroso and maintain activities on our other projects.

 

I would also like to add my personal thanks to Savannah's management and staff for their continuing efforts to generate significant value in the Company by progressing our projects towards key milestones.

 

We look forward to delivering on the next commercial milestones in the coming months.

 

 

Matthew King

Chairman

 

Date: 25 September 2019

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

 

 

Notes

Unaudited

Six months to 30 June 2019

Unaudited

Six months to 30 June 2018

Audited

Year ended 31 December 2018

 

 

£

£

£

 

 

 

 

 

CONTINUING OPERATIONS

 

 

 

 

Revenue

 

-

-

-

Administrative expenses

 

(1,998,696)

(1,126,994)

(3,258,458)

Impairment of intangible assets

 

-

(140,024)

(140,024)

Gain on disposal of investments

 

-

68,717

-

OPERATING LOSS

 

(1,998,696)

(1,198,301)

(3,398,482)

Finance income

 

16,560

342

17,321

Finance costs

 

-

(3,841)

-

LOSS BEFORE AND AFTER TAX ATTRIBUTABLE

TO EQUITY OWNERS OF THE PARENT

 

(1,982,136)

(1,201,800)

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

Net change in Fair value through other comprehensive income of Equity Investments

 

3,183

(58,665)

(73,345)

Transfer to realised gain on disposal of investments

 

-

(68,717)

-

Items that will or may be reclassified to profit or loss:

 

 

 

 

Exchange gains arising on translation of foreign operations

 

12,012

159,009

384,248

OTHER COMPREHENSIVE INCOME FOR THE YEAR

 

15,195

31,627

310,903

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO EQUITY OWNERS OF THE PARENT

 

(1,966,941)

(1,170,173)

(3,070,258)

Loss per share attributable to equity owners of the parent expressed in pence per share:

 

 

 

 

Basic and diluted

 

 

 

 

From operations

3

(0.22)

(0.18)

(0.44)

 

The notes form part of this Interim Financial Report.

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

 

 

Notes

Unaudited

30 June

Unaudited

30 June

Audited

31 December

 

 

2019

2018

2018

 

 

£

£

£

ASSETS

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

Intangible assets

4

20,100,187

12,816,851

17,413,168

Other intangible assets

 

7,303

-

342,881

Property, plant and equipment

5

1,406,974

1,195,292

1,437,068

Other receivables

6

-

270,876

-

Other non-current assets

7

242,323

215,681

253,188

TOTAL NON-CURRENT ASSETS

 

21,756,787

14,498,700

19,446,305

CURRENT ASSETS

 

 

 

 

Investments

 

9,648

32,168

18,007

Trade and other receivables

6

235,387

191,300

330,774

Other current assets

7

155,208

251,752

223,733

Cash and cash equivalents

 

3,078,296

786,764

7,715,435

TOTAL CURRENT ASSETS

 

3,478,539

1,261,984

8,287,949

TOTAL ASSETS

 

25,235,326

15,760,684

27,734,254

EQUITY AND LIABILITIES

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

Share capital

9

10,474,598

7,016,155

8,814,518

Share premium

 

37,743,554

20,020,658

31,060,554

Foreign currency reserve

 

591,138

353,887

579,126

Warrant reserve

 

1,000,221

1,278,846

1,000,221

Share based payment reserve

 

391,516

600,416

508,051

Shares to be issued reserve

 

-

30,000

-

FVTOCI Reserve

 

(42,752)

-

(58,737)

Retained earnings

 

(26,398,546)

(14,713,554)

(16,485,626)

TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

23,759,729

14,586,408

25,418,107

LIABILITIES

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

Loans and borrowings

 

17,275

22,401

25,813

TOTAL NON-CURRENT LIABILITIES

 

17,275

22,401

25,813

CURRENT LIABILITIES

 

 

 

 

Loans and borrowings

 

16,518

6,630

16,895

Trade and other payables

8

1,441,804

1,145,245

2,273,439

TOTAL CURRENT LIABILITIES

 

1,458,322

1,151,875

2,290,334

TOTAL LIABILITIES

 

1,475,597

1,174,276

2,316,147

TOTAL EQUITY AND LIABILITIES

 

25,235,326

15,760,684

27,734,254

The interim financial report was approved by the Board of Directors on 25 September 2019 and was signed on its behalf by:

 

………………………………………………..

D S Archer

Chief Executive Officer

Company number: 07307107

 

The notes form part of this Interim Financial Report.

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

Share capital

£

 

Share premium

£

 

Foreign currency reserve

£

 

Warrant reserve

£

 

Share based payment reserve

£

 

Shares to be issued reserve

£

 

          FVTOCI reserve

£

                      

Retained earnings

£

 

Total equity

£

 

At 1 January 2018

6,358,504

18,105,108

194,878

1,405,958

691,194

-

-

(13,612,758)

13,142,884

Loss for the period

-

-

-

-

-

-

-

(1,201,800)

(1,201,800)

Other comprehensive income

 

-

 

-

 

159,009

 

-

 

-

 

-

 

-

 

(127,382)

 

31,627

Total comprehensive income for the period

 

-

 

-

 

159,009

 

-

 

-

 

-

 

-

 

(1,329,182)

 

(1,170,173)

Issue of share capital (net of expenses)

 

457,651

 

1,915,550

 

-

 

-

 

-

 

-

 

-

 

-

 

2,373,201

Contingent consideration

 

-

 

-

 

-

 

-

 

188,950

 

-

 

-

 

-

 

188,950

Contingent consideration shares issued

 

 

200,000

 

 

-

 

 

-

 

 

-

 

 

(188,950)

 

 

-

 

 

-

 

 

(11,050)

 

 

-

Share based payment charges

-

-

-

-

21,546

-

-

-

21,546

Exercise of options

-

-

-

-

(95,797)

-

-

95,797

-

Lapse of options

-

-

-

-

(16,527)

-

-

16,527

-

Exercise of warrants

-

-

-

(35,972)

-

-

-

35,972

-

Lapse of warrants

-

-

-

(91,140)

-

-

-

91,140

-

Warrants pending exercise

 

-

 

-

 

-

 

-

 

-

 

30,000

 

-

 

-

 

30,000

At 30 June 2018

7,016,155

20,020,658

353,887

1,278,846

600,416

30,000

-

(14,713,554)

14,586,408

Loss for the period

-

-

-

-

-

-

-

(2,179,361)

(2,179,361)

Other comprehensive income

 

-

 

-

 

225,239

 

-

 

-

 

-

 

(58,737)

 

112,774

 

279,276

Total comprehensive income for the period

 

-

 

-

 

225,239

 

-

 

-

 

-

 

(58,737)

 

(2,066,587)

 

(1,900,085)

Issue of share capital (net of expenses)

 

1,598,363

 

11,052,054

 

-

 

-

 

-

 

-

 

 

-

 

12,650,417

Contingent consideration

 

-

 

-

 

-

 

-

 

94,333

 

-

 

-

 

-

 

94,333

Contingent consideration shares issued

 

 

200,000

 

 

-

 

 

-

 

 

-

 

 

(94,333)

 

 

-

 

 

-

 

 

(105,667)

 

 

-

Share based payment charges

 

-

 

-

 

-

 

-

 

17,034

 

-

 

-

 

-

 

17,034

Exercise of options

-

-

-

-

(106,724)

-

-

106,724

-

Lapse of options

-

-

-

-

(2,675)

-

-

2,675

-

Issue of warrants

-

(12,158)

-

12,158

-

-

-

-

-

Exercise of warrants

-

-

-

(290,783)

-

-

-

290,783

-

Warrants pending exercise

 

-

 

-

 

-

 

-

 

-

 

(30,000)

 

-

 

-

 

(30,000)

At 31 December 2018

8,814,518

31,060,554

579,126

1,000,221

508,051

-

(58,737)

(16,485,626)

25,418,107

 

 

 

Share capital

£

 

Share premium

£

 

Foreign currency reserve

£

 

Warrant reserve

£

 

Share based payment reserve

£

 

Shares to be issued reserve

£

 

          FVTOCI reserve

£

                      

Retained earnings

£

 

Total equity

£

 

At 31 December 2018

8,814,518

31,060,554

579,126

1,000,221

508,051

-

(58,737)

(16,485,626)

25,418,107

Loss for the period

-

-

-

-

-

-

-

(1,982,136)

(1,982,136)

Other comprehensive income

-

-

12,012

-

-

-

15,985

(12,802)

15,195

Total comprehensive income for the period

-

-

12,012

-

-

-

15,985

(1,994,938)

(1,966,941)

Consideration for acquisition of non-controlling interest

1,630,000

6,683,000

-

-

-

-

-

(8,019,000)

294,000

Consideration for settlement deferred consideration

30,080

-

-

-

-

-

-

(30,080)

-

Lapse of options

-

-

-

-

(131,098)

-

-

131,098

-

Share based payment charges

-

-

-

-

14,563                              

               -

-

-

14,563

At 30 June 2019

  10,474,598

37,743,554

591,138

1,000,221

391,516

-

(42,752)

(26,398,546)

23,759,729

 

The notes form part of this Interim Financial Report.

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

Notes

 

Unaudited Six months to June 2019

£

 

Unaudited Six months to June 2018

£

 

Audited

Year ended December

2018

£

Cash flows used in operating activities

 

 

 

 

Loss for the period

 

(1,982,136)

(1,201,800)

(3,381,161)

Depreciation and amortisation charges

5

20,606

10,427

31,194

Impairment of assets classified as held for sale

 

-

140,024

140,024

Gain on disposal of investments

 

-

(68,717)

-

Share based payments reserve charge

 

14,563

21,546

38,580

Finance income

 

(16,560)

(342)

(17,321)

Finance expense

 

-

3,841

-

Exchange losses

 

65,929

(23,111)

(54,076)

Cash flow from operating activities before changes in working capital

 

(1,897,598)

(1,118,132)

(3,242,761)

Decrease/(Increase) in trade and other receivables

 

106,253

(32,286)

(179,376)

(Decrease)/Increase in trade and other payables

 

(100,272)

(51,903)

562,925

Net cash used in operating activities

 

(1,891,617)

(1,202,321)

(2,859,212)

Cash flow used in investing activities

 

 

 

 

Purchase of intangible exploration assets

 

(2,619,772)

(2,487,352)

(6,317,118)

Purchase of other intangible assets

 

(64,149)

-

(131,173)

Purchase of tangible fixed assets

 

(13,510)

(221,885)

(328,768)

Purchase of investments

 

                      -

-

(695)

Proceeds from sale of investments

 

596

104,283

104,461

Payments for guarantees for mining activity

 

-

(231,741)

-

Guarantees for acquisition of intangible exploration assets

 

-

-

(202,180)

Interest received

 

16,560

342

17,321

Net cash used in investing activities

 

(2,680,275)

(2,836,353)

(6,858,152)

Cash flow from / (used in) financing activities

 

 

 

 

Proceeds from issues of ordinary shares (net of expenses)

 

-

 

2,348,287

14,986,546

Proceeds from warrants pending exercise

 

-

30,000

-

Interest paid

 

-

(3,841)

-

Net cash from financing activities

 

-

2,374,446

14,986,546

(Decrease)/Increase in cash and cash equivalents

 

(4,571,892)

(1,664,228)

5,269,182

Cash and cash equivalents at beginning of period

 

7,715,435

2,455,968

2,455,968

Exchange (losses)/gains on cash and cash equivalents

 

(65,247)

 

(4,976)

(9,715)

Cash and cash equivalents at end of period

 

3,078,296

786,764

7,715,435

 

The notes form part of this Interim Financial Report.

 

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

1.    BASIS OF PREPARATION

The financial information set out in this report is based on the consolidated financial statements of Savannah Resources Plc and its subsidiary companies (together referred to as the 'Group'). The interim financial report of the Group for the six months ended 30 June 2019, which is unaudited, was approved by the Board on 25 September 2019. The financial information contained in this interim report does not constitute statutory accounts as defined by s434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2018 have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006.

 

The financial information set out in this report has been prepared in accordance with the accounting policies set out in the Annual Report and Financial Statements of Savannah Resources Plc for the year ended 31 December 2018.  New standards and amendments to IFRS effective as of 1 January 2019 have been reviewed by the Group and there has been no material impact on the financial information set up on this report as a result of these standards and amendments.

 

The Group interim financial report is presented in Pound Sterling.

 

Going Concern

The financial statements have been prepared on a going concern basis. On 16 September 2019, following the share placement amounting to £3.76m (before expenses) (Note 12), and the letters of intent received for additional £1.24m cash subscriptions from a Directors' related party (Al Marjan Ltd), from an alternate Director and from staff for when the Company is not in a closed period, the Group had a pro-forma cash balance of £6.8m. The Directors have reviewed the cashflow projection for the Group and consider that it has sufficient ability to meet its financial commitments for at least 12 months. 

 

2.      SEGMENTAL REPORTING

The Group complies with IFRS 8 Operating Segments, which requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker, which the Company considers to be the Board of Directors. In the opinion of the Directors, the operations of the Group are comprised of exploration and development in Oman, exploration and development in Mozambique, exploration and development in Portugal, headquarter and corporate costs and the Company's third party investments.

 

Based on the Group's current stage of development there are no external revenues associated to the segments detailed below. For exploration and development in Oman, Mozambique and Portugal the segments are calculated by the summation of the balances in the legal entities which are readily identifiable to each of the segmental activities. In the case of the Investments, this is calculated by analysis of the specific related investment instruments. Recharges between segments are at cost and included in each segment below. Inter-company loans are eliminated to zero and not included in each segment below.

 

 

 

Oman Copper

 

Mozambique Mineral

Sands

 

Portugal Lithium

 

HQ and Corporate

 

Invest-ments

 

Elimination

 

Total

 

£

£

£

£

£

£

£

 Period 30 June 2019

 

 

 

 

 

 

Revenue

-

28,271

-

1,301,678

-

(1,329,949)

-

Interest income

-

81

-

16,479

-

-

16,560

Share based payments

-

-

-

14,563

-

-

14,563

Loss for the period

100,476

243,730

433,621

1,204,309

-

-

1,982,136

Total assets

5,409,641

5,167,824

11,215,760

3,432,453

9,648

-

25,235,326

Total non-current assets

5,265,347

             5,044,739

11,087,748

358,953

-

-

21,756,787

Additions to non-current assets

248,187

116,567

1,956,928

(11,200)

-

-

2,310,482

Total current assets

144,294

123,085

128,012

3,073,500

9,648

-

3,478,539

Total liabilities

(86,497)

(76,542)

(317,467)

(995,091)

-

-

(1,475,597)

 

 

 

Oman Copper

 

Mozambique Mineral

Sands

 

Portugal Lithium

 

Finland

Lithium

 

HQ and Corporate

 

Invest-ments

 

Elimination

 

Total

 

£

£

£

£

£

£

£

£

Period 31 December 2018

 

 

 

 

 

 

 

Revenue

-

-

-

-

964,073

 

(964,073)

-

Interest income

-

157

-

-

16,822

-

-

16,979

Share based payments

-

-

-

-

17,034

-

-

17,034

Loss for the period

125,655

397,865

461,595

8,289

1,117,240

68,717

-

2,179,361

Total assets

5,213,999

5,077,253

9,334,988

933

8,089,074

18,007

-

27,734,254

Total non-current assets

5,017,160

4,928,172

9,130,820

-

370,153

-

-

19,446,305

Additions to non-current assets

352,574

298,809

3,694,026

-

351,118

-

-

4,696,527

Total current assets

196,839

149,081

204,168

933

7,718,921

18,007

-

8,287,949

Total liabilities

(116,311)

(50,060)

(933,627)

(2,258)

(1,213,891)

-

-

(2,316,147)

 

 

 

Oman Copper

 

Mozambique Mineral

Sands

 

Portugal Lithium

 

Finland

Lithium

 

HQ and Corporate

 

Invest-ments

 

Elimination

 

Total

 

£

£

£

£

£

£

£

£

 Period 30 June 2018

 

 

 

 

 

 

 

Revenue

-

-

-

-

434,235

-

(434,235)

-

Interest income

-

-

-

-

342

-

-

342

Finance costs

-

(3,841)

-

-

-

-

-

(3,841)

Share based payments

-

-

-

-

21,546

-

-

21,546

(Loss) for the period

(122,251)

(249,791)

(184,437)

(144,196)

(569,842)

68,717

-

(1,201,800)

Total assets

4,632,337

4,928,165

5,467,788

2,343

697,883             

32,168            

-

15,760,684

Total non-current assets

4,510,283

4,619,171

5,358,046

-

11,200     

          -

-

14,498,700

Additions to non-current assets

201,272

206,447

2,518,844

-

-

-

-

2,926,563

Total current assets

122,055

308,994

109,741

2,343

686,683

32,168

-

1,261,984

Total liabilities

(100,964)

(105,335)

(734,360)

(2,098)

(231,519)

-

-

(1,174,276)

 

3.            EARNINGS PER SHARE

            Basic earnings per share is calculated by dividing the earnings attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 

            In accordance with IAS 33 as the Group is reporting a loss for both this and the preceding period the share options are not considered dilutive because the exercise of share options and warrants would have the effect of reducing the loss per share.

 

Reconciliations are set out below:

 

 

Unaudited Six months to 30 June 2019

 

Unaudited Six months to 30 June 2018

 

Audited

Year ended

31 December 2018

 

Basic loss per share:

 

 

 

Losses attributable to ordinary shareholders (£):

 

 

 

Total loss for the period (£)

(1,982,136)

(1,201,800)

(3,381,161)

Weighted average number of shares (number)

892,457,852

667,935,800

766,442,525

Loss per share - total loss for the period from continuing operations (pence)

0.22

0.18

0.44

 

4.            INTANGIBLE ASSETS

 

 

 

Exploration and evaluation assets

 

 

 

£

Cost

 

 

 

At 1 January 2018

 

 

9,809,994

Additions

 

 

2,893,366

Exchange differences

 

 

113,491

At 30 June 2018

 

 

12,816,851

Additions

 

 

4,355,584

Transfer to Assets classified as Held for Sale

 

 

137,128

Exchange difference

 

 

243,629

At 31 December 2018

 

 

17,553,192

Additions

 

 

2,374,015

Transfer from Other Intangible Assets

 

 

333,353

Exchange differences

 

 

(20,349)

At 30 June 2019

 

 

20,240,211

 

Depreciation and impairment

 

 

 

At 1 January 2018

 

 

-

 

At 30 June 2018

 

 

-

 

Impairment charged in the period

 

 

 140,024

 

At 31 December 2018

 

 

140,024

At 30 June 2019

 

 

140,024

 

 

 

 

Net Book Value

 

 

 

At 1 January 2018

 

 

9,809,994

At 30 June 2018

 

 

12,816,851

At 31 December 2018

 

 

17,413,168

At 30 June 2019

 

 

20,100,187

 

In February 2018 the first milestone relating to the acquisition of Slipstream PORT Pty Ltd was triggered and the company paid AUD $ 1,500,000 in cash and issued 20,000,000 ordinary shares in the Company. This consideration was accounted for as an asset acquisition increasing the value of the exploration and evaluation assets by GBP £2,122,018. In accordance with IFRS 2 the deferred consideration paid in shares is required to be accounted for as a share based payment. At 31 December 2018 after application of IFRS 2 an adjustment was registered decreasing the exploration and evaluation assets by GBP £1,091,050, the share premium by GBP £1,080,000 and the retain earnings by GBP £11,050. The 30 June 2018 figures in this report reflect these adjustments.

 

5.         PROPERTY, PLANT AND EQUIPMENT

 

Motor vehicles

Office Equipment

Land

Total

 

 

 

 

 

 

£

 

Cost

 

 

 

 

 

 

At 1 January 2018

75,363

23,912

1,094,465

46,275

1,240,015

 

Additions

-

7,853

590

-

8,443

 

Exchange difference

557

354

1,430

(170)

2,171

 

At 30 June 2018

75,920

32,119

1,096,485

46,105

1,250,629

 

Additions

72,419

(2,677)

163,589

9,361

242,692

 

Exchange difference

3,074

1,756

17,440

879

23,149

 

At 31 December 2018

151,413

31,198

1,277,514

56,345

1,516,470

 

Additions

-

4,594

-

-

4,594

 

Exchange differences

(304)

(126)

(15,605)

(199)

(16,234)

 

At 30 June 2019

151,109

35,666

1,261,909

56,146

1,504,830

 

Depreciation

 

 

 

 

 

At 1 January 2018

31,644

12,287

-

-

43,931

Charge for the period

9,290

1,137

-

-

10,427

Exchange difference

774

205

-

-

979

At 30 June 2018

41,708

13,629

-

-

55,337

Charge for the period

12,062

8,705

-

-

20,767

Exchange difference

1,445

1,853

-

-

3,298

At 31 December 2018

55,215

24,187

-

-

79,402

Charge for the year

14,350

4,066

-

-

18,416

Exchange differences

111

(73)

-

-

38

At 30 June 2019

69,676

28,180

-

-

97,856

Net Book Value

 

 

 

 

 

At 30 June 2018

34,212

18,490

1,096,485

46,105

1,195,292

At 31 December 2018

96,198

7,011

1,277,514

56,345

1,437,068

At 30 June 2019

81,433

7,486

1,261,909

56,146

1,406,974

                         

 

6.         TRADE AND OTHER RECEIVABLES

 

 

Unaudited

30 June 2019

Unaudited

30 June 2018

Audited

31 December 2018

 

 

£

£

£

Non-Current

 

 

 

 

Other receivables - VAT

 

-

270,876

-

 

 

-

270,876

 -

 

Current

 

 

 

 

VAT recoverable

 

142,601

96,880

133,728

Other receivables

 

92,786

94,420

197,046

 

 

 235,387

191,300

330,774

 

7.         OTHER CURRENT AND NON-CURRENT ASSETS

 

 

Unaudited

30 June 2019

Unaudited

30 June 2018

Audited

31 December 2018

 

 

£

£

£

Non-Current

 

 

 

 

Guarantees

 

213,847

202,237

213,645

Other

 

28,476

13,444

39,543

 

 

242,323

215,681

253,188

 

Current

 

 

 

 

Guarantees

 

134,321

251,752

202,180

Other

 

20,887

-

21,553

 

 

155,208

251,752

223,733

 

8.           TRADE AND OTHER PAYABLES

 

 

Unaudited

30 June 2019

Unaudited

30 June 2018

Audited

31 December 2018

 

 

£

£

£

Current

 

 

 

 

Trade payables

 

812,144

647,636

1,027,100

Other payables

 

98,158

30,403

82,571

Accruals and deferred income

 

531,502

467,206

1,163,768

 

 

1,441,804

1,145,245

2,273,439

 

9.         SHARE CAPITAL

         Allotted, issued and fully paid

 

 

Six months to

30 June 2019

Six months to

30 June 2018

Six months to

31 December 2018

 

£0.01 ordinary shares number

 

 

 

£

£0.01 ordinary shares number

 

 

 

£

£0.01 ordinary shares number

 

 

 

£

 

 

 

 

 

 

 

At beginning of period

881,451,795

8,814,518

635,850,386

6,358,504

 

701,615,540

 

7,016,155

Issued during the period:

 

 

 

 

 

 

Share placement

-

-

38,181,818

381,818

139,458,367

1,394,584

Exercise of share options

-

-

4,708,336

47,083

8,271,776

82,718

Exercise of warrants

-

-

1,875,000

18,750

12,106,112

121,061

In lieu of cash for acquisition of assets

-

-

 

20,000,000

 

200,000

20,000,000

200,000

Issued as condition of JV agreement

-

-

1,000,000

10,000

-

-

In lieu of cash for acquisition of minority interest

163,000,000

1,630,000

-

-

-

-

Settlement deferred consideration Oman (note 10)

3,008,025

30,080

-

-

-

-

At end of period

1,047,459,820

10,474,598

701,615,540

7,016,155

881,451,795

8,814,518

 

The par value of the Company's shares is £0.01.

 

10.      GROUP CONTINGENT LIABILITIES

            Details of contingent liabilities where the probability of future payments is not considered remote are set out below, as well as details of contingent liabilities, which although considered remote, the Directors consider should be disclosed. The Directors are of the opinion that provisions are not required in respect of these matters, as at the reporting date they have not been triggered, it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.

 

Contingent consideration payable in relation to the acquisition of Gentor Resources Ltd (Oman copper project)

        

In June 2019 the Company entered into an agreement with Gentor Resources Inc to settle the deferred consideration that was related to the original acquisition of the Block 5 licence in April 2014 as part of the strategic review of the Oman portfolio. The deferred consideration of UDS $3,000,000 (payable 50% in cash / 50% in shares) relating to the share purchase agreement between the parties was cancelled in full return for the issue of USD $200,000 (~GBP £158,000) worth of Ordinary Shares in the Company, which are subject to a six month orderly market agreement; and a cash payment of USD $100,000 (~GBP £79,000).

 

         Consideration payable in relation to the acquisition of Mining Lease Application for lithium, feldspar and quartz (Portugal lithium project)

 

         In June 2019 the Company exercised its option to acquire a Mining Lease Application for lithium, feldspar and quartz from private Portuguese company, Aldeia & Irmão, S.A.. The total purchase price for the acquisition is EUR €3,250,000 (~ GBP £2,910,000), which will only become due once the Mining Lease Application has been granted and the Mining Rights transferred to an entity within the Group, at which point the agreed payment schedule will consist of an initial EUR €55,000 (~ GBP £49,000) payment with the balance due in 71 equal monthly instalments.

 

11.      SHARE OPTIONS AND WARRANTS

Share options and warrants to subscribe for Ordinary Shares in the Company are granted to certain employees, Directors and investors. Some of the options issued vest immediately and others over a vesting period and may include performance conditions. Options are forfeited if the employee leaves the Group before the options vest.

The Directors' interests in the share options and warrants of the Company are as follows:

 

At 30 June 2019

 

 

Quantity at

1 Jan 2019

Quantity granted during the period

Exercised /Lapsed during the period

Options / Warrants at

30 Jun 2019

Exercise price

Date of

the grant

First date

of exercise

Final date

of exercise

Share Options

 

 

 

 

 

 

 

 

Dale Ferguson

2,000,000

-

-

2,000,000

7.59p

01/03/17

01/03/17

28/02/21

Dale Ferguson

-

3,000,000

-

3,000,000

10.0p

11/03/19

11/03/22

10/03/24

Matthew King

1,500,000

-

-

1,500,000

2.76p

16/03/16

16/03/16

15/03/20

David Archer

7,000,000

-

-

7,000,000

7.59p

01/03/17

01/03/17

28/02/21

 

Investor Warrants

 

 

 

 

 

 

 

 

David Archer

2,857,143

-

-

2,857,143

6.0p

14/07/17

14/07/17

14/07/20

 

 

At 31 December 2018

 

 

Quantity at

30 June 2018

Quantity granted during the period

Exercised / Lapsed during the period

Options / Warrants at

31 Dec 2018

Exercise price

Date of

the grant

First date

of exercise

Final date

of exercise

Share Options

 

 

 

 

 

 

 

 

Dale Ferguson

5,321,776

-

(5,321,776)

-

3.0p

21/07/13

20/07/14

20/07/18

Dale Ferguson

2,000,000

-

-

2,000,000

7.59p

01/03/17

01/03/17

28/02/21

Matthew King

1,500,000

-

-

1,500,000

2.76p

16/03/16

16/03/16

15/03/20

David Archer

7,000,000

-

-

7,000,000

7.59p

01/03/17

01/03/17

28/02/21

 

Warrants

 

 

 

 

 

 

 

 

David Archer

11,111,112

-

(11,111,112)

-

3.0p

24/09/13

24/09/13

19/07/18

David Archer

   2,857,143

-

-

2,857,143

6.0p

14/07/17

14/07/17

14/07/20

 

 

At 30 June 2018

 

 

Quantity at

1 Jan 2018

Quantity granted during the period

Exercised / Lapsed during the period

Options / Warrants at

30 Jun 2018

Exercise price

Date of

the grant

First date

of exercise

Final date

of exercise

Share Options

 

 

 

 

 

 

 

 

Dale Ferguson

5,321,776

-

-

5,321,776

3.0p

21/07/13

20/07/14

20/07/18

Dale Ferguson

2,000,000

-

-

2,000,000

7.59p

01/03/17

01/03/17

28/02/21

Matthew King

1,500,000

-

-

1,500,000

2.76p

16/03/16

16/03/16

15/03/20

David Archer

7,000,000

-

-

7,000,000

7.59p

01/03/17

01/03/17

28/02/21

 

Investor Warrants

 

 

 

 

 

 

 

 

David Archer

11,111,112

-

-

11,111,112

3.0p

24/09/13

24/09/13

19/07/18

David Archer

2,857,143

-

-

2,857,143

6.0p

14/07/17

14/07/17

14/07/20

 

 

 

 

 

 

 

 

 

 

12.      EVENTS AFTER THE REPORTING DATE

 

In September 2019 the Company approved a share placement of £3.76m (before expenses) through the issue of 161,400,000 ordinary shares at an issue price of 2 pence per share. Additionally, the Company received letters of intent for additional £1.24m cash subscriptions from a Directors' related party (Al Marjan Ltd), from an alternate Director and from staff for when the Company is not in a closed period.

 

 

 

Competent Person and Regulatory Information

The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited.  Mr Ferguson is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the div of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code).  Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

 

The Information in this report that relates to Mineral Resources is based on information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy.   Mr Payne is a full-time employee of Payne Geological Services.  Mr Payne has sufficient experience that is relevant to the div of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".  Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

**ENDS**

 

 

For further information please visit www.savannahresources.com or contact:

 

David Archer

Savannah Resources plc

Tel: +44 20 7117 2489

David Hignell / Charlie

Bouverat (Nominated Adviser)

SP Angel Corporate Finance LLP

Tel: +44 20 3470 0470

Christopher Raggett (Joint Broker)

finnCap Ltd

Tel: +44 20 7220 0500

Grant Barker (Joint Broker)

Whitman Howard

Tel: +44 20 7659 1225

Melissa Hancock / Cosima

Akerman (Financial PR)

St Brides Partners Ltd

Tel: +44 20 7236 1177

 

 

About Savannah

Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. The Board is committed to serving the interests of its shareholders and to delivering outcomes that will improve the lives of the communities we work with and our staff.

 

The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker "SAV".

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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