30 April 2024
Hydrogen Future Industries
plc
("HFI" or
the "Company")
Interim Results for the
Six-Month Period Ended 31 January 2024
Hydrogen Future Industries
plc (AQSE: HFI), a developer of
a proprietary wind-based green hydrogen production system featuring
an advanced aerodynamic wind turbine and a high-performance
electrolyser, presents its unaudited interim results for the
six-month period ended 31 January 2024 (the "Period").
Period Highlights
·
Intermittent testing of the 1-metre diameter wind
turbine prototype and Anion Exchange
Membrane Water Electrolyser was conducted throughout the
Period
o Data
collected from wind turbine testing to date have been consistent
with those collected in the 15,000 hours of computational fluid
dynamics and wind tunnel testing and suggest an increase in energy
production of upwards of 270% compared to open rotor wind
turbines
o Electrolyser test cells demonstrated
exceptional efficiency of up to 97%
·
Ongoing preparation during the Period for a
feasibility study to demonstrate the production of green hydrogen
from contaminated water created during mining processes
o Objective to demonstrate the technology can produce green
hydrogen for use on site at $2 per kg, which equates to an
electrical energy supply of approximately $0.12 per
kilowatt-hour
·
Announced the appointment of Neil Ritson, an
energy sector professional with a career spanning over 40 years, as
Non-Executive Chairman in September 2023
Neil Ritson, Non-Executive Chairman,
commented:
"HFI's 1-metre prototype wind turbine demonstrated exceptional
durability and performance in the Period and is now being prepared
for its next phase of energy performance trials and objective
third-party assessment.
In
parallel, testing of the Company's novel electrolyser achieved
exceptional efficiency of up to 97% during the Period and a
strategy is underway to expedite the development of a commercial
scale electrolyser.
These two HFI technologies are required for the successful
generation of clean and affordable energy from green hydrogen, and
we are looking forward to making further progress towards this goal
in the remainder of the year."
Enquiries:
|
Hydrogen Future Industries plc
|
|
|
Timothy
Blake, Chief Executive Officer
Daniel Maling, Chief Commercial Officer
|
+44 (0) 20 3475 6834
|
|
Vigo
Consulting (Investor Relations)
|
|
|
Ben Simons
|
+44 (0) 20 7390 0230
|
|
Peter Jacob
|
|
|
|
|
|
Cairn Financial Advisers LLP (AQSE Corporate
Adviser)
|
|
|
Ludovico Lazzaretti
Liam Murray
|
+44 (0) 20 72130 880
|
|
|
|
|
Peterhouse Capital Limited (Broker)
|
|
|
Duncan Vasey
|
+44 (0) 20 7469 0930
|
Inside Information
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company accept responsibility for the contents
of this announcement.
About Hydrogen Future Industries
Hydrogen Future Industries was
established to invest in projects and companies focused on the
Hydrogen Economy. We are developing a proprietary wind-based
hydrogen production system, incorporating hydrogen compression and
storage. Hydrogen Future Industries is at the forefront of green
hydrogen production with its integrated system that marries an
advanced ducted wind turbine with a state-of-the-art Anion Exchange
Membrane Water Electrolyser (AEMWE). This innovative pairing is
designed to optimise renewable energy for the efficient production
of hydrogen.
Click here for
more information about Hydrogen Future Industries.
About HFI wind turbine technology
The HFI wind turbine is at TRL
(Technology Readiness Level) 6-7, showcasing an advanced design
with superior aerodynamics and rotor blade technology that
generates three times the energy of a traditional open rotor
design. The aim is to generate energy at a cost below $30/MWh and a
unit CAPEX of $700,000/MW. This innovation represents a smaller,
quieter, and more efficient alternative to existing wind energy
generation technology. The turbine's unique features include a
smart hydraulic drive that improves efficiency and reduces the cost
of energy production, the ability to generate energy over a broader
range of wind speeds, and versatile energy output in hydraulic, DC,
or AC forms without the need for additional AC to DC rectifiers for
hydrogen production. Significantly, the turbine can be raised and
lowered for optimal wind capture, reducing maintenance and
installation costs, as servicing can be performed at ground
level.
About HFI Anion Exchange Membrane Water Electrolyser (AEMWE)
technology
At TRL 4-5, the HFI Anion Exchange
Membrane Water Electrolyser (AEMWE) presents a step forward in
power efficiency, longevity, and cost-reduction for green hydrogen
production. Testing has confirmed a cell efficiency of 97%, notably
higher than the 80-85% of rival technologies. Constructed without
platinum group metal catalysts, the AEMWE utilises more affordable
and accessible materials, resulting in a projected cost that is 50%
lower per kW than the PEM electrolyser. It is designed to deliver
high efficiency even with variable energy supply typical of
renewable sources, and it features a unique system where individual
cells can be replaced without halting hydrogen production. The
AEMWE's catalysts are chemically attached to the electrodes,
preventing wash-off and ensuring durability. The ongoing patent
applications aim to protect the unique intellectual property
developed around this technology.
Visit our
website: www.hydrogenfutureindustries.com
Follow us on social
media:
LinkedIn: @Hydrogen
Future Industries
X (formerly
Twitter): @HydrogenFI
Caution Regarding Forward Looking Statements
Certain statements made in this
announcement are forward-looking statements. These forward-looking
statements are not historical facts but rather are based on the
Company's current expectations, estimates, and projections about
its industry; its beliefs; and assumptions. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' and similar expressions are intended to identify
forward-looking statements. These statements are not a guarantee of
future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. The Company cautions security
holders and prospective security holders not to place undue
reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
Chairman's Statement
Introduction
I am pleased to present the
unaudited interim results for the period to 31 January 2024 (the
"Period"). The primary activities of the Company during the Period
were the ongoing testing of its wind turbine and electrolyser
technologies to demonstrate that the technologies, when combined,
can produce green hydrogen at $2 per kg. In this regard, HFI began
collaborating in the Period with a major mining company on a
working mine site to undertake a feasibility study.
Development activities
Wind turbine development & mining sector feasibility
study
Intermittent testing of the 1-metre
diameter wind turbine prototype over extended periods was conducted
throughout the Period in Montana, USA. Initial data are consistent
with those collected in the 15,000 hours of computational fluid
dynamics and wind tunnel testing and suggest an increase in energy
production of upwards of 270% compared to open rotor wind
turbines.
The 1-metre prototype wind turbine
has demonstrated exceptional durability and performance in the face
of some of the harshest environmental conditions in Montana.
With temperatures falling to approximately -50° Celsius, and wind
gusts reaching 70 mph, the turbine is now undergoing a
comprehensive overhaul. The strip down and mechanical analysis of
the turbine aims to enhance the turbine through the installation of
cutting-edge carbon fibre rotor blades and a new yaw control system
designed and engineered by the HFI development team. Accompanying
these improvements is a sophisticated array of telemetry equipment,
for the energy performance trials and an objective third-party
assessment.
The test site in Montana is adjacent
to a tailings facility operated by a major mining company. The
Company has agreed to collaborate on a feasibility study, the first
stage of which includes the data collection from the prototype wind
turbine testing detailed above and the sharing of mine site
processing samples. The objective of the feasibility study is to
demonstrate that the technology can produce green hydrogen for use
on site at $2 per kg, which equates to an electrical energy supply
cost of approximately $0.12 per kilowatt-hour. The full complement
of HFI technologies is required for the successful generation of
clean and affordable energy from green hydrogen in remote mining
locations. Discussions are underway with key engineering groups to
scope services and equipment to demonstrate the viability of HFI's
system on mine sites.
Electrolyser development
Concept testing of the Company's
novel electrolyser continued throughout the Period
in California, USA, led by quantum-physicist, Dr Nicholas
Blake, a consultant to HFI. The series of tests undertaken in the
Period achieved an exceptional efficiency of up to 97%.
The Company is now undertaking to
expedite the development of its inaugural commercial scale
electrolyser and develop new intellectual property and an assembly
of electrodes, whilst also advancing efficiency leaps and
cost-reduction strategies. Notably, HFI's electrodes are evolving
to operate effectively without the need for expensive platinum
group metals, marking a significant stride towards sustainable cost
efficiencies which is one of the project's primary
objectives.
University Collaboration
We were delighted to announce on 7
December 2023 that we had signed a Memorandum of Understanding
("MoU") with the University of Bristol ("UoB") to collaborate to
advance respective technologies, secure funding for joint research
and development, and accelerate commercial opportunities. UoB is a
leading research university with several active research and
development projects related to hydrogen. In particular, UoB has
identified HFI's technology as having synergies with its Hydrogen
Depleted Uranium Storage project, a unique hydrogen storage system
designed to help balance fluctuations in the supply of energy from
renewable energy sources, such as wind and solar, as well as
provide nuclear powerplant sites with a load following
capability.
MoU with Australian renewable energy microgrid
partner
In January 2024, HFI signed an MoU
with an Australian renewable energy microgrid partner, Capricorn
Clean Energy Limited. Considering Australia's ambitions to become a
global hydrogen leader, the country has been identified by HFI as a
target market for the initial deployment of its patented green
hydrogen production system. The MoU aims to facilitate the
identification of local project and partnering opportunities,
particularly those related to the Australian Renewable Energy
Agency's ("ARENA") Regional Microgrids Programme ("RMP")
established in August 2023 to support the development and
deployment of renewable energy microgrids. ARENA has committed up
to A$125 million in funding toward the RMP, which is split into two
streams as follows: a) Regional Australia Microgrid Pilots; and b)
First Nations Community Microgrids.
We believe the Company's energy
system is well placed to provide on-demand economical green energy
through microgrids across Australia.
Corporate activities
Board Changes
In September 2023, I joined the
Board as Non-Executive Chairman. I have been an energy sector
professional for over 40 years, including 20 years in various
technical and managerial positions with British Petroleum, and I am
encouraged by what I am seeing at HFI. When you pair the
performance of our wind turbine with that of our novel electrolyser
in development, the potential for cheap hydrogen production at
scale is incredibly exciting and could change the clean energy
landscape as we know it.
In conjunction with my appointment,
David Ormerod stepped down as a Non-Executive Director to focus on
his other commitments in Australia and Daniel Maling transitioned
from Executive Chairman to the role of Executive Director (now
Chief Commercial Officer) enabling him to devote more time to
driving the commercial and business development elements of the
business strategy.
Tower Group Investment
Further to the Company's investment
for a 20% stake in Tower Green Holdings Limited ("Tower") announced
on 16 January 2023, Tower has continued to make significant
progress in building its position as the hydrogen infrastructure
developer for Southwest England. During the Period, Tower
attracted widespread media coverage for its Appledore project,
which seeks to develop onshore hydrogen production and refuelling
infrastructure in north Devon to supply offshore wind support
vessels. Tower will continue to develop these proposals throughout
2024 and its position as the provider of maritime hydrogen
refuelling projects in support of offshore wind and other clean
maritime operations in the region.
Tower has also built a pipeline
of other infrastructure projects throughout the southwest,
including a road mobility project in Devon, with real estate
and partnerships secured to supply hydrogen directly to industrial
off-takers and to the strategic road network. Further project
announcements are expected to be made throughout the
year.
Financial Review
Financial highlights for the Group
for the six months ended 31 January 2024 are stated
below:
· Cash and cash
equivalents at period end were approximately £263,000
· Loss before
taxation for the period was approximately £432,000
· Administrative
expenses down 54% from the corresponding period to
£94,000
· The Group held net
assets at period end of approximately £624,000
Subsequent to Period end, the
Company completed three equity placements totalling £612,000. The
proceeds from the placements will further the development of HFI's
key technologies and advance the mining sector feasibility
study.
Conclusion
HFI's 1-metre prototype wind turbine
has demonstrated exceptional durability and performance and is now
being prepared for its next phase of energy performance trials and
an objective third-party assessment.
In parallel, testing of the Company's
novel electrolyser achieved exceptional efficiency of up to 97% and
a programme is now underway to expedite the development of a
commercial scale electrolyser.
These two HFI technologies are
required for the successful generation of clean and affordable
energy from green hydrogen, and we are looking forward to making
further progress towards this goal in the remainder of the
year.
Neil
Ritson
Non-Executive Chairman
29 April 2024
HYDROGEN FUTURE INDUSTRIES
PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL
INFORMATION
FOR
THE 6 MONTH PERIOD ENDING 31 JANUARY 2024
1
General information
Hydrogen Future Industries Plc ("the
Company") was incorporated on 13 July 2021 in England and Wales
with Registered Number 13508782 under the Companies Act
2006.
The address of its registered office
is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United
Kingdom.
The principal activity of the
Company and its subsidiaries collectively referred to as "the
Group" is the development of proprietary wind-based green hydrogen
production system featuring an advanced aerodynamic wind turbine
and a high-performance electrolyser.
The Company commenced trading on the
Aquis Stock Exchange ("AQSE") Growth Market on 1 December 2021. The
unaudited condensed consolidated interim financial statements
("interim financial statements") present the consolidated results
of the Group.
2
Accounting policies
IAS 8 requires that the directors
shall use their judgement in developing and applying accounting
policies that result in information which is relevant to the
economic decision-making needs of users, that are reliable, free
from bias, prudent, complete and represent faithfully the financial
position, financial performance and cash flows of the
entity.
3
Basis of preparation
The unaudited condensed consolidated
interim financial statements ("interim financial statements") have
been prepared in accordance with the requirements of the AQSE rules
and international accounting standards in conformity with the
requirements of the companies act 2006 and the companies act 2006
applicable to companies reporting under UK-adopted international
accounting standards ("IFRS").
The interim financial statements
have been prepared in accordance with IAS 34 "interim financial statements". The
interim financial statements do not include all disclosures that
would otherwise be required in a complete set of financial
statements but have been prepared in accordance with the existing
accounting policies of the company.
The interim financial statements for
the 6-month period from 1 August 2023 to 31 January 2024 are
unaudited. Comparatives have been provided for the comparable
period ending 31 January 2023.
The interim financial statements
have been prepared using the measurement bases specified by IFRS
for each type of asset, liability, income and expense.
The interim financial statements do
not constitute statutory accounts within the meaning of section 434
of the Companies Act 2006. The accounting policies adopted are
consistent with those applied in the Company's last audited annual
financial statements ending 31 July 2023 and can be viewed on the
Company's website (https://hydrogenfutureindustries.com/).
The interim financial statements are
presented in British Pounds sterling ("£") unless otherwise stated,
which is the Group's functional and presentational currency. The
directors have decided to only present consolidated interim
financial statements and not parent level financial statements as
they believe consolidated statements alone present an accurate
depiction of the Group's financial performance and
position.
The performance of the Group is not
affected by seasonal factors and the risk factors applicable to the
Group have not changed materially since the publication of the
annual report and financial statements for the period ending 31
July 2023.
4
Going concern
The directors have assessed the
Group's ability to continue as a going concern and are satisfied
that the Group has adequate resources to continue in operational
existence for the foreseeable future. The Group's auditors included
a material uncertainty related to going concern in the last annual
report based on the ability of the Group to source additional
funding in the 12 months from signoff of the annual report in July
2023. The directors are confident in the ability of the Group to
satisfy this condition and hence continue to adopt the going
concern basis in preparing these interim financial
statements.
5
Accounting policies
The same accounting policies,
presentation and methods of computation have been followed in these
interim financial statements as were applied in the preparation of
the Group's annual financial report for the period ended 31 July
2023, except for the impact of the adoption of the standards and
interpretations described below and new accounting policies adopted
as a result of changes in the Company.
6
Critical accounting estimates and judgments
In preparing the unaudited interim
consolidated financial statements, the directors are required to
make judgments on how to apply the Group's accounting policies and
make estimates about the future. Estimates and judgements are
continuously evaluated based on historical experiences and other
factors, including expectations of future events that are believed
to be reasonable under the circumstances. In the future, actual
experience may deviate from these estimates and
assumptions.
The key assumptions concerning the
future and other key sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below:
Impairment of investments
and loans to subsidiaries
The Group and the Company assess at
each reporting date whether there is any objective evidence that
investments in and loans to subsidiaries are impaired. To
determine whether there is objective evidence of impairment, a
considerable amount of estimation is required in assessing the
ultimate realisation of these investments/receivables, including
valuation, creditworthiness and future cashflows. As at the period
end the Directors do not assess there to be any impairment of these
amounts.
Recoverable value of
intangible assets
Costs capitalised in respect of the
Group's intangible assets are required to be assessed for
impairment. Such an estimate requires the Group to exercise
judgement in respect of the indicators of impairment and also in
respect of inputs used in the models which are used to support the
carrying value of the assets. Such inputs include estimates of
production profiles, commodity prices, capital expenditure,
inflation rates, and pre-tax discount rates that reflect current
market assessments of (a) the time value of money; and (b) the
risks specific to the asset for which the future cash flow
estimates have not been adjusted. The directors concluded that
there was no impairment as at 31 January 2024.
7
Administrative expenses
|
|
Period
ended
31 January
2024
£'000
|
|
Period
ended
31 January
2023
£'000
|
|
Salaries
and wages*
|
(33)
|
|
(41)
|
|
Insurance
|
(16)
|
|
(17)
|
|
Travel
|
(2)
|
|
-
|
|
Other
administrative expenses
|
(43)
|
|
(148)
|
|
|
(94)
|
|
(206)
|
*During the period the Group has
invested in the development of wind turbine technology and has
utilised employees to assist with this. A portion of salaries has
been allocated to research and development expenditure and the
Company will look to capitalise expenditure when certain criteria
are reached in relation to the commercial viability of
technology.
8
Earnings per Ordinary Share
|
|
Period
ended
31 January
2024
|
|
Period
ended
31 January
2023
|
|
Loss
attributable to shareholders of HFI - £'000
|
(432)
|
|
(547)
|
|
Weighted
number of ordinary shares in issue
|
47,750,000
|
|
32,043,443
|
|
Basic & dilutive earnings
per share from continuing operations - pence
|
(1.22)
|
|
(1.71)
|
There is no difference between the
diluted loss per share and the basic loss per share presented.
Share options and warrants could potentially dilute basic earnings
per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the period
presented.
9
Subsidiaries
|
Name
|
Holding
|
Business
Activity
|
Country of
Incorporation
|
Registered
Address
|
|
HFI Energy
Systems Ltd
|
100%
|
Research
& development
|
England
& Wales
|
Eccleston
Yards, 25 Eccleston Place, London SW1W 9NF
|
|
HFI Energy
Systems US Inc
|
100%
|
Research
& development
|
United
States of America
|
16 Nugget
Court, Whitehall, MT 59759
|
|
HFI IP
Holdings Ltd
|
100%
|
IP
holding company
|
England
& Wales
|
Eccleston
Yards, 25 Eccleston Place, London SW1W 9NF
|
|
HFI
Development Ltd
|
100%
|
Research
& development
|
England
& Wales
|
Eccleston
Yards, 25 Eccleston Place, London SW1W 9NF
|
|
HFI
Consulting Limited
|
100%
|
Licensing
entity
|
England
& Wales
|
Eccleston
Yards, 25 Eccleston Place, London SW1W 9NF
|
10
Share capital & share premium
|
|
Ordinary
shares
|
Share
capital
|
Share
premium
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
At 31 July
2022
|
29,800,000
|
298
|
1,900
|
2,198
|
|
Issue of
ordinary shares 1
|
3,450,000
|
35
|
311
|
345
|
|
Issue of
ordinary shares 2
|
500,000
|
5
|
45
|
50
|
|
At 31 January
2023
|
33,750,000
|
338
|
2,256
|
2,594
|
|
Issue of
ordinary shares 3
|
14,000,000
|
140
|
1,260
|
1,400
|
|
Share issue
costs
|
-
|
-
|
(34)
|
(34)
|
|
At 31 July
2023
|
47,750,000
|
478
|
3,482
|
3,959
|
|
|
-
|
-
|
-
|
-
|
|
At 31 January
2024
|
47,750,000
|
478
|
3,482
|
3,959
|
1On 5 October 2022, the Company
issued 3,450,000 ordinary shares of £0.01 at their nominal value of
£0.01.
2 On 16 January 2023, the
Company issued 500,000 ordinary shares of £0.01 at a price of £0.1
per share.
3 On 23 May 2023, the Company
issued 14,000,000 ordinary shares of £0.01 at a price of £0.1 per
share.
There is
currently an authorised share capital limit in place for the
Company which is subject to review at the next Annual General
Meeting.
11
Share based payment reserve
|
|
Group
£'000
|
|
At
31 July 2022
|
31
|
|
Employee options issued
1
|
13
|
|
At 31 January
2023
|
44
|
|
Employee
options 2
|
-
|
|
At 31 July
2023
|
44
|
|
Employee
options 2
|
1
|
|
At 31 January
2024
|
45
|
1 On 4 November 2022, the Group issued 6,000,000 employee
options to the directors of the Company, the director of the
subsidiary and one consultant. All options vested immediately apart
from 1,500,000 options issued to the director of the subsidiary
which vest of the satisfaction of various performance conditions.
All options are exercisable at the price of £0.10 per ordinary
share and are exercisable, either in whole or part, for a period of
five years from the date of issue.
2 The charges in the following periods relate to the value of
the options being released over the vesting period.
Warrants
|
|
As at 31 January
2024
|
|
|
Weighted average exercise
price
|
Number of
warrants
|
|
Brought
forward at 1 August 2023
|
6.25p
|
8,050,000
|
|
Granted in
period
|
|
-
|
|
Vested in
period
|
|
-
|
|
Outstanding
at 31 January 2024
|
6.25p
|
8,050,000
|
|
Exercisable
at 31 January 2024
|
6.25p
|
8,050,000
|
The weighted average time to expiry
of the warrants at the end of period is 1.12 years
Options
|
|
As at 31 January
2024
|
|
|
Weighted average exercise
price
|
Number of
options
|
|
Brought
forward at 1 August 2023
|
|
-
|
|
Granted in
period
|
|
-
|
|
Vested in
period
|
|
-
|
|
Outstanding
at 31 January 2024
|
10p
|
6,000,000
|
|
Exercisable
at 31 January 2024
|
10p
|
4,500,000
|
The
weighted average time to expiry of the options as at 31 January
2024 is 3.76 years.
12
Related party transactions
Directors
remuneration
During the period directors accrued
the following remuneration:
-
Daniel Maling: £30,000
-
Fungai Ndoro: £12,000
- Neil
Ritson: £12,000
Subscription for equity
In relation to the equity issue on 20
February 2024, Neil Ritson, Fungai Ndoro and Daniel Maling,
directors of the Company, and the Company's largest shareholder and
PDMR, Timothy Blake (also a director of the Company's wholly owned
development subsidiary) participated in the Fundraise and also
received warrants.
13
Ultimate controlling party
As at 31 January 2024, there was no
ultimate controlling party of the Company.
14
Events subsequent to period end
Issue of equity
On 20 February 2024, the Company
completed a subscription to raise gross proceeds
of £545,000 through the issue of 10,900,000 new ordinary
shares of 1 pence each at a price of 5
pence per new Ordinary Share. The subscription included one
warrant for every two new Ordinary Shares subscribed for,
exercisable at the Subscription Price for a period of two years
from Admission. In aggregate 5,450,000 Warrants were issued as part
of the fundraise.
Issue of equity
On 22 February 2024, the Company
completed an additional subscription to raise gross proceeds
of £7,500 through the issue of 150,000 new ordinary
shares of 1 pence each at a price of 5
pence per new Ordinary Share. The subscription included one
warrant for every two new Ordinary Shares subscribed for,
exercisable at the Subscription Price for a period of two years
from Admission.
Issue of equity
On 8 April 2024, the Company
completed an additional subscription to raise gross proceeds
of £60,000 through the issue of 1,200,000 new ordinary
shares of 1 pence each at a price of 5
pence per new Ordinary Share. The subscription included one
warrant for every two new Ordinary Shares subscribed for,
exercisable at the Subscription Price for a period of two years
from Admission.
15
Approval of the financial statements
The interim financial statements
were approved by the board of directors on 29 April
2024.