_____________________________________________________________________________________
30 October 2024
Exercise of Option to Acquire
Monte Do Carmo Project
Further to its announcement on 5
March 2024, Hochschild Mining PLC ("Hochschild" or the "Company")
(LSE: HOC) (OTCQX: HCHDF) is pleased to announce that its
wholly-owned subsidiary, Amarillo Mineração do Brasil Ltda.
("Amarillo Mineração") has, pursuant to an option agreement entered
into on 5 March 2024 (the "Option Agreement"), exercised its option
(the "Option") to acquire a 100% interest in the Monte Do Carmo
Project (the "Project") from Cerrado Gold Inc. ("Cerrado")
(TSXV:CERT)(OTCPK:CRDO.F) (the "Transaction"). The Project is
located in the mining-friendly state of Tocantins,
Brazil.
In consideration of exercising the
Option, Amarillo Mineração will make further cash payments to
Cerrado totaling US$30 million in aggregate (the "Exercise
Consideration") prior to the date of the closing of the Transaction
(the "Closing"). The Exercise Consideration is in addition to the
US$15 million which has been deemed paid in respect of the
Transaction, and a further US$15 million payable at certain
milestones following Closing, giving a total consideration of US$60
million in respect of the Transaction. Further information on the
consideration paid and payable by Amarillo Mineração in respect of
the Transaction is set out under the heading "Transaction Details"
below.
The Transaction constitutes a
significant transaction under the UK Listing Rules due to the level
of the Project's Proven and Probable Reserves relative to those of
Hochschild. Given the Option was exercisable at the sole discretion
of Hochschild, Hochschild's entry into the Option Agreement was not
a classified transaction, but the exercise of the Option
constitutes a significant transaction under the new UK Listing
Rules.
On 27 June 2024, Cerrado announced
that its shareholders had approved the Transaction. Closing of the
Transaction will be subject to a number of conditions, including:
(i) the payment by Amarillo Mineração of the Exercise Consideration
prior to Closing, (ii) the approval of the TSX Venture Exchange,
and (iii) satisfaction of other closing conditions customary in a
transaction of this nature. Closing is expected to take place on 5
November 2024 subject to satisfaction of the aforementioned
conditions. A separate announcement will be made once the Closing
has taken place.
Eduardo Landin, Chief Executive Officer of Hochschild,
commented:
"Following the successful
commissioning and ramp-up of Mara Rosa, I am delighted that we have
been able to move the Monte do Carmo project, in the neighbouring
state of Tocantins, from option status to a fully integrated part
of our project pipeline. We have conducted an extensive exploration
and twin drilling programme which has returned encouraging results
giving us confidence in our ability of defining a compelling
project. We believe that we have the right team in place to deliver
an exciting opportunity for all stakeholders."
Information on Monte do Carmo Project
The Project, comprising 21 mineral
concessions encompassing 82,542 hectares, hosts multiple identified
gold targets along a 30km mineralised trend, including the
principal Serra Alta gold deposit, which hosts a Measured and
Indicated resource of 1,012koz gold and Inferred resource of 66koz
gold and was the subject of a Feasibility Study dated 31 October
2023. The Project benefits from significant existing site
infrastructure including year-round access via a paved highway and
close proximity to the Isamu Ikeda hydropower plant. Permitting is
substantially advanced, with the Environmental Impact Assessment
approved and the Preliminary Licence granted by the Tocantins state
environmental agency in May 2023.
Since the Option Agreement was
entered into in March 2024, the Company has executed a 1,704m twin
hole drilling programme which has validated the deposit's mineral
resource estimate. In addition, the Company has conducted a 4,806m
resource drilling campaign across five prospective mineralisation
zones. The
campaign has already incorporated additional gold resources
which confirm
the strong geological potential of the Project.
The Company has also devised an
exploration plan across seven new targets that will commence in
November 2024. Furthermore, it is currently anticipated that, with
the twin hole exploration results, further upside from additional
drilling and several engineering optimisations already identified,
the Company will be in a strong position to reach an eventual
construction decision.
Following completion of the
Transaction, the Company's programme at the Project is expected to
include:
· Ongoing drilling programs to expand the resource
base
· Advance installation license for the main project
· Conduct any additional environmental analyses as identified
during due diligence
· Develop the detailed engineering studies
Background to and reasons for the
Transaction
The Transaction is a result of
Hochschild's aim to advance its overall corporate strategy of
becoming a leading Americas-focused precious metals producer with
top-tier operations located in mining-friendly jurisdictions. The
Company believes that the Transaction is a compelling strategic
opportunity to enhance Hochschild's project pipeline and growth
profile through the addition of a high-quality, long-life Project.
The Transaction is expected to deliver a number of key benefits to
Hochschild, shareholders and other stakeholders,
including:
· High quality
project: Adds a low-cost, long-life
asset located in a mining-friendly jurisdiction of Brazil, within
close proximity to the Mara Rosa mine
· Significant exploration
upside: Offers compelling near-mine
exploration opportunities underpinned by a large land package which
remains relatively underexplored
· De-risked
permitting: Project permitting
significantly advanced with the Installation License expected to be
obtained in the near future
· Leverages Hochschild's
expertise and presence in Brazil: Aligned with Hochschild's core strengths and long-term
strategy of acquiring and optimising development stage projects in
Latin America, specifically in Brazil, a country where the Company
has robust management and technical teams
· Enhances Hochschild's
portfolio: Provides the next leg of
growth for Hochschild following the recent completion of the Mara
Rosa mine
Financial effects of the Transaction
The consideration in respect of the
Transaction will be funded from existing resources. It is expected
that by year-end, there will be no increase in Hochschild's net
debt as a result of the Transaction (which, as of 30 September
2024, was US$226.7 million).
Hochschild has provided a guarantee
of the obligations of Amarillo Mineração under the Transaction
Agreements (as defined below).
As at 30 June 2024, the Project had
gross assets of US$49 million and generated a loss of US$167k in
the period between January and June 2024.
Given the Project is currently in
pre-development stage, Hochschild is not expecting any immediate
incremental revenues to be generated by the Project following the
Transaction.
Transaction Details
The principal terms of the key
agreements in respect of the Transaction (the "Transaction
Agreements") are summarised below.
On 4 March 2024, in connection with
the Transaction, Amarillo Mineração entered into (i) the Option
Agreement granting Amarillo Mineração the option to purchase 100%
of the outstanding equity interests (quotas) in Serra Alta
Mineração Ltda. ("SAML"), Cerrado's subsidiary in Brazil which
holds the Project, and (ii) an agreement to advance US$15 million
to Cerrado by way of 10% interest-bearing secured loan (the
"Signing Loan"). The Option Agreement entitled Amarillo Mineração
to exercise the Option at its sole discretion at any time prior to
19 March 2025, and requires Amarillo Mineração to incur a minimum
of US$5 million in exploration expenditures at the Project (the
"Qualifying Expenditures") during such period. While the Company
expects that Amarillo Mineração will incur the remaining minimal
outstanding amount of the Qualifying Expenditures by the Closing,
it intends to seek a waiver of the condition from
Cerrado..
On 27 July 2024, upon obtaining the
requisite approval of the shareholders of Cerrado in respect of the
Transaction, the Signing Loan, together with all accrued and unpaid
interest thereon and expenses relating thereto, were deemed to be
repaid in full by Cerrado by the concurrent set off of an amount of
consideration equal to the Signing Loan, which was payable by
Amarillo Mineração to Cerrado pursuant to the Option Agreement (the
"Set-Off Consideration", and together with the Exercise
Consideration, the "Consideration").
In addition to the Set-Off
Consideration, Amarillo Mineração shall be required to pay to
Cerrado the Exercise Consideration of US$30m prior to Closing,
comprising the following payments (the "Closing
Consideration"):
· US$10
million payable following exercise of the Option; and
· US$20
million payable by Closing.
Following Closing, Amarillo
Mineração shall be required to make further payments to Cerrado
totaling US$15 million in aggregate as follows:
· US$10
million payable within 14 days of the second anniversary of the
date of the Cerrado shareholder approval (being 27 July 2026);
and
· US$5
million within 14 days of the earlier of (i) the commencement of
commercial production from the Project, and (ii) 31 March
2027.
All amounts owing by Cerrado to, or
advanced to Cerrado by, the Company or Amarillo Mineração, are
secured by (i) a first lien on all of the outstanding equity
interests (quotas) in SAML, and (ii) a second lien on the assets
relating to the Project (the "Security"), until the Closing. The
Security is subject to a security sharing agreement with another
secured creditor.
Prior to the Closing, either
Amarillo Mineração or Cerrado may terminate the Option Agreement
upon material breach by the other party which has not been cured
within 30 days, or if the conditions to Closing in favour of such
terminating party have not been waived or satisfied or it is
reasonably apparent such conditions will not be satisfied by the
date that is 60 days from the date of the exercise of the Option
(other than as a result of the failure of the terminating party to
perform its material obligations). Upon termination by Cerrado for
material breach or non-satisfaction of conditions to Closing in
favour of Cerrado, Amarillo Mineração shall be required to pay to
Cerrado any shortfall between the Qualifying Expenditures actually
incurred to such date of termination and the US$5 million
Qualifying Expenditure requirement under the Option Agreement. Upon
termination by Amarillo Mineração for material breach by Cerrado,
Cerrado shall pay to Amarillo Mineração an amount equal to the
Consideration paid to such date of termination, all Qualifying
Expenditures incurred by Amarillo Mineração or Hochschild to such
date of termination, and all other amounts owing by Cerrado to
Amarillo Mineração or Hochschild, together with interest accrued
thereon. Upon termination by Amarillo Mineração for the
non-satisfaction of conditions to Closing in favour of Amarillo
Mineração, Cerrado shall pay to Amarillo Mineração all amounts
owing by Cerrado to Amarillo Mineração or Hochschild, other than
(i) the Set-Off Consideration and (ii) any Qualifying Expenditures
incurred by Amarillo Mineração or Hochschild in excess of US$5
million.
Closing will be subject to a number
of conditions, including: (i) the payment by Amarillo Mineração of
the Exercise Consideration prior to Closing, (ii) the approval of
the TSX Venture Exchange, and (iii) satisfaction of other closing
conditions customary in a transaction of this nature. Closing is
expected to take place by 5 November 2024, subject to satisfaction
of the aforementioned conditions.
Additional Information
Your attention is drawn to the
further information contained in Appendix I (Risk Factors) and
Appendix II (Additional Information) of this document. The
whole of this announcement should be read and not solely the
information summarised in the front end of this
announcement.
Board Statement
The board of directors of the
Company (the "Board") unanimously considers the Transaction to be
in the best interests of the shareholders of the Company (the
"Shareholders") as a whole.
Advisors and Counsel
Hochschild and Amarillo Mineração
are being advised by RBC Capital Markets as financial advisor,
Stikeman Elliott LLP as Canadian legal counsel, Bichara Advogados
as Brazilian legal counsel, and Linklaters LLP as UK legal counsel
in connection with the Transaction.
________________________________________________________________________________________
Enquiries:
Hochschild Mining PLC
Charlie Gordon
+44 (0)20 3709 3260
Head of Investor
Relations
Hudson Sandler
Charlie Jack
+44 (0)207
796 4133
Public Relations
________________________________________________________________________________________
RBC
Capital Markets
+44 (0)207 653 4000
Financial Advisor
James Agnew
Hugh Samson
________________________________________________________________________________________
About Hochschild Mining PLC
Hochschild Mining PLC is a leading
precious metals company listed on the London Stock Exchange (HOCM.L
/ HOC LN) and crosstrades on the OTCQX Best Market in the U.S.
(HCHDF), with a primary focus on the exploration, mining,
processing and sale of silver and gold. Hochschild has over fifty
years' experience in the mining of precious metal epithermal vein
deposits and operates two underground epithermal vein mines:
Inmaculada, located in southern Peru; and San Jose in southern
Argentina, and an open pit gold mine, Mara Rosa, located in the
state of Goiás, Brazil. Hochschild also has numerous
long-term projects throughout the Americas.
_____________________________________________________________________________________
APPENDIX I
RISK
FACTORS
Below is a summary of the risk
factors to the Company in relation to the Transaction which the
Company considers to be material. If any of the following risks
were to materialise, the business, financial condition, results of
operations and prospects of the Company or any of its subsidiary
undertakings (the "Hochschild Group") following Closing (the
"Enlarged Group") could be materially adversely affected and the
value of the ordinary shares in the Company could decline and
Shareholders could lose all or part of their investment in those
ordinary shares.
This should not be regarded as a
complete and comprehensive statement of all potential risks and
uncertainties which may affect the Company or the ordinary shares
in the Company. Additional risks and uncertainties, which are
currently unknown to the Company or that the Company does not
currently consider to be material, may adversely affect the
business of the Hochschild Group and/or the Enlarged Group and
could have a material adverse effect on the business, financial
condition, results of operations and future prospects of the
Hochschild Group and/or the Enlarged Group. Further information on
the material risks which generally affect the Company are set out
in the Company's 2023 Annual Report.
1. Material
risk related to the Transaction
1.1. The Transaction is
subject to the satisfaction or waiver (where capable of being
waived) of a number of conditions and there can be no assurance
that the Transaction will proceed if the conditions are not
satisfied or waived
Completion under the Transaction
Agreements is subject to, and can only occur upon satisfaction or
waiver (where capable of being waived) of, a number of conditions,
including the payment by Amarillo Mineração of the Closing Consideration and
the approval of the TSX Venture Exchange.
Although Amarillo
Mineração and
Cerrado have certain obligations in relation to the satisfaction of
the remaining conditions to the Transaction under the Transaction
Agreements, these remaining conditions may not be fulfilled or
waived (where capable of being waived) and the Transaction may
therefore not be completed. Should this occur, it may result in an
adverse impact on Hochschild's reputation.
2.
Material risks related to the Enlarged Group if the
Transaction completes
2.1. Pre-production
stage of development
The exploration for, and development
of, mineral deposits involve significant financial, operational and
geological risks which even a combination of careful evaluation,
experience and knowledge may not eliminate. At present, the Project
does not have any mineral production. If the Transaction completes,
the Enlarged Group will initially focus on finalising the
permitting required, building the Project on schedule and on budget
and preparing for initial production. However, there can be no
assurance of the commercial viability of the Project or that the
Project will be brought into production or that the Project will
ever be profitable.
Given the early-stage nature of the
Project, there are other related risk factors which could result in
a material adverse effect on the Enlarged Group's business,
including:
·
that the Project may not perform in line with the
Company's expectations and there can be no assurance that the
Transaction will achieve the financial benefits that Hochschild
anticipates as quickly or to the extent anticipated or at
all;
·
challenges may be experienced by the Enlarged
Group in integrating the Project which could result in higher than
expected costs;
·
the value of the Project may be less than the
Consideration paid; and
·
the Transaction costs may be higher than
anticipated by Hochschild.
2.2. The level of the
Project's resources and reserves and their quality, production
volumes and expected cash flows are inherently uncertain and may be
lower than estimated or expected
There are numerous uncertainties
inherent in estimating Mineral Resources and Mineral Reserves and
such estimation is a subjective process. The resources and reserves
information published in respect of the Project are estimates only,
and do not reflect events and activities subsequent to the date of
the announcement. In general, estimates of resources and reserves
and the future revenues derivable therefrom are inherently
uncertain, as they are based on a number of factors and assumptions
made as of the date on which the resources and reserves estimates
were determined which may vary considerably from actual
results.
The Mineral Resources and Mineral
Reserves information referred to in this document may not reflect
actual resources and reserves or be comparable to similar
information reported by other companies.
2.3. If the
Transaction completes, the Enlarged Group will have greater
exposure to the political, legal and regulatory risks of operating
in Brazil
Hochschild has established
operations in Peru and Argentina, and has recently started
production from its first mine in Brazil, Mara Rosa which is
located in the state of Goiás. Following
Closing, Hochschild's exposure to Brazil will increase. As such,
the Enlarged Group will have increased exposure to the political,
legal, tax and regulatory landscape in Brazil, which is subject to
change in a manner that may be materially adverse to the Enlarged
Group. Such changes could involve changes to (a) legislation
relating to safety, health, the environment and social matters and
(b) state and local regulations relating to the production and sale
of metals.
2.4. There can be no
assurance that the Enlarged Group will receive, be able to locate
and/or be able to renew all necessary licences, certificates,
approvals and permits for operations
The operations of the Enlarged
Group, including the Project, are subject to various licences,
certificates, approvals and permits. There is no assurance that the
Enlarged Group will be able to renew its licences, certificates,
approvals and permits upon their expiration. There is also no
assurance that the Enlarged Group will receive necessary licences,
certificates, approvals and permits which are required and have not
yet been granted. In particular, it is noted that the Project has
not yet received all the licences required to build the Project nor
the operating licence, the final licence which it requires under
the local permitting framework.
2.5. There can be no
assurance that the Enlarged Group will be able to secure financing
to bring the Project into production, or generally to execute its
growth strategy
The Hochschild Group's access to
further financing as a source of funding for the Project and other
projects is subject to various factors, many of which are outside
of its control, such as political instability, an economic downturn
or social unrest, which could result in an increase in the cost of
borrowing of the Hochschild Group or restrict its ability to obtain
financing.
There is no assurance that the
Hochschild Group will be able to arrange financing on acceptable
terms, if at all. The Hochschild Group's operations are highly
capital intensive. If the Hochschild Group were unable to obtain
financing from banks and other financial institutions or from
capital markets this would adversely affect the ability of the
Hochschild Group to bring the Project into production and, more
generally, would affect its ability to execute its expansion and
growth strategies as well as its financial condition and
prospects.
APPENDIX II
ADDITIONAL INFORMATION
1. Material
contracts
1.1. Hochschild
Group
Other than the Transaction
Agreements (as summarized above), no contracts (not being contracts
entered into in the ordinary course of business) have been entered
into by members of the Hochschild Group: (i) within the two years
immediately preceding the date of this announcement which are or
may be material; or (ii) which contain any provision under which
the Hochschild Group has any obligation or entitlement which is
material to the Hochschild Group as at the date of this
announcement, in each case the details of which the Board considers
that Shareholders reasonably require for the purpose of making a
properly informed assessment of the Transaction and its impact on
the Company and the Hochschild Group.
1.2.
Project
The following contracts (not being
contracts entered into in the ordinary course of business) have
been entered into by SAML, Serra Alta Participações Imobiliárias
S.A. ("SAPI") (being an entity owned by Amarillo Mineração and
SAML), or by Cerrado in respect of the Project: (i) within
the two years immediately preceding the date of this announcement
which are or may be material; or (ii) which contain any provision
under which SAML, SAPI or Cerrado has any obligation or entitlement
which is material to SAML, SAPI or the Project as at the date of
this announcement, in each case the details of which the Board
considers that Shareholders reasonably require for the purpose of
making a properly informed assessment of the Transaction and its
impact on the Company and the Hochschild Group:
·
Monte Sinai
Agreement
The Project was acquired by Cerrado
from Monte Sinai Mineração Ltda. ("Monte Sinai") in April 2018
pursuant to an acquisition agreement between (among others) Cerrado
and Monte Sinai (the "Monte Sinai Agreement"). Pursuant to the
Monte Sinai Agreement, the previous sellers of the Project have the
right to a payment of US$1.5 million if an aggregate of 2.5 million
ounces of gold are identified in a mineral resource estimate in
respect of the Project in accordance with NI 43-101. This
contingent liability will be assigned to and assumed by Amarillo
Mineração as a consequence of the Transaction.
·
Bortoloti
Purchase Agreement
On May 16, 2023, SAPI entered into a
purchase agreement with Luiz Antonio Bortoloti and Donira Alves
Bortoloti for the acquisition of the Fazenda Bortoloti rural
property (the "Bortoloti Property") (the "Bortoloti Purchase
Agreement"). In addition to the purchase price payable for the
Bortoloti Property (part of which has been paid and part of which
is payable as deferred consideration), the Bortoloti Purchase
Agreement provides for the payment of royalties in favor of the
former landowners of the Bortoloti Property corresponding to 50% of
the amount due to the Brazilian authorities as statutory tax
(Compensação Financeira pela
Exploração Mineral ("CFEM")). CFEM is an ongoing mineral
tax, calculated based on the revenue arising from the sales of ore,
with the deduction of marketing taxes.
These perpetual royalty payments
will be due on a quarterly basis once mining operations have
commenced. The requirement to make such royalty payments will be
assigned to and assumed by Amarillo Mineração as a consequence of
the Transaction. According to the most recent estimates available
to the Company, approximately 25% of the gold reserves of the
Project are located within the area comprised by the Bortoloti
Property and would accordingly be subject to the payment of such
royalties.
·
Sprott Stream
Agreement
On March 14, 2022, Cerrado, SAML and
SAPI entered into a US$20 million metals purchase and sale
agreement with Sprott Private Resource Streaming and Royalty Corp.
("Sprott") in respect of the Project (the "Stream Agreement"). The
Stream Agreement provides for the sale and physical delivery to
Sprott of 2.25% of metals produced from the Project, for the
duration of the Project. The price payable for the metals is
calculated by reference to the LBMA price for gold or silver as
applicable (the "Reference Price"). Until such time as the US$20
million deposit received from Sprott has been repaid (the
"Deposit"), Sprott shall pay an amount equal to 10% of the relevant
Reference Price (the "Variable Price") to Cerrado with the balance
equal to 90% of the relevant Reference Price being applied to
reduce the Deposit. Once the Deposit balance has been repaid,
Sprott shall pay the relevant Variable Price for each delivery of
gold or silver (as the case may be). Until June 30, 2026, there is
a one-time option to buy back 50% of the 'stream' (i.e., to reduce
the percentage of production required to be sold to Sprott by 50%)
for a price of between US$12.5 million and US$13.5
million.
In connection with the Stream
Agreement, Cerrado has issued a US$20 million secured note to
Sprott (the "Sprott Note") that bears interest at a rate of 10% per
annum, calculated and payable quarterly which will mature on the
earlier of the achievement of commercial production together with
certain other conditions, or March 14, 2031. The security in
respect of the Sprott Note is the assets of SAML, and the shares of
SAPI. The Stream Agreement and the Sprott Note will be assigned to
and assumed by Amarillo Mineração as a consequence of the
Transaction, and accordingly, any future production will be subject
to the Stream Agreement and the Sprott Note.
2.
Litigation and arbitration proceedings
2.1. Hochschild
Group
During the period covering the
previous 12 months, there have been no governmental, legal or
arbitration proceedings (including any such proceedings which are
pending or threatened of which the Company is aware) which may
have, or have had, a significant effect on the Company and/or the
Hochschild Group's financial position or profitability.
2.2.
Project
During the period covering the
previous 12 months, there have been no governmental, legal or
arbitration proceedings (including any such proceedings which are
pending or threatened of which the Company is aware) which may
have, or have had, a significant effect on SAML or the Project's
financial position or profitability.
3. Related
Party Transactions
Other than those matters disclosed
in previously published annual reports and financial statements of
the Company and/or otherwise disclosed in this announcement, there
were no related party transactions entered into by the Hochschild
Group during the period commencing on 1 January 2022 and
terminating on the date of this announcement which are relevant to
the Transaction.
4. Significant
Change
Other than the reduction in Net Debt
as reported by the Company on 23 September 2024, there has been no
significant change in the financial performance or financial
position of the Company since 30 June 2024, being the end of the
last financial period for which unaudited preliminary annual
financial statements were published.
________________________________________________________________________________________
Forward-looking
statements
Certain statements contained in this announcement that are not
historical fact may be "forward-looking" statements. These
forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control and
all of which are based on the Company's current beliefs and
expectations about future events. Forward-looking statements are
typically identified by the use of forward-looking terminology such
as "believes", "expects", "may", "will", "could", "should",
"intends", "estimates", "plans", "assumes" or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and
uncertainties. In addition, from time to time, the Company or its
representatives have made or may make forward-looking statements
orally or in writing. Furthermore, such forward-looking statements
may be included in, but are not limited to, press releases or oral
statements made by or with the approval of an authorised executive
officer of the Company. These forward-looking statements, and other
statements contained in this announcement regarding matters that
are not historical facts, involve predictions. No assurance can be
given that such future results will be achieved; actual events or
results may differ materially as a result of risks and
uncertainties facing the Company and its subsidiaries. Such risks
and uncertainties could cause actual results to vary materially
from the future results indicated, expressed or implied in such
forward-looking statements.
The forward-looking statements reflect knowledge and
information available at the date of preparation of this
announcement. Except as required by applicable law and/or
regulatory obligations, the Company does not undertake any
obligation to update or change any forward-looking statements to
reflect events occurring after the date of this announcement.
Nothing in this announcement is intended as a profit forecast or
estimate for any period and no statement in this announcement
should be interpreted to mean that earnings or earnings per share
or income, cash flow from operations or free cash flow for the
Company for the current or future financial years would necessarily
match or exceed the historical published earnings or earnings per
share or income, cash flow from operations or free cash flow for
the Company.
LEI: 549300JK10TVQ3CCJQ89
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