TIDMVDTK
RNS Number : 0764O
Verditek PLC
29 September 2023
Verditek plc
("Verditek" or the "Company" or the "Group")
Interim Report and Financial Statements for the six months to 30
June 2023
Verditek plc, (AIM:VDTK) the international green technology
company that develops, manufactures and sells lightweight solar
panels, is pleased to announce its interim results for the six
months to 30 June 2023.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Enquiries:
Verditek plc Tel: +44 (0)20 7129 7903
RH Lord David Willetts FRS (Non-Executive enquiries@verditek.com
Chairman)
Rob Richards (Chief Executive Officer)
WH Ireland Limited (NOMAD and Broker) Tel: +44 (0)20 7220 1666
Chris Hardie
Hugh Morgan
Andrew de Andrade
Verditek plc
("Verditek" or the "Company" or the "Group")
Company Registration No. 10114644
Interim Report and Financial Statements
For the six month period to 30 June 2023
CEO Statement
Overview
Verditek has seen a growth in orders in connection with our
integrated panel roofing collaborations in the six-months to 30
June 2023. Around 120 projects have been delivered in the period, a
combination of commercial and trial projects. Verditek has
continued to work with strategic partners to develop innovative
integrated solar solutions.
Strategy
The Group's focus during 2023 continues to be on refining the
Group's solar offering and working to build and convert the sales
pipeline.
The Group's solar strategy is to manufacture high quality panels
with a focus on B2B sales through engaging distributors and sales
representatives in different regions. The Group also aims to
partner with solutions providers, who develop and bring to market
innovative solutions with integrated solar panels.
In light of the climate emergency, the world needs to evolve
from its dependency on hydrocarbon-based energy sources to cleaner,
more environmentally friendly energy; this need has been further
accentuated by the ongoing war which has had an impact on energy
prices across the board. We believe that the Verditek Solar product
is extremely well positioned to become a market leader in the
ultra-lightweight, flexible solar market. The Company's product has
numerous potential applications that are not available to the
traditional, heavy and fragile solar panel technology. We believe
major new market opportunities for our lightweight product will
open up in areas such as military, transportation, cellular
telecoms masts, new build homes (as part of an integrated roof tile
system), and warehousing (where roofing structures are less rigid).
Here the advantages of a highly durable, efficient ultralightweight
solar solution can now be embraced.
Operations
In May 2023, the Group's manufacturing operations were relocated
from Lainate to Tolmezzo in Udine, Italy. This move was made to
lower the cost base and take advantage of more flexible working
arrangements. From Tolmezzo a core staff, together with a further
flexible contract labour team, manufacture Verditek's flexible
lightweight solar panels using the latest components sourced from
around the world. The Tolmezzo facility is more automated and
allows a higher quality product while simultaneously reducing
costs.
Sales and Marketing
The Group has various routes to market, including
commission-only sales agents, employed sales consultants,
distributors and solutions partners.
The Group has highly promising partnerships with roofing
providers. Verditek has signed a long-term supply agreement in the
period with Lindab Profil AB, a Scandinavian supplier of roof
systems, and they have placed multiple orders for installations in
a number of countries.
Verditek is also collaborating with Metrotile, who are
incorporating the Verditek solar panel into their roof tile
products. Both these opportunities enhance the potential for
commercial growth in the lucrative roofing sector. Verditek
continue to work with two other large roofing companies elsewhere
in the world as we develop a similar offering for their respective
markets.
As a result of these collaborations, the value of order intake
in the first half of 2023 is approx. GBP395,000 versus GBP232,000
in the first half of 2022. The majority of the order intake is
expected to be recognized as revenue in the second half of
2023.
Other Opportunities
We are in discussions to license our manufacturing technology to
a larger scale, automated plant. In the period Verditek has agreed
a Memorandum of Understanding ("MOU") with Net Zero Valley, an
Italian fully owned investment holding of SerendipEquity Group, to
set up a framework for a 50:50 joint venture agreement to invest in
a 1GW ultra-lightweight solar panel manufacturing plant in Southern
Italy.
Finance
For the six-month period to 30 June 2023, the Group generated
revenues of GBP254,958 (H1 2022: GBP178,502 and recorded a loss
after tax of GBP970,989 (H1 2022: GBP636,798). The 2023 result
includes one-off costs of GBP142,556 relating to the relocation of
the Group's manufacturing operations to the new facility.
On 3 May 2023, the Company raised GBP500,000 before expenses by
issue of secured convertible loan notes. The Company used the
proceeds to repay outstanding Crowd for Angels bonds and to provide
additional working capital. Cash balances as at 30 June 2023 were
GBP135,357 (H1 2022: GBP1,492,380).
On 1 September 2023 June 2022, the Company announced a capital
raise of an additional GBP500,000 before expenses by way of a
subscription for ordinary shares to provide additional working
capital.
Overhead spend remains tightly controlled to conserve cash as
the conversion time for prospects to become customers has taken
longer than expected.
Outlook and conclusion
Despite recent challenges, we continue to see positive
opportunities develop for Verditek and believe the significant
investment into the development of our flexible, lightweight solar
panels will bring about meaningful financial reward.
I would like to thank all members of the Verditek team, advisers
and shareholders for their ongoing support.
Rob Richards
Chief Executive Officer
29 September 2023
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
H1 2023 H1 2022 FY 2022
Unaudited Unaudited Audited
Note GBP GBP GBP
Continuing operations
Revenue 3 254,958 178,502 417,457
Direct costs (319,233) (256,953) (670,547)
----------------------------------- ----- ---------- ---------- ------------
Gross loss (64,275) (78,451) (253,090)
Administrative expenses (881,218) (666,030) (1,661,935)
----------------------------------- ----- ---------- ---------- ------------
Operating loss (945,493) (744,481) (1,915,025)
Other income 5 - 144,551 91,933
Finance Income 2,895 587 2,084
Finance costs (28,390) (37,455) (73,604)
----------------------------------- ----- ---------- ---------- ------------
Loss before tax (970,989) (636,798) (1,894,612)
Income Tax - - 21,901
----------------------------------- ----- ---------- ---------- ------------
Loss for the period (970,989) (636,798) (1,872,711)
----------------------------------- ----- ---------- ---------- ------------
Loss for the period attributable
to: -
Owners of the Company (970,989) (636,798) (1,872,711)
Non-controlling interest - - -
----------------------------------- ----- ---------- ---------- ------------
(970,989) (636,798) (1,872,711)
----------------------------------- ----- ---------- ---------- ------------
Other comprehensive income
Items that will or may be
reclassified to profit or
loss:
Translation of foreign operations (20,454) 23,949 41,417
Total comprehensive loss
for the period from continuing
operations (991,443) (612,849) (1,831,294)
----------------------------------- ----- ---------- ---------- ------------
Total comprehensive loss
for the period attributable
to: -
Owners of the Company (991,443) (612,849) (1,831,294)
Non-controlling interest - - -
----------------------------------- -----
(991,443) (612,849) (1,831,294)
----------------------------------- ----- ---------- ---------- ------------
Loss per share
Basic and diluted (GBP) 6 (0.002) (0.002) (0.005)
----------------------------------- ----- ---------- ---------- ------------
Illustrative note to reflect H1 total
impact of one-off costs from including
factory move: H1 result H1 one-off relocation
excluding relocation costs for
one-off costs costs IFRS
Direct costs 4 (279,152) (40,081) (319,233)
------------------------------- --- --------------- ------------ ------------
Gross loss (24,194) (40,081) (64,275)
Administrative expenses 4 (778,744) (102,475) (881,219)
------------------------------- --- --------------- ------------ ------------
Operating loss (802,938) (142,556) (945,493)
------------------------------- --- --------------- ------------ ------------
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
As at 30 June As at 30 June As at 31 December
2023 2022 2022
Note Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Other receivables 7 556,783 773,556 556,783
Property, plant and
equipment 114,400 274,591 195,470
Right of use assets - 119,320 48,902
Non-current assets 671,183 1,167,467 801,155
------------------------------ ----- ---------------- ---------------- --------------------
Current assets
Inventories 696,452 638,021 534,959
Trade and other receivables 183,437 403,533 95,533
Cash and cash equivalents 135,357 1,492,380 842,632
Current assets 1,015,246 2,533,934 1,473,124
------------------------------ ----- ---------------- ---------------- --------------------
TOTAL ASSETS 1,686,429 3,701,401 2,274,279
------------------------------ ----- ---------------- ---------------- --------------------
Equity and liabilities
Non-current liabilities
Loans and borrowings 8 500,000 93,304 -
Lease liabilities - 64,071 -
------------------------------ ----- ---------------- ---------------- --------------------
Non-current liabilities 500,000 157,375 -
------------------------------ ----- ---------------- ---------------- --------------------
Current liabilities
Trade and other payables 483,191 469,864 289,995
Loans and borrowings 8 - 200,252 310,306
Lease liabilities - 73,749 29,682
------------------------------ ----- ---------------- ---------------- --------------------
Current liabilities 483,191 743,865 629,983
------------------------------ ----- ---------------- ---------------- --------------------
TOTAL LIABILITIES 983,191 901,240 629,983
------------------------------ ----- ---------------- ---------------- --------------------
Share capital 9 177,417 177,417 177,417
Share premium account 9 12,205,726 12,205,726 12,205,726
Share based payment
reserve 383,191 270,227 332,806
Accumulated losses (11,942,000) (9,735,098) (10,971,011)
Currency translation
reserve (14,209) (11,223) 6,245
Non-controlling interests (106,887) (106,887) (106,887)
Total shareholders'
equity 703,238 2,800,161 1,644,296
------------------------------ ----- ---------------- ---------------- --------------------
TOTAL EQUITY AND LIABILITIES 1,686,429 3,701,401 2,274,279
------------------------------ ----- ---------------- ---------------- --------------------
Condensed Statement of Changes in Equity
As at 30 June 2023
Issued Share Share Accumulated Currency Non-controlling Total
share capital Premium based losses translation interest
payment reserve
reserve
GBP GBP GBP GBP GBP GBP GBP
As at 1
January
2022 136,883 10,761,055 213,134 (9,098,300) (35,172) (106,887) 1,870,713
Loss for the
period - - - (636,798) - - (636,798)
Translation of
subsidiary - - - - 23,949 - 23,949
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Total
comprehensive
loss for the
period - - - (636,798) 23,949 - (612,849)
Issue of
shares
net of
expenses 40,534 1,444,671 - - - - 1,485,205
Share based
payment - - 57,093 - - - 57,093
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Shareholders'
equity at 30
June
2022 177,417 12,205,726 270,227 (9,735,098) (11,223) (106,887) 2,800,162
Loss for the
period - - - (1,235,913) - - (1,235,913)
Translation of
subsidiary - - - - 17,468 - 17,468
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Total
comprehensive
profit/(loss)
for the
period - - - (1,235,913) 17,468 - (1,218,445)
Share based
payment - - 62,579 - - - 62,579
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Shareholders'
equity at 31
December
2022 177,417 12,205,726 332,806 (10,971,011) 6,245 (106,887) 1,644,296
Loss for the
period - - - (970,989) - - (970,989)
Translation of
subsidiary - - - - (20,454) - (20,454)
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Total
comprehensive
loss for the
period - - - (970,989) (20,454) - (991,443)
Share based
payment - - 50,385 - - - 50,385
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Shareholders'
equity at 30
June
2023 177,417 12,205,726 383,191 (11,942,0001) (14,209) (106,887) 703,238
--------------- -------------- ----------- --------- -------------- ------------- ---------------- ------------
Condensed Statement of Cash Flows
For the 6 months ended 30 June 2023
Note
H1 2023 H1 2022 FY 2022
Unaudited Unaudited Audited
Operating activities GBP GBP GBP
Loss before tax from continuing
operations (970,989) (636,798) (1,894,612)
Adjustment for:
Depreciation 104,722 59,792 195,555
Finance costs 28,390 37,455 73,604
Financial income (2,895) (587) (2,084)
Fair value changes through
P&L - ICSI - (26,923) 125,486
Loss on disposal of assets 40,519 501 501
Share based payment expenses 50,384 57,093 119,672
Remeasurement of assets - - (78,323)
-------------------------------------------- ---------- ---------- ------------
(749,869) (509,467) (1,460,201)
Working capital adjustments
(Increase) / decrease in
inventory (161,493) 19,130 122,192
(Increase) / decrease in
trade and other receivables (85,130) (9,098) 211,395
Increase / (decrease) in
trade and other payables 153,454 (1,019) (97,847)
-------------------------------------------- ---------- ---------- ------------
Cash used in operations (843,038) (500,454) (1,224,461)
Taxation - - 145,142
-------------------------------------------- ---------- ---------- ------------
Net cash outflow from operating
activities (843,038) (500,454) (1,079,319)
-------------------------------------------- ---------- ---------- ------------
Investing activities
Sale of investment - 307,731 307,731
Purchase of fixed assets - (4,290) (19,540)
-------------------------------------------- ---------- ---------- ------------
Net cash outflow from investing
activities - 303,441 288,191
-------------------------------------------- ---------- ---------- ------------
Financing activities
Proceeds from issue of ordinary
share capital, net of transaction
costs - 1,485,205 1,485,205
Convertible loan notes issued 500,000 - -
Interest paid on loans (11,885) (11,011) (22,210)
Finance income 2,895 587 2,084
Repayments of corporate
green bonds (328,140) - -
Payment of lease liabilities (30,096) (35,372) (70,936)
---------- ---------- ------------
Net cash inflow from financing
activities 132,774 1,439,409 1,394,143
-------------------------------------------- ---------- ---------- ------------
Net (decrease)/increase
in cash and cash equivalents (710,264) 1,242,396 603,015
Cash and cash equivalents
at the beginning of the
period 842,632 237,613 237,613
-------------------------------------------- ---------- ---------- ------------
132,368 1,480,009 840,628
Exchange gains on cash
and cash equivalents 2,989 12,371 2,004
Cash and cash equivalents
at the end of the period 135,357 1,492,380 842,632
-------------------------------------------- ---------- ---------- ------------
Notes to the Condensed Financial Statements
1. General Information
The Interim Financial Statements are for the six months ended 30
June 2023 and are presented in British Pounds (GBP), which is the
functional currency of the parent company.
Verditek plc ("Verditek" or the "Company" or the "Group") is a
public limited company incorporated, registered and domiciled in
England Wales (registration number 10114644), whose shares are
quoted on the Alternative Investment Market on the London Stock
Exchange. Its registered office is located at Holborn Gate, 330
High Holborn, London, WC1V 7QH.
Verditek is the holding company of a group of companies engaged
in the clean technology sector.
The Interim Financial Statements have been approved for issue by
the Board of Directors on 29 September 2023.
2. Basis of Preparation of Half-year Report
The financial information presented in this condensed
consolidated interim report for the half-year has been prepared in
accordance with the recognition and measurement requirements of UK
adopted International Accounting Standards ("UK IAS"). The
principal accounting policies adopted in the preparation of the
financial information in this Interim Report are unchanged from
those used in the Company's financial statements for the year ended
31 December 2022.
They have been prepared in accordance with IAS 34 'Interim
Financial Reporting'. They do not include all of the information
required in annual financial statements in accordance with UK IAS
and should be read in conjunction with the consolidated financial
statements for the year ended 31 December 2022.
The financial information for the year ended 31 December 2022
presented in this Interim Report does not constitute the Company's
statutory accounts for that period but has been derived from them.
The Annual Report and Accounts for the year ended 31 December 2022
were audited and have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Accounts
for the year ended 31 December 2022 was unqualified and did not
contain statements under s498(2) or (3) of the Companies Act 2006,
but did contain a material uncertainty in relation to going
concern. The financial information for the periods ended 30 June
2022 and 30 June 2023 is unaudited.
A copy of the audited consolidated financial statements for the
year ended 31 December 2022 is available on the Company's
website.
New Standards adopted as at 1 January 2023
Accounting pronouncements which have become effective from 1
January 2023 are:
-- IFRS 17 Insurance Contracts - the Group do not have any
contracts that meet the definition of insurance contracts as set
out in IFRS 17
-- Deferred Tax related to Assets and Liabilities arising from a
Single Transaction (Amendments to IAS 12)
-- Definition of Accounting Estimates (Amendments to IAS 8)
-- Disclosure of Accounting Policies (Amendments to IAS 1 and
Practice Statement 2)
These accounting pronouncements do not have a significant impact
on the Group's financial results or position and no changes to
existing accounting policies were required as a result of adopting
any amendments
Going concern
The interim financial information has been prepared under the
going concern basis as the Directors are satisfied that sufficient
funds are or will become available to the Group to meet its
on-going working capital requirements for at least the next 12
months. The Group's assessment takes account of current cash
resources, expected costs and expected revenues. The Group has a
pipeline of commercial opportunities and promising partnerships,
and is focussed on converting these into sales in the next year. On
1 September 2023 the Company announced a raise of an additional
GBP0.5m by way of a subscription for ordinary shares. In the event
that trading does not grow as envisaged, sufficient cost reductions
are not made, or if there are unforeseen costs, then it is possible
that the Company may need to seek additional funding in the next 12
months. Management has successfully raised money in the past, but
there is no guarantee that adequate funds will be available when
needed in the future. As there can be no guarantee that any
required future funding can be raised in the necessary timeframe, a
material uncertainty exists that may cast significant doubt on the
Company's future ability to continue as a going concern.
After considering the forecasts and the risks, the Directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
For these reasons, they continue to adopt the going concern basis
of accounting.
Dividends
The Directors do not propose an interim dividend.
Material changes in accounting estimates or judgments
The preparation of unaudited interim financial information
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses for the
current and its corresponding financial period under review. Actual
results may differ from these estimates.
In preparing the unaudited interim financial information, the
significant judgements made by the management in applying the
Group's accounting policies and the sources of estimates
uncertainty were consistent with those applied to the audited
financial statements for the year ended 31 December 2022.
3. Segmental Information
The chief operating decision-maker is considered to be the Board
of Directors of Verditek. The chief operating decision-maker
allocates resources and assesses performance of the business and
other activities at the operating segment level.
The chief operating decision maker has determined that in the
period ended 30 June 2023, Verditek had one operating segment, the
development and commercialisation of clean technologies.
Revenue and segmental information
6 months 6 months For the year
ended 30 ended 30 ended 31 December
June 23 June 22 22
Unaudited Unaudited Audited
GBP GBP GBP
--------------- ---------- ---------- -------------------
Sale of Goods 254,958 178,502 417,457
Total 254,958 178,502 417,457
--------------- ---------- ---------- -------------------
The Group had two customers that exceeded 10% of revenue in H1
2023 (H1 2022: 2 customers exceeded 10%)
Geographical Segments
Apart from holding company activities in the UK, the Group had
operations in Italy, in the period. An analysis of revenue,
operating loss and non-current assets by geographical market is
given below:
6 months 6 months For the year
ended 30 ended 30 ended 31 December
June 23 June 22 22
Unaudited Unaudited Audited
GBP GBP GBP
--------------------------- ---------- ---------- -------------------
Revenue
UK - - 18,661
Rest of Europe 254,958 178,502 398,796
254,958 178,502 417,457
--------------------------- ---------- ---------- -------------------
Operating loss
UK (646,338) (449,376) (1,095,726)
Rest of Europe (299,155) (295,105) (819,299)
--------------------------- ---------- ---------- -------------------
(945,493) (744,481) (1,915,025)
--------------------------- ---------- ---------- -------------------
Non-current assets
UK 568,880 773,555 571,010
Rest of Europe 102,303 393,912 230,145
--------------------------- ---------- ---------- -------------------
671,183 1,167,467 801,155
--------------------------- ---------- ---------- -------------------
4. Relocation costs
During the interim period the Milan factory was closed, and the
operations moved to another premises in Tolmezzo, Italy. As a
result costs were incurred totalling GBP40,081 within direct costs
relating to staff and transport and GBP102,475 within
administrative expenses relating to logistics, legal fees, loss on
disposal of machinery and disposal costs. These are considered
non-recurring costs.
5. Other income
6 months 6 months For the year
ended 30 ended 30 ended 31 December
June 23 June 22 22
Unaudited Unaudited Audited
GBP GBP GBP
---------------------------- ----------- ---------- -------------------
Unwind of discount on ICSI
receivable - 26,922 (125,486)
Grant income - 117,629 217,419
Total other income - 144,551 91,933
---------------------------- ----------- ---------- -------------------
In prior period, grant income of GBP117,629 was recognised in
association with an Innovate UK grant awarded in 2021, in respect
of a project to design solar solutions for homes, schools and farms
in Zimbabwe.
During the prior period there was also an unwind of discount on
the receivable recognised upon disposal of the Group's investment
Industrial Climate Solutions Inc (ICSI) in February 2022,
GBP26,922.
6. Loss Per Share
The calculation of loss per share is based on the following loss
and number of shares:
6 months 6 months For the year
ended 30 June ended 30 June ended 31 December
23 22 22
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------------- --------------- --------------- -------------------
Loss for the period from continuing
operations (GBP) (970,989) (636,798) (1,872,711)
------------------------------------- --------------- --------------- -------------------
Weighted average number of
shares: Basic 443,538,306 342,764,826 393,565,703
Loss per share (GBP) (0.002) (0.002) (0.005)
------------------------------------- --------------- --------------- -------------------
Basic loss per share is calculated by dividing the loss for the
period from continuing operations of the Group by the weighted
average number of ordinary shares in issue during the period. Due
to the loss in the periods and there are no potentially dilutive
ordinary shares, meaning the basic and diluted loss per share were
the same.
7. Non-current receivables
6 months 6 months For the year
ended 30 June ended 30 June ended 31 December
23 22 22
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------- --------------- --------------- -------------------
Opening earn-out from ICSI
investment sale 556,783 682,268 682,268
FX gain - 64,365 29,339
Discount unwind - 26,923 73,437
Fair Value adjustment - - (228,261)
Total non-current receivables 556,783 773,556 556,783
------------------------------- --------------- --------------- -------------------
On 1 February 2022 the Company completed a sale of its stake in
the ICSI business. An initial payment of GBP307,731 was received
upon completion. Further payments are expected over a 5 year
earn-out period. The payments are linked to achievement of various
milestones in development of carbon capture technology, but have
been estimated based on management's assessment of the likelihood
of success, and discounted to present values. The valuation
methodology at 30 June 2023 is consistent with the fair valuation
methodology used at 31 December 2022 in measurement of the ICSI
investment. During the prior period there was an unwind of discount
of the earn-out receivable of GBP26,923 and an increase in
valuation of GBP64,332 as a result of foreign exchange movements.
During the current period it has been decided to retain the
existing valuation.
8. Loans and Borrowings
6 months 6 months For the year
ended 30 June ended 30 June ended 31 December
23 22 22
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------------ --------------- --------------- -------------------
Current
Convertible bonds issued to
related party - 25,000 25,000
Convertible bonds - 175,252 285,306
------------------------------------ --------------- --------------- -------------------
Total current loans and borrowings - 200,252 310,306
Non-current
Convertible loan notes 500,000 - -
Convertible bonds issued to -
related party - -
Convertible bonds - 93,304 -
------------------------------------ --------------- --------------- -------------------
Total Non-current loans and
borrowings 500,000 93,304 -
Total loans and borrowing 500,000 293,556 310,306
------------------------------------ --------------- --------------- -------------------
During the year, on 9 May 2023, the Group raised GBP500,000 in
secured convertible loan notes and shortly thereafter repaid the
convertible green bonds. The convertible loan notes carry a coupon
of 7% per annum which is payable on the redemption date or earlier
if converted. The convertible loan notes are redeemable 2 years
from the date of issue and are convertible at the option of the
noteholder into ordinary shares at the lower of 1.0625 pence per
share, or the subscription price per ordinary share of any
fundraising over GBP250,000 in the 6 months from the issue of the
loan notes. As a result of the equity raise on 1 September 2023,
the conversion price for the secured convertible loan notes has
been adjusted to 0.45 pence per share.
9. Share capital and reserves
Number of shares Share capital Share premium
GBP GBP
-------------------------- ----------------- -------------- --------------
At 30 June 2022 443,538,306 177,417 12,205,726
-------------------------- ----------------- -------------- --------------
Issue of ordinary shares - - -
June 2022
-------------------------- ----------------- -------------- --------------
At 31 December 2022 443,538,306 177,417 12,205,726
-------------------------- ----------------- -------------- --------------
Issue of ordinary shares - - -
June 2023
-------------------------- ----------------- -------------- --------------
At 30 June 2023 443,538,306 177,417 12,205,726
-------------------------- ----------------- -------------- --------------
There have been no new options granted or exercised in the
period and options over 500,000 shares lapsed. The number of shares
outstanding on which options have been granted at 30 June 2023 is
19,500,000.
10. Events after the reporting date
On 1 September 2023 the Group raised GBP500,000 of funds by way
of a subscription for 111,111,111 ordinary shares at 0.45 pence per
share.
11. Copies of the interim report
Copies of this interim report will be made available on the
Company's website at www.verditek.plc.uk and from the Company's
registered office, Holborn Gate, 330 High Holborn, London, WC1V
7QH.
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END
IR GZGZLRRKGFZM
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