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Good point Callit.

From the recent BCRA ZEN report:-

"The company is currently negotiating the terms of
Tilapia II with the Ministry of Hydrocarbons of the
Republic of the Congo. Until the license is finally
granted, the group is not allowed to start production
and currently has no revenues from this asset.

Zenith Congo is expected to hold a 60% interest in
the new Congo Licence II once issued, with the
remaining 40% held by SNPC the National Oil
Company. AAOG Congo holds outstanding
receivables from SNPC totaling USD 5.7 mln, which
may cover future investment requirements."

https://bcra.eu/files/rating_zenith_sep_2022_en.pdf

60% looks like an excellent percentage, and shows the quality and calibre of ZEN that they are able to cut this sort of deal. The state really needs their expertise and experience to maximise the production.

In comparison, the Congo MKB II production sharing contract was signed in June 2018 by the State - SNPC (60%) and Orion Oil LTD (40%).

Thanks Raincat.

And remember that ZEN's August 2022 Newsletter to Zenith Energy Fixed Income Investors included this snippet:-

"The Company has a number of significant ‘growth catalysts’ between now and the close of 2022 that might bring about a transformational leap forward in its size and revenue generation. This is especially the case in respect of our long-held business development objectives in the Republic of the Congo, where we expect to be awarded a new 25-year licence for the Tilapia oilfield, as well as in other jurisdictions where the Company is reviewing potential acquisition opportunities."

As regards potential Tilapia production: you would hope that it would ramp up over time.

For a field with reserves of 300 million barrels, I don't see why multi million barrel p.a. production isn't achievable.

3 million barrels p.a. (8,219 bpd) for example would be just 1% of the reserves.

But even 2,000 bpd, at about US$100/barrel or so, could have a sale value of about US$73 million p.a.

Whereas 5,000 bpd, at about US$100/barrel or so, could have a sale value of about US$182 million p.a.

And this level of production from the Tilapia field could clearly generate very substantial profit for ZEN, especially considering the low cost drilling from onshore.

This long-awaited licence award certainly now looks imminent, which could make this a November to remember for ZEN, catapulting its s.p. to much higher levels.

LSE % Gainers Top Lists
EPIC Name %
TPG Tp +181%

Today's top riser TP Group has nearly trebled today on an agreed takeover of the company:-

31st Oct 2022 7:00 am RNS Recommended Cash Aquisition of TP Group plc

"... -- The Acquisition Price of 2.25 pence per Share represents a premium of approximately 190 per cent. to the Closing Price per Share of 0.78 pence on 28 October 2022 (being the latest practicable date prior to the date of this announcement).

-- The Acquisition values TP Group's entire issued, and to be issued, ordinary share capital at an equity value of approximately GBP17.53 million. ..."

https://www.lse.co.uk/rns/TPG/recommended-cash-aquisition-of-tp-group-plc-4lhztr5ox3ew1t2.html

But the company still looks to have been taken over on the cheap, due to its financing needs.

NWT's more robust financial position means that it could potentially hold out for a better offer than that which TPG have agreed to.

That said, could Ezhik's misperception suggests that ZEN still has work to do to in educating the market about its 'story'?

Fortunately, the company's interim results for the half year to 30.9.22 could be a very helpful catalyst in this regard.

As all the signs are that they will highlight the company's stunning improvement in both revenues and cashflow: and with plenty more to come on both fronts.

ZEN's last two interim results were announced on 30.11.20 & 1.12.21.

"How can a one man sideshow be compared with an oil and gas E&P company like Perenco."

Ezhik,

During the year ended 31.3.22, ZEN actually had an average of 37 full time employees (see the company's new annual report).
https://www.zenithenergy.ca/investors/reports/

Some other O&G companies are almost like shell companies, with just a few employees (mainly directors), and having to buy in O&G operational services they need.

ZEN in contrast is the real thing.

This is an indication of what a substantial, revenue-generating operation this company is.

And of how it likes to do things 'in house', cutting out the middle man, and saving money.

Which is looking a very shrewd move with the upturn in the O&G industry, with other companies struggling to buy in the operational personnel and equipment, and having to 'pay through the nose'.

The Republic of the Congo no doubt appreciated this in selecting ZEN as the successful bidder for Tilapia II, and should do the same in issuing ZEN the licence.

Developing the Tilapia field is an obvious priority for the country: the field looks to be the country's only O&G permit area that straddles onshore & offshore, and all the necessary ancillary infrastructure already appears to be in place:-

"In close proximity to oil storage /processing infrastructure located in the nearby town of Pointe-Noire."
https://www.zenithenergy.ca/operations/republic-of-the-congo/

The sooner they issue the licence, then the sooner ZEN can start pumping oil from it, and making money for the country.

The investment case for NWT is looking more compelling than ever, especially given the quite bearish outlook for many other shares.

Investors should be flocking to the few 'safe havens' with attractive growth potential, such as NWT.

From NWT's website:-

"Our Investment Case

We aim to deliver sustainable value for our shareholders and our broader stakeholder community through our position in high-growth, specialist markets in data and security and our long-term outlook.

High growth technology and data business operating in rapidly evolving global markets
• Strong competitive position offering differentiated solutions with high barriers to entry
• Continued reinvestment delivering innovative, class-leading product portfolios
• Strategy to transition to a recurring revenue model in the medium-long term
• Long-standing customer relationships and high degrees of repeat business
• Experienced management team and a long history in established markets"

https://newmarksecurity.com/investor-relations/our-investment-case/

A "Strategy to transition to a recurring revenue model in the medium-long term" has the potential to give a significant rerating upwards, as also noted by Conor McCarthy:-

"Recurring revenue streams, the larger the better, are very attractive.
They provide predictability of sales and profits going forward and reduce the likelihood of nasty earnings surprises . Companies that change to a business model which steadily increases the recurring proportion of revenue are likely to undergo a market rerating."
https://flylib.com/books/en/1.371.1.92/1/

NWT's current financial year, to 30.4.22, is clearly looking great at approaching the half year stage, with both a return to profitability and positive operating cashflows for the first five months, as well as continued revenue growth:-

27th Oct 2022 7:00 am RNS Trading Update
" ... Post period end, the Group returned to profitability and positive operating cashflows during the first five months of FY 2023, whilst also continuing to grow revenues. ..."
https://www.lse.co.uk/rns/NWT/trading-update-intr433crv89jfd.html

That being the case, you would think that million pound annual profitability could be possible in the medium term, on revenues of tens of millions.

Which, combined with the sort of rating that exciting tech growth stocks often achieve, could potentially make this a ten-bagger from current levels.

NWT's revenues have grown from £17.6M. in the year to 30.4.22 to £19M. in the year to 30.4.22, an increase of about 8%.

This is a nice level of growth in a challenging period, though it's not exponential, and may have required little or nothing in terms of additional staff and premises to achieve.

The growth has really been driven by the company's substantial investment into R&D over multiple years, in order to provide what customers want:-

"Newmark plans to continue its strategy of investing heavily in research and development allowing the Company to stay ahead of the curve and ensure the highest levels of secure technologies for its customers. The Company is continually innovating in fields such as biometrics, cloud services and mobile authentication to ensure its products are at the forefront of the sectors it operates in.

We will realise this mission by continuing to develop exceptional and secure products and services backed up by industry leading support."

https://newmarksecurity.com/about-us/our-strategy/

This R&D should enable higher margin revenues, and indeed the company said three days ago:-

"Grosvenor is launching a new HCM SaaS Cloud Control platform in FY 2023 which is expected to increase high-margin, recurring revenues."

That being the case, very substantial profitability should be possible even just on annual revenue of about the current level.

27th Oct 2022 7:00 am RNS Trading Update

" ... The Group's working capital level is expected to ease as the amount of inventory held is reduced, allowing for improved cash flow generation. We are fully utilising our recent investments in products and infrastructure to enhance future growth and increase recurring revenues.

Post period end, the Group returned to profitability and positive operating cashflows during the first five months of FY 2023, whilst also continuing to grow revenues. ..."

https://www.lse.co.uk/rns/NWT/trading-update-intr433crv89jfd.html

So five months of positive operating cashflow.

With each month of positive operating cashflow adding to the available working capital.

And with the amount of working capital needed expected to reduce.

In simple terms, NWT's available money is increasing, whereas the money it actually needs is expected to reduce.

The Group had GBP0.2m of cash and cash equivalents at 30 April 2022.
So with the five months of positive operating cashflow since then, the level of cash should now be significantly higher.

And it's now able to REDUCE its amount of inventory held, having increased stocks previously to cope with supply chain challenges which are now diminishing.

In addition, the new (February 2022) $2 million US invoice discounting facility provides significant ongoing working capital headroom.

So well done to NWT for doing such a superb job.

Their decades of experience have doubtless been invaluable in navigating the challenging trading environment, as they have seen challenging times before, and successfully come through them.

Bammo,

The share price has been relatively stagnant for quite a long time (fluctuating within a trading range), but the company's business progress in contrast has been transformative, so that creates an opportunity.

And thanks to KathyB for flagging this up a couple of days ago:-

"Source: African Energy Week (AEW) | Oct 20, 2022
Invest in the Republic of Congo Event at African Energy Week (AEW) 2022 Showcases Hydrocarbon Market Opportunities
The Invest in the Republic of Congo side event held during day three of AEW 2022 served to showcase investment opportunities across the central African country’s oil and gas industry

CAPE TOWN, South Africa, October 20, 2022/APO Group/ -- Hosted by the Ministry of Hydrocarbons of the Republic of Congo and the Central African country’s national oil company, le Société Nationale des Pétroles du Congo (SNPC), and in partnership with the African Energy Chamber (AEC) the Invest in the Republic of Congo session held during the third day of African Energy Week (AEW) 2022 (https://AECWeek.com/) was sponsored by the SNPC, Centurion Law Group, and Golar LNG and featured high-level discussions and networking sessions highlighting the vast opportunities across the Republic of Congo’s energy landscape.
H.E. Bruno Jean-Reichard Itoua, President of OPEC and Minister of Hydrocarbons for the Republic of the Congo provided a detailed overview of the central African country’s oil and gas industry.

“We are expecting good results for the end of this year and for next year and my commitment at the moment is that, based on any license, any well, oil must be produced,” H.E. Minister Itoua stated, adding, “The country is open, and people are very kind, so coming in and investing in the Congo is a very good idea. I think the amount of investment for which companies are now committing is around $10 billion over the next three or four years.”

The Minister went on to discuss the prospect of gas in the Republic of the Congo, indicating that the future of the country will be based on its production and exportation, describing the resource as a prime opportunity for investors to engage with Africa and support the continent’s energy transition.

“We have decided to bring gas to a new level,” H.E. Minister Itoua continued, noting, “Everyone can see that gas is the best solution for the energy transition for the next few years. Yet, promoting gas has now become the biggest challenge for all oil producing countries, especially for us in Africa.” ..."

https://www.africa-newsroom.com/press/invest-in-the-republic-of-congo-event-at-african-energy-week-aew-2022-showcases-hydrocarbon-market-opportunities?lang=en

The Congo is clearly very keen to further develop the country's O&G resources ASAP, and is expecting significant near term progress in this regard.

It all points to a probable Tilapia licence award imminently

I look forward to NWT's final results next month, which should include exhaustive info. on the company's operations.

It will be interesting for example to see the level of NWT's R&D spending, compared to the previous year (£731K.):-

10-09-2021 07:00 Final Results

"... The future
In 2021, we have invested in our business, bolstered our strategy and built the momentum we need to push for growth in the year ahead.
Although we expect to see some progress in Access Control, and the business is in a good place, the biggest opportunities are likely to come in our HCM businesses. We have ambitious growth plans in the UK and the EU, where we have onboarded new clients, with more good prospects lined up.
However, the real step change for Grosvenor Technology could come in the US, where we will grow our business with existing partners and look to onboard new Tier 1 clients with a compelling offering that encompasses a combination of market-leading technology, products and services. ...

Research & Development
The Group has reduced its investment by GBP142,000 to GBP731,000 (2020: GBP873,000) in the People and Data Management division. The investment has been focused on the cloud development of GT Connect, our SaaS platform. Clock development continued with enhancements to our existing GT10 offering and we launched the next generation device GT8 during the year being more compact with enhanced capabilities. The level of investment reduced year on year owing to an intentional slowing down of development activity with the onset of COVID-19 to safeguard our cash position and we were pleased to recommence development once additional financing was in hand. ..."

https://newmarksecurity.com/investor-relations/regulatory-news/

NWT's R&D investment is a major bull point here.

NWT market capitalisation at the current s.p. of 31.5p: £2.95.

Divided into NWT's year end 30.4.21 R&D spending of £0.731M.

= PRR (price-to-research ratio) of 4.04.

This highlights NWT's bullish growth prospects.

From the legendary tech stocks guru Conor McCarthy:

"Calculate annual R & D expenditure per share and compare it to the share price.
If the PRR (price-research ratio - share price divided by R and D per share) is 5 or less it is nearly always worth buying the shares. This applies particularly to recovery situations. As long as an exploration company has the wherewithal to drill holes, there is always the possibility it will strike it lucky. The same goes for an out-of-favour technology company. As long as it can continue to invest in R and D there is the chance it will come up with a blockbuster product. The lower the PRR the more development bang you get for your buck."
https://flylib.com/books/en/1.371.1.92/1/

Buko,

I see that ZEN also presented at the last edition of Congo's International Conference & Exhibition on Hydrocarbons ("CIEHC"), which was actually about two years and eight months ago, and on that occasion ZEN didn't RNS it in advance, but afterwards. So why RNS it in advance on this occasion, unless things are viewed as approaching a culmination?

And that 2020 RNS said that it is for the government to talk to "key stakeholders in the country": so as ZEN has been asked back, this is obviously how they are regarded, and their input is clearly regarded as valuable.

It's also significant that the coming (5th.) CIEHC will be the first since the COVID-19 pandemic, which is a sign that business in Congo is getting back to normal.

21st Feb 2020 7:00 am RNS CEO Presentation at CIEHC 2020

"Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company, is pleased to announce that its Chief Executive Officer & President, Mr. Andrea Cattaneo, presented at the 4th edition of the Republic of the Congo's International Oil & Gas Conference and Exhibition ("CIEHC") yesterday (February 20, 2020).

Mr. Cattaneo delivered a presentation during a session on the topic of "Promoting Successful Partnerships to Advance Exploration & Production in the regional oil and gas sector". The session specifically centred on the role of junior oil and gas production and exploration companies operating in West Africa.

The Republic of Congo is currently the third largest oil producing country in sub-Saharan Africa and the CIEHC is the official platform, organised by the Ministry of Hydrocarbons of the Republic of the Congo and AME Trade, for the government to share and discuss its vision for the future of the national oil and gas industry with key stakeholders in the country.

Andrea Cattaneo, Chief Executive Officer, commented:



"The management team and I were delighted to attend this year's edition of the Republic of the Congo's International Oil & Gas Conference.

Participation in this event has been a valuable opportunity to enhance our relationship with key local partners, as well as elevate Zenith's profile in a new, exciting jurisdiction which we believe, via the successful development of the Tilapia asset, will deliver transformational value to Zenith shareholders.""

https://www.lse.co.uk/rns/ZEN/ceo-presentation-at-ciehc-2020-mcfogp9vfaud7jc.html

Well Bammo,

Companies in general don't tend to RNS their attendance at conferences, so it's interesting that ZEN has chosen to do so in this case.

It could be that it's almost a type of 'code' from ZEN to alert the cognoscenti to the fact that the licence award is imminent, but without explicitly saying so, which of course wouldn't be appropriate.

Today's NWT rise held firmly, finishing at the day's high of 31.5p.

Unsurprisingly so, because we couldn't really have asked for much more in today's trading update.

The recovery is clearly progressing superbly, with very exciting growth prospects, and at a dirt cheap price.

So a recovery-growth-value-takeover play all rolled into one, and in a nicely defensive sector for today's challenging times.

It looks a great candidate for a medium term multibagger (or even short term in the event of a bid), and with great downside protection too.

The company has been investing heavily into its research and development, which is the lifeblood of any tech company, and this now looks to be paying dividends.

Which is something the company could potentially do as well, as it has in the past (with its most recent dividend payout being in 2014).

Note that NWT's last placing of new shares was eighteen years ago; and moreover, at a 'old' price of 1.25p/share (in 2004), which equates to a 'new' price 62.5p/share consolidation-adjusted.

23/06/2004 15:23 UK Regulatory (RNS & others) Placing of New Shares LSE:NWT Newmark Security Plc
"Newmark Security is pleased to announce that it has raised #1.0 million (before
expenses) through a private placing by Seymour Pierce Ellis of 80,000,000
ordinary shares at 1.25p per share. The Company is in advance negotiations to
acquire a business, further details of which are anticipated to be announced
shortly.
Application has been made for the 80,000,000 new ordinary shares to be admitted
to trading on AIM and admission is expected to take place on Tuesday 29 June
2004."

LSE % Gainers Top Lists
EPIC Name %
MBO Mobilityone +38%
CLCO Cloudcoco +32%
DKE Dukemount Capital +26%
NOG Nostrum Oil & Gas +25%
NWT Newmark Security +24%

NWT has finished fifth on today's top risers list, which isn't bad out of about two thousand listed companies.

It's closed up a full sixpence, to 31.5p.

The market obviously liked today's NWT trading update.

27 October 22 13:20 CEO Presentation at CIEHC 5
" ... Mr. Cattaneo will deliver a presentation as part of the 'Managing Mature and Marginal Fields in a Profitable Manner' event, which will take place at the International Conference Center of Kintélé, located in Brazzaville, the capital of Republic of the Congo.
... organised under the auspices of the Ministry of Hydrocarbons ..."
https://www.zenithenergy.ca/investors/regulatory-news-alerts/

This conference is being organised with Congo's Ministry of Hydrocarbons approval.

And it is Congo's Ministry of Hydrocarbons who will be issuing the Tilapia licence.

So this looks to me like a very strong indication that the Ministry intend to issue this licence to ZEN, especially considering that the talk being given by ZEN's boss pertains very fittingly to Tilapia.

Indeed it would make prefect sense that the licence is awarded to ZEN ahead of this conference, giving an opportunity to showcase in this talk what the plans for Tilapia are.

"Post period end, the Group returned to profitability and positive operating cashflows during the first five months of FY 2023, whilst also continuing to grow revenues."

NWT's trading update today is quite outstanding, given the challenging trading environment.

A return to profitability and positive cashflow, and for a full five months, in today's markets: how many companies are saying that?

The s.p. at just 25.5p prior to today was pricing in disaster, whereas the company actually seems to be navigating things very skilfully and well.

And the outlook going forward is even more exciting:-

• "Grosvenor is launching a new HCM SaaS Cloud Control platform in FY 2023 which is expected to increase high-margin, recurring revenues."

• " ... the Group is well positioned to accelerate and scale to meet the increase in demand. Safetell is in the process of introducing new products, new strategic partnerships and improvements throughout the business which are expected to support its growth."

• "We are fully utilising our recent investments in products and infrastructure to enhance future growth and increase recurring revenues."

And yet the market cap. is still below £3M.! (£2.95M. at 31.5p.)

The company looks like a sitting duck for a takeover at this price, so some near term action on this front could be very possible.

27th Oct 2022 7:00 am RNS Trading Update

" ... Current trading and financial position

The Group secured a $2 million US invoice discounting facility in February 2022 to provide additional working capital headroom and successfully managed supply chain challenges by building inventory to satisfy ongoing customer demand and stay ahead of the competition.

The Group had £0.2m of cash and cash equivalents at 30 April 2022.

The Group's working capital level is expected to ease as the amount of inventory held is reduced, allowing for improved cash flow generation. We are fully utilising our recent investments in products and infrastructure to enhance future growth and increase recurring revenues.

Post period end, the Group returned to profitability and positive operating cashflows during the first five months of FY 2023, whilst also continuing to grow revenues.

A full update on our financial performance for FY 2022 and progress in the current year will be provided in the upcoming annual report."

https://www.lse.co.uk/rns/NWT/trading-update-intr433crv89jfd.html

27th Oct 2022 7:00 am RNS Trading Update

"Newmark Security plc (AIM: NWT), a leading provider of electronic, software and physical security systems, today provides an update on trading ahead of the publication of its results for the year-ended 30 April 2022 ("FY 2022"), subject to finalisation of the audit.

Highlights:

• Strong revenue growth, with revenue of approximately £19 million (2021: £17.6 million), driven by Human Capital Management ("HCM") sales in the US and customer uptake of new products

• Enhanced product offering and end-to-end solutions driving client base expansion

• Delivering recurring income and optimising product mix provides for sustainable growth

As announced on 24 October 2022, the Company expects to release its FY 2022 results at the end of November.

As noted in the Company's year-end trading update, announced on 24 May 2022, sharp increases in componentry and freight costs impacted the Group's margins. However, we have implemented a programme of strict cost control and increased prices to mitigate the effect of higher costs to the extent possible, which has resulted in reduced losses for the second half of FY 2022. The full benefits of price increases and cost measures will be seen in the current financial year.

Operations

People and Data Management division - Grosvenor Technology ("Grosvenor")

Significant process was made during the year in the evolution of Grosvenor's business model, which now encompasses hardware-enabled software and services centres focused on providing customers with 'secure cloud control'. There was ongoing success in the North American HCM operations, which continued to deliver double-digit growth. Grosvenor is launching a new HCM SaaS Cloud Control platform in FY 2023 which is expected to increase high-margin, recurring revenues.

Physical Security Solutions division - Safetell

The Group's strategy is to build the services side of the business and took initiatives during FY 2022 to implement this, which are delivering positive results and supporting the return of Safetell to growth. Demand for security products and services partially recovered during the year compared to the prior year, where demand had been significantly impacted by the effects of the COVID pandemic, and the Group is well positioned to accelerate and scale to meet the increase in demand. Safetell is in the process of introducing new products, new strategic partnerships and improvements throughout the business which are expected to support its growth. ..."

https://www.lse.co.uk/rns/NWT/trading-update-intr433crv89jfd.html

24th Oct 2022 2:27 pm RNS 2022 Annual Report & Accounts update

"Newmark Security plc (AIM: NWT), a leading provider of electronic and physical security systems, announces that the publication of the Company's audited annual report and accounts for the year ended 30 April 2022 ("2022 Accounts") has been delayed due to the impact of a number of Covid-19 cases within the finance team at one of its subsidiaries. This has subsequently led to a number of delays with completing the audit.

Pursuant to temporary Covid-19 regulations, the Company has been granted an extension to 31 January 2023 for the publication and filing of its 2022 Accounts. Accordingly, the Company is now expecting to publish its 2022 Accounts at the end of November. The Company will provide an update on trading for the year ended 30 April 2022 prior to the end of October."

https://www.lse.co.uk/rns/NWT/2022-annual-report-accounts-update-43sp4imnosobi3i.html

NWT's last placing was over seven and a half years ago.

And even that was a placing of pre-existing shares, not new shares.

And moreover, at a 'old' price of 2.6p/share (in 2015), which equates to a 'new' price 130p/share consolidation-adjusted.

This highlights how NWT is a business of real quality and substance, not just one of the numerous AIM penny share 'rubbish' companies reliant on 'greater fool' funding to keep them going ... until such time as the money dries up.

NWT is a company that you would expect other business to be seriously interested in buying at greater than its current s.p.

Whereas with some other AIM shares, businesses might rather prefer to pay NOT to own them, as they are just liabilities.

The more times that elapses, the more likelihood I think that NWT are engaged in takeover talks (i.e takeover of NWT).

This I should stress is pure speculation on my part though, & I may be completely wrong.

Either way, we should soon find out.

As regards a takeover value for NWT, I would think that somewhere in the range of 50p to 100p / share would be most likely.

I.e. at least double its current 23.5p, and possibly treble or quadruple.

17th Mar 2015 11:25 am RNS Placing of 65,595,283 Existing Ordinary Shares

"Newmark Security plc (AIM:NWT), a leading provider of electronic and physical security systems, is pleased to announce that Cantor Fitzgerald Europe has placed 65,595,283 existing ordinary shares of 1p each, representing 14.56% of Newmark's issued share capital, with new and existing institutional investors at 2.6p per share. The shares have been placed on behalf of various members of the Reid family and associates thereof ("Reid Family"), to help satisfy continuing institutional demand (the 'Placing').

Following this Placing, the Reid Family remains beneficially interested in 66,000,000 ordinary shares, which represents 14.65% of the issued share capital of the Company.

Commenting on the Placing, Marie-Claire Dwek, CEO, said: "I believe this is a positive development for the Company as it improves both the liquidity of the shares and builds upon our existing institutional shareholder base."

The Reid Family also commented: "We wish it to be known that we have every confidence in the strategy of Newmark and in the management of the Company. As such, the family is not inclined to effect any further sale of securities over the short to medium term.""

https://www.lse.co.uk/rns/NWT/placing-of-65595283-existing-ordinary-shares-2s09x7f0m7blkxp.html