ECHO.L Regulatory News (ECHO)

Echo Energy PLC

Chairman's Statement, 2017 Interim Accounts

Echo Energy plc (Echo) is an AIM listed, Latin American focused, mid-cap gas company in the making. The Company was launched in March 2017 and is pursuing a bold and adventurous upstream growth strategy across Central and South America.

This LATAM regional exploration / appraisal strategy is focused on accessing multi Tcf, low cost gas piped to high value growing markets across a region which has suffered from a historic period of underinvestment and where there is an immediate market for locally sourced gas.

Corporately, Echo has already made significant progress in building the foundations for the delivery of its growth strategy. Since launch, the Company has raised some £26M of cash, secured a cornerstone investor and introduced a world class team with strong regional connections and an indisputable track record in building mid cap AIM listed gas businesses with sustainable value growth for Private Investors. In five months, Echo has secured two positioning transactions in Bolivia, one of the few remaining 'untapped' prolific hydrocarbon provinces and the key gas supply hub in the region. We expect to secure further corporate and asset transactions in Bolivia and beyond (including Argentina and the Caribbean) in the near term. It is then the Company's intention to selectively bring in pre-identified strategic partners to the business to fund and technically de-risk the larger assets.

Echo is an entrepreneurial, high growth vehicle led and backed by an experienced team and managed with an eye for private investors. We believe our Company provides a compelling investment proposition for investors at this specific point in the cycle.

James Parsons, Chairman Echo Energy Plc

Echo Energy PLC

Chief Executive Officer's Statement

Since the company's relaunch it has been a very busy start for the new management team at Echo and we have already taken our first steps of creating the building blocks of a mid-cap E&P company alongside building a portfolio with multi-Tcf potential.

In June 2017, we signed a Joint Evaluation Agreement (JEA) with Pluspetrol, a privately owned major oil & gas company in the region, giving us the opportunity to secure an 80% operated interest in the Huayco Block in Southern Bolivia. The signing of this JEA was shortly followed by the signature of a tri-partite Technical Evaluation Agreement (TEA) between Echo, Pluspetrol and YPFB (the Bolivian National Oil Company) over the Rio Salado Block which surrounds Huayco and contains an extension of the previously identified structure.

Both agreements will allow Echo to assess the resource prospectivity of the Greater Huayco Region whilst not committing the Company to a work programme until the sub-surface potential is fully understood.

We see our partnership with Pluspetrol as a long-term relationship with durability and scope to broaden across Bolivia and the region as a whole. This entry into Bolivia provides the company with a toe-hold in the country underpinning the importance of the regional relationships already established.

The coming months will see your new management team add more assets to the portfolio, continue to develop our regional partnerships and assess merits of a number of opportunities across the LatAm region where we will be focussed on delivering access to high value assets based on rigorous technical and commercial analysis. We are technically driven but nimble and opportunistic and believe that the E&P cycle is at a low point that will enable us to build a portfolio across the region whilst benefitting from what we expect will be improving markets and business environment.

Fiona MacAulay, Chief Executive Officer Echo Energy Plc

Echo Energy PLC

Consolidated statement of comprehensive income

Six months ended 30 June 2017

Unaudited

Unaudited

Audited

1 January 2017

1 January 2016

1 January 2016

 to 30 June

 to 30 June

to 31 December

2017

2016

2016

£

£

£

Notes

Continuing operations

Revenue

2

-

-

-

Cost of sales

-

-

-

Gross profit

-

-

-

Administrative expenses

(1,287,580)

(281,672)

(1,325,362)

Other operating income

-

-

-

Operating loss

(1,287,580)

(281,672)

(1,325,362)

Financial income

369

114

144

Financial expense

(364,288)

(17,143)

(23,739)

Share of post-tax losses of equity

accounted joint ventures

-

-

-

Loss before tax

(1,651,499)

(298,701)

(1,348,957)

Taxation

3

-

-

-

Loss from continuing operations

(1,651,499)

(298,701)

(1,348,957)

Discontinued operations

Loss after taxation for the period from

discontinued operations

(24,759)

(149,992)

(5,905,227)

Loss for the period

(1,676,258)

(448,693)

(7,254,184)

Other comprehensive income:

Other comprehensive income to be reclassified to profit

or loss in subsequent periods (net of tax)

Exchange difference on translating foreign operations

2,121

624,689

807,370

Total comprehensive profit/(loss) for the period

(1,674,137)

175,996

 (6,446,814)

Loss attributable to:

Owners of the parent

(1,676,258)

(448,693)

 (7,254,184)

Total comprehensive profit/(loss) attributable to:

Owners of the parent

(1,674,137)

5,996

(6,446,814)

Loss per share (pence)

4

Basic

(0.9)

(2.1)

 (18.6)

Diluted

(0.9)

(2.1)

 (18.6)

Loss per share (pence) from continuing operations

Basic

(0.9)

(1.4)

(3.5)

Diluted

(0.9)

(1.4)

(3.5)

Echo Energy PLC

Consolidated statement of financial position

As at 30 June 2017

Unaudited

Unaudited

Audited

30 June

30 June

31 December

2017

2016

2016

£

£

£

Notes

Non-current assets

Property, plant and equipment

1,957

8,303

3,647

Other intangible assets

5

432,486

432,486

432,486

Investments in equity-accounted

joint ventures

6

-

-

-

434,443

440,789

436,133

Current assets

Other receivables

118,239

686,523

235,217

Cash and cash equivalents

25,545,780

61,366

182,164

25,664,019

747,889

417,381

Assets held for distribution

91,808

5,680,861

89,371

25,755,827

6,428,750

506,752

Current liabilities

Trade and other payables

(479,890)

(861,691)

(417,801)

Liabilities directly associated with the

assets held for distribution

(11,864)

(47,403)

11,548)

(491,754)

(909,094)

9,349)

Net current assets

25,264,073

5,519,656

77,403

Non-current liabilities

Loans due in over one year

10

(10,245,639)

-

-

Net assets

15,452,877

5,960,445

513,536

Equity attributable to equity holders of the parent

Share capital

7

3,104,919

2,327,488

2,430,612

Share premium

8

25,439,364

17,247,816

17,621,763

Shares to be issued

277,468

-

277,468

Share option reserve

103,058

84,357

85,515

Share warrant reserve

8,730,575

302,453

714,977

Foreign currency translation reserve

473,801

288,999

471,680

Retained earnings

(22,676,308)

(14,290,668)

 (21,088,479)

Total equity

15,452,877

5,960,445

513,536

Echo Energy PLC

Consolidated statement of changes in equity

Six months ended 30 June 2017

Foreign

Shares

Share

Share

currency

Retained

Share

Share

to be

option

warrant

translation

earnings

capital

premium

issued

reserve

reserve

reserve

Total

£

£

£

£

£

£

£

£

Six months to 30 June 2017

1 January 2017

(21,088,479)

 2,430,612

17,621,763

 277,468

 85,515

714,977

471,680

513,536

Loss for the period

(1,676,258)

-

-

-

-

-

-

(1,676,258)

Exchange differences

- 

- 

-

-

-

-

2,121

2,121

Total comprehensive loss

for the period

(1,676,258)

- 

-

-

-

-

2,121

(1,674,137)

New shares issued

-

674,307

7,506,397

-

-

-

-

8,180,704

Share issue costs

-

-

(101,320)

-

-

-

-

(101,320)

New share warrants issued

-

-

-

-

-

8,448,812

-

8,448,812

Warrants exercised

-

-

412,524

-

-

(412,524)

-

-

Warrants lapsed

20,690

-

-

-

-

(20,690)

-

-

Share options lapsed

in the period

67,739

-

-

-

(67,739)

-

-

-

Share-based payments

-

-

-

-

 85,282

-

-

85,282

30 June 2017

(22,676,308)

 3,104,919

25,439,364

 277,468

 103,058

 8,730,575

 473,801

15,452,877

Six months to 30 June 2016

1 January 2016

(13,841,975)

 2,159,247

16,628,623

-

71,718

302,453

(335,690)

4,984,376

Loss for the period

(448,693)

-

-

-

-

-

-

(448,693)

Exchange differences

-

-

-

-

-

-

624,689

624,689

Total comprehensive loss

for the period

(448,693)

-

-

-

-

-

624,689

175,996

New shares issued

-

168,241

629,082

-

-

-

-

797,323

Share issue costs

-

-

(9,889)

-

-

-

-

(9,889)

New share warrants issued

-

-

-

-

-

-

-

-

Share options lapsed

in the period

-

-

-

-

-

-

-

-

Share-based payments

-

-

-

-

12,639

-

-

12,639

30 June 2016

(14,290,668)

 2,327,488

17,247,816

-

 84,357

302,453

288,999

5,960,445

Year to 31 December 2016

1 January 2016

(13,841,975)

 2,159,247

16,628,623

-

71,718

302,453

(335,690)

4,984,376

Loss for the period

(7,254,184)

-

-

-

-

-

-

(7,254,184)

Exchange differences

-

-

-

-

-

-

807,370

807,370

Total comprehensive loss

for the period

(7,254,184)

-

-

-

-

-

807,370

(6,446,814)

New shares issued

-

264,065

887,329

-

-

-

-

1,151,394

New share warrants issued

- 

- 

-

-

-

412,524

-

412,524

Share issue costs

-

-

(9,889)

-

-

-

-

(9,889)

Share options lapsed

in the period

7,680

-

-

-

 (7,680)

-

-

-

Share-based payments

-

7,300

115,700

 277,468

21,477

-

-

421,945

31 December 2016

(21,088,479)

 2,430,612

17,621,763

 277,468

 85,515

714,977

471,680

513,536

Echo Energy PLC

Consolidated statement of cash flows

Six months ended 30 June 2017

Unaudited

Unaudited

Audited

1 January 2017

1 January 2016

1 January 2016

 to 30 June

to 30 June

to 31 December

2017

2016

2016

£

£

£

Cash flows from operating activities

Loss from continuing operations

(1,651,499)

(298,701)

(1,348,957)

Loss from discontinued operations

(24,759)

(149,992)

(5,905,227)

(1,676,258)

(448,693)

(7,254,184)

Adjustments for:

Depreciation of property, plant and equipment

1,690

3,212

5,431

Impairment of intangible assets and goodwill

-

-

5,756,250

Loss on disposal of property, plant and equipment

-

-

2,437

Share of post-tax loss of equity accounted joint ventures

-

137,906

137,906

Share-based payments

85,282

12,639

421,945

Warrants issued

-

-

412,524

Financial income

(369)

(114)

(144)

Financial expense

364,288

17,143

23,739

(1,225,367)

(277,907)

(494,096)

(Increase)/decrease in other receivables

119,099

(293,730)

283,265

(Increase)/decrease in assets held for distribution

(2,121)

7,182

(11,557)

(Decrease)/increase in trade and other payables

(87,272)

245,758

(684,735)

Cash used in operations

(1,195,661)

(318,697)

(907,123)

Income taxes received

-

-

-

Net cash used in operating activities

(1,195,661)

(318,697)

(907,123)

Cash flows used in investing activities

Interest received

369

114

144

Interest paid

(153,731)

-

(23,739)

Proceeds on disposal of property, plant and equipment

-

-

-

Acquisition of equity accounted joint venture

-

-

-

Purchase of intangible assets

-

-

-

Purchase of property, plant and equipment

-

(396)

(396)

Net cash used in investing activities

(153,362)

(282)

(23,991)

Cash flows from financing activities

Net proceeds from debt

13,346,750

200,000

-

Issue of share capital

13,365,889

93,577

1,026,510

Share issue costs

-

(9,889)

(9,889)

Net cash from financing activities

26,712,639

283,688

1,016,621

Net increase/(decrease) in cash and cash equivalents

25,363,616

(35,291)

85,507

Cash and cash equivalents at beginning of the period

182,164

96,657

96,657

Cash and cash equivalents at end of the period

25,545,780

61,366

182,164

Echo Energy PLC

Notes to the interim financial information

Six months ended 30 June 2017

1.

Accounting policies

General information

The interim financial information is for Echo Energy PLC ("the company") and subsidiary undertakings (together, the "Group"). The company is registered in England and Wales and incorporated under the Companies Act 2006. The consolidated financial information is presented in GBP ("£") unless otherwise stated.

Basis of preparation

The interim financial information, for the period from 1 January 2017 to 30 June 2017, has been prepared under the historical cost convention and in accordance with International Financial Reporting Standards and International Accounting Standards as adopted by the European Union, and on the going concern basis. They are in accordance with the accounting policies set out in the statutory accounts for the year ended 31 December 2016 and are expected to be applied for the year ended 31 December 2017.

The Interim Report is unaudited and does not constitute statutory financial statements. The financial information for the period ended 30 June 2016 does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006 but is based on the statutory financial statements for the year ended 31 December 2016. Those accounts, upon which the auditors issued a qualified opinion in relation to the operation of the joint venture arrangements relating to the group's 25 per cent. working interest in the East Ghazalat production licence, have been delivered to the Registrar of Companies.

The interim consolidated financial statements for the six months ended 30 June 2017 have been prepared in accordance with IAS 34, Interim Financial Reporting.

The operations of Echo Energy PLC are not affected by seasonal variations.

The directors do not propose a dividend for the period (2016: nil).

The Interim Report for the six months ended 30 June 2017 was approved by the Directors on 3rd August 2017

Copies of the Interim Report are available from the Company's website www.echoenergyplc.com.

Going concern

The financial information has been prepared assuming the Group will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations.

The assessment has been made based on the Group's anticipated activities which have been included in the financial forecast for the years 2017-2018.

To support the new LATAM strategy the group has, during the reporting period, completed a number of institutional funding rounds and one open offer with each equity fundraise being placed at nil discount to market. This funding will be used to acquire new assets and fund the administrative costs of the group.

Based on the above, the directors have formed a judgment that the going concern basis should be adopted in preparing the interim financial information. The interim financial information does not include any adjustments that may be required should the Group be unable to continue as a going concern. If the Group were unable to continue as a going concern, then adjustments would be necessary to write assets down to their recoverable amounts, non-current assets and liabilities would be reclassified as current assets and liabilities and provisions would be required for any costs associated with closure.

The directors continue to explore all forms of potential fundraising at both a corporate and asset level.

In relation to Ksar Hadada, management's intention remains to secure a farm-in or investment partner to cover programme costs.

Based on the above, the directors have formed a judgment that the going concern basis should be adopted in preparing the financial statements.

Should the Group be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities which might arise and to classify fixed assets as current.

2.

Business segments

The Group has adopted IFRS 8 operating segments from 1 October 2009. Per IFRS 8, operating segments are based on internal reports about components of the Group, which are regularly reviewed and used by the Board of Directors being the Chief Operating Decision Maker ("CODM") for strategic decision making and resource allocation, in order to allocate resources to the segment and to assess its performance. The Group's reportable operating segments are as follows:

a.

Parent company

b.

Ksar Hadada

The previously reported segments of Ribolla Basin CBM assets and Rivara have been classified as a discontinued operation and has been excluded from the analysis below.

The CODM monitors the operating results of each segment for the purpose of performance assessments and making decisions on resource allocation. Performance is based on assessing progress made on projects and the management of resources used. Segment assets and liabilities are presented inclusive of inter-segment balances.

The Group did not generate any revenue during the six month period to 30 June 2017, or in the six month period to 30 June 2016, or the year to 31 December 2016.

Parent

company

Ksar Hadada

Consolidation

Total

£

£

£

£

Six months to 30 June 2017

Interest revenue

369

-

-

369

Interest expense

(364,278)

(10)

-

(364,288)

Depreciation

1,690

-

-

1,690

Impairment of

intangible assets

-

-

-

-

Income tax

-

-

-

-

Loss for the period

before taxation

(1,634,891)

(41,367)

24,759

(1,651,499)

Assets

26,847,520

432,640

(1,181,698)

26,098,462

Liabilities

(10,701,192)

(1,120,469)

 1,096,132

(10,725,529)

Six months to 30 June 2016

Interest revenue

114

-

-

114

Interest expense

(17,143)

-

-

(17,143)

Depreciation

3,212

-

-

3,212

Impairment of

intangible assets

-

-

-

-

Income tax

-

-

-

-

Loss for the period

before taxation

(5,929)

(1,195)

(291,577)

(298,701)

Assets

5,331,790

435,810

(4,578,922)

1,188,678

Liabilities

 (843,435)

 (1,048,715)

1,030,459

(861,691)

Year to 31 December 2016

Interest revenue

57,331

-

(57,187)

144

Interest expense

(23,739)

-

-

(23,739)

Depreciation

5,431

-

-

5,431

Impairment of

intangible assets

-

-

-

-

Income tax

-

-

-

-

Loss for the period

before taxation

(4,487,164)

(34,752)

3,172,959

(1,348,957)

Assets

1,579,091

433,226

(1,158,803)

853,514

Liabilities

 (411,350)

(1,079,688)

1,073,237

(417,801)

2.

Business segments

The geographical split of non-current assets arises as follows:

 United

 Kingdom

 Overseas

 Total

£

£

£

30 June 2017

Intangible assets

-

432,486

432,486

Property, plant and equipment

1,957

-

1,957

30 June 2016

Intangible assets

-

432,486

432,486

Property, plant and equipment

8,303

-

8,303

31 December 2016

Intangible assets

-

432,486

432,486

Property, plant and equipment

3,647

-

3,647

3.

Taxation

The Group has tax losses available to be carried forward in certain subsidiaries and the parent. With anticipated substantial lead times for the Group's projects, and the possibility that these may therefore expire before their use, it is not considered appropriate to anticipate an asset value for them.

No tax charge has arisen during the six month period to 30 June 2017, or in the six month period to 30 June 2016, or the year to 31 December 2016.

4.

Loss per share

The calculation of basic and diluted loss per share at 30 June 2017 was based on the loss attributable to ordinary shareholders of £1,676,258 (six month period to 30 June 2016: £448,693, year to 31 December 2016: £7,254,184). The weighted average number of ordinary shares outstanding during the period ending 30 June 2017 and the effect of dilutive ordinary shares to be issued are shown below.

30 June 2017

30 June 2016

31 December 2016

£

£

£

Net loss for the period

 (1,676,258)

(448,693)

(7,254,184)

Basic weighted average ordinary shares

in issue during the period

 186,159,251

21,644,235

 38,962,494

Diluted weighted average ordinary shares

in issue during the period

 186,159,251

21,644,235

 38,962,494

Loss per share (pence)

Basic

(0.9)

(2.1)

(18.6)

Diluted

(0.9)

(2.1)

(18.6)

In accordance with IAS 33 and as the average share price in the year is lower than the exercise price, the share options do not have a dilutive impact on earnings per share for the period ending 30 June 2017.

Deferred shares have been excluded from the calculation of loss per share due to their nature. Please see note 7 for details of their rights.

5.

Other intangible assets

Development and exploration

Rivara gas

Ksar Hadada

storage

Ribolla Basin

exploration

facility

CBM assets

acreage

Total

£

£

£

£

Six month period 30 June 2017

Cost

1 January 2017

5,756,250

4,501,130

1,513,315

11,770,695

Exchange differences

156,845

122,646

-

279,491

Additions (net of credits received)

-

-

-

-

30 June 2017

5,913,095

4,623,776

 1,513,315

12,050,186

Amortisation

1 January 2017

5,756,250

4,501,130

1,080,829

11,338,209

Exchange differences

156,845

122,646

-

 279,491

30 June 2017

5,913,095

4,623,776

 1,080,829

11,617,700

Carrying value

30 June 2017

-

-

432,486

432,486

31 December 2016

-

-

432,486

432,486

Six month period to 30 June 2016

Cost

1 January 2016

4,950,206

3,870,839

1,517,641

10,338,686

Exchange differences

624,169

488,072

-

1,112,241

Additions

-

-

(4,326)

(4,326)

30 June 2016

5,574,375

4,358,911

1,513,315

11,446,601

Amortisation

1 January 2016

-

3,870,839

1,080,829

4,951,668

Exchange differences

-

 488,072

-

488,072

30 June 2016

-

 4,358,911

 1,080,829

 5,439,740

Carrying value

30 June 2016

5,574,375

-

432,486

6,006,861

Year to 31 December 2016

Cost

1 January 2016

4,950,206

3,870,839

1,517,641

10,338,686

Exchange differences

806,044

630,291

-

1,436,335

Disposals

-

-

(4,326)

(4,326)

31 December 2016

5,756,250

 4,501,130

1,513,315

11,770,695

Amortisation

1 January 2016

-

3,870,839

1,080,829

4,951,668

Exchange differences

-

630,291

-

630,291

Impairment charge for year

5,756,250

-

-

 5,756,250

31 December 2016

5,756,250

4,501,130

1,080,829

11,338,209

Carrying value

31 December 2016

-

-

432,486

 432,486

The primary intangible assets are all internally generated.

For the purpose of impairment testing of intangible assets, recoverable amounts have been determined based upon the value in use of the Group's three projects.

Rivara gas storage facility

The Group holds a 100% interest in Rivara Gas Storage srl. Intangible assets include an amount of £5,756,000 with respect to project expenditure. The regional council, Regione Emilia Romagna, where the project is located is currently denying authorisation for project development. However authorisation has been granted by the national government. As a result Rivara Gas Storage srl has appealed against this decision to the Emilia Romagna Bologna Administrative Court.

Whilst the Group has obtained third party legal opinions regarding the appeal and believe that they would be successful in their appeal it has been decided, for strategic reasons, to close its Italian operations and therefore this asset has been impaired in full during the year to 31 December 2016.

6.

Investments in equity-accounted joint ventures

30 June 2017

30 June 2016

31 December 2016

£

£

£

Cost

294,891

294,891

294,891

Share of post-tax losses of equity accounted joint ventures

1 January 2017

294,891

156,985

156,985

Share of post-tax losses of equity accounted joint ventures for the period

-

137,906

137,906

30 June 2017

294,891

294,891

294,891

Carrying value at 30 June 2017

-

-

-

During the period, the Group disposed of its 50% interest in Independent Resources (Egypt) Limited to its joint venture partner Nostra Terra Oil & Gas Company plc (the 'buyer') a UK resident company whose shares are traded on the AIM market of the London Stock Exchange.

The terms of the disposal provide for a total consideration of USD $500,000, split into three tranches. A payment of USD $100,000 is due when the Egyptian General Petroleum Corporation approve the registration of any member of the buyer's group as a party to the concession. The balance of the consideration is payable in two tranches triggered upon achievement of two performance milestones, namely production of 800 bopd from the area for 30 consecutive days and production of 1,000 bopd from the area for 30 consecutive days.

7.

Share capital

30 June 2017

30 June 2016

31 December 2016

£

£

£

Issued, called up and fully paid

361,473,066 ordinary shares of 0.25p

(June 2016: 1,262,504,294 December 2016: 2,293,479,294 ordinary shares of 0.01p)

1 January 2017

2,430,612

2,159,247

2,159,247

Equity shares issued

 674,307

168,241

 271,365

30 June 2017

 3,104,919

2,327,488

2,430,612

The holders of 0.25p ordinary shares are entitled to receive dividends from time to time and are entitled to one vote per share at meetings of the company.

In addition to the 0.25p ordinary shares detailed above, as part of capital reorganisations in 2015 and 2016, 202,591,368 deferred shares with a nominal value of 0.9p and 419,905,876 2016 deferred shares with a nominal value of 0.09p have been created. The deferred shares and the 2016 deferred shares have no value or voting rights and the shareholders were not issued with a share certificate, nor are they listed on AIM. These shares remain issued, called up and fully paid at the period end.

During the period warrant holders exercised a total of 1,006,157,250 warrants in order to acquire 0.01p shares at either 0.08p or 0.12p per share.

Prior to 22 May 2017 the company issued 3,222,649,508 0.01p shares in addition to warrants exercised.

On 22 May 2017 the company consolidated its shares into 0.25p ordinary shares on the basis of one 0.25p ordinary share per every 25 0.01p ordinary shares.

On 2 June 2017 the company issued 100,570,824 0.25p ordinary shares.

8.

Share premium account

30 June 2017

30 June 2016

31 December 2016

£

£

£

1 January 2017

17,621,763

16,628,623

16,628,623

Premium arising on the issue of equity shares

7,918,921

629,082

1,003,029

Transaction costs

(101,320)

(9,889)

(9,889)

30 June 2017

25,439,364

17,247,816

 17,621,763

9.

Warrants over ordinary shares

Details of the tranches of warrants outstanding at the period-end are as follows:

Date of grant

01/01/2017

Issued/

30/06/2017

Date from which

Lapse

Exercise

Number of

lapsed in

Number of

warrants may be

date

price per

warrants

the year

warrants

first exercised

warrants

08/05/2015

368,000

(368,000)

-

08/05/2015

28/05/2017

37.50p

08/05/2015

160,000

-