Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGusbourne Regulatory News (GUS)

Share Price Information for Gusbourne (GUS)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 60.50
Bid: 60.00
Ask: 61.00
Change: -3.50 (-5.47%)
Spread: 1.00 (1.667%)
Open: 64.00
High: 64.00
Low: 60.50
Prev. Close: 64.00
GUS Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Half-year Report

27 Sep 2018 07:00

RNS Number : 0768C
Gusbourne PLC
27 September 2018
 

Gusbourne Plc

("Gusbourne" or the "Company")

Half Yearly Report

Gusbourne Plc, the English sparkling wine producer, today announces its unaudited interim results for the six months ended 30 June 2018.

Highlights

· Revenue up by 13% to £429,000 (30 June 2017: £378,000)

· Gross profit up by 25% to £268,000 (30 June 2017: £214,000)

· An EBITDA loss of £427,000 (30 June 2017: £329,000), reflecting planned investment in line with management's expectations at this stage of the Company's production and sales maturity.

· Ongoing success in major wine competitions including "Best Sparkling Wine", Best Still Wine" and overall "Star of England" at the inaugural Harpers Wine Stars of England competition.

Charlie Holland, Chief Winemaker and Chief Executive Officer commented:

"Our results for the half year continue to show steady progress towards our goals for Gusbourne, in line with our strategy to further grow and develop the business in a manner which remains consistent with our long term aspirations for the Gusbourne brand. We intend to continue to produce and sell a range of vintage wines of exceptional quality from grapes grown in our own vineyards."

Awards

Awards during the period and post period end have included:

· In May 2018, Gusbourne was awarded "Best Sparkling Wine", Best Still Wine" and overall "Star of England" at the inaugural Harpers Wine Stars of England competition.

· At the Wine GB awards in July 2018 Gusbourne was awarded Gold medals for the Blanc de Blancs 2013, Pinot Noir 2016 and Guinevere 2014 and silver medals for the Brut Reserve 2014 and Rose 2014. The Blanc de Blanc 2013 went on to win the trophy for most outstanding Blanc de Blancs and the Pinot Noir 2016 was awarded the trophy for most outstanding still red wine.

· In August 2018 the Brut Reserve 2013 was awarded gold medal and the 'best in class' trophy at the Champagne and Sparkling Wine World Championships (CSWWC).

Financials

Results for the six months ended 30 June 2018

Revenue for the period amounted to £429,000 (30 June 2017: £378,000). Administrative expenses of £1,028,000 (30 June 2017: £746,000) includes depreciation of £307,000 (30 June 2017: £220,000) reflecting the increased capital spend. Excluding depreciation, administrative expenses amounted to £721,000 (30 June 2017: £526,000), the increase of £195,000 reflecting additional staff and other costs required to support the ongoing development and growth of the business.

The operating loss for the period was £734,000 (30 June 2017: £549,000), and EBITDA (operating loss before depreciation and amortisation) amounted to a loss of £427,000 (30 June 2017: EBITDA loss of £329,000). The loss before tax was £906,000 (30 June 2017: £815,000) after finance expenses of £172,000 (30 June 2017: £266,000).The lower finance costs primarily related to the discount expense on outstanding deep discount bonds.

These planned losses continue to be in line with management's expectations at this stage of the Group's production and sales maturity and in line with the long-term development plan for the Group.

Balance Sheet

The changes in the Group's balance sheet during the year reflect expenditure on the ongoing investment in, and development of, the Group's business, net of income from wine sales. This expenditure includes the ongoing investment in the vineyards established in West Sussex and Kent between 2013 and 2015. This investment in vineyards is reflected in capital expenditure during the period of £39,000 (30 June 2017: £174,000).

In addition, the Group invested in additional plant and equipment for the vineyards and the winery during the period amounting to £415,000 (30 June 2017: £270,000).

Total assets at 30 June 2018 of £17,678,000 (31 December 2017: £17,466,000) include freehold land and buildings of £6,518,000 (31 December 2017: £6,539,000), vineyards of £3,251,000 (31 December 2017: £3,260,000), inventories of wine stocks amounting to £3,781,000 (31 December 2017: £3,484,000), and £462,000 of cash (31 December 2017: £1,464,000). Intangible assets of £1,007,000 (31 December 2017: £1,007,000) arose on the acquisition of the Gusbourne Estate business on 27 September 2013.

An important aspect of the Group's balance sheet is the increasing investment in the operating assets of the business. The Group's inventories are reported at the lower of cost and net realisable value. These inventories are expected to grow significantly until the Group reaches full production maturity, considering the long production cycle in relation to sparkling wine and related vineyard establishment. The anticipated underlying surplus of net realisable value over cost of these wine inventories, which is not reflected in these accounts, is expected to become an increasingly significant factor of the Group's asset base.

Financing

The Group's activities are financed by shareholders' equity, bank loans and other borrowings. Bank loans and other borrowings at 30 June 2018 amounted in total to £5,860,000 (31 December 2017: £4,778,000) and represent 51% of total equity (31 December 2017: 39%).

On 5 September 2018, Gusbourne announced that it had raised approximately £3.7 million by way of an issue of 6,221,699 new ordinary shares at a price of 60 pence per share. In addition., 6,221,699 warrants have been issued on a 1 for 1 basis to subscribers of these new shares, at an exercise price of 60p. These warrants can be exercised at any time up to 30 September 2019.

 

Lord Ashcroft KCMG PC subscribed for £2,702,517 representing 4,504,510 new ordinary shares., of which £1,000,000 together with accrued interest was satisfied through the repayment of the shareholder loan, in full, which was provided to the Company on 31 May 2018.

 

The Company's secured loan of £2m with Barclays Bank was due for repayment on 25 September 2018. The Company is currently negotiating an extended loan facility with the bank and a further announcement will be made in due course.

The achievement of the Group's long-term development strategy is expected to require raising of further equity and/or debt funds to achieve those goals. The production of premium quality wine from new vineyards is, by its very nature, a long-term project. It takes four years to bring a vineyard into full production and a further four years to transform these grapes into Gusbourne's premium sparkling wine. Additional funding will be sought by the Company over the coming few years to fund ongoing growth in the Company's operations and asset base, in line with its development strategy.

 

For further information contact:

Gusbourne Plc

Charlie Holland +44 (0)1233 758 666

Cenkos Securities plc

Nicholas Wells +44 (0)20 7397 8920

Note: This announcement and other press releases are available to view at the Company's website: www.gusbourneplc.com

Note to Editors

Gusbourne PLC ("the Company") is engaged, through its wholly owned subsidiary Gusbourne Estate Limited (together the "Group"), in the production and distribution of a range of high quality and award winning English sparkling wines from grapes grown in its own vineyards in Kent and West Sussex. The majority of the Group's mature vineyards are located at its freehold estate at Appledore in Kent where the winery is also based. The Group has a total of 231 acres of vineyards.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2018

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

Six months to

Six months to

 

 Year ended

 

 

 

30 June

 

30 June

31 December

 

 

Notes

 

2018

 

2017

 

2017

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

429

 

378

 

998

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

(161)

 

(164)

 

(381)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

268

 

214

 

617

 

 

 

 

 

 

 

 

 

 

 

Fair value movement in biological assets

6

 

26

 

(17)

 

-

 

Fair movement in biological produce

6

 

-

 

-

 

(27)

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

 

(1,028)

 

(746)

 

(1,759)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(734)

 

(549)

 

(1,169)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance expense

3

 

(172)

 

(266)

 

(469)

 

 

 

 

 

 

 

 

 

 

 

 

Loss before tax

 

 

(906)

 

(815)

 

(1,638)

 

 

 

 

 

 

 

 

 

 

Tax expense

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Loss for the period attributable to

 

 

 

 

 

 

 

 

owners of the parent

 

 

(906)

 

(815)

 

(1,638)

 

 

 

 

 

 

 

 

 

 

Loss per share attributable to

 

 

 

 

 

 

 

 

the ordinary equity holders of the parent:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

(2.30p)

 

(3.43p)

(3.2

(5.26p)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2018

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

30 June

 

30 June

31 December

 

 

Notes

 

2018

 

2017

 

2017

 

Assets

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangibles

4

 

1,007

 

1,007

 

1,007

 

Property, plant and equipment

5

 

11,377

 

10,743

 

11,230

 

 

 

 

12,384

 

11,750

 

12,237

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Biological assets

6

 

625

 

389

 

-

 

Inventories

7

 

3,781

 

2,386

 

3,484

 

Trade and other receivables

 

 

426

 

668

 

281

 

Cash and cash equivalents

 

 

462

 

3,136

 

1,464

 

 

 

 

5,294

 

6,579

 

5,229

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

17,678

 

18,329

 

17,466

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

(394)

 

(558)

 

(358)

 

Finance leases

 

 

(47)

 

(52)

 

(49)

 

Loans and borrowings

8

 

(3,064)

 

(34)

 

(2,059)

 

 

 

 

(3,505)

 

(644)

 

(2,466)

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans and borrowings

8

 

(2,692)

 

(6,524)

 

(2,590)

 

Finance leases

 

 

(57)

 

(104)

 

(80)

 

Convertible deep discount bonds

 

 

-

 

-

 

-

 

 

 

 

(2,749)

 

(6,628)

 

(2,670)

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

(6,254)

 

(7,272)

 

(5,136)

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

11,424

 

11,057

 

12,330

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

At 30 June 2018

 

 

Issued capital and reserves attributable to

 

 

 

 

 

 

 

 

owners of the parent

 

 

 

 

 

 

 

 

Share capital

 

 

11,977

 

11,924

 

11,977

 

Share premium

 

 

6,754

 

4,751

 

6,754

 

Merger reserve

 

 

(13)

 

(13)

 

(13)

 

 

Retained earnings

 

 

(7,294)

 

(5,605)

 

(6,388)

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY

 

 

11,424

 

11,057

 

12,330

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2018

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

Six months to months to

Six months to

 

Year ended

 

 

 

 

30 June

 

30 June

31 December

 

 

 

 

2018

 

2017

 

2017

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

Cashflows from operating activities

 

 

 

 

 

 

 

 

 

Loss for the period/year before tax

 

 

(906)

 

(815)

 

(1,638)

 

Adjustments for:

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

307

 

220

 

479

 

Gain on shares issued to directors in the year

 

 

-

 

-

 

40

 

Profit on disposal of property, plant and equipment

 

-

 

-

 

(3)

 

Finance expense

 

 

172

 

266

 

469

 

Movement in biological assets

 

(625)

 

(389)

 

-

 

Fair value movement in biological produce

 

-

 

-

 

27

 

(Increase)/decrease in trade and other receivables

 

(148)

 

(373)

 

28

 

Increase in inventories

 

 

 

(297)

 

(137)

.

(1,264)

 

Increase in trade and other payables

 

 

 

36

 

222

 

45

 

Cash outflow from operations

 

 

(1,461)

 

(1,006)

 

(1,817)

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment,

 

 

 

 

 

 

 

 

excluding vineyard establishment

 

 

(415)

 

(760)

 

(1,636)

 

Investment in vineyard establishment

 

 

(39)

 

(174)

 

(86)

 

Sale of property, plant and equipment

 

 

-

 

-

 

7

 

Net cash from investing activities

 

 

(454)

 

(934)

 

(1,715)

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Capital loan repayments

(17)

 

(17)

 

(34)

 

Short term loan*

1,000

 

1,000

 

1,000

 

Repayment of finance leases

(25)

 

(26)

 

(52)

 

Interest paid

 

 

(45)

 

(44)

 

(82)

 

Issue of ordinary shares

 

 

-

 

3,202

 

3,203

 

Share issue expenses

 

 

-

 

(162)

 

(162)

 

Net cash from financing activities

 

 

913

 

3,953

 

3,873

 

 

 

 

 

 

 

 

 

 

           

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

For the six months ended 30 June 2018

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

Six months to Six months to

Six months to

 

Period to

 

 

 

 

30 June

 

30 June

31 December

 

 

 

 

2018

 

2017

 

2017

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

 

 

(1,002)

 

2,013

 

341

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

1,464

 

1,123

 

1,123

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

 

462

 

3,136

 

1,464

 

 

 

 

 

 

 

 

 

 

            

 

*Non- cash transaction

The short-term loan of £1,000,000 shown in the period ended 30 June 2017 and, in the year, ended 31 December 2017 was used as part settlement of monies due under the share subscription, which completed on 29 June 2017.

 

The unsecured loan of £1,000,000 received in the period ended 30 June 2018 from Lord Ashcroft KCMG PC was repaid, with interest, as part settlement of monies due under the share subscription, which completed in September 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2018

 

Audited:

Share

capital

Share

premium

Merger

reserve

Retained

earnings

Total

attributable

to equity

holders of

parent

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

31 December 2016

11,820

815

(13)

(4,790)

7,832

 

 

 

 

 

 

Share issue

104

4,098

-

-

4,202

 

Share issue expenses

-

(162)

-

-

(162)

 

Comprehensive loss for the period

-

-

-

(815)

(815)

 

______

______

______

_____

______

 

 

 

 

 

 

30 June 2017

11,924

4,751

(13)

(5,605)

11,057

 

______

______

______

______

______

 

 

 

 

 

 

Share issue

2

-

-

-

2

 

Bond conversion

51

2,003

-

-

2,054

 

Comprehensive loss for the period

-

-

-

(823)

(823)

 

Gain on shares issued to directors in the year

-

-

-

40

40

 

______

______

______

_____

______

 

 

 

 

 

 

31 December 2017

11,977

6,754

(13)

(6,388)

12,330

 

Unaudited:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss for the period

-

-

-

(906)

(906)

 

______

______

______

_____

______

 

 

 

 

 

 

30 June 2018

11,977

6,754

(13)

(7,294)

11,424

 

______

______

______

______

______

 

 

NOTES TO THE ACCOUNTS

For the six months ended 30 June 2018

 

 

1 Statement of accounting policies

 

The interim financial statements have been prepared in accordance with the recognition and measurement principles as adopted by the EU, applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2017 and are consistent with the accounting policies expected to apply in its financial statements for the year ended 31 December 2018.

 

The financial information for the six months ended 30 June 2018 has not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board. The comparative financial information presented herein for the year ended 31 December 2017 does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Group's annual report and accounts for the year ended 31 December 2017 have been delivered to the Registrar of Companies. The Group's independent auditor's report was unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006.

 

Basis of preparation

 

The Board of the Company continually assesses and monitors the key risks of the business. These risks have not significantly changed from those set out in the Company's Annual Report for the period ended 31 December 2017. The Board has reviewed forecasts and remains satisfied with the Company's funding and liquidity position. On the basis of its forecast and available facilities and cash balances held on the balance sheet, the Board has concluded that the going concern basis of preparation continues to be appropriate.

 

 

2 Loss from operations

 

Loss from operations has been arrived at after charging:

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

30 June

 

30 June

 

31 December

 

 

2018

 

2017

 

2017

 

 

£'000

 

£'000

 

£'000

Depreciation of property, plant and equipment

 

307

 

220

 

479

Staff costs expensed to consolidated

 

 

 

 

 

 

statement of income

 

256

 

104

 

310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Finance expense

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June

 

30 June

 

31 December

 

 

 

2018

 

2017

 

2017

 

 

 

£'000

 

£'000

 

£'000

 

Finance expense

 

 

 

 

 

 

 

Interest payable on borrowings

 

50

 

45

 

82

 

Amortisation of bank transaction costs

 

3

 

 

2

 

5

 

Deep discount bond charge

 

119

 

219

 

382

 

Total finance expense

 

172

 

266

 

469

 

 

 

4 Intangibles

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June

 

30 June

 

31 December

 

 

 

2018

 

2017

 

2017

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

Goodwill 

 

777

 

777

 

777

 

Brand

 

230

 

230

 

230

 

 

 

1,007

 

1,007

 

1,007

 

 

 

5 Property, plant and equipment

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June

 

30 June

 

31 December

 

 

 

2018

 

2017

 

2017

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

Freehold land and buildings

 

6,518

 

5,527

 

6,539

 

Plant, machinery and motor vehicles

 

1,562

 

1,249

 

1,407

 

Vineyard establishment

 

907

 

1,650

 

863

 

Mature vineyards

 

2,344

 

1,746

 

2,397

 

Computer equipment

 

46

 

24

 

24

 

Asset in the course of construction

 

-

 

547

 

-

 

 

 

11,377

 

10,743

 

11,230

 

 

 

6 Biological assets

 

Biological assets represent grapes growing on the Group's vines. Once the grapes are harvested they are deemed to be Biological produce and transferred to inventories.

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

30 June

 

30 June

 

31 December

 

 

2018

 

2017

 

2017

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

Crop growing costs

 

599

 

406

 

1,048

Fair value of grapes harvested and transferred

 

 

 

 

 

 

to inventories

 

-

 

-

 

(1,021)

Fair value movement in biological assets

 

26

 

(17)

 

-

Fair value movement in biological produce

 

-

 

-

 

(27)

 

 

 

 

 

 

 

Fair value of biological assets at the reporting date

 

625

 

389

 

-

 

The fair value of biological assets at the reporting date is determined by reference to estimated market prices less costs to sell. The estimated market price for grapes used in respect of 2018 is £2,300 (2017: £2,300) per tonne. The fair value is subject to a discount factor of 50% due to the grapes, as at the reporting date, being approximately 3 months away from being ready for harvest.

A 10% increase in the estimated market price of grapes to £2,530 per tonne would result in an increase of £65,000 in the fair value of biological assets at the reporting date. A 10% decrease in the estimated market price of grapes to £2,070 per tonne would result in a decrease of £65,000 fair value of biological asset (at the reporting date in the fair value of the grapes harvested in the year.

 

 

7 Inventories

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

30 June

 

30 June

 

31 December

 

 

 

2018

 

2017

 

2017

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

Finished goods

 

83

 

100

 

90

 

Work in progress

 

3,698

 

2,286

 

3,394

 

 

 

 

 

 

 

 

 

 

 

3,781

 

2,386

 

3,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8 Loans, borrowings and finance leases

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

30 June

 

30 June

 

31 December

 

 

2018

 

2017

 

2017

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short term loan

 

1,006

 

-

 

-

Bank loans

 

2,058

 

34

 

2,059

 

 

3,064

 

34

 

2,059

Non-current liabilities

 

 

 

 

 

 

Bank loans

 

51

 

2,110

 

68

Deep Discount Bonds

 

2,641

 

4,414

 

2,522

Total loans and borrowings

 

2,692

 

6,524

 

2,590

 

 

The Company entered into an agreement on 31 May 2018 with Lord Ashcroft KCMG PC to receive a short term unsecured loan of £1,000,000. The loan carries interest for a period of 3 months following the date of the loan agreement at the rate of 7% per annum above the base rate as varied from time to time by Barclays Bank plc, and thereafter at 10% per annum. The short-term loan has subsequently been repaid in full as part consideration for Lord Ashcroft KCMG PC's subscription for new ordinary shares announced on 5 September 2018.

 

The bank loan of £2,025,000 is at an interest rate of 3% over Barclays Bank plc base rate and was due for repayment in full on 25 September 2018. It is secured by way of a fixed charge over the group's land and buildings at Appledore, Kent and a floating charge over all other property and undertakings. The Company is currently negotiating an extended loan facility with the bank and a further announcement will be made in due course.

 

Other bank loans of £86,000 carry a fixed interest rate of 6% per annum secured against certain items of plant and equipment. This loan is repayable via monthly instalments over 5 years from January 2016.

 

On 2 September 2016 the Company issued a deep discount bond totalling £4,073,034. The bond is secured by a fixed charge over the Group's land and buildings at Appledore, Kent. The bond is redeemable on 15 August 2021 and attracts a coupon rate of 9% per annum which is rolled up annually. The redemption amount of the deep discount bonds at the time they were issued was £6,266,868.

 

On 30 June 2017 the Company offered Bondholders the opportunity to convert their bonds into new Ordinary shares at an Issue price of 40p. The company announced, on 1 August, that it received final acceptances of 5,136,662 Conversion Offer Shares, raising £2,055,000 and resulting in a reduction of the final redemption amount of the deep discount bonds to £3,390,000.

 

9 Post balance sheet events

 

On 5 September 2018, Gusbourne announced that it had raised approximately £3.7 million by way of an issue of 6,221,699 new shares at a price of 60 pence per share. Furthermore, 6,221,699 Warrants have been issued on a 1 for 1 basis to subscribers of these new Shares, at an exercise price of 60p. The warrants can be exercised at any time up to 30 September 2019.

 

Lord Ashcroft KCMG PC has subscribed for £2.7 million representing 4,504,510 New Shares, of which £1 million together with accrued interest has been satisfied through the repayment of the short term loan, in full, which was provided to the Company on 31 May 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR EAXNKAAAPEFF
Date   Source Headline
31st Jan 20247:00 amRNSTrading Statement
19th Jan 20244:20 pmRNSRefinancing of existing loan facilities
17th Jan 20247:00 amRNSBoard Changes and CEO Designate Appointment
4th Jan 202412:26 pmRNSIssue of Equity
21st Dec 20237:00 amRNSAuditor Change
30th Nov 20237:00 amRNSDirectorate Change
14th Nov 20237:00 amRNSShort term Unsecured Loan & Extension of Warrants
3rd Nov 20233:00 pmRNSIssue of Equity
26th Oct 20237:00 amRNSWarrant Exercise/PDMR Dealings
19th Oct 20237:00 amRNSHarvest Report
28th Sep 20237:00 amRNSInterim results to 30 June 2023
6th Sep 20237:00 amRNSBoard Change and Appointment of Interim CEO
1st Sep 20237:00 amRNSIssue of Equity
29th Jun 20232:42 pmRNSResult of AGM
27th Jun 20237:00 amRNSBoard Change
7th Jun 20237:00 amRNSFinal Results
21st Mar 20237:00 amRNSDirectorate Change
14th Feb 202312:12 pmRNSAIM Rule 17 Notification
31st Jan 20237:00 amRNSTrading Update
16th Jan 20231:32 pmRNSIssue of Equity
20th Dec 20227:00 amRNSGrant of Share Options
16th Dec 202210:30 amRNSIssue of Equity
14th Dec 20227:00 amRNSExtension of the final exercise date of Warrants
27th Oct 20227:00 amRNSHarvest Report
4th Oct 20221:51 pmRNSIssue of Equity
29th Sep 20227:00 amRNSInterim results to 30 June 2022
6th Sep 20227:00 amRNSChange of Adviser
22nd Aug 20227:00 amRNSDirectorate Change
15th Aug 20227:00 amRNSTrading Update, Refinancing & Land Purchase
30th Jun 20222:00 pmRNSResult of AGM
6th Jun 20227:00 amRNSFinal Results
3rd May 202210:15 amRNSIssue of Equity
29th Mar 202212:10 pmRNSIssue of Equity
2nd Mar 20229:30 amRNSIssue of Equity
10th Feb 20227:00 amRNSTrading Update
17th Dec 20217:00 amRNSCompletion of Warrant Issue
15th Dec 20213:50 pmRNSFurther re Issue of Warrants
15th Dec 20217:00 amRNSResult of Open Offer and Issue of Warrants
22nd Nov 20217:00 amRNSLaunch of Open Offer and Posting of Circular
2nd Nov 20214:34 pmRNSDirector/PDMR Shareholding
1st Nov 20217:00 amRNSResult of Warrant Exercise and Debt Conversion
18th Oct 20214:30 pmRNSApplication for Admission
18th Oct 20212:10 pmRNSResult of ABB
18th Oct 20217:01 amRNSPlacing and Subscription
18th Oct 20217:00 amRNSFunding Update
30th Sep 20217:00 amRNSInterim Results to 30 June 2021
10th Aug 20217:38 amRNSIssue of Equity
23rd Jul 20217:00 amRNSDirector/PDMR Shareholding
22nd Jul 20217:00 amRNSTrading and Capital Structure Update
19th Jul 20211:00 pmRNSIssue of Equity

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.