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Interim Results

16 Mar 2018 13:53

RNS Number : 0242I
KCR Residential REIT PLC
16 March 2018
 

16 March 2018

KCR Residential REIT plc

("KCR" or the "Company")

Interim results for the six months ended 31 December 2017

 

This announcement contains inside information

 

KCR Residential REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its interim results for the six months to 31 December 2017. A copy of the interim report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kcrrreit.com.

Commenting on the results, Michael Davies, chairman of KCR, said: "KCR is both an income and capital growth opportunity for its shareholders. It seeks to deliver income return from the collection of rents from tenants and generates capital returns through investment in under-valued property assets that are generally marked to market at acquisition. The Group is currently scaling-up its activities such that it can generate a profit and pay a dividend to shareholders."

Dominic White, the chief executive of KCR, said: "The portfolio at 31 December 2017 was valued at £9.45 million, an increase of £2.2 million compared to 30 June 2017. The Group has grown the portfolio by £1.75 million through investment and crystallised value of more than £0.45 million through asset management during the six-month period.

KCR's net asset value per share at 31 December 2017 was 77.1p (83.7p - 30 June 2017)."

This announcement contains information which, prior to its disclosure, was inside information for the purpose of the Market Abuse Regulation.

ENDS

Contacts:

KCR Residential REIT plc

Dominic White, Chief executive

info@kandc-reit.co.uk

+44 20 3793 5236

Arden Partners plc

Steve Douglas

Benjamin Cryer

+44 20 7614 5917

Notes to Editors:

K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in London and other key residential areas in the UK.

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

 

CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

Dear Shareholder

KCR Residential REIT plc ("KCR" or the "Company") and its subsidiaries (together the "Group") operate in the UK private rented residential investment market. We acquire whole blocks of studio, one and two-bed apartments that are rented to private tenants.

KCR is both an income and capital growth opportunity for its shareholders. It seeks to deliver income return from the collection of rents from tenants and generates capital returns through investment in under-valued property assets that are generally marked to market at acquisition. The Group is currently scaling-up its activities such that it can generate a profit and pay a dividend to shareholders.

The team adds value through asset-management activities (including property improvements, rental increases, physical extensions and repositioning, small-scale development) that increase net asset value. In particular, the directors search out residential blocks of apartments held within UK incorporated companies. These provide an opportunity for KCR to capitalise on the tax advantages afforded to UK REITs and, in many cases, can generate an immediate boost to net asset value per share on acquisition.

Across the UK as a whole, house prices and rental values continue to rise, especially in the types of properties that KCR targets. Our target market is a very resilient segment of the residential rental market. While higher price-band homes, particularly in Central London, have declined in value, it is important to note that these types of property do not fall within KCR's investment strategy.

The positive economic fundamentals in the residential sector - strong demand and shortage of supply - in particular in studio, one and two-bed flats will, in our view, deliver attractive rental and capital value performance across the UK over the medium term.

Michael Davies

16 March 2018

 

CHIEF EXECUTIVE'S REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2017

 

We have pleasure in reporting to you on the progress of the Group in the six-month period since the year-end on 30 June 2017.

Property portfolio

KCR's short-term objective is to increase revenue and reduce costs to achieve profitability and pay dividends. A minimum portfolio size of approximately £40 million should deliver the revenue required to achieve this goal. Significant activity is underway to build such a portfolio.

In the six months to 31 December 2017, the Group accepted the surrender by leaseholders of five 67-year residential leasehold interests at its freehold Heathside property in Hampstead. The Company continues to implement its value-adding asset-management plan at this property of creating 'marriage value' through the surrender of leasehold units.

The block of Coleherne Road apartments has continued to perform well. The size of the units (one- and two-bed flats) continue to be exactly what the rental market is looking for. This has meant that occupancy has been maintained at 100 per cent throughout the period. Where there have been renewals, rents have increased at least in line with inflation.

The portfolio at 31 December 2017 was valued at £9.45 million, an increase of £2.2 million compared to 30 June 2017. The Group has grown the portfolio by £1.75 million through investment and crystallised value of more than £0.45 million through asset management during the six-month period.

Financial

Revenue declined to £142,114 (£233,179 to 31 December 2016) as lease sales and commission income, which follow no seasonal pattern, declined considerably.

The Group reports a consolidated operating loss before separately disclosed items of £661,666 (£249,927 to December 2016), which includes a non-cash share-based payment charge due to KCR's preference share scheme of £679,625 and a revaluation credit of £559,864.

In addition, KCR incurred costs of over £0.5 million associated with its deferred capital raising programme, which I refer to in more detail below.

On 12 December 2017, KCR issued a further tranche of 6% Loan Notes in the sum of £0.5 million, taking the total outstanding to £1.85 million, which are convertible into ordinary shares at £1.20. The loan notes are redeemable on 30 June 2020.

In January 2018, the Company renewed the 12% syndicated loan note for a further 12 months until December 2018 and increased its size by £0.8 million to £1.9 million.

The additional capital raised through the convertible and syndicated loans has been used primarily to acquire and refurbish the five Heathside units referred to above.

KCR's net asset value per share at 31 December 2017 was 77.1p (83.7p - 30 June 2017).

Capital structure and name change

During the six months, the Company issued no ordinary shares. In March 2018, £0.1 million of restricted preference shares were issued, subject to the vesting criteria that are laid out in the Circular dated 27 January 2017.

To align KCR's shares with its REIT peer group, the Company's 52,751,820 ordinary shares of 1p each were consolidated 10:1 on 24 November 2017 and the consolidated shares started trading on AIM on 27 November. Following a share issue in February 2018, when various existing share options and warrants were exchanged for ordinary shares at an independently confirmed value, the Company now has 5,350,071 ordinary shares of 10p each in issue.

The Company changed its name to KCR Residential REIT plc in November 2017.

Institutional capital raise

As reported in KCR's announcement of 23 November 2017, we held marketing meetings with over 80 institutional investors and wealth managers in early November and received very positive feedback regarding its residential acquisition and rental strategy, and its management team. Although several material offers of investment were received, the majority view from potential investors was for KCR to complete one or more acquisitions from its strong pipeline alongside the closing of the proposed placing.

As a result, the board took the decision to defer the proposed placing until further progress had been made relating to the acquisitions. KCR intends to return to the equity markets in the near future following the development of several specific investment opportunities.

I look forward to providing you with further updates as we execute our business strategy.

 

Dominic White

16 March 2018

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED

31 DECEMBER 2017 (unaudited)

 

 

 

Six months ended 31 December 2017

Six months ended 31 December 2016

Year ended 30 June 2017 (audited)

Notes

£

£

£

Revenue

142,114

233,179

514,746

Cost of sales

(44,292)

(59,586)

(110,544)

Gross Profit

97,822

173,593

404,202

Administrative expenses

(639,727)

(348,876)

(1,157,098)

Share-based payment charge

7

(679,625)

(74,644)

(392,319)

Revaluation of investment properties

5

559,864

-

116,000

Operating loss before exceptional items

(661,666)

(249,927)

(1,029,215)

Costs of acquisition of subsidiaries

-

(8,463)

-

Costs associated with third party fundraising

(509,839)

 

(61,110)

-

 

Operating loss

(1,171,505)

(319,500)

(1,029,215)

Finance costs

(130,398)

(96,347)

(195,361)

Finance income

181

6

5

Loss before taxation

(1,301,722)

(415,841)

(1,224,571)

Taxation

-

-

-

Loss for the period/year

(1,301,722)

(415,841)

(1,224,571)

Total comprehensive expense for the period/year

 

(1,301,722)

 

(415,841)

 

(1,224,571)

Basic and diluted loss per ordinary share (pence) - post-consolidation of ordinary shares

4

(24.7)

(8.9)

(24.8)

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2017 (unaudited)

 

31 December 2017

31 December 2016

30 June 2017 (audited)

Notes

£

£

£

Non-current assets

Property, plant and equipment

2,753

2,287

1,843

Investment properties

5

9,452,000

7,126,000

7,242,000

9,454,753

7,128,287

7,243,843

Current assets

Trade and other receivables

71,375

49,115

90,777

Cash and cash equivalents

334,169

50,231

1,023,752

405,544

99,346

1,114,529

Total assets

9,860,297

7,227,633

8,358,372

Equity

Shareholders' equity

Share capital

877,518

492,856

877,518

Share premium

4,660,322

4,345,984

4,660,322

Capital redemption reserve

67,500

67,500

67,500

Other reserves

8

168,493

-

-

Retained deficit

(1,705,276)

(592,124)

(1,083,179)

Total equity

4,068,557

4,314,216

4,522,161

Non-current liabilities

Financial liabilities - borrowings

Interest-bearing loans and borrowings

8

3,225,624

2,674,368

1,560,756

Current liabilities

Trade and other payables

1,108,182

208,318

194,147

Current portion of borrowings

32,934

30,731

31,308

Other loans

1,425,000

-

2,050,000

2,566,116

239,049

2,275,455

Total liabilities

5,791,740

2,913,417

3,836,211

Total equity and liabilities

9,860,297

7,227,633

8,358,372

Net asset value per share (pence) - post-consolidation of ordinary shares

77.1

87.5

85.7

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 (unaudited)

 

Share capital

£

Share premium

£

Capital redemption reserve

£

Retained deficit

£

Other reserves

£

Total

£

Balance at 1 July 2016

467,856

4,120,984

67,500

(250,927)

-

4,405,413

Changes in equity

Issue of share capital

25,000

225,000

-

-

-

250,000

Total comprehensive expense

-

-

-

(415,841)

-

(415,841)

Share-based payment charge

-

-

-

74,644

-

74,644

Balance at 31 December 2016

492,856

4,345,984

67,500

(592,124)

-

4,314,216

Changes in equity

Issue of share capital

384,662

314,338

-

-

-

699,000

Total comprehensive expense

-

-

-

(808,730)

-

(808,730)

Share-based payment charge

-

-

-

317,675

-

317,675

Balance at 30 June 2017

877,518

4,660,322

67,500

(1,083,179)

-

4,522,161

Changes in equity

Issue of share capital

-

-

-

-

-

-

Total comprehensive expense

-

-

-

(1,301,722)

-

(1,301,722)

Share-based payment charge

-

-

-

679,625

-

679,625

Equity component of convertible loan notes

-

-

-

-

168,493

168,493

Balance at 31 December 2017

877,518

4,660,322

67,500

(1,705,276)

168,493

4,068,557

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 (unaudited)

 

 

 

Six months

ended

31 December 2017

Six months

ended

31 December

2016

Year

ended

30 June 2017

(audited)

£

£

£

Cash flows from operating activities

Loss for the period/year

(1,301,722)

(415,841)

(1,224,571)

Adjustments for

Depreciation charges

601

443

887

Share-based payment charge

679,625

74,644

392,319

Revaluation of investment properties

(559,864)

-

(116,000)

Finance costs

130,398

96,347

195,361

Finance income

(181)

(6)

(5)

(Increase)/decrease in trade and other receivables

19,402

(24,853)

(66,516)

Increase/(decrease) in trade and other payables

914,038

(69,642)

(83,813)

Cash used in operations

(117,703)

(338,908)

(902,338)

Interest paid

(130,398)

(96,347)

(195,361)

Net cash used in operating activities

(248,101)

(435,255)

(1,097,699)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,513)

-

-

Purchase of investment properties

(1,650,136)

-

-

Interest received

181

6

5

Net cash from/(used in) investing activities

(1,651,468)

6

5

Cash flows from financing activities

Loan repayments in period/year

(15,014)

(15,170)

(28,204)

Increase in borrowings

1,225,000

-

950,000

Share issues

-

250,000

949,000

Net cash from financing activities

1,209,986

234,830

1,870,796

(Decrease)/increase in cash and cash equivalents

(689,583)

(200,419)

773,102

Cash and cash equivalents at beginning of period/year

1,023,752

250,650

250,650

Cash and cash equivalents at end of period/year

334,169

50,231

1,023,752

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 (unaudited)

 

1. Basis of preparation

The Company is domiciled in England and Wales. The consolidated interim financial statements for the six months ended 31 December 2017 comprise those of the Company and subsidiaries. The Group is primarily involved in UK property ownership and letting.

Statement of compliance

This consolidated interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial performance and position of the Group since the last annual consolidated financial statements for the year ended 30 June 2017. This consolidated interim financial report does not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards. The financial statements are unaudited and do not constitute statutory accounts as defined in section 434(3) of the Companies Act 2006.

A copy of the audited annual report for the year ended 30 June 2017 has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain statements under s498(2) or s498(3) of the Companies Act 2006.

This consolidated interim financial report was approved by the Board of Directors on 16 March 2018.

Significant accounting policies

The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements for the year ended 30 June 2017.

2. Operating segments

The Group is involved in UK property ownership and letting, and is considered to operate in a single geographical and business segment.

3. Operating loss

The loss before taxation is stated after charging:

Six months ended

31 December 2017

Six months ended

31 December 2016

Year ended 30 June

2017

£

£

£

Costs associated with acquisition of subsidiaries

-

8,463

-

Costs associated with third-party fundraising

509,839

61,110

-

Directors' remuneration

92,500

25,750

132,375

During the period, the Company paid (i) Perry Cane, a consultancy business owned by James Cane, fees of £nil (2016 - £10,000 plus VAT) for services provided to the Company and (ii) DGS Capital Partners LLP, a business partly owned by Michael Davies, fees of £21,600 for his services as chairman (2016 - £20,000).

During the period, the Company paid CD James (Property Consultants) Limited, a company owned by Christopher James, fees of £31,000 (2016 - £10,000). Christopher James resigned as a director on 31 March 2017.

The directors are considered to be key management personnel.

4. Basic and diluted loss per share

Basic

The calculation of loss per share for the six months to 31 December 2017 is based on the loss for the period attributable to ordinary shareholders of £1,301,722 divided by a weighted average number of ordinary shares in issue. On 24 November 2017, there was a consolidation of the ordinary shares: pre-consolidation, there were 52,751,820 ordinary shares at a nominal value of £0.01 each in issue. After the consolidation of the ordinary shares, there were 5,275,182 ordinary shares at a nominal value of £0.10 each in issue. Therefore, the comparatives have been restated to present the basic loss per ordinary share as if the shares had been consolidated in prior reporting periods.

The weighted average number of shares used for the six months ended 31 December 2017 was 5,275,182 (June 2017 - 4,945,524) (December 2016 - 4,690,791).

In the opinion of the directors, all the outstanding share options and warrants are anti-dilutive and, hence, basic and fully diluted loss per share are the same.

All existing share options and warrants were cancelled in February 2018 and 74,889 Ordinary shares were issued to holders.

5. Investment properties

Six months ended 31 December 2017

Six months ended 31 December 2016

Year ended 30 June 2017

£

£

£

At start of period/year

7,242,000

7,126,000

7,126,000

Additions

1,650,136

-

-

Revaluations

559,864

-

116,000

Disposals

-

-

-

At end of period/year

9,452,000

7,126,000

7,242,000

Investment properties were valued by professionally qualified independent external valuers at the date of acquisition and were recorded at the values that were attributed to the properties at acquisition date. In September 2017, certain properties were valued again by professionally qualified independent external valuers in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Standards 2014 as amended, resulting in a revaluation to £6,612,000. The remaining properties were valued by the directors at £2,840,000 as at 31 December 2017.

The fair values used are considered to be level 3 inputs under IFRS13. 

6. Share capital

Allotted, issued and fully paid:

31 December 2017

31 December 2016

30 June

2017

Number:

Class:

Nominal value:

£

£

£

5,275,182 (after consolidation on 24-Nov-2017)

Ordinary

£0.10

527,518

492,856

527,518

3,500,000 (after consolidation on 24-Nov-2017)

Restricted preference

£0.10

350,000

-

350,000

877,518

492,856

877,518

At 31 December 2016, the Company had 49,285,623 Ordinary shares of £0.01 each in issue.

Between 6 January and 30 January 2017, the Company issued 2,750,000 Ordinary shares of £0.01 each. The shares were issued at a premium of £0.09 per share.

Between 22 February and 1 March 2017, the Company issued 716,197 Ordinary Shares of £0.01 each, 240,000 of which were issued as payment for professional services by Peterhouse Corporate Finance. 476,190 of the shares were issued at a premium of £0.095 per share and 240,000 of the shares were issued at a premium of £0.09 per share.

Between 22 February and 1 March 2017, the Company issued 16,400,000 Restricted Preference shares of £0.01 each at par.

On 26 April 2017, the Company issued 18,600,000 Restricted Preference shares of £0.01 each at par.

On 24 November 2017, there was a consolidation of the Ordinary shares in issue. Before the consolidation, there were 52,751,820 Ordinary shares in issue with a nominal value of £0.01 each. Following the consolidation, there were 5,275,182 Ordinary shares in issue with a nominal value of £0.10 each.

On 24 November 2017, there was also a consolidation of the Restricted Preference shares in issue. Before the consolidation, there were 35,000,000 Restricted Preference shares in issue with a nominal value of £0.01 each. Following the consolidation, there were 3,500,000 Restricted Preference shares in issue with a nominal value of £0.10 each at 31 December 2017.

The Ordinary shares carry no rights to fixed income.

The Restricted Preference shares carry no voting or dividend rights. On a winding-up or a return of capital, the holders of the Restricted Preference shares shall rank pari passu with the holders of the Ordinary shares save that, on a distribution of assets, the amount to be paid to the holder shall be limited to the nominal capital paid up or credited as paid up.

7. Share-based payments

The expense recognised during the period is shown in the following table:

31 December 2017

31 December 2016

30 June 2017

£

£

£

Expense arising from share options

287,711

74,644

198,482

Expense arising from warrants

391,914

-

193,837

Total expense

679,625

74,644

392,319

Restricted Preference shares

Restricted Preference shares were granted to certain directors and other senior managers on 2 February 2017 and 24 April 2017. Upon the achievement by the Group of certain milestones, the Restricted Preference shares may be converted into Ordinary shares at £0.10 each.

The directors' interests in Restricted Preference shares were as follows:

Balance at 31 December 2016

Granted

Balance at 1 July 2017

Consolidation of shares

Balance at31 December 2017

Dominic White

-

5,000,000

5,000,000

(4,500,000)

500,000

Timothy James

-

9,600,000

9,600,000

(8,640,000)

960,000

James Cane

-

300,000

300,000

(270,000)

30,000

Oliver Vaughan

-

8,100,000

8,100,000

(7,290,000)

810,000

White Amba share options

Share options have been granted to White Amba Limited ("White Amba"), a company owned by a director of the Company, to acquire 1,000,000 Restricted Preference shares at £0.10 per share (10,000,000 Restricted Preference shares at £0.01 per share pre-consolidation of shares, which took place on 24 November 2017). The share options do not have any performance criteria attached to them and may be exercised at any time from the date of grant to 30 June 2018.

Executive share option plan

Following the passing of the resolution to issue Restricted Preference shares at a General Meeting on 20 February 2017 and the subscription by the existing executives for Restricted Preference shares in February and April 2017, the Executive Option Arrangements that were in place were cancelled.

The directors' interests in Executive share options were as follows:

Balance at 31 December 2016

Granted

Balance at

1 July 2017

Consolidation of shares

Balance at 31 December 2017

James Cane

180,000

(180,000)

-

-

-

Timothy James

810,000

(810,000)

-

-

-

Oliver Vaughan

810,000

(810,000)

-

-

-

Non-executive share option plan

Non-executive share options were granted to certain non-executive directors and others on the initial admission of the Company's shares to trading on AIM, or subsequently, at £0.10 per share. There are no vesting conditions. The non-executive share options do not have any performance criteria attached to them and may be exercised at any time during the period commencing one year from the date of admission to trading on AIM and ending on the date immediately preceding the date of the tenth anniversary of the date of admission to trading on AIM.

The Non-executive share options are in issue to a past non-executive director. The non-executive directors' interests in share options were as follows:

 

Balance at 31 December 2016

Exercised or forfeited

Balance at1 July 2017

Consolidation of shares

Balance at31 December 2017

George Rolls

460,000

-

460,000

(414,000)

46,000

Patricia Farley

144,493

(144,493)

-

-

-

On 22 February 2017, the Non-executive share options were cancelled in consideration of the issue of Ordinary shares at the rate of one Ordinary share for 2.76 Non-executive share options, being the independent value attributed to the non-executive share options at 31 December 2017.

Founder warrants

75,000 warrants were issued to shareholders to subscribe for 75,000 Ordinary shares at £1 per share at any time before 31 December 2018 (750,000 Ordinary shares at £0.10 each pre-consolidation of shares, which took place on 24 November 2017).

The directors' interests in Founder warrants were as follows:

Balance at

 31 December 2016

Exercised or forfeited

Balance at1 July 2017

Consolidation of shares

Balance at31 December 2017

Timothy James

175,000

-

175,000

(157,500)

17,500

James Cane

10,000

-

10,000

(9,000)

1,000

Oliver Vaughan

175,000

-

175,000

(157,500)

17,500

On 22 February 2017, the Founder warrants were cancelled in consideration of the issue of Ordinary shares at the rate of one Ordinary share for 3.14 Founder warrants, being the independent value attributed to the Founder warrants at 31 December 2017.

Allenby warrants

On admission to trading on AIM, the Company granted to Allenby Capital Limited (the former nominated adviser of the Company) warrants to acquire 43,785 Ordinary shares at £1 per share (437,856 Ordinary shares at £0.10 each pre-consolidation of shares, which took place on 24 November 2017), within five years of admission, namely by 3 July 2020.

On 22 February 2017, the Allenby warrants were cancelled in consideration of the issue of Ordinary shares at the rate of one Ordinary share for 2.94 Allenby warrants, being the independent value attributed to the Allenby warrants at 31 December 2017.

Warrants

On 24 May 2016, 150,000 warrants were issued to a number of potential lenders to the Company to subscribe for 150,000 Ordinary share at £1 per share (1,500,000 Ordinary shares at £0.10 each pre-consolidation of shares, which took place on 24 November 2017) at any time before 24 May 2021.

On 22 February 2017, the Warrants were cancelled in consideration of the issue of Ordinary shares at the rate of one Ordinary share for 7.69 Warrants, being the independent value attributed to the Warrants at 31 December 2017.

Movements during the period

During the period to 31 December 2017, the Company had several share-based payment arrangements in place, which are described below:

Restricted preference shares

White Amba share options

Executive share options

Non-executive share options

Founder warrants

Allenby warrants

Warrants

Outstanding at 31 December 2016

-

-

3,000,000

604,493

750,000

437,856

1,500,000

Granted in the period

35,000,000

10,000,000

-

-

-

-

-

Forfeited in the period

-

-

(3,000,000)

(144,493)

-

-

-

Outstanding at 30 June 2017

35,000,000

10,000,000

-

460,000

750,000

437,856

1,500,000

Granted in the period

-

-

-

-

-

-

-

Forfeited in the period

-

-

-

-

-

-

-

Consolidation of shares

(31,500,000)

(9,000,000)

-

(414,000)

(675,000)

(394,070)

(1,350,000)

Outstanding at 31 December 2017

3,500,000

1,000,000

-

46,000

75,000

43,786

150,000

The inputs and assumptions used in the calculation of the share-based payment charge are unchanged from those detailed in the consolidated financial statements for the year ended 30 June

8. Convertible Loan Notes

On 7 July 2017, monies disclosed as other loans of £950,000 at 30 June 2017 were reclassified to convertible loan notes when the Company issued £1,350,000 6% convertible loan notes. The Company issued a further £500,000 6% convertible loan notes on 4 December 2017.

The debt component of the convertible loan notes is included within interest-bearing loans and borrowings and the equity component is included within other reserves.

9. Post-balance sheet events

Cancellation of options and warrants

As described in note 7 above, options and warrants were cancelled on 22 February 2018 in consideration of the issue of a total of 74,889 Ordinary shares.

Further issue of Restricted Preference shares

As described in note 7, Dominic White, chief executive of KCR, subscribed £50,000 for Restricted Preference shares through White Amba, a company controlled by him. In addition, White Amba was granted an option on 26 January 2017 to subscribe for up to £100,000 of Restricted Preference shares.

In February 2018, the Company agreed that Dominic White could transfer the Restricted Preference shares previously subscribed for, and the option to acquire up to a further £100,000 of Restricted Preference shares, from White Amba either into his name or into his pension scheme. Dominic White decided that White Amba's existing holding be registered in his name and the final allocation of £100,000 of Restricted Preference shares, which were then acquired, would be registered in the name of his pension scheme.

A further £150,000 of Restricted Preference shares are available for allotment at the discretion of the Company.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR XQLFFVXFEBBF
Date   Source Headline
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