Mobile Tornado Regulatory News (MBT)

31 Mar 2008 08:23

Mobile Tornado Group PLC31 March 2008 Mobile Tornado Group plc ("Mobile Tornado" or "the Company") Annual Results for the 18 month period to 31 December 2007 Chairman's report Introduction Mobile Tornado, one of the leading providers of convergent, presence-basedinstant communications announces its results for the eighteen month period to 31December 2007. Financial Results Turnover in the eighteen month period to 31 December 2007 amounted to £825k(twelve months to 30 June 2006: £289k). Operating losses increased to £4,773k(2006 restated: £3,413k). After net interest receivable of £75k (2006: netinterest payable - £469k) the loss on ordinary activities before taxation was£4,698k (2006 restated: £3,882k). Net cash outflow from operating activitiesincreased in the period to £4,498k (2006: £1,649k). The Group consolidated balance sheet shows a net deficit at 31 December 2007 of£2,071k compared to a net deficit of £1,622k at 30 June 2006. Cash at bank was£1,884k at 31 December 2007 compared to £192k at 31 June 2006. The accounts have been prepared in accordance with UK Generally AcceptedAccounting Practice. The Board continues to consider the implications andtimetable for implementing International Financial Reporting Standards (IFRS).As an AIM listed Group the Board recognises that IFRS will apply to the Group'snext accounting period ending 31 December 2008. Review of operations As I highlighted in my last statement, we have taken a very close look at theway in which we deliver our product into the market. Whilst we have had somesuccess with selling directly to mobile operators, we have also been frustratedby the long lead times that this entails. For this reason we have investedheavily in the development of a managed service proposition in conjunction withInTechnology plc, our exclusive UK partner and major shareholder, which allowsour mobile applications to be sold directly to enterprises worldwide. Therationale for this is very clear. We are confident that enterprises would use aPTT (Push to Talk) managed service if it was available. This has been borne outin recent months through trials of the managed PTT service with a number of UKenterprises operating in sectors such as transport and logistics, security andconstruction. Following the success of these trials, InTechnology plc announcedthe commercial launch of these services on 27 March 2008 and I am pleased toreport that this has already generated significant interest and sales activity. Having successfully launched the managed service platform in the UK we stronglybelieve that the managed service model is one that enterprises throughout theworld will embrace. It is our intention to extend this service throughoutEurope. We have an existing channel partner in Germany and are in the process ofputting in place similar arrangements in other key European countries. We arealso in discussions with a major US telecommunications company to launch amanaged service in the US in the second half of the current year. Notwithstanding the above, a number of deals were concluded during the secondhalf of the year with commercial partners secured in a number of newterritories. We signed a partnership agreement with Technovoz Limited inArgentina which will lead to the rollout of PTT services to enterprises andmobile operators in that market. Further discussions are being held to extendthis relationship into other South American countries including Brazil andMexico. A combination of rapidly developing regional economies with largelyuntapped customer bases in both corporate and consumer sectors creates a uniqueopportunity for our products in that region. Further deals were announced withPartner Communications in Israel, Radiomovel Telcomunicacoes in Portugal andEricsson Hong Kong. This resulted in sales of £538k in the second half, which isa record for the Company. Current trading and future prospects As I have detailed above, I believe the future success of the Company will bedetermined by our ability to deliver our applications directly into the hands ofEnterprises. Enterprise mobility is transforming the way that business is done.The spend across mobile managed services is expected to double by 2009, growingat a cumulative average growth rate of 25% from $2.1bn in 2006 to $4.1bn in 2009(Gartner 2007). Mobile technology now has the ability to extend core ITprocesses into the field. It is this trend which has driven the partnership weannounced on 21st February with Intermec, a major US manufacturer of handheldcomputers. The Intermec deal is an exclusive pan-EMEA partnership to provide PTT serviceson Intermec's rugged CN3 handheld computers. For enterprises, the availabilityof low cost cellular based instant communications dramatically enhances theproductivity of every mobile worker. It allows workers to communicate with asupervisor and to resolve issues through immediate dialogue with their headoffice, resulting in a major reduction in customer service costs. By combiningvoice communication and data management in one handheld device, users avoid theexpense of carrying a separate PDA for data as well as a mobile phone.Additionally, by using the global GSM mobile phone network instead of a local RFtransmitter, a device with PTT will have coverage virtually everywhere. At thesame time, costly mobile phone tariffs are avoided as the service is web hostedand there is just one small monthly charge per device. As a result of thispartnership, we have already entered discussions with many large organisationsin the transportation, logistics and field services sectors and expect over thecoming months to announce some significant deals. The investment in our core IPRS technology platform continued during the periodand I'm pleased to say that having launched Version 3 in January 2008, we havelargely completed the heavy investment phase of the Company's development. Theplatform that has been created is a significant asset which sits at the heart ofthe Company's future strategy. It is our intention to develop and launch manyapplications from this platform, with Push to Talk being the first of the 'Pushto Xperience' suite of applications. The next application to launch commercially may well be 'Push to Video'. Thiswas showcased at the CTIA show in April 2007 and through our partnership withNortel Networks in the United States, entered initial trials with two 'tier one'(greater than 2 million subscribers) operators towards the end of last year.These trials have progressed well and I can confirm that we will be proceedingto a full market trial with one of the operators this year. Assuming that thisis successful we could be looking at commercial deployment in early 2009. The Company raised a further £2.3million in October 2007, through the re-issueof the 12,251,333 shares previously held in treasury, and separately, a newissue of £1.5million cumulative redeemable preference shares. InTechnology plcshowed its continued support and confidence in the Group's plans by subscribingfor the majority of the treasury shares, thereby taking their shareholding to49.9% and taking up the full issue of preference shares. The Group continues toincur losses on a monthly basis but the cost base is in the process of beingreduced to a level commensurate with the Group's current strategy and businessmodel. This will facilitate renewed focus on a breakeven position which will nowbe driven by the sale of licenses to our emerging network of managed partnersaround the world. I would like to thank our employees for their contribution to the Group'sdevelopment. The technical platform that sits at the heart of the Group is theresult of many man years of skilled engineering. I believe we are uniquelyplaced to deliver mobile applications which will transform enterprisecommunications. Our team has been tasked with significantly increasing ourcustomer base this year, and I am confident they will be successful. Peter WilkinsonNon executive Chairman28 March 2008 For further details please contact: Mobile Tornado Group plcJeremy Fenn, Managing Director Tel: +44 (0) 7734 475888 Blue Oar Securities PlcRomil Patel / Rhod Cruwys Tel: +44 (0)20 7448 4400 Buchanan CommunicationsCharles Ryland / James Strong Tel: +44 (0)20 7466 5000 Consolidated profit and loss accountFor the period ended 31 December 2007 18 mths to 12 mths to 31 December 30 June 2007 2006 (Restated) £'000 £'000TurnoverContinuing operations 825 289 825 289 Cost of salesContinuing operations (143) (68)Gross profit 682 221 Net operating expenses before depreciationand amortisation (4,512) (2,955)Depreciation (51) (77)Amortisation (892) (602) Administrative expenses (5,455) (3,634) Group operating loss (4,773) (3,413) Interest receivable/(payable) 75 (469)Loss on ordinary activities before tax (4,698) (3,882)Taxation (18) -Loss sustained for the financial year (4,716) (3,882) Loss per share (pence) Basic and diluted (3.00) (4.83) Balance sheetsAs at 31 December 2007 Group Company 31 December 30 June 31 December 30 June 2007 2006 2007 2006 (Restated) (Restated) £'000 £'000 £'000 £'000Fixed assetsIntangible assets 722 1,580 - -Tangible assets 94 67 - -Investment in subsidiary - - 12,758 12,758undertakings 816 1,647 12,758 12,758 Current assetsDebtors 844 336 4,482 1,394Cash at bank and in hand 1,884 192 1,731 8 2,728 528 6,213 1,402Creditors - amounts fallingdue within one year (1,740) (1,334) (466) (205) Net current assets/(liabilities) 988 (806) 5,747 1,197 Total assets less current 1,804 841 18,505 13,955liabilities Creditors - amounts fallingdue after more than one year (3,875) (2,463) (1,500) -Net (liabilities)/assets (2,071) (1,622) 17,005 13,955 Capital and reservesShare capital 3,689 1,844 3,689 1,844Share premium 4,449 1,624 4,449 1,624Reverse acquisition reserve (7,620) (7,620) - -Merger reserve 10,938 10,938 10,938 10,938Share option reserve 63 32 63 32Foreign currency translation (434) - - -reserve Profit and loss account (13,156) (8,440) (2,134) (483) (2,071) (1,622) 17,005 13,955 Consolidated cash flow statementFor the period ended 31 December 2007 18 mths to 12 mths to 31 December 30 June 2007 2006 £'000 £'000 Net cash outflow from operating activities (4,498) (1,649) Returns on investments and servicing of financeInterest received 100 4Interest paid - (473) Net cash inflow/(outflow) from returns oninvestments and servicing of finance 100 (469) Capital expenditure and financial investmentPurchase of tangible fixed assets (79) (37)Net cash outflow from capital expenditurefinancial investment (79) (37) AcquisitionsNet cash at bank acquired with purchaseof subsidiary undertakings - 584Net cash inflow from acquisitions - 584 Net cash outflow before financing (4,477) (1,571) FinancingIssue of ordinary share capital 4,858 1,298Share issue costs (188) (391)Issue of preference shares 1,500 -Net cash inflow from financing 6,170 907 Increase/(decrease) in cash in the period 1,693 (664) Accounting policies Basis of preparation The financial statements have been prepared in accordance with the Companies Act1985, applicable Accounting Standards in the United Kingdom and the historicalcost convention except for the adoption of reverse acquisition accounting,described below, which constitutes a true and fair override departure fromUnited Kingdom accounting standards. A summary of the main accounting policies which have been applied consistently(except as explained below) is set out as follows. Changes in accounting policies The Group has adopted FRS20, 'Share-based Payment'. The adoption of thisstandard represents a change in accounting policy and the prior yearcomparatives have been restated accordingly. The effects of the change onadministrative expenses for the year ended 30 June 2006 and Group reserves aresummarised as follows: The Group operates a number of equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant ofthe options is recognised as an expense. The total amount to be expensed overthe vesting period is determined by reference to the fair value of the optionsgranted, excluding the impact of any non-market vesting conditions (for example,profitability and sales growth targets). Non-market vesting conditions areincluded in assumptions about the number of options that are expected to vest.At each balance sheet date, the group revises its estimates of the number ofoptions that are expected to vest. It recognises the impact of the revision tooriginal estimates, if any, in the profit and loss account, with a correspondingadjustment to equity. The proceeds received net of any directly attributabletransaction costs are credited to share capital (nominal value) and sharepremium when the options are exercised. Administrative Share option Profit expenses reserve and loss £'000 £'000 £'000 Year ended 30 June 2006As previously stated 3,602 - (8,408) Restated 3,634 32 (8,440) Revenue Recognition The Group has refined its accounting policy in respect of revenue recognition togive a better reflection in the accounts of the period in which material workwas performed to earn the revenue relating to each customer. Previously, licensefee, hardware, software and all related professional services revenues(installation, training) were not recognised until final customer sign-off of aninternal acceptance document - ATP. Revenues relating to a customer (all types)are now recognised upon completion of that customer's installation as opposed tothe ATP. The process of moving from a completed installation to ATP was a 'fine-tuning' exercise, not incurring material cost to the Group nor anysignificant uncertainty. This change has no effect on the revenue stated for theyear ended 30 June 2006. Basis of consolidation The Group financial statements consolidate those of the Company and itssubsidiary undertakings at 31 December 2007. Acquisitions of subsidiaries aredealt with using the acquisition method of accounting except for the reversetakeover transaction detailed below. On 7 March 2006 the Company, then named TMT Group plc, became the parent ofMobile Tornado International Limited, in a share for share transaction. Due tothe relative value of the companies, the former Mobile Tornado InternationalLimited shareholders became majority shareholders with 97% of the share capital.Following the transaction, the Company's continuing operations and executivemanagement were that of Mobile Tornado International Limited. Accordingly thesubstance of the combination was that Mobile Tornado International Limitedacquired TMT Group plc in a reverse acquisition. As part of the businesscombination TMT Group plc changed its name to Mobile Tornado Group Plc. The Companies Act 1985, FRS 6 and FRS 7, would normally require the Company'sconsolidated accounts to follow the legal form of the business combination. Inthat case the pre-acquisition results would be that of TMT Group plc and itssubsidiary undertakings, which would exclude Mobile Tornado InternationalLimited. The results of Mobile Tornado International Limited would then beincluded in the Group from 7 March 2006. However, this would portray thecombination as the acquisition of Mobile Tornado International by TMT Group plc,and would, in the opinion of the Directors, fail to give a true and fair view ofthe substance of the business combination. Accordingly the Directors haveadopted reverse acquisition accounting as the basis of consolidation in order togive a true and fair view. In invoking the true and fair override the Directors note that reverseacquisition accounting is endorsed under International Financial ReportingStandard 3. Furthermore, the Urgent Issues Task Force of the UK's AccountingStandards Board considered the subject and concluded that there are instanceswhere it is right and proper to invoke the true and fair override in such a way. As a consequence of applying reverse acquisition accounting, the results of theGroup for the year ended 30 June 2006 comprise the results of Mobile TornadoInternational Limited to its year ending 30 June 2006 plus the results of TMTGroup plc from 7 March 2006, the date of acquisition, to 30 June 2006. As setout in the Intangible Fixed Asset note, goodwill amounting to £448,134 arose onthe difference between the sum of the fair value of TMT Group plc's sharecapital and the cost of acquisition, and the fair value of its net assets at thereverse acquisition date. The goodwill was written off in the year to 30 June2006 because TMT Group plc had no continuing business and the goodwill had nointrinsic value. Goodwill Goodwill arising on the reverse acquisition of TMT Group plc has been writtenoff to the reverse acquisition reserve for the reasons explained above. Intangible fixed assets The cost of intangible fixed assets is their purchase cost. Amortisation iscalculated so as to write off the cost of an asset, less its estimated residualvalue, over the useful economic life of that asset as follows: Intellectual Property 5 years Tangible fixed assets The cost of tangible fixed assets is their purchase cost. Depreciation iscalculated so as to write-off the cost of an asset, less its estimated residualvalue, over the useful economic life of that asset as follows: Office equipment 3 yearsComputer equipment 3 years The Directors review tangible fixed assets for impairment if events or changesin circumstances indicate that the carrying value of may not be recoverable. Investments Investments in subsidiary undertakings are stated at cost less any provision forimpairment. Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange rulingat the date of the transaction. Monetary assets and liabilities denominated inforeign currencies are translated to sterling at the exchange rates ruling atthe balance sheet date. The results and assets and liabilities of overseas subsidiary undertakings aretranslated at the year end exchange rate. Any resulting exchange differences aretaken to reserves and are reported in the statement of total recognised gainsand losses if material. All other exchange differences are taken to the profit and loss account. Research and development Research and development expenditure is written off to the profit and lossaccount as incurred. Deferred taxation Deferred tax is recognised on all timing differences where the transactions orevents that give the group an obligation to pay more tax in the future, or aright to pay less tax in the future, have occurred by the balance sheet date.Deferred tax assets are recognised when it is more likely than not that theywill be recovered. Share options The company issues equity-settled share-based payments to employees andDirectors on a discretionary basis. Equity-settled share-based payments aremeasured at fair value at the date of the grant. The fair value determined atthe grant date of the equity-settled share-based payments is expensed on astraight-line basis over the vesting period, together with a correspondingincrease in equity, based upon the company's estimate of the shares that willeventually vest. Fair value is measured using the Black Scholes method. The expected life used inthe model has been adjusted, based on management's best estimate, for theeffects of non-transferability, exercise restrictions and behaviouralconsiderations. Financial instruments Income and expenditure arising on financial instruments is recognised on anaccruals basis, and credited or charged to the profit and loss account in thefinancial period to which it relates. Financial liabilities and equityinstruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences aresidual interest in the assets of the entity after deducting all of itsfinancial liabilities. Where the contractual obligations of financialinstruments (including share capital) are equivalent to a similar debtinstrument, those financial instruments are classed as financial liabilities.Financial liabilities are presented as such in the balance sheet. Finance costsand gains or losses relating to financial liabilities are included in the profitand loss account. Finance costs are calculated so as to produce a constant rateofreturn on the outstanding liability. Where the contractual terms of sharecapital do not have any terms meeting the definition of a financial liabilitythen this is classed as an equity instrument. Dividends and distributionsrelating to equity instruments are debited direct to equity. Notes to the financial statements For the period ended 31 December 2007 Segmental information 18 mths to 12 mths to 31 December 30 June 2007 2006Turnover by destination £'000 £'000 Europe 117 -North America 338 -South America 80 -Middle East 37 222Africa 48 67Asia/Pacific 205 -Total 825 289 Turnover by source The source of all turnover detailed above is the Republic of Ireland. 18 mths to 12 mths to 31 December 30 June 2007 2006Turnover by product type £'000 £'000 Licences 174 48Hardware & Software 269 170Maintenance 44 23Professional services 338 48Total 825 289 Net interest payable 18 mths to 12 mths to 31 December 30 June 2007 2006 £'000 £'000 Interest payable on convertible loan notes - (406)Finance charge on preference shares (25) (22)Other interest payable - (45) (25) (473)Bank interest receivable 100 4Net interest receivable/(payable) 75 (469) The cumulative preference shares are classified as a liability under FRS25. Netinterest payable includes accrued interest on the cumulative preference sharesof £25,000. Loss on ordinary activities before taxation 18 mths to 12 mths to 31 December 30 June 2007 2006 £'000 £'000Loss on ordinary activities before taxation is stated aftercharging / (crediting):Staff costs 2,604 1,684Depreciation of owned tangible fixed assets 51 77Amortisation of intangible assets 892 602Other operating lease rentals 227 109Auditor's remuneration - audit of the financial statements 17 15Auditor's remuneration - other fees 77 25Net exchange gain (465) (62)Loss on disposal of tangible fixed assets - 12 Included within staff costs of £2,604,000 (2006: £1,684,000) are research anddevelopment costs of £1,374,000 (2006: £790,000). Intangible fixed assets Purchased Intellectual Goodwill Property TotalGroup £'000 £'000 £'000CostAt 1 July 2006 448 3,009 3,457 Acquisitions - - -Exchange Adjustments - 199 199At 31 December 2007 448 3,208 3,656 AmortisationAt 1 July 2006 448 1,429 1,877 Charge for the year - 892 892Exchange Adjustments - 165 165At 31 December 2007 448 2,486 2,934 Net book amount at 31 December 2007 - 722 722 Net book amount at 30 June 2006 - 1,580 1,580 Debtors Group Company 31 December 30 June 31 December 30 June 2007 2006 2007 2006 £'000 £'000 £'000 £'000 Amounts falling due within one year:Trade debtors 448 184 - -Other debtors and prepayments 396 152 62 21Amounts owed by Group undertakings - - 4,420 1,373Total 844 336 4,482 1,394 Creditors - amounts falling due within one year Group Company 31 December 30 June 31 December 30 June 2007 2006 2007 2006 £'000 £'000 £'000 £'000 Trade creditors and accruals 890 653 383 187Other taxation and social security 150 94 83 18Other creditors 134 278 - -Deferred income 403 45 - -Deferred consideration 163 264 - -Total 1,740 1,334 466 205 Creditors - amounts falling due after more than one year Group Company 31 December 30 June 31 December 30 June 2007 2006 2007 2006 £'000 £'000 £'000 £'000 Deferred consideration 2,375 2,463 - -10% cumulative preference shares 1,500 - 1,500 -Total 3,875 2,463 1,500 - The deferred consideration represents a royalty payable on future sales of Pushto Talk related products by Mobile Tornado, payable in part consideration forthe acquisition of the rights to the technology underlying such product. Theroyalty is payable quarterly on any relevant sales (on a cash receipts basis) asfollows: (i) 50% of the first US$200,000 relevant sales. (ii) 15% of any additional relevant sales, subject to any relatedcumulative royalty payments being capped at a maximum of US$5.3 million. Directreseller and other third party costs may be deducted in arriving at theseroyalty payments, subject to such costs not exceeding 10% of the relevant sales.The deferred consideration is secured by a charge over the intellectual propertyof the Mobile Tornado Group. Called up share capital Company 31 December 30 June 2007 2006 £'000 £'000Authorised475,000,000 (2006: 200,000,000) Ordinary shares of 2p each 9,500 4,000Total 9,500 4,000 31 December 30 June 2007 2006 £'000 £'000Allotted, called up and fully paid184,431,430 (2006: 92,180,096) Ordinary shares of 2p each 3,689 1,844Total 3,689 1,844 On 23 October 2006 the Company issued 80,000,000 ordinary shares at a price of5p each in respect of a subscription for shares by InTechnology Plc. On 26 October 2007 the Company re-issued the 12,251,333 ordinary shares held inTreasury at a price of 7p each. 12,200,000 shares were placed with InTechnologyPlc and 51,333 with Peter Wilkinson. On 26 October 2007, InTechnology Plc subscribed for 18,750,000 non-votingpreference shares of 8p each. The non-voting preference shares carry acumulative annual coupon of 10 per cent and may be redeemed at the subscriptionprice (together with any accrued but unpaid coupon). If the non-votingpreference shares are not redeemed prior to 31 December 2009 or a third partyacquires 75% or more of the issued ordinary share capital of the Company, eachnon-voting preference share will automatically convert into an ordinary share.The non-voting preference shares will not be admitted to trading on AIM. Share issue costs The Company incurred issue costs of £188,000 in respect of the above sharesissued during the year. These have been debited to the share premium account ofthe Company. Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that an Annual General Meeting of the Company will beheld at Central house, Beckwith Knowle, Harrogate, HG3 1UG on 1 May 2008 at10.00 a.m. for the following purposes, Resolutions 1 to 5 being proposed asordinary resolutions and Resolution 6 being proposed as a special resolution: As ordinary business: 1. to receive and adopt the report of the Directors and the auditedaccounts of the Company and its subsidiaries for the eighteen month period ended31 December 2007 together with the report of the auditors thereon; 2. to re-appoint Grant Thornton UK LLP as auditors to the Company and toauthorise the Directors to fix their remuneration; 3. to re-elect Richard James, who retires in accordance with Article 87 ofthe Company's articles of association and who, being eligible, offers himselffor re-appointment, as a Director; 4. to re-elect Jeremy Fenn, who retires in accordance with Article 92 ofthe Company's articles of association and who, being eligible, offers himselffor re-election, as a Director; As special business: 5. THAT in substitution for all existing and unexercised authorities, pursuant tosection 80 of the Companies Act 1985 (the "Act"), as amended, the Directors ofthe Company be generally and unconditionally authorised to exercise all or anyof the powers of the Company to allot relevant securities (within the meaning ofsection 80(2) of the Act) in the capital of the Company up to a maximum nominalamount of £1,229,500 (representing approximately one third of the issuedordinary share capital of the Company), provided that this authority shall,unless previously revoked or varied by the Company in general meeting, expirefive years from the date of passing this Resolution save that the Company maybefore the expiry make an offer or agreement which would or might requirerelevant securities to be allotted after such expiry and the Directors of theCompany may allot relevant securities in pursuance of such an offer or agreementas if the authority conferred hereby had not expired; and 6. THAT the Directors of the Company be and they are hereby empowered, pursuant tosection 95 of the Act and pursuant to the authority set out in Resolution 5above, to allot equity securities (as defined in section 94(2) of the Act) forcash out of any relevant securities (as defined in section 80(2) of the Act)which they are from time to time authorised to allot, as if section 89(l) of theAct did not apply to: (i) the grant of options under any share option scheme of the Company; (ii) in connection with or the subject of an offer or invitation, including a rights issue or open or equivalent offer to holders of ordinaryshares and such other equity securities of the Company as the Directors maydetermine on the register on a fixed record date in proportion (as near as maybe) to the respective holdings of such shares, but subject to such exclusions orother arrangements as the Directors may deem necessary or expedient in relationto fractional entitlements or any legal or practical problems under the laws of,or the requirements of, any recognised regulatory body or any stock exchange inany territory; and (iii) in connection with an issue of equity securities up to an aggregate nominal amount of £184,430 (representing approximately 5 per cent. of the issued share capital of the Company), provided that this authority shall expire on the conclusion of the next annualgeneral meeting of the Company or 15 months from the date of this Resolution,whichever is earlier and the Company may before such expiry make an offer,agreement or other arrangement which would or might require relevant securitiesto be allotted after such expiry and the Directors of the Company may allotrelevant securities pursuant to any such offer, agreement or other arrangementas if the authority hereby conferred had not so expired. 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