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Final Results

3 Apr 2008 07:00

TEG Group (The) PLC03 April 2008 For release 07.00am 3 April 2008 TEG GROUP PLC (TEG) ("TEG" or "the Group") FINAL RESULTS for the year ended 31 December 2007 "Continued Progress; Significant Upturn in Revenues and Sales of Waste Services in H2; Further Local Authority Sales" TEG Group Plc, the leading green technology Group, which converts organic wastesinto natural organic fertiliser, announces its final results for the year ended 31 December 2007. Highlights Financial • Overall trading position as expected following announcements in 2007 and poor H1 • Turnover was £2,169,000 (2006: £3,559,000) in the main resulting from the phased nature of capital projects in comparison to prior period; Loss for the year of £3,034,000 (2006: loss £1,257,000) increased due to investment in group resources in preparation for construction programme for Greater Manchester • Turnover during H2 increased significantly by 304% to £1,633,000 (H1: £536,000) • First full year adoption of International Financial Reporting Standards (IFRS) • Fundraising - In March 2007 and in preparation for the Greater Manchester Waste PFI Contract and other opportunities, TEG raised £11 million before expenses by way of an institutional placing. The placing was over-subscribed with significant institutional demand and several new investors participating • Strong outlook for trading in 2008 and beyond Greater Manchester Waste PFI Contract • An Advanced Works Order ("AWO") for the Contract, worth £523,000 was concluded in January 2008, with significant progress towards conclusion of main contracts (worth up to £35 million in sales orders) achieved • Extension of AWO expected early April, full contract completion 29 April 2008 Verdia Horticulture Limited ("Verdia") • Verdia was formed in 2007 as a Joint Venture Group between TEG and Glendale Managed Services Limited to focus on the sale of high grade products into the horticulture market. This JV represents another significant endorsement of TEG and its technology with a first plant at Hillbarton, a Glendale site near Exeter, due for completion at end of Q3 2008 Construction and Operations • Perth, Scotland - PPC permit modifications completed - Board believes the plant is the first and only plant to date to achieve the higher PPC standard of licensing introduced into Scotland. Perth had an encouraging H2 performance and was cash positive for the period. Recent contract gains indicate that the plant will be operating at full capacity by May 2008 • Preston, Sherdley Farm - A second 12-cage line has been installed, increasing capacity to approx. 12,000 tonnes pa. Following completion of a new waste receipt facility and with demand in the North West being strong, the plant has been able to ramp up to full capacity quickly. All capacity is now sold and it is expected to perform well in 2008 • Todmorden, West Yorkshire - One of the UK's biggest composting plants, this 50,000 tonnes pa facility was completed to schedule with its first two lines successfully commissioned in May and June 2007. Performance has been good and it is anticipated that existing capacity will be filled and new capacity added by mid 2008 • Greater Manchester Waste Ltd - TEG secured a two year £900,000 interim waste management contract for green waste supply into Todmorden and Sherdley Farm • Four Local Authority Contracts to supply separately collected kitchen waste to Todmorden and Sherdley Farm. Contract also secured with Veolia for up to 9,000 tonnes per annum of garden waste, on a renewable contractual basis. Aggregate value of contracts between £245,000 - 350,000 per annum • Gwynedd Council - Construction of facility commenced in September 2007 and work continues on schedule for hand over in April 2008 - approx. £1.45m contract to supply TEG Silo Cage plant and equipment • Swansea & Banham, Norfolk - During H1 2007 TEG completed handover of both facilities Commenting, Nigel Moore, Non-Executive Chairman, TEG Group Plc, said: "As previously announced, the Group's pipeline of opportunities is stronger thanever and it is actively bidding for in excess of 30 significant contracts inaddition to a large number of smaller waste sales opportunities". "In addition, the market continues to strengthen and is projected to do so forthe foreseeable future. The success of the TEG facilities to date and theendorsement demonstrated by the Greater Manchester, Verdia and Gwynedd contractsfurther strengthens the Board's belief that the Group has an exciting future andsignificant growth can be anticipated". ENDS Contact: The TEG Group Plc Tel: 01772 314100Michael Fishwick, Chief Executive Adventis Financial PR Tel: 020 7034 4758/4759Tarquin Edwards/Chris Steele 07879 458 364/07979 604 687 Canaccord Adams (Nomad) Tel : 020 7050 6500Robert Finlay / Bhavesh Patel Editor's Notes: Greater Manchester Waste PFI Contract On 29 January 2007, TEG announced that it is a principal sub-contractor to theViridor-Laing consortium that has been awarded preferred bidder status for theGreater Manchester Waste PFI contract. TEG is the exclusive supplier of InVessel Composting ("IVC") technology to the consortium and following financialclosure, TEG will receive an order to supply all the IVC capacity in the GreaterManchester region. TEG is expected to build four plants as part of the consortium, over the periodfrom 2008 to 2011 with a combined capacity of 175,000 tonnes per annum,producing 125,000 tonnes of compost product per annum. The plants will allprocess green waste and kitchen waste collected from households in the GreaterManchester region. TEG TEG provides an in-vessel composting technology, which is one of the fewapproved technologies capable of treating animal by-product (ABP) waste. Planteconomics are predominantly driven by the gate fees charged, rather than thevalue of the end product (compost). The TEG process is an economic alternativeto landfill. The Silo Cage system, one of the few technologies in Europe capable of treatingthis waste, is a natural process producing compost as an end product, used as anexcellent soil conditioner that fertilises, retains moisture, provides structureand reduces the incidence of plant disease. TEG's Silo-Cages are housed inself-contained buildings, are not unsightly and are environmentally friendly. Customers include local authorities, waste management companies, foodprocessors, farmers and landowners. The Group's expanding market is driven byincreasingly stringent EU and UK legislation regulating the treatment anddisposal of organic waste. Statutory targets for the diversion of waste fromlandfill increase annually through to 2020, increasing TEG's market opportunityyear on year. The Waste Resource Action Programme estimates that 450 compostingplants will be needed by 2020 to satisfy local authority requirements alone, andthere is increasing demand from the private sector driven by ABP legislation. NOFCO is a marketing company specialising in the development of end markets forcompost products, an important aspect of all plant developments and key to localauthority development. The Company has an expertise in the development ofagricultural and horticultural markets and this capability is to be provided tocustomers to enhance TEG's overall service offering. Chairman's statement I am pleased to present the Group's 2007 annual report. TEG has continued tomake excellent progress and I am pleased to report a significant upturn inrevenues in the latter half of 2007 during which TEG saw a healthy upturn insales of waste services at its own facilities and was pleased to secure afurther Local Authority sale to Gwynedd Council. Whilst disappointed withtrading in 2007, during which there were a number of delays and disappointmentsbeyond our control, the Group resumed its excellent progress in the second halfof the year. The Board's confidence in TEG's growth prospects during 2008 andbeyond has been reinforced by the performance of the business during the latterhalf of 2007 and early 2008 and the Board believes TEG remains on track tobecome the composting technology provider of choice.. The change to LandfillTax to be implemented in April 2008, an annual increase of £8 per tonne ofwaste, has resulted in a significant increase in demand in 2008. In addition, I was delighted in Quarter 1 of the current year to announce theconclusion of the Advanced Works Order ("AWO") for the Greater ManchesterContract (9 January 2008) and the first development project under VerdiaHorticulture Limited. It is also hugely encouraging that I can report TEG hassecured waste contracts with several Local Authorities including CalderdaleCouncil, Preston City Council and Oldham Council, as well as securing asignificant contract with Veolia. With the expansion of contracts with Sita andPerth & Kinross Council, and a strong pipeline of near term sales, I amdelighted to report that both Perth and Sherdley Farm are approaching fullcapacity. As we announced during 2007, there were a number of factors that influencedtrading performance. Whilst delighted with our success in Greater Manchester,the Group had to make significant increases to its technical, engineering andcommercial resources, in preparation for the contract, yet without generatingrevenues owing to the delays in contract completion. Trading in the first halfat Perth was disappointing and as the Group brought the Todmorden plant on line,it was impacted by the resultant start-up losses generated as the plant rampedup in capacity. Finally, the phasing of capital projects resulted insignificantly lower capital sale revenue than in 2007. However, 2007 full year turnover of £2,169,000 (2006: £3,559,000) against the2007 interim figure of £536,045 reflects the significant growth in the secondhalf of the year. Losses were £3,034,000 compared to £1,257,000 in the sameperiod in 2006. No dividend is recommended. These accounts are the first full year to be prepared in accordance withInternational Financial Reporting Standards (IFRS). The IFRS transition hasbeen completed. Two adjustments to reported loss before tax for the year ended31 December 2006 have been identified, those being: • Reversal of amortisation of goodwill (£213k), and • Capitalisation of interest on plant construction projects (£29k) Greater Manchester Waste PFI Contract The Advanced Works Order ("AWO") for the contract, itself worth £523,000, wasreceived in January 2008 and detailed design work is underway for the first twoplants to be constructed, namely Rochdale and Bredbury. I am pleased to reportthat significant progress has been made towards the conclusion of the maincontracts and the Board anticipates that the AWO will be extended significantlyto allow procurement to commence on the first contract in early April, and fullcompletion of contracts by 29 April 2008. On award of the extended AWO, TEGexpects to move immediately into the procurement and construction phase of theRochdale plant where planning permission is already in place. The scope of the project remains largely unchanged with TEG due to constructfour plants between 2008 and 2011 to process 175,000 tonnes of waste per annum.The 3 further plants to be constructed by TEG are progressively scheduled forconstruction between the final quarter of 2008 and the first quarter of 2011.TEG's customer will be Costain who in turn is retained by the Viridor/Laingconsortium. It is anticipated that revenues will be in excess of £35m over the period of thecontract, including the revenues from the AWO, which will become a part of themain contract on completion. TEG did not recognise any revenues from thiscontract in 2007, but will be able to do so in 2008. Verdia Horticulture Limited During 2007, TEG formed a joint venture company with Glendale Managed ServicesLimited. The new company, Verdia Horticulture Limited ("Verdia"), has beenformed to focus on the horticulture market, manufacturing high grade compost andfertiliser products to be sold into the horticulture sector. Its focus will beon building and operating medium scale composting facilities, typically10-15,000 tonnes per annum to produce horticultural grade products for sale toGlendale and to regional horticultural markets. It is anticipated that Verdiawill build between 6 and 8 facilities over the next 2 to 3 years, geographicallyspread throughout the UK. It is anticipated that the capital required will befunded largely by bank finance. This venture follows 12 months of successfulcollaboration between the parties. TEG will supply TEG Silo Cage plants to Verdia and will provide technicalexpertise and support, as well as marketing services for waste supply to theplants. This is another significant endorsement of TEG and its technology andoffers an opportunity for the Group to establish itself in the horticulturalproducts sector. The first plant to be constructed by Verdia will be at Hillbarton, a Glendalesite near Exeter. This 14,000 tonnes per annum facility is expected to becompleted by the end of Quarter 3 of 2008. Plant Sales and Construction During the first half of 2007, TEG completed the handover of the plants builtfor The City and County of Swansea and for Banham Compost Limited. The construction of a third facility, for Gwynedd Council, commenced inSeptember 2007 and I am pleased to say remains on schedule to be handed over inApril 2008. The Gwynedd Council contract is for a 5,000 tonnes per annumfacility and TEG's scope of work includes the building and surroundinginfrastructure in addition to the TEG Silo Cage plant and equipment. The totalvalue of the contract is approximately £1.45m. The Todmorden facility was completed to schedule and the first 2 lines weresuccessfully commissioned in May and June. With the exception of some remedialwork required to the building air extract system, we have been very pleased withthe performance of the plant. A second 12-cage line was installed at the Sherdley facility, increasingcapacity from 6,000 tonnes per annum to approximately 12,000 tonnes per annumand a new waste receipt building was completed in October 2007. The final modifications were completed in Perth to comply with the conditions ofthe Pollution Prevention and Control (PPC) permit conditions introduced by theScottish Environmental Protection Agency (SEPA) in 2006. These included theinstallation of building air extract equipment and a product off-take gantry.The Board believes the plant is the first to achieve the higher PPC standard oflicensing introduced in Scotland and that it remains the only plant licensed todate. Group Plant Operations The Group secured an interim waste management contract with Greater ManchesterWaste Ltd to process green and garden waste at its Todmorden and Sherdley Farmfacilities. The contract is for a period of 2 years from May 2007 with afurther 1 year extension option. Over the first 2-year period, TEG will receive44,000 tonnes of waste and the contract value will be approximately £900,000. In addition, the Group secured contracts of varying lengths from four localauthorities for the supply to TEG of separately collected kitchen waste toSherdley Farm and Todmorden. The local authorities include Preston CityCouncil, Calderdale Council and Oldham Borough Council. A contract was alsosecured with Veolia for up to 9,000 tonnes per annum of garden waste. Morerecently, the contract with Sita and Perth & Kinross Council to processco-mingled garden and kitchen waste was expanded by a further 2,000 tonnes perannum. I am pleased to report that the plant at Perth has run well and has achieved itsplanned capacity. Despite it being necessary to inform the financial markets inJune 2007 that the waste and local authority markets in Scotland were developingmore slowly than anticipated and sales of higher value waste had been belowplan, I am pleased to report that the second half performance was greatlyencouraging and the Perth business was cash positive for the period. With therecent contract gains, the plant is expected to be operating at full capacity byMay 2008. Following completion of the waste receipt facility, the Sherdley Farm plantramped up to full capacity and that capacity was quickly filled. Demand in theNorth West is very strong and the Board is confident that Sherdley Farm willperform well in 2008. Plant performance at Todmorden has been good and volume of waste supply to theplant has been excellent, though a large proportion has been green waste. Theproportion of higher value waste is increasing with new sales and it isanticipated that the existing capacity will be filled by Quarter 2 of 2008 andcapacity will need to be increased by mid 2008. R&D contracts Further R&D work has taken place for Shell in conjunction with the University ofWestminster. If successful, further pilot scale work will be undertaken atPerth. The United Utilities trials on sewage products were completed successfully andthe Group awaits the outcome of a review of direction. Fundraising In preparation for the Greater Manchester contract and in anticipation of futurebuild own and operate opportunities, TEG successfully raised £11,000,000 beforeexpenses of £629,000, the cost of which has been charged against the sharepremium account. The year end cash balance was £8,916,000. Natural Organic Fertiliser Company ("NOFCO") NOFCO was established in January 2007 to focus on markets for compost, both toensure secure supply options for TEG and to leverage increased value from whatwe believe to be a very good quality, nutrient rich product. While still in itsinfancy we are very pleased with some immediate successes and with the influencethe company is able to exert in the market place. NOFCO carried out full scale crop growing trials at Sherdley Farm that were aresounding success. The yield from the maize crop was some 100% greater thanthe regional average and demonstrated the high value of the TEG product. Market Update The market continues to grow strongly as both Landfill Allowance Trading Scheme("LATS") targets and Landfill Tax make an impact on the Local Authority andprivate sector markets. As previously announced, LATS targets increase annually and the level of LocalAuthority activity grows continuously. However, TEG has observed that thebiggest influence in the last 6 months has been the impending rise in LandfillTax ("LFT"). The Chancellor announced in 2007 that LFT would rise in April 2008by £8 per tonne of waste landfilled. Together with annual cost increases byoperators, this will result in price increases of £9-10 per tonne. This rise inLFT will also be imposed in 2009 and 2010 bringing the tax to a total of £48 pertonne by 2010, an increase of 100% over the 3 year period. TEG has observed astep change in market activity and recycling as the April deadline approaches. Management The Group has continued to strengthen its business development, engineering,operational and technical teams in advance of the anticipated constructionprogramme for Greater Manchester and other projects that are close tocompletion. This has of course been balanced by the knowledge that revenueshave not yet commenced for these projects but it is important that the Group isprepared for the increase in activity on completion. Ron McIlwraith, an experienced senior engineering and projects manager, joinedthe TEG Environmental Limited Board as Engineering Director in October 2007 inanticipation of the Greater Manchester contract and other construction projectscurrently in the pipeline. Future Prospects As previously announced, the Group's pipeline of opportunities is stronger thanever and it is actively bidding for in excess of 30 significant contracts inaddition to a large number of smaller waste sales opportunities. In addition,the market continues to strengthen and is projected to do so for the foreseeablefuture. The success of the TEG facilities to date and the endorsementdemonstrated by the Greater Manchester, Verdia and Gwynedd contracts furtherstrengthens the Boards belief that the Group has an exciting future with astrong outlook for trading in 2008 and beyond. Nigel Moore Chairman 3 April 2008 Consolidated income statement For the year ended 31 December 2007 2007 2006 Notes £'000 £'000 Continuing operationsRevenue 4 2,169 3,559Cost of sales (2,405) (2,952) Gross (loss)/profit (236) 607 Other expenses (3,118) (1,964) Operating loss from continuing operations 4 (3,354) (1,357) Finance income 436 155Finance costs (202) (116) Loss before tax (3,120) (1,318) Income tax 5 86 61 Loss for the year (3,034) (1,257) Attributable to:Equity holders of the parent (3,034) (1,257)Retained loss (3,034) (1,257) Loss per shareBasic and diluted (pence) 6 (6.725) (3.757) Consolidated balance sheet As at 31 December 2007 2007 2006 £'000 £'000ASSETS Non-current assetsGoodwill 2,270 2,270Other intangible assets - -Interest in joint venture - -Property, plant and equipment 9,839 7,594 12,109 9,864Current assetsInventories 234 356Trade and other receivables 1,106 648Taxation receivable 86 61Cash and cash equivalents 8,916 2,242 10,342 3,307 Total assets 22,451 13,171 LIABILITIES Current liabilitiesTrade and other payables 1,084 1,155Borrowings 150 156Deferred consideration 252 267 1,486 1,578Non-current liabilitiesBorrowings 2,099 213Deferred consideration 1,585 1,770 3,684 1,983 Total liabilities 5,170 3,561 Net assets 17,281 9,610 EQUITY Equity attributable to equity holders of the parentShare capital 2,414 1,902Share premium 29,357 19,388Other reserve 551 327Retained losses (15,041) (12,007) Total equity 17,281 9,610 Consolidated statement of changes in shareholders' equity for the year ended 31 December 2007 Share Share Other Retained Total capital premium reserve losses £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2006 1,319 12,310 154 (10,750) 3,033 Loss for the year - - - (1,257) (1,257)Issue of new ordinary share capital 575 - - - 575Premium on issue of new ordinary share capital - 7,523 - - 7,523Issue costs - (445) - - (445)Recognition of share-based payments - - 173 - 173Issue of ordinary shares under employee share option 8 - - - 8plan Balance at 1 January 2007 1,902 19,388 327 (12,007) 9,610 Loss for the year - - - (3,034) (3,034)Issue of new ordinary share capital 500 - - - 500Premium on issue of new ordinary share capital - 10,598 - - 10,598Issue costs - (629) - - (629)Recognition of share-based payments - - 224 - 224Issue of ordinary shares under employee share option 12 - - - 12plan Balance at 31 December 2007 2,414 29,357 551 (15,041) 17,281 Consolidated cash flow statement For the year ended 31 December 2007 2007 2006 £'000 £'000 Cash flows from operating activitiesLoss after taxation (3,034) (1,257)Adjustments for:Depreciation 579 310Share based administrative expense 224 173Taxation credit recognised in income statement (86) (61)Interest expense 202 116Investment income (436) (155)Loss / (profit) on sale of property, plant and equipment 10 (3)Increase in trade and other receivables (458) (281)Decrease / (increase) in inventories 122 (233)Increase / (decrease) in trade payables 389 (339) Cash used in operations (2,488) (1,730)Interest paid (102) (36)Income taxes received 61 64 Net cash used in operating activities (2,529) (1,702) Cash flows from investing activitiesAcquisition of business - deferred consideration (300) (300)Purchase of property, plant and equipment (3,259) (6,329)Proceeds from sale of equipment 3 11Interest received 436 155 Net cash used in investing activities (3,120) (6,463) Cash flows from financing activitiesProceeds from issue of share capital 10,481 7,661New bank loans raised 2,000 426Repayment of loan (142) (71)Payment of finance lease liabilities (16) (23) Net cash from financing activities 12,323 7,993 Net increase / (decrease) in cash and cash equivalents 6,674 (172)Cash and cash equivalents at beginning of the year 2,242 2,414 Cash and cash equivalents at end of the year 8,916 2,242 Notes 1. Basis of preparation The financial information set out in this announcement does not constitute thestatutory accounts of the Group for the year ended 31 December 2007. Theauditors reported pm those accounts; their report was unqualified and did notcontain a statement under section 237 (2) or (3)of the Companies Act 1985. Thestatutory accounts for the year ended 31 December 2007 will be delivered to theregistrar of Companies following the Company's Annual General Meeting. Whilst the financial information included in this preliminary announcement hasbeen computed in accordance with International Financial Reporting Standards(IFRS), this announcement in itself does not contain sufficient information tocomply with IFRS 2. Significant accounting policies The consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRS) as adopted by the EuropeanUnion (EU), including International Accounting Standards (IAS) andinterpretations issued by the International Financial Reporting InterpretationsCommittee (IFRIC). Practice is continuing to evolve on the application andinterpretations of IFRS. Further standards may be issued by the InternationalAccounting Standards Board (IASB) and standards currently in issue and endorsedby the EU may be subject to interpretations issued by IFRIC. IFRS, as adopted by the EU, differs in certain respects from IFRS as issued bythe IASB. However, the consolidated financial statements for the periodpresented would be no different had the Group applied IFRS as issued by theIASB. References to IFRS hereafter should be construed as references to IFRS asadopted by the EU. The preparation of financial statements, in conformity with generally acceptedaccounting principles under IFRS, requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities at thedate of the financial statements and the reported amounts of revenues andexpenses during the reported period. Although these estimates are based onmanagement's best knowledge of the amount, event or actions, actual results mayultimately differ from those estimates. The financial statements have been prepared using the measurement basisspecified by IFRS for each type of asset, liability, income and expense. Themeasurement bases are more fully described in the detailed accounting policiesbelow. The policies have changed from the previous year when the financial statementswere prepared under applicable United Kingdom Generally Accepted AccountingPrinciples (UK GAAP). The comparative information has been restated inaccordance with IFRS. The changes to accounting policies are explained in note2, together with the reconciliation of opening balances. The date of transitionto IFRS was 1 January 2006 (transition date). The Group has taken advantage of certain exemptions available under IFRS 1 'First-time adoption of International Financial Reporting Standards'. Theexemptions used are explained under the respective accounting policy. The accounting policies that have been applied in the opening balance sheet havealso been applied throughout all periods presented in these financialstatements. These accounting policies comply with each IFRS that is mandatoryfor accounting periods ending on 31 December 2007. Basis of consolidation The Group financial statements consolidate those of the company and itssubsidiary undertakings drawn up to the balance sheet date. Subsidiaries areentities over which the Group has the power to control the financial andoperating policies so as to obtain benefits from its activities. The Groupobtains and exercises control through voting rights. Unrealised gains on transactions between the Group and its subsidiaries areeliminated. Unrealised losses are also eliminated unless the transactionprovides evidence of an impairment of the asset transferred. Amounts reportedin the financial statements of subsidiaries have been adjusted where necessaryto ensure consistency with the accounting policies adopted by the Group. Business combinations completed prior to date of transition to IFRS The Group has elected not to apply IFRS 3 'Business Combinations'retrospectively to business combinations prior to date of transition. Accordingly, the classification of the combination (acquisition) remainsunchanged from that used under UK GAAP. Assets and liabilities are recognisedat the date of transition if they would be recognised under IFRS, and aremeasured using their UK GAAP carrying amount immediately post-acquisition asdeemed cost under IFRS, unless IFRS requires fair value measurement. Deferredtax is adjusted for the impact of any consequential adjustments after takingadvantage of the transitional provisions. Joint venture A joint venture is a contractual arrangement whereby the Group undertakes aneconomic activity which is subject to joint control with third parties. TheGroup's interests in jointly controlled entities are accounted for using theequity method. Under this method the Group's share of the profit less losses of joint venturesis included in the consolidated income statement and its interest in the netassets is included in non-current assets in the consolidated balance sheet.Where the share of losses in a joint venture exceeds the interest in the entity,the carrying amount is reduced to nil and recognition of further losses isdiscontinued unless there is a commitment by the Group to make furtherinvestment. The interest in the entity is the carrying amount of the investmenttogether with any long-term interests such as subordinated debt that, insubstance, form part of the net investment in the entity. Goodwill Goodwill representing the excess of the cost of acquisition over the fair valueof the Group's share of the identifiable net assets acquired, is capitalised andreviewed annually for impairment. Goodwill is carried at cost less accumulatedimpairment losses. Intangible assets Intellectual property rights are included at cost and amortised in equal annualinstalments over a period of 10 years which is their estimated useful economiclife. Provision is made for any impairment. Property, plant and equipment Property, plant and equipment is stated at cost, net of depreciation and anyprovision for impairment. No depreciation is charged during the period ofconstruction. Borrowing costs on property, plant and equipment under construction arecapitalised during the period of construction based on specific funds borrowed. Disposal of assets The gain or loss arising on the disposal of an asset is determined as thedifference between the disposal proceeds and the carrying amount of the assetand is recognised in the income statement. Depreciation Depreciation is calculated to write down the cost less accumulated depreciationof all property, plant and equipment other than freehold land over theirestimated useful economic lives. The rates generally applicable are: Vehicles 3 years straight lineSilo-cage systems 15 years straight lineFixtures and fittings 25% reducing balancePlant and machinery 25% reducing balanceBuildings 4% straight line Material residual value estimates are updated as required, but at leastannually, whether or not the asset is revalued. Impairment testing of goodwill and property, plant and equipment For the purposes of assessing impairment, assets are grouped at the lowestlevels for which there are separately identifiable cash flows (cash-generatingunits). As a result, some assets are tested individually for impairment andsome are tested at cash-generating unit level. Goodwill is allocated to thosecash-generating units that are expected to benefit from synergies of the relatedbusiness combination and represent the lowest level within the Group at whichmanagement monitors the related cash flows. Goodwill, other individual assets or cash-generating units that include goodwillare tested for impairment at least annually. All other individual assets orcash-generating units are tested for impairment whenever events or changes incircumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's orcash-generating unit's carrying amount exceeds its recoverable amount. Therecoverable amount is the higher of fair value, reflecting market conditionsless costs to sell, and value in use based on an internal discounted cash flowevaluation. Impairment losses recognised for cash-generating units, to whichgoodwill has been allocated, are credited initially to the carrying amount ofgoodwill. Any remaining impairment loss is charged pro rata to the other assetsin the cash generating unit. With the exception of goodwill, all assets aresubsequently reassessed for indications that an impairment loss previouslyrecognised may no longer exist. Taxation Income tax credit represents the tax currently receivable in respect of researchand development tax credits. Taxable loss differs from loss before tax as reported in the income statementbecause it excludes items of income or expense that are taxable or deductible inother years and it further excludes items that are never taxable or deductible.The Group's asset for current tax is calculated using the rates that have beenenacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on the differencesbetween the carrying amounts of assets and liabilities in the financialstatements and the corresponding tax bases used in the computation of taxableprofit, and is accounted for using the balance sheet liability method. Deferredtax liabilities are generally recognised for all temporary differences anddeferred tax assets are recognised to the extent that it is probable thattaxable profits will be available against which deductible temporary differencescan be utilised. Such assets and liabilities are not recognised if thetemporary difference arises from the initial recognition of goodwill nor fromthe initial recognition (other than in a business combination) of other assetsand liabilities in a transaction that affects neither the tax profit nor theaccounting profit. Deferred tax liabilities are recognised for taxable temporary differencesarising on interest in subsidiaries and associates, and interest in jointventures where the Group is able to control the reversal of the temporarydifferences and it is probable that the temporary differences will not reversein the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheetdate and reduced to the extent that it is no longer probable that sufficienttaxable profits will be available to allow all or part of the asset to berecovered. Deferred tax is calculated at the average tax rates that are expected to applyin the periods in which the timing difference are expected to reverse based ontax rates and laws that have been substantially enacted by the balance sheetdate. Deferred tax assets and liabilities are offset when there is a legallyenforceable right to set off current tax assets against current tax liabilitiesand when they relate to income taxes levied by the same taxation authority andthe Group intends to settle its current tax assets and liabilities on a netbasis. Research and development Expenditure on research (or the research phase of an internal project) isrecognised as an expense in the period in which it is incurred. Inventories Inventories are stated at the lower of cost and net realisable value aftermaking allowance for obsolete and slow moving items. Cost includes materials, direct labour and an attributable proportion ofmanufacturing overheads based on normal levels of activity. Cost is calculatedusing the weighted average method. Net realisable value is based on estimatedselling price less further costs expected to be incurred to completion. Revenue Revenue is measured by reference to the fair value of consideration received orreceivable by the Group for goods supplied and services provided, excluding VATand trade discounts. Revenue is recognised upon the performance of services ortransfer of risk to the customer. Rendering of services relating to processing waste When the outcome of a transaction involving the processing of waste can beestimated reliably, revenue associated with the transaction is recognised whenthe Group receives the waste, being the point at which it fulfils itscontractual obligation to the customer. The outcome of the transaction isdeemed to be able to be estimated reliably when all the following conditions aresatisfied: • the amount of revenue can be measured reliably. • it is probable that the economic benefitsassociated with the transaction will flow to the entity. • the company receives the waste, being the pointat which it fulfils its contractual obligation to the customer and • the costs incurred in processing the waste thatcan be measured reliably. Construction contracts Contract revenue reflects the contract activity during the year and is measuredat the fair value of consideration received or receivable. When the outcome canbe assessed reliably, contract revenue and associated costs are recognised asrevenue and expenses respectively by reference to the stage of completion of thecontract activity at the balance sheet date. The stage of completion of thecontract at the balance sheet date is assessed by reference to completed keymilestones, those being: • Design • Procurement • Component manufacture • Enabling works • Civil Engineering • Building fabrication • Mechanical and electrical installation of variouscomponents of the TEG Silo-cage plant • Functional testing • Commissioning Where the outcome of a long term contract cannot be estimated reliably, revenueis recognised only to the extent of contract costs incurred that it is probablewill be recoverable, and contract costs are recognised as an expense in theperiod in which they are incurred. In the case of a fixed price contract, theoutcome of a construction contract is deemed to be estimated reliably when allthe following conditions are satisfied: • total contract revenue can be measured reliably • it is probable that economic benefits associatedwith the contract will flow to the Group • both the contract costs to complete the contractand the stage of completion at the balance sheet date can be measured reliably,and • the contract costs attributable to the contractcan be clearly identified and measured reliably so that actual contract costsincurred can be compared with prior estimates. The gross amount due from customers for contract work is presented as an assetfor all contracts in progress for which costs incurred plus recognised profits(less recognised losses) exceeds progress billings. The gross amount due tocustomers for contract work is presented as a liability for all contracts inprogress for which progress billings exceed costs incurred plus recognisedprofits (less losses). Full provision is made for losses on all contracts in the year in which the lossis first foreseen. Interest Interest is recognised using the effective interest method which calculates theamortised cost of a financial asset and allocates the interest income over therelevant period. The effective interest rate is the rate that exactly discountsestimated future cash receipts through the expected life of the financial assetto the net carrying amount of the financial asset. Employee benefits - retirement benefit costs The pension costs charged against profits are the contributions payable to thescheme in respect of the accounting period. Foreign currency Transactions in foreign currencies are translated at the exchange rate ruling atthe date of the transaction. Monetary assets and liabilities in foreigncurrencies are translated at the rates of exchange ruling at the balance sheetdate. Any exchange differences arising on the settlement of monetary items or ontranslating monetary items at rates different from those at which they wereinitially recorded are recognised in profit or loss in the period in which theyarise. Leased assets In accordance with IAS 17, the economic ownership of a leased asset istransferred to the lessee if the lessee bears substantially all the risks andrewards related to the ownership of the leased asset. The related asset isrecognised at the time of inception of the lease at the fair value of the leasedasset or, if lower, the present value of the minimum lease payments plusincidental payments, if any, to be borne by the lessee. A corresponding amountis recognised as a finance leasing liability. Leases of land and buildings aresplit into land and buildings elements according to the relative fair values ofthe leasehold interests at the date of entering into the lease agreement. The interest element of leasing payments represents a constant proportion of thecapital balance outstanding and is charged to the income statement over theperiod of the lease. All other leases are regarded as operating leases and the payments made underthem are charged to the income statement on a straight line basis over the leaseterm. Lease incentives are spread over the term of the lease. Share-based payment - equity settled All share-based payment arrangements granted after 7 November 2002 that had notvested prior to 1 January 2006 are recognised in the financial statements. All goods and services received in exchange for the grant of any share-basedpayment are measured at their fair values. Where employees are rewarded usingshare-based payments, the fair values of employees' services are determinedindirectly by reference to the fair value of the instrument granted to theemployee. This fair value is appraised at the grant date. All equity-settled share-based payments are ultimately recognised as an expensein the income statement with a corresponding credit to "other reserve". The expense is allocated over the vesting period, based on the best availableestimate of the number of share options expected to vest. Estimates aresubsequently revised if there is any indication that the number of share optionsexpected to vest differs from previous estimates. Any cumulative adjustmentprior to vesting is recognised in the current period. No adjustment is made toany expense recognised in prior periods if share options ultimately exercisedare different to that estimated on vesting. Upon exercise of share options the proceeds received net of attributabletransaction costs are credited to share capital, and where appropriate sharepremium. Financial assets Financial assets are divided into the following categories: loans andreceivables and financial assets at fair value through profit or loss.Financial assets are assigned to the different categories by management oninitial recognition, depending on the purpose for which they were acquired. Thedesignation of financial assets is re-evaluated at every reporting date at whicha choice of classification or accounting treatment is available. All financial assets are recognised when the Group becomes a party to thecontractual provisions of the instrument. Financial assets other than thosecategorised as at fair value through profit or loss are recognised at fair valueplus transaction costs. Financial assets categorised as at fair value throughprofit or loss are recognised initially at fair value with transaction costsexpensed through the income statement. Financial assets at fair value through profit or loss include financial assetsthat are either classified as held for trading or are designated by the entityas at fair value through profit or loss upon initial recognition. Subsequent toinitial recognition, the financial assets included in this category are measuredat fair value with changes in fair value recognised in the income statement.Financial assets originally designated as financial assets at fair value throughprofit or loss may not be reclassified subsequently. Loans and receivables are non-derivative financial assets with fixed ordeterminable payments that are not quoted in an active market. Tradereceivables are classified as loans and receivables. Loans and receivables aremeasured subsequent to initial recognition at amortised cost using the effectiveinterest method, less provision for impairment. Any change in their valuethrough impairment or reversal of impairment is recognised in the incomestatement. Provision against trade receivables is made when there is objective evidencethat the Group will not be able to collect all amounts due to it in accordancewith the original terms of those receivables. The amount of the write-down isdetermined as the difference between the asset's carrying amount and the presentvalue of estimated future cash flows. An assessment for impairment is undertaken at least at each balance sheet date. A financial asset is derecognised only where the contractual rights to the cashflows from the asset expire or the financial asset is transferred and thattransfer qualifies for de-recognition. A financial asset is transferred if thecontractual rights to receive the cash flows of the asset have been transferredor the Group retains the contractual rights to receive the cash flows of theasset but assumes a contractual obligation to pay the cash flows to one or morerecipients. A financial asset that is transferred qualifies for de-recognitionif the Group transfers substantially all the risks and rewards of ownership ofthe asset, or if the Group neither retains nor transfers substantially all therisks and rewards of ownership but does transfer control of that asset. Financial liabilities Financial liabilities are obligations to pay cash or other financial assets andare recognised when the Group becomes a party to the contractual provisions ofthe instrument. Financial liabilities categorised as at fair value throughprofit or loss are recorded initially at fair value, all transaction costs arerecognised immediately in the income statement. All other financial liabilitiesare recorded initially at fair value, net of direct issue costs. Financial liabilities are categorised as at fair value through profit or losswhere they are classified as held-for-trading or designated as at fair valuethrough profit or loss on initial recognition. Financial liabilities categorised as at fair value through profit or loss arere-measured at each reporting date at fair value, with changes in fair valuebeing recognised in the income statement. All other financial liabilities arerecorded at amortised cost using the effective interest method, withinterest-related charges recognised as an expense in finance costs in the incomestatement. Finance charges, including premiums payable on settlement orredemption and direct issue costs, are charged to the income statement on anaccruals basis using the effective interest method and are added to the carryingamount of the instrument to the extent that they are not settled in the periodin which they arise. A financial liability is derecognised only when the obligation is extinguished,that is, when the obligation is discharged or cancelled or expires. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, togetherwith other short-term, highly liquid investments that are readily convertibleinto known amounts of cash and which are subject to insignificant risk ofchanges in value. Classification as debt or equity Debt and equity instruments are classified as either financial liabilities orequity in accordance with the substance of the contractual arrangement. Equity Equity comprises the following: • "Share capital" represents the nominal value ofequity shares. • "Share premium" represents the excess overnominal value of the fair value of consideration received for equity shares, netof expenses of the share issue. • "Other reserve" represents equity-settledshare-based employee remuneration until such share options are exercised. • "Profit and loss reserve" represents retainedlosses. Borrowing costs Borrowing costs directly attributable to the acquisition and construction ofqualifying assets, which are assets that necessarily take a substantial periodof time to get ready for their intended use, are added to the cost of thoseassets until such time as the assets are substantially ready for their intendeduse. All other borrowing costs are recognised in the income statement in the periodin which they are incurred. Critical accounting and judgements and key sources of estimation uncertainty Estimates and accounting judgements are continually evaluated and are based onhistorical experience and other factors, including expectations of future eventsthat are believed to be reasonable under the circumstances. The preparation offinancial statements under IFRS requires management to make assumptions andestimates about future events. The resulting accounting estimates will, bydefinition, differ from actual results. The assumptions and estimates that havea significant risk of causing a material adjustment within the next financialyear are: Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value inuse of the cash-generating units to which goodwill has been allocated. Thevalue in use calculation requires the directors to estimate the future cashflows expected to arise from the cash-generating unit and a suitable discountrate in order to calculate present value. Recognition of revenue and profit on construction project management Revenue and profit are recognised by reference to the estimated stage ofcompletion to the extent of contract costs incurred that it is probable will berecoverable. Adoption of new and revised standards Standards and Interpretations in issue not yet adopted At the date of the authorisation of these financial statements, the followingstandards and interpretations, which have not been applied in these financialstatements, were in issue but not yet effective. The directors anticipate theadoption of these standards and interpretations will have no material impact onthe Group's financial statements, with the exception if IAS 1, which will effectthe presentation of changes in equity and introduces a statement ofcomprehensive income. This amendment will not affect the financial position orresults of the Group but will give rise to additional disclosure. The directorsanticipate that the Group will adopt these standards and interpretations ontheir effective dates. • IAS 1 Presentation of financial statements (revised 2007) (effective 1 January 2009); • IAS 23 Borrowing costs (revised 2007) (effective 1 January 2009) • IAS 27 Consolidation and separate Financial Statements (revised 2008) (effective 1 July 2009) • Amendment to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation (effective 1 January 2009) • IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009) • IFRS 8 Operating segments (effective 1 January 2009) • IFRIC 11 IFRS 2 Group and treasury share transaction (effective 1 March 2007); • IFRIC 12 Service concession arrangements (effective 1 July 2008); and • IFRIC 13 Customer loyalty programmes (effective 1 July 2008) • IFRIC 14 and IAS19 The limit on defined benefit asset, minimum funding requirements and their interaction (effective 1 January 2008). 3. Explanation of transition to International Financial ReportingStandards (IFRS) As stated in the 'Basis of preparation', these are the Group's firstconsolidated financial statements in accordance with the measurement andrecognition rules of IFRS. An explanation of how the transition from UK GAAP to IFRS has affected theGroup's financial position, financial performance and cash flows is set outbelow. IFRS 1 permits companies adopting IFRS for the first time to take certainexemptions from the full requirements of IFRS in the transition period. Thesefinancial statements have been prepared on the basis of taking the followingexemption: • Business combinations prior to 1 January 2006, the Group's date of transition have not been restated to comply with IFRS 3 'Business Combinations'. Explanation of reconciliation from UK GAAP to IFRS for the balance sheet andincome statement The adoption of IFRS by the Group has resulted in some reordering and changes tothe presentation of certain balances within both the income statement andbalance sheet. Goodwill recognised by the Group on the acquisition of the composting businessin Perthshire under UK GAAP was amortised over a period of 11 years. Under IFRS,goodwill is not amortised, but tested annually for impairment. The goodwillamortisation charge recognised in accordance with UK GAAP in 2006 was writtenback. Borrowing costs incurred with regards to the development of the Todmordenfacility under UK GAAP were recognised as interest expense in the periodincurred. Under IFRS, borrowing costs which are directly attributable to theacquisition, construction or production of a qualifying asset have beencapitalised. This includes interest on borrowings made specifically for thepurpose of obtaining the qualifying assets. Application of IFRS has resulted in reclassification of certain items in thecash flow statement as follows: 1) Under UK GAAP, payments to acquire property, plant and equipment wereclassified as part of 'Capital expenditure and financial investment'. UnderIFRS, payments to acquire property, plant and equipment have been classified aspart of 'Investing activities'. 2) Income taxes received by the Group in respect of Research and Developmenttax credits are now classified as an operating cash flow under IFRS, howeverthese were included in a separate category of tax cash flows under UK GAAP. 3) There are no other material differences between the cash flow statementpresented under IFRS and the cash flow statement presented under UK GAAP. Reconciliations and descriptions of the effect of the transition from UK GAAP toIFRS on the Group's net income and equity are set out on the next page:Reconciliation of equity at 1 January 2006 (date of transition to IFRS) UK GAAP IFRS £'000 £'000ASSETS Non-current assetsProperty, plant and equipment 1,093 1,093Goodwill 2,270 2,270Investments - - 3,363 3,363 Current assetsInventories 123 123Trade and other receivables 366 366Taxation receivable 64 64Cash and cash equivalents 2,414 2,414 2,967 2,967 Total assets 6,330 6,330 LIABILITIES Current liabilitiesTrade and other payables 1,033 1,033Borrowings 22 22Deferred consideration 283 283 1,338 1,338 Non-current liabilitiesBorrowings 14 14Deferred consideration 1,945 1,945 1,959 1,959 Total liabilities 3,297 3,297 Net assets 3,033 3,033 EQUITY Equity attributable to equity holders of the parentShare capital 1,319 1,319Share premium 12,310 12,310Other reserves 154 154Retained losses (10,750) (10,750) Total equity 3,033 3,033 Reconciliation of equity at 31 December 2006 UK GAAP Goodwill Interest IFRS 2006 IFRS 3 IAS 23 2006 £'000 £'000 £'000 £'000 ASSETS Non-current assetsProperty, plant and equipment 7,564 - 30 7,594Goodwill 2,057 213 - 2,270Investments - - - - 9,621 213 30 9,864 Current assetsInventories 356 - - 356Trade and other receivables 648 - - 648Taxation receivable 61 - - 61Cash and cash equivalents 2,242 - - 2,242 3,307 - - 3,307 Total assets 12,928 213 30 13,171 LIABILITIES Current liabilitiesTrade and other payables 1,155 - - 1,155Borrowings 156 - - 156Deferred consideration 267 - - 267 1,578 - - 1,578 Non-current liabilitiesLong-term borrowings 213 - - 213Long-term deferred consideration 1,770 - - 1,770 1,983 - - 1,983 Total liabilities 3,561 - - 3,561 Net assets 9,367 213 30 9,610 EQUITY Equity attributable to equity holders of the parentShare capital 1,902 - - 1,902Share premium 19,388 - - 19,388Other reserves 327 - - 327Retained losses (12,250) 213 30 (12,007) Total equity 9,367 213 30 9,610 Reconciliation of loss for the year ended 31 December 2006 UK GAAP Goodwill Interest IFRS 2006 IFRS 3 IAS 23 2006 £'000 £'000 £'000 £'000 Revenue 3,559 - - 3,559Cost of sales (2,952) - - (2,952) Gross profit 607 - - 607 Other expenses (2,177) 213 - (1,964) Operating result (1,570) 213 - (1,357) Finance income 155 - - 155Finance costs (146) - 30 (116) Loss before tax (1,561) 213 30 (1,318) Income tax 61 - - 61 Loss for the year (1,500) 213 30 (1,257) Attributable to:Equity holders of the parent (1,500) 213 30 (1,257)Retained loss (1,500) 213 30 (1,257) Loss per shareBasic and diluted loss per share (4.483) 0.636 0.089 (3.757)(pence) 4. Segment information For management purposes, the Group is currently organised into the followingsegments: Sale to third parties, Build own operate facilities and Otherrevenue. Sale to third parties includes the design, production and installation ofSilo-cage plants for sale to third party clients. The build, own and operate segment relates to facilities which are owned andoperated by the Group. These sites process waste received from customers. Other revenue is as a result of research and development work carried out forthird parties. The revenues and net result generated by each of TEG Group Plc's businesssegments are summarised as follows: 2007 Build, own and Sale to third Other Consolidated operate parties revenue £'000 £'000 £'000 £'000 Revenue 1,269 882 18 2,169 Segment operating (loss) / profit (264) 22 6 (236) Segment corporate expenses (285) (44) - (329) Unallocated corporate expenses (2,789) Operating loss (3,354) Finance income 436Finance costs (202) Loss before taxation (3,120) Taxation 86 Loss for the year (3,034) Unallocated corporate expenses include £568,000 in respect of future businessdevelopment costs. 2006 Build, own and Sale to third Other Consolidated operate parties £'000 £'000 £'000 £'000 Revenue 885 2,650 24 3,559 Segment operating (loss) / profit (131) 723 15 607 Segment corporate expenses (170) (133) - (303) Unallocated corporate expenses (1,661) Operating loss (1,357) Finance income 155Finance costs (116) Loss before taxation (1,318) Taxation 61 Loss for the year (1,257) Unallocated corporate expenses include £186,000 in respect of future businessdevelopment costs. Other information 2007 Build, own and Sale to third Other Consolidated operate parties £'000 £'000 £'000 £'000 Capital additions 2,806 - - 2,806Depreciation 551 - - 551 Build, own and Sale to third Other Consolidated operate parties £'000 £'000 £'000 £'000AssetsSegment assets 12,549 518 - 13,067 Unallocated corporate assets 9,384 Consolidated total assets 22,451 LiabilitiesSegment liabilities 4,591 328 - 4,919 Unallocated corporate liabilities 251 Consolidated total liabilities 5,170 Other information 2006 Build, own and Sale to third Other Consolidated operate parties £'000 £'000 £'000 £'000 Capital additions 5,811 - - 5,811Depreciation 564 - - 564 Build, own and Sale to third Other Consolidated operate parties £'000 £'000 £'000 £'000AssetsSegment assets 10,320 315 - 10,635 Unallocated corporate assets 2,536 Consolidated total assets 13,171 LiabilitiesSegment liabilities 2,965 526 - 3,491 Unallocated corporate liabilities 70 Consolidated total liabilities 3,561 Geographic segments The Group's operations are all located in the United Kingdom and all revenue isgenerated within the United Kingdom. 5. Taxation The tax credit represents a claim for R&D tax credit. 6. Loss per share The loss per share is calculated by reference to the losses attributable toordinary shareholders divided by the weighted average of 45,111,984 ordinaryshares for the 12 months to 31 December 2007, and 33,451,682 for the 12 monthsto 31 December 2006. 2007 2006 £'000 £'000 Attributable loss (3,034) (1,257) No. No. Average number of shares in issue for basic and diluted loss per share 45,111,984 33,451,682 Loss per share (6.725p) (3.757p) The share options in issue are anti-dilutive in respect of the basic loss pershare calculation and have therefore not been included. 7. Developments in the year On 1 January 2007, the operations of the Group were restructured, such that thetrade, assets and liabilities of the business were transferred from The TEGGroup Plc to TEG Environmental Limited at book value for a consideration of£9,610,000. 8. Annual report and accounts Copies of the Annual Report and Accounts will be posted shortly. Copies will beavailable from the Group's head office at Houston House, 12 Sceptre Court,Sceptre Point, Preston, PR5 6AW. M Fishwick T Willis Director Director This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
23rd Jan 20243:30 pmGNWForm 8.3 - Ten Entertainment Group plc
23rd Jan 20243:29 pmRNSForm 8.3 - Ten Entertainment Group Plc
23rd Jan 202411:32 amRNSForm 8.3 - Ten Entertainment Group plc
23rd Jan 202410:43 amRNSForm 8.3 - Ten Entertainment Group Plc
23rd Jan 202410:26 amRNSForm 8.3 - TEN ENTERTAINMENT GROUP PLC
23rd Jan 202410:13 amRNSScheme of Arrangement becomes Effective
23rd Jan 20247:30 amRNSSuspension - Ten Entertainment Group plc
22nd Jan 20244:27 pmRNSForm 8.3 - Ten Entertainment Group PLC
22nd Jan 20243:30 pmGNWForm 8.3 - Ten Entertainment Group plc
22nd Jan 20249:36 amRNSForm 8.3 - Ten Entertainment Group Plc
19th Jan 20244:09 pmRNSRule 2.9 Announcement
19th Jan 20244:02 pmRNSFurther update on the LOI given by Gresham House
19th Jan 20243:30 pmGNWForm 8.3 - Ten Entertainment Group plc
19th Jan 20241:11 pmRNSForm 8.3 - Ten Entertainment Group
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19th Jan 202411:32 amRNSForm 8.3 - Ten Entertainment Group plc
19th Jan 202411:14 amRNSForm 8.3 - Ten Entertainment Group Plc
19th Jan 20247:00 amRNSForm 8.3 - Ten Entertainment Group Plc
18th Jan 20243:53 pmRNSHolding(s) in Company
18th Jan 20243:30 pmRNSForm 8.3 - TEG LN
18th Jan 20243:20 pmRNSForm 8.3 -Ten Entertainment Group plc
18th Jan 20242:05 pmPRNForm 8.3 - Ten Entertainment Group Plc
18th Jan 202411:31 amRNSForm 8.3 - Ten Entertainment Group plc
18th Jan 20249:59 amRNSForm 8.3 - Ten Entertainment Group plc
18th Jan 20247:00 amRNSForm 8.3 - Ten Entertainment Group Plc
17th Jan 20244:37 pmRNSFurther update on the LOI given by Gresham House
17th Jan 20243:30 pmGNWForm 8.3 - Ten Entertainment Group plc
17th Jan 20242:35 pmPRNForm 8.3 - Ten Entertainment Group Plc
17th Jan 20242:12 pmRNSForm 8.3 - Ten Entertainment
17th Jan 202411:18 amRNSForm 8.3 - Ten Entertainment Group
17th Jan 202411:02 amRNSForm 8.3 - Ten Entertainment Group plc
17th Jan 20249:14 amRNSFurther update on the LOI given by Gresham House
17th Jan 20248:42 amRNSForm 8.3 - Ten Entertainment Group Plc
17th Jan 20247:00 amRNSForm 8.3 - Ten Entertainment Group plc
16th Jan 20245:30 pmRNSTen Entertainment Group
16th Jan 20242:33 pmRNSForm 8.3 - Ten Entertainment Group PLC
16th Jan 20242:12 pmRNSForm 8.3 - Ten Entertainment Group
16th Jan 20249:18 amRNSForm 8.3 - Ten Entertainment Group Plc
16th Jan 20247:00 amRNSForm 8.3 - Ten Entertainment Group Plc
12th Jan 202411:09 amRNSResults of the Court Meeting and General Meeting
10th Jan 20243:45 pmRNSUpdate on Gresham House Asset Management Ltd LOI
10th Jan 20243:30 pmGNWForm 8.3 - Ten Entertainment Group plc
10th Jan 202412:41 pmPRNForm 8.3 - Ten Entertainment Group Plc
10th Jan 202411:29 amRNSForm 8.3 - Ten Entertainment Group plc
10th Jan 202410:55 amRNSForm 8.3 - Ten Entertainment Group
10th Jan 202410:24 amRNSForm 8.3 - Ten Entertainment Group Plc
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5th Jan 202412:07 pmRNSForm 8.3 - TEN ENTERTAINMENT GROUP PLC
5th Jan 20247:00 amRNSForm 8.3 - Ten Entertainment Group plc
4th Jan 20243:20 pmRNSForm 8.3 - Ten Entertainment Group plc

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