Interim Results

29 June 2026

AIM: WYN

Wynnstay Group plc

("Wynnstay" or "the Group" or "the Company")

A leading integrated partner to UK agriculture

Interim Results for the six months ended 30 April 2026

Project Genesis driving improved profitability, stronger cash generation and confidence in full-year expectations

Interim Results Summary

1Adjusted operating profit excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives and non-recurring items.

2Adjusted profit before taxation excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.

3 Adjusted earnings per share takes into account the tax effect of adjusting items.

4Net cash excluding IFRS 16 leases.

Wynnstay has delivered a strong first half performance despite challenging agricultural market conditions and ongoing inflationary pressures across labour, logistics and energy. The benefits of Project Genesis are increasingly evident through improved operational efficiency, stronger commercial execution and a more focused cost base, resulting in higher profitability, improved cash generation and a strengthened balance sheet. Alongside this operational progress, the Group has continued to invest in strategic capabilities and growth initiatives through Wynnstay Strategy Genesis, providing the Board with confidence in the Group's ability to deliver full year results in line with current market expectations.

Financial Highlights

· Adjusted profit before taxation increased by 11.7% to £6.0m (H1 2025: £5.4m), a 59% increase compared with H1 2024 (£3.8m), demonstrating the continued delivery of Project Genesis.

· Adjusted operating profit increased by 9.7% to £5.8m (H1 2025: £5.2m), reflecting improved margins, operational efficiencies and a stronger Feed & Grain performance.

· Revenue broadly unchanged at £304.1m (H1 2025: £304.9m), with fertiliser volume growth of 12% and higher pricing offsetting lower feed volumes, reduced retail sales and the impact of Project Genesis site closures.

· Gross profit increased to £42.3m (H1 2025: £42.0m) despite ongoing inflationary pressures across labour, logistics and energy.

· Adjusted earnings per share increased by 15.5% to 20.9p (H1 2025: 18.1p).

· Net cash (excluding IFRS 16 lease liabilities) increased to £10.9m (H1 2025: £10.3m) despite increased capital expenditure and higher commodity prices.

· Strong working capital management partially offset the impact of higher agricultural commodity prices and supported improved cash conversion.

· Increased interim dividend of 5.9p per share proposed (H1 2025: 5.7p), reflecting the Board's confidence in the Group's outlook, balance sheet strength and cash generation.

Operational Highlights

· Project Genesis continues to deliver tangible operational and financial benefits across the Group.

· Group has continued to invest in its strategic capabilities, including production capacity, food safety, information technology infrastructure and data management initiatives.

· Feed & Grain:

o  Adjusted profit before taxation increased to £2.2m (H1 2025: £0.9m), reflecting the benefits of the unified GrainLink trading platform, as well as improved margins and lower operating costs.

o  Grain trading performance improved significantly, supported by increased trading volumes, enhanced collaboration, stronger margins and improved commercial execution.

o  Loss-making operations closed under Project Genesis have been successfully removed from the cost base, improving profitability and creating additional capacity for future growth.

· Arable:

o  Adjusted profit before taxation increased to £1.9m (H1 2025: £1.4m), supported by higher manufactured fertiliser volumes and the first full-period contribution from the Avonmouth fertiliser blending facility.

o  Avonmouth operated successfully throughout the period, supporting record spring season fertiliser throughput and strengthening the Group's position in South West England and South Wales.

· Stores:

o  Adjusted profit before taxation of £2.0m (H1 2025: £3.1m).

o  Reduction was primarily driven by lower small bag feed sales and inflationary cost pressures.

o  Underlying performance improved through the second quarter supported by management actions focused on category performance, pricing discipline and operational efficiency.

Commodity Markets and Middle East

· Fertiliser markets experienced short-term volatility following geopolitical developments in the Middle East, providing a modest benefit to profitability through well-managed purchasing positions.

· Impact was significantly lower than the market dislocation experienced during 2022 following the outbreak of the conflict in Ukraine.

· No disruption to fertiliser supply chains experienced during the period.

· Strong fertiliser order book entering the second half and the Group maintains a balanced purchasing and sales position and remains focused on managing commodity price risk prudently.

Outlook

· Trading in the second half has started in line with Board expectations.

· Project Genesis continues to deliver operational, commercial and financial benefits across the Group.

· The Board remains confident of delivering full-year results in line with current market expectations, representing a further improvement on FY25.

· Wynnstay is becoming a more efficient, resilient and cash-generative business, better positioned to perform across a range of agricultural market conditions.

Steven Esom, Chairman of Wynnstay Group plc, commented:

"These results demonstrate the tangible benefits of Project Genesis. Against a backdrop of challenging agricultural markets and broader inflationary pressure, Wynnstay has delivered a further improvement in profitability, strengthened cash generation and increased net cash, while continuing to invest in the business for future growth.

"The Group is becoming more efficient, more resilient and better positioned to deliver sustainable growth across a range of market conditions. With a strong balance sheet, a progressive dividend and an encouraging start to trading in the second half, the Board remains confident in the Group's outlook and ability to deliver further progress."

Alk Brand, Chief Executive Officer of Wynnstay Group plc, commented:

"The first half has provided clear evidence that Project Genesis is delivering. We have improved profitability, increased earnings per share and strengthened our balance sheet despite tough market conditions for the agriculture industry. The actions we have taken to simplify the business, improve operational efficiency and strengthen commercial execution are translating into a better and more sustainable financial performance.

"Importantly, this improvement has been achieved whilst continuing to invest in the future of the Group through enhanced production capacity, food safety standards, IT infrastructure and data capability. We remain focused on building a more resilient business that can perform consistently across market cycles. By concentrating on the areas within our control and improving the quality of our execution, we are creating a stronger, more self-reliant business that is better positioned to navigate external market volatility.

"Trading in the second half has continued in line with our expectations and we remain confident of delivering full-year results in line with market expectations, representing a further improvement on FY25."

Investor presentation

Management will be hosting a live online presentation for all existing and potential shareholders via the Investor Meet Company platform at 3:00pm on 1 July 2026.

Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00am the day of the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Wynnstay via:

https://www.investormeetcompany.com/wynnstay-group-plc/register-investor

For more information on Wynnstay please visit https://www.wynnstayplc.co.uk/, or contact:

About Wynnstay Group plc

Wynnstay Group plc is a leading UK supplier of agricultural inputs and services, supporting food production across the UK. With over a century of heritage and a scalable national platform, the Group combines manufacturing, distribution and on-farm expertise to support farmers in producing food more efficiently and sustainably.

Wynnstay aims to be a trusted partner to its customers, helping customers operate more efficiently, sustainably and profitably in an evolving agricultural landscape. Through its diversified business model, Wynnstay delivers essential inputs and solutions that underpin food production, animal welfare and land stewardship.

OPERATING REVIEW

Overview

The Group delivered a strong first half performance, with adjusted profit before taxation increasing by 11.7% to £6.0m (H1 2025: £5.4m) and adjusted earnings per share increasing by 15.5% to 20.9p (H1 2025: 18.1p).

These are encouraging results, particularly set in the context of challenging market conditions. The operational, commercial and structural improvements made across the entire organisation, over the last eighteen months, demonstrates the success achieved following the implementation of Project Genesis and is evidence of the Group's increasing resilience and improved operating model.

Agricultural markets remained mixed during the period. Livestock sectors continued to experience pressure from farm profitability dynamics, whilst uncertainty around government policy and agricultural support schemes remained a feature of the trading environment. The Group also faced ongoing inflationary pressures across labour, logistics, energy and other operating costs. While these external factors remain difficult to predict or influence, Wynnstay benefited from maintaining a well-executed commercial plan, improved operational efficiency, stronger margin management and a more focused cost base. As a result, the benefits delivered through Project Genesis more than offset these external headwinds and supported further progress in profitability and returns.

The Group has continued to invest in its strategic capabilities, including production capacity, food safety, information technology infrastructure and data management initiatives. These investments support long-term competitiveness and operational resilience and have been absorbed within the Group's improved financial performance.

Project Genesis continues to deliver benefits across all areas of the business. The closure of loss-making operations, the simplification of management structures, the integration of trading activities under GrainLink and the ongoing optimisation of manufacturing assets have all contributed to improved profitability and returns.

Financial Results

Group revenue was broadly unchanged at £304.1m (H1 2025: £304.9m). Revenue reflected lower feed volumes, reduced retail sales and the impact of site closures completed under Project Genesis, offset by growth in fertiliser volumes and pricing, with fertiliser tonnes sold increasing by 12% compared with the prior period.

Gross profit increased to £42.3m (H1 2025: £42.0m), reflecting improved operational performance and commercial execution, while managing inflationary pressures in labour, energy and logistics and continued volatility in agricultural commodity markets.

Adjusted operating profit increased by 9.7% to £5.8m (H1 2025: £5.2m), while adjusted profit before taxation increased by 11.7% to £6.0m (H1 2025: £5.4m). This represents a 59% increase compared with H1 2024 (£3.8m), highlighting the significant progress achieved through Project Genesis.

The improvement in profitability was driven by a significantly stronger performance in Feed & Grain, continued progress in Arable and a resilient underlying performance across the wider Group.

Statutory profit before taxation increased to £6.2m (H1 2025: £5.5m), while basic earnings per share increased to 21.3p (H1 2025: 18.4p).

Balance Sheet and Cash Flow

The Group remains in a strong financial position. Net cash excluding IFRS 16 lease liabilities increased to £10.9m at 30 April 2026 (30 April 2025: £10.3m), demonstrating the strength of the Group's cash generation despite ongoing £1.5m capital investment in the business and higher commodity prices. On a full IFRS 16 basis, net debt reduced to £4.1m (30 April 2025: £6.3m), reflecting improved cash generation and disciplined working capital management.

As expected, the half year reflected the peak point of the Group's annual working capital cycle. During the period, agricultural commodity prices increased, particularly within fertiliser markets, creating additional working capital requirements. Despite this inflationary backdrop, the Group improved cash conversion through tighter inventory management, aged debt management, disciplined procurement and enhanced working capital controls.

Cash flow from operations improved significantly compared with the prior year, reflecting the continued benefits of Project Genesis and stronger management of working capital movements.

The Group retains substantial liquidity headroom through its existing facilities and remains well-positioned to fund organic growth opportunities and strategic investment.

Dividend

The Board is pleased to declare an increased interim dividend of 5.9p per share (H1 2025: 5.7p), representing growth of 3.5%. The increase reflects the Board's confidence in the Group's outlook, the strength of the balance sheet and the continued cash-generative nature of the business. The Board remains committed to a progressive dividend policy supported by sustainable earnings and cash generation.

Segmental Review

Feed & Grain

Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across the UK. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.

Feed & Grain delivered a significantly improved performance during the period, with adjusted profit before taxation increasing to £2.2m (H1 2025: £0.9m). This improvement reflects one of the clearest demonstrations of the benefits being delivered through Project Genesis.

Manufactured feed volumes were lower on a like-for-like basis, reflecting favourable grass growing conditions, pressure on farm incomes and a less supportive milk-to-feed price ratio in certain periods. However, the business benefited from a materially improved cost base following the closure of loss-making operations and the optimisation of manufacturing assets completed during FY25.

Project Genesis has created additional manufacturing capacity within the division, providing a platform for future growth while simultaneously reducing operating costs.

The GrainLink trading platform delivered a particularly strong performance. Feed raw material trading volumes increased and margins improved significantly as the benefits of the unified trading structure continued to emerge. The consolidation of trading activities has improved collaboration, reduced duplication, enhanced position management and enabled greater sharing of commercial expertise across the Group.

The ability to leverage product development across a wider customer base and sell a broader range of products into existing territories has also supported growth.

Arable

Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.

Arable delivered a further improvement in profitability, with adjusted profit before taxation increasing to £1.9m (H1 2025: £1.4m).

The division benefited from higher manufactured fertiliser volumes and a full-period contribution from the Avonmouth fertiliser blending facility, which operated successfully throughout the period and supported record spring season throughput.

The commercial performance was particularly strong. Well controlled forward purchasing and effective inventory management ensured the business was well positioned entering the spring season, allowing it to capture improved margins as market conditions strengthened.

During the period, fertiliser markets experienced some short-term volatility following geopolitical developments in the Middle East. While this provided a modest benefit to profitability, the impact was significantly lower than the dramatic market increases experienced following the outbreak of the conflict in Ukraine during 2022. Market movements were less pronounced, not all product categories experienced price increases and much of the spring season had already been contracted before prices moved higher.

Seed performance was in line with expectations during the first half and the business enters the important autumn season with a positive forward order book.

Stores

Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery and a digital platform.

Stores delivered a more challenging performance during the period, with adjusted profit before taxation of £2.0m (H1 2025: £3.1m). The reduction primarily reflected lower sales of small-bag manufactured feed products and softer demand across certain discretionary categories.

Inflationary pressures continued to affect the business, particularly in labour, logistics and other operating costs. While pricing actions were implemented where appropriate, these pressures proved more difficult to recover through headline pricing than in previous periods.

The division was also impacted by changes introduced through Project Genesis to improve transparency and decision-making. Internal transfer pricing for manufactured feed products now reflects a fully costed model, resulting in a more accurate margin allocation between business segments and better management information.

The underlying performance improved through the second quarter and into the early part of the second half, supported by management actions focused on category performance, pricing discipline and operational efficiency. The business is in a stronger position as a result of these actions.

Commodity Markets and Middle East Conflict

Agricultural commodity markets experienced increased volatility during the second quarter following geopolitical developments in the Middle East.

Within Arable, fertiliser prices increased in response to market uncertainty, providing a modest short-term benefit due to the Group's well managed purchasing position and inventory holdings. However, the impact was significantly less pronounced than the fertiliser market movements experienced during 2022. Importantly, the Group experienced no disruption to fertiliser supply and enters the second half with a strong forward order book.

The Group remains focused on maintaining a broadly matched purchasing and sales position and therefore has limited exposure to speculative commodity movements. Management continues to monitor market developments closely.

Within Feed & Grain and Stores, the principal impact was through higher logistics and haulage costs. The Group's diversified operating model, disciplined purchasing approach and focus on maintaining balanced positions limited the overall financial effect.

Project Genesis and Strategy Genesis

Project Genesis continues to deliver the operational and financial benefits anticipated when the programme was launched. The closure of loss-making operations, the simplification of management structures, the integration of trading activities and the optimisation of manufacturing assets have contributed materially to the improvement in Group profitability.

The Group remains on track with the next phase of Project Genesis, which is focused on operational delivery, continuous improvement and maximising returns from the structural changes already implemented.

Alongside the continued delivery of Project Genesis, the Group has continued to make progress against Wynnstay Strategy Genesis, its five-year growth plan focused on sustainable growth, improved returns and long-term shareholder value creation. Strategy Genesis is centred on leveraging the Group's existing asset base, manufacturing capacity and customer relationships to increase market share, expand sales of core product categories and grow share of customer spend across all three operating segments.

The Board believes that the operational platform created through Project Genesis provides a strong foundation for future growth. Investment in manufacturing capacity, digital capability, customer insight and commercial execution is intended to support higher levels of profitable growth whilst maintaining disciplined capital allocation and strong cash generation.

Joint Ventures

The Group's share of profits from joint ventures was £0.6m (H1 2025: £0.6m).

Bibby Agriculture delivered a strong performance, benefiting from robust demand across the dairy and ruminant sectors and continued focus on commercial execution and margin management. The business remains well-positioned and continues to make a valuable contribution to Group earnings. Wyro Developments performed in line with expectations.

Outlook

The Board remains confident in the Group's prospects. The Group is increasingly demonstrating resilience to external factors and its ability to improve performance through operational excellence, disciplined commercial execution and effective capital allocation.

Trading in the second half has started in line with the Board's expectations. The fertiliser order book is encouraging, Feed & Grain continues to benefit from the operational improvements delivered through Project Genesis and management remains focused on margin, cost and working capital discipline.

The Board remains confident of delivering full year results in line with current market expectations, representing a further improvement on FY25. Project Genesis is delivering the benefits originally envisaged and the Group is becoming more efficient, more resilient and better positioned to create sustainable value for shareholders.

WYNNSTAY GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

1Adjusted operating profit excludes amortisation of acquired intangibles, share-based payment expenses, gains or losses on mark to market of derivatives and non-recurring items.

2Adjusted profit before taxation excludes amortisation of acquired intangibles, share-based payment expenses, gains or losses on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.

CONSOLIDATED BALANCE SHEET

As at 30 April 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 30 April 2026

CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 April 2026

NOTES TO THE ACCOUNTS

1. GENERAL INFORMATION AND MATERIAL ACCOUNTING POLICIES

Wynnstay Group Plc is a company incorporated and domiciled in the United Kingdom. It is a leading integrated partner to UK agriculture operating through three reporting segments: Feed & Grain, Arable and Stores. Further information on the Group's operating segments are provided in Note 2.

The Interim Report was approved by the Board of Directors on 29 June 2026.

The condensed financial statements for the six months to the 30 April 2026 have been prepared in accordance with International Accounting Standard (IAS) 34 and the Disclosure Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority.

The financial information for the Group for the year ended 31 October 2025 set out above is an extract from the published financial statements for that year, which have been delivered to the Registrar of Companies. The auditor's report on those financial statements was not qualified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006.

The information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the six months ended 30 April 2026 and for the six months ended 30 April 2025 are unaudited. The consolidated financial statements are presented in sterling, which is also the Group's functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated.

The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 October 2025, which have been prepared in accordance with UK adopted International Accounting Standards.

The Directors have assessed the Group's ability to continue as a going concern and are satisfied that it remains appropriate to prepare the condensed consolidated interim financial statements on this basis.

In making this assessment, the Directors have reviewed the Group's latest forecasts, cash flow projections and available banking facilities. The Group continues to maintain a strong balance sheet, appropriate levels of liquidity and substantial headroom against its banking facilities and covenant requirements.

The Directors have considered a range of reasonably possible trading scenarios, together with the principal risks and uncertainties facing the business, including agricultural market volatility, commodity price movements, inflationary cost pressures and wider macroeconomic conditions. Based on this assessment, the Directors are satisfied that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future.

Accordingly, the Directors continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.

The Group uses alternative performance measures ("APMs"), including Adjusted Operating Profit and Adjusted Profit Before Tax, to provide additional insight into the underlying performance of the business. These measures are used internally by management to assess performance and are presented to assist users of the financial statements in understanding the Group's financial performance. Reconciliations to the closest IFRS measures are provided.

Adjusted Operating Profit represents statutory operating profit before non-recurring items, amortisation of acquired intangible assets, share-based payment expenses and fair value movements on derivative financial instruments. Adjusted Profit Before Tax is statutory profit before taxation adjusted on the same basis, together with the share of tax incurred by joint ventures.

Non-recurring items

Non-recurring items comprise material items of income or expense which, due to their nature, size or incidence, are not considered to form part of the Group's underlying trading performance. Such items may include restructuring and integration costs, gains or losses on the disposal of businesses or assets, significant asset impairments, acquisition-related costs, or other material items that the Directors believe should be disclosed separately to assist understanding of the Group's underlying financial performance. Where relevant, non-recurring items are presented separately within the income statement to provide greater clarity over the underlying trading results of the Group.

2. SEGMENTAL REPORTING

IFRS 8 requires operating segments to be identified on the basis of internal financial information about the components of the Group that are regularly reviewed by the chief operating decision maker ("CODM") to allocate resources to the segments and to assess their performance. The chief operating decision maker has been identified as the Board of Directors ("the Board"). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. The Board has determined that the operating segments, based on these reports are Feed and Grain, Arable and Stores.

Feed and Grain - Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across Great Britain. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.

Arable - Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed, and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.

Stores - Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed, and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery, and a digital platform.

The Board assesses the performance of the operating segments based on a measure of profit before tax (Adjusted Profit Before Tax). Other information provided to the Board is measured in a manner consistent with that in the financial statements.

3. OTHER OPERATING INCOME

4. AMORTISATION OF ACQUIRED INTANGIBLE ASSETS, SHARE-BASED PAYMENTS AND NON RECURRING ITEMS

HSE Investigation

As previously disclosed in the Group's Annual Report and Accounts for the year ended 31 October 2025, the Group remains subject to an investigation by the Health and Safety Executive ("HSE") in relation to a fatality at one of the Group's operating sites in January 2025.

The Group continues to cooperate fully with the HSE and all relevant authorities. At the date of approval of these condensed consolidated interim financial statements, the investigation remains ongoing and no enforcement action has been concluded.

Based on the information currently available, the Directors remain unable to reliably estimate either the likelihood or the quantum of any potential financial impact arising from this matter and, accordingly, no provision has been recognised in these financial statements. The position will continue to be monitored and reassessed as further information becomes available.

5. TAXATION

The tax charge for the six month periods ended 30 April 2026 and 30 April 2025 are based on the apportionment of the estimated tax charge for the respective full years.

The effective tax rate is 20.7% (6 months ended 30 April 2025: 23.7%).

6. CASH (USED IN) / GENERATED FROM OPERATIONS

Cash and cash equivalents

Cash and cash equivalents are all non-restricted balances and are all cash at bank and held with HSBC UK Bank Plc, except for £685,000 (2025: £981,000) which is held at International FC Stones for wheat futures hedging purposes. HSBC UK Bank Plc's credit rating per Moody's for long-term deposits is Aa3 (2025: Aa3). £1,384,000 of the cash and cash equivalent balances are denominated in foreign currencies, EUR (96%) and USD (4%) (2025: £940,000, in EUR (87%) and USD (2%)). All other amounts are denominated in GBP and are booked at fair value.

Loan stock is redeemable at par at the option of the Company or the holder. Interest of 4.0% (2025: 5.0%) per annum is payable to the holders.

7. LEASES

8. NET CASH

9. FINANCIAL INSTRUMENTS

10. EARNINGS PER SHARE

11. SHARE CAPITAL