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DJ Block Commodities Ltd: Interim Results

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 Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Interim Results 
 
28-March-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
28 March 2017 
 
      Block Commodities Limited ('Block Commodities' or 'the Company') 
 
      Interim Results 
 
            Chairman's Statement 
 
The last six months have seen significant developments for Block Commodities 
        as we begin to implement our new strategy as an innovative commodity 
            operator in Africa. 
 
     Our vision is to build a growing revenue-generating business which will 
   create value for all stakeholders, as well as establish your Company as a 
        key contributor of growth and empowerment across sub-Saharan Africa. 
 
   In working to build a fertiliser trading business in Africa over the last 
   two years, we have clearly seen the valuable opportunity for security and 
 certainty that blockchain technology could bring to the local commodity and 
      agricultural framework. In this context, in February 2018, the Company 
        changed its name from "African Potash Limited" to "Block Commodities 
  Limited" to better reflect our strategic decision to leverage our existing 
trading business and network to create a new trading platform to promote and 
 secure an efficient agricultural ecosystem. This platform will help African 
     farmers raise productivity and secure better returns for their produce, 
         while establishing African communities as significant future global 
            agricultural players. 
 
Our model is simple: as part of a blockchain plan which enables us to secure 
   vendor finance for our fertiliser products we will borrow tokens and lend 
them to farmers (at interest rates lower than current commercial rates); the 
   farmers will then use the tokens to purchase fertiliser products from us. 
 The blockchain-based, closed-loop supply chain allows us to circumvent "the 
         middle man" (and related, unnecessary costs), while simplifying and 
    expediting the process using only one currency throughout: the token. In 
   this way, we hope to empower farmers and democratise the whole fertiliser 
            supply/purchase cycle. 
 
   In order to succeed in our objectives, we have identified key world-class 
            partners to work alongside us. 
 
  · In November last year, we announced an agreement with FinComEco Limited, 
  a subsidiary of GMEX Group Limited, as a joint venture partner to deploy a 
  complete blockchain-based agricultural ecosystem trading solutions via 
  integrated token-based microloan financing. FinComEco will ensure the 
  purchase of agricultural commodities grown by the small-scale farmers 
  ("SSF") through the use of existing warehouse receipt systems and 
  commodity exchanges with secure payment of profit to the farmer after the 
  repayment of the loan and interest to the Company. 
 
  · TokenCommunities Limited, a Gibraltar-based token finance specialist, 
  has also been engaged to assist us in facilitating our strategy and plans. 
 
  · In addition, we have decided to take a 21% stake in VIPA Holdings (Pty) 
  Limited ("VIPA"), a leading provider of fertilisers and raw animal feed 
  materials to South Africa's agricultural industry. VIPA will provide us 
  with access to high-quality, specialised agricultural products, forming 
  the procurement platform for our strategy. 
 
  · Finally, we have recently signed a strategic partnership with the 
  Wala/Dala team, a blockchain-powered financial services platform and 
  cryptocurrency token issuer already well-established in African financial 
  services. Wala and Dala will be working to develop and operate a 
  web-enabled mobile phone operable platform using the blockchain ledger for 
  the food commodities cycle trading ecosystem currently being developed 
  with FinComEco. 
 
Trading 
 
    In the first half of the year, we set up four community-based fertilizer 
    warehouses in Zambia. Working capital constraints led to the decision to 
      focus solely on sales to those SSF who had registered with the Zambian 
 government's e-voucher programme (which was scheduled to go live in October 
  2017). There were persistent delays in rolling out the e-voucher programme 
            and, subsequently, in loading the cards with credit. 
 
  In our areas of operation, cards were only loaded in late December 2017and 
   our first sales were successfully made early in 2018. Consequently, there 
  was no turnover in the six months to 31 December 2017, although, following 
   the end of the period under review, sales under the e-voucher scheme have 
            commenced. 
 
            Lac Dinga 
 
 Key to freeing up management's time and shareholder funds to concentrate on 
   developing its broader strategy has been the farming out of the Lac Dinga 
      potash salts concession. On 19 July, the Company announced that it had 
    entered into an agreement with African Agronomix Limited ("AAX") whereby 
      AAX, over a period of time, has the right to acquire up to 100% of the 
  Company's interest in the Lac Dinga exploration licence in the Republic of 
 Congo (held by La Societé des Potasses et des Mines SA ("SPM") in which the 
            Group has a 70% interest). 
 
 The agreement with AAX became effective on 17 October 2017 and AAX has been 
         acting as project operator on behalf of SPM since this time. AAX is 
currently planning a further drilling campaign in support of its application 
to renew the exploration licence for a further two years from 25 April 2018. 
 
            Financial results 
 
     Revenue for the 6 months to 31 December 2017 was $nil (2016: $103,000). 
  Operating expenses for the period fell to $263,000 (2016: $782,000). After 
    an impairment charge in respect of exploration assets of $271,000 (2016: 
 $284,000) and $101,000 in respect of the decision to divest of its stake in 
  Advanced Agricultural Holdings (Pty) Limited, the loss before taxation for 
    the period was $782,000 (2016: $1,188,000). Cash balances at 31 December 
            2017 were $206,000 (2016: $30,000). 
 
            Outlook 
  The last six months have been a transitional period of positive change for 
   Block Commodities. Management believes that blockchain technology and the 
       array of potential applications will transform day-to-day life in the 
future. The Company's local understanding and early mover advantage into the 
        blockchain and crypto space has provided it with invaluable insight, 
 connections and investment opportunities to be leveraged for the benefit of 
            all stakeholders. 
 
   In order to allow us maximise our trading business in Africa we have been 
 very active in identifying the most suitable local partners to assist us in 
            developing our strategy and to build the right innovative and 
            forward-thinking platform. 
 
We aim to build a business which generates high revenues, whilst maintaining 
            a strong social humanitarian and empowerment ethos. 
 
         Block Commodities' pilot agricultural ecosystem platform project in 
  collaboration with the Dala/Wala financial platform and FinComEco, will be 
 located in Uganda and if successful, we expect to quickly expand into other 
 sub-Saharan countries and explore opportunities for other commodities which 
are compatible with our platform and could benefit from our blockchain-based 
            model. 
 
We would like to sincerely thank our loyal shareholders for their continued 
and patient support over the last year and we look forward to updating the 
market with news of Block Commodities' progress in the future - we are just 
at the beginning of an exciting journey! 
 
            Chris Cleverly 
 
            Executive Chairman 
 
            UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 
 
            FOR THE SIX MONTHS ENDED 31 DECEMBER 2017 
 
            Unaudited Consolidated Income Statement 
 
            For the half year to 31 December 2017 
 
                             Unaudited    Unaudited    Unaudited 
 
                           6 months to  6 months to   Year ended 
 
                           31 December  31 December      30 June 
 
                                  2017         2016         2017 
                   Note          $'000        $'000        $'000 
 
         Revenue    4                -          113            - 
   Cost of sales                     -        (103)            - 
    Gross margin                     -           10            - 
   Other trading                     -            -            9 
          income 
       Operating                 (263)        (782)       (1251) 
        expenses 
Share of loss of                     -            -         (24) 
       associate 
  Impairment of: 
 
   - exploration    6            (271)        (284)        (719) 
  and evaluation 
           costs 
 
                    7            (101)            -            - 
 
 - investment in 
       associate 
    Other losses                  (44)         (19)          (2) 
  Operating loss                 (679)      (1,075)      (1,987) 
     Net finance                 (103)        (113)        (286) 
         expense 
     Loss before                 (782)      (1,188)      (2,273) 
        taxation 
      Income tax                                  -            - 
         expense 
    Loss for the                 (782)      (1,188)      (2,273) 
          period 
 attributable to 
   owners of the 
  parent company 
 
Loss per share:     5     (0.04 cents) (0.11 cents) (0.17 cents) 
basic and 
diluted 
 
All results relate to continuing activities 
 
            Unaudited Consolidated Comprehensive Income Statement 
 

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DJ Block Commodities Ltd: Interim Results -2-

            For the half year to 31 December 2017 
 
                                Unaudited   Unaudited  Unaudited 
 
                              6 months to 6 months to Year ended 
 
                              31 December 31 December    30 June 
 
                                     2017        2016       2017 
                                    $'000       $'000      $'000 
        Loss for the period         (782)     (1,188)    (2.273) 
 Other comprehensive income 
       Exchange translation            89       (103)         46 
     differences on foreign 
                 operations 
 Total comprehensive income         (693)     (1,291)    (2,227) 
for the period attributable 
    to owners of the parent 
                    company 
 
Unaudited Consolidated Statement of Financial Position 
 
As at 31 December 2017 
 
                                  Unaudited  Unaudited Unaudited 
 
                                         31         31   30 June 
                                   December   December 
 
                                                            2017 
                                       2017       2016 
                       Note           $'000      $'000     $'000 
 
      Non-current 
           assets 
Intangible assets: exploration        3,000      3,000     3,000 
activities 6 
Investment in            7                -          -       101 
associate 
Investment in quoted companies            -         28         - 
Property plant and equipment             82         92        99 
Total non-current                     3,082      3,120     3,200 
           assets 
 
   Current assets 
        Inventory                        68         26         - 
  Trade and other                       109         39        25 
      receivables 
    Cash and cash                       206         30        11 
      equivalents 
    Total current                       383         95        36 
           assets 
 
     Total assets                     3,465      3,215     3,326 
 
          Current 
      liabilities 
  Trade and other                   (1,613)    (1,025)   (1,574) 
         payables 
        Loan note                   (1,412)    (1,111)   (1,170) 
              Net                       440      1,079       492 
(liabilities)/ass 
              ets 
 
           Equity 
   Issued capital        8           19,192     18,202    18,551 
      Share based                     2,633      2,637     2,633 
  payment reserve 
Foreign exchange translation          (488)      (726)     (577) 
reserve 
Retained earnings                  (20,897)   (19,034)  (20,115) 
Total equity                            440 
attributable to 
equity holders 
 
                                                 1,079       492 
 
            Statement of Changes in Equity 
 
                             Share    Foreign 
                             based   exchange 
                           payment translatio 
                           reserve  n reserve 
                  Ordinary   $'000      $'000 
                     share 
                   capital 
 
                                                Retained 
                                                earnings 
                     $'000 
 
                                                           Total 
                                                   $'000 
 
                                                           $'000 
Balance at 1        17,531   2,637      (623)   (17,846)   1,699 
July 2016 
Loss for the             -       -          -    (1,188) (1,188) 
period 
Other 
comprehensive 
income 
Exchange                 -       -      (103)          -   (103) 
translation 
differences on 
foreign 
operations 
Total                    -       -      (103)    (1,188) (1,291) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of               671       -          -          -     671 
shares 
Total                  671       -          -          -     671 
transactions 
with owners 
Balance at 31       18,202   2,637      (726)   (19,034)   1,079 
December 2016 
Loss for the             -       -          -    (1,085) (1,085) 
period 
Other 
comprehensive 
income 
Exchange                 -       -        149          -     149 
translation 
differences on 
foreign 
operations 
Total                    -       -        149    (1,085)   (936) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of               349       -          -          -     349 
shares 
Lapse /                  -     (4)          -          4       - 
exercise of 
share-based 
payments 
Total                  349     (4)          -          4     349 
transactions 
with owners 
Balance at 1        18,551   2,633      (577)   (20,115)     492 
July 2017 
Loss for the             -       -          -      (782)   (782) 
period 
Other 
comprehensive 
income 
Exchange                 -       -         89          -      89 
translation 
differences on 
foreign 
operations 
Total                    -       -         89      (782)   (693) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of               641       -          -          -     641 
shares 
Total                  641       -          -          -     641 
transactions 
with owners 
Balance at 31       19,192   2,633      (488)   (20,897)     440 
December 2017 
 
            Unaudited Consolidated Statement of Cash Flows 
 
For the half year to          Unaudited      Unaudited Unaudited 
  31 December 2017 
 
                            6 months to    6 months to      year 
                                                           ended 
 
                            31 December    31 December 
                                                         30 June 
 
                                   2017           2016 
                                                            2017 
Operating                         $'000          $'000     $'000 
activities 
Loss before                       (782)        (1,328)   (2,273) 
tax 
Adjustments 
for: 
Impairment of                       271            424       719 
evaluation and 
exploration assets 
Impairment of                       101              -         - 
investment in 
associate 
Impairment of                         -             19         - 
investments 
Profit on disposal                    -              -      (37) 
of investment 
Share of loss of                      -              -        24 
associate 
Share based payment                   7              -        98 
change 
Depreciation                          5              -         - 
Movements in                         48           (84)       (4) 
exchange 
Net                                 103            113       286 
interest 
expense 
Operating cash flow               (247)          (856)   (1,188) 
before movements in 
working capital 
Working capital 
adjustments: 
- (Increase) /                     (68)           (26)         - 
decrease in 
inventory 
- Decrease /                        (9)             36        51 
(increase) in 
receivables 
- Increase / (decrease)            (41)            277       659 
in payables 
Cash used                         (365)          (569)     (478) 
in 
operations 
Net                                 (1)          (113)     (152) 
interest 
paid 
Net cash outflow                  (366)          (682)     (630) 
from operating 
activities 
 
Investing 
activities 
Purchase of evaluation and            -          (398)     (626) 
exploration assets 
Sale of                               -              -        80 
investments 
Purchase of                                  -     (1)      (14) 
property, plant and 
equipment 
Net cash flow from                    -          (399)     (560) 
investing activities 
 
Financing activities 
Issue of shares                     561            622       713 
Draw down of loan                     -            191       190 
note 
Net cash flow from                  561            813       903 
financing activities 
Net increase /                      195          (268)     (287) 
(decrease) in cash 
and cash equivalents 
Cash and cash                        11            298       298 
equivalents at start 
of the period 
Effect of foreign                     -              -         - 
exchange rates 
Cash and cash                       206             30        11 
equivalents at end 
of the period 
 
            Notes to the Unaudited Interim Financial Statements 
 
1. General information 
 
Block Commodities Limited ('Block Commodities' or the 'Company') is building 
  a fertiliser trading business and network to create a new trading platform 
using block chain technology to promote and secure an efficient agricultural 
  ecosystem as it seeks to develop an integrated African focussed fertiliser 
   operation. Block Commodities is a public limited company incorporated and 
 domiciled in the Guernsey. The address of its registered office is Richmond 
            House, St Julians Avenue, St Peter Port, Guernsey GY1 1GZ. 
 
       The Company is admitted to trading on the NEX Exchange Growth market. 
 
The unaudited interim financial statements for the 6 months ended 31 
December 2017 were approved for issue by the board on 27 March 2018. 
 
The interim financial statements for the 6 months ended 31 December 2017 and 
the 6 months ended 31 December 2016 are unaudited and do not constitute full 
       accounts. The comparative figures for the year ended 30 June 2017 are 
   extracts from the annual report and do not constitute statutory accounts. 
 
 The unaudited interim financial statements have been prepared in US Dollars 
    as this is the currency of the primary economic environment in which the 
            Group operates. 
 
2. Basis of preparation 
 
    The condensed consolidated financial statements of the Group for the six 
        months ended 31 December 2017, which are unaudited and have not been 
reviewed by the Company's auditor, have been prepared in accordance with the 

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DJ Block Commodities Ltd: Interim Results -3-

     International Financial Reporting Standards ('IFRS'), as adopted by the 
 European Union, accounting policies adopted by the Group and set out in the 
            annual report for the year ended 30 June 2017 (available at 
 www.blockcommodities.com [1]). The Group does not anticipate any additional 
  significant change in these accounting policies for the year ended 30 June 
   2018. References to 'IFRS' hereafter should be construed as references to 
            IFRSs as adopted by the EU. 
 
   While the financial figures included in this report have been computed in 
   accordance with IFRSs applicable to interim periods, this report does not 
 contain sufficient information to constitute an interim financial report as 
            that term is defined in IFRSs. 
 
 The financial information contained in this report also does not constitute 
     statutory accounts under the Companies (Guernsey) Law 2008, as amended. 
 
3. Significant accounting policies 
 
            Basis of accounting 
 
        The unaudited interim financial statements have been prepared on the 
     historical cost basis except for financial instruments measured at fair 
  value. The principal accounting policies adopted are consistent with those 
            of the financial statements for the year ended 30 June 2017. 
 
4. Segment reporting 
 
The directors consider that the Group's activities comprise the segments of 
fertiliser trading and potash exploration and other unallocated expenditure 
in one Geographical segment, Africa. 
 
Revenue represents sales to external customers. Unallocated expenditure 
relates to central costs and any items of expenditure that cannot be 
directly attributed to an individual segment. 
 
6 months ending      Trading Exploration Unallocated Total 
 
31 December 2017 
                       $'000       $'000       $'000 $'000 
 
Revenue                    -           -           -     - 
Segment results 
- Operating loss       (122)           -       (185) (307) 
- Impairment           (101)       (271)           - (372) 
- Interest expense         -           -       (103) (103) 
Loss before tax        (223)       (271)       (288) (782) 
 
Income tax                 -           -           -     - 
Loss after tax         (223)       (271)       (288) (782) 
 
6 months ending          Trading Exploration Unallocated   Total 
 
31 December 2016 
                           $'000       $'000       $'000   $'000 
 
Revenue                      113           -           -     113 
Segment results 
- Operating loss           (454)           -       (318)   (772) 
- Impairment                   -       (284)        (19)   (303) 
- Interest expense             -           -       (113)   (113) 
Loss before tax            (454)       (284)       (450) (1,188) 
 
Income tax                     -           -           -       - 
Loss after tax             (454)       (284)       (450) (1,188) 
 
Year ending 30 June      Trading Exploration Unallocated Total 
2017 
                         $'000   $'000       $'000       $'000 
 
Revenue                        -           -           -       - 
Segment results 
- Operating loss           (806)           -       (438) (1,244) 
- Share of loss of          (24)           -           -    (24) 
associate 
- Impairment                   -       (719)           -   (719) 
- Interest expense             -           -       (286)   (286) 
Loss before tax            (830)       (719)       (724) (2,273) 
 
Income tax                     -           -           -       - 
Loss after tax             (830)       (719)       (724) (2,273) 
 
Year ending               Trading Exploration Unallocated Total 
30 June 2016 
                            $'000       $'000       $'000 $'000 
 
Revenue                        59           -           -    59 
Segment 
results 
- Operating               (1,385)           -     (3,678) (5,06 
loss                                                         3) 
- Impairment                    -     (7,758)        (47) (7,80 
                                                             5) 
- Reversal of deferred          -        3600           -  3600 
consideration 
- Interest                      -           -       (202) (202) 
expense 
Loss before               (1,385)     (4,158)     (3,927) (9,47 
tax                                                          0) 
 
Income tax                      -           -           -     - 
Loss after                (1,385)     (4,158)     (3,927) (9,47 
tax                                                          0) 
 
  Segment assets consist primarily of intangible assets, property, plant and 
         equipment, other receivables and cash and cash equivalents. Segment 
            liabilities comprise operating liabilities. 
 
 Capital expenditure comprises of additions to property, plant and equipment 
            and intangibles. 
 
          The segment assets and liabilities at 31 December 2017 and capital 
            expenditure for the year then ended are as follows: 
 
                      Trading Exploration Unallocated   Total 
                        $'000       $'000       $'000   $'000 
 
Assets                     78       3,089         299   3,465 
Liabilities                 -     (1,117)     (1,908) (3,025) 
Capital expenditure         -         132           -     132 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 31 December 2017                Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,167       1,117 
Unallocated: 
Other receivables                      94           - 
Cash                                  205           - 
Trade and other payables                -         496 
Loan Note                               -       1,412 
Total                               3,465       3,025 
 
          The segment assets and liabilities at 31 December 2016 and capital 
            expenditure for the year then ended are as follows: 
 
                      Trading Exploration Unallocated   Total 
                        $'000       $'000       $'000   $'000 
 
Assets                     26       3,087         102   3,215 
Liabilities              (65)       (655)     (1,417) (2,136) 
Capital expenditure         -         399           -     399 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 31 December 2016                Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,113         720 
Unallocated: 
Investments                            28           - 
Other receivables                      48           - 
Cash                                   26           - 
Trade and other payables                -         305 
Loan Note                               -       1,111 
Total                               3,215       2,136 
 
  The segment assets and liabilities at 30 June 2017 and capital expenditure 
            for the year then ended are as follows: 
 
                      Trading Exploration Unallocated Total 
                        $'000       $'000       $'000 $'000 
 
Assets                    124       3,100          12 3,236 
Liabilities                15         946       1,783 2,744 
Capital expenditure        10         719           -   729 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 30 June 2017                    Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,224         961 
Unallocated: 
Other receivables                      12           - 
Trade and other payables                -         613 
Loan Note                               -       1,170 
Total                               3,236       2,774 
 
5. Earnings per share 
 
     The calculation of basic and diluted earnings per share is based on the 
            following data: 
 
                                   Unaudited Unaudited Unaudited 
 
                                    6 months  6 months      year 
                                          to        to     ended 
 
                                          31        31   30 June 
                                    December  December 
 
                                                            2017 
                                        2017      2016 
                                       $'000     $'000     $'000 
Loss for the purpose of basic 
loss per share 
 
                                       (782)   (1,188)   (2,273) 
 Number of shares 
Weighted average number of 
ordinary shares for the purposes 
of calculating basic and diluted 
loss per share 
 
                                   2,209,126 1,056,847 1,300,955 
                                        ,360      ,527      ,409 
 
Basic and diluted loss per share     (0.04c)   (0.11c)   (0.17c) 
(cents) 
 
-attributable to equity holders 
 
   6. Intangible assets          Evaluation and exploration 
                                                      costs 
                                                    $'000 
At 1 July 2016                                        3,000 
Additions                                               398 
Impairment provision                                  (284) 
Exchange rate                                         (114) 
adjustment 
At 31 December 2016                                   3,000 
Additions                                               238 
Impairment provision                                  (435) 
Exchange rate                                           197 
adjustment 
At 30 June 2017                                       3,000 
Additions                                               132 
Impairment provision                                  (271) 
Exchange rate                                           139 
adjustment 
At 31 December 2017                                   3,000 
 

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DJ Block Commodities Ltd: Interim Results -4-

Evaluation and exploration costs are capitalised in accordance with IFRS6 
 
    The asset comprises the Lac Dinga exploration licence in the Republic of 
  Congo held by La Societé des Potasses et des Mines SA ("SPM") in which the 
      Group has a 70% interest. On 19 July the Company announced that it had 
entered into an agreement with African Agronomix Limited ("AAX") whereby AAX 
        has the right to acquire up to 100% of the Company's interest in the 
  project. The agreement was effective 17 October 2017 and AAX are acting as 
      operator of the project on behalf of SPM. AAX are currently planning a 
       further drilling campaign in support for its application to renew the 
            exploration license for a further two years from 25 April 2018. 
 
7. Investment in Associate 
 
    On 14 March 2018, the Company announced that it is taking a 21% stake in 
 Vipa Holdings (Pty) Limited ("Vipa") a wholesaler of speciality fertilisers 
    and other Agricultural inputs into the South African market. The Company 
   believes that its partnership with Vipa will provide a valuable source of 
 quality products for its food commodities cycle trading ecosystem (The 'ECT 
     EcoSystem') which is currently being established by the Company and its 
   partner FinComEco. Consequently, the Company is divesting its interest in 
    Advanced Agricultural Holdings Limited and the investment has been fully 
            impaired. 
 
8. Share Capital 
 
                               Ordinary shares of no par value 
                                   Allotted and fully paid 
                                         Number            $'000 
 
At 1 July 2016                      888,963,358           17,531 
Issue of                            253,202,363              671 
shares 
        At 31 December 2016       1,142,165,711           18,202 
            Issue of shares         733,946,761              349 
             At 1 July 2017       1,876,112,472           18,551 
     Issue of                     1,971,111,111              641 
       shares 
        At 31                     3,847,223,583           19,192 
December 2017 
 
  On 1 September 2016 235,294,118 shares were issued at 0.2125 pence to fund 
     the working capital requirements of the group. In addition, the Company 
       issued 17,908,235 shares to settle an outstanding historic liability. 
 
On 6 February 2017 279,277,777 shares were issued at 0.045p for cash to fund 
     working capital and 55,178,356 were issued at 0.045p to satisfy various 
            creditors. 
 
 On 27 February 2017 a further 59,000,000 were issued at 0.045p for cash and 
      118,888,888 shares were issued at 0.045p to directors in settlement of 
            outstanding fees. 
 
On 16 June 2017, 221,601,740 shares were issued at 0.045p in satisfaction of 
            the initial consideration due on the acquisition of 21% Advanced 
            Agricultural Holdings (Pty) Limited. 
 
         On 17 July 2017, 111,111,111 shares were issued at 0.045p for cash. 
 
            On 25 October, 100,000,000 shares were issued at 0.06p for cash. 
 
     On 16 November 2017 and 15 December 1,600,000,000 shares were issued at 
          0.025p for cash and a further 160,000,000 were issued to advisors. 
 
ISIN:          GG00B4QYTJ50 
Category Code: IR 
TIDM:          BLOC 
Sequence No.:  5338 
 
End of Announcement EQS News Service 
 
669603 28-March-2018 
 
 
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(END) Dow Jones Newswires

March 28, 2018 02:03 ET (06:03 GMT)