2021 Half Year Results
Business Review
- Governance
In line with the policy of strengthening the board, two new board members were identified and recruited to join Non-Executive Director
- Strategic review of development potential of Barryroe
A full strategic review of the development potential of the Barryroe field has been initiated by the new Board of
The results of this strategic review, encompassing both Providence’s Technical Strategy and it’s related Financial Strategy, will be completed in Q4 2021 and will determine the strategic plan for the development of the Barryroe Field.
- Barryroe,
Celtic Sea (SEL 1/11) - Subject to Lease Undertaking application
The Group holds an 80% working interest in and is operator of SEL 1/11 which contains the Barryroe oil accumulation. The Barryroe Standard Exploration Licence period continued up until the
The Directors note that the Irish Government has stated that existing authorisations can continue to apply to progress through the licensing stages. This position is consistent with the recent legislative amendments made to the Petroleum and Other Minerals Development Act 1960 through the Climate Action and
In
Providence immediately reassumed direct responsibility for progressing the development and recruited an experienced Oil & Gas team to refresh and optimise a phased development plan for the Barryroe field, with Providence as operator. This new team’s technical evaluation is nearing completion and includes independent contributions from specialist sub-surface, facilities, and drilling consultants. The aim is to prepare a phased project development plan which is operationally and economically robust. The results of this work will be incorporated into the full strategic review of the development potential of the Barryroe field to be completed in Q4 2021.
In
- Other License Areas
Dragon, St. George’s Channel (SEL 1/07)
Under discussion with the regulatory authority.
Subject of a Lease Undertaking application.
Subject to work programme finalisation. Extension is under consideration by the regulatory authority.
Avalon – Southern Porcupine (FEL 2/19)
The relinquishment documentation is in process with the regulatory authority.
Dunquin – Southern Porcupine (FEL 3/04)
The relinquishment documentation is in process with the regulatory authority.
- Finance
Operating loss for the period was €1.065m versus €1.063m in the prior period.
Profit before tax for the period was €1.628m, due to a non-cash accounting gain in relation to the warrants revaluation (€3.155m net revaluation gain) which exceeded operating and administrative costs incurred in the period. The loss for the equivalent period was €9.247m (€7.764m net revaluation loss).
Basic/diluted profit per share of
As at
The Group had no debt as of
During the period 86,061,529 warrants at £0.03 were exercised raising c. €2.9m. The remainder of the warrants expired on the
The total issued and voting share capital as of
4,500,000 share options were granted to both
4,500,000 share options were granted to both
"It is widely recognised that gas will be an essential energy supply for decades to come, in order to underpin and complement the growth of renewable energy sources. With the decline of the Corrib Gas Field within a five-year period, we are focused on progressing our strategic plan for Barryroe as a matter of urgency. The successful development of Barryroe would secure an indigenous oil and gas supply for
ABOUT PROVIDENCE RESOURCES
INVESTOR ENQUIRIES | |
Tel: +353 1 219 4074 | |
Alan S Linn Chief Executive Officer Investor Relations | |
Tel: +353 1 679 6363 | |
Anthony Farrell | |
MEDIA ENQUIRIES | Tel: +353 87 6909735 |
Condensed consolidated income statement
For the 6 months ended
Notes | 6 months ended Unaudited €’000 | 6 months ended Unaudited €’000 | Year ended Audited €’000 | |
Continuing operations | ||||
Administration expenses | 2 | (1,065) | (1,063) | (2,163) |
Pre-licence expenditure | - | - | (5) | |
Impairment of exploration and evaluation assets | 5,9 | - | - | (272) |
Operating loss | (1,065) | (1,063) | (2,440) | |
Finance income | 4 | 3,765 | 1 | 361 |
Finance expense | 3 | (1,072) | (8,185) | (8,279) |
Profit/(loss) before income tax | 1,628 | (9,247) | (10,358) | |
Income tax expense | - | - | - | |
Profit/(loss) for the period | 1,628 | (9,247) | (10,358) | |
Profit/(loss) per share (cent) – continuing operations | ||||
Basic profit/(loss) per share | 11 | 0.18 | (1.30) | (1.31) |
Diluted profit/(loss) per share | 11 | 0.14 | (1.30) | (1.31) |
The total recognised profit/(loss) for the period is entirely attributable to equity holders of the Company.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Consolidated statement of comprehensive income
For the 6 months ended
Notes | 6 months ended Unaudited €’000 | 6 months ended Unaudited €’000 | Year ended 31 Audited €’000 | |
Profit/(loss) for the financial period | 1,628 | (9,247) | (10,358) | |
OCI Items that may be reclassified into profit or loss | ||||
Foreign exchange translation differences | 1,930 | 206 | (5,453) | |
Total income recognised in other comprehensive income from continuing operations | 1,930 | 206 | (5,453) | |
Total comprehensive income/(expense) for the period | 3,558 | (9,041) | (15,811) |
The total comprehensive income/(expense) recognised for the period is entirely attributable to equity holders of the Company.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Consolidated statement of financial position
As at 30 June 2021
Notes | 30 Unaudited €’000 | Unaudited €’000 | 31 December 2020 Audited €’000 | |
Assets | ||||
Exploration and evaluation assets | 5 | 62,723 | 65,940 | 60,425 |
Property, plant and equipment | 3 | 24 | 13 | |
Total non-current assets | 62,726 | 65,964 | 60,438 | |
Trade and other receivables | 6 | 154 | 240 | 223 |
Cash and cash equivalents | 3,645 | 2,269 | 2,110 | |
Total current assets | 3,799 | 2,509 | 2,333 | |
Total assets | 66,525 | 68,473 | 62,771 | |
Equity | ||||
Share capital | 7 | 71,829 | 71,696 | 71,743 |
Share premium | 7 | 260,271 | 253,239 | 256,773 |
Undenominated capital | 623 | 623 | 623 | |
Foreign currency translation reserve | 6,564 | 10,293 | 4,634 | |
Share based payment reserve | 962 | 858 | 806 | |
Retained deficit | (283,561) | (284,361) | (285,189) | |
Total equity attributable to equity holders of the company | 56,688 | 52,348 | 49,390 | |
Liabilities | ||||
Decommissioning provision | 9 | 6,346 | 6,014 | 5,853 |
Warrant liability | 10 | - | 4,356 | 3,555 |
Lease liability | - | - | - | |
Total non-current liabilities | 6,346 | 10,370 | 9,408 | |
Warrant liability | 10 | 2,948 | 4,561 | 3,158 |
Trade and other payables | 8 | 543 | 1,194 | 815 |
Total current liabilities | 3,491 | 5,755 | 3,973 | |
Total liabilities | 9,837 | 16,125 | 13,381 | |
Total equity and liabilities | 66,525 | 68,473 | 62,771 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Consolidated statement of changes in Equity
For the 6 months ended 30
Share Capital €’000 | Undenominated capital €’000 | Share Premium €’000 | Foreign Currency Translation Reserve €’000 | Share Based Payment Reserve €’000 | Retained Deficit €’000 | Total €’000 | |
At 1 | 71,743 | 623 | 256,773 | 4,634 | 806 | (285,189) | 49,390 |
Profit for financial period | - | - | - | - | - | 1,628 | 1,628 |
Currency translation | - | - | - | 1,930 | - | - | 1,930 |
Total comprehensive income | - | - | - | 1,930 | - | 1,628 | 3,558 |
Transactions with owners, recorded directly in equity | |||||||
Shares issued in period | 86 | - | 3,498 | - | - | - | 3,584 |
Share based payments in period | - | - | - | - | 156 | - | 156 |
At 30 | 71,829 | 623 | 260,271 | 6,564 | 962 | (283,561) | 56,688 |
At | 71,512 | 623 | 251,300 | 10,087 | 642 | (274,898) | 59,266 |
Loss for financial period | - | - | - | - | - | (9,247) | (9,247) |
Currency translation | - | - | - | 206 | - | - | 206 |
Total comprehensive income | - | - | - | 206 | - | (9,247) | (9,041) |
Transactions with owners, recorded directly in equity | |||||||
Shares issues in period | 184 | - | 1,939 | - | - | (216) | 1,907 |
Share based payments in period | - | - | - | - | 216 | - | 216 |
At | 71,696 | 623 | 253,239 | 10,293 | 858 | (284,361) | 52,348 |
At | 71,512 | 623 | 251,300 | 10,087 | 642 | (274,898) | 59,266 |
Loss for financial year | - | - | - | - | - | (10,358) | (10,358) |
Currency translation | - | - | - | (5,453) | - | - | (5,453) |
Total comprehensive income | - | - | - | (5,453) | - | (10,358) | (15,811) |
Transactions with owners, recorded directly in equity | |||||||
Share based payment expense | - | - | - | - | 448 | - | 448 |
Share options lapsed in year | - | - | - | - | (284) | 284 | - |
Shares issued in year | 231 | - | 5,473 | - | - | (217) | 5,487 |
Transactions with owners, recorded directly in equity | 231 | - | 5,473 | - | 164 | 67 | 5,935 |
At | 71,743 | 623 | 256,773 | 4,634 | 806 | (285,189) | 49,390 |
Consolidated statement of cash flows
For the 6 months ended
6 months ended | 6 months ended | Year ended | |
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Cash flows from operating activities | |||
Profit/(loss) before income tax for the period | 1,628 | (9,247) | (10,358) |
Adjustments for: | |||
Depletion and depreciation | 3 | 14 | 24 |
Impairment of exploration and evaluation assets | - | - | 272 |
Finance income | (3,765) | (1) | (361) |
Finance expense | 1,072 | 8,185 | 8,279 |
Equity settled share based payment charge | 156 | 216 | 448 |
Foreign exchange | (19) | 34 | 21 |
Change in trade and other receivables | 69 | 158 | 175 |
Change in trade and other payables | (272) | (321) | (700) |
Net cash outflow from operating activities | (1,128) | (962) | (2,200) |
Cash flows from investing activities | |||
Interest received | - | 1 | 1 |
Acquisition of exploration and evaluation assets | (331) | (390) | (845) |
Acquisition of property, plant and equipment | (2) | - | (1) |
Net cash used in investing activities | (333) | (389) | (845) |
Cashflows from financing activities | |||
Proceeds from issue of security instruments (see note 7) | 2,974 | 3,277 | 4,836 |
Security instrument Issue costs | - | (350) | (349) |
Net cash from financing activities | 2,974 | 2,927 | 4,487 |
Net increase in cash and cash equivalents | 1,513 | 1,576 | 1,442 |
Cash and cash equivalents at beginning of period | 2,110 | 710 | 710 |
Effect of exchange rate fluctuations on cash and cash equivalents | 22 | (17) | (42) |
Cash and cash equivalents at end of period | 3,645 | 2,269 | 2,110 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Note 1 – Accounting Policies
General Information
Basis of accounting
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended
The
The condensed set of financial statements included in this half-yearly financial report has been prepared on a going concern basis as the Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future (See below for further details on the Directors assessment of going concern).
In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual report.
The Interim Financial Statements are presented in Euro, rounded to the nearest thousand, which is the functional currency of the Company and also the presentation currency for the Group’s financial reporting.
Accounting Policies (continued)
Significant accounting policies (continued)
The significant accounting policies applied in these interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ending
Amendments to standards and interpretations which are effective for the Group from
Going concern
The Group had net assets of €56.7m, including cash on hand of €3.6m as at
The company raised approximately €2.9 million in equity in the period January to
The Group’s principal interest is the development of the Barryroe oil and gas Field. The Barryroe Standard Exploration Licence period continued up until the
The Directors have carefully considered the financial position of the Group and have prepared cashflow forecasts for the next 12 months, considering both current and future expenditure commitments and the options available to fund such commitments, including equity funding and other financing options in the twelve month period from the date of approval of these interim financial statements. In making their cashflow forecasts, including the primary underlying assumptions, being the granting of the Barryroe Lease Undertaking on terms and conditions that are acceptable along with the completion of an appropriate fund raising in the period for the proposed Barryroe work programme, the Directors believe that the Group will have sufficient funds available over the next 12 months to meet all its commitments as they fall due.
The Directors have considered the matters set out above and determined that the assumptions of the grant of the Barryroe Lease Undertaking and the related raising of additional funding in the next 12 months represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern, and the Directors note that the Group may, as a consequence, be unable to continue realising its assets and discharge its liabilities in the normal course of business.
Going concern (continued)
The Directors, after making enquiries and considering the uncertainties described above, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable
future. The Directors anticipate that an appropriate financing exercise will be successfully completed and note that the Group has continued to have the strong support of its shareholders.
For these reasons, the Directors have adopted the going concern basis in preparing the interim financial statements which do not include any adjustments that would be necessary if this basis were subsequently adjudged to be inappropriate.
Note 2 – Administration Expenses
6 months ended | 6 months ended | Year ended | |
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Corporate, exploration and development expenses | 1,084 | 1,035 | 2,142 |
Foreign exchange (gains)/losses net | (19) | 28 | 21 |
Total administration expenses for the period | 1,065 | 1,063 | 2,163 |
Capitalised in exploration and evaluation assets | - | - | - |
Total charged to the income statement | 1,065 | 1,063 | 2,163 |
Note 3 – Finance Expense
6 months ended | 6 months ended | Year ended | |
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Unwinding of discount on decommissioning provision (note 8) | 302 | 287 | 565 |
Foreign exchange on decommissioning provision | 159 | - | - |
Interest on right to use asset | 1 | 1 | 1 |
Issued costs associated with the warrants | - | 133 | 132 |
Movement in fair value of warrants (note 10)* | 610 | 7,764 | 7,581 |
Total finance expense recognised in income statement | 1,072 | 8,185 | 8,279 |
*The €0.6m finance expense arises on the £0.03 warrants instruments exercised during the period from
Note 4 – Finance Income
6 months ended | 6 months ended | Year ended | |
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Bank deposit interest income | - | 1 | 1 |
Movement in fair value of warrants (note 10)* | 3,765 | - | - |
Foreign exchange on decommissioning provision (note 9) | - | - | 360 |
Total finance expense recognised in income statement | 3,765 | 1 | 361 |
*The €3.7m of finance income is a non-cash item and relates to a fair value gain on the Group’s warrants instruments. €3.1m of this gain relates to the release of the unexercised £0.03 warrants which expired on
Note 5 – Exploration and evaluation assets
€’000 | |
Cost and book value | |
At | 65,377 |
Additions | 390 |
Foreign exchange translation | 173 |
At | 65,940 |
At | 65,377 |
Additions | 902 |
Cash calls received in year | (57) |
Impairment charge | (272) |
Foreign exchange translation | (5,525) |
At | 60,425 |
At | 60,425 |
Additions | 331 |
Foreign exchange translation | 1,967 |
At | 62,723 |
The exploration and evaluation asset balance as at
Note 6 – Trade and other receivables
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
VAT recoverable | 22 | 46 | 28 |
Prepayments | 98 | 155 | 162 |
Amounts due from joint operation partner | 34 | 39 | 33 |
Total | 154 | 240 | 223 |
Note 7 – Share Capital and Share Premium
Number | |||
Authorised: | ‘000 | €’000 | |
At | |||
Deferred shares of €0.011 each | 9,944,066 | 109,385 | |
Ordinary shares of €0.001 each | 986,847 | 987 | |
At | |||
Deferred shares of €0.011 each | 9,944,066 | 109,385 | |
Ordinary shares of €0.001 each | 1,800,000 | 1,800 | |
Number | Share Capital | Share Premium | |
Issued: | ‘000 | €’000 | €’000 |
Deferred shares of €0.011 each | |||
At | 6,441,373 | 70,855 | 5,691 |
At | 6,441,373 | 70,855 | 5,691 |
Ordinary share of €0.001 each | |||
At | 657,425 | 657 | 245,609 |
Shares issued in period | 184,089 | 184 | 1,939 |
At | 841,514 | 841 | 247,548 |
Warrants exercised in year | 47,289 | 47 | 3,534 |
At | 888,803 | 888 | 251,082 |
Warrants exercised in period | 86,062 | 86 | 3,498 |
At 30 | 974,865 | 974 | 254,580 |
At | 7,416,238 | 71,829 | 260,271 |
On
On issuance, a fair value of €1.9m was attributed to the Ordinary Shares (share capital / share premium outlined above) and €1.2m to the Warrant instruments based on the effective share price at that date. In line with the Group’s accounting policies these Warrants are presented as financial liabilities (note 10).
The holder of each warrant can exercise its rights under the instrument which allows that holder to convert the warrant into one ordinary share, with a par amount of €0.001, by payment of the exercise price of £0.03 or £0.09, as applicable. The warrants are non-transferrable.
During the period from
Note 8 – Trade and other payables
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Accruals | 379 | 487 | 361 |
Other payables | 164 | 690 | 445 |
Lease liability | - | 17 | 9 |
Total | 543 | 1,194 | 815 |
Note 9 – Decommissioning provision
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
At beginning of year | 5,853 | 5,733 | 5,733 |
Unwinding of discount | 302 | 287 | 565 |
Foreign exchange loss/(gain) | 159 | - | (360) |
Translation adjustment | 32 | (6) | (85) |
Total | 6,346 | 6,014 | 5,853 |
The provision for decommissioning is reviewed annually. The provision has been calculated assuming industry established oilfield decommissioning techniques and technology at current prices and is discounted at 10% per annum, reflecting the associated risk profile.
Note 10 - Warrants
On
£0.03 Warrants | £0.09 Warrants | |
Number of warrants | 177,973,004 | 177,973,004 |
Volatility | 148% | 148% |
Time period | 1 Year | 2 Years |
Dividend yield | 0% | 0% |
Risk free interest rate | (0.01%) | (0.01%) |
Exercise price | £0.03 | £0.09 |
Placing effective Share price | 0.01068 | 0.01068 |
Initial value of security | 0.00299 | 0.00349 |
Fair value | €531,444 | €621,982 |
The c. €3.1m raised before expenses, from previous and new shareholder investors, for the security instruments in
On
£0.03 Warrants | £0.09 Warrants | |
Number of warrants | 177,973,004 | 177,973,004 |
Volatility | 148% | 148% |
Time period | .85 Year | 1.85 Years |
Dividend yield | 0% | 0% |
Risk free interest rate | (0.01%) | (0.01%) |
Exercise price | £0.03 | £0.09 |
Closing share price 30 June | €0.0448 | €0.0448 |
Fair value as at | €4,560,940 | €4,356,476 |
During 2020, 47,288,814 of the £0.03 warrants were exercised. There were a number of warrants transactions exercised in each of the months. The key assumptions used in the calculation of their fair value at the exercise date are included in the table below. The weighted average closing price was used to reflect the number of transactions in each month.
Note 10 – Warrants (continued)
Number of warrants | 24,648,335 | 10,966,667 | 11,673,812 |
Volatility | 125% | 125% | 125% |
Time period | 0.58 Year | 0.50 Year | 0.33 Year |
Dividend yield | 0% | 0% | 0% |
Risk free interest rate | (0.6%) | (0.6%) | (0.6%) |
Exercise price | £0.03 | £0.03 | £0.03 |
Weighted average closing share price | €0.07 | €0.08 | €0.06 |
Fair value | €1,138,828 | €557,901 | €324,687 |
The fair value of the warrants exercised during the year 2020 is recognised as a finance expense of €2.02m in the income statement (see note 3) with a corresponding increase in share premium.
On
£0.03 Warrants | £0.09 Warrants | |
Number of warrants | 130,684,190 | 177,973,004 |
Volatility | 125% | 125% |
Time period | 0.33 Year | 1.33 Year |
Dividend yield | 0% | 0% |
Risk free interest rate | (0.06%) | (0.06%) |
Exercise price | £0.03 | £0.09 |
Closing share price | €0.055 | €0.055 |
Fair value as at | €3,157,748 | €3,555,240 |
During 2021, there were 86,061,529 £0.03 warrants exercised before they expired on the
Number of warrants | 287,372 | 1,666,666 | 1,000,000 | 65,975,822 | 17,131,669 |
Volatility | 135% | 135% | 135% | 206% | 208% |
Time period | 0.30 Year | 0.18 Year | 0.10 Year | 0.016 Year | 0.003 Year |
Dividend yield | 0% | 0% | 0% | 0% | 0% |
Risk free interest rate | (0.61%) | (0.61%) | (0.61%) | (0.61%) | (0.61%) |
Exercise price | €0.0337 | €0.0342 | €0.035 | €0.035 | €0.035 |
Weighted average closing share price | €0.075 | €0.075 | €0.054 | €0.0392 | €0.038 |
Fair value | €12,685 | €71,219 | €23,419 | €439,557 | €62,804 |
The fair value of the warrants exercised during the period to
Note 10 – Warrants (continued)
At
£0.09 Warrants | |
Number of warrants | 177,973,004 |
Volatility | 176% |
Time period | 0.83 Year |
Dividend yield | 0% |
Risk free interest rate | (0.61%) |
Exercise price | £0.09 |
Closing share price | €0.043 |
Fair value as at | €2,948,469 |
The table below shows the fair value movements.
Number of Warrants | £0.03 Warrants €’000 | Number of Warrants | £0.09 Warrants €’000 | Total €’000 | |
Initial Valuation | 177,973,004 | €531 | 177,973,004 | €622 | €1,153 |
Fair value as at | 177,973,004 | €4,561 | 177,973,004 | €4,356 | €8,917 |
Total Fair value movement recognised in the income statement at | €4,030 | €3,734 | €7,764 | ||
24,648,335 | €1,139 | - | - | €1,139 | |
10,966,667 | €558 | - | - | €558 | |
11,673,812 | €324 | - | - | €324 | |
Exercised fair value | 47,288,814 | €2,021 | - | - | €2,021 |
Fair value as at | 130,684,190 | €3,158 | 177,973,004 | €3,555 | €6,713 |
Fair value 2020 | €5,179 | €3,555 | €8,734 | ||
Total fair value movement recognised in the income statement for year 2020 (see note 3) | €4,648 | €2,933 | €7,581 | ||
287,372 | €13 | - | - | €13 | |
1,666,666 | €71 | - | - | €71 | |
1,000,000 | €23 | - | - | €23 | |
65,975,822 | €440 | - | - | €440 | |
17,131,669 | €63 | - | - | €63 | |
Exercised fair value movement recognised in the income statement to | 86,061,529 | €610 | - | - | €610 |
Fair value as at | - | 177,973,004 | €2,948 | €2,948 | |
Total fair value movement recognised in the income statement for the period to | (€3,158) | (€607) | (€3,765) |
Note 11 – Earnings per share
6 months ended 30 | 6 months ended | Year ended | |
Unaudited | Unaudited | Audited | |
€’000 | €’000 | €’000 | |
Profit/(loss) attributable to equity holders of the company from continuing operations | 1,628 | (9,247) | (10,358) |
The basic weighted average number of Ordinary shares in issue (‘000) | |||
In issue at beginning of year and end of period | 888,803 | 657,425 | 657,425 |
Adjusted for share issue in period | 30,675 | 55,739 | 130,519 |
Weighted average number of ordinary shares | 919,478 | 713,164 | 787,944 |
Basic profit/(loss) per share (cent) | 0.18 | (1.30) | (1.31) |
Dilutive shares | 217,900 | - | - |
Weighted average number of ordinary shares | 1,137,378 | - | - |
Diluted profit/(loss) per share (cent) | 0.14 | (1.30) | (1.31) |
There is a difference in the basic and dilutive profit for ordinary share in the period to
However, for prior period, there is no difference between the loss per ordinary share and the diluted loss per share for the reported periods as all potentially dilutive ordinary shares outstanding are anti-dilutive.
There were 39,927,000 (2020: 41,150,000) anti-dilutive share options and 177,973,004 (2020: 355,946,008) anti-dilutive warrants in issue as at
Note 12 – Share schemes
Share option schemes were introduced in
The Group operates the following employee share schemes:
2020 Scheme
In 2020, the directors adopted a share option scheme which contains certain performance criteria. No options can be issued after 10 years of the scheme. The option price is the market price immediately preceding the date of the grant. The “2020 scheme” operates as an equity-settled share option scheme and the options granted are subject to certain conditions. No option is exercisable more than seven years after grant date and no option is exercisable within one year of grant.
Note 12 – Share schemes (continued)
The applicable criteria for the exercise of the options are;
(i) 33% of the total number of options granted are exercisable after one.
(ii) 33% of the total number of options granted are exercisable after two years.
(iii) The remaining 33% of the total number of options granted are exercisable after a further year has elapsed.
During the period, 9,000,000 share options were granted under the 2020 Share option scheme. The 9,000,000 options were granted to the Directors.
Grant Date | |
Number of options granted | 9,000,000 |
Volatility | 150% |
Time period | 7 Years |
Dividend yield | 0% |
Risk free interest rate | (0.0156%) |
Exercise price | €0.038 |
The total share based payments expense in the period to
Note 13 - Commitments
As at
Note 14 – Post Balance Sheet Events
Ann-Marie O’Sullivan and
There were 4,500,000 share options awarded to both Ann-Marie O’Sullivan and
There have been no other significant events since the balance sheet date which would require disclosure in or amendment of these interim financial statements.
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