Weatherly Int. - Interim Results

RNS Number:1567R
Weatherly International PLC
31 March 2008

Weatherly International plc ('Weatherly' or the 'Company')

Interim Results

From the Chairman

I have pleasure in presenting the un-audited accounts for the half year ending
31 December 2007. These are our first accounts prepared in accordance with
International Financial Reporting Standards (IFRS). The Company achieved
revenues for the half year ending 31 December 2007 of $41.5 million and showed a
loss of US$1.2 million for the same period.

The major change impacting the Company under IFRS results from the different
treatment under IFRS of "discount on acquisition" (also known as negative
goodwill'). Under UK Generally Accepted Accounting Practices (GAAP) this sum is
amortised over the life of the asset whilst under IFRS this is entered into the
Profit and Loss account in the year it arises. The consequence of adopting IFRS
particularly impacts the accounting treatment of the Ongopolo acquisition and
results in the restating of the value of those assets which together with other
IFRS adjustments gives an increase in last year's profits of US$15.0 million,
bringing the total profit for the last full financial year to US$27.4 million.

Despite the modest loss, I am satisfied that its mine and smelter developments
leave Weatherly on target to become a long-term, sustainable and fully
integrated copper producer.

During the financial period, production costs increased, largely due to
underground development work at Otjihase, mine commissioning expenses in our
Northern Operational Region, and to a lesser extent, increases in oil, coal and
power costs.

At Otjihase, considerable effort was invested in backfilling the mined out areas
of a high grade block known as Karuma. This will allow the safe extraction of
remaining pillars during the coming five years. Output of copper from Otjihase
fell to 2,687 tonnes for this period, but this is expected to significantly
increase in 2008 when the Karuma block comes into full production.

We also began commissioning two mines in our Northern Operational Region. The
Tsumeb West mine was commissioned at the beginning of the half year and the
nearby Tschudi mine was commissioned in October 2007.

The Tsumeb concentrator was re-commissioned with changes to the circuit
progressing which is leading to improved copper recoveries. In addition, work
commenced on the conversion of a second concentrator to treat ore from the
Tsumeb West mine thus allowing the Tsumeb concentrator to treat ore from the
Tschudi mine. These developments are expected to increase the overall yearly
milling capacity of the Northern Operations to approximately 800,000 tonnes.

In December 2007 we reported the suspension of mining at our Kombat mine because
of flooding brought about by disruptions of electricity supplies by the South
African power utility, Eskom. Since then we have been in discussion with the
Namibian Government, Namwater and Nampower to re-establish a secure power supply
that will allow resumption of mining at Kombat and increase the supply of
potable water to the greater surrounding region, including the capital Windhoek.

Suspension of mining at Kombat led us to reassess our regional development
priorities. Re-opening of the Berg Aukas lead/zinc mine near to the town of
Grootfontein is an attractive option that will utilise our existing workforce,
infrastructure and equipment. We are also taking steps to reduce our dependence
on the national power grid to minimise disruptions from future power outages.

In summary, during the half year to December 2007, Weatherly spent considerable
time and resources on substantial mine development that will provide the
platform for increased and more efficient and sustainable mining in the future.

We also embarked on a two stage smelter expansion. Recommissioning of the first
element, the 'Ausmelt' furnace, is progressing on schedule. This will increase
our yearly smelting capacity to approximately 35,000 tonnes of copper blister.
Stage 2 includes the commissioning of an oxygen plant in mid 2009 that will
conservatively increase yearly production capacity to approximately 50,000
tonnes. We continue to evaluate appropriate financing options for the completion
of these refurbishment works.

To underpin smelter production and profitability we entered into three-year
contracts to purchase copper concentrates with high arsenic contents directly
from two producers. These concentrates will be smelted on a 'cost plus' basis,
with recovered arsenic being sold to the wood preservative industry.

Following our January 2008 announcement, work on leaching remnant metals,
especially copper, from historic tailings at Tsumeb continued under the
direction of Weatherly's JV partner for this project, Applied Intellectual
Capital (AIC). Laboratory scale tests showed promising metal recoveries that
will now be followed with on-site leaching work using a production size module
of the plant that is being assembled in Tsumeb.

In Zambia, the status of our disputed Luanshya Large Scale Prospecting Licence
(PLLS 239) remained unchanged.

In Burkina Faso, work commenced on a feasibility study to bring the large high
grade Tambao manganese deposit into production. In partnership with Dubai based
Wadi Al Rawda Industrial Investments LLC, Weatherly has the opportunity to
acquire a majority interest in this project by completing a bankable feasibility
study. Worley Parsons, an Australian engineering company, commenced this study
in November 2007. We will provide updates on this exciting project as progress
milestones are achieved.

During the period to December 2007 copper prices increased steadily and the
value of the Namibian dollar, which is equal to the South African Rand,
depreciated steadily against the US dollar. Both of these trends work in
Weatherly's favour as the full benefits of our mining and smelting investments
in Namibia are realised.

In February 2008 we announced that Weatherly had received an approach from a
third party that may lead to an offer for the issued share capital of the
Company. We will update the market when appropriate.

Dr Wolf G Martinick

27 March 2008

For further information contact:

Weatherly International
Max Herbert, Company Secretary +44 (0) 207 868 2232
Paul Craven, Chief Financial Officer

Libertas Capital
Jakob Kinde, Stephen Pickup +44 (0) 207 569 9650

BuckBias
Alex Buck +44 (0) 207 244 8053
+44 (0) 7932 740 452

Condensed consolidated income
statement

for the period 1 July to 31
December 2007

6 months to 6 months to Year to
31 Dec 2007 31 Dec 2006 30 June 2007
$,000 $,000 $,000
Unaudited Unaudited Unaudited*
Notes

Revenue 41,542 31,182 63,158
Cost of sales (36,649) (25,034) (53,453)

Gross profit 4,893 6,148 9,705

Administrative expenses (5,262) (5,279) (10,356)
Other operating income 12 1,492 1,608
Discount on acquisition 8,9 - 17,725 17,725
Loss on sale of assets (180) - 9,530

Operating (loss)/profit (537) 20,086 28,212

Finance income 324 83 350
Finance charge (590) - -
Finance charge - environmental (361) - (592)
provision

(Loss)/profit before taxation (1,164) 20,169 27,970
Taxation - - -

(Loss)/profit for the period after (1,164) 20,169 27,970
tax

Allocated as follows:
(Loss)/profit attributable to
shareholders of parent entity (1,145) 20,002 27,371
Minority interests (19) 167 599

Total (loss)/profit (1,164) 20,169 27,970

(Loss)/earnings per share 5
Basic (US cents per share) (0.29) 6.11 8.21
Diluted (US cents per share) (0.29) 6.01 8.14

* The financial numbers produced are based on audited 30 June 2007 UKGAAP
numbers adjusted for unaudited IFRS adjustments.

All operations are continuing.

Condensed consolidated balance sheet

As at 31 December 2007

31 Dec 31 Dec 30 Jun
2007 2006 2007
$,000 $,000 $,000
Note Unaudited Unaudited Unaudited**

Assets
Non-current assets
Property, plant and equipment 6 116,742 81,169 94,909
Intangible assets (exploration licences) 7 6,175 6,661 6,175
Investment property 6 1,556 1,539 1,534

Total non-current assets 124,473 89,369 102,618

Current assets
Inventories 2,282 2,590 1,504
Trade and other receivables 21,140 4,607 8,493
Cash and cash equivalents 7,292 10,467 13,280

Total current assets 30,714 17,664 23,277

Current liabilities
Trade and other payables (19,552) (1,181) (9,587)
Unsecured creditors subject to a
compromise on acquisition (2,701) (8,766) (6,963)
Bank borrowings (3,369) - (1,204)

Total current liabilities (25,622) (9,947) (17,754)

Non-current liabilities
Trade and other payables - (4,454) (381)
Unsecured creditors subject to a
compromise on acquisition (6,281) (5,575) (4,321)
Provisions (4,816) (3,968) (4,248)

Total non-current liabilities (11,097) (13,997) (8,950)

Net assets 118,468 83,089 99,191

Equity
Issued capital 3,519 2,874 3,043
Share premium 71,702 47,820 53,665
Merger reserve 18,471 18,471 18,471
Capital redemption reserve 454 454 454
Share-based payment reserve 625 86 271
Foreign exchange reserve 4,674 998 3,100
Retained earnings 16,807 10,583 17,952

Equity attributable to shareholders of
the parent company 116,252 81,286 96,956
Minority interests 2,216 1,803 2,235

Total equity 118,468 83,089 99,191

** The financial numbers produced are based on audited 30 June 2007 UKGAAP
numbers adjusted for unaudited IFRS adjustments.

Condensed consolidated statement of changes in equity
for the period 1 July 2006 to 31 December 2007

Issued Share Merger Capital Share Foreign Retained Minority Total
capital premium reserve redemption based exchange earnings interest equity
reserve payment reserve
reserve
$,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000

At 1 July 2006 2,779 27,983 6,151 - 48 - (9,419) - 27,542

Exchange
differences on
translation of
foreign
operations - - - - - 998 - - 998
Profit/(Loss)
for the period - - - - - - 20,002 167 20,169

Total
recognised
income and - - - - - 998 20,002 167 21,167
expenses

Minority
interest
recognised - - - - - - 1,636 1,636
directly in
equity

Issue of shares 95 19,837 12,320 454 - - - - 32,706
Share based - - - - 38 - - - 38
payments

At 31 December
2006 2,874 47,820 18,471 454 86 998 10,583 1,803 83,089

Exchange
differences on
translation of
foreign
operations - - - - - 2,102 - - 2,102
Profit/(Loss)
for the period - - - - - - 7,369 432 7,801

Total
recognised
income and - - - - - 2,102 7,369 432 9,903
expense

Issue of shares 169 5,845 - - - - - - 6,014
Share based - - - - 185 - - - 185
payments

At 30 June 2007 3,043 53,665 18,471 454 271 3,100 17,952 2,235 99,191

Exchange
differences on
translation of
foreign
operations - - - - - 1,574 - - 1,574
Profit/(Loss)
for the period
- - - - - - (1,145) (19) (1,164)
Total
recognised
income and - - - - - 1,574 (1,145) (19) 410
expense

Issue of shares 476 18,037 - - - - - - 18,513
Share based - - - - 354 - - - 354
payments

At 31 December 3,519 71,702 18,471 454 625 4,674 16,807 2,216 118,468
2007

Condensed consolidated cash flow
statement for the period 1 July to
31 December 2007

6 months 6 months Year to
to to 30 June
31 Dec 31 Dec
2007 2006 2007
$ 000 $ 000 $ 000
Unaudited Unaudited Unaudited

Cash flows from operating activities

(Loss)/profit for the period (1,164) 20,169 27,970
Adjusted by:
Depreciation of non-current assets 4,312 3,000 6,742
Discount on acquisition - (17,725) (17,725)
Share-based payment expense 354 38 223
Loss/(profit) on sale of assets 180 - (9,240)
Charge for environmental provision 361 - 592
Finance charge 590 - -
Finance income (324) (83) (350)

4,309 5,399 8,212

Movements in working capital:

(Increase)/decrease in inventories (778) (1,403) (313)
(Increase)/decrease in trade and other (11,413) 5,831 1,960
receivables
Increase/(decrease) in trade and other 9,964 (13,358) (12,148)
payables

Net cash (used in)/generated by 2,082 (3,531) (2,289)
operating activities

Cash flows from investing activities
Interest received 324 391 441
Payments for property, plant and (23,696) (15,616) (33,372)
equipment
Receipts from sales of property, plant 494 - 10,759
and equipment
Purchase of shares in subsidiary - (20,000) (20,000)
Net cash acquired in subsidiary - 14,893 14,893
undertaking
Payments to acquire investments - - (1,942) (1,942)
acquisition costs

Net cash used in investing activities (22,878) (22,274) (29,221)

Cash flows from financing activities
Proceeds from issue of equity shares 20,007 18,492 27,205
Associated costs of issue of equity (1,494) (349) (1,237)
shares
Financing of creditors compromise on (2,683) (2,281) (3,057)
acquisition
Interest paid (590) (91) (91)
Advance payments for commodity (1,234) - -
contracts

Net cash generated by financing 14,006 15,771 22,820
activities

Decrease in cash (6,790) (10,034) (8,690)

Cash at beginning 12,076 18,842 18,842
Decrease in cash (6,790) (10,034) (8,690)
Foreign exchange gains (1,363) 1,659 1,924
Net cash and cash equivalents at end 3,923 10,467 12,076
of period

Cash at bank 7,292 10,467 13,280
Bank overdrafts (3,369) - (1,204)

Cash and cash equivalents at end of 3,923 10,467 12,076
the period

Notes to the consolidated financial statements for the period 1 July to 31
December 2007

1. a. Basis of preparation

These interim condensed consolidated financial statements are for the six months
ended 31 December 2007. They have been prepared in accordance with IAS 34
"Interim Financial Reporting" and the requirements of IFRS 1 "First-time
Adoption of International Financial Reporting Standards" relevant to interim
reports, because they are part of the period covered by the Group's first IFRS
financial statements for the year ended 30 June 2008. They do not include all of
the information required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements of the Group for
the year ended 30 June 2007.

These financial statements have been prepared under the historical cost
convention, except for revaluation of certain properties and financial
instruments.

Weatherly International plc's consolidated financial statements were prepared in
accordance with United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice) until 30 June 2006. The date of transition to IFRS
was 1 July 2006. The comparative figures in respect of 2006 have been restated
to reflect changes in accounting policies as a result of adoption of IFRS. The
disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS
are given in the reconciliation schedules, presented and explained in note 9.

The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these condensed consolidated interim financial
statements.

The unaudited consolidated interim financial information is for the six-month
period ended 31 December 2007. The financial information has been prepared in
accordance with the accounting policies set out below which are based on the
recognition and measurement principles of IFRS in issue as adopted by the
European Union (EU) and are effective at 30 June 2008 or are expected to be
adopted and effective at 30 June 2008, our first annual reporting date at which
we are required to use IFRS accounting standards adopted by the EU. The interim
financial information does not include all of the information required for full
annual financial statements.

From 1 July 2006, the Group has adopted International Financial Reporting
Standards (IFRS) in the preparation of its consolidated financial statements.
Comparative financial information previously published under UK Generally
Accepted Accounting Principles has been restated on an IFRS basis for the
opening balance sheet as at 1 July 2006, interim accounts as at 31 December
2006, and for the year ended 30 June 2007. The change in the Group's reported
performance and financial position on adopting IFRS is fully disclosed in these
interim consolidated financial statements.

The interim financial information has not been audited nor has it been reviewed
under ISRE 2410 of the Auditing Practices Board. The financial information set
out in this interim report does not constitute statutory accounts as defined in
Section 240 of the Companies Act 1985. The Group's statutory financial
statements for the year ended 30 June 2007 prepared under UK GAAP have been
filed with the Registrar of Companies. The auditors' report on those financial
statements was unqualified and did not contain a statement under Section 237(2)
of the Companies Act 1985.

b. Nature of operations and general information

Weatherly International plc and subsidiaries' ('the Group') principal activities
include the sale of copper and other metals in the production of copper.

Weatherly International plc is the Group's ultimate parent company. It is
incorporated and domiciled in Great Britain. The address of Weatherly
International plc's registered office, which is also its principal place of
business, is Marble Arch Tower, 55 Bryanston Street, London W1H 7AJ. Weatherly
International plc's shares are listed on the Alternative Investment Market of
the London Stock Exchange.

Weatherly International's consolidated interim financial statements are
presented in United States dollars (US$), which is also the functional currency
of the parent company.

These consolidated condensed interim financial statements have been approved for
issue by the Board of Directors on 28 March 2008.

2. First time adoption

The opening IFRS balance sheet as at the date of transition on 1 July 2006 has
been prepared with regard to the measurement and recognition rules of IFRS 1
'First time adoption of International Financial Reporting Standards'. The most
significant optional exemptions adopted are as follows:

a) IAS 21 The effects of foreign exchange differences

Cumulative translation differences on foreign operations which existed at the
time of the transition can be transferred into the retained earnings, and the
foreign exchange reserve therefore shows only differences arising after
transition (IFRS 1 'First time adoption of IFRS').

b) IFRS 3 Business combinations

Business combinations prior to the date of transition to IFRS need not be
restated (IFRS 1 'First time adoption of IFRS'). Business combinations prior to
the date of transition were dealt with by the purchase method of accounting.

c) IFRS 2 Share-based payments

IFRS2 Share-based payments has not been applied to share options granted after 7
November 2002 but which had vested by 1 July 2006, the date of transition to
IFRS.

3. Accounting policies

The principal accounting policies adopted by the Group in conformity with the
IFRS standards in force at 30 June 2008 are set out below.

Consolidation

Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of over
one half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They
are deconsolidated on the date control ceases.

The Group uses the purchase method of accounting for the acquisition of a
subsidiary. The cost of an acquisition is measured by the fair value of the
assets given, equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the Group's share of
the identifiable net assets acquired is recorded as goodwill. If the cost of the
acquisition is less than the fair value of the net assets of the subsidiary
acquired, the difference is recognised directly in the income statement.

The condensed consolidated financial statements consolidate those of the Group
and all of its subsidiaries drawn up to the balance sheet date.

Inter-company transactions, balances and unrealised gains and losses on
transactions between group companies are eliminated.

Foreign currency translation

a) Functional and presentational currency

Items included in the financial statements of each of the group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the functional currency). The company's functional currency and
the Group's presentational currency is US dollars.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at reporting period-end of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement.

c) Group companies

The results and financial position of all Group entities that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:

• Assets and liabilities for each balance sheet presented are translated
at the closing rate at the date of the balance sheet;
• Income and expenses for each income statement are translated at the rate
of exchange at the transaction date and;
• On consolidation, exchange differences arising from the translation of
the net investment in foreign entities are taken to a separate component of
equity.

On consolidation, exchange differences arising from the translation of the net
investment in foreign entities are taken to equity and as previously described,
the group has claimed the transitional exemption from retrospective application
of IAS21 "The effects of changes in foreign exchange rates". This means that
equity will show any post transition foreign exchange differences.
Post-transition differences initially brought to equity are realised on the
income statement on disposal of the business.

Revenue recognition

Revenue is the fair value of the total amount receivable by the Group in
exchange for its performance and is recognised when the significant risks and
rewards of ownership have passed to the buyer, usually on despatch of goods. VAT
or similar local taxes and trade discounts are excluded.

Interest income is reported using the effective interest method. Dividends
received are recognised when the right to receive payment is established.

Employee benefits

The cost of pensions in respect of the Group's pension scheme is charged to the
income statement in the period in which it is incurred. The Group's pension
scheme is a defined contribution scheme.

Intangible assets

Exploration and evaluation expenditure

Exploration and evaluation (E & E) expenditure costs comprise costs associated
with the acquisition of mineral rights and mineral exploration and are
capitalised as intangible assets pending determination of the feasibility of the
project. They also include certain administrative costs that are allocated to
the extent that those costs can be related directly to operational activities.

If an exploration project is deemed successful based on feasibility studies, the
related expenditures are transferred to development and production (D & P)
assets and amortised over the estimated life of the ore reserves on a unit of
production basis. Where a project is abandoned or considered to be no longer
economically viable, the related costs are written off in the income statement.

Goodwill

Goodwill is the difference between the fair value of the consideration paid and
the fair value of the assets and liabilities acquired. It is capitalised as an
intangible asset and allocated to cash generating units (with separately
identifiable cash flows) and is subject to impairment testing on an annual basis
or more frequently if circumstances indicate that the asset may have been
impaired. Negative goodwill is recognised immediately after acquisition in the
income statement.

Property, plant and equipment

Non mining assets

Property, plant and equipment are recorded at cost net of accumulated
depreciation and any provision for impairment. Depreciation is provided using
the straight line method to write off the cost of the asset less any residual
value over its useful economic life as follows:

Leasehold property The shorter of the lease term or the life of the mine

Plant and machinery 5 to 15 years

Development and production expenditure

When exploration and evaluation work shows a mine to be commercially viable, the
accumulated costs are transferred to property, plant and equipment. Mining plant
and equipment consist of buildings, machinery, vehicles and fixtures & fittings
which are depreciated over the shorter of the estimated useful life of the asset
or the life of the mine.

Mining property for mines in production, including pre-stripping costs, is
written off on a unit of production basis over the life of the mine.

Development costs relating to major programmes at existing mines are
capitalised. These costs consist primarily of expenditure to expand the capacity
of the operating mine.

Asset residual values and useful lives are reviewed annually and amended as
necessary. Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of the fixed asset may not be
recoverable. An asset's carrying amount is written down immediately to its
recoverable amount if the asset's carrying amount exceeds the higher of the
asset's fair value less costs to sell or value in use.

Impairment

For the purposes of assessing impairment, assets are grouped at the lowest level
for which there are separately identifiable cash flows. As a result, some assets
are tested individually for impairment and some are tested at cash-generating
unit level.

Goodwill, other individual assets or cash-generating units that include
goodwill, other intangible assets with an indefinite useful life and those
intangible assets not yet available for use are tested for impairment at least
annually. All other individual assets or cash-generating units are tested for
impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the carrying amount
exceeds the recoverable amount of the asset or cash-generating unit. The
recoverable amount is the higher of fair value, reflecting market conditions
less costs to sell, and value in use based on an internal discounted cash flow
evaluation. With the exception of goodwill, all assets are subsequently
reassessed for indications that an impairment loss previously recognised may no
longer exist.

Investment property

Investment properties are carried at fair value based on annual revaluation. The
changes in fair value are charged to the income statement in the period in which
they occur.

Inventories

Inventories are stated at the lower of cost and net realisable value, using the
average cost or first-in first-out principle as appropriate. Cost includes all
direct expenditure and related overheads incurred to the balance sheet date.
Cost is determined on the following bases:

• Copper concentrate is valued at the average total production cost at the
relevant stage of production;
• Copper on hand is valued on an average total production cost method;
• Consumable stores are valued on a first-in-first-out basis.

Financial assets

Financial assets consist of cash and financial instruments. Financial assets are
subdivided into trade receivables and fair value through profit and loss
account. Financial assets are assigned to their different categories by
management on initial recognition, depending on the purpose for which they were
acquired.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together
with other short-term, highly liquid investments that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of
changes in value less bank overdrafts repayable on demand.

Trade receivables

Trade receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method less provision
for impairment. A provision for impairment of trade receivables is established
when there is objective evidence that the Group will not be able to collect all
amounts due according to the original terms of the receivables. Significant
financial difficulties of the debtor, probability that the debtor will enter
bankruptcy or financial reorganisation, and default in payments are considered
indicators that a trade receivable is impaired. The amount of the provision is
the difference between the asset's carrying amount and the present value of
estimated future cash flows, discounted at the original effective interest rate.
The carrying amount of the asset is reduced through the use of an allowance
account, and the amount of the loss is recognised in the income statement within
administrative expenses. When a trade receivable is uncollectible, it is written
off against the allowance account for trade receivables. Subsequent recoveries
of amounts previously written off are credited against administrative expenses
in the income statement.

Derecognition of financial instruments occurs when the rights to receive cash
flows from the investments expire or are transferred and substantially all of
the risks and rewards of ownership have been transferred. An assessment for
impairment is undertaken at least at each balance sheet date, whether or not
there is objective evidence that a financial asset or a group of financial
assets is impaired.

Financial liabilities

The Group's financial liabilities include bank overdrafts and trade and other
payables.

Financial liabilities are recognised when the Group becomes a party to the
contractual agreements of the instrument. All interest-related charges are
recognised as an expense in 'finance costs' in the income statement.

All loans and borrowings are initially recognised at the fair value of the
consideration received net of issue costs associated with the borrowing. After
initial recognition, loans and borrowings are subsequently measured at amortised
cost using the effective interest method. Amortised cost is calculated by taking
into account any issue costs and any discount or premium on settlement. Gains
and losses on derecognition are recognised in finance charges.

The effective interest method is a method of calculating the amortised cost of a
financial liability and of allocating interest expense over the relevant period.
The effective interest rate is that rate which exactly discounts estimated
future cash payments through the expected life of the financial liability or,
where appropriate, a shorter period.

Trade payables are recognised initially at their fair value and subsequently
measured at amortised costs less settlement payments.

Dividends
Dividend distributions to shareholders are included when the dividends are
approved by the shareholders' meeting.

Leases

The Group as a lessor

The Group provides equipment to its customers under operating leases,
substantially all the risks and rewards of ownership being retained by the
Group; the assets are stated at historical cost less depreciation. Provision for
depreciation of all tangible assets of the Group is made in equal annual
instalments over their estimated useful lives.

The Group as a lessee

Where the Group retains substantially all the risks and rewards of ownership of
an asset subject to a lease, the lease is treated as a finance lease. Other
leases are treated as operating leases.

Payments under operating leases are charged to the income statement on a
straight-line basis over the lease term.

Income taxes

Current income tax assets and liabilities comprise those obligations to fiscal
authorities in the countries in which the Group carries out its operations. They
are calculated according to the tax rates and tax laws applicable to the fiscal
period and the country to which they relate. All changes to current tax
liabilities are recognised as a component of tax expense in the income statement
or equity as appropriate.

Deferred income taxes are calculated using the liability method on temporary
differences. This involves the comparison of the carrying amount of assets and
liabilities in the consolidated financial statements with their respective tax
bases. However, deferred tax is not provided on the initial recognition of
goodwill, nor on the initial recognition of an asset or liability unless the
related transaction is a business combination or affects tax or accounting
profit. Deferred tax on temporary differences associated with shares in
subsidiaries and joint ventures is not provided if reversal of these temporary
differences can be controlled by the group and it is probable that reversal will
not occur in the foreseeable future. In addition, tax losses available to be
carried forward as well as other income tax credits to the group are assessed
for recognition as deferred tax assets.

Deferred tax liabilities are always provided for in full. Deferred tax assets
are recognised to the extent that it is probable that future taxable profits
will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are calculated at tax rates that are
expected to apply to their respective period of realisation, provided they are
enacted or substantively enacted at the balance sheet date.

Changes in deferred tax assets or liabilities are recognised as a component of
tax expense in the income statement, except where they relate to items that are
charged or credited directly to equity (such as the revaluation of land) in
which case the related deferred tax is also charged or credited directly to
equity.

Provisions

Provisions are recognised when the present obligations arising from legal or
constructive commitment resulting from past events are expected to lead to an
outflow of economic resources from the Group which can be estimated reliably.

Provisions are measured at the present value of the estimated expenditure
required to settle the present obligation, based on the most reliable evidence
available at the balance sheet date.

The Group provides for rehabilitation and environmental obligations and the
increase in the present value of the rehabilitation provision is capitalised to
property, plant and machinery.

All provisions are reviewed at each balance sheet date and adjusted to reflect
the current best estimates.

Share-based employee compensation

The Group operates equity-settled share-based compensation plans for
remuneration of its employees.

All employee services received in exchange for the grant of any share-based
compensation are measured at their fair values. These are indirectly determined
by reference to the share option awarded. Their value is appraised at the grant
date and excludes the impact of any non-market vesting conditions (e.g.
profitability or sales growth targets).

All share-based compensation is ultimately recognised as an expense in profit
and loss with a corresponding credit to a share based payment reserve, net of
deferred tax where applicable. If vesting periods or other vesting conditions
apply, the expense is allocated over the vesting period, based on the best
available estimate of the number of share options expected to vest. Non-market
vesting conditions are included in assumptions about the number of options that
are expected to become exercisable. Estimates are subsequently revised if there
is any indication that the number of share options expected to vest differs from
previous estimates. No adjustment to expense recognised in prior periods is made
if fewer share options than originally estimated are ultimately exercised.

Upon exercise of share options, the proceeds received, net of any directly
attributable transaction costs, up to the nominal value of the shares issued are
reallocated to share capital with any excess being recorded as additional share
premium.

Equity

An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all its liabilities. Equity instruments are
recorded at the proceeds received net of direct issue costs. The Group has in
issue only ordinary shares and the conditions of the shares are such that they
are accounted for as equity.

4. Share issue

Shares issued and authorised for the period to 30 June 2007 may be summarised as
follows:

6 months to 31 December 2007
Number US$
At 1 July 2007 356,146,555 75,633,035
Issue of shares 48,375,010 18,513,781
At 31 December 2007 404,521,565 94,146,816
============== ===============
= ===

6 months to 31 December 2006
Number US$
At 1 July 2006 230,904,593 36,459,275
Issue of shares 108,359,267 33,159,725
At 31 December 2006 339,263,860 69,619,000
============== ===============
= ===

Year to 30 June 2007
Number US$
At 1 July 2006 230,904,953 36,459,275
Issue of shares 125,241,602 39,173,760
At 30 June 2007 356,146,555 75,633,035
============== ===============
= ===

Share-based employee compensation

The Group operates equity-settled share-based compensation plans for
remuneration of its employees.

5. Earnings per share

6 months to 6 months to Year to

31 Dec 31 Dec 30 June
2007 2006 2007
$'000 $'000 $'000
Unaudited Unaudited Unaudited

(Loss)/profit for the period attributable
to equity shareholders
(1,145) 20,002 27,371

US cents per US cents per US cents per
share share share

Basic (loss)/earnings per share (0.29) 6.11 8.21
Diluted (loss)/earnings per share (0.29) 6.01 8.14

Shares Shares Shares
Issued ordinary shares at start of the 356,146,555 230,904,593 230,904,953
period
Additions 48,375,010 108,359,267 125,245,962
Issued ordinary shares at end of the 404,521,565 339,263,860 356,146,555
period

Weighted average number of shares in issue
during the period
391,979,359 327,300,025 333,325,298

Dilutive effect of options in issue 8,196,042 5,763,822 3,082,894
Weighted average number of fully diluted
shares in issue during the period
400,175,401 333,063,874 336,408,191

Where a loss has been incurred for the period, the diluted loss per share does
not differ from the basic loss per share as the exercise of share options would
have the effect of reducing the loss per share and is therefore not dilutive
under the terms of IAS 33.

6. Tangible assets, additions and disposals

Consolidated Investment Freehold Plant and Development Totals
properties land machinery costs
&
buildings
US$,000 US$,000 US$,000 US$,000 US$,000

Cost or valuation:
At 1 July 2006 - - - - -
Acquisition of subsidiary 1,503 45,171 23,095 300 70,069
undertaking
Additions - - 12,957 20,415 33,372
Disposals - - (842) (1,000) (1,842)
Exchange adjustment 31 1,305 70 (18) 1,388

At 30 June 2007 1,534 46,476 35,280 19,697 102,987

Depreciation:
At 1 July 2006 - - - - -
Provided during the year - (2,750) (3,992) - (6,742)
Disposals - - 323 - 323
Exchange adjustment - (55) (70) - (125)

At 30 June 2007 - (2,805) (3,739) - (6,544)

Net book value at 30 June 1,534 43,671 31,541 19,697 96,443
2007

Net book value at 1 July - - - - -
2006

Consolidated Investment Freehold Plant and Development Totals
properties land machinery costs
&
buildings
US$,000 US$,000 US$,000 US$,000 US$,000

Cost or valuation:
At 1 July 2006 - - - - -
Acquisition of subsidiary 1,503 45,171 23,095 300 70,069
undertaking
Additions - - 6,063 9,553 15,616
Disposals - - - - -
Exchange adjustment 36 - - - 36

At 31 December 2006 1,539 45,171 29,158 9,853 85,721

Depreciation:
At 1 July 2006 - - - - -
Provided during the year - (1,375) (1,625) - (3,000)
Disposals - - - - -
Exchange adjustment - (8) (5) - (13)

At 31 December 2006 - (1,383) (1,630) - (3,013)

Net book value at 31 1,539 43,788 27,528 9,853 82,708
December 2006

Net book value at 1 July - - - - -
2006

Consolidated Investment Freehold Plant and Development Totals
properties land machinery costs
&
buildings
US$,000 US$,000 US$,000 US$,000 US$,000

Cost or valuation:
At 1 July 2007 1,534 46,476 35,280 19,697 102,987
Additions - 122 5,649 16,851 22,622
Disposals - - (180) - (180)
Exchange adjustment 69 1,974 1,338 492 3,873

At 31 December 2007 1,603 48,572 42,087 37,040 129,302

Depreciation:
At 1 July 2007 - (2,805 ) (3,739) - (6,544)
Provided during the year (46) (1,437) (2,875) - (4,358)
Disposals - - - - -
Exchange adjustment (1) (34) (67) - (102)

At 31 December 2007 (47) (4,276) (6,681) - (11,004)

Net book value at 31 1,556 44,296 35,406 37,040 118,298
December 2007

Net book value at 1 July 1,534 43,671 31,541 19,697 96,443
2007

7. Intangible assets, additions and disposals

Mining
licences

US$,000
Carrying amount at 1 July 2007 6,175

Carrying amount at 31 December 2007 6,175

US$,000
Carrying amount at 1 July 2006 7,010
Amortisation (349)

Carrying amount at 31 December 2006 6,661

US$,000
Carrying amount at 1 July 2006 7,010
Amortisation (835)

Carrying amount at 30 June 2007 6,175

8. Business combination

On 19 July 2006, following approval from both Ongopolo and Weatherly, the
company completed the purchase of a 97% stake in Ongopolo for consideration of
US$35.16 million (including US$2.41m costs), consisting of a cash component and
an issue of 47,050,256 new ordinary shares (at 14.75p per share) to the secured
creditors of Ongopolo who had exchanged their debt for equity in Ongopolo. The
purchase of Ongopolo has been accounted for by the acquisition method of
accounting. Advantage has been taken of Section 131 of the Companies Act 1985 on
merger relief in respect of the premium on the issue of shares to finance the
acquisition.

The acquired assets and liabilities of Ongopolo were as follows:

Book value Fair value Cash Effect of Creditors Fair value
adjustments subscribed 3rd party agreements
1 on acquisition settlements 4
2 3
US$,000 US$,000 US$,000 US$,000 US$,000 US$,000
Non-current assets
Property plant and equipment 15,869 52,697 - - - 68,566
Investment property - 1,503 - - - 1,503
Current assets
Inventories 1,191 - - - - 1,191
Trade and other receivables 6,713 - - - - 6,713
Bank and cash 805 - 15,743 - - 16,548
Total assets 24,578 54,200 15,743 - - 94,521
Non-current liabities
Bank loans (54,689) - - 53,034 - (1,655)
Trade and other payables (33,511) - - - 8,635 (24,876)
Other creditors (4,026) 3,057 - (8,930) - (9,899)
Provisions (3,569) - - - - (3,569)
Total liabilities (95,795) 3,057 - 44,104 8,635 (39,999)
Net assets (71,217) 57,257 15,743 44,104 8,635 54,522
Total consideration 35,161
Discount on acquisition * (19,361)
Eliminate minority interest 3% 1,636

Discount on acquistion attributable to Weatherly International plc (17,725)

* Discount on acquisition (formally negative goodwill under UK GAAP) arose as a
result of the fair value of the net assets acquired being greater than the fair
value of the purchase consideration paid which is accounted for under IFRS3,
Business Combinations. The effect on transition to IFRS is that the discount on
acquisition is credited to retained earnings for the 6 months ended 31 December
2006 and year ended 30 June 2007.

1 Fair value adjustments: Land and buildings were fair valued using a
professional value and plant and equipment was fair valued on the basis of value
in use. The amount shown as property, plant and equipment was further adjusted
by an impairment that related to the year ending 30 June 2006 and an amount of
fair value allocated to the sale of lease 1496.

2 Cash subscribed to on acquisition: Bank and cash adjusted by the amount
subscribed for shares on acquisition, reduced by the interest payable on
acquisition. The cash was retained in Ongopolo less the minority interest.

3 Effect of third party settlements: Loans settled with Standard Bank, Bank
Windhoek and the Government of Namibia.

4 Creditor agreements: Waiver of tax penalties previously accrued and the
discount on settlement under creditors' voluntary arrangement.

Satisfied by:
19 July 2006
US$,000

Issue of share 12,752
Transaction costs 2,409
Cash 20,000

Total consideration 35,161

During the period from 1 July 2006 to the acquisition date of 19 July 2006, the
operating loss of Ongopolo was not material. However, transactions occurred that
related to the pre-acquisition results were as follows:

19 July 2006
US$,000

Waiver of tax penalties previously accrued 4,803
Discounting of settlement under creditors'
voluntary arrangement 3,832
Impairment of development costs (700)
Interest on settlement of hire purchase lease
on acquisition (485)
Total pre-acquisition profits 7,450

The amounts were adjusted in arriving at the fair value of the liabilities
acquired.

The business combination resulting in an adjustment under IFRS and has been
shown in Note 9 Transition to IFRS. The result of this acquisition under the
IFRS impacted the 6 month periods ended 31 December 2006 and year ended 30 June
2007.

9. Transition to IFRS

With effect from 1 July 2006 the Group has adopted International Financial
Reporting Standards (IFRS) in the preparation of its financial statements.

The main items contributing to the change in financial information compared with
that reported under UK GAAP as at the transition date are shown below:

a) IAS 21 The effects of changes in foreign exchange rates

Under UK GAAP the Group reported differences in exchange rates on consolidation
within retained earnings. Under IFRS the Group has claimed the exemption from
retrospective application of IAS 21 and is now required to show all
post-transition differences on consolidation as a separate item within equity.

b) IFRS 3 Business combinations

Business combinations prior to the date of transition to IFRS need not be
restated (IFRS 1 First time adoption of IFRS). Positive goodwill is no longer
amortised and is subject to regular impairment testing. Negative goodwill is
credited to the income statement in the period in which it occurs.

c) IFRS 2 Share based payments

IFRS2 Share-based payments has not been applied to share options granted after 7
November 2002 but which had vested by 1 July 2006.

d) IAS40 Investment property

Under UK GAAP revaluations of Investment property were reflected in equity
through a revaluation reserve. Under IFRS they are carried at fair value with
gains and losses through the income statement. This has not impacted earlier
periods as the properties were acquired in July 2006 and their values did not
materially change in the period to 30 June 2007 or 31 December 2007.

Detailed reconciliations between UK GAAP and IFRS of both equity and loss are
shown below:

Reconciliation of equity as at 1 July 2006
UK GAAP IFRS IFRS

Adjustment
$,000 $,000 $,000
Assets
Non-current assets
Intangible assets (exploration 6,175 - 6,175
licences)
Investments 467 - 467

Total non-current assets 6,642 - 6,642

Current assets
Trade and other receivables 3,740 - 3,740
Cash and cash equivalents 18,842 - 18,842

Total current assets 22,582 - 22,582

Current liabilities
Trade and other payables (1,682) - (1,682)

Total current liabilities (1,682) - (1,682)

Net assets 27,542 - 27,542

Equity
Issued capital 2,779 - 2,779
Share premium 27,983 - 27,983
Merger reserve 6,151 - 6,151
Share-based payment reserve 48 - 48
Retained earnings (9,419) - (9,419)

Equity attributable to equity
holders of the parent 27,542 - 27,542

Total equity 27,542 - 27,542

Reconciliation of equity as at 31 December 2006

UK GAAP IFRS 3 IFRS 3 IFRS
Adjustment Adjustment
$,000 $,000 $,000 $,000
1 2
Assets
Non-current assets
Property, plant and equipment 29,093 52,076 - 81,169
Intangible assets 49,065 (58,241) 15,837 6,661
Investment property 1,539 - - 1,539

Total non-current assets 79,697 (6,165) 15,837 89,369

Current assets
Inventories 2,590 - - 2,590
Trade and other receivables 4,607 - - 4,607
Cash and cash equivalents 10,952 (485) - 10,467

Total current assets 18,149 (485) - 17,664

Current liabilities
Trade and other payables (18,589) 8,642 - (9,947)

Total current liabilities (18,589) 8,642 - (9,947)

Non-current liabilities
Trade and other payables (10,029) - - (10,029)
Provision for liabilities and (3,968) - - (3,968)
charges

Total non-current liabilities (13,997) - - (13,997)

Net assets 65,260 1,992 15,837 83,089

Equity
Issued capital 2,874 - - 2,874
Share premium 46,608 1,212 - 47,820
Merger reserve 18,471 - - 18,471
Capital redemption reserve 454 - - 454
Share-based payment reserve 86 - - 86
Foreign exchange reserve - 998 - 998
Retained earnings (3,159) (2,095) 15,837 10,583

Equity attributable to
shareholders of the parent
entity 65,334 115 15,837 81,286
Minority interests (74) 1,877 - 1,803

Total equity 65,260 1,992 15,837 83,089

1. Fair value adjustment on acquisition: previous information at 31 December
2006 did not include fair value adjustments which resulted from a valuation of
plant and equipment, subsequent to 31 December 2006.In addition there were
amendments relating to third party settlements and creditor agreements, which
were fair valued on acquisition per IFRS 3.

2. Discount on acquisition: under UKGAAP the discount on acquisition was
previously termed 'negative goodwill' and was allocated under intangible assets.
Under IFRS 3 this amount being, the discount on acquisition is must be
recognised in the profit and loss account.

Reconciliation of equity as at 30 June 2007

UK GAAP IFRS 3 IFRS
$,000 Adjustment $,000
$,000
1
Assets
Non-current assets
Property, plant and equipment 94,909 - 94,909
Negative goodwill (14,952) 14,952 -
Intangible assets (exploration 6,175 - 6,175
licenses)
Investment properties 1,534 - 1,534

Total non-current assets 87,666 14,952 102,618

Current assets
Inventories 1,504 - 1,504
Trade and other receivables 8,493 - 8,493
Cash and cash equivalents 13,280 - 13,280

Total current assets 23,277 - 23,277

Current liabilities
Trade and other payables (16,550) - (16,550)
Bank overdrafts (1,204) - (1,204)

Total current liabilities (17,754) - (17,754)

Non-current liabilities
Trade and other payables (4,702) - (4,702)
Provision for liabilities and (4,248) - (4,248)
charges

Total non-current liabilities (8,950) - (8,950)

Net assets 84,239 14,952 99,191

Equity
Issued capital 3,043 - 3,043
Share premium 53,665 - 53,665
Merger reserve 18,471 - 18,471
Capital redemption reserve 454 - 454
Share-based payment reserve 271 - 271
Foreign exchange reserve 3,100 - 3,100
Retained earnings 3,000 14,952 17,952

Equity attributable to 82,004 14,952 96,956
shareholders of the parent
entity
Minority interests 2,235 - 2,235

Total equity 84,239 14,952 99,191

1. Discount on acquisition: under UKGAAP the discount on acquisition was
previously termed 'negative goodwill' and was allocated under intangible assets.
Under IFRS 3 this amount being, the discount on acquisition is must be
recognised in the profit and loss account.

Reconciliation of profit for the six months ended 31 December 2006

UK GAAP IFRS 3 IFRS 3 IFRS
Adjustment Adjustment
$,000 $,000 $,000 $,000
1 2
Revenue 31,182 - - 31,182
Cost of sales (25,034) - - (25,034)

Gross profit 6,148 - - 6,148

Administrative expenses (5,230) 1,839 (1,888) (5,279)
Other operating income 1,492 - - 1,492
Discount on acquisition - - 17,725 17,725

Operating profit 2,410 1,839 15,837 20,086

Finance income 83 - - 83

Profit before taxation 2,493 1,839 15,837 20,169

Taxation - - - -

Profit for the period after 2,493 1,839 15,837 20,169
tax

Allocated as follows:
Profit attributable to
shareholders of parent entity
2,326 1,839 15,837 20,002
Minority interest
167 - - 167

Total profit 2,493 1,839 15,837 20,169

1. Fair value adjustment on acquisition:
previous information at 31 December 2006 did not include fair value adjustments
which resulted from a valuation of plant and equipment, subsequent to 31
December 2006. In addition there were amendments relating to third party
settlements and creditor agreements, which were fair valued on acquisition per
IFRS 3.

2. Discount on acquisition: under UKGAAP
the discount on acquisition was previously termed 'negative goodwill' and was
allocated under intangible assets. Under IFRS 3 this amount being, the discount
on acquisition is must be recognised in the profit and loss account.

Reconciliation of profit for the year ended 30 June 2007

UK GAAP IFRS IFRS
Adjustment

$,000 $,000 $,000
1
Revenue 63,158 - 63,158
Cost of sales (53,453) - (53,453)

Gross profit 9,705 - 9,705

Administrative expenses (7,583) (2,773) (10,356)
Other operating income 1,608 - 1,608
Discount on acquisition - 17,725 17,725
Profit on sale of assets 9,530 - 9,530

Operating profit 13,260 14,952 28,212

Finance income 350 - 350
Finance expense - Charge for (592) - (592)
environmental provision

Profit before taxation 13,018 14,952 27,970

Taxation - - -

Profit for the period after tax 13,018 14,952 27,970

Allocated as follows:
Profit attributable to
shareholders of parent entity
12,419 14,952 27,371
Minority interest
599 - 599

Total profit 13,018 14,952 27,970

1. Discount on acquisition: under UKGAAP the discount on acquisition was
previously termed 'negative goodwill' and was allocated under intangible assets.
Under IFRS 3 this amount being, the discount on acquisition is must be
recognised in the profit and loss account.

Cash flow

The transition to IFRS has resulted in changes being made to the cash flow
statement.

The definition of cash under UK GAAP is narrower than under IFRS, where highly
liquid investments that are readily convertible to a known amount of cash and
with an insignificant risk of a change in value are regarded as cash
equivalents.

Under UK GAAP, payments to acquire property, plant and equipment were classified
as part of 'Capital expenditure and financial investment'; under IFRS, such
payments have been reclassified as part of 'Investing activities'.

There are no other material differences between the cash flow statement
presented under IFRS and that presented under UK GAAP.

10. Impairment review of Kombat operation

Property, plant and equipment includes $21.27 million in respect of the
development costs at Kombat at 31 December 2007 (see note 11 below). Following
the suspension of operations at Kombat Weatherly's management undertook an
impairment review and concluded no write down was needed of this amount.

The recoverable amount for this cash-generating unit was calculated as $21.37
million and was determined based on forecast value-in-use calculations once the
development of Kombat is completed. The projections covered a detailed four-year
forecast, followed by an extrapolation of expected cash flows based on JORC
compliant mine model. The discount rate used is 13%.

Weatherly's management's key assumptions for the unit include stable copper
prices estimated at $7,000 per ton, which is in line with the current commodity
price. Weatherly's management believe that this is the best available input for
forecasting this market.

Apart from the considerations described in determining the value in use of the
cash generating units described above, the management of Weatherly is not
currently aware of any other probable changes that would necessitate changes in
its key estimates.

11. Post balance sheet events

• Operational update on Kombat

Following an extensive review of the company's operations in the Otavi Valley,
where dewatering activity at the Kombat mine was disrupted by a series of
electricity outages during the reporting period, Weatherly suspended the
dewatering programme and is currently in discussion with the Namibian
Government, Nampower and Namwater to implement a dependable power and water plan
for the region. Provided that a suitable and sustainable solution is identified
the company currently expects to resume operations at Kombat.

The suspension resulted in an impairment test under IAS 36, which concluded that
the amount being carried in the accounts relating to Kombat was recoverable and
accordingly no impairment loss has been made.

• Long-term supply agreement to smelt copper concentrates

In January 2008, the company signed a long-term copper concentrate supply
agreement with Louis Dreyfus Commodities. Under the agreement, Weatherly will
purchase and process up to 50,000 tonnes per annum of Peruvian copper
concentrate at its Tsumeb smelter for an initial three-year term. The first
shipment of copper concentrate is due to be delivered in the second quarter of
2008.

• Sale of non-core assets

In February 2008, the company announced the sale of its blast furnace and reverb
slag dumps to Emerging Metals Limited (EML) for a total consideration worth
approximately £5.7 million, payable in two tranches over 24 months in cash,
shares and options in EML.

This information is provided by RNS
The company news service from the London Stock Exchange

END
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