30 sep 25   eco buildings group - interim results eco buildings group plc | ecob | 3.8 0 0.0% | mkt cap: 4.61m    rns number : 2883b eco buildings group plc 30 september 2025   certain information contained within this announcement is deemed by the company to constitute inside information as stipulated under the market abuse regulation (eu) no. 596/2014 ("mar") as applied in the united kingdom. upon publication of this announcement, this information is now considered to be in the public domain.   30 september 2025 eco buildings group plc ("eco" or "eco buildings" or the "company")       interim results for the six months ended 30 june 2025 eco buildings group plc (aim: ecob), announces its unaudited interim results for the six months ended 30 june 2025.      operational highlights  ·      over the six months to 30 june 2025 the company's production line in albania produced as planned over 42,000 sqm of walls operating on a single shift basis. ·      in september 2025, the company announced that it had signed a new contract to construct a luxury low-rise apartment block comprising 18 single dwellings, each averaging 100 square meters. following the construction of this first apartment block, the company has a letter of intent in place to build another two identical apartment blocks in q1-q2 next year.   each apartment block is anticipated to generate €2.2 million in revenue. ·      in february 2025 the company achieved ce marking (conformite europeenne) for its products for use throughout the european community. the ce mark allows its products to be made commercially available within the eu and opens up these markets where there is considerable demand already generated. ·      the company completed two show homes in chile in early 2025. the construction of these properties was part of the due diligence process being undertaken by the chilean government ahead of confirmation of its commitment to enter into a long-term manufacturing and supply contract for modular housing, this initiative is aligned with the government's broader social housing programme and also provided an opportunity to further market eco's products in the region. ·      in april 2025 eco buildings group albania, was awarded the iso 14001:2015 certification for its environmental management system (ems). this internationally recognized standard underscores the group's unwavering commitment to environmental stewardship and sustainable business practices. financial highlights ·      revenue for the six months to 30 june 2025 increased to €1.8 million (h1 2024: €0.2 million) including the first revenues recognised from the sale of gfrg panelling. ·      the company made a marginal loss of €0.062 million a material improvement compared to h1 2024 (€1.1 million loss)   operational update   operating update for the period to 30 june 2025 operational milestones the company focus in the six months to 30 june 2025 has been the operations of the factory in durres.  eco has produced over 42,000 square metres of walling product over the last six months to 30 june 2025 for use in construction projects in albania and overseas.   as production levels at the factory expand, the group has invested in careful planning to ensure that growth does not come at the expense of the quality of our products. rapid increases in the rate of production can bring pressure to streamline processes, but maintaining high standards is central to our brand and ethos. by investing in robust quality control systems, and efficient workflows, the factory has increased capacity while safeguarding the consistency and reliability of its products. equally important is ensuring high standards are embedded in the company's factory culture. clear quality guidelines, rigorous checks at every stage of production, and ongoing monitoring allow the business to maintain high quality standards.  training new staff is central to this strategy. as eco's workforce continues to grow and we anticipate the deployment of teams to the proposed new production lines, comprehensive training and continuous skills development help new employees operate to the company's high standards. to demonstrate our commitment to high standards the company has in the last six months achieved two significant certifications: ·      in february 2025 the company achieved ce marking (conformite europeenne) for its products for use throughout the european community.  ce marking allows a product to be legally sold throughout the european economic area (eea).  ce marking means you don't need separate national approvals, reducing barriers to entry, allowing wider opportunities throughout europe whilst providing confidence in our products. ·      in april 2025 eco buildings group albania, was awarded the iso 14001:2015 certification for its environmental management system (ems). this an international standard developed by the international organization for standardization (iso). this achievement demonstrates the company's commitment to sustainability while enhancing trust with consumer partner and regulators. sales development in the six month period to 30 june 2025 the company recorded sales of €1.8 million, driven by significant sales efforts and the hard work of our operations team to increase rates of panel production this month we announced the award of a new contract to construct a luxury low-rise apartment block comprising 18 residences, each averaging 100 square meters. following completion of this first building, the company has secured a letter of intent to deliver an additional two identical apartment blocks during q1-q2 of next year. further negotiations are in progress for the construction of three more apartment blocks, which would bring the total to six once the initial phase is completed. the board of eco buildings views this project as a stepping stone towards a larger villa development in albania, anticipated to begin following the delivery of the six apartment blocks. each building is expected to generate €2.2 million in revenue, with gross margins aligned with the company's previously reported figure of 40%. the directors attribute the success in securing this contract to eco buildings' innovative construction technology, which offers a significantly more cost-effective and time-efficient alternative to traditional construction methods. this enables developers to reduce costs and accelerate delivery timelines. each apartment block is expected to be completed within 6-9 months from commencement, with work on the first luxury block already underway.  litigation update the company has secured full litigation funding from atticus litigation financing ("atticus"), a new fund scheduled to commence operations in october2025. atticus is advised by nick rowles-davies, a recognised pioneer and global authority in the litigation funding industry. this financial support ensures that the company is fully resourced to advance its €195 million claim before the international court of arbitration, where the arbitration panel nomination process is already in progress. the case concerns significant losses arising from adverse and improper actions taken by government agencies in kosovo. to lead its legal strategy, the company has appointed bsa law, a distinguished international law firm headquartered in dubai. the firm is engaged under a conditional fee arrangement (cfa), reflecting its strong confidence in the merits of the claim. financial developments in may 2025 the company raised gross proceeds of £670,000 through a firm placing of 16,750,000 new ordinary shares at a price of 4 pence per share.  £250,000 was placed directly with one new subscriber, with the balance placed with existing shareholders. on the 4 september 2025 the company announced it had issued £300,000 of a zero coupon, 2-year convertible loan note, convertible at 4 pence per share. the loan note is convertible at any time, at the election of the note holder, during its 24-month term into new ordinary shares in the company at a price of 4 pence per share. no interest is payable on the note. the company has also agreed to issue warrants as part of the loan note on a basis of 1 warrant for every 2 shares issued. the warrants may be exercised at a price of 8p and are exercisable at any time up to the third anniversary of the date of this announcement at which time they will lapse. on the 12 september 2025 the company announced that it had raised gross proceeds of £600,000 through the placing of 15,000,000 new ordinary shares at the 4p. on the 22 september 2025 the company announced that it has issued 5,000,000 new ordinary shares following receipt of a conversion notice of £200,000 on the loan at a conversion price of 4 pence per share.  for further information, contact: eco buildings group plc etrur albani, executive vice chairman tel: +44 (0)20 7380 0999 fiona hadfield, finance director tel: +44 (0)20 7380 0999   spark advisory partners limited (nominated adviser) matt davis / james keeshan   tel:  +44 (0) 203 368 3550 tavira securities limited (joint broker) oliver stansfield / jonathan evans tel:  +44 (0) 203 192 1739 cmc markets uk plc (joint broker) douglas crippen tel: +44 (0)20 71708200     notes the company has acquired proven and innovative prefabricated technology which has been in development and commercial use since 2006. eco buildings' range of prefabricated, green housing products based on glass fibre reinforced gypsum panels ("gfrg") provides a construction solution for both affordable and high-end housing. the market share for factory-based building technology is expected to grow significantly over the coming years as private developers and the public sector seek to address the substantial and growing deficit in housing stock and issues of construction cost, speed and quality and housing affordability.      eco buildings group plc condensed unaudited consolidated income statement and statement of comprehensive income       note     six months ended 30 june 2025 unaudited   €'000s   six months ended 30 june 2024 unaudited   €'000s   for the year ended 2024 audited   €'000s         revenue  1,792  206   1,392 cost of sales  (514)  (74)   (415) gross profit  1,278  132   977                  administrative and other operating expenses  (1,316)  (914)   (4,384)         operating loss  (38)  (782)   (3,407)          net finance costs 3 (24)  (305)   (504)     -    loss before taxation  (62)   (1,087)     (3,911)          taxation  -  -   -          loss for the period  (62)  (1,087)     (3,911)          other comprehensive income  -   -     -               total comprehensive loss for the period attributable to owners of the parent company  (62)   (1,087)     (3,911)          loss per share         basic loss per share 4 €0.001  €0.014   €0.05 diluted loss per share 4 €0.001  €0.014   €0.05        eco buildings group plc condensed unaudited consolidated statement of financial position  notes as at 30 june 2025 unaudited   €'000s  as at 31  december 2024 audited   €'000s   as at 30 june 2024 unaudited   €'000s  assets        non-current assets        intangible assets 5 9,167  9,189  9,977  property, plant and equipment 6 6,453  6,370  5,680  total non-current assets  15,620  15,559   15,657          current assets        trade and other receivables  1,195  777  682  inventories  1,120  1,092  2,058  cash and cash equivalents  183  106  34  total current assets  3,218  1,975   2,774  total assets  18,838   17,534   18,431                 current liabilities              trade and other payables  2,505   2,471  1,801   lease commitments  163   166  -   borrowings 7 2,029   1,974  60   total current liabilities  4,697   4,611   1,861   non-current liabilities              deferred tax liability  85  85  85  lease commitments  304  345  260  borrowings 7 4,005  3,674  5,187  total non-current liabilities  4,394   4,104   5,532   total liabilities  9,091   8,715   7,393   net assets  9,747   8,819   11,038          equity        share capital 8 6,142  5,908  5,855  share premium 8 10,900  10,200  9,965  retained loss  (6,848)  (6,786)  (3,962)  share based payment reserve  155  99  51  warrant reserve  269  269  -  other reserves  (871)  (871)  (871)  total equity attributable to owners of the parent company  9,747   8,819   11,038      eco buildings group plc condensed consolidated statement of cash flows          notes six months ended 30 june 2025 unaudited €'000s   six months ended 30 june 2024 unaudited €'000s   year ended 31 december 2024 €'000s         cash flows from operating activities               loss before taxation   (62)   (1,087)     (3,911) adjustment for:        net finance costs 4 24  305   504 operating loss for the period   (38)   (782)     (3,407)  adjustment for:          amortisation  22  25   79   depreciation 6 320  95   285 equity settled transactions  56  44   92 provision for impairment of intangibles  -  -   734 provision for impairment of tangibles  -  -   355 provision for inventory  -  -   956 changes in working capital:         increase in receivables  (1,138)  (69)   (164)  (increase)/decrease in inventories  (27)  26   37  increase/(decrease) in trade and other payables 34  (479)   190 net cash used in operating activities (771)   (1,140)     (843) cash flow from investing activities        expenditure on property, plant and equipment 6 (403)  (363)   (1,598) expenditure on rights of use assets  (69)  (40)   201 net cash outflow from investing activities   (472)   (403)     (1,398) cash flows from financing activities        proceeds from issue of shares 9 934  939   1,498 repayment of debt 7 (236)  -   - drawdown of debt 7 648  -   278 interest paid             (25)  (37)   (107) net cash inflow from financing activities   1,321   900     1,669   net increase/(decrease) in cash and cash equivalents 78   (643)     (571) foreign exchange difference arising on translation     -        cash and cash equivalents at beginning of   period  106  677   677 cash and cash equivalents at end of period   183   34     106        eco buildings group plc condensed consolidated statement of changes in equity  share capital     €'000s share premium     €'000s share based payment reserve €'000s other reserve     €'000s warrant reserve     €'000s profit and loss reserve     €'000s total       €'000s          as at 1 january 2024 5,774 9,106 7 (871)   (2,875) 11,141 total comprehensive loss for the period      (1,087) (1,087) transactions with owners         share based transactions   44    44 issue of shares 81 858     940 as at 30 june 2024 5,855 9,965 51 (871)   (3,962) 11,038 total comprehensive loss for the period - - - - - (2,824) (2,824) transactions with owners            share based transactions - (269) 47 - 269 - 316 issue of shares 53 504 - - - - 288 as at 31 december 2024 5,908 10,200 98 (871) 269 (6,786) 8,819 total comprehensive loss for the period - - - - - (62) (62) transactions with owners         share based transactions - - 56 - - - 56 issue of shares 234 700 - - - - 934 as at 30 june 2025 6,142 10,900 154 (871) 269 (6,848) 9,747   notes to the condensed consolidated financial statements for the period ended 30 june 2025 (1)              general information the principal activity of eco buildings group plc and its subsidiary and associate companies (collectively "eco buildings group" or "group") is the production of gfrg panels for use in construction and the processing of dimensional stone. eco buildings group plc is the group's ultimate parent company ("the parent company"). it is incorporated in england and wales and domiciled in england. the address of its registered office is 160 camden high street, london, nw1 0ne. eco buildings group plc shares are admitted to trading on the london stock exchange's aim market. (2)              basis of preparation the results presented in this report are unaudited and they have been prepared in accordance with the principles of international financial reporting standards ("ifrs") as adopted by the european union that are applicable to the financial statements for the year ending 31 december 2024. the accounting policies applied in these results are consistent with those applied in the group's annual report and accounts for the year ended 31 december 2024 and those expected to be applicable to the financial statements for the year ending 31 december 2025. this half yearly report does not constitute statutory accounts within the meaning of section 434 of the companies act 2006.  statutory accounts for eco buildings group plc for the year ended 31 december 2024 were approved by the board on 30 june 2025 and have been filed with the registrar of companies. the report of the auditors on those accounts was unqualified and did not contain a statement under section 498 (2) or (3) of the companies act 2006.  these condensed interim financial statements for the six months ended 30 june 2025 have been prepared in accordance ias 34, 'interim financial reporting', as adopted by the european union. the condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 december 2024, which have been prepared in accordance with ifrs as adopted by the european union.  the annual report and accounts 2024 for the group are available at www.eco-buildingsplc.net (3)              going concern the directors have thoroughly reviewed detailed projected cash flow forecasts and believe it is appropriate to prepare this report on a going concern basis. in making this assessment, they have considered the following factors: a)     the current working capital position and operational requirements; b)    the proposed business plan for the combined entity including the development of sales c)     rates of production at the newly operational plant in durres, and the any risks that may impact the levels of production; d)    current order book including purchase orders received in september 2025 and the companies ability to satisfy these from existing production; e)    the timing and expected start of revenues under the contracts for construction secured by eco buildings f)     the timing of expected sales receipts and completion of other existing orders, as well as collection of outstanding debtors; g)     the sensitivities of forecast sales figures over the next two years; h)    the timing and magnitude of planned capital expenditure including expansion of production facilities at the gfrg factory in albania; and i)      the level of indebtedness of the company and timing of when such liabilities may fall due, and accordingly the working capital position over the next 18 months. the forecasts assume that the company will execute the business plan for the combined entity..  it further assumes that production at the fox marble factory will continue to operate in good order.   the forecast assumes existing contracts held by the company will be fulfilled on a timely basis, and that the factory in durres operates in good order.    the company also anticipates significant revenue growth through the realization of existing sales contracts and offtake agreements, as well as from newly generated sales. the forecasts also assume that the convertible loan note expiring in 2025 will be extended.  the directors are confident based on ongoing discussions with the investor that the loan note will be extended. they therefore consider it appropriate to prepare the financial statements on a going concern basis. however, as at the date of approval of these financial statements, there are no legally binding agreements in place in relation to extension of terms with the loan note holder which may cast doubt about the group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. the financial statements do not include the adjustments that would result if the group was unable to continue as a going concern. there are several scenarios which management have considered that could impact the financial performance of the company.  these include: a)     the business plan for the combined entity, including planned capital and strategic expansions could be delayed or result in further losses for the group; b)    levels of production at the factory could be lower than expected; costs of construction of the units could be higher than expected; c)     levels of production at the quarries can be impacted by unforeseen delays due to inclement weather or equipment failure; lower than expected quality of material being produced, and the continuing effects of the pandemic; d)    costs of production and construction could be higher than planned, or there could be unforeseen additional costs; e)    fulfilment of the company's order book could be delayed, or the payment of amounts due under such contracts could be delayed; and f)     the resumption of block sales to the international block market may be slower than expected. if the cash receipts from sales are lower than anticipated the company has identified that it has available to it several other contingent actions, that it can take to mitigate the impact of potential downside scenarios. these include seeking additional financing, leveraging existing sale agreements, reviewing planned capital expenditure, reducing overheads and renegotiation of the terms on its existing debt obligations.   in conclusion having regard to the existing and future working capital position and projected sales, the directors are of the opinion that the application of the going concern basis is appropriate.   (4)              loss per share   six months ended 30 june 2025 €'000s      six months ended 30 june 2024 €'000s (1)   year ended 31 december 2024 €'000 (1)         loss for the period used for the calculation of basic lps (62)   (1,087)   (3,911)         number of shares        weighted average number of ordinary shares for the purpose of basic lps 88,568,691   76,961,747   77,883,984 effect of potentially dilutive ordinary shares    -   - weighted average number of ordinary shares for the purpose of diluted lps 88,568,691   76,961,747   77,883,984         loss per share:        basic €0.001   €0.014   €0.050 diluted €0.001   €0.014   €0.050              (5)              intangible assets  goodwill       €'000 mining rights and licences €'000 capitalised exploration and evaluation expenditure €'000 total       €'000 cost     as at 31 december 2023 7,423 2,535 72 10,030 acquired - - - - as at 30 june 2024 7,423 2,535 72 10,030 acquired - - - - as at 30 december 2024 7,423 2,535 72 10,030 acquired - - - - as at 30 june 2025 7,423 2,535 72 10,030      depreciation     as at 31 december 2023 - 26 2 28 charge for the period - 24 1 25 as at 30 june 2024 - 50 3 53 impairment charge - 734 - 734 charge for the period - 18 37 55 as at 30 december 2024 - 802 39 841 charge for the period - 21 1 - as at 30 june 2025 - 822 40 862      net book value     as at 30 june 2025 7,423 1,713 32 9.167 as at 31 december 2024 7,423 1,733 33 9,189 as at 30 june 2024 7,423 2,485 69 9,977        (6)              property, plant and equipment  land         €'000s factory plant and machinery     €'000s rights of use assets       €'000 quarry plant and machinery     €'000s office equipment and leasehold improvements   €'000s total         €'000s cost       as at 31 december 2023 160 4,345 396 721 1 5,624 additions - 362 - - - 362 as at 30 june 2024 160 4,707 396 721 1 5,986 additions - 1,281 317 - - 1,598 disposals - - (75) - - (75) as at 31 december 2024 160 5,626 640 721 1 7,148 additions - 402 - - - 402 as at 30 june 2025 160 6,028 640 721 1 7,550        depreciation       as at 31 december 2023 - 86 124 2 - 212 charge for the period - 29 52 13 - 95 as at 30 june 2024 - 115 176 15 - 307 charge for the period - 130 74  1 204 impairment - - - 342 - 342 disposals -  (75)   (75) as at 31 december 2024 - 245 175 357 1 778 charge for the period - 270 50 - - 320 as at 30 june 2025 - 515 225 357 1 1,097        net book value       as at 30 june 2025 160 5,513 415 364 - 6,453 as at 31 december 2024 160 5,381 464 364 - 6,369 as at 30 june 2024 160 4,592 221 706 1 5,679        (7)              borrowings   30 june 2025 €'000s   31 december 2024 €'000s  30 june 2024 €'000s current liabilities      convertible loan notes at amortised cost 2,014  1,955  - other borrowings held at amortised cost 15  19  60  2,029  1,974  60       non-current liabilities      convertible loan notes at amortised cost 3,156  2,780  4,324 other borrowings held at amortised cost 848  914  863 derivative over own equity at fair value 1  1     4,005   3,674  5,187        (a)   eco buildings operations limited loan note on 3 march 2022 the group entered into an agreement to acquire operational assets from gulf wall fzo, a company registered in dubai, united arab emirates. the consideration for this purchase was the issue of shares in eco buildings group ltd and the issue of $1,000,000 (£759,763) loan note. the terms of the loan note were agreed on 7 september 2022.  the loan note has a four-year term and an interest rate of 2%.  as at 30 june 2025 the loan note held at amortised cost had a balance of €847,753. (31 december 2024 - €913,771). (b)   series 11 loan note on 27 may 2020 eco buildings group plc reached agreement with the holders of the series 3, 4, 6, 7, 8, 9 and 10 loan note holders to reschedule the terms of the loan notes.  the existing loan notes were cancelled and replaced by the series 11 loan note.  the series 11 loan note has an interest rate of 2% per annum.  the loan note was due for conversion or repayment on the 1 december 2026 with a conversion price of 5p.   the noteholders had the right, in the event of a change of control of the company, to give written notice to the company to require that the interest rate on the stock increases to 25% per annum with effect from the date of the change of control. in the event the noteholders elected to increase the interest rate, the company may repay the stock at par, together with all accrued interest.  on 27 april 2023, the company amended the series 11 clns pursuant to which the terms of the series 11 instrument were altered to agree that (i) the acquisition shall not cause the interest rate payable pursuant to the series 11 instrument to increase, notwithstanding that a change of control of the company will occur, and (ii) the series 11 clns would convert at a rate of 80 pence per ordinary share. as at 30 june 2025, the series 11 loan note held at amortised cost had a balance of €2,432,238 (31 december 2024 - €2,480,251).  the stockholders' option to convert the loan has been treated as an embedded derivative and measured at fair value.  as at 30 june 2025 the derivative had a value of nil (31 december 2024 - €555).  the fair value has been assessed using a black scholes methodology. the derivative is classified as a level 3 derivative on the basis that the valuation includes one or more significant inputs not based on observable market data. (c)    gulf loan note as consideration for the acquisition of gulf marble investments limited eco buildings group plc issued an unsecured convertible loan note ('gulf loan note') in the amount of €1,785,000.  under the terms of the loan note, the holder may elect to convert at a conversion price of 130% of the 3-month volume weighted average share price.   the loan note was repayable from 1 october 2020.  the loan note carries an interest rate of libor plus 1.5% payable annually in arrears.  the gulf loan note was amended on 7 august 2021 pursuant to which the total principal amount to be repaid under the notes was increased to €1,885,000. in addition, interest shall accrue in respect of the gm notes at the rate of 4.5% in the period from 8 august 2021 to 1 january 2025. furthermore, if the company raises more than €7 million prior to the date of repayment of the notes, 25% of the notes are to be repaid immediately. as at 30 june 2025, the gulf loan note held at amortised cost had a balance of €2,013,984 (31 december 2024 - €1,955,036).  the stockholders' option to convert the loan has been treated as an embedded derivative and measured at fair value.  as at 30 june 2025, the derivative had a value of nil (31 december 2024 - nil).  the fair value has been assessed using a black scholes methodology. the derivative is classified as a level 3 derivative on the basis that the valuation includes one or more significant inputs not based on observable market data. (d)   other borrowings held at amortised cost in july 2021 eco buildings group plc borrowed £50,000 under the covid bounce back loan scheme.  the loan carries an interest rate of 2.5% and is repaid in monthly instalments over five years.  as at 30 june 2025 there remained €14,786 outstanding on this debt. the directors consider that the carrying amount of borrowings approximates their fair value at 30 june 2025. (8)              share capital   30 june 2025 number 31 december 2024 number share capital 30 june 2025   €'000 share capital 31 december 2024 €'000 share premium 30 june 2024   €'000 share premium 31 december 2024 €'000        issued, called up and fully paid ordinary shares of £0.01 each     at start of the period 81,461,747 70,070,080 952 817 10,200 9,107 issued in the year 19,750,000 11,391,667 234 135 700 1,363 transfer to warrant reserve - - - -  (269) at end of the period 101,211,747 81,461,747 1,186 952 10,900 10,200 issued, called up and fully paid preference shares of £0.01 each     at start of the period 8,232,857 8,232,857 96 96 - - issued in the year - - - - - - at end of the period 8,232,857 8,232,857 96 96 - - issued, called up and fully paid deferred shares of £0.50 each     at start of the period 8,232,857 8,232,857 4,861 4,861 - - issued in the year - - - - - - at end of the period 8,232,857 8,232,857 4,861 4,861 - -  117,677,461 97,927,461 6,142 5,908 10,900 10,200   on the 2 june 2023 each ordinary share in the issued share capital of the eco buildings group plc at the 1 june 2023 was sub-divided into 13 sub-divided shares, following which 113,974 sub-divided shares were issued at nominal value. following the sub-divided share issuance, every 659 sub-divided shares was consolidated into one post-consolidation ordinary share and then each post-consolidation share was sub-divided into one new ordinary share with a nominal value of 1p and one new deferred share with a nominal value of 50p. the new ordinary shares have the same rights as the previous ordinary shares including voting, dividend, return of capital and other rights. the new deferred shares do not have any voting rights and do not carry any entitlement to attend general meetings of the company; nor will they be admitted to aim or any other market. the share reorganisation resulted in the company having 8,232,857 new ordinary shares and 8,232,857 new deferred shares being in issue immediately following the share reorganisation.  issue of shares on the 17 january 2025 issued 3,000,000 shares in settlement of £135,000 of loan notes issued under the series 12 loan notes. on the 15 may 2025 the company announced that it has raised gross proceeds of £670,000 through a firm placing of 16,750,000 new ordinary shares at a price of 4 pence per share. on the 22 september 2025, the company announced that it has issued 5,000,000 new ordinary shares following receipt of a conversion notice of £200,000 on the loan notes at a conversion price of 4 pence per share.   (9)              events after the reporting period on the 14 july 2025 deferred shares held by the company were cancelled in line with the authorities held by the board to cancel the shares via a resolution of the board. on the 4 september 2025 the company announced it had issued £300,000 of a zero coupon, 2-year loan note, convertible at 4 pence per share. the note is convertible at any time, at the election of the note holder, during its 24 month term into new ordinary shares in the company at a price of 4 pence per share. no interest is payable on the note. the company has also agreed to issue warrants as part of the note on a basis of 1 warrant for every 2 shares issued. the warrants may be exercised at a price of 8p and are exercisable at any time up to the third anniversary of the date of this announcement at which time they will lapse. on the 12 september 2025 the company announced that it had raised gross proceeds of £600,000 through the placing of 15,000,000 new ordinary shares at the 4p. on the 22 september 2025 the company announced that it has issued 5,000,000 new ordinary shares following receipt of a conversion notice of £200,000 on the loan notes issued by the company on the 4 september 2025 at a conversion price of 4 pence per share.   caution regarding forward looking statements certain statements in this announcement, are, or may be deemed to be, forward looking statements. forward looking statements are identiﬁed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. these forward-looking statements are not based on historical facts but rather on the directors' current expectations and assumptions regarding the company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. such forward looking statements reﬂect the directors' current beliefs and assumptions and are based on information currently available to the directors         this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir flfvrafiafie return to news summary

Label: Neutral