TIDMPKP
RNS Number : 2692E
Photon Kathaas Productions Ltd
29 May 2012
Photon Kathaas Productions
Year end results
Chennai, 29 May 2012. Photon Kathaas Productions Ltd. (AIM: PKP,
"PKP"), the South Indian film company, has published its results
for the year to 31 December 2011.
Highlights
-- Four films produced during the year "Nadunisi Naaygal",
"Veppam", "Azhagar Samyin Kuthurai" and "Ekk Deewana Tha"
o Group's first Hindi language film "Ekk Deewana Tha" (EDT)
released post period-end
-- Fifth film "Thanga Meengal"completed and due for release in July 2012
-- Commenced production of India's first tri-lingual film
-- Partnership with Eros International Media for large budget Tamil film
-- First TV production deal - post period end
-- Revenue US$ 4,138,711
-- Loss for the period US$ 348,055
-- Profit before one-time write down on EDT of US$ 104,579
Venkat Somasundaram, PKP Chief Executive said:
"In our first full year as a listed company we have made
considerable progress on a relatively small equity base to
establish ourselves as a leading Southern Indian media production
company and released a portfolio of films. We are also extending
activities into TV whilst continuing to leverage our content across
a number of platforms.
"We now have higher visibility and lower risk with our current
slate of productions for the next two years. Although 2011 was not
as successful as we had hoped, apart from EDT, the other
productions were all profitable. We have forged alliances with
leading production houses and as a result have considerable upside
potential."
29 May 2012
Enquiries
Photon Kathaas
Michael Rosenberg +44 (0)20 7938 4026
Venkat Somasundaram, Chief Executive +65 6224 4991
Reshma Ghatala, Head of Marketing +91 44 2820 2988
Seymour Pierce Limited 020 7107 8000
Nandita Sahgal/Tom Sheldon (Corporate
Finance)
David Banks/ Jacqui Briscoe (Corporate
Broking)
College Hill 020 7457 2020
Adrian Duffield/Jon Davies
About Photon Kathaas Productions
Photon Kathaas Productions (PKP) is a South Indian motion
picture company which invests in the creation, production and
exploitation of media content through a diverse portfolio of South
Indian language films across different genres and budgets.
PKP benefits from a special creative relationship with its chief
creative officer, Gautham Vasudev Menon. Gautham is one of the
leading directors and producers in South Indian cinema. He has been
involved in nine films to date, not only as a director but also as
a screenplay writer, an executive producer and a producer. His
earlier films include: Minnale (2000), Rehna He Tera Dile Mein
(2001), Kaaka Kaaka (2003), Gharshana (2004), Vettaiyadu Vellaiyadi
(2006), Pachaikili Muthucharam (2007), Vaaranam Aayiram (2008)
Vinnaithaandi Varuvaayaa (2010), Ye Maaya Chesave (2010) and
Nadunissi Naaygal (2011).
A. R. Rahman is PKP's creative adviser. He is an Indian film
composer, record producer, musician and singer and is credited for
totally overhauling the style in which music is made in India. A.
R. Rahman has won two Academy Awards (Slumdog Millionaire), 25
Filmfare Awards, four Indian National Film Awards, a Bafta Award,
two Golden Globes and two Grammy Awards.
CHAIRMAN'S STATEMENT
I am pleased to report on the first full year of trading for PKP
being the 12 months ended 31 December 2011.
Revenues were US$ 4,138,711 with the Company reporting a loss of
US$ 348,055 after making provision of US$ 556,607 following the
disappointing performance on Ekk Deewana Tha. This co-production
with Fox Star Studios was released after the year end. Without this
provision the Company would have reported profits of US$
104,579.
While it is disappointing to record a loss, the Board is pleased
with the progress that PKP has made in its first full year as a
public company in London. Since making its debut on AIM in November
2010, PKP has produced and released four movies ("Nadunisi
Naaygal", "Veppam", "Azhagar Samyin Kuthurai", and "Ekk Deewana
Tha") with a fifth ("Thanga Meengal") due for release in July
2012.
Already the Company has made remarkable progress in establishing
itself as a leading production house in Southern India and has
diversified its business model through launching its own music
label "Photon Kathaas Music" ("PKM") to promote its own movies'
soundtracks and associated products (such as ring tones).
More recently the Company moved into TV production with the
announcement of a co-production deal with "Big Daddy" to produce a
new format reality TV show across all four South Indian languages.
The show, titled "Sitaara" involves the search and identification
on a heroine, who will star in PKP's productions. The show is
expected to be broadcast in 2013.
A key part of PKP's strategy is the exploitation of its IP
across different languages and genres. One of the first examples of
this was the shooting of "Ekk Deewana Tha", which is a Hindi remake
of "Vinnai Thandi Varuvaaya" one of Gautham Vasudev Menon's Tamil
language blockbusters. This film is a co-production with Fox Star
Studios, directed by Gautham Vasudev Menon with music by A.R.
Rahman. Filming was completed during the year and "Ekk Deewana Tha"
was released on 17 February 2012.
Despite an initially positive response to the film, by both test
audiences and exhibitors in India (who were so impressed that they
increased their orders for prints from approximately 500 to 750
prints) film critics were less positive and box office receipts
have been impacted by negative publicity. The film was released
both in India and overseas in February 2012, so it is too early to
predict the final numbers. However, in view of the initial poor
response and negative reviews, the Board has decided it would be
prudent after consultation with Fox, to record an impairment to the
work in progress balance relating to Ek Deewana Tha (VTV-Hindi) as
of 31 December 2011 for US$ 556,607 in these accounts.
On 26 October 2011, PKP announced that would it produce the
Indian film industry's first movie shot simultaneously in three
languages (Hindi, Tamil and Telugu) with three different sets of
actors. This follows the Company's previous announcement that it
had entered into two separate co-production agreements to shoot the
Tamil and Telugu version of this movie. All three versions will be
directed by Gautham Vasudev Menon, PKP's Chief Creative
Officer.
Production is well under way and is expected to be completed by
July 2012. The film will then be released first in Tamil and Telugu
early in the second half of 2012. Viacom 18, the original
production partner for the Hindi version of the movie, has now
decided not to pursue the Hindi production due to internal reasons.
However, PKP has already identified an alternative production house
which has agreed to fund the movie on the same terms, and the film
is expected to be released in Hindi in 2013.
The Tamil and Telugu productions have been fully financed by
third parties and PKP will receive productions fees plus a share in
profits. Total production costs are approximately US$
2,585,000.
PKP is also seeking to further develop its output deal with Eros
International Media, a leading player in the Indian film industry,
under the terms of which PKP produces movies entirely funded by
Eros in return for an up-front production fee and share of profits.
On 13 December 2011, PKP announced that the two companies would
co-produce a new, big budget Tamil film ""Yohan: Adhyaayam Ondru"
to be directed by Gautham Vasudev Menon with music by A.R. Rahman.
The film is due to commence production from August 2012.
STRATEGIC OVERVIEW
First mover advantage in a fragmented but large and growing
market
PKP is the first South Indian film company specifically created
to produce and co-produce South Indian language films to be traded
on a major international stock exchange. It is also the first South
Indian film company to adopt a studio-led corporate model, which
provides the Company with significant first mover advantage which
will enable PKP to become a market leader.
By producing a diverse portfolio of movies across different
genres, languages and budgets, PKP aims to build a proprietary
library of film content based on a diverse portfolio of movies of
different languages, genres and budgets. The management will also
seek to exploit the intellectual property rights of its movie
portfolio across a wide range of revenue streams including mobile
ringtones, ring-back tones, wallpapers, clips, trailers, SMS-based
interactivity, pay-per-view, video on demand and film merchandise.
A strategy evidenced with the launch of PKP's own music label
Photon Kathaas Music in December 2010.
In addition, the Board expects to be able to achieve significant
operational efficiencies as a result of the simultaneous production
of multi-lingual films (and resultant economies of scale), through
entering partnership agreements with distributors and equipment
providers, and by securing talent agreements with key members of
cast and crew and through obtaining competitive terms from service
providers.
OPERATING REVIEW
Films released during 2011
"Nadunisi Naaygal"
A small budget Tamil film directed by Gautham Vasudev Menon and
co-produced by PKP in conjunction with R. S. Infotainment and
Escape Artistes. The film was released on 18 February 2011, with
PKP's share of the total cost of approximately US$ 207,738.
To date, the film has generated total revenues of US$394,931 for
PKP. This comprises:
-- Domestic theatrical revenues at US$ 115,833.
-- TV rights: US$ 190,751 (gross value US$ 422,000)
-- International theatrical rights: US$ 50,198
-- Dubbing rights (in other Indian languages): US$ 38,150
"Veppam"
A small budget Tamil film directed by Anjana Ali Khan. The film
released in June 2011. The total cost of the film was approximately
US$ 600,000 (including print and publicity).
To date, the film has generated total revenues of US$ 806,108.
This comprises:
-- Domestic theatrical revenues: US$ 552,173
-- TV rights: US$ 160,632
-- International theatrical revenues: US$ 34,190
-- Subbing rights (Telugu): US$ 58,229.
"Azhagar Samiyin Kuthirai"
A small budget Tamil film directed by Susindran and co-produced
with Escape Artistes. The film was released mid-August 2011. PKP
was a minority investor in this project. The Group invested US$
62,866 and received a revenue share of US$ 85,838.
Films produced in 2011 and release post year end
"Ekk Deewana Tha"
Directed by PKP's Chief Creative Officer Gautham Vasudev Menon,
Ekk Deewana Tha is PKP's fourth film and is a Hindi remake of his
original Tamil-language blockbuster "Vinnai Thandi Varuvaaya"
(which was also remade in Telugu as Ye Maaya Chesave in 2010). The
film was produced in conjunction with Fox Star Studios and RS
Infotainment PVT Ltd and made its international theatrical release
on 17 February 2012.
Films produced in 2011 and pending release
"Thanga Meengal"
A small budget Tamil film directed by Ram. Produced solely by
PKP with a total production cost of US$ 600,000. The production of
the film is complete and TV rights have been pre-sold for US$
275,000. The film is due for release in June/July 2012 release.
Films currently under production
"Nee Thane Enn Ponn Vasantham"
The film is being made simultaneously in three languages (Tamil,
Telugu and Hindi) on a first copy basis (for three different
producers) with a production fee and profit share for PKP.
Approximately 70% of the film is complete as of 29 May 2012. The
Tamil and Telugu versions are expected to be released in H2 2012
and the Hindi version in H1 2013.
Future pipeline
"Yohan: Adhyaayam Ondru"
A large budget production movie (US$ 10 million) fully funded by
Eros International Media Ltd to be directed by Gautham Vasudev
Menon with music by A.R. Rahman. The film is to commence production
from August 2012.
"TTA"
A medium budget bi-lingual (Tamil/Telugu) directed by Prem Sai.
Pre-production is complete and film is to commence production from
June 2012.
A number of other projects are at various stages of discussion
including a large budget Tamil/Telugu bilingual film to be directed
by Gautham Vasudev Menon, and a medium budget Tamil/Telugu
bilingual (director to be decided).
TV production
On 29 May 2012, PKP announced a contract for its first TV
production following the signing a co-production deal with "Big
Daddy" the film and TV production company of Globosport India.
The two companies will jointly produce "Sitaara", a new format
reality TV show, the first of its kind in India, which is based
upon the search for South India's next leading actress. The show
will be produced in all four South Indian languages (Tamil, Telugu,
Kannada and Malayalam) and the winning actresses will not only
benefit from exposure to a huge TV audience, but will also star as
heroines in future Photon Kathaas Productions.
Production is expected to start in H2 2012 and the programme is
expected to be broadcast in 2013.
Financial review
In the first full year of trading, the Company achieved revenue
of US$ 4,138,711 with gross margins of 19%.
Administrative costs were at 20% of the total revenues, in line
the Board's expectations. The distribution costs of US$ 314,947
relate to the costs on account of prints, publicity and
advertisement for the movies Nadunisi Naaygal and Veppam.
Profitability before the one off non-cash provision was US$
104,579 with an EPS excluding the provision of US $0.5 cents.
Reported loss per share was US$ 1.6 cents.
The foreign exchange cost of US$ 209,806 relates to translation
of rupees into the reporting dollars and had minimal cash
implications.
The Company's year-end cash position was US$ 114,076.
CURRENT TRADING and OUTLOOK
PKP, with its first mover advantage of a studio-led corporate
model, is well positioned to become a market leader in the South
Indian Film Industry. The three films that were released during
2011 fully met revenue and profit expectations. However, the below
par performance of the Ekk Deewana Tha (released in February 2012)
was disappointing and has impacted profitability and cash for the
financial year. The senior management have all continued to work at
significantly lower salaries than originally agreed in order to
demonstrate their commitment to the future of the business.
The Board remains confident of meeting its internal revenue and
profit expectations for 2012, which are underpinned by PKP's
existing pipeline of film projects for 2012 and 2013. The current
projects that are now underway are without financial risk and while
this will provide lower margins, the cash flow of the business will
be far more secure. The Board will still consider appropriate
investment in new projects in due course, but for this year, the
focus is on producing quality films with first class investor
partners such as Eros International Media.
New opportunities opening up in the areas of TV production
should also widen the Company's commercial base and generate
additional income streams in the near future. PKP is also exploring
opportunities to develop content exclusively for the Internet and
digital rights management of leading South Indian film
personalities.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Notes
31 December 31 December
2011 2010
US $ US $
CONTINUING OPERATIONS
Revenue 4 4,138,711 200,176
Cost of sales (3,349,337) (166,670)
Gross profit 789,374 33,506
Distribution costs (314,947) -
Administrative expenses (822,823) (337,956)
Loss before Tax 5 (348,396) (304,450)
Income tax expense 341 (226)
Loss for the period attributable
to the owners of the parent (348,055) (304,676)
Other comprehensive loss
Foreign exchange translation
differences (209,806) (39,419)
Loss per share
(a) Basic 6 (0.016) (0.031)
(b) Diluted 6 (0.016) (0.031)
============= =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 DECEMBER 2011
31 December 31 December
Notes 2011 2010
US $ US $
ASSETS
Non-current assets
Property, plant and equipment 2,349 2,608
Intangible assets 10,000 11,655
Other non-current assets 20,665 22,897
Deferred tax asset 115 -
------------------------ ------------------------
Total non-current assets 33,129 37,160
------------------------ ------------------------
Current assets
Trade receivables 556,912 38,512
Other current assets 486,552 16,350
Inventories 2 576,758 473,948
Cash and cash equivalents 114,076 1,116,254
------------------------ ------------------------
Total current assets 1,734,298 1,645,064
Total Assets 1,767,427 1,682,224
======================== ========================
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 3 1,442,395 1,345,306
Retained earnings (654,712) (306,657)
Foreign exchange reserve (249,225) (39,419)
Other reserves 18,917 2,632
------------------------ ------------------------
Total Shareholders' Equity 557,375 1,001,862
------------------------ ------------------------
LIABILITIES
Non-current liabilities
Deferred tax liability - 226
------------------------ ------------------------
- 226
Current liabilities
Trade and other payables 1,210,052 680,136
------------------------ ------------------------
1,210,052 680,136
Total Liabilities 1,210,052 680,362
Total Equity and Liabilities 1,767,427 1,682,224
======================== ========================
Total comprehensive loss for the
period attributable to the owners
of the parent (557,861) (344,095)
======================== ========================
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Foreign Total
Share Retained exchange Other Shareholders
capital earnings reserve reserves Equity
US$ US$ US$ US$ US$
Balance at 1 January
2010 100 (1,981) - - (1,881)
===================== ================== =========== ========== ==================
Loss for the year - (304,676) - - (304,676)
Other comprehensive
loss for the year - - (39,419) - (39,419)
Total comprehensive
loss for the year - (304,676) (39,419) - (344,095)
Issue of share capital 2,414,509 - - - 2,414,509
Share issue expenses (1,069,303) - - - (1,069,303)
Share based payments
- options - - - 2,632 2,632
Balance at 1 January
2011 1,345,306 (306,657) (39,419) 2,632 1,001,862
===================== ================== =========== ========== ==================
Loss for the year - (348,055) - - (348,055)
Other comprehensive
loss for the year - - (209,806) - (209,806)
--------------------- ------------------ ----------- ---------- ------------------
Total comprehensive
loss for the year - (348,055) (209,806) - (557,861)
Issue of share capital 97,089 - - - 97,089
Share based payments
- options - - - 16,285 16,285
Balance at 31 December
2011 1,442,395 (654,712) (249,225) 18,917 557,375
===================== ================== =========== ========== ==================
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2011
31 December 31 December
2011 2010
US $ US $
Cash flows from operating activities
Loss before tax (348,396) (304,450)
-------------------------- ----------------------
Adjustments for:
Foreign exchange loss / (gain) 3,859 (20,673)
Depreciation of property, plant and equipment 1,193 75
Amortisation of intangible assets 1,655 1,655
Share based payment expense 16,285 2,632
Issue of share capital in lieu of salary
payments 97,089 -
Increase in receivables (717,200) (39,870)
Increase in inventory (233,224) (501,160)
Increase in trade and other payables 661,877 702,450
Increase in other current assets (470,202) (16,350)
Decrease / (Increase) in other non-current
assets 2,232 (24,468)
-------------------------- ----------------------
Net cash used in operating activities (984,832) (200,159)
-------------------------- ----------------------
Cash flow from investing activities
Purchase of intangible assets - (13,310)
Purchase of property, plant and equipment (934) (2,683)
-------------------------- ----------------------
Net cash used in investing activities (934) (15,993)
-------------------------- ----------------------
Cash flow from financing activities
Proceeds from issue of capital - 2,414,509
Share issue expenses - (1,069,303)
Net proceeds from financing activities - 1,345,206
Net (decrease) / increase in cash and
cash equivalents (985,766) 1,129,054
Cash and cash equivalents at the beginning
of the year 1,116,254 100
Effect of foreign exchange rate changes (16,412) (12,900)
-------------------------- ----------------------
Cash and cash equivalents at the end
of the year 114,076 1,116,254
========================== ======================
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2011
1. profile and BAsis of preparation
Photon Kathaas Productions Limited ("PKP" or "the Company") is a
Singapore registered company. The Company's registered office is
situated at 31 Cantonment Road, Singapore 089747.
The principal activities of the Company and its subsidiaries
(the "Group") are those relating to the business of production and
co-production of films primarily targeted at the South Indian
audience of varying genre, language and budget.
The financial information for the years ended 31 December 2011
and 31 December 2010 have been prepared in accordance with
International Financial Reporting Standards (IFRS). The financial
information set out herein is based on the transactions of the
Group which consists of the Company and its subsidiaries, Photon
Kathaas Production Private Limited, India and Photon Kathaas
International Productions Limited, Singapore.
The preliminary announcement for the year ended 31 December 2011
were approved and authorised for issue by the board of directors on
28 May 2012. The financial information set out in this preliminary
announcement does not constitute audited financial statements for
the year ended 31 December 2011 but is derived from those
statements upon which the company's auditors have given an
unqualified report.
2. INVENTORIES
Work in Progress Group Group
31 December 2011 31 December
US$ 2010
US$
Co-production * 233,612 459,969
Own production 343,146 13,979
576,758 473,948
================== =============
* During the year ended 31 December 2011, an amount of US$
556,607 (2010: nil) has been recognised as cost of production
expense in the income statement being the write down on account of
net realisable value estimated to be lower than cost. The remaining
balance of $233,612 held in work in progress is carried at net
realisable value.
During the year ended 31 December 2011, inventory of US$ 554,986
(2010: US$ 71,670 ) was recognised in profit and loss as an
expense.
3. Share Capital
PKP which is incorporated in Singapore is not required to have
authorised share capital under the national jurisdiction. There is
also no concept of a par value for the shares. For all matters
submitted to vote in the shareholders meeting, every holder of the
equity shares, as reflected in the records of the company on the
date of the shareholders meeting has one vote in respect of each
share held. All shares are equally eligible to receive dividends
and the repayment of capital in the event of liquidation of
companies.
Issued, paid up and allotted Share Capital:
Issued, allotted and fully paid Number of shares US $
Subscribers shares 10,000 100
Allotment of shares on 26 April
2010 1,088,900 10,889
Allotment of shares on 17 September
2010 401,800 4,018
Allotment of shares on 17 September
2010 139,409 1,394
1,640,109 16,401
------------------------------------- ----------------- -------------------
Split ratio of 10:1 on 17 September
2010 16,401,090 16,401
Allotment of shares on 4 November
2010 4,894,301 2,398,208
------------------------------------- ----------------- -------------------
As at 31 December 2010 21,295,391 2,414,609
Allotment of shares on 17 February
2011 68,071 33,355
Allotment of shares on 16 June
2011 47,665 23,356
Allotment of shares on 4 August
2011 34,182 16,750
Allotment of shares on 8 December
2011 48,223 23,628
------------------------------------- ----------------- -------------------
As at 31 December 2011 21,493,532 2,511,698
===================================== ================= ===================
The allotments made during the year were all in lieu of salary
to non-executive director Nathalie Schwartz (36,241 shares),
Eastkings Ltd on behalf of non-executive director Michael Rosenberg
(113,342 shares), chief financial officer Ramanujam TST, (34,920
shares) and an employee of the company (13,638 shares). No cash
consideration has been received for the shares issued to the
directors, officer, or employee. Shares allotted in lieu of salary
totalled US$ 97,089 and were recorded as a charge in the
consolidated statement of comprehensive income.
The Company on 2 November 2010 approved an Employee Stock Option
Plan (ESOP). The scheme is monitored by the company based on the
recommendations of the Remuneration Committee. The ESOP pool is 10%
of the enhanced share capital post the listing. Accordingly, the
total number of options under the pool is 2,129,539.
4. Revenues
The revenue comprises from the various types as follows:
Revenue Group Group
31 December 2011 31 December
US$ 2010
US$
Own production 806,108 -
Co-production 480,769 -
First copy basis 2,848,833 -
Others 3,001 200,176
4,138,711 200,176
================== =============
5. Loss before tax
Loss before tax for the period has been arrived at after
charging / (crediting):
Group Group
31 December 2011 31 December
US$ 2010
US$
Depreciation of property, plant
and equipment 1,193 75
Amortisation of intangible
assets 1,655 1,655
Net foreign exchange losses
/ (gains) 3,859 (20,673)
Total employee benefits 312,587 116,387
6. LOSS PER SHARE
(a) Basic
Basic loss per share is calculated by dividing the profit
attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the year.
31 December 2011 31 December 2010
US$ US$
Loss attributable to equity
holders of the company (348,055) (304,676)
----------------- -----------------
Weighted average number
of ordinary shares in issue 21,397,902 9,907,674
================= =================
(b) Diluted
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The company has dilutive
potential ordinary shares in the form of share options. The company
has assessed that as the exercise price of the options, including
the fair value of the services yet to be rendered, exceeds the
average market share price during the year, there is no dilutive
effect from the share options..
31 December 2011 31 December
2010
US$ US$
Loss attributable to equity
holders of the company (348,055) (304,676)
----------------- ------------
Weighted average number of
ordinary shares in issue 21,397,902 9,907,674
================= ============
7. EVENTS AFTER THE REPORTING PERIOD DATE
Pursuant to the Company's listing arrangements and as stated in
the Admission Document dated 3 November 2010 a total of 25,487 new
Ordinary Shares were allotted on 8 February 2012 by the Company to
Eastkings Ltd on behalf of Michael Rosenberg, Non-executive
Chairman and Nathalie Schwarz, Non-executive Director. In
accordance with the terms of their service contracts, Michael
Rosenberg, and Nathalie Schwarz have agreed to take new Ordinary
Shares in the Company in lieu of cash against Director's fees
payable to them for the months of November and December 2011, as
set out in the Admission Document. These Ordinary Shares have been
allotted to them at an issue price of US$0.49 per share. Following
the above issue of shares, Michael Rosenberg was allotted a total
of 19,706 Ordinary Shares at a price of US$ 0.49 and Nathalie
Schwarz was allotted a total of 5,781 Ordinary Shares at a price of
US$ 0.49. The issued capital totals US$ 12,489 and is included in
trade payables (Note 12) at 31 December 2011.
Post the issues, the Company has a total of 21,519,019 (31
December 2011 - 21,493,532) Ordinary Shares in issue.
8. ANNUAL GENERAL MEETING ('AGM') AND POSTING OF ANNUAL REPORT
Copies of the Annual Report & Accounts together with the
Notice and Notes of the 2011 AGM will be issued to all shareholders
in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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