Source - RNS
RNS Number : 3075L
Taihua Plc
30 September 2016
 

 

Taihua plc

("Taihua" or the "Company")

Interim Results for the six months ended 30 June 2016 

 

Highlights

 

·    Sales in 2016 H1 were RMB 6,170,000 (2015 H1 : RMB 5,399,000).

 

·    Some initial signs of recovery in non-Forsythia sales, primarily Homoharringtonine. However, commercial trading conditions were challenging and as such we saw a significant reduction in gross margin % from 29.1% in 2015 H1 to 22.6% in 2016 H1.

 

·    Operating loss after tax in 2016 H1 was RMB (977,000) (2015 H1: RMB 848,000).

 

Chairman's Statement

 

The supply of Traditional Chinese Medicine (TCM) raw materials is seasonal. The first half of the year's financial performance is largely a result of the supply and sale of the Company's Homoharringtonine product along with its range of prescription-only finished TCM products. Following the Board's decision to cease production of Paclitaxel its contribution to the period's sales has been modest.

 

Forsythia

 

All costs associated with cultivation during the first half of the year are included in inventory for release when sales are made in the second half of the year. Therefore, the forsythia plantation has no effect on the consolidated statement on comprehensive income.

 

Homoharringtonine

 

Homoharringtonine has traditionally been one of Taihua's most successful products with a strong market position and high gross margins. During the period of reapplication for GMP, much of this market share was lost to competitors.

 

Now we have secured the GMP reaccreditation, efforts are being made to recover this lost market share.

 

Sales in 2016 H1 were RMB 3,213,000 (2015 H1: RMB 552,000).

 

To start to recover this market share we have had to accept lower pricing than was historically the norm and this has hit the gross margins.

 

Gross margin % in 2016 H1 was 32.7% (2015 H1: 45.1%)

 

However, our total gross margin generated from Homoharringtonine sales increased by 324% from RMB 249,000 in 2015 H1 to RMB 1,055,000 in 2016 H1.

 

Traditional Chinese Medicines

 

The competition for supply of Traditional Chinese Medicines has become increasingly fierce. The main driver of this is the Chinese Government's healthcare reforms which require each province to set up open tendering systems for supply contracts. This has increased competition which has led to reduced margins.

 

Gross margin % in 2016 H1 was 16.3% (2015 H1: 39.3%)

 

However, there are signs that volumes are starting to recover. Our cost of sales in 2016 H1 was RMB 2,310,000 which was 12.6% more than 2015 H1. In addition, 2016 H1 sales only commenced in March 2016 due to the GMP reaccreditation, so only four months were available to make sales in this period compared to six months in 2015.

 

Strategic Direction

 

Following the successful reapplication for GMP there is some evidence of improving sales in both TCMs and Homoharringtonine, however increased competition in the market environment has led to reduced gross margin %.

 

The Company is committed to increasing its market share in these products but at the same time recognises that the previously achievable profit margins on these products will probably not recur.

 

Following the successful open offer and the approval by shareholders of the share buyback, the Board is in discussions as to the mechanics of making the share buyback and we expect this will be announced shortly.

 

 

For more information please contact:

 

Nicholas Lyth, Taihua plc                                            0776 990 6686

 

Katy Mitchell, WH Ireland Limited                             +44 161 832 2174


TAIHUA PLC

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

 



Six months ended


Six months ended


Year ended




30 June 2016


30 June 2015


31 December 2015




(unaudited)


(unaudited)


(audited)




RMB'000


RMB'000


RMB'000










Revenue


6,170


5,399


34,229










Cost of sales


(4,778

)

(3,828

)

(27,363

)









Gross profit


1,392


1,571


6,866










Gain/(loss) arising on revaluation of       biological assets


 

-


 

960


 

(4,387

 

)









Other income


435


1,159


1,499










Selling expenses


(1,175

)

(1,125

)

(4,275

)









General and administrative expenses


(1,629

)

(1,410

)

(29,867

)









(Loss)/profit before income tax


(977

)

1,155


(30,164

)









Income tax expense


-


(307

)

(484

)









(Loss)/profit for the period/year


(977

)

848


(30,648

)









Other comprehensive income/(loss)
















Exchange differences arising on translation       of financial statements of foreign of      operations


 

 

1,191


 

 

52

 

 

 

 

(204

 

 

)









Other comprehensive income/(loss) for       the period/year, net of tax


 

1,191


 

52

 

 

 

(204

 

)

















Total comprehensive income/(loss) for the       period/year


 

214


 

900

 

 

(30,852

 

)









Total (loss)/profit for the period/year       attributable to equity holders of

      the Company


 

 

(977

 

 

)

 

 

848


(30,648

 

 

)









Total comprehensive income/(loss) for the       period/year attributable to equity holders       of the Company


 

 

214


 

 

900

 

 

 

(30,852

 

 

)









(Loss)/earnings per share :
















      Basic (RMB per share)


(0.012

)

0.010


(0.375

)









      Diluted (RMB per share)


(0.012

)

0.010


(0.375

)



TAIHUA PLC

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

 

 


As at


As at


As at



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)



RMB'000


RMB'000


RMB'000









ASSETS














NON-CURRENT ASSETS







      Property, plant and equipment

23,041


15,104


23,068


      Prepaid lease payments

46,075


49,025


47,550


      Land use rights

1,311


1,350


1,331


      Biological assets

-


5,347


-


      Deferred tax assets

-


65


-







 



70,427


70,891


71,949


CURRENT ASSETS







      Inventories

17,907


15,108


14,449


      Trade and bills receivables

31,067


54,405


41,319


      Other receivables

737


378


50


      Deposits and prepayments

4,125


3,521


3,856


      Cash and cash equivalents

15,282


25,546


8,354










69,118


98,958


68,028









TOTAL ASSETS

139,545


169,849


139,977









LIABILITIES














CURRENT LIABILITIES







      Trade payables

3,858


2,393


2,012


      Receipts in advance

2,606


1,494


4,167


      Accrued expenses and other payables

12,361


12,307


10,788


      Amount due to a related company

-


-


1,109


      Amount due to a shareholder

6,119


8,030


7,468


      Amounts due to directors

552


26


598


      Income tax payable

65


77


65







 



25,561


24,327


26,207







 


NET CURRENT ASSETS

43,557


74,631


41,821







 


TOTAL LIABILITIES

25,561


24,327


26,207









NET ASSETS

113,984


145,522


113,770









EQUITY














CAPITAL AND RESERVES ATTRIBUTABLE TO







  EQUITY HOLDERS OF THE COMPANY







      Share capital

12,357


12,357


12,357


      Other reserves

20,608


19,673


19,417


      Retained profits

81,019


113,492


81,996









TOTAL EQUITY

113,984


145,522


113,770


 


TAIHUA PLC

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 














Foreign











Merger




Reverse


General


Enterprise


currency


Share







Share


relief


Share


acquisition


reserve


expansion


translation


options


Retained





capital


reserve


premium


reserve


fund


fund


reserve


reserve


profits


Total



RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000




















12,357


64,364

4,783


(63,408

)

9,297


4,648


(557

)

494


112,644


144,622



















Loss for the period

-


-

-


-


-


-


-


-


848


848




















Other comprehensive income

-


-

-


-


-


-


52


-


-


52





































-


-

-


-


-


-


52


-


848


900




















 

12,357


64,364

4,783


(63,408

)

9,297


4,648


(505

)

494


113,492


145,522

 



















12,357


64,364

4,783


(63,408

)

9,297


4,648


(557

)

494


112,644


144,622





















Loss for the year

-


-


-


-


-


-


-


-


(30,648

)

(30,648

)





















-


-


-


-


-


-


(204

)

-


-


(204






































the year

-


-


-


-


-


-


(204

)

-


(30,648

)

(30,852

)




















12,357


64,364

4,783


(63,408

)

9,297


4,648


(761

)

494


81,996


113,770



















Loss for the period

-


-


-


-


-


-


-


-


(977

)

(977



















-


-


-


-


-


-


1,191


-


-


1,191





































-


-


-


-


-


-


1,191


-


(977

)

214



















12,357


64,364

4,783


(63,408

)

9,297


4,648


430


494


81,019


113,984


TAIHUA PLC

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 


Six months


Six months





ended


ended


Year ended



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)



RMB'000


RMB'000


RMB'000









CASH FLOWS FROM OPERATING ACTIVITIES







      (Loss)/profit before income tax

(977

)

1,155


(30,164

)

      Adjustments for :-







            Increase in allowance for bad debts

82


-


25,964


            Amortisation on prepaid lease premium

1,475


-


2,950


            Amortisation on land use rights

20


19


38


            Depreciation

314


152


282


             (Gain)/loss arising on revaluation







              of biological assets

-


(960

)

4,387


            Provision for impairment of property,







               plant and equipment

-


-


510


            Interest income

(435

)

(1,159

)

(1,465

)

            Provision for write-down of inventories

-


-


528









      Operating (loss)/profit before working capital changes

479


(793

)

3,030


      Increase in inventories

(3,458

)

(3,041

)

(4,385

)

      Decrease/(increase) in trade and bills receivables

10,170


1,420


(10,966

)

      (Increase)/decrease in other receivables

(687

)

87


166


      Increase in deposits and prepayments

(269

)

(806

)

(2,487

)

      Increase in trade payables

1,846


1,112


731


      (Decrease)/increase in receipts in advance

(1,561

)

507


3,180


      Increase/(decrease) in accrued expenses







            and other payables

1,573


(3,507

)

(5,026

)

      (Decrease)/increase in amounts due to related companies

(1,109

)

(1,107

)

2


      (Decrease)/increase in amount due to a shareholder

(1,349

)

29


(533

)

      (Decrease)/increase in amounts due to directors

(46

)

-


572









      Cash generated/(used in) from operations

5,589


(6,099

)

(15,716

)

      Interest received

435


56


1,465


      Profits tax paid

-


(2,658

)

(2,782

)








NET CASH FROM/(USED IN) OPERATING ACTIVITIES

6,024


(8,701

)

(17,033

)








CASH FLOWS FROM INVESTING ACTIVITY







      Purchase of property, plant and equipment

(287

)

(12,681

)

(21,285

)








NET CASH USED IN INVESTING ACTIVITY

(287

)

(12,681

)

(21,285

)















NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

5,737


(21,382

)

(38,318

)








CASH AND CASH EQUIVALENTS AS AT 1 JANUARY

8,354


46,876


46,876









Effect of foreign exchange change

1,191


52


(204

)








CASH AND CASH EQUIVALENTS AS AT 30 JUNE/

31 DECEMBER

 

15,282


 

25,546


 

8,354









ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS







      Cash and bank balances

15,282


25,546


8,354



Notes to the Condensed Consolidated Financial Statements

for the six months ended 30 June 2016

 

1.         GENERAL INFORMATION

Taihua Plc (the "Company") was incorporated and registered in England and Wales on 29 August 2006 under the Companies Act 1985 as a public company limited by shares with the name "China Natural plc" with registered number 05918155. On 8 September 2006, the Company changed its name to "Taihua plc". The address of the registered office is 4 Harefield Place, St, Albans, Hertfordshire AL4 9JQ, U.K. 

 

The Company is an investment holding company and its subsidiaries are principally engaged in the manufacturing, distribution and sales of Traditional Chinese Medicine ("TCM") products, and the principal place of business is Room 201, Unit 3, No. 16 Zhong Hua, ShiJiCheng, FuZeYuan, 239 KeJi Road, Hi-tech Zone, Xi An, 710077, People's Republic of China (the "PRC").

 

2.         BASIS OF PREPARATION

The consolidated condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.

 

The consolidated condensed financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values as explained in the accounting policies set out below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

The consolidated condensed financial statements are rounded to the nearest thousand ('000) and they are presented in Chinese Renminbi (RMB), the official currency of the People's Republic of China. RMB is the functional currency of the Company.

 

The consolidated condensed financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

 

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

 

The interim report was approved by the Board of Directors on 29 June 2016. The report is unaudited and does not constitute the company's statutory accounts for the six months ended 30 June 2016.

 

3.         SIGNIFICANT ACCOUNTING POLICIES

These consolidated condensed financial statements have been prepared in accordance with International Financial Reporting Standards (''IFRS'') issued by the International Accounting Standard Board (IASB) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as adopted by European Union.

 

From the beginning of the reporting period, the Company has adopted all relevant standards effective for accounting periods beginning on or after 1 January 2016.

 

The presentation currency of the Group is RMB and therefore the financial statements have been translated from GBP and HKD to RMB at the following exchange rates:

 

                                                 Period end rates                  Average rates

 

30 June 2016                              GBP1=RMB8.90036           GBP1=RMB9.37049

                                                 HKD1=RMB0.8565              HKD1=RMB0.8416

 

4.         REVENUE

Revenue on sale of goods represents the invoiced value of goods sold, net of value added tax ("VAT"), consumption tax ("CT") and other sales taxes, after allowances for goods returns and trade discounts.

 

An analysis of the Group's turnover and other revenue is set out below:-

 


Six months ended


Six months ended


Year ended



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)



RMB'000


RMB'000


RMB'000


 







            Revenue

6,170


5,399


34,229









                        Other revenue







               Interest on trade receivables

418


1,103


1,388


               Interest income

16


56


77


               Exchange gain

1


-


34



435


1,159


1,499


 

5.         OPERATING SEGMENTS

For the purposes of resources allocation and performance assessment, the chief operating decision makers, who are the Board of Directors, regularly review revenue and cost of sales for each product. The financial information provided to the Board of Directors contains profit or loss information of each product line.  Therefore, the operation of the Group constitutes four reportable segments.

 

The Group's reportable segments under IFRS8 Operating Segments are as follows:

 

·      Paclitaxel - Paclitaxel is extracted from the bark of the yew tree (Taxus). This drug is one of the main-stream treatments for cancer of the ovaries, breast, certain types of lung cancer, and a cancer of the skin and mucous membranes more commonly found in patients with acquired immunodeficiency syndrome (AIDS).

·      Homoharringtonine - Homoharringtonine is an alkaloid extracted from the branches and leaves of the Cephalotaxus tree. This drug has been prescribed for acute myeloid leukaemia and other cancers in China.

·      TCM products - Traditional Chinese Medicine has recognition as a viable alternative health treatment and has been recognised by the World Health Organisation for its effectiveness in the treatment of certain forms of illnesses and diseases. The Company currently manufactures eight TCM products which are Gengnianan Tablet, Duzhong Pingya Tablet, Zaoren Anshen Keli, Bunao Anshen Tablet, Jiangzi Jianfei Tablet, Dabaidu Capsule, Runing Tablet and Bian Tong Pian.

·      Forsythia - Known as lian qiao in PRC, is a flowering shrub. The seeds and seed cases of this are harvested and, when dried, form the basis of TCM preparations. Forsythia TCMs are primarily sold to alleviate flu and cold like symptons.

 

The Group's revenues are significantly impacted by the seasonality of the forsythia sales. Forsythia is mainly harvested during autumn every year and therefore sales of forsythia are recognised in the fourth quarter. Costs incurred to 30 June with regard to the forsythia plantations have been included in inventories for release when the forsythia is harvested later in the year.


 

 

 

The following is an analysis of the Group's revenue and cost of sales by reportable segments:-

 


Six months ended 30 June 2016







TCM

 



 

(unaudited)

Paclitaxel

 

Homoharringtonine

 

Forsythia

 

products

 

Consolidated

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

313

 

3,231

 

-

 

2,759

 

6,303

 

 

Discounting of revenue on deferred

 

 

 

 

 

 

 

 

 

 

 

          credit terms

 

 

 

 

 

 

 

 

(133

)

 

Revenue per Consolidated

 

 

 

 

 

 

 

 

 

 

 

          Statement of Comprehensive

 

 

 

 

 

 

 

 

6,170

 

 

          Income

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

(292

)

(2,176

)

 

 

(2,310

)

(4,778

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

21

 

1,055

 

-

 

449

 

1,392

 

 

 

Six months ended 30 June 2015

 

 

 

 

 

 

TCM

 

 

 

 

(unaudited),

Paclitaxel

 

Homoharringtonine

 

Forsythia

 

products

 

Consolidated

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

1,614

 

552

 

-

 

3,383

 

5,549

 

 

Discounting of revenue on deferred

 

 

 

 

 

 

 

 

 

 

 

     credit terms

 

 

 

 

 

 

 

 

(150

)

 

Revenue per Consolidated

 

 

 

 

 

 

 

 

 

 

 

     Statement of Comprehensive

 

 

 

 

 

 

 

 

5,399

 

 

     Income

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

(1,473

)

(303

)

-

 

(2,052

)

(3,828

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

141

 

249

 

-

 

1,331

 

1,571

 

 

 

 

 

 

 

 

 

 

TCM

 

 

 

 

Year ended 31 December 2015

Paclitaxel

 

Homoharringtonine

 

Forsythia

 

products

 

Consolidated

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

2,411

 

556

 

26,670

 

4,592

 

34,229

 

 

Cost of sales

(2,120

)

(815

)

(21,091

)

(3,337

)

(27,363

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit/(loss)

291

 

(259

)

5,579

 

1,255

 

6,866

 

 

The management of the Group take into account revenue and costs of sales as the key performance indicators when they make management decisions. Other costs are not allocated to operating segments as these are considered to be central operating costs of the business. Assets and liabilities are not considered to be specific to individual operating segments and therefore separate analysis is not undertaken.

 

The difference between the information presented to the Board of Directors and the information per the Consolidated Statement of Comprehensive Income relates to the discount applied to revenues to reflect the 180 day credit period granted to customers.

 

6.         TAXATION

A unified income tax rate has been set at 25% for all enterprise within the Group.

 

 

 

7.         (LOSS)/EARNINGS PER SHARE

 

Basic (loss)/earnings per share

Basic (loss)/earnings per share are calculated by dividing the (loss)/profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period/year.

 


Six months ended


Six months ended


Year ended



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)



RMB'000


RMB'000


RMB'000


 







            (Loss)/profit attributable to

              equity holders of the

              Company (RMB'000) 

 

 

(977

 

 

)

 

 

848

 

 

 

 

 

(30,648

 

 

)

            Weighted average number of

              ordinary shares in issue

              (Thousands) 

 

 

81,737


 

 

81,737


 

 

81,737


            (Loss)/earnings per share

             (RMB per share)

 

(0.012

 

)

 

0.010

 

 

 

(0.375

 

)

 

 

Diluted (loss)/earnings per share

The company has one category of dilutive potential shares - share options. A calculation is performed to determine the number of shares that could have been issued at fair value based on the monetary value of the subscription rights attached to outstanding share options and warrants. It is compared with the number of shares that would have been issued assuming the exercise of the share options.

 


Six months ended


Six months ended


Year ended



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)



RMB'000


RMB'000


RMB'000









            (Loss)/profit attributable to

              equity holders of the

              Company (RMB'000)

 

 

(977

 

 

)

 

 

848


 

 

(30,648

 

 

)

            Weighted average number of

              ordinary shares in issue

              (Thousands) 

 

 

81,737


 

 

81,737


 

 

81,737


            Adjustment for share options

              (Thousands) - Note

 

-


 

-


 

-

 

 

            Weighted average number of

              ordinary shares for diluted

              earnings (thousands) 

 

 

81,737


 

 

81,737


 

 

81,737

 

 

 

            Diluted (loss)/earnings

              per share (RMB per share)

 

(0.012

 

)

 

0.010


 

(0.375

 

)

 

Note: The share options have no dilutive effect for the six months ended 30 June 2016.

 

8.         PROPERTY, PLANT AND EQUIPMENT

            During the period ended 30 Jun 2016, the Group incurred costs of RMB260,000 and            RMB27,000 to acquire plant and machinery and office equipment respectively.



9.         biological assets

Biological assets represent Chinese Yew trees (infant trees and seedlings) and Eucommia bush.

 

The role of Chinese Yew trees is to provide the raw material for the extraction of Paclitaxel compound.  For many years the Group has purchased this raw material from third party suppliers.  In 2006, 2007 and 2008, it planted Chinese Yew trees in its own plantation, these infant trees were undergoing biological transformation leading them to mature, being able to produce material from which Paclitaxel compound can be extracted. The initial harvest from infant Chinese Yew trees is 5 years after planting. The trees continue to mature and are estimated to have a harvestable life of 15 years. The harvest from any one Chinese Yew tree is 2kg per harvest. The trees can be harvested on a 3-4 year cycle. In previous years it has not been possible to measure the fair value of infant Yew trees reliably and they have therefore been valued at cost. However, as the trees approached maturity and the directors expected to commence harvesting during 2011, the trees were valued at their fair value less harvesting and initial processing costs in compliance with IAS 41 in the financial statements for the year ended 31 December 2010. The permit to harvest in 2011 was not granted by relevant government body and first harvest has taken place in 2012. The effect of applying IAS 41 on the basis of valuation from 2012 to 2014 has been adjusted and brought biological assets to its fair value during that year.

 

Eucommia bush is the key raw materials to make one of the traditional Chinese medicine ("TCM") products. The Group does not harvest them as demand for TCM products is low. As the quantity of these plants is a fraction of the whole plantation and the directors considered they are immaterial for fair value measurement, accordingly they are recognised at costs.

 

In 2015, there's no harvest on Yew Tree and Eucommia bush, due to paclitaxel market price is lower than its production costs and no demand on TCM products. The Group is currently exposed to the risk from price fluctuation of Paclitaxel and thus Chinese Yew. The Board of Directors have assessed the market conditions and risks, and decided to cease paclitaxel production for foreseeable future, and fully impair biological assets.  

 


Chinese


Eucommia





Yew trees


bush


Total



RMB'000


RMB'000


RMB'000


 







            At 1 January 2015

4,333


54


4,387


            Net change in fair value

960


-


960









            At 30 June 2015

5,293


54


5,347









            At 1 January 2015

4,333


54


4,387


            Impairment loss

(4,333

)

(54

)

(4,387

)








            At 31 December 2015

-


-


-









            Valuation at 30 June 2016

-


-


-


 

10.       SHARE CAPITAL

 

The total issued number of ordinary shares at the beginning and by the end of the reporting period were both 81,737,330 at GBP0.01 per share.

 

 

 

 

 

 

11.        RELATED PARTY TRANSACTIONS

                       

As at


As at


As at



30 June 2016


30 June 2015


31 December 2015



(unaudited)


(unaudited)


(audited)


Amounts due to directors

RMB'000


RMB'000


RMB'000


 







            Chun Chai

(26

)

(26

)

(26

)

            Yunwu Liu

(526

)

-


(572

)









(552

)

(26

)

(598

)

 

The amounts are interest-free, unsecured and repayable on demand. 

 

12.       EVENTS AFTER THE REPORTING DATE

            The Company completed an open offer on 16 September 2016. As a result of the open offer, the Company issued and allotted 22,911,312 ordinary shares of £0.01 each in the capital of the Company ("Open Offer Shares") at an issue price of 2.63p to raise £602,567.51 on 16 September 2016. The Open Offer Shares were admitted to trading on AIM on 19 September 2016. Following the open offer, the entitled issue share capital of the Company has been changed to 104,648,642 ordinary shares of £0.01 each in the capital of the Company.

 

 

 


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