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NORTH AMERICAN PETROLEUM PLC - Final Results

May 30, 2014

North American Petroleum Plc/ Index: ISDX / Epic: NAPP / Sector: Oil & Gas 30 May 2014 North American Petroleum Plc (`NAP' or `the Company') Final Results North American Petroleum Plc, a company focussed on developing its interests in proven US onshore oil and gas formations, announces its final results for the year ended 31 December 2013. Highlights * Admission to the ISDX Growth Market (`ISDX') in March 2013 in tandem with a £2 million fundraising to build net production and reserves through the acquisition and development of leases in liquids rich hydrocarbon plays onshore US * Delivering on strategy to rapidly deploy capital into drilling wells to generate revenues through production that can be recycled into acquiring additional leases to build a portfolio of producing and undeveloped assets focused on lower risk oil plays * Interests in 32 wells secured as at year end - 25 producing, seven under development or waiting to spud + 12 month target of interests in 25 producing wells met * 1,067 net mineral acres acquired in Oklahoma with over 200 potential drilling locations * US$21.05m value of proven (P1) reserves for just six wells and two development locations provides strong asset backing * Low cost business model - administrative expenses totalled £316,234 during the year ensuring as much capital as possible was available for investment * Post period end acquisition of a 30%/23.4% working/net revenue interest in Zink Ranch Project in Oklahoma: + Increases number of wells to 47, 40 of which are producing, and net mineral acres to 1,523 + Near-term, low-cost, high impact development programme including 14 workovers/recompletions of existing wells and the drilling of at least two vertical wells in 2014 North American's Chief Executive Stefan Olivier said, "This has been a transformational year for NAP, one which has seen our shares admitted to the ISDX market; the acquisition of 1,067 net mineral acres in Oklahoma with proven reserves of US$21m; our participation in the drilling of wells alongside established operators such as Devon Energy; and us ending the year with interests in 32 wells. The year ahead promises more of the same. Already through the acquisition of a 30% interest in Zink Ranch we have increased our net acreage by half to 1,523 and our well count to 47. These figures will increase further subject to the completion of a 35% interest in the producing Shoats Creek field in Louisiana. Importantly our production and revenues are set for strong growth this year thanks to our participation in an on-going multi-well development programme that will include workovers of existing well bores and new drilling activity. 2014 will not be short of high impact newsflow and I look forward to providing updates on our progress over the course of the year." For further information and the full Admission document visit www.napetroleum.com or contact the following: Stefan Olivier North American Petroleum Plc +44 (0) 7595 779520 Brinsley Holman Keith, Bayley, Rogers & Co. +44 (0) 207 464 4090 Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Notes North American Petroleum Plc acquires leases in producing onshore US formations such as the Mississippi Lime, Oklahoma, where the application of new techniques and technologies such as horizontal drilling and fracture stimulation can dramatically improve recovery rates. Revenues generated out of production are reinvested into both new wells and into the acquisition of additional leases to build a portfolio of producing and undeveloped assets focussed on lower risk oil rich plays. To date, NAP has acquired 1,523 net mineral acres in the liquids rich Mississippi Lime play and has interests in 31 producing wells and a further eight either drilling or waiting to spud. The value, as determined by an independent appraisal of NAP's proven reserves currently stands at US$21 million and is broken down as follows: 1. PV10 of US$6.7 million (as of 1 November 2012) for NAP's 28.7%/21.65% working/net revenue interest in the Steele and Steinberger wells in Osage County Oklahoma 2. PV10 of US$10.064 million (as of 1 November 2012) for NAP's 24.2%/16.8% working/net revenue interest acquired in the Little Drum Unit in Osage County, Oklahoma 3. PV10 of US$4.29 million (as of 1 September 2013) for NAP's 30%/23% working/ net revenue interest acquired in the Mathis Unit in Osage County, Oklahoma Chief Executive Officer's Statement North American Petroleum started the year under review as an unquoted investment company looking to acquire and develop leases in proven US onshore formations such as the Woodford and Mississippi Lime, Oklahoma. Outstanding progress has been made over the period so that NAP ended the year as a public company trading on the ISDX market with 1,067 net mineral acres in Oklahoma, interests in 32 wells at various stages of development including 25 producing and seven waiting to spud and net proven reserves with an NPV10 value of US$21.05 million for just six producing wells and two development locations. The momentum established during NAP's first year as a public company has been maintained post period end. Already this year we announced a farm-in agreement that will see NAP acquire a 30%/23.4% working/net revenue interest in the producing Zink Ranch Project in Osage County; signed heads of terms to acquire a 35% interest in the producing Shoats Creek field in Louisiana; and raised £ 725,000 via a placing at the prevailing market price. Subject to completion of the Louisiana deal, in little more than a year NAP will have acquired a portfolio of leases and projects in proven US onshore formations covering 2,107 net mineral acres with a long pipeline of high impact development opportunities. As a result, the Company is well placed to rapidly build production and prove up the reserves on its leases in the year ahead by participating in a defined low-cost high impact multi-well work programme. Our initial investments were for the most part in individual spacing units in Oklahoma which enabled NAP to participate in the drilling of new wells targeting the producing Woodford and Mississippi Lime formations alongside established operators such as Devon Energy. By the end of the first half of the year, NAP had interests in 14 wells, half of which were producing with the remainder either under development or waiting to spud. During the second half, we stepped up our investment activity and acquired interests in a series of projects, all of which share a number of characteristics: already producing or close to existing production thereby significantly reducing exploration risk; development opportunities offering near term production growth and revenue generation; multiple horizons providing scope to target untapped pay zones; larger working/net revenue interests; and secured at competitive rates that provide capital uplift via development. The first of these projects is a 28.7%/21.65% working/net revenue interest in the Steele and Steinberger wells, which currently generate modest production and revenues from the Mississippi Lime formation. The wells have combined proved (P1) reserves of 171.6 MBoe net to NAP with a PV10 of US$6.7 million (based on CPR) and we acquired our interest at a cost of US$1,025,000. As with all our projects, we were particularly attracted to the potential to increase production by an estimated three to five times via low cost development work such as fracture stimulation at an estimated cost of US$126,280 per well. We also acquired a 30%/23% working/net revenue interest in the 960 gross acre Mathis Unit which directly offsets the Steele and Steinberger wells. The acquisition includes eight producing vertical wells that hold the leases by production and 3-D seismic data. Based on the 3-D data, two proven undeveloped (P1) horizontal drilling locations targeting the Mississippi Lime formation have been identified with combined P1 reserves of 96,070 MBO and condensate and 0.817Bcf natural gas net to NAP with a PV10 of US$4.29 million (based on Competent Person's Report). We acquired our interest at a competitive rate with the US$120,000 cost of acquisition equating to US$1.93 per P1 barrel of reserves. A first horizontal well on Mathis will form part of our 2014 multi-well work programme. Similarly, NAP's acquisition of a 24.2%/16.8% working/net revenue interest in the Little Drum Unit in Oklahoma ticked a number of the same boxes as the above two projects. Little Drum includes four wells generating modest production with proven (P1) reserves of 190 Mbbl oil and condensate and 519 MMcf natural gas net to NAP with a PV10 of US$10.064m (based on CPR) and significant scope to increase production via low cost development work such as fracture stimulation. The US$300,000 cost of acquisition equates to US$1.08 per P1 barrel of reserves which once again compares favourably to the average price of similar US onshore transactions. Post period end we agreed a farm-in to acquire a 30%/23.4% working/net revenue interest in the Zink Ranch Project which is held by production from the Skinner Formation by 15 vertical wells, all of which have low cost workover opportunities to increase production from existing and new pay zones. Half of the US$600,000 cost of acquisition was settled upfront in cash with the remaining US$300,000 to be based on funding the operator's share of costs of various projects within the work programme. We are highly excited by Zink Ranch as it offers a combination of multiple low cost workover opportunities of existing well bores in the near term and high impact development potential thanks to 10 identified drilling locations with potential additional offsets. Not only do these four projects bring the number of wells in which NAP has interests in to 47, 40 of which are producing, but as they are all located in Osage County, Oklahoma, they also provide us with a core area of interest which will be our main operational focus in the year ahead. We believe the US$2,045,000 we paid for our interests represents excellent value not just because of the proven reserves that have been valued at US$21.05 million but also the multiple opportunities that exist to significantly add to this total. Post period end, Gavin Burnell stepped down from the Board as non-executive director. Financial Review NAP acquired its first interests in wells in April 2013 while first revenues were not received until the second half of the year. As a result, modest revenues of £105,384 were booked by the Company during the year under review and a loss of £215,216 is being reported for the full year. Administrative expenses totalled £316,234 for the year, a reflection of the low cost structure of the business which ensures as much capital as possible is available to acquire and develop leases. The Company has no employees other than the directors, who did not receive any salary during the year. At the time of the IPO in Q1 2013, the Company raised £2 million through the issue of 300,752,000 new ordinary shares, at 0.665 pence per share. Post period end £725,000 was raised via the issue of 80,555,555 new ordinary shares at a price of 0.9 pence per share. Total shares in issue now stand at 492,878,135. The Company has no ordinary shares held in Treasury. Outlook Our first twelve months as a public company were focused on acquiring a portfolio of highly prospective leases in proven US onshore formations with substantial development potential. Our second twelve months will see us look to monetise this potential via our participation in a high impact multi-well work programme that promises to transform our production and revenue profile. On Zink Ranch at least two new wells will be drilled and 14 existing wellbores worked over or recompleted into untapped pay zones; while at Mathis a new horizontal well will be drilled to the Mississippi Lime. Four of the 14 well recompletions on Zink Ranch have already been carried out, the results of which will be available shortly but initial indications are positive. We are focused on realising the underlying value of our US onshore leases through a near term development programme that is targeting a significant increase in production, revenues and net proven reserves. We are delivering on our objective to build a US onshore focused oil and gas company which is asset backed, revenue generative and one which is on course to generate value for shareholders. I look forward to providing updates on our progress throughout the year ahead. Finally, I would like to thank the Board, management team and all our advisers for their hard work and also to our shareholders for their continued support over the period. Stefan Olivier Chief Executive Officer 30 May 2014 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 Note £ £ TURNOVER 1,2 105,384 - Administrative expenses (353,086) - OPERATING LOSS 3 (247,702) - Interest payable and similar charges 7 (4,366) - (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE (252,068) - TAXATION Tax on loss on ordinary activities - - LOSS FOR THE FINANCIAL YEAR 16 (252,068) - All amounts relate to continuing operations. There were no recognised gains and losses for 2013 or 2012 other than those included in the Profit and Loss Account. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2013 2013 2012 Note £ £ £ £ FIXED ASSETS Intangible assets 8 1,688,545 - Tangible assets 9 1,075 - 1,689,620 - CURRENT ASSETS Debtors 12 445,949 - Cash at bank 41,238 5,000 487,187 5,000 CREDITORS: amounts falling due 13 (65,490) - within one year NET CURRENT ASSETS 421,697 5,000 TOTAL ASSETS LESS CURRENT LIABILITIES 2,111,317 5,000 CREDITORS: amounts falling due 14 (276,337) - after more than one year NET ASSETS 1,834,980 5,000 CAPITAL AND RESERVES Called up share capital 15 41,232 5,000 Share premium account 16 1,846,924 - Foreign exchange reserve 16 83,763 - Profit and loss account 16 (136,939) - SHAREHOLDERS' FUNDS 17 1,834,980 5,000 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2013 2013 2012 Note £ £ £ £ FIXED ASSETS Tangible assets 9 1,075 - Investments 10 3,267 - 4,342 - CURRENT ASSETS Debtors 12 1,810,288 - Cash at bank 8,849 5,000 1,819,137 5,000 CREDITORS: amounts falling due 13 (13,080) - within one year NET CURRENT ASSETS 1,806,057 5,000 NET ASSETS 1,810,399 5,000 CAPITAL AND RESERVES Called up share capital 15 41,232 5,000 Share premium account 16 1,846,924 - Profit and loss account 16 (77,757) - SHAREHOLDERS' FUNDS 17 1,810,399 5,000 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 Note £ £ Net cash flow from operating activities 18 (590,772) - Returns on investments and servicing of 19 79,397 - finance Capital expenditure and financial investment 19 (1,727,009) - CASH OUTFLOW BEFORE FINANCING (2,238,384) - Financing 19 2,274,622 5,000 INCREASE IN CASH IN THE YEAR 36,238 5,000 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 2012 £ £ Increase in cash in the year 36,238 5,000 Cash inflow from increase in debt and lease (276,337) - financing MOVEMENT IN NET DEBT IN THE YEAR (240,099) 5,000 Net funds at 1 January 2013 5,000 - NET (DEBT)/FUNDS AT 31 DECEMBER 2013 (235,099) 5,000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 1. ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 1.2 Going concern The Group's business activities together with the factors likely to affect its future development and performance are set out in the Group Strategic Report. The Company raised £1.8 million net of expenses via a placing during the period. In addition following the year end the company raised a further £725,000. The Directors have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the Financial Statements. 1.3 Basis of consolidation The financial statements consolidate the accounts of North American Petroleum PLC and all of its subsidiary undertakings ('subsidiaries'). The results of subsidiaries acquired during the year are included from the effective date of acquisition. 1.4 Turnover Turnover represents the amount receivable from operators for the Group's share of oil and or gas revenues less any royalties payable to the lessor or assignor of the mineral rights. Revenue is recognised in the period to which the declarations from the operators relate. 1.5 Intangible fixed assets and amortisation Licence interest Expenditure incurred on the acquisition of a licence interest is initially capitalised within intangible assets on a licence by licence basis. Cost are held unamortised, within intangible assets, until such time as the exploration phase of the licence area is complete or commercial reserves have been discovered. At this point the licence is amortised over its estimate useful economic life. Well development costs Exploration expenditure incurred in the process of determining exploration targets is capitalised initially within intangible assets as well development costs. Well development costs are initially capitalised on a well by well basis until the success or otherwise has been established. The success or failure of each exploration effort is judged on a well by well basis. Costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercially viable. All such costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop or otherwise extract value from the discovery. Where this is no longer the case, the costs are immediately expensed. 1.6 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer equipment - 33% straight line 1.7 Investments Investments in subsidiaries are valued at cost less provision for impairment. 1.8 Leasing Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the profit or loss on a straight-line basis over the lease term. 1.9 Deferred taxation Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are discounted. 1.10 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Profit and Loss Account. 2. TURNOVER The whole of the turnover is attributable to the principal activity of the Group. All turnover arose within the USA. 3. OPERATING LOSS The operating loss is stated after charging: 2013 2012 £ £ Depreciation of tangible fixed assets: - owned by the group 537 - Impairment of fixed assets 36,852 - Auditors' remuneration 6,000 - Difference on foreign exchange 94,767 - Auditors fees for the company were £6,000 (2012 - £NIL-) 4. STAFF COSTS The company has no employees other than the directors, who did not receive any salary (2012 - £NIL). 5. DIRECTORS' REMUNERATION 2013 2012 £ £ Amounts receivable under long-term incentive 115,129 - schemes 6. SHARE BASED PAYMENTS The Company has agreed to issue Warrants to subscribe for up to 60,112,800 Ordinary Shares in aggregate to Gavin Burnell, Stefan Olivier, Andrew Frangos and Cornhill Asset Management Limited exercisable at the placing Price of 0.665p at any time up to the fifth anniversary from the admission date of 11 March 2013. A charge of £115,129 in line with FRS 20 has been included within the profit and loss for the period as well as recognition of the subsequent share based payment reserve. 7. INTEREST PAYABLE 2013 2012 £ £ On other loans 4,366 - 8. INTANGIBLE FIXED ASSETS Licence Well Total interests Development costs Group £ £ £ Cost At 1 January 2013 - - - Additions 1,336,582 388,815 1,725,397 Impairment charge (36,852) - (36,852) At 31 December 2013 1,299,730 388,815 1,688,545 Net book value At 31 December 2013 1,299,730 388,815 1,688,545 At 31 December 2012 - - - 9. TANGIBLE FIXED ASSETS Computer equipment Group £ Cost At 1 January 2013 - Additions 1,612 At 31 December 2013 1,612 Depreciation At 1 January 2013 - Charge for the year 537 At 31 December 2013 537 Net book value At 31 December 2013 1,075 At 31 December 2012 - Office equipment Company £ Cost At 1 January 2013 - Additions 1,612 At 31 December 2013 1,612 Depreciation At 1 January 2013 - Charge for the year 537 At 31 December 2013 537 Net book value At 31 December 2013 1,075 At 31 December 2012 - 10. FIXED ASSET INVESTMENTS Subsidiary undertakings The following were subsidiary undertakings of the company: Name Class of shares Holding North American Petroleum Inc Ordinary 100 % The aggregate of the share capital and reserves as at 31 December 2013 and of the loss for the year ended on that date for the subsidiary undertaking were as follows: Name Aggregate of Profit/(loss) share capital and reserves £ £ North American Petroleum Inc 1,758 (1,344) Investments in subsidiary companies Company £ Cost or valuation Additions 3,267 At 31 December 2013 3,267 Net book value At 31 December 2013 3,267 11. PRINCIPAL SUBSIDIARIES Company name Country Percentage Description Shareholding North American USA 100% Oil and gas Petroleum Inc exploration 12. DEBTORS Group Company 2013 2012 2013 2012 £ £ £ £ Amounts owed by group - - 1,553,204 - undertakings Other debtors 257,226 - 255,459 - Prepayments and accrued 188,723 - 1,625 - income 445,949 - 1,810,288 - 13. CREDITORS: Amounts falling due within one year Group Company 2013 2012 2013 2012 £ £ £ £ Trade creditors 32,492 - - - Other creditors 18,776 - 3,000 - Accruals and deferred 14,222 - 10,080 - income 65,490 - 13,080 - 14. CREDITORS: Amounts falling due after more than one year Group Company 2013 2012 2013 2012 £ £ £ £ Other loans 276,337 - - - 15. SHARE CAPITAL 2013 2012 £ £ Allotted, called up and fully paid 412,324,580 (2012 - 50,000,000) Ordinary 41,232 5,000 shares of £0.0001 each On 25 January 2013, the company issued 50,000,000 £0.0001 Ordinary shares at par. On 25 January 2013, the company issued 4,000,000 £0.01 redeemable preference shares at par. These shares were one quarter paid up and fully redeemed on 25 March 2013. On 7 March 2013, the company issued 300,752,000 £0.0001 Ordinary shares for a total consideration of £1,769,365. On 13 September 2013, the company issued 11,572,580 £0.0001 Ordinary shares for a total consideration of £108,791. 16. RESERVES Share Foreign Profit premium exchange and loss account reserve account Group £ £ £ Loss for the financial year (252,068) Share based payment reserve 115,129 Premium on shares issued during the 1,846,924 year Movement on foreign exchange 83,763 At 31 December 2013 1,846,924 83,763 (136,939) Share Profit premium and loss account account Company £ £ Loss for the financial year (192,886) Share based payment reserve 115,129 Premium on shares issued during the year 1,846,924 At 31 December 2013 1,846,924 (77,757) 17. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 2013 2012 Group £ £ Opening shareholders' funds 5,000 - Loss for the financial year (252,068) - Shares issued during the year 151,361 5,000 Share premium on shares issued (net of 1,846,924 - expenses) Movement on foreign exchange 83,763 - Closing shareholders' funds 1,834,980 5,000 2013 2012 Company £ £ Opening shareholders' funds 5,000 - Loss for the financial year (192,886) - Shares issued during the year 151,361 5,000 Share premium on shares issued (net of 1,846,924 - expenses) Closing shareholders' funds 1,810,399 5,000 The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Profit and Loss Account. The loss for the year dealt with in the accounts of the company was £192,886 (2012 - £NIL). 18. NET CASH FLOW FROM OPERATING ACTIVITIES 2013 2012 £ £ Operating loss (247,702) - Depreciation of tangible fixed assets 537 - Impairments of fixed assets 36,852 - Increase in debtors (445,949) - Increase in creditors 65,490 - Net cash outflow from operating activities (590,772) - 19. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT 2013 2012 £ £ Returns on investments and servicing of finance Interest paid (4,366) - Income from investments in related companies 83,763 - Net cash inflow from returns on investments 79,397 - and servicing of finance 2013 2012 £ £ Capital expenditure and financial investment Purchase of intangible fixed assets (1,725,397) - Purchase of tangible fixed assets (1,612) - Net cash outflow from capital expenditure (1,727,009) - 2013 2012 £ £ Financing Issue of ordinary shares 1,998,285 5,000 Other new loans 276,337 - Net cash inflow from financing 2,274,622 5,000 20. ANALYSIS OF CHANGES IN NET FUNDS 1 January Cash flow Other 31 non-cash December changes 2013 2013 £ £ £ £ Cash at bank and in 5,000 36,238 - 41,238 hand Debt: Debts due within - (276,337) 276,337 - one year Debts falling due - - (276,337) (276,337) after more than one year Net funds 5,000 (240,099) - (235,099) 21. RELATED PARTY TRANSACTIONS A Frangos is a common director with Cornhill FX Limited. The Company used Cornhill FX Limited for foreign exchange services in the period. Total throughput of foreign exchange transactions totalled £1,703,139. At the balance sheet date Cornhill FX Limited were holding funds totalling £255,459 on behalf of the company, this balance is included within other debtors. A Frangos is a common director with Cornhill Capital Limited. During the period Cornhill Capital Limited charged the company £101,197 in commission expenses. No amounts were outstanding at the balance sheet date. Gavin Burnell is a common director with Magnolia Petroleum Plc. During the period, Magnolia Petroleum Plc charged the company license and exploration expenditure totalling £513,016. No amounts were outstanding at the balance sheet date. 22. POST BALANCE SHEET EVENTS On 21 February 2014, the company issued 80,555,555 £0.0001 Ordinary shares for a gross consideration of £725,000. In addition, 40,277,777 warrants to subscribe for new Ordinary Shares were issued on the basis of one Warrant for every two placing shares. The warrants will only become valid in the event that North American Petroleum Plc. is admitted to the AIM market, for a period of 18 months starting from the date of admission to AIM. The exercise price of the Warrants will be the price of the company's Ordinary Shares on admission. The warrants will not be traded on the ISDX exchange. 23. CONTROLLING PARTY The Directors do not consider there to be an ultimate controlling party.



**ENDS**


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