15th May 2006 07:01
European Goldfields Ltd15 May 2006 For Immediate Release 15 May 2006 European Goldfields Limited Interim Consolidated Financial Statements (Unaudited) First Quarter 2006 Disclosure of auditor review of interim consolidated financial statements The interim consolidated financial statements of the Company for the three-monthperiods ended 31 March 2006 and 2005 have not been reviewed by the auditors ofthe Company. European Goldfields LimitedConsolidated Balance SheetsAs at 31 March 2006 and 31 December 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts) ________________________________________________________________________________ 31 March 31 December 2006 2005 $ $Assets Note Unaudited Audited Current assetsCash and cash equivalents 30,340 30,536Accounts receivable, prepaid expenses and supplies 9,643 5,352Inventory 3 912 1,865 _____________________ 40,895 37,753 _____________________Non current assetsPlant and equipment 4 19,889 19,374Deferred exploration and development costs 5Greek production stage mineral properties 10,174 10,129Greek development stage mineral properties 166,501 162,738 _____________________ 176,675 172,867Romanian development stage mineral properties 28,716 27,843 _____________________ 205,391 200,710 _____________________Restricted investment 6 3,608 3,543 Future tax asset 4,598 5,238 _____________________ 274,381 266,618 _____________________Liabilities Current liabilitiesAccounts payable and accrued liabilities 6,380 3,988 Non current liabilitiesFuture tax liability 7 44,209 43,261Non-controlling interest 15,038 14,239Asset retirement obligation 8 5,437 5,307 _____________________ 64,684 62,807 _____________________Shareholders' equityCapital stock 9 240,477 240,234Contributed surplus 9 6,831 6,197Cumulative translation adjustment (9,912) (12,843)Deficit (34,079) (33,765) _____________________ 203,317 199,823 _____________________ 274,381 266,618 _____________________ The accompanying notes are an integral part of these interim consolidated financial statements. Approved by the Board of Directors (s) David Reading (s) Jeffrey O'LearyDavid Reading, Director Jeffrey O'Leary, Director European Goldfields LimitedConsolidated Statements of Loss and DeficitFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)_____________________________________________________________________________________ Three months ended 31 March 31 March 2006 2005 $ $ IncomeSales 9,083 -Cost of sales (including amortisation and (4,788) -depletion of $454 in 2006) ____________________Gross profit 4,295 - ____________________ Other income ____________________Interest income 300 326 ____________________ExpensesCorporate administrative and overhead expenses 535 885Equity-based compensation expense 673 126Foreign exchange (gain)/loss (16) 999Hellas Gold administrative and overhead expenses 744 605Hellas Gold water treatment expenses 493 957(non-operating mines)Hellas Gold old adit and equipment maintenance 902 -(Stratoni mine)Accretion of asset retirement obligation 26 -Amortisation 201 259 ____________________ (3,558) (3,831) ____________________Profit/(loss) for the period before income tax 1,037 (3,505) Income taxesCurrent taxes - -Future taxes - (reduction)/increase of deferred (876) 712tax asset ____________________ (876) 712 ____________________Profit/(loss) for the period after income tax 161 (2,793) Non-controlling interest (475) 141 ____________________Loss for the period (314) (2,652) Deficit - Beginning of period (33,765) (23,355) ____________________Deficit - End of period (34,079) (26,007) ____________________Loss per share 0.00 (0.02) Weighted average number of shares (in thousands) 112,658 111,862 The accompanying notes are an integral part of these interim consolidated financial statements. European Goldfields LimitedConsolidated Statements of EquityAs at 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________________ Capital Contributed Cumulative Deficit Total Stock Surplus Translation $ $ Adjustment $ $ $ ______________________________________________________Balance - 31 December 2004 238,420 5,589 8,964 (23,355) 229,618 ______________________________________________________Equity-based compensation - 126 - - 126expenseShare options exercised 287 (117) - - 170Milestone shares issued as 725 (725) - - -compensationShare issue costs (14) - - - (14)Movement in cumulativetranslation adjustment - - (750) - (750)Loss for the period - - - (2,652) (2,652) ______________________________________________________ 998 (716) (750) (2,652) (3,120) ______________________________________________________Balance - 31 March 2005 239,418 4,873 8,214 (26,007) 226,498 ______________________________________________________Equity-based compensation - 2,139 - - 2,139expenseRestricted share units vested 815 (815) - - -Share issue costs 1 - - - 1Movement in cumulativetranslation adjustment - - (21,057) - (21,057)Loss for the period - - - (7,758) (7,758) ______________________________________________________ 816 1,324 (21,057) (7,758) (26,675) ______________________________________________________Balance - 31 December 2005 240,234 6,197 (12,843) (33,765) 199,823 ______________________________________________________Equity-based compensation - 816 - - 816expenseRestricted share units vested 143 (143) - - -Share options exercised 100 (39) - - 61Share issue costs - - - - -Movement in cumulativetranslation adjustment - - 2,931 - 2,931Loss for the period - - - (314) (314) ______________________________________________________ 243 634 2,931 (314) 3,494 ______________________________________________________Balance - 31 March 2006 240,477 6,831 (9,912) (34,079) 203,317 ______________________________________________________ The accompanying notes are an integral part of these interim consolidated financial statements. European Goldfields LimitedConsolidated Statements of Cash FlowsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)_____________________________________________________________________________ Three months ended 31 March 31 March 2006 2005 $ $ Cash flows from operating activitiesLoss for the period (314) (2,652)Foreign exchange (gain)/loss (27) 999Amortisation 418 259Equity-based compensation expense 723 126Accretion of asset retirement obligation 26 -Future tax asset recognised 876 (712)Non-controlling interest 475 (141)Depletion of mineral properties 237 - _____________________ 2,414 (2,121) Net changes in non-cash working capital (909) (933) _____________________ 1,505 (3,054) _____________________Cash flows from investing activitiesDeferred exploration and development costs - (848) (860)RomaniaPlant and equipment - Greece (568) (1,582)Deferred development costs - Greece (478) -Purchase of equipment (41) (40) _____________________ (1,935) (2,482) _____________________Cash flows from financing activitiesProceeds from exercise of share options 61 170Share issue costs - (14) _____________________ 61 156 _____________________Effect of foreign currency translation on cash 173 (1,749) _____________________Decrease in cash and cash equivalents (196) (7,129) Cash and cash equivalents - Beginning of period 30,536 65,253 _____________________Cash and cash equivalents - End of period 30,340 58,124 _____________________ The accompanying notes are an integral part of these interim consolidated financial statements. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 1. Nature of operations European Goldfields Limited (the "Company"), a company incorporated under theYukon Business Corporations Act, is a resource company involved in theacquisition, exploration and development of mineral properties in Greece,Romania and the Balkans. The Company's common shares are listed on the AIM Market of the London StockExchange and on the Toronto Stock Exchange (TSX) under the symbol "EGU". Greece - The Company holds a 65% interest in Hellas Gold S.A. ("Hellas Gold").Hellas Gold owns assets in northern Greece which consist of three depositswithin 70-year mining concessions covering a total area of 317 km(2). Thedeposits include the polymetallic projects of Stratoni and Olympias whichcontain gold, lead, zinc and silver, and the copper/gold porphyry body referredto as Skouries. The three deposits are located within a 10 km radius of each other. BothStratoni and Olympias were previously in production and have existing mining andplant infrastructure and a ship-loading facility on the Aegean Sea. Hellas Gold's assets also include revenue-generating stockpiles of concentrateslocated on the surface. In September 2005, Hellas Gold resumed production at Stratoni following theaward by the Greek state of all necessary environmental and mining permits.Hellas Gold is in the process of applying for similar permits for Olympias andSkouries, having met its first milestone by submitting business plans to theGreek government in January 2006. Romania - The Company holds four mineral properties located within the "GoldenQuadrilateral" area of Romania. The Company recently announced the conversion ofresources into Canadian NI 43-101 compliant reserves for its 80%-owned Certejproject, underpinning the value of the project. The Company is now completing afinal feasibility study for submission to the Romanian government by the end of2006, in support of an application for environmental and mining permits todevelop the Certej project. The underlying value of the deferred exploration and development costs formineral properties is dependent upon the existence and economic recovery ofreserves in the future, and the ability to raise long-term financing to completethe development of the properties. For the coming year, the Company believes it has adequate funds available tomeet its corporate and administrative obligations and its planned expenditureson its mineral properties. These interim consolidated financial statements have been prepared on a goingconcern basis, which assumes the Company will be able to realise assets anddischarge liabilities in the normal course of business for the foreseeablefuture. These interim consolidated financial statements do not include theadjustments that would be necessary should the Company be unable to continue asa going concern. 2. Significant accounting policies These interim consolidated financial statements have been prepared on the goingconcern basis in accordance with Canadian GAAP using the same accountingpolicies as those disclosed in Note 4 to the Company's audited consolidatedfinancial statements for the years ended 31 December 2005 and 2004. These interim consolidated financial statements should be read in conjunctionwith the Company's audited consolidated financial statements for the years ended31 December 2005 and 2004. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 3. Inventory This balance comprises the following: 31 March 31 December 2006 2005 $ $Ore mined 70 583Metal concentrates 571 1,274Material and supplies 271 8 ___________________ 912 1,865 ___________________ 4. Plant and equipment Exploration Vehicles Land and Leasehold Total / office buildings improvements equipment $ $ $ $ $Cost - 2006 At 31 December 2005 5,559 1,134 13,402 223 20,318 Additions 580 - - 31 611Disposals - - - - -Currency translation 103 17 266 - 386adjustment ________________________________________________At 31 March 2006 6,242 1,151 13,668 254 21,315 ________________________________________________Accumulated amortisation -2006 At 31 December 2005 420 372 119 33 944 Provision for the period 236 65 156 6 463Disposals - - - - -Currency translation 7 6 6 - 19adjustment ________________________________________________At 31 March 2006 663 443 281 39 1,426 ________________________________________________Net book value at 31 March 5,579 708 13,387 215 19,8892006 ________________________________________________ European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)_________________________________________________________________________________ 5. Deferred exploration and development costs Romanian mineral properties: Baita- Certej Craciunesti Voia Cainel Total $ $ $ $ $ _______________________________________________________Balance - 31 December 23,400 2,948 513 982 27,8432005 _______________________________________________________Drilling and assaying 203 1 3 1 208Geosciences and tech. 197 7 18 6 228consultingSamplers, miners and 14 1 - - 15surveyingProject management 156 5 1 - 162Project overhead 201 5 21 9 236Amortisation 20 2 - 2 24 _______________________________________________________ 791 21 43 18 873 _______________________________________________________Balance - 31 March 2006 24,191 2,969 556 1,000 28,716 _______________________________________________________ The Certej exploitation licence and the Baita-Craciunesti exploration licenceare held by the Company's 80%-owned subsidiary, Deva Gold S.A. ("Deva Gold").Minvest S.A. (a Romanian state owned mining company), together with threeprivate Romanian companies, hold the remaining 20% interest in Deva Gold and theCompany holds the pre-emptive right to acquire such 20% interest. The Company isrequired to fund 100% of all costs related to the exploration and development ofthese properties. As a result, the Company is entitled to the refund of suchcosts (plus interest) out of future cash flows generated by Deva Gold, prior toany dividends being distributed to shareholders. The Voia and Cainel explorationlicences are held by the Company's wholly-owned subsidiary, European GoldfieldsDeva SRL. Individual property spending commitments for each of the Company's Romanianlicences have been met as at 31 March 2006. Greek mineral properties: Stratoni Skouries Olympias Total $ $ $ $ _______________________________________________Balance - 31 December 2005 10,129 64,510 98,228 172,867 _______________________________________________Deferred development costs - 191 378 569Depletion of mineral (157) - - (157)propertiesCurrency translation 202 1,266 1,928 3,396adjustment _______________________________________________ 45 1,457 2,306 3,808 _______________________________________________Balance - 31 March 2006 10,174 65,967 100,534 176,675 _______________________________________________ The Stratoni, Skouries and Olympias properties are held by the Company's65%-owned subsidiary, Hellas Gold. In September 2005, the Stratoni propertycommenced production. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 6. Restricted investment The balance consists of an amount of $3,608 (€3 million) pledged by Hellas Goldto the National Bank of Greece as collateral for a letter of guarantee issued bythe National Bank of Greece to the Greek Ministry of Development to guaranteeHellas Gold's environmental commitments under its mining permit at Stratoni. Theletter of guarantee expires on 31 December 2010. The investment bears a rate ofinterest of Euribor plus 0.8% per annum. 7. Future tax liability The following table reflects future income tax liabilities: 31 March 31 December 2006 2005 $ $ _____________________Mineral properties 42,022 41,213Plant and equipment 1,257 1,276Exploration and development expenditure 930 772 _____________________ 44,209 43,261 _____________________ The tax liability arises as a result of the increase in value placed on themineral properties held by Hellas Gold on acquisition by the Company. Thisfuture tax liability will reverse as the corresponding mineral properties areamortised. 8. Asset retirement obligation Management has estimated the total future asset retirement obligation based onthe Company's net ownership interest in the Olympias, Skouries and Stratonimines and facilities. This includes all estimated costs to dismantle, remove,reclaim and abandon the facilities and the estimated time period during whichthese costs will be incurred in the future. The following table reconciles theasset retirement obligations as at 31 March 2006 and 31 December 2005: 31 March 31 December 2006 2005 $ $ _____________________Asset retirement obligation - Beginning of period 5,307 5,811Additional obligation - -Currency translation adjustment 104 (771)Accretion expense 26 267 _____________________Asset retirement obligation - End of period 5,437 5,307 _____________________ As at 31 March 2006, the undiscounted amount of estimated cash flows required tosettle the obligation was $6,086 (31 December 2005 - $5,970). The estimated cashflow has been discounted using a credit adjusted risk free rate of 5.04%. Theexpected period until settlement is six years. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 9. Capital stock Authorised: - Unlimited number of common shares, without par value- Unlimited number of preferred shares, issuable in series, without par value Issued and outstanding (common shares - all fully paid): Number of Amount Shares $ ____________________Balance - 31 December 2005 112,598,708 240,234 ____________________Restricted share units vested 65,000 143Share options exercised 25,000 100Share issue costs - - ____________________ 90,000 243 ____________________Balance - 31 March 2006 112,688,708 240,477 ____________________ As at 31 March 2006, the Company had Nil common shares held in escrow or inrespect of which trading restrictions applied. Contributed surplus: 31 March 31 December 2006 2005 $ $Equity-based compensation expense 6,253 5,619Broker warrants 578 578 ____________________ 6,831 6,197 ____________________ European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 10. Share options and restricted share units Share Option Plan The Company operates a Share Option Plan (together with its predecessor, the"Share Option Plan") authorising the directors to grant options to acquirecommon shares of the Company to the directors, officers, employees andconsultants of the Company and its subsidiaries, on terms that the Board ofDirectors may determine, within the limitations of the Share Option Plan. As at 31 March 2006, the following share options were outstanding: Number of Exercise Options price C$Expiry date2007 50,000 2.502008 175,000 2.202009 840,000 2.802009 265,000 3.202009 250,000 4.202009 625,000 3.072009 285,000 3.152010 1,302,667 2.002010 75,000 2.112010 150,000 2.40 _____________________ 4,017,667 2.66 _____________________ During the three-month period ended 31 March 2006, share options were granted,exercised and cancelled as follows: Number of Weighted Options average exercise price C$ ______________________Balance - 31 December 2005 4,684,333 2.58 ______________________Options granted - -Options exercised (25,000) 2.80Options cancelled (641,666) 2.45 ______________________Balance - 31 March 2006 4,017,667 2.66 ______________________ Of the 4,017,667 share options outstanding as at 31 March 2006, 3,034,112 werefully vested and had a weighted average exercise price of C$2.78 per share. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ Restricted Share Unit Plan The Company operates a Restricted Share Unit Plan (the "RSU Plan") authorisingthe directors, based on recommendations received from the CompensationCommittee, to grant Restricted Share Units ("RSUs") to designated directors,officers, employees and consultants. The RSUs are "phantom" shares that rise andfall in value based on the value of the Company's common shares and are redeemedfor actual common shares on the vesting dates determined by the Board ofDirectors when the RSUs are granted. The RSUs would typically become 100% vestedupon a change of control of the Company. The maximum number of common shares ofthe Company which may be reserved for issuance for all purposes under the RSUPlan shall not exceed 2.5% of the common shares issued and outstanding from timeto time. As at 31 March 2006, the following RSUs were outstanding: Vesting date Number of Grant date RSUs fair value of underlying shares C$ 15 May 2006 100,000 3.3031 December 2006 400,000 2.1931 December 2007 350,000 2.19 ________________________ 850,000 2.32 ________________________ During the three-month period ended 31 March 2006, RSUs were granted, vested andcancelled as follows: Weighted average grant date fair value of underlying Number of shares RSUs C$ _______________________Balance - 31 December 2005 750,000 2.19 _______________________RSUs granted 165,000 3.01RSUs vested (65,000) 2.56RSUs cancelled - - _______________________Balance - 31 March 2006 850,000 2.32 _______________________ The weighted average grant date fair value of underlying shares of the 165,000RSUs granted during the three-month period ended 31 March 2006 (2005 - Nil) wasC$496 (2005 - Nil). For the RSUs granted during the three-month period ended 31March 2006, an equity-based compensation cost of $386 (2005 - Nil), of which $48was included in cost of sales, has been recognised in the income statement and$95 (2005 - Nil) has been capitalised to deferred exploration and developmentcosts. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 11. Supplementary cash flow information 31 March 31 March 2006 2005 $ $Changes in non-cash operating accounts: ____________________Accounts receivable, prepaid expenses and supplies (4,291) (126)Accounts payable 2,391 (807)Inventory 991 - _____________________ (909) (933) _____________________Supplemental disclosure of non-cash transactions:Exercise of share options - Transfer from contributedsurplus (39) (117)to share capitalVesting of restricted share units (143) - 12. Commitments As at 31 March 2006, the Company had remaining spending commitments of $1,415(2005 - $1,500) over the remaining term of its Voia exploration licence inRomania which expires in March 2007. The Company has spending commitments of $187 per year (plus service charges andvalue added tax) for a term of ten years under the lease for its office inLondon, England, which commenced in April 2004. The rent will be reviewed on thefifth anniversary of the commencement of the term to reflect any increase inrents in the market. In November 2005, Hellas Gold entered into off-take agreements pursuant to whichHellas Gold agreed to sell the following quantities of metal concentratesproduced at the Stratoni mine during the financial years ending 31 December2006, 2007 and 2008: 2006 2007 2008 (dry metric tonnes(dmt)) ________________________ Zinc concentrates 42,700 51,000 15,000Lead/silver concentrates 25,000 26,000 20,000 ________________________ 67,700 77,000 35,000 ________________________ As at 31 March 2006, 5,282 dmt of zinc concentrates and 4,628 dmt of lead/silverconcentrates had been sold on account of the 2006 commitments. 13. Transactions with related parties During the three-month period ended 31 March 2006, Hellas Gold incurred costs of$3,267 (2005 - $1,749) for management, technical and engineering servicesreceived from a related party, Aktor S.A.,a 35% shareholder in Hellas Gold. As at 31 March 2006, Hellas Gold had accountspayable of $3,597 (2005 - $883) to Aktor S.A. These expenses were contracted inthe normal course of operations and are recorded at the exchange amount agreedby the parties. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ 14. Segmented information The Company has one operating segment: the acquisition, exploration anddevelopment of precious and base metal mineral resources properties located inGreece and Romania. Geographic segmentation of plant and equipment and deferred exploration anddevelopment costs and operating liabilities is as follows: 31 March 31 December 2006 2005 $ $Revenue __________________Canada - -Greece 9,083 1,521Romania - -United Kingdom - - __________________ 9,083 1,521 __________________ Plant and equipment and deferred exploration anddevelopment costsCanada - -Greece 195,988 191,659Romania 28,930 28,081United Kingdom 362 344 __________________ 225,280 220,084Operating liabilities __________________ Canada 208 214Greece 5,622 3,144Romania 132 310United Kingdom 418 320 __________________ 6,380 3,988 __________________ 15. Reconciliation to International Accounting Standards ("IAS") These financial statements have been prepared in accordance with Canadian GAAP. For Canadian GAAP, the Company has accounted for its investment in Hellas Goldfrom the parent entity perspective which, focuses on the parent entityshareholders and their interests in the subsidiary. For International FinancialReporting purposes, the Company would account for its investment in Hellas Goldfrom the economic entity perspective which views both the controlling andnon-controlling shareholders as equity holders in a consolidated entity thatshould be viewed as, and accounted for, as a whole. European Goldfields LimitedNotes to Consolidated Financial StatementsFor the three-month periods ended 31 March 2006 and 2005(Unaudited - Prepared by Management)(in thousands of US Dollars, except per share amounts)________________________________________________________________________________ The effect of the differences between Canadian GAAP and IAS on the Company'sconsolidated balance sheets and statements of equity is summarised as follows: 31 March 31 December 2006 2005 $ $Non current assets ___________________Greek mineral properties under Canadian GAAP 176,675 172,867Adjustment for IAS 89,776 88,234 ___________________Greek mineral properties under IAS 266,451 261,101 ___________________Non current liabilitiesNon current liabilities under Canadian GAAP 64,684 62,807Adjustment to future tax 22,377 22,069Adjustment for non-controlling interest (15,038) (14,239) ___________________Non current liabilities under IAS 72,023 70,637 ___________________ Shareholders' equityShareholders' equity under Canadian GAAP 203,317 199,823Adjustment to cumulative translation adjustment account 3,409 (26,388)Non-controlling interest under IAS 74,627 72,706Additional depletion 82 41 ___________________Shareholders' equity under IAS 281,435 246,182 ___________________ Other than the differences noted above, management considers that there are nomaterial differences between amounts reported under Canadian GAAP and those thatwould result from the application of IAS. 16. Reclassification of comparative figures Certain comparative figures have been reclassified to conform to the currentyear's presentation. 17. Legal proceedings The Company, from time to time, is involved in various claims, legal proceedingsand complaints arising in the ordinary course of business. There are no legalproceedings to which the Company or any of its subsidiaries is a party or ofwhich any of their properties is the subject that would have a material adverseeffect on the consolidated financial condition or future results of the Company.There are no such proceedings known to the Company to be contemplated. 18. Post balance sheet event Since 31 March 2006, the Company granted 900,000 restricted share units ("RSUs")under the Company's Restricted Share Unit Plan, and issued 100,000 common sharespursuant to the vesting of outstanding RSUs. Since 31 March 2006, Niloutstanding RSUs were cancelled. Since 31 March 2006, the Company granted 200,000 share options under theCompany's Share Option Plan, and issued 1,034,168 common shares pursuant to theexercise of outstanding share options. Since 31 March 2006, 12,500 outstandingshare options expired and were cancelled. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EGU.L