(NBR.L) Namibian Resources PLC Buy/Sell

In preparing the annual financial statements, management is required to make estimates and assumptions that affect the amounts represented in the annual financial statements and related disclosures. Use of available information and the application of judgement is inherent in the formation of estimates. Actual results in the future could differ from these estimates which may be material to the annual financial statements. Significant judgements include:

Trade Receivables

The group assesses its trade receivables for impairment at each balance sheet date. In determining whether an impairment loss should be recorded in the income statement, the company makes judgements as to whether there is observable data indicating a measurable decrease in the estimated future cash flows from a financial asset.

Mining assets

The group assesses the proportion of exploration costs incurred which will provide future economic benefits in identifying areas of interest where future mining could be focused. These costs are capitalised and amortised over the period of the mining licence.

Mining rights

The right of mining on the assigned area was initially valued by an independent geologist. This right is yearly re-assessed for impairment by comparing the value-in-use to the carrying value of the mining right.

1.4 Underlying concepts

The financial statements are prepared on the going concern basis using accrual accounting.

Assets and liabilities and income and expenses are not offset unless specifically permitted by an accounting standard.

Financial assets and financial liabilities are offset and the net amount reported only when a currently legally enforceable right to set off the amounts exists and the intention is either to settle on a net basis or to realise the asset and settle the liability simultaneously.

The accounting policies adopted are consistent with those used in previous financial periods except for

Previously the company and its subsidiaries prepared the financial statements in accordance with UK GAAP. The group elected to publish its first consolidated interim financial statements to 31 August 2008 under IFRS with its transition date to IFRS being 1st March 2006

The rules for first time adoption of IFRS are set out in IFRS1, First-Time Adoption of International Financial Reporting Standards. In general, selected accounting policies must be applied retrospectively in determining the opening balance sheet under IFRS. However, IFRS1 allows a number of exemptions to this general principle.

Changes in accounting estimates are recognised in profit or loss.

Prior period errors are retrospectively restated unless it is impractical to do so, in which case they are applied prospectively.

Accounting policies are not applied when the effect of applying them is immaterial.

1.5 Recognition of Assets and Liabilities

Assets are only recognised if they meet the definition of an asset, it is probable that future economic benefits associated with the asset will flow to the company and the cost or fair value can be measured reliably.

Liabilities are only recognised if they meet the definition of a liability, it is probable that future economic benefits associated with the liability will flow from the company and the cost or fair value can be measured reliably.

Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities as a result of firm commitments are only recognised when one of the parties has performed under the contract.

Regular purchases and sales are recognised using trade date accounting.

1.6 Derecognition of Assets and Liabilities

Financial assets or parts thereof are derecognised when the contractual rights to receive cash flows have been transferred or have expired or if substantially all the risks and rewards of ownership have passed. Where substantially all the risks and rewards of ownership have not been transferred or retained, the financial assets are derecognised if they are no longer controlled. However, if control in this situation is retained, the financial assets are recognised only to the extent of the continuing involvement in those assets.

All other assets are derecognised on disposal or when no future economic benefits are expected from their use or on disposal.

Financial liabilities are derecognised when the relevant obligation has either been discharged or cancelled or has expired.

The total revenue of the group for the year has been derived from its principal activity, mining, wholly undertaken by its subsidiary in Namibia, Sonnberg Diamonds (Namibia) (Proprietary) Limited ("Sonnberg"). All sales are made in Namibia and the majority of assets are also located in Namibia.

Turnover comprises of sales to customers and services rendered to customers. Turnover is stated at the invoice amount and is exclusive of value added taxation.

Revenue from the sale of goods is recognised when all the following conditions have been satisfied:

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods provided in the normal course of business, net of trade discounts and volume rebates, and value added tax.

Interest is recognised, in profit or loss, using the effective interest rate method.

Current tax assets and liabilities

Current tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset.

Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.

Deferred tax assets and liabilities

A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).

A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of an asset or liability in a transaction at the time of the transaction and affects neither accounting profit nor taxable profit (tax loss).

A deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.

Tax expenses

Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from:

Current tax and deferred taxes are charged or credited directly to equity if the tax relates to items that are credited or charged, in the same or a different period, directly to equity.

1.9 Leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

1.10 Foreign Currency Translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

The results of overseas operations are translated at the rate ruling at the date of the transaction. However the balance sheet is translated at the rate ruling at the date of the balance sheet. Exchange differences arising on translation of opening assets are reported in the consolidated statement of recognised income and expense.

1.11 Mining Assets

Exploration and evaluation costs other than future site identification costs are expensed as incurred. Site identification costs related to areas of interest are capitalised and carried forward to the extent that they are expected to be recoverable.

Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of

the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.

Mining assets are reviewed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. When facts and circumstances suggest that the carrying amount exceeds the recoverable amount, the mining asset is written down to their recoverable amount.

1.12 Rehabilitation Costs

Costs of site restoration are recognised when incurred. Site restoration costs include the dismantling and removal and rehabilitation of the site in accordance with the clauses of the mining permits. Such costs are charged to direct costs.

1.13 Intangible Assets

An intangible asset is recognised when:

Intangible assets are initially recognised at cost.

Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. Expenditure on acquired intangible assets are capitalised and amortised using the straight-line method over their useful lives. Intangible assets are not revalued. The carrying amount of each intangible asset is reviewed annually and adjusted for impairment where it is considered necessary.

An intangible asset is regarded as having an indefinite useful life when, based on all relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows. Amortisation is not provided for these intangible assets. For all other intangible assets amortisation is provided on a straight line basis over their useful life.

The amortisation period and the amortisation method for intangible assets are reviewed every period-end.

Amortisation is provided to write down the intangible assets, on a straight line basis, to their residual values as follows:
Items Useful life

Mining Rights 20 Years
Exploration Costs 10 Years

1.14 Investments

Fixed assets investments are stated at cost less provision for diminution in value.

1.15 Property, Plant and Equipment

The cost of an item of property, plant and equipment is recognised as an asset when:

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located is also included in the cost of property, plant and equipment.

Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. Depreciation is calculated on the straight-line method to write off the cost of each asset to their residual values over their estimated useful lives. Depreciation begins when an item of property, plant and equipment is available for use and ends when the item is

derecognised, even if during that period the item was idle. The depreciation rates applicable to each category of property, plant and equipment are as follows:

Item Average useful Life
Plant and Machinery 10 years
Motor Vehicles 8 years
Office Equipment 5 years

The residual value and the useful life of each asset are reviewed at each financial period-end.

Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item shall be depreciated separately.

The depreciation charge for each period is recognised in profit or loss unless it is included in the carrying amount of another asset.

The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item.

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset.

Irrespective of whether there is any indication of impairment, the company also:

If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined.

The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its value in use.

If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is an impairment loss.

An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss. Any impairment loss of a revalued asset is treated as a revaluation decrease.

A reversal of an impairment loss of assets carried at cost less accumulated depreciation or amortisation other than goodwill is recognised immediately in profit or loss. Any reversal of an impairment loss of a revalued asset is treated as a revaluation increase.

This represents inventories of consumable stores, held at the lower of cost and net realisable value.

1.18 Financial Instruments

Initial Recognition

The group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement.

Financial assets and financial liabilities are recognised on the group's balance sheet when the company becomes party to the contractual provisions of the instrument.

Loans to (from) Group Companies

These include loans to the subsidiary company and are recognised initially at fair value plus direct transaction costs.

Subsequently these loans, where it is practicable to do so and it would have a material effect on consolidated reporting, are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts on loans receivable an impairment loss is recognised in profit or loss when there is objective evidence that it is impaired. The impairment is measured as the difference between the investment's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.

Impairment losses are reversed in subsequent periods when an increase in the investment's recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised.

Trade and other Receivables

Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference

between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.

Trade and other Payables

Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These are initially and subsequently recorded at fair value.

1.19 Provisions and Contingencies

Provisions are recognised when:

Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for the reimbursement shall not exceed the amount of the provision.

Provisions are not recognised for future operating losses.

If an entity has a contract that is onerous, the present obligation under the contract shall be recognised and measured as a provision.

Contingent assets and contingent liabilities are not recognised.

For equity-settled share-based payment transactions the group, in accordance with IFRS2 (effective from 1st January 2006), measures their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. The fair value of those equity instruments is measured at grant date using the trinomial method. Where the expense is material, it is apportioned over the vesting period of the financial instrument and is based on the numbers which are expected to vest and the fair value of those financial instruments at the date of the grant. If the equity instruments granted vest immediately, the expense is recognised in full.

2. Employees

The average monthly number of employees, (including 2009Number 2008Number

directors), during the year was:
Staff of subsidiary 16 17
Staff of head office 1 1
Directors 5 4
________ ________

________ ________

3 Operating loss

£ £

This has been arrived at after charging:
Depreciation 169,662 127,010
Amortisation 39,734 12,955

Operating lease rentals * land and buildings 7,200 7,108

Auditors' remuneration * audit
(company * £11,500 (2008 - £13,290)) 16,110 16,631
Directors Remuneration 28,200 65,391

________ ________

The remuneration of the highest paid director is £28,200 (2008 £33,840).

4 Taxation on loss on ordinary activities

There has been no tax payable in this or the previous year due to the availability of losses.

£ £

(Loss)/Profit on ordinary activities before tax (492,485) (298,168)
________ ________

(Loss)/Profit on ordinary activities at the standard rate of corporation tax in the UK of 28% (2008 * 30%)
(137,896) (89,450)

Effects of:
Tax losses 137,896 89,450
________ ________

Current tax charge for year - -
________ ________

A deferred tax asset of £718,299 (2008 - £548,980) relating to losses in the subsidiary undertakings has not been recognised due to inherent uncertainty regarding the availability of suitable taxable profits against which the losses can be recovered within the foreseeable future.

5 Loss per share

Loss per share has been calculated using the weighted average number of shares in issue during the relevant financial periods. The weighted average number of shares in issue is 39,922,460 (2008 - 38,272,187) and the loss, being the loss after tax, is £492,485 (2008 loss * £298,168).

Diluted Loss per share has been calculated using a weighted average number of shares of 39,922,460 (2008 - 38,272,187), which includes the share options in issue at the start and end of the year.

6 Loss for the financial period

As permitted by Section 230 of the Companies Act 1985, the holding company's profit and loss account has been included in these financial statements. The loss for the financial year is made up as follows:

Holding company's (loss)/profit for the financial year £(132,956) £(411,991)
________ ________

7 Intangible fixed assets

Mining rights and
exploration costs
Group £

Cost
At 1 March 2008 1,322,486
Additions 47,809
Exchange difference 73,102
________

At 28 February 2009 1,443,397
________

Amortisation
At 1 March 2008 461,987
Charge for the year 39,734
Exchange differences 27,105
________
At 28 February 2009 528,826
________

Net book values
At 28 February 2009 £914,571
________
At 28 February 2008 £860,499
________

8 Tangible fixed assets

Office Equipment Property, PlantAnd Equipment Total
£ £ £

Group Cost
At 1 March 2008 3,861 1,330,927 1,334,788
Additions - 35,695 35,695
Exchange difference (1,357) 72,724 71,367
________ ________ ________
At 28 February 2009 2,504 1,439,346 1,441,850
________ ________ ________

Depreciation
At 1 March 2008 2,624 362,058 364,682
Charge for the yearExchange 394(1,395) 169,268(4,811) 169,662(6,206)

difference
________ ________ ________

At 28 February 2009 1,623 526,515 528,138
________ ________ ________

Net book Value
At 28 February 2009 £881 £912,831 £913,712
________ ________ ________

At 29 February 2008 £1,237 £968,869 £970,106
________ ________ ________

9 Fixed asset investments

Group undertakings Loans to group undertakings Total
£ £ £

Company
At 1 March 2008 2,110,430 2,609,835 4,720,265
Additions - 300,379 300,379
Exchange differences - - -
________ ________ ________
At 28 February 2009 2,110,430 2,910,214 5,020,644
________ ________ ________

Provisions for diminution in value
At 1 March 2008 and at 28 628,536 - 628,536

February 2009
________ ________ ________

Net book value
At 28 February 2009 £1,481,894 £2,910,214 £4,392,108
________ ________ ________

At 28 February £1,481,894 £2,609,835 £4,091,729

Investment in group undertakings includes

The loans to group undertakings are denominated in Namibian Dollars, are interest free and are subordinated in favour of other creditors of the subsidiary undertakings. See note 19 for details of the Prior Year Adjustment resulting in the restatement of the opening balances.

The directors are of the opinion that it is impractical to measure the loans to subsidiaries at amortised cost using the effective interest rate method and that to do so would have no benefit to the consolidated position of the company and its subsidiaries as the balances due to and from each company eliminate on consolidation.

10 Inventories
Group Group

Consumable stores £31,967 £32,673
________ ________
11 Trade and Other Receivables

Group Group Company Company

£ £ £ £
Trade receivables 36,165 26,363 - -
________ ________ ________ ________

All amounts fall due for repayment within one year.
12 Trade and other payables

Group Group Company Company

£ £ £ £

Trade Payables and Accruals 56,673 51,120 24,553 18,875
Loans from Directors 350,000 - 350,000 -
________ ________ ________ ________

406,673 51,120 374,553 18,875
________ ________ ________ ________
There are no terms of repayment for the directors' loans which are interest free.

13 Derivatives and other financial instruments

Financial instruments policies and strategies

During the period since its incorporation, the group has financed its business with the cash it has raised through the issue of shares. It has used these funds to acquire and develop business in Namibia. The main risk arising from the group's financial instruments is foreign currency risk.

At 28 February 2009, the group's financial instruments comprised cash and short-term receivables and payables arising directly from its operations. The group's primary treasury activity has been the management of cash. This has been held so as to maximise interest earned without compromising the group's need for flexibility in meeting its cash needs. The group is not currently actively pursuing a strategy of acquiring investments.

Although the group is based in the UK, it has a significant investment in Namibia. As a result, the group's sterling balance sheet can be significantly affected by movements in the Namibian Dollar/Sterling exchange rates.

Sales of diamonds are denominated in Namibian Dollars but the price obtained is dependent on market prices set in US Dollars. The group incurs costs in both Sterling and Namibian Dollars.

The group has not entered into any derivative transactions during the year.

Short-term receivables and payables have been excluded from the numerical disclosures below.
Interest rate risk profile of financial Floating rate

assets:

£ £
Sterling 25,681 103,338
Namibian dollar 11,058 162
________ ________
£36,739 £103,500
________ ________

The financial assets comprise short-term cash deposits. The group does not have any material interest bearing financial liabilities. As the group's principal financial instruments is cash, the directors do not consider there to be a material difference between the book and fair value of the group's financial assets.

14 Share capital

Shares 2009 2008 2009 2008
Number Number £ £
Authorised
Ordinary shares of 10p 50,000,000 50,000,000
each
Ordinary shares of 1p each 440,697,860 4,406,979
Deferred shares of 9p each 39,922,460 3,593,021
________ ________ ________ ________
Total 480,620,320 50,000,000 8,000,000 50,000,000
__________ __________ _________ __________
Allotted, called up and
fully paid
Ordinary shares of 10p 39,922,460 3,992,246
each
Ordinary shares of 1p each 39,922,460 399,225
Ordinary shares of 9p each 39,922,460 3,593,021
________ ________ ________ ________
79,844,920 39,922,460 3,992,246 3,992,246
__________79 __________ __________ __________
During the year a capital reorganisation took place. The existing ordinary shares of 10p each
were subdivided into:-
39,922,460 ordinary shares of 1p each and 39,922,460 deferred shares of 9p each

The holders of the deferred shares shall not be entitled to receive any dividend out of the profits of the company available for distribution and they are non-voting

Options

The company has in issue the following options to subscribe for ordinary shares:

Number 750,000 4,500,000

Options are exercisable between 9 January 2008 and 9 January 2013 at an exercise price of £0.12p. As at 28 February 2009 these options were still outstanding.

The directors estimate, by reference to formal valuations of options issued in prior periods and consideration of movements in component factors of those valuations, that the expense to be recognised under IFRS2 in respect of options issued during the year is not material in the context of group results. They consider that the expense of commissioning a separate valuation would be disproportionate to the benefits obtained. Accordingly no adjustments have been made to reflect the issue of options as an expense of the business and the corresponding increase in equity of the business.

15 Share Premium Account

Group and Company Share Premium account

At 1 March 2008 and 28 February 2009 £359,384

16 Profit and Loss Account

Group £
At 1 March 2008 (2,509,171)
Loss for the year (492,485)
________

At 28 February 2009 £(3,001,656)
________

Company £
At 1 March 2008 (175,438)
Loss for the year (132,956)
________
At 28 February 2009 £(308,394)
________
17 Foreign Exchange Reserve

Group £
At 1 March 2008 99,562
Gain on foreign translation 76,945
________
At 28 February 2009 £176,507
________

18 Reconciliation of movements in shareholders' funds

£ £

Group
(Loss) for the financial year (492,485) (298,168)
Other recognised gains and losses 76,945 (178,543)
Issue of shares - 200,000
________ ________
(415,540) (276,711)
Opening shareholders' funds 1,942,021 2,218,732
________ ________
Closing shareholders' funds £1,526,481 £1,942,021
________ ________

The conversion from United Kingdom Generally Accepted Accounting Practice to International Financial Reporting Standards has caused no effect on the equity of the group.

Company £ £

(Loss)/Profit for the financial year (132,956) (411,991)
Issue of shares - 200,000
________ ________

(132,956) (211,991)
Opening shareholders' funds 4,176,192 3,076,564
Prior year adjustment - 1,311,619
________ ________

Closing shareholders* funds £4,043,236 £4,176,192
________ ________

19 Prior year adjustment

Group Company
£ £
a. Arising from reclassification of inter-company 811,619

loan
indebtedness as a Namibian Dollar liability
b. Release of provision for impairment on 500,000

revaluation
of loan
c. Arising from first time introduction of IFRS and 278,105
creation of Foreign Exchange Reserve
________
________
1,311,619
________

20 Reconciliation of operating loss to net cash outflow from operating activities

£ £
Operating loss (493,774) (304,638)
Depreciation of plant, property and equipment 169,662 121,225
Amortisation of intangible assets 39,734 12,365
Decrease/(Increase) in inventories 706 3,275
(Increase)/decrease in trade and other receivables (9,802) (2,845)
Increase/(decrease) in trade and other payables 355,553 13,273
Net effect of foreign exchange differences (46,625) 86,797

Net cash (outflow)/inflow from operating activities £15,454 £(70,548)
________ ________
21 Analysis of net debt

At 1 March 2008 Cash flow At 28 February 2009
£ £ £

Net cash:
Cash at bank and in hand £103,500 £(66,761) £36,739
________ ________ ________

22 Reconciliation of net cash flow to movement in net funds

£ £
(Decrease) in cash for the year (66,761) (268,688)
________ ________

Movement in net funds in the year (66,761) (268,688)
Opening net funds 103,500 372,188
________ ________

Closing net funds £36,739 £103,500
________ ________
23 Contingent liabilities

The mining contract undertaken by the group requires the subsidiary, Sonnberg, to remove all equipment and installations and to rehabilitate all disturbed areas once mining activities have ceased.

Sonnberg pay 1% of sales to a fund held by NAMDEB Diamond Corporation (Proprietary) Limited, to provide for the costs of environmental rehabilitation. The directors' best estimate is that there is no additional liability at the balance sheet date to the contributions already made to this fund. Accordingly, no provision has been made.

24 Commitments under operating leases

As at 28 February 2009, the company had annual commitments under non-cancellable operating leases as set out below:
2009Land and 2008 Land and buildings
buildings
£ £
Expiring in less than one year 2,400 2,400
________ ________

25 Related party transactions

During the year the company received loans from Lord Sheppard of Didgemere of £200,000 (2008 Nil), B M Moritz £145,000 (2008 Nil) and ACA Carlton £5,000 (2008 Nil). The loans are interest free and with no repayment terms.

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

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