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| | | | F-1 | | | |
ANNEXES | | | |||||
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | |
| | |
Assuming No
Redemption |
| |
Assuming
Maximum Redemption |
| ||||||||||||||||||
|
Number of
Shares(1) |
| |
% of
Shares |
| |
Number of
Shares(1) |
| |
% of
Shares |
| ||||||||||||||
Centricus’ existing public shareholders
|
| | | | 34,500,000 | | | | | | 25% | | | | | | 7,900,000 | | | | | | 7% | | |
Centricus Initial Shareholders
|
| | | | 8,625,000 | | | | | | 6% | | | | | | 8,625,000 | | | | | | 8% | | |
PIPE Investors(2)
|
| | | | 7,100,000 | | | | | | 5% | | | | | | 7,100,000 | | | | | | 6% | | |
Company Shareholders(3)
|
| | | | 90,000,000 | | | | | | 64% | | | | | | 90,000,000 | | | | | | 79% | | |
Total
|
| | | | 140,225,000 | | | | | | | | | | | | 113,625,000 | | | | | | | | |
| | |
Assuming No Redemption
|
| |
Assuming Maximum
Redemption |
| ||||||||||||||||||
|
Number of
Shares(1) |
| |
% of
Shares |
| |
Number of
Shares(1) |
| |
% of
Shares |
| ||||||||||||||
Centricus’ existing public shareholders
|
| | | | 34,500,000 | | | | | | 25% | | | | | | 7,900,000 | | | | | | 7% | | |
Centricus Initial Shareholders
|
| | | | 8,625,000 | | | | | | 6% | | | | | | 8,625,000 | | | | | | 8% | | |
PIPE Investors(2)
|
| | | | 7,100,000 | | | | | | 5% | | | | | | 7,100,000 | | | | | | 6% | | |
Company Shareholders(3)
|
| | | | 90,000,000 | | | | | | 64% | | | | | | 90,000,000 | | | | | | 79% | | |
Total
|
| | | | 140,225,000 | | | | | | | | | | | | 113,625,000 | | | | | | | | |
Balance Sheet Data:
|
| |
As of March 31, 2021
|
| |
As of December 31, 2020
|
| ||||||
Total assets
|
| | | $ | 346,970,871 | | | | | $ | 216,584 | | |
Total liabilities
|
| | | $ | 23,345,757 | | | | | $ | 196,584 | | |
Value of ordinary shares subject to redemption
|
| | | $ | 318,625,110 | | | | | $ | — | | |
Total shareholders’ equity
|
| | | $ | 5,000,004 | | | | | $ | 20,000 | | |
Statement of Operations Data:
|
| |
For the
three months ended March 31, 2021 |
| |
For the period from
November 24, 2020 (inception) through December 31, 2020 |
| ||||||
Formation and operating costs
|
| | | $ | 1,653,238 | | | | | $ | 5,000 | | |
Net income (loss)
|
| | | $ | 8,626,644 | | | | | $ | (5,000) | | |
Weighted average shares outstanding — basic and diluted, Class A ordinary shares subject to possible redemption
|
| | | | 30,930,993 | | | | | | 7,500,000 | | |
Basic and diluted net loss per ordinary share, Class A ordinary shares subject to possible redemption
|
| | | $ | (0.00) | | | | | $ | (0.00) | | |
Statement of Financial Position Data:
|
| |
As of
March 31, 2021 (unaudited) |
| |
As of
September 30, 2020 |
| ||||||
Current assets
|
| | | £ | 386,639 | | | | | £ | 367,785 | | |
Total assets
|
| | | £ | 15,899,556 | | | | | £ | 7,206,277 | | |
Current liabilities
|
| | | £ | 7,517,718 | | | | | £ | 6,072,372 | | |
Total liabilities
|
| | | £ | 19,518,991 | | | | | £ | 6,485,730 | | |
Total equity
|
| | | £ | (3,619,435) | | | | | £ | 720,547 | | |
Statement of Comprehensive Income Data:
|
| |
For the
six months ended March 31, 2021 (unaudited) |
| |
For the
six months ended March 31, 2020 (unaudited) |
| |
For the
year ended September 30, 2020 |
| |
For the
nine months ended September 30, 2019 |
| ||||||||||||
Revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Operating (loss)/profit
|
| | | £ | (3,982,325) | | | | | £ | (852,379) | | | | | £ | (634,223) | | | | | £ | 284,301 | | |
(Loss)/profit before tax
|
| | | £ | (4,408,580) | | | | | £ | (949,576) | | | | | £ | (891,277) | | | | | £ | 615,501 | | |
(Loss)/profit for the period attributable to equity holders
|
| | | £ | (4,408,580) | | | | | £ | (658,576) | | | | | £ | (445,554) | | | | | £ | 814,728 | | |
Statement of Operations for the Six Months
Ended March 31, 2021 |
| |
Historical
Arqit Limited |
| |
Historical
Centricus Acquisition Corp.(1) |
| |
Pro forma
Assuming no redemptions |
| |
Pro forma
Assuming maximum redemptions |
| | ||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other operating income
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
Administrative expenses
|
| | | | (5,374,260) | | | | | | (1,658,238) | | | | | | (114,657,384) | | | | | | (114,657,384) | | | | | |
Loss from operations
|
| | | | (5,374,260) | | | | | | (1,658,238) | | | | | | (114,657,384) | | | | | | (114,657,384) | | | | | |
Finance income
|
| | | | — | | | | | | 10,279,882 | | | | | | 10,279,882 | | | | | | 10,279,882 | | | | | |
Finance expense
|
| | | | (575,244) | | | | | | — | | | | | | (575,244) | | | | | | (575,244) | | | | | |
Loss from operations before tax
|
| | | | (575,244) | | | | | | 10,279,882 | | | | | | (104,952,746) | | | | | | (104,952,746) | | | | | |
Tax credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loss from operations
|
| | | $ | (5,949,504) | | | | | $ | 8,621,644 | | | | | $ | (104,952,746) | | | | | $ | (104,952,746) | | | | | |
Statement of Operations for the Year Ended
September 30, 2020 |
| |
Historical
Arqit Limited |
| |
Historical
Centricus Acquisition Corp.(1) |
| |
Pro Forma
Assuming no redemptions |
| |
Pro Forma
Assuming maximum redemptions |
| ||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Other operating income
|
| | | $ | 1,963,275 | | | | | $ | — | | | | | $ | 1,963,275 | | | | | $ | 1,963,275 | | |
Administrative expenses
|
| | | | (2,772,085) | | | | | | (5,000) | | | | | | (108,857,335) | | | | | | (108,857,335) | | |
Loss from operations
|
| | | | (808,810) | | | | | | (5,000) | | | | | | (106,894,060) | | | | | | (106,894,060) | | |
Finance income
|
| | | | 64,889 | | | | | | — | | | | | | 10,340,139 | | | | | | 10,340,139 | | |
Finance expense
|
| | | | (392,704) | | | | | | — | | | | | | (392,704) | | | | | | (392,704) | | |
Loss from operations before tax
|
| | | | (1,136,625) | | | | | | (5,000) | | | | | | (96,946,625) | | | | | | (96,946,625) | | |
Tax credit
|
| | | | 568,420 | | | | | | — | | | | | | 568,420 | | | | | | 568,420 | | |
Total loss from operations
|
| | | $ | (568,205) | | | | | $ | (5,000) | | | | | $ | (96,378,205) | | | | | $ | (96,378,205) | | |
Balance Sheet as of March 31, 2021
|
| |
Historical
Arqit Limited |
| |
Historical
Centricus Acquisition Corp. |
| |
Pro forma
Assuming no redemptions |
| |
Pro forma
Assuming maximum redemptions |
| ||||||||||||
Total Current Assets
|
| | | $ | 8,204,658 | | | | | $ | 1,966,239 | | | | | $ | 386,175,529 | | | | | $ | 120,175,529 | | |
Total Assets
|
| | | | 21,935,028 | | | | | | 346,970,871 | | | | | | 399,905,899 | | | | | | 133,905,899 | | |
Total Current Liabilities
|
| | | | 10,371,444 | | | | | | 995,507 | | | | | | 5,496,475 | | | | | | 5,496,475 | | |
Total Liabilities
|
| | | | 26,928,401 | | | | | | 341,970,867 | | | | | | 17,842,882 | | | | | | 17,842,882 | | |
Total Shareholders’ Equity
|
| | | | (4,993,373) | | | | | | 5,000,004 | | | | | | 382,063,017 | | | | | | 116,063,017 | | |
| | |
Forecast Year Ended December 31,
|
| |||||||||||||||||||||||||||
(in millions of U.S. dollars)
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |||||||||||||||
Revenue
|
| | | | 14 | | | | | | 32 | | | | | | 153 | | | | | | 402 | | | | | | 660 | | |
Gross profit
|
| | | | 10 | | | | | | 24 | | | | | | 140 | | | | | | 378 | | | | | | 609 | | |
EBITDA(1) | | | | | (6) | | | | | | 3 | | | | | | 82 | | | | | | 288 | | | | | | 477 | | |
Capital Expenditure
|
| | | | (26) | | | | | | (24) | | | | | | (21) | | | | | | (1) | | | | | | 1 | | |
Sources
|
| |
Assuming No
Redemption |
| |
Assuming Maximum
Redemption(1) |
| ||||||
Company Shareholders Rollover Equity
|
| | | $ | 900,000,000 | | | | | $ | 900,000,000 | | |
Proceeds from Trust Account(1)
|
| | | $ | 345,000,000 | | | | | $ | 79,000,000 | | |
Proceeds from PIPE Financing
|
| | | $ | 71,000,000 | | | | | $ | 71,000,000 | | |
Centricus Founder Shares Rollover Equity
|
| | | $ | 86,250,000 | | | | | $ | 86,250,000 | | |
Total
|
| | | $ | 1,402,250,000 | | | | | $ | 1,136,250,000 | | |
Uses
|
| |
Assuming No
Redemption |
| |
Assuming Maximum
Redemption(1) |
| ||||||
Company Shareholders Rollover Equity
|
| | | $ | 900,000,000 | | | | | $ | 900,000,000 | | |
Cash to Balance Sheet
|
| | | $ | 376,000,000 | | | | | $ | 110,000,000 | | |
Centricus Founder Shares Rollover Equity
|
| | | $ | 86,250,000 | | | | | $ | 86,250,000 | | |
Estimated Fees and Expenses
|
| | | $ | 40,000,000 | | | | | $ | 40,000,000 | | |
Total
|
| | | $ | 1,402,250,000 | | | | | $ | 1,136,250,000 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Manfredi Lefebvre d’Ovidio | | | | | 68 | | | | Chairman of the Board of Directors | |
Garth Ritchie | | | | | 52 | | | | Chief Executive Officer and Director | |
Cristina Levis | | | | | 40 | | | |
Chief Financial Officer, Chief Investment Officer and Secretary
|
|
Nicholas Taylor | | | | | 61 | | | | Director | |
Adam M. Aron | | | | | 66 | | | | Director | |
Name
|
| |
Age
|
| |
Position
|
|
David Williams | | |
52
|
| | Executive Chairman, Founder and Chief Executive Officer | |
David Bestwick | | |
55
|
| | Co-Founder and Chief Technology Officer | |
Nick Pointon | | |
51
|
| | Chief Financial Officer and Executive Director | |
Carlo Calabria | | |
60
|
| | Director | |
Stephen Chandler | | |
52
|
| | Director | |
Manfredi Lefebvre d’Ovidio | | |
68
|
| | Director | |
Lt General VeraLinn Jamieson | | |
60
|
| | Director | |
Garth Ritchie | | |
53
|
| | Director | |
General Stephen Wilson | | |
62
|
| | Director | |
Air Vice-Marshal Peter Rochelle | | |
55
|
| | Chief Operating Officer | |
Paul Feenan | | |
48
|
| | Chief Revenue Officer | |
Dr. Daniel Shiu | | |
52
|
| | Chief Cryptographer | |
Patrick Willcocks | | |
53
|
| | General Counsel and Corporate Secretary | |
| | |
Assuming
No Redemption |
| |
Assuming
Maximum Redemption |
| ||||||||||||||||||
| | |
Number of
Shares(1) |
| |
% of Shares
|
| |
Number of
Shares(1) |
| |
% of Shares
|
| ||||||||||||
Centricus’ existing public shareholders
|
| | | | 34,500,000 | | | | | | 25% | | | | | | 7,900,000 | | | | | | 7% | | |
Centricus Initial Shareholders
|
| | | | 8,625,000 | | | | | | 6% | | | | | | 8,625,000 | | | | | | 8% | | |
PIPE Investors(2)
|
| | | | 7,100,000 | | | | | | 5% | | | | | | 7,100,000 | | | | | | 6% | | |
Company Shareholders(3)
|
| | | | 90,000,000 | | | | | | 64% | | | | | | 90,000,000 | | | | | | 79% | | |
Total
|
| | | | 140,225,000 | | | | | | | | | | | | 113,625,000 | | | | | | | | |
| | |
Arqit Limited
|
| |
Centricus Acquisition Corp.
|
| |
Transaction
accounting adjustments |
| |
Note 2
|
| |
Pro forma
combined |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| ||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and
equipment |
| | | $ | 104,007 | | | | | $ | — | | | | | | | | | | | $ | 104,007 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 104,007 | | |
Intangible assets
|
| | | | 13,591,873 | | | | | | — | | | | | | | | | | | | 13,591,873 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 13,591,873 | | |
Fixed asset investments
|
| | | | 34,490 | | | | | | — | | | | | | | | | | | | 34,490 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 34,490 | | |
Cash and marketable securities
held in Trust Account |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 345,004,632 | | | | | | (345,004,632) | | | | | | 2(a) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total Non-Current Assets
|
| | | | 13,730,370 | | | | | | — | | | | | | | | | | | | 13,730,370 | | | | | | 345,004,632 | | | | | | (345,004,632) | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 13,730,370 | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | $ | 533,407 | | | | | $ | — | | | | | | | | | | | $ | 533,407 | | | | | $ | 806,550 | | | | | $ | — | | | | | | | | | | | $ | 806,550 | | | | | $ | — | | | | | | | | | | | $ | 1,339,957 | | |
Cash and cash equivalents
|
| | | | 7,671,251 | | | | | | — | | | | | | | | | | | | 7,671,251 | | | | | | 1,159,689 | | | | | | 332,929,632 | | | | | | 2(b) | | | | | | 334,089,321 | | | | | | 43,075,000 | | | | | | 2(b) | | | | | | 384,835,572 | | |
Total Current Assets
|
| | | | 8,204,658 | | | | | | — | | | | | | | | | | | | 8,204,658 | | | | | | 1,966,239 | | | | | | 332,929,632 | | | | | | | | | | | | 334,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 386,175,529 | | |
Total Assets
|
| | | | 21,935,028 | | | | | | — | | | | | | | | | | | | 21,935,028 | | | | | | 346,970,871 | | | | | | (12,075,000) | | | | | | | | | | | | 334,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 399,905,899 | | |
Liabilities and Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | $ | 5,542,844 | | | | | $ | 10,953,906 | | | | | | 2(c) | | | | | $ | 16,496,750 | | | | | $ | 995,507 | | | | | $ | 15,929,218 | | | | | | 2(c) | | | | | $ | 16,924,725 | | | | | $ | (27,925,000) | | | | | | 2(c) | | | | | $ | 5,496,475 | | |
Loans and borrowings
|
| | | | 4,828,600 | | | | | | (4,828,600) | | | | | | 2(d) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total Current Liabilities
|
| | | | 10,371,444 | | | | | | 6,125,306 | | | | | | | | | | | | 16,496,750 | | | | | | 995,507 | | | | | | 15,929,218 | | | | | | | | | | | | 16,924,725 | | | | | | (27,925,000) | | | | | | | | | | | | 5,496,475 | | |
Non-Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | $ | 14,971,570 | | | | | $ | (14,485,800) | | | | | | 2(d) | | | | | $ | 485,770 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 485,770 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 12,075,000 | | | | | | (12,075,000) | | | | | | 2(c) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Warrant Liability
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,275,250 | | |
Trade and other payables
|
| | | | 1,585,387 | | | | | | — | | | | | | | | | | | | 1,585,387 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 1,585,387 | | |
Class A ordinary shares subject
to possible redemption, 31,862,511 shares at redemption value |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 318,625,110 | | | | | | — | | | | | | | | | | | | 318,625,110 | | | | | | (318,625,110) | | | | | | 2(e) | | | | | | — | | |
Total Liabilities
|
| | | | 26,928,401 | | | | | | (8,360,494) | | | | | | | | | | | | 18,567,907 | | | | | | 341,970,867 | | | | | | 3,854,218 | | | | | | | | | | | | 345,825,085 | | | | | | (346,550,110) | | | | | | | | | | | | 17,842,882 | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arqit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | $ | 178 | | | | | $ | — | | | | | | | | | | | $ | 178 | | | | | $ | — | | | | | $ | | | | | | | | | | | $ | — | | | | | $ | (178) | | | | | | 2(g) | | | | | $ | — | | | |
Share premium reserve
|
| | | | — | | | | | | 20,694,000 | | | | | | 2(d) | | | | | | 20,694,000 | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | (20,694,000) | | | | | | 2(g) | | | | | | — | | |
Convertible loan notes treated
as equity |
| | | | 1,379,600 | | | | | | (1,379,600) | | | | | | 2(d) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Share option reserve
|
| | | | 238,498 | | | | | | — | | | | | | | | | | | | 238,498 | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | (238,498) | | | | | | 2(g) | | | | | | — | | |
Accumulated deficit
|
| | | | (6,611,649) | | | | | | (10,953,906) | | | | | | 2(c) | | | | | | (17,565,555) | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | 17,565,555 | | | | | | 2(g) | | | | | | — | | |
Centricus | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 264 | | | | | | — | | | | | | | | | | | | 264 | | | | | | (3,450) | | | | | | 2(g) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,186 | | | | | | 2(e) | | | | | | | | |
Class B share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 863 | | | | | | — | | | | | | | | | | | | 863 | | | | | | (863) | | | | | | 2(h) | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 318,621,924 | | | | | | 2(e) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (318,621,924) | | | | | | 2(g) | | | | | | | | |
Accumulated reserve/
(deficit) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,998,877 | | | | | | (15,929,218) | | | | | | 2(c) | | | | | | (10,930,341) | | | | | | 10,930,341 | | | | | | 2(g) | | | | | | — | | |
Pubco | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 710 | | | | | | 2(f) | | | | | | 14,023 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,000 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 863 | | | | | | 2(h) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,450 | | | | | | 2(g) | | | | | | | | |
Share premium reserve
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 70,999,290 | | | | | | 2(f) | | | | | | 507,000,937 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 318,621,924 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 107,615,886 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 178 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,694,000 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,930,341) | | | | | | 2(g) | | | | | | | | |
Accumulated deficit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (17,565,555) | | | | | | 2(g) | | | | | | (125,190,441) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (107,624,886) | | | | | | 2(g) | | | | | | | | |
Share option reserve
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 238,498 | | | | | | 2(g) | | | | | | 238,498 | | |
Total Shareholders’ Equity
|
| | | | (4,993,373) | | | | | | 8,360,494 | | | | | | | | | | | | 3,367,121 | | | | | | 5,000,004 | | | | | | (15,929,218) | | | | | | | | | | | | (10,929,214) | | | | | | 389,625,110 | | | | | | | | | | | | 382,063,017 | | |
Total Liabilities and Shareholders’ Equity
|
| | | | 21,935,028 | | | | | | — | | | | | | | | | | | | 21,935,028 | | | | | | 346,970,871 | | | | | | (12,075,000) | | | | | | | | | | | | 334,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 399,905,899 | | |
| | |
Arqit Limited
|
| |
Centricus Acquisition Corp.
|
| |
Transaction
accounting adjustments |
| |
Note 2
|
| |
Pro forma
combined |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| ||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and
equipment |
| | | $ | 104,007 | | | | | $ | — | | | | | | | | | | | $ | 104,007 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 104,007 | | |
Intangible assets
|
| | | | 13,591,873 | | | | | | — | | | | | | | | | | | | 13,591,873 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 13,591,873 | | |
Fixed asset investments
|
| | | | 34,490 | | | | | | — | | | | | | | | | | | | 34,490 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 34,490 | | |
Cash and marketable securities
held in Trust Account |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 345,004,632 | | | | | | (345,004,632) | | | | | | 2(a) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total Non-Current Assets
|
| | | | 13,730,370 | | | | | | — | | | | | | | | | | | | 13,730,370 | | | | | | 345,004,632 | | | | | | (345,004,632) | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 13,730,370 | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | $ | 533,407 | | | | | $ | — | | | | | | | | | | | $ | 533,407 | | | | | $ | 806,550 | | | | | $ | — | | | | | | | | | | | $ | 806,550 | | | | | $ | | | | | | | | | | | $ | 1,339,957 | | | |
Cash and cash equivalents
|
| | | | 7,671,251 | | | | | | — | | | | | | | | | | | | 7,671,251 | | | | | | 1,159,689 | | | | | | 66,929,632 | | | | | | 2(b) | | | | | | 68,089,321 | | | | | | 43,075,000 | | | | | | 2(b) | | | | | | 118,835,572 | | |
Total Current Assets
|
| | | | 8,204,658 | | | | | | — | | | | | | | | | | | | 8,204,658 | | | | | | 1,966,239 | | | | | | 66,929,632 | | | | | | | | | | | | 68,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 120,175,529 | | |
Total Assets
|
| | | | 21,935,028 | | | | | | — | | | | | | | | | | | | 21,935,028 | | | | | | 346,970,871 | | | | | | (278,075,000) | | | | | | | | | | | | 68,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 133,905,899 | | |
Liabilities and Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | $ | 5,542,844 | | | | | $ | 10,953,906 | | | | | | 2(c) | | | | | $ | 16,496,750 | | | | | $ | 995,507 | | | | | $ | 15,929,218 | | | | | | 2(c) | | | | | $ | 16,924,725 | | | | | $ | (27,925,000) | | | | | | 2(c) | | | | | $ | 5,496,475 | | |
Loans and borrowings
|
| | | | 4,828,600 | | | | | | (4,828,600) | | | | | | 2(d) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total Current Liabilities
|
| | | | 10,371,444 | | | | | | 6,125,306 | | | | | | | | | | | | 16,496,750 | | | | | | 995,507 | | | | | | 15,929,218 | | | | | | | | | | | | 16,924,725 | | | | | | (27,925,000) | | | | | | | | | | | | 5,496,475 | | |
Non-Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | $ | 14,971,570 | | | | | $ | (14,485,800) | | | | | | 2(d) | | | | | $ | 485,770 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 485,770 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 12,075,000 | | | | | | (12,075,000) | | | | | | 2(c) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Warrant Liability
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,275,250 | | |
Trade and other payables
|
| | | | 1,585,387 | | | | | | — | | | | | | | | | | | | 1,585,387 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 1,585,387 | | |
Class A ordinary shares subject
to possible redemption, 31,862,511 shares at redemption value |
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 318,625,110 | | | | | | (266,000,000) | | | | | | 2(i) | | | | | | 52,625,110 | | | | | | (52,625,110) | | | | | | 2(j) | | | | | | — | | |
Total Liabilities
|
| | | | 26,928,401 | | | | | | (8,360,494) | | | | | | | | | | | | 18,567,907 | | | | | | 341,970,867 | | | | | | (262,145,782) | | | | | | | | | | | | 79,825,085 | | | | | | (80,550,110) | | | | | | | | | | | | 17,842,882 | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arqit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | $ | 178 | | | | | $ | — | | | | | | | | | | | $ | 178 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | (178) | | | | | | 2(g) | | | | | $ | — | | |
Share premium reserve
|
| | | | — | | | | | | 20,694,000 | | | | | | 2(d) | | | | | | 20,694,000 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (20,694,000) | | | | | | 2(g) | | | | | | — | | |
Convertible loan notes treated
as equity |
| | | | 1,379,600 | | | | | | (1,379,600) | | | | | | 2(d) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Share option reserve
|
| | | | 238,498 | | | | | | — | | | | | | | | | | | | 238,498 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (238,498) | | | | | | 2(g) | | | | | | — | | |
Accumulated deficit
|
| | | | (6,611,649) | | | | | | (10,953,906) | | | | | | 2(c) | | | | | | (17,565,555) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 17,565,555 | | | | | | 2(g) | | | | | | — | | |
Centricus
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Class A share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 264 | | | | | | — | | | | | | | | | | | | 264 | | | | | | (790) | | | | | | 2(g) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 526 | | | | | | 2(j) | | | | | | | | |
Class B share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 863 | | | | | | — | | | | | | | | | | | | 863 | | | | | | (863) | | | | | | 2(h) | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 52,624,584 | | | | | | 2(j) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (52,624,584) | | | | | | 2(g) | | | | | | | | |
Accumulated reserve/
(deficit) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,998,877 | | | | | | (15,929,218) | | | | | | 2(c) | | | | | | (10,930,341) | | | | | | 10,930,341 | | | | | | 2(g) | | | | | | — | | |
Pubco | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary share capital
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 710 | | | | | | 2(f) | | | | | | 11,363 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,000 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 863 | | | | | | 2(h) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 790 | | | | | | 2(g) | | | | | | | | |
Share premium reserve
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 70,999,290 | | | | | | 2(f) | | | | | | 241,003,597 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,624,584 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 107,615,886 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 178 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,694,000 | | | | | | 2(g) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,930,341) | | | | | | 2(g) | | | | | | | | |
Accumulated deficit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (17,565,555) | | | | | | 2(g) | | | | | | (125,190,441) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (107,624,886) | | | | | | 2(g) | | | | | | | | |
Share option reserve
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 238,498 | | | | | | 2(g) | | | | | | 238,498 | | |
Total Shareholders’ Equity
|
| | | | (4,993,373) | | | | | | 8,360,494 | | | | | | | | | | | | 3,367,121 | | | | | | 5,000,004 | | | | | | (15,929,218) | | | | | | | | | | | | (10,929,214) | | | | | | 123,625,110 | | | | | | | | | | | | 116,063,017 | | |
Total Liabilities and Shareholders’ Equity
|
| | | | 21,935,028 | | | | | | — | | | | | | | | | | | | 21,935,028 | | | | | | 346,970,871 | | | | | | (278,075,000) | | | | | | | | | | | | 68,895,871 | | | | | | 43,075,000 | | | | | | | | | | | | 133,905,899 | | |
| | |
Arqit Limited
|
| |
Centricus Acquisition Corp.
|
| |
Transaction
accounting adjustments |
| |
Note 2
|
| |
Pro forma
combined |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| ||||||||||||||||||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Administrative expenses
|
| | | $ | (5,374,260) | | | | | $ | — | | | | | | | | $ | (5,374,260) | | | | | $ | (1,658,238) | | | | | $ | — | | | | | | | | $ | (1,658,238) | | | | | $ | (107,624,886) | | | | | | 2(g) | | | | | $ | (114,657,384) | | |
Loss from operations
|
| | | | (5,374,260) | | | | | | — | | | | | | | | | (5,374,260) | | | | | | (1,658,238) | | | | | | — | | | | | | | | | (1,658,238) | | | | | | (107,624,886) | | | | | | | | | | | | (114,657,384) | | |
Finance income
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | 10,279,882 | | | | | | — | | | | | | | | | 10,279,882 | | | | | | — | | | | | | | | | | | | 10,279,882 | | |
Finance expense
|
| | | | (575,244) | | | | | | — | | | | | | | | | (575,244) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | | | | (575,244) | | |
| | | | $ | (5,949,504) | | | | | $ | — | | | | | | | | $ | (5,949,504) | | | | | $ | 8,621,644 | | | | | $ | — | | | | | | | | $ | 8,621,644 | | | | | $ | (107,624,886) | | | | | | | | | | | $ | (104,952,746) | | |
Tax credit
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total loss from operations
|
| | | $ | (5,949,504) | | | | | $ | — | | | | | | | | $ | (5,949,504) | | | | | $ | 8,621,644 | | | | | $ | — | | | | | | | | $ | 8,621,644 | | | | | $ | (107,624,886) | | | | | | | | | | | $ | (104,952,746) | | |
No redemption Scenario | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 1,286,600 | | | | | | | | | | | | | | | 1,286,600 | | | | | | 41,090,930 | | | | | | | | | | | | | | | 41,090,930 | | | | | | | | | | | | | | | | | | 140,225,000 | | |
Basic and diluted attributable loss per share
|
| | | | (4.62) | | | | | | | | | | | | | | | (4.62) | | | | | | 0.21 | | | | | | | | | | | | | | | 0.21 | | | | | | | | | | | | | | | | | | (0.75) | | |
Maximum redemption scenario | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 1,286,600 | | | | | | | | | | | | | | | 1,286,600 | | | | | | 41,090,930 | | | | | | | | | | | | | | | 41,090,930 | | | | | | | | | | | | | | | | | | 113,625,000 | | |
Basic and diluted attributable loss per share
|
| | | | (4.62) | | | | | | | | | | | | | | | (4.62) | | | | | | 0.21 | | | | | | | | | | | | | | | 0.21 | | | | | | | | | | | | | | | | | | (0.92) | | |
| | |
Arqit Limited
|
| |
Centricus Acquisition Corp.
|
| |
Transaction
accounting adjustments |
| |
Note 2
|
| |
Pro forma
combined |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| |
Historical
(Note 1) |
| |
Pro forma
adjustments |
| |
Note 2
|
| |
As adjusted
|
| |||||||||||||||||||||||||||||||||||||||
Continuing Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other operating income
|
| | | $ | 1,963,275 | | | | | $ | — | | | | | | | | $ | 1,963,275 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 1,963,275 | | |
Administrative expenses
|
| | | | (2,772,085) | | | | | | — | | | | | | | | | (2,772,085) | | | | | | (5,000) | | | | | | — | | | | | | | | | | | | (5,000) | | | | | | (106,080,250) | | | | | | 2(g) | | | | | | (108,857,335) | | |
Loss from operations
|
| | | | (808,810) | | | | | | — | | | | | | | | | (808,810) | | | | | | (5,000) | | | | | | — | | | | | | | | | | | | (5,000) | | | | | | (106,080,250) | | | | | | | | | | | | (106,894,060) | | |
Finance income
|
| | | | 64,889 | | | | | | — | | | | | | | | | 64,889 | | | | | | — | | | | | | 10,275,250 | | | | | | 2(k) | | | | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,340,139 | | |
Finance expense
|
| | | | (392,704) | | | | | | — | | | | | | | | | (392,704) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | (392,704) | | |
Loss from operations before
tax |
| | | $ | (1,136,625) | | | | | $ | — | | | | | | | | $ | (1,136,625) | | | | | $ | (5,000) | | | | | $ | 10,275,250 | | | | | | | | | | | $ | 10,270,250 | | | | | $ | (106,080,250) | | | | | | | | | | | $ | (96,946,625) | | |
Tax credit
|
| | | | 568,420 | | | | | | — | | | | | | | | | 568,420 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 568,420 | | |
Total loss from operations
|
| | | $ | (568,205) | | | | | $ | — | | | | | | | | $ | (568,205) | | | | | $ | (5,000) | | | | | $ | 10,275,250 | | | | | | | | | | | $ | 10,270,250 | | | | | $ | (106,080,250) | | | | | | | | | | | $ | (96,378,205) | | |
No redemption Scenario | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 1,286,600 | | | | | | | | | | | | | | | 1,286,600 | | | | | | 7,500,000 | | | | | | | | | | | | | | | | | | 7,500,000 | | | | | | | | | | | | | | | | | | 140,225,000 | | |
Basic and diluted attributable loss per share
|
| | | | (0.44) | | | | | | | | | | | | | | | (0.44) | | | | | | (0.00) | | | | | | | | | | | | | | | | | | 1.37 | | | | | | | | | | | | | | | | | | (0.69) | | |
Maximum redemption scenario | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 1,286,600 | | | | | | | | | | | | | | | 1,286,600 | | | | | | 7,500,000 | | | | | | | | | | | | | | | | | | 7,500,000 | | | | | | | | | | | | | | | | | | 113,625,000 | | |
Basic and diluted attributable loss per share
|
| | | | (0.44) | | | | | | | | | | | | | | | (0.44) | | | | | | (0.00) | | | | | | | | | | | | | | | | | | 1.37 | | | | | | | | | | | | | | | | | | (0.85) | | |
| | |
CENTRICUS ACQUISITION CORP. CONDENSED BALANCE SHEET
AT MARCH 31, 2021 |
| |||||||||||||||||||||
| | |
Centricus
Acquisition Corp. US GAAP (unaudited) |
| |
IFRS
Conversion and Presentation Alignment |
| |
Note
|
| |
Centricus
Acquisition Corp. IFRS |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and marketable securities held in Trust
Account |
| | | $ | 345,004,632 | | | | | $ | — | | | | | | | | | | | $ | 345,004,632 | | |
Total Non-Current Assets
|
| | | | 345,004,632 | | | | | | — | | | | | | | | | | | | 345,004,632 | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | $ | — | | | | | $ | 806,550 | | | | | | 1(a) | | | | | $ | 806,550 | | |
Cash and cash equivalents
|
| | | | 1,159,689 | | | | | | — | | | | | | | | | | | | 1,159,689 | | |
Prepaid expenses
|
| | | | 806,550 | | | | | | (806,550) | | | | | | 1(a) | | | | | | — | | |
Total Current Assets
|
| | | | 1,966,239 | | | | | | — | | | | | | | | | | | | 1,966,239 | | |
Total Assets
|
| | | | 346,970,871 | | | | | | — | | | | | | | | | | | | 346,970,871 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | $ | — | | | | | $ | 995,507 | | | | | | 1(a) | | | | | $ | 995,507 | | |
Accrued expenses
|
| | | | 844,864 | | | | | | (844,864) | | | | | | 1(a) | | | | |
|
—
|
| |
Accrued offering costs
|
| | | | 17,653 | | | | | | (17,653) | | | | | | 1(a) | | | | |
|
—
|
| |
Promissory note – related party
|
| | | | 132,990 | | | | | | (132,990) | | | | | | 1(a) | | | | |
|
—
|
| |
Total Current Liabilities
|
| | | | 995,507 | | | | | | — | | | | | | | | | | | | 995,507 | | |
Non-current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred underwriting fee payable
|
| | | $ | 12,075,000 | | | | | $ | — | | | | | | | | | | | $ | 12,075,000 | | |
Warrant Liability
|
| | | | 10,275,250 | | | | | | — | | | | | | | | | | | | 10,275,250 | | |
Class A ordinary shares subject to possible redemption, 31,862,511 shares at redemption value
|
| | | | — | | | | | | 318,625,110 | | | | | | 1(b) | | | | | | 318,625,110 | | |
Total Liabilities
|
| | | | 23,345,757 | | | | | | — | | | | | | | | | | | | 341,970,867 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 31,862,511 shares at redemption value
|
| | | $ | 318,625,110 | | | | | $ | (318,625,110) | | | | | | 1(b) | | | | | $ | — | | |
Shareholders’ Equity | | | | | | ||||||||||||||||||||
Class A share capital
|
| | | $ | 264 | | | | | $ | — | | | | | | | | | | | $ | 264 | | |
Class B share capital
|
| | | | 863 | | | | | | — | | | | | | | | | | | | 863 | | |
Accumulated reserve
|
| | | | 4,998,877 | | | | | | — | | | | | | | | | | | | 4,998,877 | | |
Total Shareholders’ Equity
|
| | | | 5,000,004 | | | | | | — | | | | | | | | | | | | 5,000,004 | | |
Total Liabilities and Shareholders’ Equity
|
| | | | 346,970,871 | | | | | | (318,625,110) | | | | | | | | | | | | 346,970,871 | | |
| | |
CENTRICUS ACQUISITION CORP. CONDENSED STATEMENT OF OPERATIONS
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
November 24, 2020 (inception) to March 31, 2021
|
| |
November 24, 2020 (inception) to December 30, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Centricus
Acquisition Corp. US GAAP (unaudited) |
| |
IFRS
Conversion and Presentation Alignment |
| |
Note
|
| |
Centricus
Acquisition Corp. IFRS |
| |
Centricus
Acquisition Corp. US GAAP (unaudited) |
| |
IFRS
Conversion and Presentation Alignment |
| |
Note
|
| |
Centricus
Acquisition Corp. IFRS |
| ||||||||||||||||||||||||
Administrative expenses
|
| | | $ | — | | | | | $ | (1,658,238) | | | | | | 1(c) | | | | | $ | (1,658,238) | | | | | $ | — | | | | | $ | (5,000) | | | | | | 1(c) | | | | | $ | (5,000) | | |
Formation and operating costs
|
| | | | (1,658,238) | | | | | | 1,658,238 | | | | | | 1(c) | | | | | | — | | | | | | (5,000) | | | | | | 5,000 | | | | | | 1(c) | | | | | | — | | |
Loss from operations
|
| | | | (1,658,238) | | | | | | — | | | | | | | | | | | | (1,658,238) | | | | | | (5,000) | | | | | | — | | | | | | | | | | | | (5,000) | | |
Finance income
|
| | | $ | — | | | | | $ | 10,279,882 | | | | | | 1(c) | | | | | $ | 10,279,882 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Interest earned on
marketable securities held in Trust Account |
| | | | 4,632 | | | | | | (4,632) | | | | | | 1(c) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Change in fair value of warrants
|
| | | | 10,275,250 | | | | | | (10,275,250) | | | | | | 1(c) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Loss from operations before tax
|
| | | | 8,621,644 | | | | | | — | | | | | | | | | | | | 8,621,644 | | | | | | (5,000) | | | | | | — | | | | | | | | | | | | (5,000) | | |
Tax credit
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Total loss from operations
|
| | | $ | 8,621,644 | | | | | $ | — | | | | | | | | | | | $ | 8,621,644 | | | | | $ | (5,000) | | | | | $ | — | | | | | | | | | | | $ | (5,000) | | |
| | |
Note
|
| |
No Redemption
|
| |
Max Redemption
|
| ||||||
Cash balance of Arqit prior to the Proposed Transaction
|
| | | | | | $ | 7,671,251 | | | | | $ | 7,671,251 | | |
Cash balance of Centricus prior to the Proposed Transaction
|
| | | | | | | 1,159,689 | | | | | | 1,159,689 | | |
Total cash prior to the Proposed Transaction
|
| | | | | |
|
8,830,940
|
| | | |
|
8,830,940
|
| |
Centricus pro forma adjustments: | | | | | | | | | | | | | | | | |
Centricus cash held in Trust Account
|
| |
i
|
| | | $ | 345,004,632 | | | | | $ | 345,004,632 | | |
Payment of deferred underwriting fee
|
| |
ii
|
| | | | (12,075,000) | | | | | | (12,075,000) | | |
Payment to redeeming Centricus public stockholders
|
| |
iii
|
| | | | — | | | | | | (266,000,000) | | |
Total Centricus pro forma adjustments
|
| | | | | |
|
332,929,632
|
| | | |
|
66,929,632
|
| |
Proposed Transaction accounting adjustments: | | | | | | | | | | | | | | | | |
PIPE financing
|
| |
iv
|
| | | $ | 71,000,000 | | | | | $ | 71,000,000 | | |
Payment of historic Arqit transaction costs accrued
|
| |
v
|
| | | | (276,181) | | | | | | (10,953,906) | | |
Payment of incremental Arqit transaction costs
|
| |
vi
|
| | | | (10,953,906) | | | | | | (276,181) | | |
Payment of historic Centricus transaction costs accrued
|
| |
vii
|
| | | | (765,695) | | | | | | (765,695) | | |
Payment of incremental Centricus transaction costs
|
| |
viii
|
| | | | (15,929,218) | | | | | | (15,929,218) | | |
Total Proposed Transaction pro forma accounting adjustments
|
| | | | | |
|
43,075,000
|
| | | |
|
43,075,000
|
| |
Pro forma cash balance
|
| | | | | | $ | 384,835,572 | | | | | $ | 118,835,572 | | |
| | |
(Unaudited)
|
| |||||||||||||||||||||
| | |
Six Months Ended
|
| |||||||||||||||||||||
| | |
March 31,
2021 |
| |
March 31,
2020 |
| |
Variance
|
| |||||||||||||||
| | |
£
|
| |
£
|
| |
£
|
| |
%
|
| ||||||||||||
Revenue | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Administrative expenses
|
| | | | (3,982,325) | | | | | | (852,379) | | | | | | (3,129,946) | | | | | | 367% | | |
Operating loss
|
| | | | (3,982,325) | | | | | | (852,379) | | | | | | (3,129,946) | | | | | | 367% | | |
Finance costs
|
| | | | (426,255) | | | | | | (148,079) | | | | | | (278,176) | | | | | | 188% | | |
Finance income
|
| | | | — | | | | | | 50,882 | | | | | | (50,882) | | | | | | — | | |
Loss before tax
|
| | | | (4,408,580) | | | | | | (949,576) | | | | | | (3,459,004) | | | | | | 364% | | |
Income tax credit
|
| | | | — | | | | | | 290,820 | | | | | | (290,820) | | | | | | — | | |
Loss for the periods presented
|
| | | | (4,408,580) | | | | | | (658,756) | | | | | | (3,749,824) | | | | | | 569% | | |
| | |
(Unaudited)
|
| |||||||||||||||||||||
| | |
Six Months Ended
|
| |||||||||||||||||||||
| | |
March 31, 2021
|
| |
March 31, 2020
|
| |
Variance
|
| |||||||||||||||
| | |
£
|
| |
£
|
| |
£
|
| | |
|
%
|
| | |||||||||
Staff costs
|
| | | | 2,264,455 | | | | | | 422,153 | | | | | | 1,842,302 | | | | | | 436% | | |
Professional fees
|
| | | | 637,881 | | | | | | 169,461 | | | | | | 468,420 | | | | | | 276% | | |
Rent
|
| | | | 58,650 | | | | | | 78,765 | | | | | | (20,115) | | | | | | (26)% | | |
Share option charge
|
| | | | 68,598 | | | | | | 47,661 | | | | | | 20,937 | | | | | | 44% | | |
Depreciation
|
| | | | 10,022 | | | | | | — | | | | | | 10,022 | | | | | | — | | |
Other administrative costs
|
| | | | 942,719 | | | | | | 134,339 | | | | | | 808,380 | | | | | | 602% | | |
| | | | | 3,982,325 | | | | | | 852,379 | | | | | | 3,129,946 | | | | | | 367% | | |
| | |
Year ended
September 30, 2020 |
| |
Nine months ended
September 30, 2019 |
| |
Variance
|
| |||||||||||||||
| | |
£
|
| |
£
|
| |
£
|
| |
%
|
| ||||||||||||
Revenue | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | 1,539,490 | | | | | | 981,583 | | | | | | 557,907 | | | | | | 57% | | |
Administrative expenses
|
| | | | (2,173,713) | | | | | | (697,282) | | | | | | (1,476,431) | | | | | | 212% | | |
Operating (loss)/profit
|
| | | | (634,223) | | | | | | 284,301 | | | | | | (918,524) | | | | | | (323)% | | |
Finance costs
|
| | | | (307,936) | | | | | | (69,466) | | | | | | (238,470) | | | | | | 343% | | |
Finance income
|
| | | | 50,882 | | | | | | 400,666 | | | | | | (349,784) | | | | | | (87)% | | |
(Loss)/profit before tax
|
| | | | (891,277) | | | | | | 615,501 | | | | | | (1,506,778) | | | | | | (245)% | | |
Income tax credit
|
| | | | 445,723 | | | | | | 199,227 | | | | | | 246,496 | | | | | | 124% | | |
(Loss)/profit for the financial year
|
| | | | (445,554) | | | | | | 814,728 | | | | | | (1,260,282) | | | | | | (155)% | | |
| | |
Year ended
September 30, 2020 |
| |
Nine months
ended September 30, 2019 |
| |
Variance
|
| |||||||||||||||
| | |
£
|
| |
£
|
| |
£
|
| |
%
|
| ||||||||||||
Staff costs
|
| | | | 1,220,012 | | | | | | 357,799 | | | | | | 862,213 | | | | | | 241% | | |
Professional fees
|
| | | | 332,901 | | | | | | 145,438 | | | | | | 187,463 | | | | | | 129% | | |
Rent
|
| | | | 124,315 | | | | | | 45,748 | | | | | | 78,567 | | | | | | 172% | | |
Share option charge
|
| | | | 95,331 | | | | | | 8,945 | | | | | | 86,386 | | | | | | 966% | | |
Depreciation
|
| | | | 3,753 | | | | | | 242 | | | | | | 3,511 | | | | | | 1451% | | |
Other administrative costs
|
| | | | 397,401 | | | | | | 139,110 | | | | | | 258,291 | | | | | | 186% | | |
| | | | | 2,173,713 | | | | | | 697,282 | | | | | | 1,476,431 | | | | | | 212% | | |
| | |
(Unaudited)
|
| |||||||||
| | |
Six months ended March 31,
|
| |||||||||
| | | | | 2021 | | | | | | 2020 | | |
Net cash provided by (used in): | | | | | | | | | | | | | |
Operating activities
|
| | | | (1,166,170) | | | | | | (1,763,850) | | |
Investing activities
|
| | | | (3,123,957) | | | | | | (658,155) | | |
Financing activities
|
| | | | 9,700,000 | | | | | | 500,000 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 5,409,873 | | | | | | 1,922,005 | | |
| | |
Year ended
September 30, 2020 |
| |
Nine months
ended September 30, 2019 |
| ||||||
Net cash provided by (used in): | | | | | | | | | | | | | |
Operating activities
|
| | | | (1,032,528) | | | | | | 3,100,841 | | |
Investing activities
|
| | | | (3,537,586) | | | | | | (2,931,397) | | |
Financing activities
|
| | | | 1,300,000 | | | | | | 3,000,000 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (3,270,114) | | | | | | 3,169,444 | | |
| | |
Year ended
September 30, 2020 |
| |
Nine months
ended September 30, 2019 |
|
Weighted average exercise price
|
| |
£0.0001
|
| |
£0.0001
|
|
Expected volatility
|
| |
50%
|
| |
50%
|
|
Expected dividend yield
|
| |
Nil
|
| |
Nil
|
|
Expected life
|
| |
5 years
|
| |
5 years
|
|
Risk-free interest rate
|
| |
0.1%
|
| |
0.1%
|
|
Fair value per share
|
| |
£3.14
|
| |
£2.95
|
|
Quarter Ended
|
| |
Centricus Units
|
| |
Centricus Ordinary
Shares(2) |
| |
Centricus Warrants(3)
|
| |||||||||||||||||||||||||||
|
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||||||||||
2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter(1)
|
| | | $ | 10.60 | | | | | $ | 9.82 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Second Quarter
|
| | | $ | 10.30 | | | | | $ | 9.92 | | | | | $ | 10.04 | | | | | $ | 9.60 | | | | | $ | 1.41 | | | | | $ | 0.60 | | |
Third Quarter (through July 23, 2021)
|
| | | $ | 10.36 | | | | | $ | 10.21 | | | | | $ | 9.94 | | | | | $ | 9.90 | | | | | $ | 1.48 | | | | | $ | 1.33 | | |
Redemption Date (period to expiration
of warrants) |
| |
Fair Market Value of Pubco Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤ $10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
≥ 18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Pre-Proposed Transactions
|
| |
Post-Proposed Transactions
(Assuming no redemptions) |
| |
Post-Proposed Transactions
(Assuming maximum redemptions) |
| |||||||||||||||||||||||||||
| | |
Number of
Centricus Shares |
| |
% of
Shares |
| |
Number of
Pubco Shares |
| |
% of
Shares |
| |
Number of
Pubco Shares |
| |
% of
Shares |
| ||||||||||||||||||
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
D2BW Limited(1)
|
| | | | — | | | | | | — | | | | | | 27,781,364 | | | | | | 19.8% | | | | | | 27,781,364 | | | | | | 24.5% | | |
David Williams(2)
|
| | | | — | | | | | | — | | | | | | 41,381,069 | | | | | | 29.5% | | | | | | 41,381,069 | | | | | | 36.4% | | |
David Bestwick(2)
|
| | | | — | | | | | | — | | | | | | 35,191,242 | | | | | | 25.1% | | | | | | 35,191,242 | | | | | | 31.0% | | |
Notion Capital III GP LLP(3)
|
| | | | — | | | | | | — | | | | | | 14,844,164 | | | | | | 10.6% | | | | | | 14,844,164 | | | | | | 13.1% | | |
The Evolution Technology Fund II, SCSp.(4)
|
| | | | — | | | | | | — | | | | | | 9,104,481 | | | | | | 6.5% | | | | | | 9,104,481 | | | | | | 8.0% | | |
Centricus Heritage LLC(5)
|
| | | | 8,585,000 | | | | | | 19.9% | | | | | | 8,585,000 | | | | | | 6.1% | | | | | | 8,585,000 | | | | | | 7.6% | | |
Directors and Executive Officers of
Centricus Pre-Proposed Transactions(6) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Manfredi Lefebvre d’Ovidio
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Garth Ritchie
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cristina Levis
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nicholas Taylor
|
| | | | 20,000 | | | | |
|
*
|
| | | | | 20,000 | | | | |
|
*
|
| | | | | 20,000 | | | | |
|
*
|
| |
Adam Aron
|
| | | | 20,000 | | | | |
|
*
|
| | | | | 20,000 | | | | |
|
*
|
| | | | | 20,000 | | | | |
|
*
|
| |
All directors and executive officers of Centricus as a group
|
| | | | 40,000 | | | | |
|
*
|
| | | | | 40,000 | | | | |
|
*
|
| | | | | 40,000 | | | | |
|
*
|
| |
Directors and Executive Officers of Pubco
Post-Proposed Transactions(7) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Williams(2)
|
| | | | — | | | | | | — | | | | | | 41,381,069 | | | | | | 29.5% | | | | | | 41,381,069 | | | | | | 36.4% | | |
David Bestwick(2)
|
| | | | — | | | | | | — | | | | | | 35,191,242 | | | | | | 25.1% | | | | | | 35,191,242 | | | | | | 31.0% | | |
Nick Pointon
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carlo Calabria
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stephen Chandler
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Manfredi Lefebvre d’Ovidio
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lt General VeraLinn Jamieson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Garth Ritchie
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
General Stephen Wilson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Air Vice-Marshal Peter Rochelle
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Feenan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dr. Daniel Shiu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Patrick Willcocks
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers of Pubco as a group
|
| | | | | | | | | | | | | | | | 63,635,111 | | | | | | 45.4% | | | | | | 63,635,111 | | | | | | 56.0% | | |
| | |
Page No.
|
|
Centricus Acquisition Corp. | | | ||
Audited Financial Statements as at and for the period from November 24, 2020 (inception) to December 31, 2020
|
| | ||
| | | ||
Financial Statements: | | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
Unaudited Condensed Financial Statements as at and for the three months ended March 31, 2021
|
| | ||
Financial Statements: | | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
Arqit Limited | | | ||
Audited Financial Statements as at and for the year ended September 30, 2020 | | | ||
| | | ||
Financial Statements: | | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
Unaudited Condensed Consolidated Financial Statements as at and for the six months ended March 31, 2021
|
| | | |
Financial Statements: | | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | |
| ASSETS | | | | | | | |
|
Deferred offering costs
|
| | | $ | 216,584 | | |
|
TOTAL ASSETS
|
| | | $ | 216,584 | | |
| LIABILITIES AND SHAREHOLDER’S EQUITY | | | | | | | |
|
Current liabilities
|
| | | | | | |
|
Accrued offering costs
|
| | | $ | 121,593 | | |
|
Promissory note — related party
|
| | | | 74,991 | | |
|
Total Current Liabilities
|
| | | | 196,584 | | |
| Commitments and Contingencies | | | | | | | |
| Shareholder’s Equity | | | | | | | |
|
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; no shares issued and
outstanding |
| | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding(1)
|
| | | | 863 | | |
|
Additional paid-in capital
|
| | | | 24,137 | | |
|
Accumulated deficit
|
| | | | (5,000) | | |
|
Total Shareholder’s Equity
|
| | | | 20,000 | | |
|
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY
|
| | | $ | 216,584 | | |
|
Formation and operating costs
|
| | | $ | 5,000 | | |
|
Net Loss
|
| | | $ | (5,000) | | |
|
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 7,500,000 | | |
|
Basic and diluted net loss per ordinary share
|
| | | $ | (0.00) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholder’s Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance — November 24, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to
Sponsor(1) |
| | | | 8,625,000 | | | | | | 863 | | | | | | 24,137 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,000) | | | | | | (5,000) | | |
Balance — December 31, 2020
|
| | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 24,137 | | | | | $ | (5,000) | | | | | $ | 20,000 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (5,000) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Payment of formation costs through issuance of Class B ordinary shares
|
| | | | 5,000 | | |
|
Net cash used in operating activities
|
| | | | — | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from promissory note — related party
|
| | | | 74,991 | | |
|
Payment of offering costs
|
| | | | (74,991) | | |
|
Net cash provided by financing activities
|
| | | | — | | |
|
Net Change in Cash
|
| | | | — | | |
|
Cash — Beginning
|
| | | | — | | |
| Cash — Ending | | | |
$
|
—
|
| |
| Non-cash investing and financing activities: | | | | | | | |
|
Offering costs included in accrued offering costs
|
| | | $ | 121,593 | | |
|
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary
shares |
| | | $ | 20,000 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
| | ||||||||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,159,689 | | | | | $ | — | | |
Prepaid expenses and other current assets
|
| | | | 806,550 | | | | | | — | | |
Total Current Assets
|
| | | | 1,966,239 | | | | | | — | | |
Deferred offering costs
|
| | | | — | | | | | | 216,584 | | |
Marketable securities held in Trust Account
|
| | | | 345,004,632 | | | | | | — | | |
TOTAL ASSETS
|
| | | $ | 346,970,871 | | | | | $ | 216,584 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 844,864 | | | | | $ | — | | |
Accrued offering costs
|
| | | | 17,653 | | | | | | 121,593 | | |
Promissory note – related party
|
| | | | 132,990 | | | | | | 74,991 | | |
Total Current Liabilities
|
| | | | 995,507 | | | | | | 196,584 | | |
Warrant liability
|
| | | | 10,275,250 | | | | | | — | | |
Deferred underwriting fee payable
|
| | | | 12,075,000 | | | | | | — | | |
TOTAL LIABILITIES
|
| | | | 23,345,757 | | | | | | 196,584 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption 31,862,511 and no shares at redemption value at March 31, 2021 and December 31, 2020, respectively
|
| | | | 318,625,110 | | | | | | — | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,637,489 and no shares issued and outstanding (excluding 31,862,511 and no shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively
|
| | | | 264 | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding, at March 31, 2021 and December 31, 2020(1)
|
| | | | 863 | | | | | | 863 | | |
Additional paid-in capital
|
| | | | — | | | | | | 24,137 | | |
Retained earnings/(Accumulated deficit)
|
| | | | 4,998,877 | | | | | | (5,000) | | |
Total Shareholders’ Equity
|
| | | | 5,000,004 | | | | | | 20,000 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 346,970,871 | | | | | $ | 216,584 | | |
|
Operating and formation costs
|
| | | $ | 1,653,238 | | |
|
Loss from operations
|
| | | | (1,653,238) | | |
| Other income: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 4,632 | | |
|
Change in fair value of warrants
|
| | | | 10,275,250 | | |
|
Income before income taxes
|
| | | | 8,626,644 | | |
|
Benefit (provision) for income taxes
|
| | | | — | | |
|
Net income
|
| | | $ | 8,626,644 | | |
|
Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption
|
| | | | 30,930,993 | | |
|
Basic and diluted net income per share, Class A Ordinary shares subject to
possible redemption |
| | | $ | 0.00 | | |
|
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
|
| | | | 10,159,937 | | |
|
Basic and diluted net income per share, Non-redeemable ordinary shares
|
| | | $ | 0.85 | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit / Retained Earnings |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 24,137 | | | | | $ | (5,000) | | | | | $ | 20,000 | | |
Sale of 34,500,000 Units, net
of underwriting discounts and offering expenses |
| | | | 34,500,000 | | | | | | 3,450 | | | | | | — | | | | | | — | | | | | | 314,223,020 | | | | | | — | | | | | | 314,226,470 | | |
Cash paid in excess of fair value for Private Placement Units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 752,000 | | | | | | — | | | | | | 752,000 | | |
Ordinary shares subject to redemption
|
| | | | (31,862,511) | | | | | | (3,186) | | | | | | — | | | | | | — | | | | | | (314,999,157) | | | | | | (3,622,767) | | | | | | (318,625,110) | | |
Net Income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,626,644 | | | | | | 8,626,644 | | |
Balance – March 31, 2021
|
| | | $ | 2,637,489 | | | | | $ | 264 | | | | | $ | 8,625,000 | | | | | $ | 863 | | | | | $ | — | | | | | $ | 4,998,877 | | | | | $ | 5,000,004 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net income
|
| | | $ | 8,626,644 | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | |
|
Change in fair value of warrant liability
|
| | | | (10,275,250) | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (4,632) | | |
|
Transaction costs incurred in connection with IPO
|
| | | | 688,534 | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | (806,549) | | |
|
Accrued expenses
|
| | | | 844,864 | | |
|
Net cash used in operating activities
|
| | | | (926,389) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Marketable securities held in Trust Account
|
| | | | (345,000,000) | | |
|
Net cash used in investing activities
|
| | | | (345,000,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 338,100,000 | | |
|
Proceeds from sale of Private Warrants
|
| | | | 9,400,000 | | |
|
Proceeds from promissory note – related party
|
| | | | 57,999 | | |
|
Payment of offering costs
|
| | | | (471,921) | | |
|
Net cash provided by financing activities
|
| | | | 347,086,078 | | |
|
Net Change in Cash
|
| | | | 1,159,689 | | |
|
Cash – Beginning of period
|
| | | | — | | |
|
Cash – End of period
|
| | |
$
|
1,159,689
|
| |
| Non-Cash investing and financing activities: | | | | | | | |
|
Offering costs included in accrued offering costs
|
| | | $ | 17,653 | | |
|
Initial classification of common stock subject to possible redemption
|
| | | $ | 309,309,930 | | |
|
Change in value of Class A ordinary share subject to possible redemption
|
| | | $ | 9,315,180 | | |
|
Deferred underwriting fee payable
|
| | | $ | 12,075,000 | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Balance sheet as of February 8, 2021 (audited) | | | | | | | | | | | | | | | | | | | |
Warrant Liability
|
| | | $ | — | | | | | | 20,550,500 | | | | | | 20,550,500 | | |
Class A Common Stock Subject to Possible Redemption
|
| | | | 329,860,430 | | | | | | (20,550,500) | | | | | | 309,309,930 | | |
Class A Common Stock
|
| | | | 151 | | | | | | 206 | | | | | | 357 | | |
Additional Paid-in Capital
|
| | | | 5,003,992 | | | | | | 688,328 | | | | | | 5,692,320 | | |
Accumulated Deficit
|
| | | | (5,000) | | | | | | (688,534) | | | | | | (693,534) | | |
| | |
Three Months
Ended March 31, 2021 |
| |||
Class A ordinary Shares subject to possible redemption | | | | | | | |
Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | $ | 4,632 | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | — | | |
Net Income
|
| | | $ | 4,632 | | |
Denominator: Weighted Average Class A ordinary shares subject to possible redemption | | | | | | | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption
|
| | |
|
30,930,993
|
| |
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption
|
| | |
$
|
0.00
|
| |
Non-Redeemable Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Net Earnings | | | | | | | |
Net income
|
| | | $ | 8,626,644 | | |
Less: Net income allocable to Class A ordinary shares subject to possible redemption
|
| | | | (4,632) | | |
Non-Redeemable Net Income
|
| | |
$
|
8,622,366
|
| |
Denominator: Weighted Average Non-redeemable ordinary shares | | | | | | | |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
|
| | |
|
10,159,937
|
| |
Basic and diluted net income per share, Non-redeemable ordinary shares
|
| | | $ | 0.85 | | |
Description
|
| |
Level
|
| |
March 31, 2021
|
| ||||||
Assets: | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 345,004,632 | | |
Liabilities: | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | | 5,951,250 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | | 4,324,000 | | |
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of January 1, 2021
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Initial measurement on February 8, 2021
|
| | | | 8,648,000 | | | | | | 11,902,500 | | | | | | 20,550,500 | | |
Change in valuation inputs or other assumptions
|
| | | | (4,324,000) | | | | | | (5,951,250) | | | | | | (10,275,250) | | |
Fair value as of March 31, 2021
|
| | | $ | 4,324,000 | | | | | | 5,951,250 | | | | | | 10,275,250 | | |
| | |
Note
|
| |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| |||||||||
| | | | | | | | |
£
|
| |
£
|
| ||||||
Revenue
|
| | | | | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | 3 | | | | | | 1,539,490 | | | | | | 981,583 | | |
Administrative expenses
|
| | | | 4 | | | | | | (2,173,713) | | | | | | (697,282) | | |
Operating (loss)/profit
|
| | | | | | | | | | (634,223) | | | | | | 284,301 | | |
Finance costs
|
| | | | 5 | | | | | | (307,936) | | | | | | (69,466) | | |
Finance income
|
| | | | 6 | | | | | | 50,882 | | | | | | 400,666 | | |
(Loss)/profit before tax
|
| | | | | | | | | | (891,277) | | | | | | 615,501 | | |
Income tax credit
|
| | | | 7 | | | | | | 445,723 | | | | | | 199,227 | | |
(Loss)/profit for the financial year attributable to equity holders
|
| | | | | | | | | | (445,554) | | | | | | 814,728 | | |
Total comprehensive income for the year attributable to equity holders
|
| | | | | | | | | | (445,554) | | | | | | 814,728 | | |
Earnings per ordinary share from continuing operations attributable to equity holders
|
| | | | 8 | | | | | | (0.3463) | | | | | | 0.6332 | | |
| | |
Note
|
| |
30 September
2020 |
| |
30 September
2019 |
| |
1 January
2019 |
| ||||||||||||
| | | | | | | | |
£
|
| |
£
|
| |
£
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 9 | | | | | | 20,722 | | | | | | 4,115 | | | | | | — | | |
Intangible assets
|
| | | | 10 | | | | | | 6,792,770 | | | | | | 3,275,544 | | | | | | 348,505 | | |
Fixed asset investments
|
| | | | 11 | | | | | | 25,000 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | 6,838,492 | | | | | | 3,279,659 | | | | | | 348,505 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 12 | | | | | | 217,169 | | | | | | 726,329 | | | | | | 36,144 | | |
Cash and cash equivalents
|
| | | | | | | | | | 150,616 | | | | | | 3,420,730 | | | | | | 251,286 | | |
| | | | | | | | | | | 367,785 | | | | | | 4,147,059 | | | | | | 287,430 | | |
Total assets
|
| | | | | | | | | | 7,206,277 | | | | | | 7,426,718 | | | | | | 635,935 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 13 | | | | | | 1,846,518 | | | | | | 3,074,136 | | | | | | 388,838 | | |
Borrowings
|
| | | | 14 | | | | | | 4,225,854 | | | | | | — | | | | | | — | | |
Total current liabilities
|
| | | | | | | | | | 6,072,372 | | | | | | 3,074,136 | | | | | | 388,838 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 13 | | | | | | 413,358 | | | | | | 167,289 | | | | | | — | | |
Borrowings
|
| | | | 14 | | | | | | — | | | | | | 2,668,800 | | | | | | — | | |
Deferred tax
|
| | | | 18 | | | | | | — | | | | | | 445,723 | | | | | | — | | |
Total non-current liabilities
|
| | | | | | | | | | 413,358 | | | | | | 3,281,812 | | | | | | — | | |
Total liabilities
|
| | | | | | | | | | 6,485,730 | | | | | | 6,355,948 | | | | | | 388,838 | | |
Net assets
|
| | | | | | | | | | 720,547 | | | | | | 1,070,770 | | | | | | 247,097 | | |
EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 19 | | | | | | 129 | | | | | | 129 | | | | | | 129 | | |
Convertible loan notes treated as equity
|
| | | | 21 | | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Other reserves
|
| | | | 21 | | | | | | 104,276 | | | | | | 8,945 | | | | | | — | | |
Retained earnings
|
| | | | 20 | | | | | | (383,858) | | | | | | 61,696 | | | | | | (753,032) | | |
Total equity
|
| | | | | | | | | | 720,547 | | | | | | 1,070,770 | | | | | | 247,097 | | |
| | |
Share
Capital |
| |
CLNs
treated as equity |
| |
Other
Reserves |
| |
Retained
Earnings |
| |
Total
|
| |||||||||||||||
| | |
£
|
| | | | | | | |
£
|
| |
£
|
| |
£
|
| ||||||||||||
Balance at 1 January 2019
|
| | | | 129 | | | | | | — | | | | | | — | | | | | | (922,178) | | | | | | (922,049) | | |
IFRS first time adoption adjustment
|
| | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | 169,146 | | | | | | 1,169,146 | | |
Balance at 1 January 2019 restated
|
| | | | 129 | | | | | | 1,000,000 | | | | | | — | | | | | | (753,032) | | | | | | 247,097 | | |
Profit for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | 814,728 | | | | | | 814,728 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 814,728 | | | | | | 814,728 | | |
Transactions with owners in their capacity as owners:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share option charge
|
| | | | — | | | | | | — | | | | | | 8,945 | | | | | | — | | | | | | 8,945 | | |
| | | | | — | | | | | | — | | | | | | 8,945 | | | | | | — | | | | | | 8,945 | | |
Balance at 30 September 2019 attributable to owners of the company
|
| | | | 129 | | | | | | 1,000,000 | | | | | | 8,945 | | | | | | 61,696 | | | | | | 1,070,770 | | |
Balance at 30 September 2019 as originally presented
|
| | | | 129 | | | | | | — | | | | | | 6 | | | | | | (2,360,576) | | | | | | (2,360,441) | | |
IFRS first time adoption adjustment
|
| | | | — | | | | | | 1,000,000 | | | | | | 8,939 | | | | | | 2,422,272 | | | | | | 3,431,211 | | |
Restated total equity as at 30 September 2019
|
| | | | 129 | | | | | | 1,000,000 | | | | | | 8,945 | | | | | | 61,696 | | | | | | 1,070,770 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | (445,554) | | | | | | (445,554) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (445,554) | | | | | | (445,554) | | |
Transactions with owners in their capacity as owners:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share option charge
|
| | | | — | | | | | | — | | | | | | 95,331 | | | | | | — | | | | | | 95,331 | | |
| | | | | — | | | | | | — | | | | | | 95,331 | | | | | | — | | | | | | 95,331 | | |
Balance at 30 September 2020 attributable to owners of the company
|
| | | | 129 | | | | | | 1,000,000 | | | | | | 104,276 | | | | | | (383,858) | | | | | | 720,547 | | |
| | |
Note
|
| |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| |||||||||
| | | | | | | | |
£
|
| |
£
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Cash (used in)/generated from operations
|
| | | | 15 | | | | | | (1,677,478) | | | | | | 3,100,841 | | |
Tax received
|
| | | | | | | | | | 644,950 | | | | | | — | | |
Net cash (used in)/generated from operating activities
|
| | | | | | | | | | (1,032,528) | | | | | | 3,100,841 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Capital expenditure on property, plant and equipment
|
| | | | | | | | | | (20,360) | | | | | | (4,357) | | |
Capital expenditure on intangibles
|
| | | | | | | | | | (3,517,226) | | | | | | (2,927,040) | | |
Net cash (used in) investing activities
|
| | | | | | | | | | (3,537,586) | | | | | | (2,931,397) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from issue of convertible loans
|
| | | | | | | | | | 500,000 | | | | | | 3,000,000 | | |
Proceeds from borrowing
|
| | | | | | | | | | 800,000 | | | | | | — | | |
Net cash generated from financing activities
|
| | | | | | | | | | 1,300,000 | | | | | | 3,000,000 | | |
Net (decrease)/increase in cash and cash equivalents
|
| | | | | | | | | | (3,270,114) | | | | | | 3,169,444 | | |
Cash and cash equivalents at beginning of period
|
| | | | | | | | | | 3,420,730 | | | | | | 251,286 | | |
Cash and cash equivalents at end of period
|
| | | | | | | | | | 150,616 | | | | | | 3,420,730 | | |
| | |
Note
|
| |
UK GAAP
|
| |
Reclassification
and Remeasurement |
| |
IFRS as at
1 January 2019 |
| |||||||||
| | | | | |
£
|
| |
£
|
| |
£
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | | | | — | | | | | | — | | | | | | — | | |
Intangible fixed assets
|
| |
B
|
| | | | — | | | | | | 348,505 | | | | | | 348,505 | | |
| | | | | | | | — | | | | | | 348,505 | | | | | | 348,505 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | | | | 36,973 | | | | | | (829) | | | | | | 36,144 | | |
Cash and cash equivalents
|
| | | | | | | 251,286 | | | | | | — | | | | | | 251,286 | | |
| | | | | | | | 288,259 | | | | | | (829) | | | | | | 287,430 | | |
Total assets
|
| | | | | | | 288,259 | | | | | | 347,676 | | | | | | 635,935 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
A,C
|
| | | | (210,308) | | | | | | (178,530) | | | | | | (388,838) | | |
Non-current liabilities
|
| | | | | | | — | | | | | | — | | | | | | — | | |
Total liabilities
|
| | | | | | | (210,308) | | | | | | (178,530) | | | | | | (388,838) | | |
Net assets
|
| | | | | | | 77,951 | | | | | | 169,146 | | | | | | 247,097 | | |
Equity and reserves | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| |
C
|
| | | | 163 | | | | | | (34) | | | | | | 129 | | |
Share premium
|
| |
C
|
| | | | 999,966 | | | | | | (999,966) | | | | | | — | | |
Convertible loan notes treated as equity
|
| |
C
|
| | | | — | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Retained earnings
|
| | | | | | | (922,178) | | | | | | 169,146 | | | | | | (753,032) | | |
Total equity
|
| | | | | | | 77,951 | | | | | | 169,146 | | | | | | 247,097 | | |
| | |
Note
|
| |
UK GAAP
|
| |
Reclassification
and Remeasurement |
| |
IFRS as at
30 September 2019 |
| |||||||||
| | | | | |
£
|
| |
£
|
| |
£
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | | | | 4,115 | | | | | | — | | | | | | 4,115 | | |
Intangible fixed assets
|
| |
B
|
| | | | — | | | | | | 3,275,544 | | | | | | 3,275,544 | | |
| | | | | | | | 4,115 | | | | | | 3,275,544 | | | | | | 3,279,659 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| |
F
|
| | | | 81,378 | | | | | | 644,951 | | | | | | 726,329 | | |
Cash and cash equivalents
|
| | | | | | | 3,420,736 | | | | | | (6) | | | | | | 3,420,730 | | |
| | | | | | | | 3,502,114 | | | | | | 644,145 | | | | | | 4,147,059 | | |
Total assets
|
| | | | | | | 3,506,229 | | | | | | 3,920,489 | | | | | | 7,426,718 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
A,E
|
| | | | (4,866,670) | | | | | | 1,792,534 | | | | | | (3,074,136) | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
A
|
| | | | — | | | | | | 167,289 | | | | | | 167,289 | | |
Borrowings
|
| |
E
|
| | | | — | | | | | | 2,668,800 | | | | | | 2,668,800 | | |
Deferred tax
|
| |
G
|
| | | | — | | | | | | 445,723 | | | | | | 445,723 | | |
Total non-current liabilities
|
| | | | | | | — | | | | | | (3,281,812) | | | | | | (3,281,812) | | |
Total liabilities
|
| | | | | | | (4,866,670) | | | | | | (1,489,278) | | | | | | (6,355,948) | | |
Net assets/(liabilities)
|
| | | | | | | (1,360,441) | | | | | | 2,431,211 | | | | | | 1,070,770 | | |
Equity and reserves | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| |
C
|
| | | | 163 | | | | | | (34) | | | | | | 129 | | |
Share premium
|
| |
C
|
| | | | 999,966 | | | | | | (999,966) | | | | | | — | | |
Convertible loan notes treated as equity
|
| |
C
|
| | | | — | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Other reserves
|
| |
D
|
| | | | 6 | | | | | | 8,939 | | | | | | 8,945 | | |
Retained earnings
|
| | | | | | | (2,360,576) | | | | | | 2,422,272 | | | | | | 61,696 | | |
Total equity
|
| | | | | | | (1,360,441) | | | | | | 2,431,211 | | | | | | 1,070,770 | | |
| | |
Note
|
| |
UK GAAP
|
| |
Remeasurements
|
| |
IFRS for the
period ended 30 September 2019 |
| |||||||||
| | | | | |
£
|
| | | | | | | |
£
|
| ||||||
Revenue
|
| | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income
|
| |
H
|
| | | | 2,176,978 | | | | | | (1,195,395) | | | | | | 981,583 | | |
Administrative expenses
|
| |
B,D
|
| | | | (3,615,376) | | | | | | 2,918,094 | | | | | | (697,282) | | |
Operating profit / (loss)
|
| | | | | | | (1,438,398) | | | | | | 1,722,699 | | | | | | 284,301 | | |
Finance costs
|
| |
E
|
| | | | — | | | | | | (69,466) | | | | | | (69,466) | | |
Finance income
|
| |
E
|
| | | | — | | | | | | 400,666 | | | | | | 400,666 | | |
Profit / (Loss) before tax
|
| | | | | | | (1,438,398) | | | | | | 2,053,899 | | | | | | 615,501 | | |
Income tax credit
|
| |
F,G
|
| | | | — | | | | | | 199,227 | | | | | | 199,227 | | |
Profit / (Loss) for the financial year and
total comprehensive income |
| | | | | | | (1,438,398) | | | | | | 2,253,126 | | | | | | 814,728 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
European Space Agency (ESA) Contract
|
| | | | 1,539,490 | | | | | | 981,583 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Employee benefit expense and other staff costs
|
| | | | 2,654,423 | | | | | | 697,969 | | |
Capitalised within intangible assets
|
| | | | (1,202,567) | | | | | | (327,565) | | |
Legal and professional
|
| | | | 332,901 | | | | | | 145,438 | | |
Foreign exchange
|
| | | | (7,725) | | | | | | 47,308 | | |
Property costs
|
| | | | 124,315 | | | | | | 45,785 | | |
Share option charge
|
| | | | 95,331 | | | | | | 8,945 | | |
Depreciation
|
| | | | 3,753 | | | | | | 242 | | |
Other expenses
|
| | | | 173,282 | | | | | | 79,160 | | |
Total
|
| | | | 2,173,713 | | | | | | 697,282 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Interest on convertible loan notes
|
| | | | 307,936 | | | | | | 69,466 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Initial recognition difference of convertible loan notes
|
| | | | 50,882 | | | | | | 400,666 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
The tax (charge)/credit on the profit/(loss) on ordinary activities was as
follows: |
| | | | | | | | | | | | |
Current tax | | | | | | | | | | | | | |
Current tax credit – R&D
|
| | | | — | | | | | | 644,950 | | |
Deferred Tax (note 18)
|
| | | | 445,723 | | | | | | (445,723) | | |
Income tax credit
|
| | | | 445,723 | | | | | | 199,227 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
(Loss) / Profit from continuing operations
|
| | | | (891,277) | | | | | | 615,501 | | |
Tax at the applicable rate of 19% (2019 – 19%)
|
| | | | (169,343) | | | | | | 116,945 | | |
Tax effect of amounts that are not deductible/taxable in determining taxable profit or loss
|
| | | | | | | | | | | | |
Disallowable expenditure
|
| | | | 18,826 | | | | | | 47,210 | | |
Fixed asset timing differences
|
| | | | (668,272) | | | | | | (556,138) | | |
Unutilised losses
|
| | | | 1,113,995 | | | | | | 110,415 | | |
Tax losses surrendered for R&D credit
|
| | | | — | | | | | | (164,155) | | |
Unutilised tax losses on which deferred tax is not recognised
|
| | | | 150,517 | | | | | | — | | |
R&D tax credit
|
| | | | — | | | | | | 644,950 | | |
Total tax credit
|
| | | | 445,723 | | | | | | 199,227 | | |
Basic EPS
|
| |
Earnings
|
| |
Weighted
average number of shares |
| |
Per share
amount |
| |||||||||
| | |
£
|
| | | | | | | |
£
|
| ||||||
2020
|
| | | | (445,554) | | | | | | 1,286,600 | | | | | | (0.3463) | | |
2019
|
| | | | 814,728 | | | | | | 1,286,600 | | | | | | 0.6332 | | |
| | |
Computer
equipment |
| |||
| | |
£
|
| |||
Cost | | | | | | | |
At 1 January 2019
|
| | | | — | | |
Additions
|
| | | | 4,357 | | |
At 30 September 2019
|
| | | | 4,357 | | |
Additions
|
| | | | 20,360 | | |
At 30 September 2020
|
| | | | 24,717 | | |
Depreciation | | | | | | | |
At 1 January 2019
|
| | | | — | | |
Charge
|
| | | | (242) | | |
At 30 September 2019
|
| | | | (242) | | |
Charge
|
| | | | (3,753) | | |
At 30 September 2020
|
| | | | (3,995) | | |
Net Book Value | | | | | | | |
At 30 September 2020
|
| | | | 20,722 | | |
At 30 September 2019
|
| | | | 4,115 | | |
At 1 January 2019
|
| | | | — | | |
| | |
Development
Costs |
| |||
| | |
£
|
| |||
Cost | | | | | | | |
At 1 January 2019
|
| | | | 348,505 | | |
Additions
|
| | | | 2,927,039 | | |
At 30 September 2019
|
| | | | 3,275,544 | | |
Additions
|
| | | | 3,517,226 | | |
At 30 September 2020
|
| | | | 6,792,770 | | |
Amortisation | | | | | | | |
At 1 January 2019
|
| | | | — | | |
Charge
|
| | | | — | | |
At 30 September 2019
|
| | | | — | | |
Charge
|
| | | | — | | |
At 30 September 2020
|
| | | | — | | |
Net Book Value | | | | | | | |
At 30 September 2020
|
| | | | 6,792,770 | | |
At 30 September 2019
|
| | | | 3,275,544 | | |
At 1 January 2019
|
| | | | 348,505 | | |
| | |
Investment in
Joint Venture |
| |||
| | |
£
|
| |||
Cost | | | | | | | |
At 1 January 2019
|
| | | | — | | |
Additions
|
| | | | — | | |
At 30 September 2019
|
| | | | — | | |
Additions
|
| | | | 25,000 | | |
At 30 September 2020
|
| | | | 25,000 | | |
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
Other debtors
|
| | | | 117,562 | | | | | | 715,077 | | | | | | 36,144 | | |
Prepayments and accrued income
|
| | | | 99,607 | | | | | | 11,252 | | | | | | — | | |
Total
|
| | | | 217,169 | | | | | | 726,329 | | | | | | 36,144 | | |
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
| | | | | | | | | | | | | | | |||||
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 198,779 | | | | | | 204,577 | | | | | | 43,213 | | |
Other tax and social security
|
| | | | 256,566 | | | | | | 56,313 | | | | | | 11,819 | | |
Other creditors
|
| | | | 32,228 | | | | | | 1,766 | | | | | | 1,573 | | |
Accruals
|
| | | | 151,478 | | | | | | 1,604,013 | | | | | | 23,050 | | |
Deferred income
|
| | | | 1,207,467 | | | | | | 1,207,467 | | | | | | 309,183 | | |
Total
|
| | | | 1,846,518 | | | | | | 3,074,136 | | | | | | 388,838 | | |
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
Non-current Liabilities | | | | | | | | | | | | | | | | | | | |
Deferred government grants
|
| | | | 413,358 | | | | | | 167,289 | | | | | | — | | |
| | | | | 413,358 | | | | | | 167,289 | | | | | | — | | |
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
Current liabilities | | | | | | | | | | | | | | | | | | | |
Bridging finance
|
| | | | 800,000 | | | | | | — | | | | | | — | | |
Convertible loan notes B
|
| | | | 3,425,854 | | | | | | — | | | | | | — | | |
| | | | | 4,225,854 | | | | | | — | | | | | | — | | |
Non-current Liabilities | | | | | | | | | | | | | | | | | | | |
Convertible loan notes B
|
| | | | — | | | | | | 2,668,800 | | | | | | — | | |
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
Fair value | | | | | | | | | | | | | | | | | | | |
Bridging finance
|
| | | | 800,000 | | | | | | — | | | | | | — | | |
Convertible loan notes A (treated as equity)
|
| | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Convertible loan notes B
|
| | | | 3,425,854 | | | | | | 2,668,800 | | | | | | — | | |
| | | | | 5,225,854 | | | | | | 3,668,800 | | | | | | 1,000,000 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Loss before tax
|
| | | | (891,277) | | | | | | 615,501 | | |
Adjustments for: | | | | | | | | | | | | | |
Depreciation
|
| | | | 3,753 | | | | | | 242 | | |
Change in trade and other receivables
|
| | | | (135,790) | | | | | | (45,235) | | |
Change in trade and other payables
|
| | | | (1,006,549) | | | | | | 2,852,588 | | |
Share option charge
|
| | | | 95,331 | | | | | | 8,945 | | |
Interest income
|
| | | | (50,882) | | | | | | (400,666) | | |
Interest payable
|
| | | | 307,936 | | | | | | 69,466 | | |
Cash (used in)/generated from operations
|
| | | | (1,677,478) | | | | | | 3,100,841 | | |
Reconciliation of net cashflow to movements in net debt: | | | | | | | | | | | | | |
Opening net cash/(debt)
|
| | | | 420,730 | | | | | | 251,286 | | |
Facilities received
|
| | | | (1,300,000) | | | | | | (3,000,000) | | |
Movement in cash
|
| | | | (3,270,114) | | | | | | 3,169,444 | | |
Movement in net cash/ (debt)
|
| | | | (4,570,114) | | | | | | 169,444 | | |
Closing net cash/(debt)
|
| | | | (4,149,384) | | | | | | 420,730 | | |
Composition of closing net cash/(debt) | | | | | | | | | | | | | |
Cash
|
| | | | 150,616 | | | | | | 3,420,730 | | |
Bridging finance
|
| | | | (800,000) | | | | | | — | | |
Convertible loans
|
| | | | (3,500,000) | | | | | | (3,000,000) | | |
Net cash/(debt)
|
| | | | (4,149,384) | | | | | | 420,730 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||||||||||||||
| | |
Number of
Share options |
| |
Weighted
Average Exercise Price (£) |
| |
Number of
Share options |
| |
Weighted
Average exercise Price (£) |
| ||||||||||||
Outstanding at beginning of period
|
| | | | 72,700 | | | | | | 0.0001 | | | | | | 8,700 | | | | | | 0.0001 | | |
Granted during the period
|
| | | | 88,550 | | | | | | 0.0001 | | | | | | 64,000 | | | | | | 0.0001 | | |
Forfeited/lapsed during the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised during the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding at end of period
|
| | | | 161,250 | | | | | | 0.0001 | | | | | | 72,700 | | | | | | 0.0001 | | |
Exercisable at end of period
|
| | | | — | | | | | | | | | | | | — | | | | | | | | |
| | |
2020
|
| |
2019
|
| ||||||
Weighted average share price (£)
|
| | | | 3.30 | | | | | | 2.95 | | |
Weighted average exercise price (£)
|
| | | | 0.0001 | | | | | | 0.0001 | | |
Expected volatility
|
| | | | 50% | | | | | | 50% | | |
Expected life
|
| |
5 years
|
| |
5 years
|
| ||||||
Risk-free rate
|
| | | | 0.1% | | | | | | 0.1% | | |
Expected dividend yield
|
| | | | 0% | | | | | | 0% | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Share option charge included in administrative expenses
|
| | | | 95,331 | | | | | | 8,945 | | |
| | | | | 95,331 | | | | | | 8,945 | | |
| | |
Year ended
30 September 2020 |
| |
Nine months
ended 30 September 2019 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
The aggregate remuneration comprised: | | | | | | | | | | | | | |
Wages and salaries
|
| | | | 997,167 | | | | | | 296,333 | | |
Social security costs
|
| | | | 128,219 | | | | | | 29,555 | | |
Pension costs
|
| | | | 94,626 | | | | | | 31,911 | | |
Share option charge
|
| | | | 95,331 | | | | | | 8,945 | | |
| | | | | 1,315,343 | | | | | | 366,744 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
Directors’ remuneration
|
| | | | 794,071 | | | | | | 382,222 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
At the beginning of the period
|
| | | | 445,723 | | | | | | — | | |
Movement in the year recognised in profit or loss
|
| | | | (445,723) | | | | | | 445,723 | | |
At the end of the year
|
| | | | — | | | | | | 445,723 | | |
The deferred tax liability/(asset) is made up as follows: | | | | | | | | | | | | | |
Intangible asset timing differences
|
| | | | 1,224,410 | | | | | | 556,138 | | |
Unrelieved tax losses
|
| | | | (1,224,410) | | | | | | (110,415) | | |
| | | | | — | | | | | | 445,723 | | |
| | |
Allotted, called up and fully paid
|
| |||||||||||||||
| | |
30 September
2020 |
| |
30 September
2019 |
| |
1 January 2019
|
| |||||||||
| | |
£
|
| |
£
|
| |
£
|
| |||||||||
1,286,600 ordinary shares of £0.0001 each
|
| | | | 129 | | | | | | 129 | | | | | | 129 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
At 1 October/ 1 January
|
| | | | 61,696 | | | | | | (753,032) | | |
Profit/(Loss) for the year
|
| | | | (445,554) | | | | | | 814,728 | | |
Dividends paid
|
| | | | — | | | | | | — | | |
At 30 September
|
| | | | (383,858) | | | | | | 61,696 | | |
£
|
| |
Carrying value
30 September 2020 |
| |
Fair value
30 September 2020 |
| ||||||
Cash and cash equivalents
|
| | | | 150,616 | | | | | | 150,616 | | |
Trade and other receivables
|
| | | | 167,050 | | | | | | 167,050 | | |
| | | | | 317,666 | | | | | | 317,666 | | |
£
|
| |
Carrying value
30 September 2019 |
| |
Fair value
30 September 2019 |
| ||||||
Cash and cash equivalents
|
| | | | 3,420,730 | | | | | | 3,420,730 | | |
Trade and other receivables
|
| | | | 715,077 | | | | | | 715,077 | | |
| | | | | 4,135,807 | | | | | | 4,135,807 | | |
£
|
| |
Carrying value
30 September 2020 |
| |
Fair value
30 September 2020 |
| ||||||
Trade and other payables
|
| | | | 1,589,952 | | | | | | 1,589,952 | | |
Deferred government grants
|
| | | | 413,358 | | | | | | 413,358 | | |
Bridging finance
|
| | | | 800,000 | | | | | | 800,000 | | |
Convertible loans
|
| | | | 3,425,854 | | | | | | 3,425,854 | | |
| | | | | 6,229,164 | | | | | | 6,229,164 | | |
£
|
| |
Carrying value
30 September 2019 |
| |
Fair value
30 September 2019 |
| ||||||
Trade and other payables
|
| | | | 3,017,823 | | | | | | 3,017,823 | | |
Deferred government grants
|
| | | | 167,289 | | | | | | 167,289 | | |
Convertible loans
|
| | | | 2,668,800 | | | | | | 2,668,800 | | |
| | | | | 5,853,912 | | | | | | 5,853,912 | | |
2020
£ |
| |
Trade and
other payables |
| |
Deferred
government grants |
| |
Loans
|
| |
Convertible
loans notes |
| |
Total
|
| |||||||||||||||
On demand
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Within one year
|
| | | | 1,846,518 | | | | | | — | | | | | | 800,000 | | | | | | 3,425,854 | | | | | | 6,072,372 | | |
More than one year but less than two years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
More than two years but less than five years
|
| | | | — | | | | | | 413,358 | | | | | | — | | | | | | — | | | | | | 413,358 | | |
More than five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 1,846,518 | | | | | | 413,358 | | | | | | 800,000 | | | | | | 3,425,854 | | | | | | 6,485,730 | | |
2019
£ |
| |
Trade and
other payables |
| |
Deferred
government grants |
| |
Loans
|
| |
Convertible
loans notes |
| |
Total
|
| |||||||||||||||
On demand
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Within one year
|
| | | | 3,074,136 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,074,136 | | |
More than one year but less than two years
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,668,800 | | | | | | 2,668,800 | | |
More than two years but less than five years
|
| | | | — | | | | | | 167,289 | | | | | | — | | | | | | — | | | | | | 167,289 | | |
More than five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 3,074,136 | | | | | | 167,289 | | | | | | — | | | | | | 2,668,800 | | | | | | 5,910,225 | | |
| | |
Note
|
| |
Unaudited
six months ended 31 March 2021 |
| |
Unaudited
six months ended 31 March 2020 |
| |||||||||
| | | | | | | | |
£
|
| |
£
|
| ||||||
Revenue
|
| | | | | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | | | | | | | — | | | | | | — | | |
Administrative expenses
|
| | | | | | | | | | (3,982,325) | | | | | | (852,379) | | |
Operating loss
|
| | | | | | | | | | (3,982,325) | | | | | | (852,379) | | |
Finance costs
|
| | | | | | | | | | (426,255) | | | | | | (148,079) | | |
Finance income
|
| | | | | | | | | | — | | | | | | 50,882 | | |
Loss before tax
|
| | | | | | | | | | (4,408,580) | | | | | | (949,576) | | |
Income tax credit
|
| | | | 2 | | | | | | — | | | | | | 290,820 | | |
Loss for the period attributable to equity holders
|
| | | | | | | | | | (4,408,580) | | | | | | (658,756) | | |
Total comprehensive income for the period attributable to equity holders
|
| | | | | | | | | | (4,408,580) | | | | | | (658,756) | | |
Earnings per ordinary share from continuing operations attributable to
equity holders |
| | | | 3 | | | | | | (3.4265) | | | | | | (0.5120) | | |
| | |
Note
|
| |
Unaudited
31 March 2021 |
| |
Audited
30 September 2020 |
| |||||||||
| | | | | | | | |
£
|
| |
£
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | | | | | | | 75,389 | | | | | | 20,722 | | |
Intangible assets
|
| | | | 4 | | | | | | 9,852,039 | | | | | | 6,792,770 | | |
Fixed asset investments
|
| | | | | | | | | | 25,000 | | | | | | 25,000 | | |
| | | | | | | | | | | 9,952,428 | | | | | | 6,838,492 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 5 | | | | | | 386,639 | | | | | | 217,169 | | |
Cash and cash equivalents
|
| | | | | | | | | | 5,560,489 | | | | | | 150,616 | | |
| | | | | | | | | | | 5,947,128 | | | | | | 367,785 | | |
Total assets
|
| | | | | | | | | | 15,899,556 | | | | | | 7,206,277 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 6 | | | | | | 4,017,718 | | | | | | 1,846,518 | | |
Borrowings
|
| | | | 7 | | | | | | 3,500,000 | | | | | | 4,225,854 | | |
Total current liabilities
|
| | | | | | | | | | 7,517,718 | | | | | | 6,072,372 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 6 | | | | | | 1,149,164 | | | | | | 413,358 | | |
Borrowings
|
| | | | 7 | | | | | | 10,852,109 | | | | | | — | | |
Deferred tax
|
| | | | 9 | | | | | | — | | | | | | — | | |
Total non-current liabilities
|
| | | | | | | | | | 12,001,273 | | | | | | 413,358 | | |
Total liabilities
|
| | | | | | | | | | 19,518,991 | | | | | | 6,485,730 | | |
Net (liabilities)/assets
|
| | | | | | | | | | (3,619,435) | | | | | | 720,547 | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | | | | | | | 129 | | | | | | 129 | | |
Convertible loan notes treated as equity
|
| | | | | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Other reserves
|
| | | | | | | | | | 172,874 | | | | | | 104,276 | | |
Retained earnings
|
| | | | | | | | | | (4,792,438) | | | | | | (383,858) | | |
Total equity
|
| | | | | | | | | | (3,619,435) | | | | | | 720,547 | | |
| | |
Share
Capital |
| |
CLNs treated
as equity |
| |
Other
Reserves |
| |
Retained
Earnings |
| |
Total
|
| |||||||||||||||
| | |
£
|
| | | | | | | |
£
|
| |
£
|
| |
£
|
| ||||||||||||
Balance at 30 September 2019
|
| | | | 129 | | | | | | 1,000,000 | | | | | | 8,945 | | | | | | 61,696 | | | | | | 1,070,770 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | (658,756) | | | | | | (658,756) | | |
Total comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (658,756) | | | | | | (658,756) | | |
Transactions with owners in their capacity as owners:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share option charge
|
| | | | — | | | | | | — | | | | | | 47,661 | | | | | | — | | | | | | 47,661 | | |
| | | | | — | | | | | | — | | | | | | 47,661 | | | | | | — | | | | | | 47,661 | | |
Balance at 31 March 2020 attributable to owners
of the group |
| | | | 129 | | | | | | 1,000,000 | | | | | | 56,606 | | | | | | (597,060) | | | | | | 459,675 | | |
Profit for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | 213,202 | | | | | | 213,202 | | |
Total comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 213,202 | | | | | | 213,202 | | |
Transactions with owners in their capacity as owners:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share option charge
|
| | | | — | | | | | | — | | | | | | 47,670 | | | | | | — | | | | | | 47,670 | | |
| | | | | — | | | | | | — | | | | | | 47,670 | | | | | | — | | | | | | 47,670 | | |
Balance at 30 September 2020 attributable to owners of the group
|
| | | | 129 | | | | | | 1,000,000 | | | | | | 104,276 | | | | | | (383,858) | | | | | | 720,547 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,408,580) | | | | | | (4,408,580) | | |
Total comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,408,580) | | | | | | (4,408,580) | | |
Transactions with owners in their capacity as owners:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share option charge
|
| | | | — | | | | | | — | | | | | | 68,598 | | | | | | — | | | | | | 68,598 | | |
| | | | | — | | | | | | — | | | | | | 68,598 | | | | | | — | | | | | | 68,598 | | |
Balance at 31 March 2021 attributable to owners
of the group |
| | | | 129 | | | | | | 1,000,000 | | | | | | 172,874 | | | | | | (4,792,438) | | | | | | (3,619,435) | | |
| | |
Note
|
| |
Six months ended
31 March 2021 |
| |
Six months ended
31 March 2020 |
| |||||||||
| | | | | | | | |
£
|
| |
£
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Cash (used in)/generated from operations
|
| | | | 8 | | | | | | (1,166,170) | | | | | | (1,763,850) | | |
Net cash (used in)/generated from operating activities
|
| | | | | | | | | | (1,166,170) | | | | | | (1,763,850) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Capital expenditure on PPE
|
| | | | | | | | | | (64,688) | | | | | | (4,904) | | |
Capital expenditure on intangibles
|
| | | | | | | | | | (3,059,269) | | | | | | (653,251) | | |
Net cash used in investing activities
|
| | | | | | | | | | (3,123,957) | | | | | | (658,155) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Repayment of borrowings
|
| | | | | | | | | | (800,000) | | | | | | — | | |
Proceeds from borrowing
|
| | | | | | | | | | 10,500,000 | | | | | | 500,000 | | |
Net cash generated from financing activities
|
| | | | | | | | | | 9,700,000 | | | | | | 500,000 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | | | | | | | 5,409,873 | | | | | | (1,922,005) | | |
Cash and cash equivalents at beginning of period
|
| | | | | | | | | | 150,616 | | | | | | 3,420,730 | | |
Cash and cash equivalents at end of period
|
| | | | | | | | | | 5,560,489 | | | | | | 1,498,725 | | |
| | |
Period ended
31 March 2021 |
| |
Period ended
31 March 2020 |
| | ||||||||
| | |
£
|
| |
£
|
| | ||||||||
The tax charge/(credit) on the profit/(loss) on ordinary activities for the year was as follows:
|
| | | | | | | | | | | | | | ||
Current tax
|
| | | | — | | | | | | — | | | | ||
Deferred Tax | | | | | | | | | | | | | | | ||
Unrelieved tax losses
|
| | | | — | | | | | | 481,153 | | | | ||
Intangible asset timing differences
|
| | | | | | | | | | (190,333) | | | | | |
Income tax credit/(charge)
|
| | | | — | | | | | | 290,820 | | | |
| | |
Period ended
31 March 2021 |
| |
Period ended
31 March 2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Loss from continuing operations
|
| | | | (4,408,580) | | | | | | (658,756) | | |
Tax credit at the applicable rate of 19% (2020 – 19%)
|
| | | | (837,630) | | | | | | (125,164) | | |
Tax effect of expenses that are not deductible in determining profit | | | | | | | | | | | | | |
Disallowable expenditure
|
| | | | 13,034 | | | | | | 9,056 | | |
Unrelieved tax losses
|
| | | | — | | | | | | 481,153 | | |
Intangible asset timing differences
|
| | | | — | | | | | | (190,333) | | |
Unutilised tax losses on which deferred tax is not recognised
|
| | | | 824,596 | | | | | | 116,108 | | |
Total tax credit
|
| | | | — | | | | | | 290,820 | | |
Basic EPS
|
| |
Earnings
|
| |
Weighted
average number of shares |
| |
Per share
amount |
| |||||||||
| | |
£
|
| | | | | | | |
£
|
| ||||||
2021
|
| | | | (4,408,580) | | | | | | 1,286,600 | | | | | | (3.4265) | | |
2020
|
| | | | (658,756) | | | | | | 1,286,600 | | | | | | (0.5120) | | |
| | |
Development
Costs |
| |||
| | |
£
|
| |||
Cost | | | | | | | |
At 31 March 2020
|
| | | | 3,928,795 | | |
Additions
|
| | | | 2,863,975 | | |
At 30 September 2020
|
| | | | 6,792,770 | | |
Additions
|
| | | | 3,059,269 | | |
At 31 March 2021
|
| | | | 9,852,039 | | |
Amortisation | | | | | | | |
At 31 March 2020
|
| | | | — | | |
Charge
|
| | | | — | | |
At 30 September 2020
|
| | | | — | | |
Charge
|
| | | | — | | |
At 31 March 2021
|
| | | | — | | |
Net Book Value | | | | | | | |
At 31 March 2021
|
| | | | 9,852,039 | | |
At 30 September 2020
|
| | | | 6,792,770 | | |
At 31 March 2020
|
| | | | 3,928,795 | | |
| | |
31 March 2021
|
| |
30 September 2020
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
Other debtors
|
| | | | 263,791 | | | | | | 117,563 | | |
Prepayments and accrued income
|
| | | | 122,848 | | | | | | 99,606 | | |
Total
|
| | | | 386,639 | | | | | | 217,169 | | |
| | |
31 March 2021
|
| |
30 September 2020
|
| ||||||
| | |
£
|
| |
£
|
| ||||||
Current liabilities | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,017,338 | | | | | | 198,779 | | |
Other tax and social security
|
| | | | 265,023 | | | | | | 256,566 | | |
Other creditors
|
| | | | 40,049 | | | | | | 32,228 | | |
Accruals
|
| | | | 827,704 | | | | | | 151,478 | | |
Deferred income
|
| | | | 1,867,604 | | | | | | 1,207,467 | | |
Total
|
| | | | 4,017,718 | | | | | | 1,846,518 | | |
| | |
31 March 2021
|
| |
30 September
2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Non-current Liabilities | | | | | | | | | | | | | |
Deferred government grants
|
| | | | 1,149,164 | | | | | | 413,358 | | |
| | | | | 1,149,164 | | | | | | 413,358 | | |
| | |
31 March
2021 |
| |
30 September
2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Current liabilities | | | | | | | | | | | | | |
Bridging finance
|
| | | | — | | | | | | 800,000 | | |
Convertible loan notes B
|
| | | | 3,500,000 | | | | | | 3,425,854 | | |
| | | | | 3,500,000 | | | | | | 4,225,854 | | |
Non-current Liabilities | | | | | | | | | | | | | |
Future fund loan
|
| | | | 8,814,849 | | | | | | — | | |
Convertible loan notes C
|
| | | | 2,037,260 | | | | | | — | | |
| | |
31 March
2021 |
| |
30 September
2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
Fair value | | | | ||||||||||
Bridging finance
|
| | | | — | | | | | | 800,000 | | |
Convertible loan notes A (classified as equity)
|
| | | | 1,000,000 | | | | | | 1,000,000 | | |
Convertible loan notes B
|
| | | | 3,500,000 | | | | | | 3,425,854 | | |
Future fund loan
|
| | | | 8,814,849 | | | | | | — | | |
Convertible loan notes C
|
| | | | 2,037,260 | | | | | | — | | |
| | | | | 15,352,109 | | | | | | 5,225,854 | | |
| | |
Period ended
31 March 2021 |
| |
Period ended
31 March 2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
| | | | | | | | | | | | | |
Loss before tax
|
| | | | (4,408,580) | | | | | | (949,576) | | |
Adjustments for: | | | | | | | | | | | | | |
Depreciation
|
| | | | 10,022 | | | | | | — | | |
Change in trade and other receivables
|
| | | | (169,470) | | | | | | (30,422) | | |
Change in trade and other payables
|
| | | | 2,907,007 | | | | | | (928,710) | | |
Share option charge
|
| | | | 68,596 | | | | | | 47,661 | | |
Interest income
|
| | | | — | | | | | | (50,882) | | |
Interest payable
|
| | | | 426,255 | | | | | | 148,079 | | |
Cash (used in)/generated from operations
|
| | | | (1,166,170) | | | | | | (1,763,850) | | |
Reconciliation of net cashflow to movements in net debt: | | | | | | | | | | | | | |
Opening net cash/(debt)
|
| | | | (4,149,384) | | | | | | 420,730 | | |
Facilities received
|
| | | | (9,700,000) | | | | | | (500,000) | | |
Movement in cash
|
| | | | 5,409,873 | | | | | | (1,922,005) | | |
Movement in net cash/ (debt)
|
| | | | (4,290,127) | | | | | | (2,422,005) | | |
Closing net cash/(debt)
|
| | | | (8,439,511) | | | | | | (2,001,275) | | |
Composition of closing net cash/(debt) | | | | | | | | | | | | | |
Cash
|
| | | | 5,560,489 | | | | | | 1,498,725 | | |
Bank loans
|
| | | | (10,500,000) | | | | | | — | | |
Convertible loans
|
| | | | (3,500,000) | | | | | | (3,500,000) | | |
Net cash/(debt)
|
| | | | (8,439,511) | | | | | | (2,001,275) | | |
| | |
31 March 2021
|
| |
30 September
2020 |
| ||||||
| | |
£
|
| |
£
|
| ||||||
The deferred tax is made up as follows: | | | | | | | | | | | | | |
Intangible asset timing differences
|
| | | | 1,775,367 | | | | | | 1,224,410 | | |
Unrelieved tax losses
|
| | | | (1,775,367) | | | | | | (1,224,410) | | |
| | | | | — | | | | | | — | | |
| | | | | 6 | | | |
| | | | | 6 | | | |
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| EXHIBITS | | | | | | | |
| Exhibit A — Form of New Registration Rights Agreement | | | | | | | |
| Exhibit B — Form of Lock-Up Agreement | | | | | | | |
| Exhibit C — Form of Pubco Equity Incentive Plan | | | | | | | |
| If to Purchaser at or prior to the Share Acquisition Closing, to: | | | with a copy (which will not constitute notice) to: | |
|
Centricus Acquisition Corp.
PO Box 309 Ugland House Grand Cayman KY1- 1104 Cayman Islands Attn: Garth Ritchie Email: garth.ritchie@centricus.com |
| |
Latham & Watkins (London) LLP
99 Bishopsgate London, EC2M 3XF United Kingdom Attn: David Stewart and Robbie McLaren Email: j.david.stewart@lw.com and robbie.mclaren@lw.com |
|
| If to the Purchaser Representative to: | | | with a copy (which will not constitute notice) to: | |
|
Centricus Heritage LLC
PO Box 309 Ugland House Grand Cayman KY1- 1104 Cayman Islands Attn: Garth Ritchie Email: garth.ritchie@centricus.com |
| |
Latham & Watkins (London) LLP
99 Bishopsgate London, EC2M 3XF United Kingdom Attn: David Stewart and Robbie McLaren Email: j.david.stewart@lw.com and robbie.mclaren@lw.com |
|
| If to the Company at or prior to the Share Acquisition Closing, to: | | | with a copy (which will not constitute notice) to: | |
|
Arqit Limited
1st Floor, 3 More London Riverside More London Place London, England, SE1 2RE United Kingdom Attn: David Williams and Patrick Willcocks Email: dw@arqit.uk and patrick.willcocks@arqit.uk |
| |
White & Case LLP
5 Old Broad Street London, EC2N 1DW United Kingdom Attn: Daniel Turgel and Dominic Ross Email: daniel.turgel@whitecase.com and dominic.ross@whitecase.com |
|
| If to Pubco at or prior to the Share Acquisition Closing, to: | | | with a copy (which will not constitute notice) to: | |
|
Arqit Quantum Inc.
c/o Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands Attn: David Williams and Patrick Willcocks |
| |
White & Case LLP
5 Old Broad Street London, EC2N 1DW United Kingdom Attn: Daniel Turgel and Dominic Ross |
|
|
Email: dw@arqit.uk and patrick.willcocks@arqit.uk
|
| | Email: daniel.turgel@whitecase.com and dominic.ross@whitecase.com | |
| If to the Company Shareholders Representative or the Company Shareholders, to: | | | with a copy (which will not constitute notice) to: | |
|
David Williams
1st Floor, 3 More London Riverside More London Place London, England, SE1 2RE United Kingdom Attn: David Williams and Patrick Willcocks Email: dw@arqit.uk and patrick.willcocks@arqit.uk |
| |
White & Case LLP
5 Old Broad Street London, EC2N 1DW United Kingdom Attn: Daniel Turgel and Dominic Ross Email: daniel.turgel@whitecase.com and dominic.ross@whitecase.com |
|
| If to Pubco, Purchaser, or the Company after the Share Acquisition Closing, to: | | | with a copy (which will not constitute notice) to: | |
|
Arqit Limited
1st Floor, 3 More London Riverside More London Place London, England, SE1 2RE United Kingdom Attn: David Williams and Patrick Willcocks Email: dw@arqit.uk and patrick.willcocks@arqit.uk |
| |
White & Case LLP
5 Old Broad Street London, EC2N 1DW United Kingdom Attn: Daniel Turgel and Dominic Ross Email: daniel.turgel@whitecase.com and dominic.ross@whitecase.com |
|
Term
|
| |
Section
|
|
Agreement | | | Preamble | |
Amended Pubco Charter | | | 1.4 | |
Antitrust Laws | | | 8.12(c) | |
Business Combination | | | 12.1 | |
Closing Cash | | | 8.19(b) | |
Closing Filing | | | 8.15(b) | |
Closing Press Release | | | 8.15(b) | |
Company | | | Preamble | |
Company Benefit Plan | | | 6.20(a) | |
Company Certificate | | | 2.3(b) | |
Company Disclosure Schedules | | | Article VI | |
Company Financials | | | 6.7(a) | |
Company Material Contract | | | 6.12(a) | |
Company Permits | | | 6.10 | |
Company Real Property Leases | | | 6.16 | |
Company Registered IP | | | 6.13(a) | |
Company Shareholder Merger Consideration
|
| | 2.2(a) | |
Company Shareholders | | | Preamble | |
Term
|
| |
Section
|
|
Merger Closing Date | | | 3.1 | |
Merger Effective Time | | | 1.2 | |
New Registration Rights Agreement | | | 8.20 | |
Non-Recourse Parties | | | 13.13 | |
OFAC | | | 4.17(c) | |
Outside Date | | | 11.1(b) | |
Parties | | | Preamble | |
Party | | | Preamble | |
PIPE Investment | | | Recitals | |
PIPE Investors | | | Recitals | |
Plan of Merger | | | 1.1 | |
Proxy Statement | | | 8.14(a) | |
Pubco | | | Preamble | |
Pubco Equity Incentive Plan | | | 8.25 | |
Purchaser | | | Preamble | |
Purchaser Disclosure Schedules | | | Article IV | |
Purchaser Financials | | | 4.6(c) | |
Purchaser Material Contract | | | 4.13(a) | |
Term
|
| |
Section
|
|
Company Shareholders Representative
|
| | 13.14(a) | |
Competing Business | | | 8.22 | |
D&O Indemnified Persons | | | 8.18(a) | |
D&O Tail Insurance | | | 8.18(b) | |
DJB | | | Recitals | |
DJW | | | Recitals | |
Enforceability Exceptions | | | 4.2 | |
Environmental Permits | | | 6.21(a) | |
Expenses | | | 11.3 | |
Extension | | | 8.3(a) | |
Federal Securities Laws | | | 8.10 | |
FF SPA | | | Recitals | |
Interim Period | | | 8.1(a) | |
Key Company Shareholders | | | Recitals | |
Latham | | | 13.16 | |
LNH SPA | | | Recitals | |
Loan Notes | | | Recitals | |
Lock-Up Agreement | | | 8.21 | |
Management Accounts | | | 6.7(a) | |
Material Inbound Licenses | | | 6.12(a)(viii) | |
Material Outbound Licenses | | | 6.12(a)(x) | |
Merger | | | Recitals | |
Merger Closing | | | 3.1 | |
Term
|
| |
Section
|
|
Purchaser Recommendation | | | 4.2 | |
Purchaser Representative | | | 13.15(a) | |
Redemption | | | 8.14(a) | |
Registration Statement | | | 8.14(a) | |
Related Person | | | 6.22 | |
Released Claims | | | 12.1 | |
Releasing Persons | | | 12.2 | |
Relevant UK National Security Law | | | 8.12(c) | |
Required Shareholder Approval | | | 10.1(b) | |
SEC Reports | | | 4.6(a) | |
Section 338 Election | | | 1.11(b) | |
Share Acquisition | | | Recitals | |
Share Acquisition Closing | | | 3.1 | |
Share Acquisition Closing Date | | | 3.1 | |
Shareholder Approval Matters | | | 8.14(a) | |
Signing Filing | | | 8.15(b) | |
Signing Press Release | | | 8.15(b) | |
Special Shareholder Meeting | | | 8.14(a) | |
Sponsor | | | Preamble | |
Sponsor Registration Rights Agreement
|
| | Recitals | |
STFs | | | 2.3(a) | |
Subscription Agreements | | | Recitals | |
Surviving Company | | | 1.1 | |
Transactions | | | Recitals | |
Transfer Agent | | | 2.10 | |
Name
|
| |
Class of Share
|
| |
Total No. of Company Shares
Held |
| |||
Trevor Barker
|
| |
Ordinary £0.0001
|
| | | | 85,000 | | |
David John Williams
|
| |
Ordinary £0.0001
|
| | | | 295,291 | | |
David James Bestwick
|
| |
Ordinary £0.0001
|
| | | | 160,891 | | |
Jack Blockley
|
| |
Ordinary £0.0001
|
| | | | 42,500 | | |
| | |
Deferred £0.0001
|
| | | | 42,500 | | |
Adam Hall
|
| |
Ordinary £0.0001
|
| | | | 10,000 | | |
Lee Boland
|
| |
Ordinary £0.0001
|
| | | | 15,000 | | |
Andrew Yeomans
|
| |
Ordinary £0.0001
|
| | | | 5,000 | | |
Geoffrey Taylor
|
| |
Ordinary £0.0001
|
| | | | 27,200 | | |
D2BW Limited
|
| |
Ordinary £0.0001
|
| | | | 603,218 | | |
Company Shareholder
|
| |
Bank Account Details
|
|
| |
Bank Name: [•]
Bank Address: [•] Account Name: [•] Sort Code: [•] Account Number: [•] IBAN: [•] SWIFT: [•] |
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for ADAM HALL under a power of attorney dated 26 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for ANDREW YEOMANS under a power of attorney dated 26 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by D2BW LIMITED
acting by David Williams, a director |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for DAVID BESTWICK under a power of attorney dated 26 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for GEOFFREY TAYLOR under a power of attorney dated 25 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for JACK BLOCKLEY under a power of attorney dated 28 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for LEE BOLAND under a power of attorney dated 25 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
|
EXECUTED by ARQIT LIMITED
acting by David Williams, a director as attorney for TREVOR BARKER under a power of attorney dated 26 April 2021 |
| |
|
| |
/s/ David Williams
Director
|
|
| | |
COMPANY:
|
| |||||||
| | | | ARQIT QUANTUM INC. | | ||||||
| | | | By: | | | | ||||
| | | | | | | Name: | | | David Williams | |
| | | | | | | Title: | | | Director | |
| | | |
in connection with Section 5.5 solely,
CENTRICUS: |
| ||||||
| | | | CENTRICUS ACQUISITION CORP. | | ||||||
| | | | By: | | | | ||||
| | | | | | | Name: | | | | |
| | | | | | | Title: | | | | |
| | |
HOLDERS:
|
| |||||||
| | | | CENTRICUS HERITAGE LLC | | ||||||
| | | | By: | | | | ||||
| | | | | | | Name: | | | Garth Ritchie | |
| | | | | | |
T itle:
|
| | Manager | |
| | | | By: | | | | ||||
| | | | | | | Name: | | | Nizar Al-Bassam | |
| | | | | | | Title: | | | Manager | |
| | | | By: | | | | ||||
| | | | | | | Name: | | | Carlo Calabria | |
| | | | | | | Title: | | | Manager | |
| | | | By: | | | | ||||
| | | | | | | Name: | | | Cristina Levis | |
| | | | | | | Title: | | | Manager | |
| | | | NICHOLAS TAYLOR | | ||||||
| | | | | |||||||
| | | | DAVID JOHN WILLIAMS | | ||||||
| | | | | |||||||
| | | | DAVID JAMES BESTWICK | | ||||||
| | | | | |||||||
| | | | D2BW LIMITED | | ||||||
| | | | | |||||||
| | | | NOTION CAPITAL III LP | | ||||||
| | | | |
| |
Holder
|
| | |
Address
|
| | |
Number of
Ordinary Shares |
| | |
Number of Private
Warrants |
| |
| |
Centricus Heritage LLC
|
| | | PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands | | | | | | | | | | |
| | Nicholas Taylor | | | | PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands | | | | | | | | — | | |
| | David John Williams | | | | | | | | | | | | — | | |
| | David James Bestwick | | | | | | | | | | | | — | | |
| | D2BW Limited | | | | | | | | | | | | — | | |
| | Notion Capital III LP | | | | | | | | | | | | | | |
| If to Pubco, to: | | | With a copy to (which shall not constitute notice): | |
|
Arqit Quantum Inc.
c/o Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands United Kingdom Attn: David Williams Email: dw@arqit.uk |
| |
White & Case LLP
5 Old Broad Street London EC2N 1DW United Kingdom Attention: Elliott Smith, Daniel Turgel and Monica Holden Email: elliott.smith@whitecase.com, daniel.turgel@whitecase.com, mholden@whitecase.com |
|
| If to the Holder, to: the address set forth under the Holder’s name on the signature page hereto. | |
| | |
Pubco:
|
| ||||
| | | | Arqit Quantum Inc. | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
|
|
| | ) | | | | | | | |
| Duly authorised for | | | ) | | | | | | ||
| and on behalf of | | | ) | | |
Director
|
| | ||
| Arqit Quantum Inc. | | | ) | | | | | | ||
|
|
| | ) | | | | | | ||
| Duly authorised for | | | ) | | | | | | ||
| and on behalf of | | | ) | | |
Director
|
| | ||
| Centricus Acquisition Corp. | | | ) | | | | | |
|
“Applicable Law”
|
| | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. | |
|
“Articles”
|
| | means these articles of association of the Company. | |
|
“Audit Committee”
|
| | means the audit committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. | |
|
“Auditor”
|
| | means the person for the time being performing the duties of auditor of the Company (if any). | |
|
“Cause”
|
| | means a conviction for a criminal offence involving dishonesty or engaging in conduct which brings a Director or the Company into disrepute or which results in a material financial detriment to the Company. | |
|
“Clearing House”
|
| | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. | |
|
“Company”
|
| | means the above named company. | |
|
“Company’s Website”
|
| | means the website of the Company and/or its web-address or domain name (if any). | |
|
“Compensation Committee”
|
| | means the compensation committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. | |
|
“Designated Stock Exchange”
|
| | means any United States national securities exchange on which the securities of the Company are listed for trading, including the Nasdaq Capital Market. | |
|
“Directors”
|
| | means the directors for the time being of the Company. | |
|
“Dividend”
|
| | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. | |
|
“Electronic Communication”
|
| | means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. | |
|
“Electronic Record”
|
| | has the same meaning as in the Electronic Transactions Act. | |
|
“Electronic Transactions Law”
|
| | means the Electronic Transactions Act (As Revised) of the Cayman Islands. | |
|
“Exchange Act”
|
| | means the United States Securities Exchange Act of 1934, as amended or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. | |
|
“Independent Director”
|
| | has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. | |
|
“Member”
|
| | has the same meaning as in the Statute. | |
|
“Memorandum”
|
| | means the memorandum of association of the Company. | |
|
“Nominating and Corporate Governance Committee”
|
| | means the nominating and corporate governance committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. | |
|
“Officer”
|
| | means a person appointed to hold an office in the Company. | |
|
“Ordinary Resolution”
|
| | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. | |
|
“Ordinary Share”
|
| | means an ordinary share of a par value of US$0.0001 in the share capital of the Company. | |
|
“Preference Share”
|
| | means a preference share of a par value of US$0.0001 in the share capital of the Company. | |
|
“Register of Members”
|
| | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. | |
|
“Registered Office”
|
| | means the registered office for the time being of the Company. | |
|
“Seal”
|
| | means the common seal of the Company and includes every duplicate seal. | |
|
“Securities and Exchange Commission”
|
| | means the United States Securities and Exchange Commission. | |
|
“Share”
|
| | means an Ordinary Share or a Preference Share and includes a fraction of a share in the Company. | |
|
“Special Resolution”
|
| | has the same meaning as in the Statute, and includes a unanimous written resolution. | |
|
“Statute”
|
| | means the Companies Act (As Revised) of the Cayman Islands. | |
|
“Treasury Share”
|
| | means a Share held in the name of the Company as a treasury share in accordance with the Statute. | |