In April 2023, the Company announced the sale of its Fitzgerald Industries life sciences supply business, consisting of Benen Trading Ltd and Fitzgerald Industries International, Inc, to Biosynth for cash proceeds of approximately US$30 million subject to customary adjustments. The results of Fitzgerald Industries were presented as discontinued operations in the 2023 financial statements.

During 2024, the Company recognised additional costs related to the 2023 disposal of Fitzgerald Industries, following a settlement agreement with Biosynth that was finalised prior to year-end and formally signed in January 2025. A provision of US$150,000 was recorded in respect of the full and final settlement of all post-completion claims. In addition, outstanding receivables of US$423,000 from Biosynth relating to completion account adjustments were written off as unrecoverable under the terms of the settlement.

The operating (loss)/profit for the discontinued operations are summarised as follows:

	December 31, 2025	December 31, 2024	December 31, 2023
	US$‘000	US$‘000	US$‘000
Revenue	-	-	2,784
Operating expenses	-	-	(2,652)
Tax expense (Note 7)	-	-	-

Profit from operating activities	-	-	132

(Loss)/Gain on sale of discontinued operations	-	(573)	12,718

(Loss)/Profit for the year from discontinued operations	-	(573)	12,850

There were no discontinued operations in the year ended December 31, 2025 (2024: US$0.6 million). Accordingly, there are no earnings per share from discontinued operations for the year ended December 31, 2025.

	December 31, 2025	December 31, 2024	December 31, 2023
	US$‘000	US$‘000	US$‘000
Cash received from sale of the discontinued operations net of transaction costs	-	-	28,935
Cash sold as a part of discontinued operations	-	-	(775)
Net cash inflow on date of disposal	-	-	28,160

During 2024, the Biosynth transactions were recognised as post-disposal adjustments, reflecting the write-off of receivables and provision for settlement costs.

	Net assets disposed in 2023	Post disposal adjustment in 2024	Net assets disposed/adjusted as on 31 December 2024
	US$‘000	US$‘000	US$‘000

Property plant & equipment	103	-	103
Goodwill and intangible assets	14,123	-	14,123
Inventory	1,160	-	1,160
Cash	775	-	775
Trade and other receivables	1,309	(423)	886
Trade and other payables	(864)	(150)	(1,014)
Lease liabilities	(106)	-	(106)
Current corporation tax	(2)	-	(2)
Deferred tax liability	(195)	-	(195)
Total net assets disposed	16,303	(573)	15,730

Basic (loss)/earnings per ordinary share for discontinued operations is computed by dividing the profit/ (loss) after taxation on discontinued operations of US$Nil, (2024: Loss of US$573,000) (2023: Profit of US$12,850,000) for the financial year by the weighted average number of ‘A’ ordinary shares in issue as at December 31, 2025, this amounted to 371,513,458 shares (2024: 359,193,482 shares) (2023: 153,099,405 shares), see Note 10 for further details.

Diluted (loss)/earnings per ordinary share for discontinued operations is computed by dividing the profit/ (loss) after taxation on discontinued operations of US$Nil, (2024: Loss of US$573,000) (2023: Profit of US$12,850,000) for the financial year by the diluted weighted average number of ordinary shares in issue of 488,155,270 shares (2024: 404,096,277 shares) (2023: 178,016,062 shares), see Note 10 for further details.

	December 31, 2025	December 31, 2024	December 31, 2023
Basic (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations	-	(0.00)	0.08
Diluted (loss)/earnings per ‘A’ share (US Dollars) – discontinued operations	-	(0.00)	0.07

Basic earnings per ADS for discontinued operations is computed by dividing the profit/(loss) after taxation on discontinued operations of US$Nil, (2024: Loss of US$573,000) (2023: Profit of US$12,850,000) for the financial year by the weighted average number of ADS in issue of 18,575,673 (2024: 17,959,674) (2023: 7,654,970), see Note 10 for further details.

Diluted earnings per ADS for discontinued operations is computed by dividing the profit/ (loss) after taxation on discontinued operations of US$Nil, (2024: Loss of US$573,000) (2023: Profit of US$12,850,000) for the financial year, by the diluted weighted average number of ADS in issue of 24,407,764 (2024: 20,204,814) (2023: 8,900,803), see Note 10 for further details.

	December 31, 2025	December 31, 2024	December 31, 2023
Basic (loss)/earnings per ADS (US Dollars) – discontinued operations	-	(0.03)	1.68
Diluted (loss)/earnings per ADS (US Dollars) – discontinued operations	-	(0.03)	1.44

	December 31, 2025	December 31, 2024	December 31, 2023
	US$‘000	US$‘000	US$‘000
Cash (outflow) from operating activities	-	-	(177)
Cash inflow from investing activities	-	-	28,160
Cash outflow from financing activities	-	-	-