
	Warrant liabilities
	2024			2023
	($'000)			($'000)
At January 1		412			643
Fair value changes during the period		448			(542	)
Foreign exchange		(5	)		4
At March 31		855			105
Fair value changes during the period		69			102
Foreign exchange		1			3
At June 30		925			210

As a part of a private placement transaction on June 3, 2020, the participating investors received conditional warrants entitling them to subscribe for an aggregate of 161,048,366 ordinary shares in the Company at an exercise price of £0.348 per warrant and were exercisable until June 2023 when they expired. The warrants were classified as liabilities as the Company did not have an unconditional right to avoid redeeming the instruments for cash.

As of June 30, 2024, the former lenders of the Company have warrants outstanding to purchase a total of 1,243,908 ordinary shares at an exercise price of £2.95 per share, exercisable until August 2027 and a total of 1,243,908 ordinary shares at an exercise price of $0.4144 per share, exercisable on dates between August 2027 and October 2028. There were no warrants exercised during either the three and six months ended June 30, 2024 or 2023.

As of June 30, 2024 and December 31, 2023, a total of 2,487,816 warrants over the same number of ordinary shares are outstanding. These warrants outstanding are equivalent to 0.3% of the issued ordinary share capital of the Company as of June 30, 2024 and 0.4% as of December 31, 2023.

The following table lists the weighted average inputs to the models used to calculate the fair value of warrants:


	June 30,			December 31,
	2024			2023
Expected volatility (%)		95			102
Risk-free interest rate (%)		4.05			3.36
Expected life of warrants (years)		3.7			5.2
Market price of ADS ($)		3.60			2.31
Model used	Black-Scholes		Black-Scholes