up 11 percent breaking out, page-6

Galahad wrote it off for 51million pounds lol

At the date of acquisition,

based on the then prevailing Galahad share price, the market value

of the transaction and of the underlying assets was £79.1 million. By

reference to this market value, a fair value adjustment of £51.5

million in excess of the book value at which it was carried by

Skaergaard Minerals Corporation, the licence holder, was attributed

to the Skaergaard mining licence in Galahad’s group accounts.



The value at which Skaergaard was carried on our books has now

been written off with an exceptional loss of £56.3 million

(including the £51.5 million fair value adjustment), which is

explained in more detail in Note 5 of the financial statements. The

value of Galahad shares issued in payment for Shambhala should

be an allowable expense for tax purposes which should offset

future capital gains on other Galahad investments.