Final Results
December 18 2003 - 7:40AM
UK Regulatory
RNS Number:4264T
Bionex Investments PLC
18 December 2003
Bionex Investments Plc
Preliminary Results for the Year ended 30 September 2003
Chairman's Statement
In January 2003 the shares of the company were admitted to the Alternative
Investment Market of London Stock Exchange plc ("AIM"). Although market
conditions were not favourable, your Board believed that the long-term interests
of both the company and its shareholders would be best served by proceeding with
the flotation. We are grateful to the efforts of our team of advisers for
completing the process successfully.
In December 2002 the company acquired holdings in two unlisted companies from
Abingdon Capital plc in return for the issue of 43.1 million shares. Bionex has
retained both holdings.
The loss for the year to 30 September 2003 of #383,943 reflects the costs of
flotation that could not be written off against share premium account and the
effect of provisions made against the value of certain of the company's
investments. The Board takes a conservative view in respect of the valuation of
its investments and therefore provisions have been made where we believe there
to have been a reduction in value from that at which Bionex first invested. The
Board continues to believe that overall the investments held by Bionex are in
high quality companies and will prove to be valuable assets in the future.
During the year we reviewed many proposals for new investments in unquoted
companies but we were unable to find companies that fulfilled all of our
criteria for investment. Consequently we have not invested in any new unquoted
companies during the year. The company has participated in new financings by
companies already within our portfolio and will continue to do so where we are
of the opinion that such investment will, in the long term, return value to
shareholders.
In the absence of suitable unquoted investments the company made certain
investments in listed companies in the life sciences sector. Such investments
were in general made for the short term and trading in these shares has proved
successful. Accordingly, we intend to continue with this activity.
During the past year Tom Powell resigned as Finance Director, a role taken over
by Chris Roberts who was formerly a non-executive director. The Board wishes to
thank Tom for his efforts especially during the flotation process.
In summary therefore, 2003 has been an eventful year for Bionex. The company
holds a portfolio of investments in companies that will benefit from a return
to more buoyant market conditions and your Board feels well placed to carry the
company forward in the medium term.
My thanks go to my colleagues on the Board for their efforts and support during
the year.
Graham Wylie
Chairman
18 December 2003
Profit and loss account
for the year ended 30 September 2003
Note Unaudited Audited
2003 2002
# #
Profit on disposal of investments 73, 721 48,611
Management expenses (177,114) (106,833)
Admission expenses (16,706) ---
Investment provision (293,281) (357,589)
Loss on ordinary activities before interest (413,380) (415,811)
Interest receivable and similar income 29,437 25,404
Loss on ordinary activities before taxation (383,943) (390,407)
Taxation --- ---
Loss for the year (383,943) (390,407)
Loss per ordinary share 1 0.26p 0.44p
There were no recognised gains and losses other than the results shown above.
None of the company's activities was acquired or discontinued during the above
two financial years.
Balance Sheet
as at 30 September 2003
Unaudited Audited
2003 2002
# #
Fixed assets
Investments 2,350,257 1,200,156
Current assets
Investments 25,576 ---
Debtors 104,970 3,230
Cash and short term deposits at bank 1,037,007 877,241
1,167,553 880,471
Creditors: amounts falling due within one year (156,126) (104,789)
Net current assets 1,011,427 775,682
Net assets 3,361,684 1,975,838
Capital and reserves
Called up share capital 1,579,256 975,667
Share premium account 2,614,889 1,448,689
Profit and loss account (832,461) (448,518)
Equity shareholders' funds 3,361,684 1,975,838
Cash flow statement
for the year ended 30 September 2003
Unaudited Audited
2003 2002
# #
Operating activities
Operating loss (413,380) (58,222)
Investment provision 293,281 -
(Increase) in debtors (101,740) (3,230)
Increase/(decrease) in creditors 25,762 (10,560)
Profit from the sale of Investments (73,721) (48,611)
Net cash outflow from operating activities (269,798) (120,623)
Returns on investments and servicing of finance
Interest received 29,437 25,404
Capital expenditure and financial investment
Purchase of fixed asset investments (107,133) (525,563)
Sale of fixed asset investments 82,676 248,611
Purchase of current asset investments (339,175) ---
Sale of current asset investments 393,970 ---
30,338 (276,952)
Management of liquid resources
Cash placed on short term deposit (42,000) (858,000)
Financing
Issue of ordinary share capital 520,000 395,540
Expenses of share issue (150,211) ---
369,789 395,540
Increase/(decrease) in cash for the year 117,766 (834,631)
Notes to the Accounts
for the year ended 30 September 2003
1. Loss per share
The calculation of the basic loss per ordinary share is based on the loss on
ordinary activities after tax and on the weighted average number of ordinary
shares in issue during the year. The calculation of diluted loss per ordinary
share is not shown as the warrants and further subscription rights are non
dilutive when calculated in accordance with FRS 14.
2003 2002
Weighted Weighted Loss per
average number average share
of shares Loss per number of pence
share shares
Loss pence Loss
# #
Basic loss per
Ordinary share (383,943) 145,435,153 (0.26p) (390,407) 89,627,668 (0.44p)
2. Financial Information
The financial information contained in this unaudited preliminary announcement
does not constitute the company's statutory accounts, as defined in section 240
of the Companies Act 1985. The accounts for the year ended 30 September 2002
have been delivered to the Registrar of Companies. The statutory accounts for
the year ended 30 September 2003 have not yet been reported on by the company's
auditors. The auditors have confirmed their agreement with the contents of this
preliminary announcement. The accounts for the year ended 30 September 2003
will be posted to shareholders in due course. Further copies will be available
from the registered office of Bionex Investments Plc, 223a Kensington High
Street, London W8 6SG.
ENQUIRIES:
Bionex Investments plc
Graham Wylie, Chairman Tel: 020 7937 4445
W.H. Ireland Limited
Peter Jackson Tel: 020 7397 3000
This information is provided by RNS
The company news service from the London Stock Exchange
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