TIDMPEBI
RNS Number : 0368B
Port Erin Biopharma Investments Ltd
28 March 2013
Port Erin Biopharma Investments Limited
("Port Erin" or the "Company")
Interim Results for the six month period ending 31 December
2012
The Board of Port Erin, the AIM quoted company focussed on
investing in the biotechnology and biopharmaceutical sectors, is
pleased to announce its interim results for the six month period
ending 31 December 2012.
Financial Highlights
As at 31 December 2012
----------------------------- -------------------------
Shareholders' Funds GBP3,134,121
----------------------------- -------------------------
Ordinary Shares in Issue 33,000,000
----------------------------- -------------------------
Net Asset Value per share 9.4973 pence
----------------------------- -------------------------
Share Price * 6.5500 pence
----------------------------- -------------------------
Share Price Discount (45.0%)
----------------------------- -------------------------
-- Mid-market closing price as at 26 March 2013
For further information, please contact:-
Port Erin Biopharma Investments
Limited
Denham Eke (+44) 1624 639396
Libertas Capital Corporate Finance
Limited
Sandy Jamieson (+44) 20 7569 9650
Peterhouse Corporate Finance
Limited
John Levinson (+44) 20 7562 3350
Chairman's statement
Introduction
I have great pleasure in presenting the Interim Results for the
period ending 31 December 2012.
The realization that the biosciences as applied to medicine are
set right in the middle of fortuitous trends, including rapidly
ageing populations, emerging market growth and remarkable
technological advance has propelled many drug stocks to new highs.
In addition, an increasing flow of venture capital and merger and
acquisition activity has characterized the 2012 period.
Financial Review
Despite taking some time to become fully invested in what proved
to be a bull market for pharma shares, and also considering that
the listing costs had to be absorbed, the Company continues to show
a respectable profit.
In the six month period, our investment income was GBP72,881
(2011: GBP157,241). Continuing our policy of keeping controllable
costs to the absolute minimum, this resulted in an operating profit
of GBP4,077 (2011: loss of GBP166,373). Adding in the interest
received, our total comprehensive income was GBP9,866 (2011: loss
of GBP164,844). Thus the basic and diluted earnings per share were
GBP0.0003 (2011: negative 0.0101). Please note that the figures in
parenthesis are not directly comparable as the 2011 figures were
for the extended period from 3 May 2011 - the date of incorporation
- to 31 December 2011.
Our invested assets at fair value were GBP3,031,135 (2011:
1,809,046), still leaving a cash float of GBP101,241 (2011:
GBP1,016,218). After the addition of receivables of GBP9,035 (2011:
GBP19,144), our total assets stood at GBP3,141,411 (2011:
GBP2,844,408). Following the deduction of share issue costs, our
share premium was GBP2,699,013 (2011: GBP3,000,967) and including
retained earnings of GBP435,075 (2011: negative GBP164,844) and
payables, our total equity and liabilities stood at GBP3,141,411
(2011: GBP2,844,408). Again, the figures in parenthesis are not
directly comparable; but notwithstanding, the overall growth in
assets was 10.44% for the period.
Thus the net asset value per share at 31 December 2012 was 9.5
pence (2011: 8.6 pence), an increase of 10.5%.
Strategy and Outlook
I expect this trend of profitability to continue and remain very
optimistic about the portfolio that we have assembled for our
shareholders, amongst which my own interests are the largest. As
you know, in our efforts to minimize operational cost, we are not
and for the immediate future do not intend to, charge any ongoing
management fee. The portfolio is constructed to mirror as far as is
possible the investments that I make as part of my own investment
strategy, and as such reflects a balanced mix of larger companies,
combined with more speculative positions. Among those shares that
have performed well, Medivation, which has commercialized a new
prostate cancer therapy, shines out, as do Roche Holdings and
Gilead Sciences. Gilead Sciences has a remarkable dominance of the
HIV space and is likely to repeat that hegemony with its new suite
of Hepatitis C products. Onyx Pharmaceuticals has also been a
standout, with its new drug for multiple myeloma, Kryopolis(c)
seeing very rapid acceptance.
For the present, we have high hopes for a number of our
investments, including Plethora Solutions Holdings, whose drug for
premature ejaculation is edging closer to commercialization;
additionally, Summit Corporation. is engaged in the development of
a therapy for Duchenne muscular dystrophy, an inevitably fatal
disease affecting 1 in 5,000 boys. I am on the board of both these
companies.
Among larger companies, I am bullish on Bristol-Myers Squibb,
whose new anti-thrombotic agent, Eliquis(c) , partnered with
Pfizer, is likely to be a very successful drug, with our estimate
of annual sales worldwide reaching US$ 5 billion.
Finally, Synergy Pharmaceuticals, in which we have an
investment, has remarkable prospects with its soon to be
commercialized product for chronic constipation, and TrovaGene has
interesting prospects with its diagnostics business.
I, together with our team of analysts, have attended multiple
industry events in the past year, all at no cost to Port Erin
Biopharma, and have met with over 100 companies. We recognize that
occasionally we will have wipe-outs in individual companies: such
is the nature of the drug discovery business, but we expect to make
up for that with the winners that we hope to have backed, where
many multiples of return may be anticipated. In addition, with a
considerable percentage of the portfolio invested in larger,
cash-flow rich firms, spread across multiple markets, we should
mitigate the extreme volatility that is a characteristic of the
smaller to medium sized companies in the sector. We will also reap
the rewards of dividend flows which will grow over the years.
In conclusion, I have taken the opportunity of market weakness
and the discount to net asset value to add to my holdings in our
Company and will continue to do so as far as I am able. I remain
very optimistic about the prospects for our business. Indeed, as of
today, we continue to outperform all relevant indices.
Jim Mellon
Chairman
Statement of comprehensive income
* #
Notes Period Period Period
ended ended ended
31/12/2012 31/12/2011 30/06/2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Investment Income 3 72,881 157,241 510,515
Operating expenses
Directors' fees 2,5 (5,000) (5,000) (10,000)
Other costs 4 (57,231) (327,363) (84,062)
Foreign exchange (losses)/gains (6,573) 8,749 6,295
---------------- ---------------- ----------------
Profit/(loss) from operating
activities 5 4,077 (166,373) 422,748
Interest received 5,789 1,529 2,460
---------------- ---------------- ----------------
Profit/(loss) before
taxation 9,866 (164,844) 425,208
Taxation - -
---------------- ---------------- ----------------
Profit/(loss) for the
period 9,866 (164,844) 425,208
Other comprehensive - - -
income
---------------- ---------------- ----------------
Total comprehensive income/(loss)
for the period 9,866 (164,844) 425,208
Basic and diluted earnings
per share 11 0.0003 (0.0101) 0.0181
* Period from 3 May 2011 (date of incorporation) to 31 December
2011.
# Period from 3 May 2011 (date of incorporation) to 30 June
2012.
The Directors consider that the Company's activities are
continuing.
Statement of financial position
* #
Notes 31/12/2012 31/12/2011 30/06/2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Current assets
Financial assets at
fair value through profit
or loss 7 3,031,135 1,809,046 2,909,183
Trade and other receivables 9,035 19,144 9,580
Cash and cash equivalents 101,241 1,016,218 237,391
---------------- ---------------- ----------------
Total assets 3,141,411 2,844,408 3,156,154
Equity and liabilities
Capital and reserves
Share capital 6 33 33 33
Share premium 6 2,699,013 3,000,967 2,699,013
Retained earnings/(accumulated
loss) 435,075 (164,844) 425,208
---------------- ---------------- ----------------
3,134,121 2,836,156 3,124,254
Current liabilities
Trade and other payables 9 7,290 8,252 31,900
---------------- ---------------- ----------------
Total equity and liabilities 3,141,411 2,844,408 3,156,154
These financial statements were approved by the Board of
Directors on 26 March 2013 and were signed on their behalf by:
Denham Eke
Director
* Period from 3 May 2011 (date of incorporation) to 31 December
2011.
# Period from 3 May 2011 (date of incorporation) to 30 June
2012.
Statement of changes in equity
* #
Share Share Retained profit Retained profit Retained profit
Premium Capital 31/12/2012 31/12/2011 30/06/2012
(unaudited) (unaudited) (audited)
GBP GBP GBP GBP GBP
Balance brought
forward 2,699,013 33 425,208 - -
Total comprehensive
income
for the period - - 9,866 (164,844) 425,208
Transactions with
owners:
Shares issued - - - 3,001,000 3,001,000
Share issue costs - - - - (301,954)
---------------- ---------------- ---------------- ---------------- ----------------
Balance carried
forward 2,699,013 33 435,075 2,836,156 3,124,254
* Period from 3 May 2011 (date of incorporation) to 31 December
2011.
# Period from 3 May 2011 (date of incorporation) to 30 June
2012.
Statement of cash flows
Notes * #
Period Period Period
ended ended ended
31/12/ 31/12/ 30/06/2012
2012 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Profit/(loss) for the period 9,866 (164,844) 425,208
Adjusted for:
Interest received (5,789) (1,529) (2,460)
Realised and unrealised gains (66,341) - (494,066)
-------------- -------------- --------------
Operating profit before changes
in working capital (62,264) (166,373) (71,318)
Decrease/(increase) in receivables 545 (19,144) (9,580)
(Decrease)/increase in payables (24,610) 8,252 31,900
-------------- -------------- --------------
Net cash outflow from operating
activities (86,329) (177,265) (48,998)
-------------- -------------- --------------
Cash flows from investing activities
Purchase of investments (532,831) (1,809,046) (3,775,097)
Proceeds from sale of investments 483,004 - 1,359,980
Interest received 6 1,529 2,460
-------------- -------------- --------------
(49,821) (1,807,517) (2,412,657)
-------------- -------------- --------------
Cash flows from financing activities
Share issues 6 - 3,001,000 3,001,000
Share issue costs - - (301,954)
-------------- -------------- --------------
- 3,001,000 2,699,046
-------------- -------------- --------------
(Decrease)/increase in cash
and cash equivalents (136,150) 1,016,218 237,391
Cash and cash equivalents at 237,391 - -
beginning of period
-------------- -------------- --------------
Cash and cash equivalents at
the end of period 101,241 1,016,218 237,391
* Period from 3 May 2011 (date of incorporation) to 31 December
2011.
# Period from 3 May 2011 (date of incorporation) to 30 June
2012.
Notes to the financial statements
1 Accounting policies
Port Erin Biopharma Investments Limited is a Company domiciled
in the Isle of Man. The Company's strategy is to create value for
Shareholders through investing in companies that have the potential
to generate substantial revenues through the development of
biopharmaceutical drugs.
The principal accounting policies are set out below.
a) Statement of compliance
The financial statements are prepared on the historical cost
basis except for the valuation of financial assets and liabilities
at fair value through profit or loss and in accordance with
International Financial Reporting Standards (IFRS) and the
interpretations adopted by the International Accounting Standards
Board (IASB).
The financial statements were approved by the Board of Directors
on 26 March 2013.
b) Basis of preparation
Use of estimates and judgment
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an
on-going basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision only
affects that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
These accounts adopt the same accounting policies as those
recorded in the audited annual accounts to 30 June 2012.
Going concern
The financial statements have been prepared on a going concern
basis, taking into consideration the level of cash and cash
equivalents held by the Company. The Directors have a reasonable
expectation that the Company will have adequate resources for its
continuing existence and projected activities for the foreseeable
future, and for these reasons, continue to adopt the going concern
basis in preparing the financial statements for the period ended 31
December 2012.
Functional and presentation currency
These financial statements are presented in Pound Sterling which
is the Company's functional currency.
2 Directors' fees
The fees of Directors who served during the period to 31
December 2012 were as follows:
31/12/12 31/12/11 30/06/2012
GBP GBP GBP
(unaudited) (unaudited) (audited)
James Mellon - - -
Tom Winnifrith (resigned 30/05/2012) - - -
Nicholas James Woolard 5,000 5,000 10,000
Denham Eke (appointed 30/05/2012) - - -
-------------- -------------- --------------
5,000 5,000 10,000
On 6 May 2011, Shellbay Investments Limited entered into a
letter of appointment with the Company to provide the services of
James Mellon as Non-Executive Chairman of the Company. The letter
of appointment was for an initial period of twelve months, from 16
May 2011 and was renewed on 1 June 2012, and may be terminated on
not less than one month's notice given by either party at any time.
The letter of appointment contains provisions for early
termination, inter alia, in the event of a breach by James Mellon.
Remuneration under the letter of appointment shall be payable to
Shellbay Investments Limited and shall be satisfied by the issue of
such number of Ordinary Shares equivalent to 15.0 per cent. of any
increase in the Net Asset Value of the Company over each quarterly
period. There are no provisions providing for any benefit to
Shellbay Investments Limited or James Mellon on the termination of
the engagement. The Director of Shellbay Investments Limited has
agreed to waive any share-based payments until the Net Asset Value
of each share exceeds 10.00 pence.
On 6 May 2011 Nicholas James Woolard entered into a letter of
appointment with the Company to provide services as a Non-Executive
Director of the Company. The letter of appointment is for an
initial period of twelve months, from 16 May 2011, and may be
terminated on not less than three months' notice given by either
party to the other at any time. The letter of appointment contains
provisions for early termination, inter alia, in the event of a
breach by Nicholas James Woolard. Remuneration under the letter of
appointment shall be an annual fee of GBP10,000 payable on a
quarterly basis. There are no provisions providing for any benefit
to Nicholas James Woolard on the termination of the engagement.
Denham Eke was appointed a Director on 30 May 2012 and currently
receives no remuneration for providing his services.
At present, there are no other fees due by the Company in
respect of investment management services.
3 Investment income
31/12/2012 31/12/2011 30/06/2012
GBP GBP GBP
(unaudited) (unaudited) (audited)
Dividend income 6,541 1,291 16,448
Net realised gains on sale of
investments 50,529 37,714 226,308
Net unrealised gains on investments 15,812 118,236 267,759
-------------- -------------- --------------
72,881 157,241 510,515
4 Other costs
31/12/2012 31/12/2011 30/06/2012
GBP GBP GBP
(unaudited) (unaudited) (audited)
Auditors' remuneration for the
current period 7,200 - 14,400
Bank charges 119 550 826
Insurance 3,176 2,815 5,939
Marketing 72 - 1,000
Printing and stationery - 680 -
Professional fees 46,664 323,378 61,857
Sundry expenses - 40 40
-------------- -------------- --------------
57,231 327,363 84,062
The Company has no employees other than the Directors.
5 Profit from operating activities
Profit from operating activities is stated after charging:
31/12/2012 31/12/2011 30/06/2012
GBP GBP GBP
(unaudited) (unaudited) (audited)
Auditors' fees 7,200 - 14,400
Directors' fees 5,000 5,000 10,000
-------------- -------------- --------------
12,200 5,000 24,400
6 Share capital and share premium
Each share in the Company confers upon the shareholder:
-- the right to one vote at a meeting of the shareholders or on any resolution of shareholders;
-- the right to an equal share in any dividend paid by the Company, and
-- the right to an equal share in the distribution of the
surplus assets of the Company on its liquidation
The Company may by resolution of Directors redeem, purchase or
otherwise acquire all or any of the shares in the Company subject
to regulations set out in the Company's Articles of
Association.
31/12/2012
GBP
(unaudited)
Authorised
2,000,000,000 Ordinary shares
of GBP0.000001 2,000
Issued
33,000,000 Ordinary shares of
GBP0.000001 each 33
----------------
33
Share premium
3 shares issued at incorporation 997
30,000,000 shares issued on 15 September
2011 2,999,970
Share issue costs (301,954)
----------------
2,699,013
On incorporation the authorised share capital of the Company was
GBP2,000 divided into 2,000 ordinary shares of GBP1 each. At
incorporation, 3 ordinary shares were subscribed for at GBP333.33
each, resulting in share premium of GBP997.
On 9 May 2011, pursuant to a Director's resolution, the
authorised share capital was divided into 2,000,000,000 ordinary
shares of GBP0.000001 each. Following this, the shares issued at
incorporation were sub-divided by 1,000,000 resulting in there
being 3,000,000 ordinary shares in issue at this date.
On 15 September 2011 the Company issued 30,000,000 ordinary
shares at a price of GBP0.10 each resulting in share premium of
GBP2,999,970.
Capital management
The Company manages its capital to maximise the return to
shareholders through the optimisation of equity. The capital
structure of the Company as at 31 December 2012 consists of equity
attributable to equity holders of the Company, comprising issued
capital, reserves and retained earnings as disclosed.
The Company manages its capital structure and makes adjustments
to it in the light of economic conditions and the strategy approved
by shareholders. To maintain or adjust the capital structure, the
Company may make dividend payment to shareholders, return capital
to shareholders or issue new shares and release the share premium
account. No changes were made in the objectives, policies or
processes during the period under review.
7 Financial assets at fair value through profit or loss
31/12/2012
GBP
Quoted 2,709,427
Unquoted 321,708
--------------
3,031,135
Equities 3,007,987
Warrants 23,148
--------------
3,031,135
8 Financial instruments
Financial Risk Management
The Company has risk management policies that systematically
view the risks that could prevent it from achieving its objectives.
These policies are intended to manage risks identified in such a
way that opportunities to deliver the Company's objectives are
achieved. The Company's risk management takes place in the context
of day-to-day operations and normal business processes such as
strategic and business planning. The Directors have identified each
risk and are responsible for coordinating and continuously
improving risk strategies, processes and measures in accordance
with the Company's established business objectives.
The Company's principal financial instruments consist of cash,
receivables and payables arising from its operations and
activities. The main risks arising from the Company's financial
instruments and the policies for managing each of these risks are
summarised below.
Credit Risk
Credit risk is the risk of loss associated with the
counterparty's inability to fulfil its obligations. The Company's
credit risk is primarily attributable to investments, receivables
and cash balances with the maximum exposure being the reported
balance in the statement of financial position. The Company has a
nominal level of debtors and as such the Company believes that the
credit risk is minimal. The Company holds available cash with
licensed banks which have a strong history. The Company considers
the credit ratings of banks in which it holds funds in order to
reduce exposure to credit risk.
The carrying amount of financial assets represents the maximum
credit exposure. The maximum exposure to credit risk at the
reporting date was:
Carrying amount Carrying amount Carrying amount
31/12/2012 31/12/2011 30/06/2012
GBP GBP GBP
Investments and loans
Quoted 2,709,427 1,809,046 2,802,587
Unquoted 321,708 - 42,563
Cash and cash equivalents 101,241 1,016,218 237,391
-------------- -------------- --------------
3,132,376 2,825,264 3,082,541
Market price risk
Market price risk is the risk that the market price will
fluctuate due to macro-economic issues such as changes in market
factors specific to that security, market interest rates and
foreign exchange rates.
The Company is exposed to significant market price risks as
financial instruments recognised are linked to market price
volatility.
A 1% increase/decrease in market value of investments would
increase/decrease equity and profit by GBP30,311.
Cash flow and funding risk
The Company is exposed to liquidity risk to the extent that it
holds investments that it may not be able to sell quickly at close
to fair value.
The risk is managed by the Company by means of cash flow
planning to ensure that future cash requirements are anticipated
and, where financial instruments have to be sold to meet these
requirements, the process is carried out in a controlled manner
intended to minimise the liquidity risk involved.
Interest rate risk
A significant share of the Company's assets is comprised of cash
held at banks. As a result, the Company is subject to risk due to
fluctuations in the prevailing level of market interest rates.
However, income earned from bank interest is not considered
material to the Company's performance or financial position.
Fair values of financial instruments
At 31 December 2012 the carrying amounts of cash resources,
trade and other receivables, and trade and other payables
approximate fair value due to their short-term maturities.
Foreign currency risk
The Company is exposed to foreign currency risk on fluctuations
related to financial assets and liabilities that are denominated in
a number of currencies.
GBP equivalents as at 31 December 2012
Trade &
Investments other receivables Cash at bank Total by currency
GBP GBP GBP GBP
GBP 705,687 9,039 101,241 815,967
USD 2,034,349 - - 2,034,349
EUR 32,190 - - 32,190
DKK 50,786 - - 50,786
ILS - - - -
JPY 140,762 - - 140,762
SEK 67,361 - - 67,361
-------------- -------------- -------------- --------------
3,031,135 9,039 101,241 3,141,415
GBP equivalents as at 31 December 2011
Trade &
Investments other receivables Cash at bank Total by
currency
GBP GBP GBP GBP
GBP 532,053 19,144 1,015,176 1,566,373
USD 1,232,055 - 1,042 1,233,097
EUR - - - -
DKK - - - -
ILS 44,938 - - 44,938
JPY - - - -
SEK - - - -
-------------- -------------- -------------- --------------
1,809,046 19,144 1,016,218 2,844,408
GBP equivalents as at 30 June 2012
Trade &
Investments other receivables Cash at bank Total by currency
GBP GBP GBP GBP
GBP 424,240 9,580 120,905 554,725
USD 2,016,875 - 108,089 2,124,964
CAD 30,057 - 30,057
CHF 160,387 - 4,411 164,798
DKK 73,848 - 1,529 75,377
JPY 140,607 - 2,457 143,064
ILS - - - -
SEK 63,169 - - 63,169
-------------- -------------- -------------- --------------
2,909,183 9,580 237,391 3,156,154
The following significant exchange rate applied during the
period:
Average rate
for active period Period end rate
USD/GBP USD/GBP
31/12/2012 1.5988 1.6168
31/12/2011 1.6012 1.5428
30/06/2012 1.5909 1.5617
Sensitivity analysis
A 5% per cent. strengthening of Sterling against the US Dollar
at period end would have decreased equity and profit for the period
by the amounts shown below. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Equity Profit or loss
31/12/2012 (GBP96,424) (GBP96,424)
31/12/2011 (GBP86,103) (GBP86,103)
30/06/2012 (GBP138,558) (GBP138,558)
A 5% percent weakening of Sterling against the US Dollar at
period end would have increased equity and profit for the period by
the amounts shown below. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Equity Profit or loss
USD USD
USD GBP101,307 GBP101,307
Fair value hierarchy measurement at 31 December 2012
Investments in securities at fair value
Quoted prices
In active markets Significant other Significant
for identical observable unobservable
assets inputs Inputs
Total (level 1) (level 2) (level 3)
Investments
Quoted 2,709,427 2,709,427 - -
Unquoted 321,708 - - 321,708
-------------- -------------- -------------- --------------
3,031,135 2,709,427 - 321,708
Fair value hierarchy measurement at 31 December 2011
Investments in securities at fair value
Quoted prices
In active markets Significant other Significant
for identical observable unobservable
assets inputs Inputs
Total (level 1) (level 2) (level 3)
Investments
Quoted 1,809,046 1,809,046 - -
Unquoted - - - -
-------------- -------------- -------------- --------------
1,809,046 1,809,046 - -
Fair value hierarchy measurement at 30 June 2012
Investments in securities at fair value
Quoted prices
In active markets Significant other Significant
for identical observable unobservable
assets inputs Inputs
Total (level 1) (level 2) (level 3)
Investments
Quoted 2,802,587 2,802,587 - -
Unquoted 42,563 - - 42,563
-------------- -------------- -------------- --------------
2,845,150 2,802,587 - 42,563
There have been no disposals of investments classified as level
3 during the period.
9 Trade and other payables
31/12/2012 31/12/2011 30/06/2012
GBP GBP GBP
(unaudited) (unaudited) (audited)
Provision for audit fee 7,200 - 14,400
Other - - 17,500
-------------- -------------- --------------
7,200 - 31,900
10 Share warrants
At the date of admission to AIM, the Company issued 30,000,000
non-transferable warrants, entitling the holder to subscribe for
one new ordinary share for every placing share, and which will not
be admitted to trading on AIM. The warrants may be exercised for
12.5 pence at any time within two years of the date of issue. The
warrant exercise is either at the option of the holder or at the
option of the Company, in the event that the closing price of the
ordinary shares is more than 20 pence for five consecutive trading
days. In considering the share subscription price, the lack of
historic share price performance data, and the price and conditions
attaching to exercise, the Directors deem the warrants to have no
separate value from the shares issued on the Company's admission to
AIM.
The total number of share warrants in issue at listing is set
out below:
Fair value
Grant Term in Exercise of warrants
Recipients Date Years Price Issued at issue
9 September
Placing subscribers 2011 2 GBP0.125 30,000,000 -
11 Basic and diluted earnings per share
The calculation of basic earnings per share of the Company is
based on the profit for the period of GBP9,866 and the weighted
average number of shares of 33,000,000 in issue during the
period.
Diluted earnings per share are calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares such as
warrants and options. There is no dilutive effect at 31 December
2012 because the warrants are not able to be exercised until a
market-based criterion is satisfied. This criterion had not been
satisfied at period end.
12 Commitments and contingent liabilities
There are no known commitments or contingent liabilities as at
the period end.
13 Events after the reporting date
There have been no material events since the reporting date that
require disclosure in the interim financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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