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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Agronomics Limited | LSE:ANIC | London | Ordinary Share | IM00B6QH1J21 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -1.67% | 5.90 | 5.90 | 6.10 | 6.00 | 6.00 | 6.00 | 1,407,346 | 16:35:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 30.88M | 22.37M | 0.0222 | 2.70 | 60.56M |
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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