We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Feedback Plc | LSE:FDBK | London | Ordinary Share | GB00BJN59X09 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.50 | -2.38% | 102.50 | 100.00 | 105.00 | 105.00 | 102.50 | 105.00 | 13,665 | 10:19:31 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electronic Computers | 1.03M | -2.92M | -0.2188 | -4.68 | 13.67M |
From Apr 2019 to Apr 2024
TIDMFDBK
RNS Number : 8842M
Feedback PLC
19 October 2016
This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).
19 October 2016
Feedback plc
('Feedback' or "the Company')
Final results for the year ended 31 May 2016
Notice of Annual General Meeting
Feedback plc is pleased to announce its final results for the year ended 31 May 2016.
CHAIRMAN'S STATEMENT FOR THE YEARED 31 MAY 2016
We are pleased to present the results for the year ended 31 May 2016. Revenue for the year was GBP431,454 (2015: GBP381,970) and the loss after tax was GBP183,156 (2015: Loss GBP1,111,433). Cash as at 31 May 2016 was GBP105,673 (31 May 2015: GBP63,261). Cash as at 13 October 2016 was GBP94,629.
The results show growth in revenue and a substantial reduction in the loss after tax. Cash generation has been better than anticipated and reflects payments received from customers in respect of purchase orders before revenue is recognised. Cambridge Computed Imaging Limited ("CCI") performed steadily during the year as it continued to serve its established customer base. Revenue recognised from TexRAD research version sales was higher than in the previous year. In line with management's expectations, there was a reduction in new purchase orders for TexRAD research versions during the year although there remained a good deal of customer interest from research institutions which were looking to obtain grant funding. Dr Balaji Ganeshan continued to lead the sales effort and his hard work has led to a high level of orders received after the year end from world-renowned institutions carrying out oncology research. The Company has also signed collaborative agreements with companies in Japan and South Korea to explore further selling opportunities in these markets for TexRAD research versions which has had some success. In order to support our research customers we have been looking at ways to assist them in analysing and interpreting the results of their studies. We are working on one such project and this could prove to be a useful additional source of revenue in the future. Dr Ganeshan has been continuing his work supporting research into new potential applications of TexRAD. This has led to the publication of scientific papers on TexRAD's use in assessing different types of carcinomas as well as a number of presentations at scientific conferences including the Beijing Society of Radiology in China and participation in Healthtech Week in Auckland, New Zealand.
In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group ("Alliance") with the intention of integrating Feedback's TexRAD texture analysis software into Alliance's PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance's network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. The next steps will include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. An abstract has been accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which will highlight the results from the technical and clinical evaluation. Further abstracts publishing the research findings of our customers using TexRAD have also been accepted for presentation at RSNA.
During the financial year the Company formed two joint venture companies, Stone Checker Software Ltd and Prostate Checker Ltd. Both companies offer the prospect of developing innovative solutions where routine medical images can provide useful additional information for clinicians. The Company sold its 50% equity interest in Stone Checker Software Ltd to Free Association Books Ltd in May 2016 resulting in a gain of GBP45,000.
After the year end Feedback announced a large-scale collaboration with Future Processing Sp. z o.o. ("Future Processing"), a software development service provider based in Gliwice, Poland to develop medical imaging software. The collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues. This collaboration has resulted from Feedback's assistance with a successful EU grant application made by Future Processing. The directors of Feedback believe that by CCI working jointly with the Future Processing healthcare team, CCI's existing product portfolio can be improved and new products developed more rapidly including further applications for TexRAD. Although at this stage only a non-binding letter of intent has been agreed, the intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement. In the current financial year, the Company expects to make substantial savings in software development costs and thereafter expects to benefit from its share of the revenue from sales of new products.
On 1 June 2016, after the year end, the Company announced my appointment as its new chairman with Tom Charlton moving to non-executive deputy chairman. I have extensive experience of managing companies in the healthcare sector and I look forward to assisting the Company to the next stage of its development.
We remain encouraged by the continued interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications. The high level of purchase orders for TexRAD research versions which have been received after the year end should lead to a substantial increase in revenue in the second half of the 2016/17 year and growth in revenue for the year as a whole. We believe there will be opportunities to make further sales of TexRAD research versions in China by partnering with a company with a strong local presence. We are also considering other business relationships which could increase sales of TexRAD research versions in other territories. In addition to the TexRAD sales, Feedback now has the opportunity to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. We will look at investing in product development, regulatory and marketing resource to support our very positive growth prospects.
Dr A J Riddell
Chairman
18 October 2016
For further information, contact:
Feedback plc Tel: 01954 718072 Alastair Riddell Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: 020 3328 5656 David Worlidge / James Thomas Peterhouse Corporate Finance Ltd (Joint Broker) Tel: 020 7469 0936 Lucy Williams / Duncan Vasey
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 MAY 2016
Hot Features
Premium
Note 2016 2015
GBP GBP
REVENUE 431,454 381,970
Cost of sales (7,438) (1,434)
------------ --------------
GROSS PROFIT 424,016 380,536
Other operating expenses (676,596) (888,600)
Impairment of intangible assets 7 - (689,142)
------------ --------------
Total operating expenses (676,596) (1,577,742)
------------ --------------
OPERATING LOSS (252,580) (1,197,206)
Net finance income 1,361 908
------------ --------------
Loss on ordinary activities before
taxation (251,219) (1,196,298)
Tax credit 23,063 84,865
------------ --------------
LOSS ON ORDINARY ACTIVITIES AFTER
TAX (228,156) (1,111,433)
------------ --------------
Profit on disposal of investment 5 45,000
------------ --------------
Loss for the year attributable
to the equity shareholders of
the Company (183,156) (1,111,433)
Other comprehensive income/(expense)
Translation differences on overseas
operations - 108
------------ --------------
Total comprehensive expense for
the year (183,156) (1,111,325)
============ ==============
LOSS PER SHARE (pence)
Basic and diluted 4 (0.09) (0.58)
============ ==============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 MAY 2016
GROUP Share Share Capital Retained Translation Convertible Total
Capital Premium Reserve Earnings Reserve Debt
Option
Reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 June 2014 476,867 1,409,334 299,900 (966,339) (210,104) 189,000 1,198,658
Share option
and warrant
costs - - - 1,289 - - 1,289
Total comprehensive
expense for
the year - - - (1,111,433) 108 - (1,111,325)
--------- ---------- --------- ------------- ------------- ------------ -------------
At 31 May 2015 476,867 1,409,334 299,900 (2,076,483) (209,996) 189,000 88,622
--------- ---------- --------- ------------- ------------- ------------ -------------
New Shares issued 32,318 190,382 - - - - 222,700
Costs associated
with the
raising of funds - (6,580) - - - - (6,580)
Share option
and warrant
costs - - - 8,163 - - 8,163
Total comprehensive
expense for
the year - - - (183,156) - - (183,156)
--------- ---------- --------- ------------- ------------- ------------ -------------
At 31 May 2016 509,185 1,593,136 299,900 (2,251,476) (209,996) 189,000 129,749
========= ========== ========= ============= ============= ============ =============
COMPANY Share Share Retained Convertible Total
Capital Premium Earnings Debt
Option
Reserve
GBP GBP GBP GBP GBP
At 1 June 2014 476,867 1,409,334 (875,918) 189,000 1,199,283
Share option
and warrant
costs - - 1,289 - 1,289
Total comprehensive
expense for
the year - - (1,172,124) - (1,172,124)
At 31 May 2015 476,867 1,409,334 (2,046,753) 189,000 28,448
--------- ------------- ------------- ------------ -------------
New shares issued 32,318 190,382 - - 222,700
Costs associated
with the
raising of funds - (6,580) - - (6,580)
Share option
and warrant
costs - - 8,163 - 8,163
Total comprehensive
expense for
the year - - (224,563) - (224,563)
At 31 May 2016 509,185 1,593,136 (2,263,153) 189,000 28,168
========= ============= ============= ============ =============
CONSOLIDATED BALANCE SHEET AT 31 MAY 2016
2016 2015
Notes GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 6 3,639 6,915
Intangible assets 7 110,747 139,558
Investments 5 1,000 -
------------ ------------
115,386 146,473
Current assets
Trade receivables 40,894 110,870
Other receivables 8 63,910 101,259
Cash and cash equivalents 105,673 63,261
------------ ------------
210,477 275,390
Total assets 325,863 421,863
============ ============
EQUITY
Capital and reserves attributable
to the Company's equity shareholders
Called up share capital 10 509,185 476,867
Share premium account 1,593,136 1,409,334
Capital reserve 299,900 299,900
Translation reserve (209,996) (209,996)
Retained earnings (2,251,476) (2,076,483)
------------ ------------
(59,251) (100,378)
Convertible debt option reserve 189,000 189,000
TOTAL EQUITY 129,749 88,622
LIABILITIES
Deferred tax liabilities 19,378 27,911
------------ ------------
19,378 27,911
Current liabilities
Trade payables 21,546 40,368
Other payables 9 155,190 264,962
176,736 305,330
------------ ------------
Total liabilities 196,114 333,241
------------ ------------
TOTAL EQUITY AND LIABILITIES 325,863 421,863
============ ============
COMPANY BALANCE SHEET AT 31 MAY 2016
2016 2015
Notes GBP GBP
ASSETS
Non-current assets
Investments 5 1,000 -
1,000 -
Current assets
Other receivables 8 16,661 52,993
Cash and cash equivalents 60,492 43,636
------------ ------------
77,153 96,629
------------ ------------
Total assets 78,153 96,629
============ ============
EQUITY
Capital and reserves
attributable to the
Company's equity shareholders
Called up share capital 10 509,185 476,867
Share premium account 1,593,136 1,409,334
Retained earnings (2,263,153) (2,046,753)
------------ ------------
(160,832) (160,552)
Convertible debt option
reserve 189,000 189,000
------------ ------------
TOTAL EQUITY 28,168 28,448
Current liabilities
Trade payables 16,901 33,723
Other payables 9 33,084 34,458
Total current liabilities 49,985 68,181
------------ ------------
Total Equity and Liabilities 78,153 96,629
============ ============
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARED 31 MAY 2016
2016 2015
GBP GBP
Cash flows from operating
activities
Loss before tax (251,229) (1,196,298)
---------- ------------
Adjustments for:
Share option costs 8,163 1,289
Net finance income (1,361) (908)
Depreciation and amortisation 46,052 184,170
Impairment of intangible
assets - 689,142
Decrease/(Increase)in
trade receivables 69,976 (23,260)
Decrease in other receivables 42,402 52,396
Decrease in trade payables (18,852) (184,789)
Decrease in other payables (109,772) (163,588)
Corporation tax received 9,506
---------- ------------
46,114 554,560
---------- ------------
Net cash used in operating
activities (205,105) (641,738)
Cash flows from investing
activities
Purchase of tangible fixed
assets (104) (9,329)
Purchase of intangible
assets (13,860) (161,012)
Net finance income received 1,361 908
Proceeds from sale of 46,000 -
joint venture
Purchase of shares in
joint ventures (2,000)
Net cash generated/(used
by) from investing activities 31,397 (169,433)
Cash flows from financing
activities
Net proceeds of share 216,120 -
issue
---------- ------------
Net cash generated from 216,120 -
financing activities
---------- ------------
Net increase/(decrease)
in cash and cash equivalents 42,412 (811,171)
Cash and cash equivalents
at beginning of year 63,261 874,432
Cash and cash equivalents
at end of year 105,673 63,261
========== ============
COMPANY CASH FLOW STATEMENT FOR THE YEARED 31 MAY 2016
2016 2015
GBP GBP
Cash flows from operating
activities
Loss before tax (224,563) (1,172,124)
Adjustments for:
Share options costs 8,163 1,289
Profit on sale of investments (45,000) -
Net finance income (1,356) -
Provision against intercompany
receivable 49,880 356,693
Provision against investment
in subsidiaries - 467,455
(Increase)/decrease in other
receivables (13,548) 49,221
Decrease in trade payables (16,822) (125,014)
(Decrease)/increase in other
payables (1,374) 2,670
---------- ------------
(20,057) 752,314
---------- ------------
Net cash used in operating
activities (244,620) (419,810)
Cash flows from investing
activities
Loans to subsidiary undertakings - (155,000)
Net finance income 1,356 -
Purchase of joint ventures (2,000) -
Proceeds on sale of joint
venture 46,000 -
---------- ------------
Net cash generated from/(used
in) investing activities 45,356 (155,000)
Cash flows from financing
activities
Net proceeds of share issue 216,120 -
---------- ------------
Net cash generated from 216,120 -
financing activities
Net increase/(decrease)
in cash and cash equivalents 16,856 (574,810)
Cash and cash equivalents
at beginning of year 43,636 618,446
---------- ------------
Cash and cash equivalents
at end of year 60,492 43,636
========== ============
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 MAY 2016
1. General information
The Company is a public limited company domiciled in the United Kingdom and incorporated under registered number 00598696 in England and Wales. The Company's registered office is Unit 5, Grange Park, Broadway, Bourn, Cambridgeshire, CB23 2TA.
The Company is admitted to trading on the AIM market of the London Stock Exchange. These Financial Statements were authorised for issue by the Board of Directors on the 18 October 2016.
2. Adoption of new and revised International Financial Reporting Standards
No new International Financial Reporting Standards ("IFRS"), amendments or interpretations became effective in the year ended 31 May 2016 which had a material effect on this financial information.
At the date of approval of this financial information, the following IFRS Standards and Interpretations, which have not been applied in these Financial Statements, were in issue but not yet effective. These new Standards, Amendments and Interpretations are those in issue but not yet effective which are expected to apply to the Group and are effective for accounting periods beginning on or after the dates shown below:
IFRS Standards and Interpretations issued (and EU adopted) but not yet effective:
o IFRS 9 Financial Instruments (effective periods beginning 1 January 2018)
o IFRS 15 Revenue from Contracts with Customers (effective periods beginning 1 January 2018)
o IFRS 16 Leases (effective periods beginning 1 January 2019)
The Group has not early adopted these amended standards and interpretations. The Directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the reported results.
3. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
These financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements. The policies set out below have been consistently applied to all the years presented.
No separate income statement is presented for the parent Company as provided by Section 408, Companies Act 2006.
(b) Basis of consolidation
The Group financial statements consolidate the financial statements of Feedback plc and its subsidiaries (the "Group") for the years ended 31 May 2015 and 2016 using the acquisition method.
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from them, are eliminated. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost within the consolidated balance sheet. The Group's joint ventures did not trade in the year.
(c) Going Concern
The Directors consider that the Group and the Company are likely to have access to adequate cash resources for at least the next twelve months from the date of this report from a combination of operational cash generation and by obtaining equity finance from the financial markets or by way of loans from the major shareholders. The Directors believe that the company is a going concern and have therefore prepared the financial statements on a going concern basis.
4. LOSS PER SHARE
. Basic earnings per share is calculated by reference to the loss on ordinary activities after taxation of GBP195,631 (2015: GBP1,111,433) and on the weighted average of 203,514,709 (2015: 190,746,746) shares in issue.
.
As at 31 As at
May 2016 31 May
2015
GBP GBP
Net loss attributable
to ordinary equity
holders (189,156) (1,111,433)
============ ============
As at 31 As at
May 2016 31 May
2015
Weighted average
number of ordinary
shares for basic
earnings per share 203,514,709 190,746,746
Effect of dilution:
Share Options - -
Warrants - -
------------ ------------
Weighted average
number of ordinary
shares adjusted
for the effect
of dilution 203,514,709 190,746,746
============ ============
Loss per share
(pence)
Basic (0.09) (0.58)
Diluted (0.09) (0.58)
There is no dilutive effect of the share options and warrants as the dilution would be negative.
5. INVESTMENTS
Share Shares Total
in group in joint
undertakings venture
GBP
COMPANY
Cost
At 1 June 2014 2,334,455 - 2,334,455
-------------- ------------ -----------
At 31 May 2015 2,334,455 - 2,334,455
-------------- ------------ -----------
Additions - 2,000 2,000
Disposals - (1,000) (1,000)
============== ============ ===========
As at 31 May 2016 2,334,455 1000 2,335,455
============== ============ ===========
Provisions
At 1 June 2013 1,867,000 - 1,867,000
Provided in the year - - -
-------------- ------------ -----------
At 31 May 2014 1,867,000 - 1,867,000
-------------- ------------ -----------
Provided in the year 467,455 - 467,455
At 31 May 2015 2,334,455 - 2,334,455
-------------- ------------ -----------
Provided in the year - - -
At 31 May 2016 2,334,455 - 2,334,455
============== ============ ===========
Net Book Value
At 31 May 2016 - 1,000 1,000
============== ============ ===========
- - -
At 31 May 2015
============== ============ ===========
At 31 May 2014 467,455 - 467,455
============== ============ ===========
All of the above investments
are unlisted.
Following the prudent write down of the intangible assets under the requirements of IFRS in the subsidiaries, the subsidiaries' financial statements show that they have net liabilities. The directors have made full provision against the cost of investment in the subsidiaries due to the net liabilities shown in the subsidiary financial statements.
Particulars of principal subsidiary and joint venture companies during the year, all the shares of which being beneficially held by Feedback PLC, were as follows:
Company Activity Country Proportion
of and of Shares
incorporation held
operation
Feedback Black Non trading England 100%
Box Company Limited Ordinary
GBP1
Feedback Data GmbH Non trading Germany 100%
(liquidated Specific
October 2015) capital
Brickshield Limited Non trading England 100%
Ordinary
GBP1
Cambridge Computed Medical Imaging England 100%
Imaging Limited A Ordinary
GBP1
100% B
Ordinary
1p
TexRAD Limited Medical Imaging England 100%
Ordinary
1p
Prostate Checker Non trading England 50%
Ltd Ordinary
GBP1
TexRAD Limited is owned 100% by virtue of a
direct holding by Feedback plc of 91% and an
indirect holding via Cambridge Computed Imaging
Limited of 9%.
Feedback Data GmbH was a subsidiary of Feedback
plc following the transfer of ownership from
Feedback Data plc on 31 May 2013. The company
was liquidated in October 2015.
All the subsidiary companies have been included
in these consolidated financial statements.
During the year Feedback PLC entered into two
joint venture arrangements as follows:
Stone Checker Software Ltd
Feedback Plc invested GBP1,000 in Stone Checker
Software Ltd in July 2015 for a 50% equity interest
and subsequently licenced its TexRAD software
to it for exclusive use in relation to kidney
stone analysis. On 3 May 2016 the 50% equity
interest was sold to Free Association Books
Limited for GBP46,000 cash. This resulted in
a profit of GBP45,000.
Prostate Checker Ltd
Feedback Plc has a 50% stake in Prostate Checker
Ltd with a cost of GBP1,000, effective 26 August
2015 (date of incorporation) with QUIBIM S.L
holding the remaining 50%. This company assists
the detection and diagnosis of prostate cancer.
This company has not traded during the year.
6. PROPERTY, PLANT AND EQUIPMENT
Plant
and
Equipment Total
GROUP GBP GBP
Cost of valuation
At 31 May 2014 1,444 1,444
Additions 9,329 9,329
At 31 May 2015 10,773 10,773
Additions 104 104
---------- -------
As 31 May 2016 10,877 10,877
========== =======
Depreciation
At 31 May 2014 - -
Charge for the year 3,858 3,858
---------- -------
At 31 May 2015 3,858 3,858
Charge for the year 3,380 3,380
---------- -------
At 31 May 2016 7,238 7,238
Net Book Value
At 31 May 2016 3,639 3,639
========== =======
At 31 May 2015 6,915 6,915
========== =======
At 31 May 2014 - -
========== =======
7. INTANGIBLE ASSETS
Software Customer Patents Goodwill Total
relationships
GROUP GBP GBP GBP GBP GBP
Cost
31 May 2014 435,000 100,000 41,585 271,415 848,000
Additions 128,099 - 32,913 - 161,012
--------- --------------- -------- --------- ----------
At 31 May 2015 563,099 100,000 74,498 271,415 1,009,012
Additions - - 13,860 - 13,860
--------- --------------- -------- --------- ----------
At 31 May 2016 563,099 100,000 88,358 271,415 1,022,872
========= =============== ======== ========= ==========
Amortisation
At 31 May 2014 - - - - -
Charge for the
year 145,372 25,000 9,940 - 180,312
Impairment charge
in the year 417,727 271,415 689,142
At 31 May 2015 563,099 25,000 9,940 271,415 869,454
Charge for the
year - 25,000 17,671 - 42,671
At 31 May 2016 563,099 50,000 27,611 271,415 912,125
========= =============== ======== ========= ==========
Net Book Value
At 31 May 2016 - 50,000 60,747 - 110,747
========= =============== ======== ========= ==========
At 31 May 2015 - 75,000 64,558 - 139,558
========= =============== ======== ========= ==========
At 31 May 2014 435,000 100,000 41,585 271,415 848,000
========= =============== ======== ========= ==========
In accordance with the accounting policies and IFRS the Directors have assessed the carrying value of the intangible assets. In the year ended 31 May 2015, the Directors took the prudent decision to write down the carrying value of the software development costs in the balance sheet in order to meet the requirements of IFRS. During the year ended 31 May 2016 all similar development costs have been expensed as incurred. However, the Directors believe the Group's technology has great potential and this write down does not reflect their commercial assessment of the value of the Group's intellectual property. Expenditure on software development is being written off as incurred until the provisions of IFRS are met. The customer lists and patents are deemed to have ongoing value to the Group.
8. OTHER RECEIVABLES
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Amounts falling due
within one year
Amounts owing by subsidiary
undertakings - - - 16,909
Other receivables 8,684 14,290 5,168 5,699
Corporation tax recoverable 37,828 32,775 - -
Prepayments 17,398 54,194 11,493 30,385
------- -------- ------- -------
63,910 101,259 16,661 52,993
======= ======== ======= =======
9. OTHER PAYABLES
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Amounts falling due
within one year
Other payables 4,885 9,396 1,042 16
Other taxes and social
security 15,386 33,047 292 16,418
Accruals 31,750 28,701 31,750 18,024
Deferred income 103,169 193,818 - -
-------- -------- ------- -------
155,190 264,962 33,084 34,458
======== ======== ======= =======
10. SHARE CAPITAL AND RESERVES
2016 2015
GBP GBP
Authorised and issued
share capital
Ordinary shares of
0.25 pence each 509,185 476,867
============ ============
Allotted, called up
and fully paid share
capital:
Number Number
As at 1 June 2015 190,746,746 190,746,746
Issued 12,927,111 -
------------ ------------
As at 31 May 2016 203,673,857 190,746,746
------------ ------------
Share Options
Share options are granted to directors and employees. Options are conditional on the employee completing a specific length of service (the vesting period). The options are exercisable from the end of the vesting period and lapse after ten years after the grant date. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Share options are valued using the Black-Scholes option pricing model and no performance conditions are included in the fair value calculations. The risk free rate was 1.64%. The expected volatility is based on historical volatility over the last two years and is estimated to be 25%. The average share price during the year was 1.85 pence. During the year the Company had the following share options in issue:
Number of options
At 1 June Lapsed Exercised At 31 Exercise Exercise
2015 May 2016 price date
(pence)
21/05/14
4,800,000 800,000 1,600,000 2,400,000 1.25 to19/05/24
21/05/15
4,000,000 - - 4,000,000 3.00 to19/05/24
21/05/15
4,000,000 - - 4,000,000 5.00 to19/05/24
12,800,000 800,000 1,600,000 10,400,000
=========== ======== ========== ===========
All share options vest one year after the grant date. Each option can only be exercised from one year after the grant date to ten years after the date of grant.
In June 2015 1,600,000 options were exercised at a price of 1.25p.
In March 2016 800,000 options lapsed.
Warrants
Warrants were issued to the vendors of TexRAD Limited at the time of acquisition. The warrants are exercisable from the end of the vesting period and lapse ten years after the grant date. The Group has no legal or constructive obligation to repurchase or settle the warrants in cash.
Warrants are valued using the Black-Scholes pricing model and no performance conditions are included in the fair value calculations. The risk free rate was 1.64%. The expected volatility is based on historical volatility over the last two years and is estimated to be 25%. The average share price during the year was 1.85 pence. During the year the Company had in existence the following warrants:
Number of warrants
At 1 June Granted Cancelled At 31 Exercise Exercise
2015 May 2016 price date
(pence)
19/05/16
4,550,000 - - 4,550,000 1.25 to 19/05/24
19/05/17
18,200,000 - - 18,200,000 3.00 to 19/05/24
22,750,000 - - 22,750,000
=========== ======== ========== ===========
Reserves
The nature and purpose of each reserve within equity is as follows:
Share premium Amount subscribed for share capital
in excess of nominal value
Capital reserve Reserve on consolidation of subsidiaries
Translation Gains and losses on the translation
reserve of overseas operations into GBP
Retained earnings All other net gains and losses
and transactions with owners
not recognised elsewhere
Convertible Amount of proceeds on issue of
debt option convertible debt relating to
reserve the equity component of the debt.
11. NOTICE OF ANNUAL GENERAL MEETING ("AGM") AND AVAILABILITY OF REPORT AND FINANCIAL STATEMENTS
The Company hereby announces that its AGM will be held at the offices of Allenby Capital Limited, 3 St Helen's Place, London EC3A 6AB at 10.00 a.m. on 23 November 2016.
The Company's Annual Report and Financial Statements for the year ended 31 May 2016 are expected to be posted to shareholders, along with the Notice of AGM, on 26 October 2016 and will be available thereafter at the Company's registered office, Unit 5 Grange Park, Broadway, Bourn, Cambridgeshire CB23 2TA and on its website: http://www.fbk.com/category/financial-reports/
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLBDGUUBBGLI
(END) Dow Jones Newswires
October 19, 2016 02:00 ET (06:00 GMT)
1 Year Feedback Chart |
1 Month Feedback Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
