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TEK Tekcapital Plc

8.15
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tekcapital Plc LSE:TEK London Ordinary Share GB00BKXGY798 ORD �0.004
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 8.15 7.80 8.50 8.15 8.15 8.15 525,282 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Programming Service 615k -12.75M -0.0715 -1.14 14.52M

Tekcapital plc Half-year Report (4704I)

31/08/2016 7:00am

UK Regulatory


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TIDMTEK

RNS Number : 4704I

Tekcapital plc

31 August 2016

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

TEKCAPITAL Plc

("Tekcapital", the "Company" or the "Group")

Unaudited Half Year Results

Tekcapital plc (AIM: TEK), an international provider of technology and intellectual property services, announces its unaudited half year results for the six months ended 31 May 2016.

Financial Highlights

   --     Half year revenues were $247,262 (H1 2015: $287,488) 

-- Net loss increased to $997,174 (H1 2015: $659,936), due mainly to the expenses involved with the establishment and launch of Belluscura Ltd ("Belluscura")

   --     Cash and cash equivalents at period end of $1,937,595 (31 May 2015: $3,786,424) 
   --     Net assets at period end of $3,157,254 (31 May 2015: $4,313,490) 

Operational Highlights

The establishment of Belluscura:

-- The Group successfully established a new trading company, Belluscura, hired an experienced medical device team and acquired the exclusive licenses to manufacture and sell three proprietary medical devices.

-- The acquired devices have been developed by and exclusively licensed from Stryker Corporation, a leading medical technology company. The devices have previously received US 510(k) regulatory clearance where necessary and achieved commercial sales prior to acquisition. The Group has also transferred its exclusive licence for a saliva glucose test, acquired from Arizona State University, which was previously in its out-licensing portfolio, to Belluscura.

-- Post period end, Belluscura completed a private placement raising $1.5 million and issuing 2,500,000 shares. Tekcapital now owns 74.44% of the share capital of Belluscura. On the basis of this placement, the value of Tekcapital's equity in Belluscura is approximately $3.3 million. The Group's strategy is to rapidly grow Belluscura and explore further investment.

Acquisition of Vortechs Group:

-- On 28 April 2016, the Group acquired certain assets and business from Vortechs Group, a leading technology transfer placement company in North America. This acquisition expands the range of the Group's business offerings and enables the sourcing of technology transfer professionals as well as new technologies for both corporate clients and university suppliers. The results for the period under review do not reflect any significant impact of the Vortechs Group business, as this acquisition occurred close to the end of the interim accounting period.

Further strengthening of the Group's portfolio of technologies for out-licensing, the Group acquired the exclusive license to, or acquisition of the following intellectual properties:

-- The exclusive license to a patent application, entitled "Energy Harvesting from Constrained Buckling of Piezoelectric Beams" from the University of Michigan. After a successful pilot study conducted by the inventors the Group is moving forward with the fabrication and testing of prototype energy harvesting footwear for subsequent out-licensing.

-- The exclusively licensed US patent application entitled "Saliva glucose measurement devices and methods" describes a safe, fast and non-invasive method and device to collect and sample glucose in saliva for both human and companion animals. The biosensor device allows trace saliva fluid samples from a biological surface to be obtained for electrochemical analysis and the subsequent detection of analytes using disposable biosensor strips. This commercialisation of this intellectual property patent is currently being progressed by Belluscura.

-- The exclusive licences to manufacture and sell three proprietary medical devices, with the commercial exploitation of these licences currently being progressed by Belluscura. The devices have been developed by and exclusively licensed from a leading medical technology company. These devices have received US 510(k) regulatory clearance where necessary and have previously achieved commercial sales prior to acquisition. The devices are:

o "SlydeTM", a non-ambulatory patient evacuation sled;

o "Passport(R)", a trocar for use with the Da Vinci(R) Surgical System (keyhole surgery); and

o "SNAP II", a level of consciousness monitor for use during surgical procedures requiring general anesthesia.

o These licensed products are protected by a portfolio of 19 issued and pending patents and industrial designs.

-- The acquisition of the patent for uSalt(TM) a new process technology for reducing the surface sodium content in a wide variety of foods, consistent with current U.S. Food and Drug Administration guidelines. The Group is currently manufacturing and testing this new salt technology on snack foods for a major food company.

These 22 intellectual property acquisitions during the reporting period have added to the Group's existing portfolio, which currently numbers 51 patents and applications that the Group has either exclusively licensed or acquired since January 2015.

Commenting on the results, Dr. Clifford Gross, Executive Chairman of Tekcapital plc, said: "We have made significant progress towards achieving the objectives that we set out last year and have established a strong foundation for future revenue growth with our numerous technology acquisitions. When combined with the establishment and launch of Belluscura Ltd, the acquisition of the Vortechs Group to expand our service offerings, the recent acquisition of the uSalt(TM) patent for reducing the surface salt content in a variety of foods and our progress with in-shoe energy harvesting technology for empowering a new generation of footwear that can recharge mobile devices, we believe these achievements provide significant upside potential for our shareholders.

We are excited and confident in the progress we have made towards creating marketplace and shareholder value from university and corporate intellectual capital."

For further information, please contact:

 
 Tekcapital Plc                                     +1 305 200 3450 Ext 305 info@tekcapital.com 
  Clifford M. Gross, Ph. D., Executive Chairman 
 
 Allenby Capital Limited (NOMAD & Broker)           +44 (0) 20 3394 2972 
 Jeremy Porter / Alex Brearley / Richard Short 
 
 Optiva Securities Limited (Joint-Broker)           +44 (0) 20 3137 1904 
 Jeremy King / Vishal Balasingham                   jeremy.king@optivasecurities.com 
 
 Walbrook PR Limited                                +44 (0) 20 7933 8780 
 Paul Cornelius / Paul McManus / Helen Cresswell    tekcapital@walbrookpr.com 
 

About Tekcapital plc - The World's Largest University Network for Open Innovation

Tekcapital helps clients profit from new, university-developed intellectual properties. With our proprietary discovery search engine, linked to 4,000+ universities in 160 countries, coupled with expert scientific review, we provide a turn-key service to makes it easy for clients to find and acquire university IP, analyse the market potential and engage the technology transfer professionals they need to create a competitive advantage. Tekcapital plc is listed on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com

Chairman's Statement

Our strategy is to scale Tekcapital's business to a position that enables us to provide our service offerings to a wide range of clients around the world, with an initial concentration on the US and UK markets.

We have also focused on adding additional services, either organically or through acquisitions, with the aim of enabling the Group to assist its clients in further determining and realising value from IP through the transformative innovations that they represent.

We have successfully expanded our service offerings with the acquisition of certain of the assets and the business of the Vortechs Group that is also expected to contribute to growth in subsequent periods.

Our technology acquisition and out licensing services leverage our core competencies and have enabled Tekcapital to acquire the rights to an additional 22 intellectual properties during the period under review resulting in a total of 51 exclusive intellectual property licenses or acquisitions since January 2015. These acquisitions have been across a diverse range of application areas including:

   --     wearable optical displays; 
   --     non-invasive glucose monitoring for diabetics; 
   --     improved food processes to enhance the nutritional content of widely-consumed foods; 
   --     portable energy harvesting to power mobile electronics from everyday human movement; 
   --     improved air conditioning efficiency using advanced aeronautical designs; and 
   --     proprietary medical devices. 

All of these technology rights have been acquired for either cash or equity in Tekcapital and potentially present significant up-side potential to shareholder value if successfully commercialised. The goal of the Group is to out-license this IP portfolio to major manufacturers, to empower clients to create a competitive advantage from the advancement these technologies can deliver.

Financial Review

Revenue for the period was approximately $247,000 (H1 2015: approximately $287,000).

Administrative expenses have increased by approximately $256,000 from the prior, year largely as a result of the non-recurring costs involved with the establishment of Belluscura. This new subsidiary, which has its own management team, acquired three exclusive licenses for proprietary medical devices and commenced operations towards the end of the period.

Our start-up investment related to the establishment and launching of Belluscura has resulted in the majority of the increase in the net loss for the period compared to the same period in the prior year. However, based on our recently completed private placement in Belluscura, we believe this investment should lead to a significant increase in the Group's net assets in 2017.

Cash and cash equivalents at the end of the period stood at $1.94 million (FY 2015: $3.14 million), with net assets of the expanded Group at $3.18 million (FY 2015: $3.72 million).

Current trading and outlook

As an entrepreneurial Group, Tekcapital's year to date has been focused on the establishment of Belluscura and the acquisition of the Vortechs Group business, along with the other progress described in this report. By the end of the year (November 2016) we expect to make significant out-license progress, recognise the benefits of the integration of the Vortechs Group business and report progress from our Belluscura investment. We are dedicated and excited to continue the development and commercialization of our IP portfolio investments as well as with the expansion of our market footprint over the coming months. In a market place of such huge unrealised potential, we will remain focused on making prudent investments in intellectual properties for mid and long-term harvest.

Dr. Clifford Gross

Executive Chairman

Unaudited condensed consolidated income statement for the six month period ended 31 May 2016

 
                         Notes    Six months   Six months     Year ended 
                                       ended        ended    30 November 
                                      31 May       31 May           2015 
                                        2016         2015 
                                   Unaudited    Unaudited        Audited 
                                           $            $              $ 
 
 Revenue                             247,262      287,488        407,420 
 Cost of sales                             -            -              - 
                                ------------  -----------  ------------- 
 Gross profit                        247,262      287,488        407,420 
 Foreign exchange                          -         (95)              - 
  movements 
 Other administrative 
  expenses                       (1,244,749)    (947,352)    (1,868,124) 
 Operating loss                    (997,487)    (659,959)    (1,460,704) 
 Finance income                          313           23            709 
 
 Loss before taxation              (997,174)    (659,936)    (1,459,995) 
 
 Income tax expense        3               -            -          (820) 
                                ------------  ----------- 
 Loss after taxation               (997,174)    (659,936)    (1,460,815) 
                                ============  ===========  ============= 
 
 Attributable to : 
  Equity holders of 
   the parent                      (990,204)    (659,936)    (1,460,815) 
  Non-controlling                    (6,970)            -              - 
   interests 
                                ------------  -----------  ------------- 
                                   (997,174)    (659,936)    (1,460,815) 
                                ============  ===========  ============= 
 
 

All amounts relate to continuing operations.

Unaudited consolidated statement of comprehensive income for the six month period ended 31 May 2016

 
                         Notes    Six months   Six months     Year ended 
                                       ended        ended    30 November 
                                      31 May       31 May           2015 
                                        2016         2015 
                                   Unaudited    Unaudited        Audited 
                                           $            $              $ 
 
 Loss for the year                 (997,174)    (659,936)    (1,460,815) 
 Other comprehensive 
  income 
 Currency translation 
  difference                         (4,966)     (37,290)         47,851 
                                ============  ===========  ============= 
 Other comprehensive 
  income                             (4,966)     (37,290)         47,851 
 
 Total comprehensive 
  income                         (1,002,140)    (697,226)    (1,412,964) 
                                ============  ===========  ============= 
 
 Attributable to : 
  Equity holders of 
   the parent                      (995,170)    (697,226)      (1,412,964) 
  Non-controlling                    (6,970)            -                - 
   interests 
                                 (1,002,140)    (697,226)      (1,412,964) 
                                ============  ===========  =============== 
 
 Basic and diluted 
  loss per share ($):      4         (0.028)       (0.03)          (0.049) 
 
 

Unaudited condensed consolidated statement of financial position as at 31 May 2016

 
                                                Notes   As at 31 May 2016   As at 31 May 2015   As at 30 November 2015 
                                                                Unaudited           Unaudited                  Audited 
                                                                      US$                 US$                      US$ 
 
 Assets 
 Non-current assets 
 Intangible assets                                5             1,387,470             523,244                  708,577 
 Property, plant and equipment                                     60,475               4,130                    7,920 
                                                       ------------------  ------------------  ----------------------- 
                                                                1,447,945             527,374                  716,497 
 Current assets 
 Trade and other receivables                                      134,138             188,717                  105,955 
 Cash and cash equivalents                                      1,937,595           3,786,424                3,139,246 
                                                       ------------------  ------------------  ----------------------- 
                                                                2,071,733           3,975,141                3,245,201 
 
 Total assets                                                   3,519,678           4,502,515                3,961,698 
                                                       ==================  ==================  ======================= 
 
 Equity and liabilities 
 Current liabilities 
 Trade and other payables                                         361,924             189,025                  241,181 
 Current income tax liabilities                                       500                   -                    1,300 
 Loans and borrowings                                                   -                   -                        - 
                                                       ------------------  ------------------  ----------------------- 
 Total liabilities                                                362,424             189,025                  242,481 
 
 Capital and reserves 
 Share capital                                    6               228,052             223,677                  224,684 
 Share premium                                                  6,377,383           5,896,007                5,980,751 
 Retained earnings                                            (3,421,560)         (1,734,025)              (2,461,900) 
 Translation reserve                                               42,885                   -                   47,851 
 Merger reserve                                                  (72,169)            (72,169)                 (72,169) 
 Total equity attributable to equity holders 
  of the parent                                                 3,154,591           4,313,490                3,719,217 
 Non-controlling interests                                          2,663                   -                        - 
 
 Total equity and liabilities                                   3,519,678           4,502,515                3,961,698 
                                                       ==================  ==================  ======================= 
 
 

Unaudited condensed consolidated statement of cash flows for the six month period ended 31 May 2016

 
                             Notes     Six months ended 31 May     Six months ended 31 May      Year ended 30 November 
                                                          2016                        2015                        2015 
                                                     Unaudited                   Unaudited                     Audited 
                                                           US$                         US$                         US$ 
 Cash flows from operating 
 activities 
 
 Loss before income tax                              (997,174)                   (659,936)                 (1,459,995) 
 Adjustments for: 
   Depreciation                                          2,071                       1,870                       3,057 
   Amortisation                                         19,781                       6,803                      23,087 
   Share based payment expense                          36,577                       2,779                      38,493 
   Finance costs (net)                                   (313)                        (23)                       (709) 
   Net foreign exchange difference                     (4,966)                    (47,488)                      47,851 
 Operating profit before working 
  capital changes                                    (944,024)                   (695,995)                 (1,348,216) 
 Changes in working 
 capital: 
 Increase in trade and other 
  receivables                                         (28,183)                    (98,150)                    (15,387) 
 Increase in trade and other 
  payables                                             120,750                      88,973                     141,129 
 Tax paid                                                (800)                     (1,300)                       (820) 
 Net cash used in operating 
  activities                                         (852,257)                   (706,472)                 (1,223,294) 
 
 Cash flows from investing 
 activities 
 Acquisition of property, plant and 
  equipment                                           (54,632)                        (55)                     (4,349) 
 Disposals of property,                                      -                         419                           - 
 plant and equipment 
 Acquisition of intangible assets                    (295,075)                           -                   (162,080) 
 Interest received                                         313                          23                         709 
                                     -------------------------  --------------------------  -------------------------- 
 Net cash (used in)/from investing 
  activities                                         (349,394)                         387                   (165,720) 
 
 Cash flows from financing 
 activities 
 Proceeds from issuance of Ordinary 
  Shares                                                     -                   3,286,060                   3,286,060 
 Costs of raising finance                                    -                   (164,456)                   (164,456) 
 Proceeds from the exercise of 
  warrants                                                   -                           -                      35,751 
                                     -------------------------  --------------------------  -------------------------- 
 Net cash from financing activities                          -                   3,121,604                   3,157,355 
 
 Net increase in cash and cash 
  equivalents                                      (1,201,651)                   2,415,519                   1,768,341 
 Cash and cash equivalents at the 
  beginning of the period                            3,139,246                   1,370,905                   1,370,905 
 Cash and cash equivalents at the 
  end of the period                                  1,937,595                   3,786,424                   3,139,246 
                                     =========================  ==========================  ========================== 
 

During the period ended 31 May 2016 the Company's material non-cash transactions consisted of shares issued on acquisition of licences, as disclosed in note 5.

Unaudited condensed consolidated statement of changes in equity for the six month period ended 31 May 2016

 
     Attributable to equity holders of the parent 
    --------------------------------------------- 
 
 
                       Share       Share   Translation     Merger      Retained         Total   Non-controlling         Total 
                     capital     Premium       Reserve    Reserve      Earnings                        interest        Equity 
                         US$         US$           US$        US$           US$           US$               US$           US$ 
 Unaudited 
 Balance at 1 
  December 2015      224,684   5,980,751        47,851   (72,169)   (2,461,900)     3,719,217                 -     3,719,217 
 Comprehensive 
 income 
 Loss for the 
  period                   -           -             -          -     (990,204)     (990,204)           (6,970)     (997,174) 
 Other 
  comprehensive 
  income                   -           -       (4,966)          -             -       (4,966)                 -       (4,966) 
 Total 
  comprehensive 
  income for the 
  period                   -           -       (4,966)          -     (990,204)     (995,170)           (6,970)   (1,002,140) 
 Share based 
  payments                 -           -             -          -        36,577        36,577                 -        36,577 
 Issue of ordinary 
  shares               3,368     396,632             -          -             -       400,000                 -       400,000 
 New funds into 
  non-controlling 
  interest                 -           -             -          -             -             -             3,600         3,600 
 (Loss)/Gain 
  arising from 
  change in 
  non-controlling 
  interest                 -           -             -          -       (6,033)       (6,033)             6,033             - 
 
 Balance at 31 May 
  2016               228,052   6,377,383        42,885   (72,169)   (3,421,560)     3,154,591             2,663     3,157,254 
                    ========  ==========  ============  =========  ============  ============  ================  ============ 
 
 Unaudited 
 Balance at 1 
  December 2014      154,842   2,673,905             -   (72,169)   (1,039,578)     1,717,000                 -     1,717,000 
 Issue of Ordinary 
  Shares, net of 
  issue costs         68,835   3,222,102             -          -             -     3,290,937                 -     3,290,937 
 Share based 
  payments                 -           -             -          -         2,779         2,779                 -         2,779 
 Comprehensive 
 income 
 Loss for the 
  period                   -           -             -          -     (659,936)     (659,936)                 -     (659,936) 
 Other 
 comprehensive 
 expense 
 Currency 
  translation 
  differences              -           -             -          -      (37,290)      (37,290)                 -      (37,290) 
                    --------  ----------  ------------  ---------  ------------  ------------  ----------------  ------------ 
 Total 
  comprehensive 
  expense                  -           -             -          -     (697,226)     (697,226)                 -     (697,226) 
 
 Balance at 31 May 
  2015               223,677   5,896,007             -   (72,169)   (1,734,025)     4,313,490                 -     4,313,490 
                    ========  ==========  ============  =========  ============  ============  ================  ============ 
 
 Audited 
 Balance at 1 
  December 2014      154,842   2,673,905             -   (72,169)   (1,039,578)     1,717,000                 -     1,717,000 
 Comprehensive 
 income 
 Loss for the 
  period                   -           -             -          -   (1,460,815)   (1,460,815)                 -   (1,460,815) 
 Other 
  comprehensive 
  income                   -           -        47,851          -             -        47,851                 -        47,851 
 Total 
  comprehensive 
  income for the 
  period                   -           -        47,851          -   (1,460,815)   (1,412,964)                 -   (1,412,964) 
 Share based 
  payments                 -           -             -          -        38,493        38,493                 -        38,493 
 Issue of ordinary 
  shares              69,270   3,436,126             -          -             -     3,505,396                 -      3,505396 
 Costs of share 
  issue                    -   (164,456)             -          -             -     (164,456)                 -     (164,456) 
 Warrants 
  exercised              572      35,176             -          -             -        35,748                 -        35,748 
                    --------  ----------  ------------  ---------  ------------  ------------  ----------------  ------------ 
 Balance at 30 
  November 2015      224,684   5,980,751        47,851   (72,169)   (2,461,900)     3,719,217                 -     3,719,217 
                    ========  ==========  ============  =========  ============  ============  ================  ============ 
 
 

Share capital represents the amount subscribed for share capital at nominal value.

Share premium represents the amount subscribed for share capital in excess of nominal value and net of any issue costs.

The merger reverse relates to the share for share exchange undertaken by the Company with Tekcapital Europe Limited on 18 February 2014.

Accumulated losses represent all other net gains and losses and transactions with owners not recognised elsewhere.

Notes to the financial information

   1.            General information 

Tekcapital PLC is a company incorporated in England and Wales and domiciled in the UK. The Company's registered office is at 5 Fleet Place, London, EC4M 7RD. The nature of the Company's operations and its principal activities are to act as the holding company of a group of companies engaged in international technology and intellectual property services provider.

   2.            Basis of preparation 

The financial information for the six months ended 31 May 2016 set out in this interim financial information is unaudited and does not constitute statutory financial statements.

The interim condensed financial information has been presented in US Dollars ("$").

The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 30 November 2016.

   3.            Taxation 

No charge to taxation has arisen in the six month period ended 31 May 2016 (31 May 2015: $nil).

   4.            Loss per share 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of Ordinary Shares outstanding during the period.

In calculating the weighted average number of Ordinary Shares outstanding (the denominator of the earnings per share calculation) during the period in which the share transaction occurs:

-- The number of Ordinary Shares outstanding from the beginning of that period to the acquisition date shall be computed on the basis of the weighted average number of Ordinary Shares of the legal acquiree (accounting acquirer) outstanding during the period multiplied by the exchange ratio established in the merger agreement; and

-- The number of Ordinary Shares outstanding from the acquisition date to the end of that period shall be the actual number of Ordinary Shares of the legal acquirer (the accounting acquiree) outstanding during the period.

The basic earnings per share for each comparative period before the acquisition date presented in the consolidated financial information following a share for share exchange shall be calculated by dividing:

-- The profit or loss of the legal acquiree attributable to ordinary shareholders in each of those periods; by

-- The legal acquiree's historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio established in the acquisition agreement.

 
                                   Six months ended 31 May       Six months ended 31 May   Year ended 30 November 2015 
                                                      2016                          2015 
                                                       US$                           US$                           US$ 
 
 Losses attributable to 
  equity holders of the 
  Company ($)                                    (997,174)                     (659,936)                   (1,460,815) 
 
 Weighted average number of 
 Ordinary Shares in issue: 
 
 Basic                                          34,948,117                    25,032,898                    29,901,585 
 Diluted                                        34,948,117                    25,032,898                    29,901,585 
 
 Basic loss per share ($)                          (0.028)                        (0.03)                       (0.049) 
 Diluted loss per share ($)                        (0.028)                        (0.03)                       (0.049) 
 

At 31 May 2016 and 31 May 2015 the Company had no dilutive financial instruments in place and therefore diluted earnings per share is the same as basic earnings per share.

   5.            Intangible assets 
 
                                                    Purchased intangible assets 
                                         ------------------------------------------------- 
                                               Website   Vortechs    Invention 
                               Licenses    development       US $    Evaluator       Total 
                                   US $           US $                    US $        US $ 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 Costs 
 At 1 December 
  2014                                -         33,306          -      320,550     353,856 
 Additions during 
  the period                    179,796              -          -            -     179,796 
 
 At 31 May 2015                 179,796         33,306          -      320,550     533,652 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 At 1 December 
  2014                                -         33,306          -      320,550     353,856 
 Additions during 
  the period                    378,228              -          -        3,185     381,413 
 
 At 30 November 
  2015                          378,228         33,306          -      323,735     735,269 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 At 1 December 
  2015                          378,228         33,306          -      323,735     735,269 
 Additions during 
  the period                    190,800              -    500,000        7,875     698,675 
 
 At 31 May 2016                 569,028         33,306    500,000      331,610   1,433,944 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 Accumulated amortisation 
  and impairment 
 As 1 December 
  2014                                -        (3,605)          -            -     (3,605) 
 Amortisation for 
  the period                    (1,493)        (5,310)          -            -     (6,803) 
 
 At 31 May 2015                 (1,493)        (8,915)          -            -    (10,408) 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 As 1 December 
  2014                                -        (3,605)          -            -     (3,605) 
 Amortisation for 
  the period                   (12,467)       (10,620)          -            -    (23,087) 
 
 At 30 November 
  2015                         (12,467)       (14,225)          -            -    (26,692) 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 At 1 December 
  2015                         (12,467)       (14,225)          -            -    (26,692) 
 Amortisation for 
  the period                   (14,790)        (4,992)          -            -     (4,992) 
 
 At 31 May 2016                (27,257)       (19,217)          -            -    (31,684) 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 Net book value 
 At 31 May 2015                 178,303         24,391          -      320,550     523,244 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 At 30 November 
  2015                          365,761         19,081          -      323,735     708,577 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 At 31 May 2016                 541,771         14,089    500,000      331,610   1,387,470 
--------------------------  -----------  -------------  ---------  -----------  ---------- 
 
 

During the period the Group acquired certain assets and business for Vortechs Group Inc, a leading technology transfer executive search firm. The Company issued 577,868 new ordinary shares of 0.4 pence at an issue price of 47.5 pence and paid $100,000 cash as consideration for this acquisition.

   6.            Share capital 

The Company's ordinary shares are of GBP0.004 par value.

 
 
 Issued and fully paid                               Shares     Share capital   Share premium 
                                                     Number          US$             US$ 
 Ordinary shares of GBP0.004 each 
 
 At 1 December 2014                                23,383,747         154,842       2,673,905 
 Shares issued for the acquisition of Licenses        544,792           3,114         166,219 
 Shares issued in further public offering          10,750,000          65,721       3,055,883 
 
 As at 31 May 2015                                 34,678,539         223,677       5,896,007 
                                                  ===========  ==============  ============== 
 
 At 1 December 2014                                23,383,747         154,842       2,673,905 
 Shares issued for the acquisition of Licenses        614,592           3,549         215,784 
 Shares issued in further public offering          10,750,000          65,721       3,055,883 
 Shares issued on exercise of warrants                 95,000             572          35,179 
 
 As at 30 November 2015                            34,843,339         224,684       5,980,751 
                                                  ===========  ==============  ============== 
 
 At 1 December 2015                                34,843,339         224,684       5,980,751 
 
 Share issue (28 April 2016)                          577,868           3,368         396,632 
 
 As at 31 May 2016                                 35,421,207         228,052       6,377,383 
                                                  ===========  ==============  ============== 
 

All of the Company's issued ordinary shares have full voting, dividend and capital distribution (including winding up) rights; they do not confer any rights of redemption. The Company does not hold any ordinary shares in treasury.

On 28 April 2016 the Company issued 577,868 Ordinary Shares for $400,000 on acquisition of certain assets and business of the Vortechs Group.

   7.            Related party transactions 

During the period the Company employed the services of MMM Consulting Ltd, a company of which Tekcapital's Finance Director Malcolm Groat is a director and minority shareholder. The fees paid were $10,444 (31 May 2015: $12,196). The balance outstanding at the end of period was $10,552 (31 May 2015: $Nil)

   8.            Events after the reporting period 

On 16 June 2016 Belluscura, a then 95% owned subsidiary of the Company, completed a private placement raising $1.5 million and issuing 2,500,000 shares. This placement has resulted in a dilution of the Group's ownership interest to 74.44%.

   9.            Interim Results 

The interim results for the six months ended 31 May 2016 will be available on the Company's website at http://tekcapital.com/investors/.

- Ends -

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR PMMFTMBTJBJF

(END) Dow Jones Newswires

August 31, 2016 02:00 ET (06:00 GMT)

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