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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
3Legs Resources | LSE:3LEG | London | Ordinary Share | IM00B52P5P72 | ORD 0.025P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.3175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDM3LEG
RNS Number : 6093A
3Legs Resources plc
30 September 2015
3Legs Resources plc
Interim Results
for the six months ended 30 June 2015
3Legs Resources plc (the "Company" and, together with its subsidiary, the "Group"), an investing company under Rule 15 of the AIM Rules, is pleased to announce its Interim Results for the six months ended 30 June 2015.
Highlights
-- Strategy refocused to become life sciences related investing company -- Equity funding of GBP1.3m secured during the period -- Jim Mellon and Dr Greg Bailey contribute GBP500,000 to this refinancing and join Board -- Investment in SalvaRx which owns 60.5% of iOx, a cancer immunotherapy developer
Chairman's Statement
The major developments in the first six months of the current financial year were highlighted in my Chairman's statement in the 2014 annual report and accounts. As many shareholders will be aware, in the latter part of 2014 the then Board of the Company concluded that it could not justify further investment in its oil and gas exploration business in view of disappointing results and, accordingly, it decided to dispose of the Company's assets and return its significant cash balances to shareholders, net of wind up costs. It was the intention that this would be followed by an orderly liquidation of the Company.
Subsequently, shareholders approved revised proposals which incorporated the return of the Company's cash to them and also approved a placing of GBP0.8 million from a group of new investors as an alternative to liquidation. As part of these arrangements Colin Weinberg and I joined the Board. Shareholders also voted to adopt a new Investing Policy, namely to invest in and/or acquire companies within the technology sector or within the resources sector. This enabled existing shareholders to have a continuing interest in an AIM investing company.
In early June, Jim Mellon and Dr Greg Bailey together subscribed GBP500,000 for shares in the Company, representing 29.9% of the enlarged share capital, and joined the Board. Jim and Greg have a successful track record in identifying investments in life sciences and related sectors, and at the Annual General Meeting in July, shareholders approved a further change in the Company's Investing Policy to focus on investments in these areas in order to enable the Company to take advantage of their expertise and contacts.
The final payment to shareholders as part of the restructuring of the Company was approved at an Extraordinary General Meeting held on 13 February 2015, and two-thirds of the loss of GBP248,000 reported for the period under review relates to the costs of winding up the former business, and were covered by the cash resources held by the Company before the balance was returned to shareholders. The current Board is mindful of the need to control costs and shareholders should note that over GBP29,000 of the loss of GBP82,000 reported for the continuing business is due to the accounting treatment with regard to share options and does not reflect any diminution of the Company's cash.
Under the AIM Rules, as an investing company, the Company has until 3 November 2015 to implement its investing policy or complete a reverse takeover, failing which its shares will be suspended from trading on AIM.
The Company has today announced that it has invested the sum of GBP215,000 to acquire 11.1% of SalvaRx Limited, a company owned by Jim Mellon and Dr Greg Bailey, which owns 60.5% of iOx Therapeutics Limited ("iOx"), a new company which is developing a series of compounds for cancer immunology. iOx's technology is based on a discovery by Professor Vincenzo Cerundolo MD, PhD, the Director of the Human Immunology Unit at the Weatherall Institute of Molecular Medicine at Oxford University and supported by the Ludwig Institute for Cancer Research. Its compounds stimulate invariant natural killer T cells, and preclinical testing in several cancer models suggest the compounds can inhibit the growth of tumours. SalvaRx has a strong management team with considerable experience in the field of cancer immunology and its strategy is to identify, develop and finance novel therapeutics that stimulate the immune system to fight cancer.
The Board believes that this investment represents an exciting development and is a first step in implementing the Company's new investing policy. The Company hopes to take further steps with regard to the implementation of this policy in the near future.
Enquiries
3Legs Resources plc Richard Armstrong Tel: 07787 500221 Colin Weinberg Tel: 07836 588504 Northland Capital Partners Limited Tel: 0207 382 1100 (Nominated Adviser and Broker) Matthew Johnson / Edward Hutton (Corporate Finance) John Howes / Abigail Wayne (Corporate Broking) Peterhouse Corporate Finance Limited Tel: 0207 469 0934 (Joint Broker) Lucy Williams / Duncan Vasey
Consolidated Income Statement
For the six months ended 30 June 2015
Unaudited Unaudited Audited six months ended six months ended year ended 30 June 30 June 31 December 2014 2015 2014 Note GBP'000 GBP'000 GBP'000 Continuing operations Administrative expenses (83) - - Operating loss (83) - - Investment income 1 - - Loss before tax from continuing operations (82) - - Tax - - - Loss for the period from continuing operations (82) - - Discontinued operations Loss for the period from discontinued operations 4 (166) (2,481) (35,024) Loss for the period (248) (2,481) (35,024) Loss per ordinary share From continuing operations Basic and diluted 5 (0.0002p) - - From discontinued operations Basic and diluted 5 (0.0005p) (0.03p) (0.41p) From continuing and discontinued operations Basic and diluted 5 (0.0007p) (0.03p) (0.41p) Consolidated Statement of Comprehensive Income For the six months ended 30 June 2015 ----------------------------------------------------------- Unaudited Unaudited six months ended six months ended Audited 30 June 30 June year ended 2015 2014 31 December 2014 GBP'000 GBP'000 GBP'000 Loss for the period (248) (2,481) (35,024) Other comprehensive income Exchange differences arising on translation of foreign operations - (158) 329 Total comprehensive income for the period attributable to equity owners of the parent (248) (2,639) (34,695) Consolidated Balance Sheet As at 30 June 2015 Unaudited Unaudited Audited 30 June 30 June 31 December 2015 2014 2014 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Intangible exploration and evaluation assets - 2,351 - Investment accounted for using the equity method - 29,826 - - 32,177 - Current assets Trade and other receivables 29 271 95 Cash and cash equivalents 1,183 17,867 1,341 1,212 18,138 1,436 Total assets 1,212 50,315 1,436 Liabilities Current liabilities Trade and other payables (67) (274) (144) Provisions - (25) -
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:30 ET (06:30 GMT)
(67) (299) (144) Total liabilities (67) (299) (144) Net assets 1,145 50,016 1,292 Equity Share capital 6 155 21 22 Share premium account 52,533 68,368 52,594 Share-based payment reserves 29 959 - Accumulated deficit (51,572) (18,843) (51,324) Cumulative translation reserves - (489) - Total equity 1,145 50,016 1,292 Consolidated Cash Flow Statement For the six months ended 30 June 2015 Unaudited Unaudited six months ended six months ended Audited 30 June 30 June year ended 2015 2014 31 December 2014 Note GBP'000 GBP'000 GBP'000 Net cash outflow from operating activities 7 (231) (851) (1,486) Investing activities Interest received 1 42 58 Investment in joint venture - (7,831) (8,235) Net cash from/(used in) investing activities 1 (7,789) (8,177) Financing activities Issue of share capital 1,305 21 180 Transaction costs of issue of share capital (88) - - Return of cash to shareholders (1,145) - (15,933) Net cash from/(used in) financing activities 72 21 (15,753) Net decrease in cash and cash equivalents (158) (8,619) (25,416) Effect of foreign exchange rate changes - (306) (35) Cash and cash equivalents at beginning of period 1,341 26,792 26,792 Cash and cash equivalents at end of period 1,183 17,867 1,341 Consolidated Statement of Changes in Equity As at 30 June 2015 Share Share-based Cumulative Share premium payment Accumulated translation capital account reserves deficit reserves Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 1 January 2014 21 68,347 889 (16,362) (331) 52,564 Transactions with owners in their capacity as owners: Issue of equity shares - 21 - - - 21 Total transactions with owners in their capacity as owners - 21 - - - 21 Loss for the period - - - (2,481) - (2,481) Other comprehensive income: Currency translation differences - - - - (158) (158) Total comprehensive income for the period - - - (2,481) (158) (2,639) Share-based payments - - 70 - - 70 As at 30 June 2014 21 68,368 959 (18,843) (489) 50,016 As at 1 January 2014 21 68,347 889 (16,362) (331) 52,564 Transactions with owners in their capacity as owners: Issue of equity shares 1 180 - - - 181 Return of cash to shareholders - (15,933) - - - (15,933) Total transactions with owners in their capacity as owners 1 (15,753) - - - (15,752) Loss for the year - - - (35,024) - (35,024) Other comprehensive income: Currency translation differences - - - (2) 331 329 Total comprehensive income for the year - - - (35,026) 331 (34,695) Share-based payments - - (825) - - (825) Transfer to retained earnings in respect of exercised share options - - (64) 64 - - As at 31 December 2014 22 52,594 - (51,324) - 1,292 As at 1 January 2015 22 52,594 - (51,324) - 1,292 Transactions with owners in their capacity as owners: Issue of equity shares 133 1,084 - - - 1,217 Return of cash to shareholders - (1,145) - - - (1,145) Total transactions with owners in their capacity as owners 133 (61) - - - 72 Loss for the period - - - (248) - (248) Total comprehensive income for the period - - - (248) - (248) Share-based payments - - 29 - - 29 As at 30 June 2015 155 52,533 29 (51,572) - 1,145
Notes to the Interim Financial Statements For the six months ended 30 June 2015
1 General information
3Legs Resources plc (the 'Company') is incorporated in the Isle of Man, British Isles under the Isle of Man Companies Act 2006. The address of the registered office is Commerce House, 1 Bowring Road, Ramsey, Isle of Man, British Isles, IM8 2LQ.
3Legs Resources plc is an investing company under Rule 15 of the AIM Rules. The principal activity of the Group in during 2014 and prior was the exploration, evaluation and development of oil and gas targets.
2 Basis of preparation
The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board (the 'IASB') and as adopted by the European Union (the 'EU'). These policies and practices are consistent with those adopted in the Group's financial statements for the year ended 31 December 2014 and are also consistent with those which will be adopted in the Group's financial statements for the year ended 31 December 2015.
The consolidated interim financial information is unaudited and does not constitute statutory accounts as defined by section 434 of the Companies Act 2006, and should be read in conjunction with the Group's financial statements for the year ended 31 December 2014. In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied.
The consolidated interim financial information incorporates unaudited comparative information for the period ended 30 June 2014, which has been represented in respect of the consolidated income statement to improve the clarity of information presented therein. Comparative figures for the financial year ended 2014 have been extracted from the financial statements for that period which carried an unqualified audit report.
The consolidated interim financial information has been prepared in accordance with IAS34 Interim Financial Reporting.
During the first six months of the current financial year there have been no related party transactions that materially affect the financial position or performance of the Group and there have been no changes in the related party transactions described in the last annual financial statements.
The principal risks and uncertainties of the Group have not changed since the last annual financial statements where a detailed explanation of such risks and uncertainties can be found.
3 Dividends
The Directors do not recommend the payment of a dividend for the period.
4 Discontinued operations
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September 30, 2015 02:30 ET (06:30 GMT)
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