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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adams Plc | LSE:ADA | London | Ordinary Share | IM00B986V543 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 5.00 | 8.00 | 6.50 | 5.425 | 6.50 | 0.00 | 08:00:25 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.19M | -2.37M | -0.0162 | -4.01 | 9.48M |
From Apr 2019 to Apr 2024
TIDMADA
RNS Number : 5234I
Adams PLC
20 June 2017
20 June 2017
Adams Plc
("Adams" or the "Company")
Annual Report and Financial Statements 2017
AUDITED RESULTS FOR THE YEARED 31 MARCH 2017
Adams Plc ("Adams" or the "Company) announces its audited financial results for the year ended 31 March 2017.
Highlights:
- Net assets at 31 March 2017 of EUR1.11 million (2016: EUR1.10 million). - Profit after tax of EUR0.01 million (2016: loss of EUR0.23 million).
- Investments at 31 March 2017 valued at EUR1.10 million represented by 4 AIM quoted holdings and 1 unquoted holding (2016: EUR0.87 million represented by 4 quoted holdings).
- Spend on new investments at a cost of EUR0.23 million (2016: EUR1.02 million). - Investment realisations resulting in proceeds of EUR0.01 million (2016: EUR0.19 million).
- Underwritten open offer share subscription to raise cash funds of GBP1.03 million is expected to complete on 29 June 2017.
Michael Bretherton, Chairman, said:
"The Board will continue to maintain a highly selective investment approach in these uncertain and challenging markets and remains committed to delivering additional value for our shareholders whilst running a low cost base."
The Company's Annual Report 2017 will shortly be posted to shareholders and a copy will be made available on the Company's website at www.adamsplc.co.uk under the Investor Relations / Company & Shareholder Documents section. The Annual Report 2017 contains on page 25, a Notice of the Annual General Meeting to be held at 11.00 a.m. on Friday 8 September 2017 at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.
Enquiries:
Adams plc Michael Bretherton Tel: +44 1534 719 761
Nomad Cairn Financial Advisers LLP. Sandy Jamieson, James Caithie Tel: +44 207 213 0880 Broker Peterhouse Corporate Finance Limited. Heena Karani
Tel: +44 207 469 3393
Chairman's Statement
Adams is an investing company focusing on the technology and life sciences sectors.
Adams reported a profit after tax of EUR14,000 for the year ended 31 March 2017 compared to a loss of EUR234,000 in the previous year. The profit improvement is due principally to movements in unrealised revaluation gains on the valuation of investments.
During the year, the Company spent EUR225,000 on the purchase of additional investments and realised proceeds of EUR175,000 from investment disposals. The Company holds currently 5 portfolio investments, 4 of which are quoted and 1 is unquoted, and for which the carrying value at 31 March 2017 was EUR1.10 million (31 March 2017: EUR0.87 million represented by 4 holdings all of which were quoted).
Net assets attributable to holders of Adams at 31 March 2017 amounted to EUR1.14 million (equivalent to EUR0.0270 per share) compared with EUR1.10 million (equivalent to EUR0.0266 per share) at the previous year end.
Cash and cash equivalent balances were EUR41,000 at 31 March 2017 compared to balances of EUR258,000 at 31 March 2016.
Underwritten Open Offer
On 2 June 2017, the Company announced that in order to provide additional resources with which to fund its investment strategy, Adams is proposing to raise GBP1,031,915 (before expenses) pursuant to an open offer. The terms and conditions of the open offer are set out in a circular sent to shareholders that day and under which shareholders have an opportunity to subscribe for new shares at the issue price of 2.5 pence on the basis of an open offer entitlement of one new share for every one existing share held.
The open offer is being fully underwritten by Richard Griffiths who has an existing holding of 29.9 per cent in the existing shares, inclusive of the holding by his controlled undertaking ORA Limited. Mr Griffiths is not being paid an underwriting fee for that underwriting commitment.
The circular sets out the reasons for, and provides further information on, the open offer proposals, and also explains why the independent directors consider the proposals to be in the best interests of the Company and its shareholders as a whole.
The open offer is conditional, inter alia, upon (i) the passing of the resolutions at the Extraordinary General Meeting to be held on 28 June 2017, and (ii) admission of the new open offer shares to trading on AIM. It is expected that admission will become effective and dealings in the new shares will commence on 29 June 2017.
Business model
Adams is an investment company focused on targeting businesses in the technology and life sciences sectors which present opportunities for value creation, but will also consider investments in other sectors where appropriate.
Investments
The 4 listed investments currently held by the Company comprise GVC Holdings Plc, Oxford Pharmascience Group Plc, Imagination Technologies Group Plc and Communisis Plc. In addition, the Company holds shares and loan notes in unquoted Sherwood Holdings Limited, which completed the acquisition of Source Bioscience Plc as its principal asset in September 2016.
GVC Holdings is in a global online gaming and sports betting company with a solid on-line platform technology from which it operates some of the leading brands in the gaming sector including bwin, sporting bet, partypoker and foxy bingo.
Oxford Pharmascience is a drug development company that re-develops approved drugs to make them better, safer and easier to take and it has a current focus to develop improved formulations of non-steroidal anti-inflammatory drugs (NSAIDs) and statins for global markets.
Imagination Technologies is a global technology leader whose products include the key multimedia, communications and general purpose processors needed to power all mobile, consumer, automotive, enterprise and embedded electronics.
Communisis is a leading provider of outsourced digital asset management and personalised customer communication services.
Source Bioscience is an international provider of state of the art laboratory services and products and has an expertise in clinical diagnostics, genomics, proteomics, drug discovery & development research and analytical testing services.
Following the 31 March 2017 year end, the Company disposed of 10,000 shares in GVC Holdings for a cash consideration of EUR84,880 (GBP72,077).
Outlook
Risks of a political or systemic crisis on a fragile global economy are expected to persist and will include the impact of Brexit as this continues to unfold. Despite resultant challenging market conditions, the Adams directors are confident in the underlying fundamentals, technologies and potential for growth at the companies within our investment portfolio.
The Board will continue to maintain a highly selective investment approach in these uncertain and challenging markets and remains committed to delivering additional value for our shareholders whilst running a low cost base.
Michael Bretherton
Chairman
20 June 2017
Statement of Comprehensive Income for the year ended 31 March 2017
Hot Features
Premium
Year ended Year ended
31 Mar 2017 31 Mar 2016
EUR'000 EUR'000
Gain on investments 180 30
Dividend income 17 -
------------- -------------
Investment return 197 30
Expenses
Net foreign exchange loss (15) (45)
Administrative expenses (174) (219)
------------- -------------
Operating profit / (loss) 8 (234)
Interest income 6 -
------------- -------------
Profit / (loss) on ordinary activities before taxation 14 (234)
Tax on profit/(loss) on ordinary activities - -
Profit / (loss) for the year 14 (234)
Total comprehensive profit / (loss) for the year 14 (234)
============= =============
Basic and diluted profit / (loss) per share 0.03c (0.7)c
Since there is no other comprehensive loss or gain, the loss for the year is the same as the total comprehensive loss for the year attributable to the owners of the Company.
Statement of Changes in Equity as at 31 March 2017
Share Share Accumulated
Capital Premium Losses Total
EUR'000 EUR'000 EUR'000 EUR'000
At 1 April 2015 231 214 (195) 250
Changes in equity
Issue of shares 182 902 - 1,084
Total comprehensive loss - - (234) (234)
--------- --------- ------------ --------
At 31 March 2016 413 1,116 (429) 1,100
========= ========= ============ ========
Changes in equity
Total comprehensive profit - - 14 14
--------- --------- ------------ --------
At 31 March 2017 413 1,116 (415) 1,114
========= ========= ============ ========
Statement of Financial Position at 31 March 2017
31 March 2017 31 March 2016
EUR'000 EUR'000
Assets
Non-current assets
Investments 1,101 871
Current assets
Trade and other receivables 2 3
Cash and cash equivalents 41 258
--------------
Current assets 43 261
-------------- --------------
Total assets 1,144 1,132
============== ==============
Liabilities
Current liabilities
Trade and other payables (30) (32)
-------------- --------------
Total liabilities (30) (32)
-------------- --------------
Net current assets 13 229
-------------- --------------
Net assets 1,114 1,100
============== ==============
Equity
Called up share capital 413 413
Share premium 1,116 1,116
Accumulated losses (415) (429)
Total shareholder equity 1,114 1,100
============== ==============
Statement of Cash Flows for the year ended 31 March 2017
Year ended Year ended
31 March 2017 31 March 2016
EUR'000 EUR'000
Profit / (loss) for the year 14 (234)
Unrealised (gain)/loss on revaluation of investments (166) 162
Realised gain on disposal of investments (14) (192)
Decrease in trade and other receivables 1 7
Decrease in trade and other payables (2) (60)
Net cash outflow from operating activities (167) (317)
-------------- --------------
Cash flows from investing activities
Purchase of investments (225) (1,024)
Proceeds from disposals of investments 175 357
Net cash used in investing activities (50) (667)
-------------- --------------
Cash flows from financing activities
Issue of ordinary share capital - 182
Premium on issue of share capital - 902
Net cash generated from financing activities - 1,084
-------------- --------------
Net (decrease) / increase in cash and cash equivalents (217) 100
Cash and cash equivalents at beginning of year 258 158
Cash and cash equivalents at end of year 41 258
-------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKCDDABKDDAD
(END) Dow Jones Newswires
June 20, 2017 02:00 ET (06:00 GMT)
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