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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Avid Holdings | LSE:AVD | London | Ordinary Share | GB00B06GHM23 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.095 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Note 6 states the interim statement was approved by the board of Directors on 21 August 2006. The interim statement was in fact approved by the board of Directors on 17 August 2006. AVID HOLDINGS PLC ("Avid" or the "Company") INTERIM STATEMENT FOR THE PERIOD ENDED 30 JUNE 2006 Business Highlights in the Period * Reverse acquisition of 3 Point Blue Limited (completed June 2006) * Company to focus on the development of the pharmaceutical packaging business * Placing raised £1,160,000 before expenses (May 2006) Chairman's Statement I am pleased to make this my first interim statement to you as Chairman of the Company following the shareholders' approval of the reverse acquisition of 3 Point Blue Limited which trades as `Pill protect' ("Pill protect") on 20 June 2006. Until 20 June 2006, Avid was an investment company that was established by Griffin Group plc on 25 January 2005 and admitted to trading on AIM on 23 March 2005 with the objective of investing in small to medium sized companies. On 19 June 2006 the Company name was changed to Avid Holdings plc (formerly Euro Investment Fund plc) following the shareholders resolution to this effect. During the reporting period, Avid acquired the remaining 82.5% (8,517 shares) of Pill protect that it did not already own, for consideration of £1 million, satisfied by the issue of 33,333,333 new ordinary shares in the company. Further deferred consideration, also to be satisfied by the issue of additional new ordinary shares, will be payable dependent on the future performance of Pill protect. The Board of the Company believes that Pill protect has a strong management team and that the prospects for the business are attractive. Current trading Pill protect has made some progress and whilst the majority of projects remain under development, deliveries have commenced for the launch of a new over the counter drug in October. Trials are in progress for a bespoke product, developed for a leading brand with substantial sales revenues. Pill Protect has been chosen for a significant clinical trial starting in 2007. Development of a new F=1 product for the US market has passed a child resistant sample test. Each product is given what is referred to as an F= rating which is an indication of the number of units that were accessed by children and adults during testing. The lower the F= rating, the higher the level of resistance. Subject to further trials and costing, this product could be introduced in 2007 /8. Results for the period ended 30 June 2006 The acquisition of Pill protect was only completed on 20 June 2006. While the balance sheet as at 30 June 2006 consolidates the assets and liabilities of Avid and Pill protect, the results for the period reflect only the trade of Pill protect for the period post acquisition, in addition to the overhead expenses of Avid as an AIM traded company less the interest earned from investment of the company's resources. The loss before taxation for the period and loss per share amounted to £166,818 and 0.34 pence respectively. As at 30 June 2006, net assets were £2,486,095 and cash balances amounted to £500,938 at the same date. The Directors do not propose to declare a dividend. In March 2006, Griffin Two Limited increased its convertible loan facility to the company by £250,000 to £900,000. This loan was then converted into new ordinary shares in June 2006. On 8 June, £225,000 of the loan was converted into 15,000,000 shares and on 20 June the remaining £675,000 was converted into a further 60,000,000 shares. Board and management changes Now that the transition from an investment company to an operating business has been completed, Stephen Dean, Jan Ledochowski and Vince Nicholls have all retired as directors of the Company as from 20 June 2006. The Board would like to thank the former directors for their contribution to the establishment of the Company. The Board is delighted to announce that as of 20 June the following joined the Board, Jonathan Bobbett as Chief Executive Officer, Jonathan Neal as Finance Director, and Michael Nash as Non-executive Director. Michael Walter Chairman GROUP PROFIT AND LOSS ACCOUNT For the period to 30 June 2006 Six months 25 January 25 January ended to 31 to December 30 June 2006 2005 31 August 2005 (Unaudited) (Audited) (Unaudited) £ £ £ Turnover 3,063 - - Cost of sales (1,945) - - _______ _______ _______ Gross profit 1,118 - - Administrative expenses (141,018) (162,995) (79,862) _______ _______ _______ Operating loss (139,900) (162,995) (79,862) Interest receivable and similar income 16,738 8,064 1,460 Interest payable (43,656) (32,500) (6,500) _______ _______ _______ Loss on ordinary activities before (166,818) (187,431) (84,902) taxation Taxation on ordinary activities (note 2) - - - _______ _______ _______ Retained loss (166,818) (187,431) (84,902) _______ _______ _______ Loss per share (note 3) (0.34)p (0.56)p (0.28)p Fully diluted loss per share (note 3) (0.32)p (0.56)p (0.28)p ______ ______ ______ GROUP BALANCE SHEET As at 30 June 2006 As at As at As at 30 June 31 December 31 August 2006 2005 2005 (Unaudited) (Audited) (Unaudited) £ £ £ Fixed assets Investments - 477,942 468,942 Tangible fixed assets 61,806 - - Development costs 510,953 - - Goodwill 1,686,889 - - _______ _______ _______ 2,259,648 477,942 468,942 Current assets Work in progress 6,996 - - Debtors 161,733 380,947 94,228 Cash at bank and in hand 500,938 5,904 41,334 _______ _______ _______ 669,667 386,851 135,562 Creditors Amounts falling due within one year (235,684) (14,930) (45,862) _______ _______ _______ Net current assets 433,983 371,921 89,700 Total assets less current liabilities 2,693,631 849,863 558,642 Creditors Amounts falling due after more than one (207,536) (650,000) (256,251) year _______ _______ _______ Net assets 2,486,095 199,863 302,391 _______ _______ _______ Capital and reserves Called up share capital - Ordinary (equity) 1,045,000 191,667 191,667 Share premium account 1,795,343 195,637 195,626 Profit and loss account (354,248) (187,431) (84,902) _______ _______ _______ Equity shareholders' funds 2,486,095 199,863 302,391 _______ _______ _______ GROUP CASH FLOW For the period to 30 June 2006 Six months 25 January 25 January ended to 31 to December 30 June 2006 2005 31 August 2005 (Unaudited) (Audited) (Unaudited) £ £ £ Net cash inflow/(outflow) from operating 224,728 (538,012) 128,023 activities (note 5) Returns on investments and servicing of finance Interest received and similar income 16,738 8,064 1,460 Interest payable (43,655) (32,500) (6,500) ______ ______ ______ (26,917) (24,436) 122,983 ______ ______ ______ Capital expenditure and financial instruments Purchase of tangible fixed assets (62,219) - - Purchase of intangible fixed assets (511,030) - - Purchase of investments - (468,942) (468,942) _______ _______ _______ (573,249) (468,942) (468,942) ______ ______ ______ Acquisitions and disposals Purchase of subsidiary undertakings (1,213,581) - - Taxation UK Corporation tax paid - - - _______ _______ _______ Equity dividends paid - - - _______ _______ _______ Net cash outflow before financing (1,589,019) (1,031,390) (345,959) _______ _______ _______ Financing Issue of shares 2,560,000 387,294 600,000 Expenses of share issues (106,951) - (212,707) Debt finance introduced - 650,000 - Repayment of debt (368,996) - - _______ _______ _______ Net cash inflow from financing 2,084,053 1,037,294 387,293 _______ _______ _______ INCREASE IN CASH 495,034 5,904 41,334 _______ _______ _______ NOTES TO THE INTERIM STATEMENT 1. The interim figures have not been audited. The interim financial statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (The "Act"). 2. Due to the Company's losses, no taxation charge has arisen for the period. 3. The calculation of earnings per share is based on the loss on ordinary activities after taxation and 48,814,814 ordinary shares being the weighted average number of shares in issue during the half year. The calculation of fully diluted earnings per share is based on the loss on ordinary activities after taxation and 51,552,371 ordinary shares being the weighted average number of shares in issue during the half year, after allowing for dilutive share options and warrants. 4. The Directors are unable to declare an interim dividend for the period due to the deficit on the profit and loss reserve. 5. Reconciliation of operating loss to net cash outflow from operating activities Six months ended 25 January to 25 January 31 December to 30 June 2006 2005 31 August 2005 (Unaudited) (Audited) (Unaudited) £ £ £ Operating (loss) (139,900) (162,995) (79,862) Depreciation and amortisation 5,124 - - Increase in work in progress (6,996) - - Decrease/(Increase) in debtors 219,214 (380,947) (94,228) Increase in creditors 147,286 5,930 302,113 _______ _______ _______ Net cash inflow/(outflow) from 224,728 (538,012) 128,023 operating activities _______ _______ _______ 6. The interim statement was approved by the board of Directors on 17 August 2006. Copies of this statement will be available to shareholders and members of the public, free of charge, from Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent, TN11 9BH. Contact details: Jonathan Bobbett, Avid Holdings plc 01892 557 876 Ross Andrews, City Financial Associates 020 7090 7800 Limited END
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