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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.50 | 60.00 | 65.00 | 62.50 | 62.50 | 62.50 | 168 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Computers | 1.03M | -2.92M | -0.2188 | -2.86 | 8.33M |
TIDMFDBK
RNS Number : 7867E
Feedback PLC
06 November 2015
6 November 2015
Feedback plc
('Feedback' or "the Company')
Final results for the year ended 31 May 2015
Feedback plc is pleased to announce its final results for the year ended 31 May 2015.
CHAIRMAN'S STATEMENT
We are pleased to present the results for the year ended 31 May 2015. These are the first full year results to include the trading of the two medical imaging companies, Cambridge Computed Imaging Limited ('CCI') and TexRAD Limited, ('TexRAD') both of which we acquired in May 2014. Revenue for the year was GBP381,970 (2014: GBP7,250) and the loss after tax was GBP1,111,433 following the write down of intangible assets of GBP689,142 (2014: Loss GBP470,654). The Directors have considered it prudent to write down the carrying value of the intangible assets in the balance sheet in order to meet the requirements of IFRS. However, the Directors still believe the Company's technology has great potential which will generate ongoing revenue and attract new collaboration partners. Cash as at 31 May 2015 was GBP63,261 (31 May 2014: GBP874,432) ahead of the placing announced on 3 June 2015 which raised GBP200,000. Cash balances at 31 October 2015 stood at GBP210,076.
The early part of the period saw the bedding in of the acquisitions with a focus on establishing the quality process and serving the existing customer base. CCI's business was a steady performer attaining ISO 13485, the international standard relating to quality management systems for organisations involved in the manufacture of medical devices as well as adding further resource to the regulatory team. CCI provides all the regulatory, technical and development support to TexRAD while maintaining its principal business of supporting Papworth Hospital, Cambridgeshire with its PACS (Picture Archiving and Communication System). TexRAD, our texture analysis software product for analysing images from CT scans, was granted a European patent thus extending its portfolio of protected intellectual property.
There has been a focus on developing strategic collaborations for TexRAD while continuing the sales of research versions to world-leading research institutions. During the year, TexRAD has been purchased by institutions including ELK in Berlin, Velindre Cancer Centre in Cardiff, University of Tokyo Department of Radiology at the Institute of Medical Science in Japan, CHU de Reims in France and Seoul National University Bundang Hospital in South Korea, among others. The company was also delighted to announce on 9 September 2015 that TexRAD had completed its first sale to China with an installation at Peking University Medical College Hospital, Beijing. We have also worked closely with leading research groups with a view to commercialising TexRAD for specific applications. Since the year end and following the highly encouraging early results from a retrospective study into TexRAD's potential use in the treatment of urolithiasis (formation of kidney stones), the Company formed a joint venture company, Stone Checker Software Ltd ('Stone Checker'). Stone Checker will use our intellectual property in conjunction with other biomarkers to develop an integrated product to assist clinicians to determine which stones are most likely to respond to shock wave lithotripsy. We have, in the new financial year, formed another joint venture company, Prostate Checker Ltd to target a more effective method of diagnosing and assessing treatment options for prostate cancer.
Our collaborations with leading medical institutions are progressing well. Professor Ken Miles at the Diagnostic Radiology department at the Princess Alexandra Hospital in Brisbane, Australia has been doing valuable work in examining TexRAD's potential for inclusion in radiology workflow, particularly in assisting treatment decisions and improving patient management in lung cancer. Professor Choi at the University of Texas MD Anderson Cancer Center in Houston, Texas, USA will be assessing TexRAD's effectiveness for patients with kidney and adrenal cancers. Dr. Andrew Smith's work on metastatic kidney cell cancer at the University of Mississippi Medical Center in Jackson, Mississippi, USA using TexRAD has been presented at the annual meeting of the Society of Computed Body Tomography and Magnetic Resonance in Toronto, Canada. McGill University Hospital in Montreal, Quebec, Canada will be focussing on breast cancer and appraising TexRAD's use as a supplementary tool in digital mammography to achieve better patient management.
We continue to work with Imaging Endpoints II, LLC to serve the clinical trials market in the United States. We have recently delivered the latest version of our TexRAD clinical trials software with extra features and we are now working towards achieving 21 CFR Part 11 compliance. The last year has seen strong competition in the clinical trials market to win the available business from pharmaceutical companies. Nevertheless TexRAD is expected to be used in a study of colorectal cancer patients (stage IIIc) being treated with Bayer's drug Regorafenib after adjuvant FOLFOX. Having re-evaluated the Company's previous strategy for seeking FDA approval for TexRAD, the board now recognise that there are significant commercial opportunities available to Feedback if TexRAD were to be used in conjunction with other biomarkers to create integrated products for specific clinical applications. These products could then be marketed much more effectively to clinicians compared with a general software application. We may also prioritise CE marking in order to accelerate development of commercial products for the European markets. As a consequence of this new focus, FDA approval for TexRAD is no longer regarded as one of the Company's principal corporate objectives.
The Company today announces a reorganisation of the board of directors with immediate effect. Simon Barrell steps down from the Board to devote more time to his other business commitments. Tom Charlton becomes non-executive chairman and we welcome two of the senior management team, Dr Balaji Ganeshan and Mike Hayball to the plc board. In addition we are delighted to announce the appointment of Dr Alex Menys as a non-executive director. Dr Menys is a researcher at University College London and chief executive of Motilent Ltd, a developer of advanced medical imaging software aimed at maximising the effectiveness of radiology in the evaluation of gastrointestinal function.
We are very encouraged by the continued interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications. In order to generate optimum value for shareholders we shall be looking to support our collaboration partners and invest further in our newly-formed joint venture companies. The year ahead will also see the Company selling fewer research versions of TexRAD as we focus on setting up more joint venture companies and collaborations targeting specific applications for TexRAD's clinical use to provide the foundation for TexRAD's future commercial success.
Tom Charlton
Chairman
5 November 2015
For further information contact:
Feedback plc Tel: 01954 718072 Tom Charlton/ Trevor Brown Sanlam Securities UK (Nominated Tel: 020 7628 Adviser and Joint Broker) 2200 Simon Clements / James Thomas Peterhouse Corporate Finance Tel: 020 7469 Ltd (Joint Broker) 0936 Lucy Williams / Duncan Vasey
Notes to editors:
TexRAD (is a novel sophisticated imaging risk stratification research tool that analyses the textures in existing radiological scans. This research software application analyses textures, detecting and measuring tumour heterogeneity (complexity) from these images, revealing more information from medical images than it is currently possible to see with the naked eye. Research to date has shown that TexRAD could potentially assist the clinician (as an 'Imaging Biomarker') in confident decision-making: assessing the prognosis, disease severity (e.g. risk of metastases) and response evaluation of patients with cancer. Currently TexRAD research has shown great potential in many different oncological sites, including, colorectal, breast, lung, prostate, oesophageal, head & neck, lymphoma, liver and renal cancers and could potentially be employed as a heterogeneity assessing tool in the era of 'Precision and Personalized Medicine'. TexRAD is manufactured under licence by the ISO 13485 certified company Cambridge Computed Imaging Ltd, a subsidiary of Feedback plc. More information is available on www.fbk.com and www.texrad.com.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2015
Note 2015 2014 GBP GBP REVENUE 381,970 7,250 Cost of sales (1,434) - -------------- ------------ GROSS PROFIT 380,536 7,250 Other operating expenses (888,600) (313,904) Costs associated with the acquisition of subsidiaries - (164,000) Impairment of intangible assets 7 (689,142) - -------------- ------------ Total operating expenses (1,577,742) (477,904) -------------- ------------ OPERATING LOSS (1,197,206) (470,654) Net finance income 908 - -------------- ------------ Loss on ordinary activities before taxation (1,196,298) (470,654) Tax credit 84,865 -
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-------------- ------------ LOSS ON ORDINARY ACTIVITIES AFTER TAX (1,111,433) (470,654) -------------- ------------ Loss for the year attributable to the equity Shareholders of the Company (1,111,433) (470,654) Other comprehensive income/(expense) Translation differences on overseas operations 108 (3,104) -------------- ------------ Total comprehensive expense for the year (1,111,325) (473,758) ============== ============ LOSS PER SHARE (pence) Basic and diluted 4 (0.58) (0.35) ============== ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2015
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 2013 327,367 851,334 299,900 (509,413) (207,000) - 762,188 New shares issued 149,500 598,000 - - - - 747,500 Costs associated with the raising of funds - (40,000) - - - - (40,000) Share option and warrant costs - - - 13,728 - - 13,728 Convertible debt raised in the year - - - - - 189,000 189,000 Total comprehensive expense for the year - - - (470,654) (3,104) - (473,758) --------- ----------- --------- -------------- ------------ ------------ -------------- At 31 May 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 ========= =========== ========= ============== ============ ============ ==============
CONSOLIDATED BALANCE SHEET AT 31 MAY 2015
2015 2014 Notes GBP GBP ASSETS Non-current assets Property, plant and equipment 6 6,915 1,444 Intangible assets 7 139,558 848,000 ------------ ---------- 146,473 849,444 Current assets Trade receivables 110,870 87,610 Other receivables 8 101,259 120,879 Cash and cash equivalents 63,261 874,432 ------------ ---------- 275,390 1,082,921 Total assets 421,863 1,932,365 ============ ========== EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 10 476,867 476,867 Share premium account 1,409,334 1,409,334 Capital reserve 299,900 299,900 Translation reserve (209,996) (210,104) Retained earnings (2,076,483) (966,339) ------------ ---------- (100,378) 1,009,658 Convertible debt option reserve 189,000 189,000 TOTAL EQUITY 88,622 1,198,658 LIABILITIES Deferred tax liabilities 27,911 80,000 ------------ ---------- 27,911 80,000 Current liabilities Trade payables 40,368 225,157 Other payables 9 264,962 428,550 305,330 653,707 ------------ ---------- Total liabilities 333,241 733,707 ------------ ---------- TOTAL EQUITY AND LIABILITIES 421,863 1,932,365 ============ ==========
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2015
2015 2014 GBP GBP Cash flows from operating activities Loss before tax (1,196,298) (470,654) ------------ ---------- Adjustments for: Share option costs 1,289 173 Cost of acquisition of subsidiaries - 164,000 Net finance income (908) - Depreciation and amortisation 184,170 - Impairment of intangible 689,142 - assets Foreign exchange difference 108 3,104 (Increase)/decrease in (23,260) - trade receivables Decrease/(increase) in other receivables 52,396 (79,725) (Increase)/decrease in trade payables (184,789) 56,436 (Decrease) in other payables (163,588) (155,039) ------------ ---------- 554,560 (11,051) ------------ ---------- Net cash used in operating activities (641,738) (481,705) Cash flows from investing activities Purchase of tangible fixed assets (9,329) - Purchase of intangible (161,012) - assets Net finance income received 908 - Proceeds from sale of assets held for resale - 940,000 Cash received on purchase of subsidiaries - 65,045 Cash paid on acquisition of subsidiaries - (31,400) Cash on acquisition of subsidiaries including costs - (164,000) Net (used by)/cash generated from investing activities (169,433) 809,645 Cash flows from financing activities Loan repayment - (245,000) Equity based loan received - 189,000 Net proceeds of share issue - 260,000 ------------ ---------- Net cash generated from financing activities - 204,000 ------------ ---------- Net (decrease)/ increase in cash and cash equivalents (811,171) 531,940 Cash and cash equivalents at beginning of year 874,432 342,492 Cash and cash equivalents at end of year 63,261 874,432 ============ ==========
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
1. General information
On 19 May 2014 the Company acquired two subsidiaries in the medical imaging sector, Cambridge Computed Imaging Limited and TexRAD Limited.
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 Grange Park, Broadway, Bourn, Cambridgeshire, CB23 2TA.
The Company is listed on AIM of the London Stock Exchange. These Financial Statements were authorised for issue by the Board of Directors on the 5 November 2015.
2. Adoption of new and revised International Financial Reporting Standards
No new International Financial Reporting Standards ("IFRS"), amendments or interpretations became effective in 2015 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:
IFRS 9 Financial Instruments (effective periods beginning 1 January 2018)
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IFRS 15 Revenue from Contracts with Customers (effective periods beginning 1 January 2018)
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 2014 and 2015 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.
(c) Going Concern
The Directors have produced forecasts which show that the Group and Company have adequate cash resources for at least the next twelve months from the date of this report and the Directors believe the Group could obtain further equity finance from the financial markets to support its re-evaluated corporate strategy, if required. 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 GBP1,111,433 (2014: GBP470,654) and on the weighted average of 190,746,746 (2014: 132,912,773) shares in issue.
As at 31 As at May 2015 31 May 2014 GBP'000 GBP'000 Net loss attributable to ordinary equity holders (1,111,433) (470,654) ============ ============ As at 31 As at May 2015 31 May 2014 Weighted average number of ordinary shares for basic earnings per share 190,746,746 132,912,773 Effect of dilution: Share Options - - Warrants - - ------------ ------------ Weighted average number of ordinary shares adjusted for the effect of dilution 190,746,746 132,912,773 ============ ============ Loss per share (pence) Basic (0.58) (0.35) Diluted (0.58) (0.35)
There is no dilutive effect of the share options and warrants as the dilution would be negative.
5. INVESTMENTS Total GBP COMPANY - Shares in Group undertakings Cost At 1 June 2013 1,867,000 Additions 467,455 ---------- At 31 May 2014 2,334,455 ---------- As at 31 May 2015 2,334,455 ========== Provisions At 1 June 2012 1,867,000 Provided in the year - ---------- At 31 May 2013 1,867,000 ---------- Provided in the year - At 31 May 2014 1,867,000 ---------- Provided in the year 467,455 At 31 May 2015 2,334,455 ========== Net Book Value At 31 May 2015 - ========== At 31 May 2014 467,455 ========== At 31 May 2013 - ========== 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 companies during the year, all the shares of which being beneficially held by Feedback PLC, were as follows:
Company Activity Country Proportion of and incorporation of Shares operation held Feedback Non trading England 100% Black Box Ordinary Company Limited GBP1 Feedback Non trading (liquidated Germany 100% Data GmbH October 2015) Specific capital Brickshield Non trading England 100% Limited Ordinary GBP1 Cambridge Medical Imaging England 100% Computed A Ordinary Imaging Limited GBP1 100% B Ordinary 1p TexRAD Limited Medical Imaging England 100% Ordinary 1p 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 is 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.
.
2014 Acquisitions
Acquisition of Cambridge Computed Imaging Limited and TexRAD Limited in May 2014.
Cambridge TexRAD Total Fair Fair Computed Limited value Value Imaging adjustments of assets Limited acquired GBP GBP GBP GBP GBP Intangible assets 114,972 41,479 156,451 400,000 556,451 Tangible assets 1,444 - 1,444 - 1,444 ---------- ---------- ---------- ------------- ----------- 116,416 41,479 157,895 400,000 557,895 Current assets Debtors 31,658 91,600 123,258 - 123,258 Cash 29,290 35,755 65,045 - 65,045 Deferred tax - - - (80,000) (80,000) Net liabilities (260,559) (209,598) (470,157) - (470,157) ---------- ---------- ---------- ------------- ----------- (83,194) (40,764) (123,959) 320,000 196,041 ---------- ---------- ---------- ------------- Cost of acquisition Issue of shares 200,000 227,501 427,501 - 427,501 Cash consideration 13,200 13,200 26,400 - 26,400 Issue of warrants - 13,555 13,555 - 13,555 ---------- ---------- ---------- ------------- ----------- 213,200 254,256 467,456 467,456 ---------- ---------- ---------- ------------- ----------- Goodwill arising on consolidation representing intangible assets not qualifying for separable recognition. 271,415 ===========
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The costs related to the acquisitions of GBP164,000 were recognised as part of the administration costs, although shown separately, in the statement of comprehensive income in the year to 31 May 2014. The subsidiaries contributed GBP7,000 of revenue to the group and no profit or loss in the period since acquisition.
In 2014, had the subsidiaries been part of the Group for the full year from 1 June 2013, Group revenue would have been GBP364,000 and Group loss would have been GBP471,000 for the year ended 31 May 2014.
None of the goodwill arising on consolidation is tax deductible.
6. PROPERTY, PLANT AND EQUIPMENT Plant and Equipment Total GROUP GBP GBP Cost of valuation At 31 May 2013 - - Acquired with subsidiary undertakings 1,444 1,444 ---------- ------- At 31 May 2014 1,444 1,444 Additions 9,329 9,329 ---------- ------- As 31 May 2015 10,773 10,773 ========== ======= Depreciation At 31 May 2013 - - Charge for the year - - ---------- ------- At 31 May 2014 - - Charge for the year 3,858 3,858 ---------- ------- At 31 May 2015 3,858 3,858 Net Book Value At 31 May 2015 6,195 6,195 ========== ======= At 31 May 2014 1,444 1,444 ========== ======= At 31 May 2013 - - ========== ======= 7. INTANGIBLE ASSETS Software Customer Patents Goodwill Total relationships GROUP GBP GBP GBP GBP GBP Cost At 31 May 2013 - - - - - Additions 20,000 - - - 20,000 Acquired with subsidiary 415,000 100,000 41,585 271,415 828,000 --------- --------------- -------- --------- ---------- At 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 ========= =============== ======== ========= ========== Amortisation At 31 May 2013 - - - - - Charge for the - - - - - year 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 ========= =============== ======== ========= ========== Net Book Value At 31 May 2015 - 75,000 64,558 - 139,558 ========= =============== ======== ========= ========== At 31 May 2014 435,000 100,000 41,585 271,415 848,000 ========= =============== ======== ========= ========== At 31 May 2013 - - - - - ========= =============== ======== ========= ==========
In accordance with the accounting policies and IFRS the Directors have assessed the carrying value of the intangible assets. Following their assessment the Directors have taken the prudent decision to write down the carrying value of some of the intangible assets in the balance sheet in order to meet the requirements of IFRS. 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 company's intellectual property. Future expenditure on software development will be capitalised once the provisions of IAS 38 are met or written off as incurred until the provisions are met. The customer lists and patents are deemed to have ongoing value to the group.
8. OTHER RECEIVABLES Group Company 2015 2014 2015 2014 GBP GBP GBP GBP Amounts falling due within one year Amounts owing by subsidiary undertakings - - 16,909 209,000 Other receivables 14,290 94,638 5,699 78,350 Corporation tax recoverable 32,775 - - - Prepayments 54,194 26,241 30,385 16,555 -------- -------- ------- -------- 101,259 120,879 52,993 303,905 ======== ======== ======= ========
Amounts of GBP356,991 due from the subsidiaries to Feedback plc have been provided for following the write down of the intangible assets under the requirements of IAS 36 the Directors have made a provision against the amounts due from the subsidiaries to reflect the impairment in the Feedback plc balance sheet.
9. OTHER PAYABLES Group Company 2015 2014 2015 2014 GBP GBP GBP GBP Amounts falling due within one year Other payables 9,396 195,743 16 6,003 Other taxes and social security 33,047 12,711 16,418 5,029 Accruals 28,701 48,666 18,024 20,755 Deferred income 193,818 171,430 - - -------- -------- ------- ------- 264,962 428,550 34,458 31,787 ======== ======== ======= =======
In 2014 comparatives included in other payables is an amount of GBP189,000 due to T Charlton. Mr Charlton had a debt due by Cambridge Computed Imaging Limited to Panvista Limited assigned to him. For further detail see note 23.
10. SHARE CAPITAL AND RESERVES 2015 2014 GBP GBP Authorised and issued share capital Ordinary shares of 0.25 pence each 476,867 476,867 ============ ============ Allotted, called up and fully paid share capital: Number Number As at 1 June 2014 190,746,746 190,746,746 As at 31 May 2015 190,746,746 190,746,746 ------------ ------------
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 0.85 pence. During the year the Company had the following share options in issue:
Number of options At 1 June Granted Cancelled At 31 Exercise Exercise 2014 May 2015 price date (pence) 21/05/14 4,000,000 - 4,000,000 - 1.25 to19/05/24 21/05/14 5,800,000 - 1,000,000 4,800,000 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 17,800,000 5,000,000 12,800,000 =========== ======== ========== ===========
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
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.
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