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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxeco | LSE:OXE | London | Ordinary Share | GB00B1J5QT30 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2711Z
Oxeco PLC
29 June 2007
29 June 2007
Oxeco Plc ("Oxeco" or the "Company" )
Accounts for the Period ended 31 January 2007
Highlights
* Completion of the acquisition of Oxray Limited
* Current cash resources of #2.9m post acquisition of Oxray Limited
* The Board is confident of progress in 2007
Chairman's Statement
Oxeco commenced trading on AIM on 21 December having raised #2.84 million after
expenses with a strategy of seeking investments in or acquiring assets,
businesses or companies in the technology and science sector.
The Company reported an unaudited loss before tax for the period from
incorporation on 17 October 2006 to 31 January 2007 of #9,000 and total equity
shareholders funds at the period end amounted to #2.92 million including cash
balances of #2.90 million.
I am delighted to inform you that your Board will today complete the acquisition
announced on 27 March 2007 that, subject to your approval, the Company is
proposing to acquire the entire issued share capital of Oxray Limited ("Oxray").
Oxray is currently a start up business with the objective of becoming a provider
of molecular structure determination services to both industry and academic
institutions. This is to be achieved by developing novel molecular structure
determination software in-house, in-licensing IP and potentially making
acquisitions in this field.
The total consideration payable for Oxray is approximately #2.0 million which
will be satisfied by the issue of 200,000,000 new ordinary shares. The new
ordinary shares will be issued at 1 pence per share at a 4.5 pence discount to
the mid market closing price of 5.5 pence per Ordinary share on 26 March
2007.The consideration shares will rank pari passu with the existing Ordinary
Shares.
On completion of the acquisition today, two of Oxray's directors, Professor
Stephen Davies and Jussi Westergren will join your Board. Therefore, I will
change my role from that of non executive Chairman to that of non-executive
director and Jussi will take on the role of Executive Chairman.
Oxray's primary objectives are the development of novel X-ray crystallography
structure determination software and the provision of a small molecule X-ray
crystallography structure service. The service will use a web portal behind
which the company will work to maximise the extent to which the service can be
automated. The company intends to offer standardised response times to its
customers but will also market premium services such as a fast-response and
extended scientific reporting suitable to support customers' patent
applications.
Your company had unaudited net assets of #2.92 million as at 31 January 2007
represented almost entirely by cash balances and Oxray had unaudited net assets
of #0.09 million at 31 December 2006 also represented almost entirely by cash
balances. The enlarged Group is expected to have net assets of approximately
#2.93 million after transaction costs of the deal to meet its ongoing investment
strategy.
Following completion of the acquisition your Directors intend to continue to
identify opportunities they believe fulfil the Company's original strategy of
investing in the technology and science sectors and especially those which are
complementary to the Company's enlarged business.
I am confident that your Company will make considerable progress during 2007.
Professor Graham Richards
Non-Executive Chairman
OXECO PLC
INCOME STATEMENT
For the period from incorporation on 17th October 2006 to 31 January 2007
Notes 2007
#'000
Administrative expenses (24)
________
OPERATING LOSS (24)
Interest receivable 15
________
(9)
LOSS BEFORE TAXATION
Taxation -
________
RETAINED LOSS FOR THE PERIOD (9)
=======
LOSS PER SHARE
Basic and diluted 2 0.00 p
=======
STATEMENT OF CHANGES IN EQUITY
For the period from incorporation on 17th October 2006 to 31 January 2007
Share Share Retained Total
Capital Premium Earnings Equity
#'000 #'000 #'000 #'000
At 17th October 2006 - - - -
Issue of shares 400 2,700 - 3,100
Expenses of issue of shares - (167) - (167)
Net loss for the year - - (9) (9)
__________________________________ ________
At 31 January 2007 400 2,533 (2) 2,924
=============================== =======
OXECO PLC
BALANCE SHEET
31 January 2007
Notes 2007
#'000
ASSETS
Current assets
Trade and other receivables 25
Cash and cash equivalents 2,907
________
TOTAL ASSETS 2,932
________
LIABILITIES
Current liabilities
Trade and other payables (8)
Tax liabilities -
________
TOTAL LIABILITIES (8)
________
NET ASSETS 2,924
=======
EQUITY
Issued capital 3 400
Share premium 2,533
Revenue reserve (9)
________
TOTAL EQUITYSHAREHOLDERS' FUNDS 2,924
=======
OXECO PLC
CASH FLOW STATEMENT
For the period from incorporation on 17th October 2006 to 31 January 2007
2007
#'000
OPERATING ACTIVITIES
Operating loss (24)
(Increase) in trade and other receivables (25)
Increase in trade and other payables 8
________
Net cash outflow from operations (41)
________
FINANCING ACTIVITIES
Proceeds from issue of share capital 3,100
Expenses of issue of share capital (167)
Interest received 15
________
Net cash inflow from financing activities 2,948
________
INCREASE IN CASH
AND CASH EQUIVALENTS 2,907
Cash and cash equivalents at 17th October 2006
-
________
CASH AND CASH EQUIVALENTS
AT 31 JANUARY 2007 2,907
========
OXECO PLC
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared under the historical cost convention
in accordance with International Financial Reporting Standards ("IFRS").
2. EARNINGS PER SHARE
Basic earnings per share is based on the net loss for the period of #9,000
attributable to equity shareholders related to the weighted average number of
ordinary shares in issue during the period of 214,150,943. Fully diluted
earnings per share is the same as basic earnings per share.
3. SHARE CAPITAL
2007 2007
Number #'000
Authorised:
Ordinary shares of 0.1p 1,000,000,000 1,000,000
Allotted, issued and fully paid:- ========== =======
Ordinary shares of 0.1p 400,000,000 400
========= =======
The Company was incorporated on 17 October 2006, on which date the authorised
share capital was #1,000,000 divided into 100,000,000 shares of 0.1p each, 2 of
which were issued at par value.
On 19 October 2006 the Company allotted and issued 99,999,998 shares of 0.1p
each for cash at par value.
On 21 December 2006 the Company placed 300,000,000 shares of 0.1p each on the
AIM each at a price of 1p, resulting in a share premium of #2,700,000.
4. RELATED PARTY TRANSACTIONS
Trading transactions
During the period the Company entered into the following transactions with Ora
Capital Partners Plc which as at 31 January 2007 holds 67.9per cent. of the
Company's issued share capital:
2007
#'000
Management consultancy fees charged Ora Capital Partners Plc in the period 2
======
RELATED PARTY TRANSACTIONS (Continued)
Directors' transactions
Directors' interests in Ora Capital Partners Plc .The directors had investments
in Ora as follows as at 31 January 2007:
Director % of issued share capital
of Ora held
William Graham Richards Nil
Michael A Bretherton 0.08%
David Robert Norwood 4.25%
Michael Bretherton and David Norwood are also directors of Ora Capital Partners Plc.
5. SUBSEQUENT EVENTS
The Board announced on 27 March 2007 that, subject to shareholder approval, the
Company was proposing to acquire the entire issued share capital of Limited.
Oxray is currently a start up business with the objective of becoming a provider
of molecular structure determination services to both industry and academic
institutions. This is to be achieved by developing novel molecular structure
determination software in house as well as in-licensing IP and potentially also
making acquisitions in this field.
The total consideration of #2.0 million was satisfied by the issue of
200,000,000 new Ordinary Shares.
The new Ordinary Shares will be issued at 1 pence per share at a 4.5 pence
discount to the mid market
closing price of 5.5 pence per Ordinary share on 26 March 2007 being the date of
announcing the Acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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