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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:5036T
Oxeco PLC
30 April 2008
30 April 2008
Oxeco Plc ("Oxeco" or the "Company")
Audited Results for the period 17 October 2006 to 31 January 2008 and Chairman's
Statement
Chairman's Statement
The Company was established on 17 October 2006. It was admitted to AIM in
December 2006 with a net #2.84 million raised in cash and a stated strategy of
seeking investments in or acquiring assets, businesses or companies in the
technology and science sectors.
On 29 June 2007 Oxeco Plc acquired the entire issued share capital of Oxray
Limited ("Oxray").
The total consideration payable for Oxray was approximately #2.1 million
satisfied by the issue new Ordinary Shares with a value of #2.0 million and the
cash settlement of related acquisition costs amounting to #0.1million.
On completion of the acquisition of Oxray, I joined the Board as Executive
Chairman, Professor Stephen Davies joined as a Non-executive Director and
Professor Graham Richards changed his role from Non-executive Chairman to that
of Non-executive Director.
Oxray's primary objectives are the development of novel X-ray crystallography
structure determination software and the provision of small-molecule X-ray
crystallography structure services to both industry and academic institutions.
This is to be achieved by developing novel molecular structure determination
software in-house, licensing IP and potentially making acquisitions in this
field.
Oxray has made good progress in the development of its X-ray crystallography
structure determination software and the Company secured its first revenue
contact in January 2008. 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.
The Group's loss before tax for the period from incorporation 17 October 2006 to
31 January 2008 was #58,000. Total equity shareholders funds at the period end
amounted to #4.87 million including cash balances of #2.76 million.
Your Directors are continuing to evaluate a range of new commercial and
acquisition opportunities which they believe fulfill the Company's original
objectives of investing in the technology and science sectors and especially
those which are complementary to the Company's enlarged business.
I would like to conclude by thanking our employees and management for their
support in the growth and development of the Company in the period.
Jussi Westergren
Executive Chairman
29 April 2008
Audited Results
The audited results for the period 17 October 2006 to 31 December 2008 are
presented below. The audited accounts will be sent to the Company's shareholders
within the next 48 hours and are available on the Company's website.
www.oxecoplc.com
For further information, please contact:
Michael Bretherton +44 (0) 207352 8989
Oxeco PLC
www.oxecoplc.com
Ray Zimmerman/Jonathan Evans +44 (0) 207 060 1760
Zimmerman Adams International Ltd
Daniel Briggs +44 (0) 207 448 4400
Hichens, Harrison & Co plc
CONSOLIDATED INCOME STATEMENT
For the period from incorporation on 17 October 2006 to 31 January 2008
Notes 2008
#'000
Revenue 7
Administrative expenses (243)
_________
OPERATING LOSS 2 (236)
Finance income 3 178
_________
LOSS BEFORE TAXATION (58)
Taxation 5 (5)
_________
RETAINED LOSS FOR THE PERIOD (63)
=========
LOSS PER SHARE
Basic and diluted 6 (0.01) p
The loss for the period arises from the Group's continuing operations and
includes contributions from subsidiaries acquired in the period as set out in
note 15 of the financial statements.
STATEMENTS OF CHANGES IN EQUITY
For the period from incorporation on 17 October 2006 to 31 January 2008
The Group
Share Share Retained Total
Capital Premium Deficit Equity
#'000 #'000 #'000 #'000
At 17 October 2006 - - - -
Loss for the period - - (63) (63)
Issue of shares 600 4,500 - 5,100
Expenses of issue of shares - (167) - (167)
________ ________ ________ ________
At 31 January 2008 600 4,333 (63) 4,870
======== ======== ======== ========
The Company
Share Share Retained Total
Capital Premium Earnings Equity
#'000 #'000 #'000 #'000
At 17 October 2006 - - - -
Profit for the period - - 21 21
Issue of shares 600 4,500 - 5,100
Expenses of issue of shares - (167) - (167)
________ ________ ________ ________
At 31 January 2008 600 4,333 21 4,954
________ ________ ________ ________
BALANCE SHEETS
As at 31 January 2008
Notes Group Company
2008 2008
#'000 #'000
ASSETS
Non-current assets
Property, plant and equipment 7 2 -
Intangible assets - goodwill 8 2,120 -
Investments 9 - 2,100
________ ________
2,122 2,100
________ ________
Current assets
Trade and other receivables 10 29 223
Cash and cash equivalents 11 2,761 2,646
________ ________
2,790 2,869
________ ________
TOTAL ASSETS 4,912 4,969
________ ________
LIABILITIES
Current liabilities
Trade and other payables 12 (37) (10)
Current taxation 5 (5) (5)
________ ________
TOTAL LIABILITIES (42) (15)
________ ________
NET ASSETS 4,870 4,954
======== ========
EQUITY
Attributable to equity holders of
parent
Issued share capital 13 600 600
Share premium 14 4,333 4,333
Retained (deficit)/earnings (63) 21
________ ________
TOTAL EQUITY 4,870 4,954
======== ========
Approved by the board of Directors and authorised for issue on 29 April 2008 and
signed on its behalf by:-
M A Bretherton
Finance Director
CASH FLOW STATEMENTS
For the period from incorporation on 17 October 2006 to 31 January 2008
Notes Group Company
2008 2008
#'000 #'000
OPERATING ACTIVITIES
Operating loss (236) (152)
Increase in trade and other receivables (29) (223)
(Decrease)/increase in trade and other payables (15) 10
________ ________
Net cash outflow from operations (280) (365)
________ ________
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(see note 7) (2) -
Acquisitions of subsidiaries (see note 15) (100) (100)
Cash in subsidiaries at acquisition 32 -
________ ________
Net cash outflow from investing activities (70) (100)
________ ________
FINANCING ACTIVITIES
Proceeds from issue of share capital 3,100 3,100
Expenses of issue of share capital (167) (167)
Interest received 178 178
________ ________
Net cash inflow from financing activities 3,111 3,111
________ ________
INCREASE IN CASH AND CASH EQUIVALENTS 2,761 2,646
Cash and cash equivalents
At 17 October 2006 - -
________ ________
CASH AND CASH EQUIVALENTS
AT 31 JANUARY 2008 2,761 2,646
======== ========
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") as
adopted by the EU.
CONSOLIDATION
The consolidated financial statements incorporate those of Oxeco Plc and its
subsidiary undertaking, Oxray Ltd.
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more
than half of the voting rights. The existence and effects of potential voting
rights are considered when assessing whether the Group controls the entity.
Subsidiaries are fully consolidated from the date control passes.
The purchase method of accounting is used to account for the acquisition of
subsidiaries by the Group. The costs of an acquisition are measured as the fair
value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are initially measured at fair
value at acquisition date irrespective of the extent of any minority interest.
The difference between the cost of acquisition of shares in subsidiaries and the
fair value of the identifiable net assets acquired is capitalised as goodwill
and reviewed annually for impairment. Any deficiency of the cost of acquisition
below the fair value of identifiable net assets acquired (i.e. discount on
acquisition) is recognised directly in the income statement.
All intra-group transactions, balances, and unrealised gains on transactions
between Group companies are eliminated on consolidation. Subsidiaries'
accounting policies are amended where necessary to ensure consistency with the
policies adopted by the Group. All financial statements are made up to 31
January 2008.
As provided by section 230 of the Companies Act 1985, no income statement is
presented for Oxeco Plc. The profit after tax dealt with in the income statement
of the Company for the period from incorporation on 17 October 2006 to 31
January 2008 amounted to #21,000.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment assets are stated at historical cost.
Depreciation is provided on all property, plant and equipment assets at rates
calculated to write each asset down to its estimated residual value evenly over
its expected useful life, as follows:-
Office furniture and equipment: over 3 years
INVESTMENTS
Investments in subsidiaries are stated in the balance sheet of the Parent
Company at cost less provision for any impairment.
INTANGIBLE ASSETS - GOODWILL
Goodwill arising on consolidation of subsidiaries represents the excess of fair
value of the cost of acquisition over the Group's interest in the fair value of
the identifiable assets and liabilities at the date of acquisition.
Goodwill is tested for impairment annually and whenever there is an indication
that the asset may be impaired.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
At each balance sheet date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss (if any).
Discounted cash flow valuation techniques are generally applied for assessing
recoverable amounts using 5 year forward looking cash flow projections and
terminal value estimates, together with discount rates appropriate to the risk
of the related cash generating units.
If the recoverable amount of an asset is estimated to be less than its carrying
amount, the carrying amount of the asset is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately.
FINANCIAL ASSETS AND LIABILITIES
Trade and other receivables
Trade and other receivables do not carry any interest and are initially
recognised at fair value. They are subsequently measured at amortised cost using
the effective interest rate method, less any provision for impairment.
Trade and other payables
Trade and other payables are not interest bearing and are initially recognised
at fair value. They are subsequently measured at amortised cost using the
effective interest method, less any provision for impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and deposits on a term of not
greater than 3 months.
REVENUE
Revenue is measured at the fair value of the consideration received or
receivable in the normal course of business, net of discounts, VAT and other
sales related taxes and is recognised to the extent that it is probable that the
economic benefits associated with the transaction will flow in to the Group.
SOFTWARE DEVELOPMENT
All costs associated with the development of software are expensed to the income
statement as incurred.
SEGMENTAL REPORTING
The Group's activities are considered to comprise one business and one
geographical segment which consists of the provision of molecular structure
determination software services to both industry and academic institutions in
the UK.
TAXATION
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on taxable loss for the period. The Group's
liability for current tax is calculated by using tax rates that have been
enacted or substantively enacted by the balance sheet date deferred tax is the
tax expected to be payable or recoverable on differences between the carrying
amount of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable loss, and is
accounted for using the balance sheet liability method.
Deferred tax liabilities are recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Deferred tax is calculated at the tax rates that are expected
to apply to the period when the asset is realised or the liability is settled.
Deferred tax is charged or credited in the income statement, except when it
relates to items credited or charged directly to equity, in which case the
deferred tax is also dealt with in equity.
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. Actual results may differ
from these estimates.
The estimates and assumptions in relation to goodwill are considered to have the
most significant effect on the carrying amount of the assets in the financial
statements as discussed below. The Group is required to test at least annually,
whether goodwill has suffered any impairment. The recoverable amount is
determined using value in use calculations. The use of this method requires the
estimation of future cash flows and the selection of a suitable discount rate in
order to calculate the present value of these cash flows.
ACCOUNTING STANDARDS AND INTERPRETATIONS NOT APPLIED
At the date of authorisation of these financial statements, the following
Standards and Interpretations that have not been applied in these financial
statements were in issue but not yet effective or endorsed (unless otherwise
stated):
* IFRS 2: Share based payment - Amendments relating to vesting
conditions and cancellations
* IFRS 3: Business Combinations - Amendments
* IFRS 7: Financial Instruments: Disclosures - Consequential
amendments arising from amendments to IAS32
* IFRS 8: Operating Segments (endorsed)
* IAS 1: Presentation of Financial Statements - Revised
* IAS 1: Presentation of Financial Statements - Amendments relating
to Puttable Financial Instruments and obligations arising
on liquidation
* IAS 23: Borrowing Costs - Amendment
* IAS 27: Consolidated and separate Financial Statements -
Consequential amendments arising from amendments from
IFRS3
* IAS 28: Investments in Associates - Consequential amendments
arising from amendments to IFRS3
* IAS 31: Interest in Joint Ventures - Consequential amendments
arising from amendments to IFRS3
* IAS 32: Financial Instruments: Presentation - Amendments relating
to Puttable Financial Instruments and obligations arising
on liquidation
* IAS 39: Financial Instruments: Recognition and Measurement -
Consequential amendments arising from amendments to IAS 32
* IFRIC 2: Members' Shares in Co-operative Entities and Similar
Instruments - Consequential amendments arising from
amendments to IAS 32
* IFRIC 11: IFRS 2 - Group and Treasury Share Transactions (endorsed)
* IFRIC 12: Service Concession Arrangements
* IFRIC 13: Customer loyalty programmes
* IFRIC 14: IAS 19 - The limit on a defined benefit asset, minimum
funding requirements and their interaction
The Directors anticipate that the adoption of these Standards and
Interpretations in future periods will have no material impact on the financial
statements of the Group.
2) OPERATING LOSS
Period to
31 January 2008
#'000
Operating loss is stated after charging:
Depreciation of property, plant and equipment 1
Operating lease rentals on land and buildings 4
Other operating lease rentals 3
Staff costs (see note 4) 73
Auditor's remuneration:
Fees payable to the Company's auditor for the audit of the Company's annual accounts 10
Fees payable to the Company's auditor for the audit of the annual accounts of
subsidiary 7
Other services pursuant to legislation (charged to share premium) 35
Other fees paid 3
________
Total auditor's remuneration 55
________
3) FINANCE INCOME
Period to
31 January 2008
#'000
Bank interest receivable 178
========
4) STAFF COSTS
2008
No.
The average monthly number of persons (including Directors) employed by
the Group during the period was:
Administration and management 6
========
Period to
31 January 2008
#'000
The aggregate remuneration comprised:
Wages and Salaries 70
Social Security costs 3
________
73
Director's remuneration included in the aggregate remuneration above
comprised:
Emoluments for qualifying services 44
========
In addition, the Group paid fees of #18,000, (see note 17), to Ora Capital
Partners Plc for consultancy services provided by Michael Bretherton.
5) TAXATION
The Group
Period to
31 January 2008
#'000
Current tax:
UK corporation tax on losses of period 5
Deferred tax:
Origination and reversal of timing differences -
Tax on loss on ordinary activities 5
========
Period to
31 January 2008
#'000
The Group
Factors affecting tax charge for the year
The tax assessed for the period varies from the standard rate of
corporation tax as explained below:
Loss on ordinary activities before tax (58)
Loss on ordinary activities multiplied by the standard rate of corporation (17)
tax (30%)
Effects of:
Expenses not deductable for tax purposes 8
Unutilised tax losses 14
Current tax charge for the year 5
========
The Group has estimated losses of #163,000 in subsidiaries available for carry
forward against future trading profit. The Group has not recognised deferred tax
assets of #45,000 relating to these losses as their recoverability is uncertain.
6) LOSS PER SHARE
Basic loss per share is based on the net loss for the period of #63,000
attributable to equity shareholders related to the weighted average number of
ordinary shares in issue during the period of 456,050,955. Fully diluted loss
per share is the same as basic loss per share.
7) PROPERTY, PLANT AND EQUIPMENT
Fixtures and
equipment
#'000
Cost
At 17 October 2006 -
Acquisition of subsidiary (see note 15) 1
Additions 2
________
At 31 January 2008 3
________
Depreciation
At 17 October 2006 -
Charge for the year 1
________
At 31 January 2008 1
________
Net book value
At 31 January 2008 2
________
At 17 October 2006 -
________
8) INTANGIBLE ASSETS - GOODWILL
The Group
2008
#'000
At 17 October 2006 -
Arising on acquisition of subsidiary (see note 15) 2,120
________
At 31 January 2008 2,120
________
Goodwill arising on the acquisition of the subsidiary relates to the Group's
Oxray Ltd subsidiary cash generating unit and is principally attributable to
anticipated future earnings growth.
9) INVESTMENT IN SUBSIDIARY
The Company
2008
#'000
Cost and book value at 17 October 2006 -
Additions (see note 15) 2,100
________
Cost and book value at 31 January 2008 2,100
========
There has been no impairment loss to the investment in the subsidiary in the
period.
At 31 January 2008 the Company had an investment in a subsidiary where it holds
50% or more of the issued share capital of the following companies:
Undertaking Sector Website 31 January 2008
Share of issued ordinary share
capital and voting rights
%
Oxray Ltd Technology www.oxray.com 100
The Company is incorporated in England and Wales and operates wholly or mainly
in the country of incorporation.
All subsidiaries have been included in the consolidated financial statements.
10) TRADE AND OTHER RECEIVABLES
Group Company
2008 2008
#'000 #'000
Trade receivables 6 -
Prepayments and accrued income 23 23
Amounts owed by subsidiary undertakings - 200
_________ _________
29 223
========= =========
The Directors consider that the carrying amount of trade and other receivables
approximates to their fair value.
11. RISK MANAGEMENT OF FINANCIAL ASSETS AND LIABILITIES
The Group is exposed to a number of risks through its normal operations, the
most significant of which are market, credit and liquidity risks. The management
of these risks is vested in the Board of Directors.
Categorisation of financial instruments
Financial assets/
(liabilities)
Loans and Financial Total
receivables liabilities at
amortised cost
#'000 #'000 #'000
At 31 January 2008
Trade and other receivables 6 - 6
Cash and cash equivalents 2,761 - 2,761
Trade and other payables - (35) (35)
_________ _________ _________
TOTAL 2,767 (35) 2,732
_________ _________ _________
The Group had no gains at fair value through profit and loss.
The disclosures above are only provided on a Group consolidated basis as the
directors do not believe there is any material benefit in providing similar
information for the Company.
Management of market risk
The most significant area of market risk to which the Group is exposed is
interest risk.
As the Group has no significant borrowings it has only a limited interest rate
risk. The principal impact to the Group is the result of interest-bearing cash
and cash equivalent balances held as set out below:
31 January 2008
Fixed Floating rate Total
rate
#'000 #'000 #'000
Cash and cash equivalents 2,111 650 2,761
_________ _________ _________
The impact of an increase/decrease by 1 percentage point in the rate of interest
earned on the above period end interest-bearing cash and cash equivalent
balances equates to #27,610 per annum on the Group's pre tax results for the
period and on equity.
Management of credit risk
The Group's principal financial assets are bank balances and cash.
The Group deposits surplus liquid funds with counterparty banks that have high
credit ratings.
The maximum exposure to credit risk on the Group's financial assets and
liabilities is represented by their carrying amounts as outlined in the
categorisation of financial instruments table above.
The Group does not consider that any changes in fair value of financial assets
or liabilities in the year are attributable to credit risk.
No aged analysis of financial assets is presented as no financial assets are
part due at the reporting date with the exception of trade receivables and other
receivables, which the Directors do not consider to be material.
Management of liquidity risk
The Group seeks to manage liquidity risk to ensure that sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably. The Group deems there is sufficient liquidity for the foreseeable
future.
No maturity analysis for financial liabilities is presented, as the Directors
consider that liquidity risk is not material.
The Group and the Company had cash and cash equivalents at 31 January 2008 of
#2,761,000.
As at 31 January 2008 all financial assets and liabilities mature for payment
within one year.
12) TRADE AND OTHER PAYABLES
Group Company
2008 2008
#'000 #'000
Trade payables 17 -
Other taxes and social security 2 -
Accruals 18 10
________ ________
37 10
======== ========
The Directors consider that the carrying amount of trade and other payables
approximates to their fair value.
13) SHARE CAPITAL
The Group and the Company
2008 2008
Number #'000
Authorised:
Ordinary shares of 0.1p 1,000,000,000 1,000
=============== ==========
Allotted, issued and fully paid:
Ordinary shares of 0.1p 600,000,000 600
=============== ==========
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 AIM
for cash at a price of 1p per share, resulting in a share premium of #2,700,000.
On 29 June 2007 the Company allotted 200,000,000 shares of 0.1p each at a price
of 1p per share in connection with the acquisition by the Company of the entire
issued share capital of Oxray Ltd, resulting in a share premium of # 1,800,000
(see note 15).
14) SHARE PREMIUM ACCOUNT
The Group and the Company
2008
#'000
At 17 October 2006 -
Premium on issue of shares in the period 4,500
Expenses of issue of shares (167)
________
At 31 January 2008 4,333
________
See note 13 to the financial statements for details of shares issued in the
period.
15) PURCHASE OF SUBSIDIARY UNDERTAKINGS
On the 29 June 2007, the Company acquired 100% of the issued share capital of
Oxray Ltd by issue of 200,000,000 ordinary shares at 1p share for a value of
#2,000,000 together with the settlement in cash of costs of #100,042.
The 1p price was agreed with the Oxray vendors as the appropriate fair value of
the Oxeco shares notwithstanding that the quoted market price of the shares on
the date of announcing the deal on 27 March 2007 was 5.5p. The 1p price was
determined to be the appropriate fair value taking into account the following
factors:
i) there was very limited liquidity in the Oxeco shares between the date
of admission to the AIM market in December 2006 and agreeing terms with
the Oxray vendors and announcing the deal on 27 March 2007;
ii) 1p was the actual subscription price at which #3.0 million of new money
was raised by the Company on admission to the AIM market in December
2006; and
iii) Oxeco had not traded or made any acquisitions or announced any
valuation changing events between the date of admission to AIM and the
date of agreeing terms with the Oxray vendors.
The aggregate amount of the difference between the value attributed to these
equity instruments and the published price is #8,500,000.
This acquisition has been accounted for by the purchase method of accounting as
summarised below.
Assets and liabilities acquired represent the carrying value at date of
acquisition. The Director's believe that carrying value is a reasonable
approximation of fair value.
Oxray Ltd
#'000
Net assets / (liabilities) acquired (100%)
Fixed assets 1
Cash 32
Other net liabilities (53)
________
Net liabilities acquired (20)
Goodwill on acquisition 2,120
________
Total Consideration 2,100
________
Satisfied by:
Issue of shares 2,000
Cash 100
________
Total 2,100
________
The above values of net liabilities on acquisition of the subsidiary comprise
book value carrying amounts which the Directors estimate to be the same as their
fair value amount.
For the period between the date of acquisition on 29 June 2007 and 31 January
2008, Oxray contributed revenues of #6,870 and the loss before tax contribution
amounted to #83,388. If Oxray had been consolidated in full from the period of
incorporation of Oxeco, the revenue of Oxray would have been the same and the
loss before tax contribution of Oxray would have been #203,834.
16) COMMITMENTS UNDER OPERATING LEASES
At 31 January 2008, the Company had no commitments under non-cancellable leases
and the Group had commitments falling due as follows:
Motor
Vehicle
2008
#'000
Expiring within one year 5
Expiring between one and five years 5
________
Total commitments 10
========
17) 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 2008 holds 45.25per cent. of the
Company's issued share capital:
Group Company
2008 2008
#'000 #'000
Management consultancy fees charged
by Ora Capital Partners Plc in the period 18 18
======= =======
The outstanding balance owed to Ora Capital Partners Plc at the balance sheet
date was #1,175.
During the period, Oxray borrowed #200,000 from the Company for working capital
purposes. The loan is non-interest bearing and is repayable on demand, the
outstanding balance at 31 January 2008 was #200,000.
Transactions with Key Management Personnel
The Group's key management personnel comprised only the Directors of the
Company.
During the period Group companies entered into the following transactions in
which the Directors' had an interest:
i. Directors' remuneration.
The remuneration of the individual Directors is provided in the Directors'
Report and disclosed in note 4 of the financial statements.
ii. Directors' had investments in Ora Capital Partners Plc as follows as at
31 January 2008:
Director % of issued share capital of Ora
held
David Norwood 3.00 %
Michael Bretherton 0.06 %
Michael Bretherton and David Norwood are both Directors of Ora Capital Partners
Plc.
18) ULTIMATE CONTROLLING PARTY
The Directors do not believe that there is an ultimate controlling party.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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