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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Radicle Proj. | LSE:RDP | London | Ordinary Share | GB00B0996108 | ORD 3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMRDP
RNS Number : 4890J
Radicle Projects Plc
31 March 2010
31 March 2010
RADICLE PROJECTS PLC
("Radicle Projects", "Radicle" or the "Group")
Unaudited Half Year Results for the Six Months Ended 31 December 2010
The results for the six months to 31 December 2009 set out below reflect the
partial restructuring of Radicle Projects, as well as generally lower levels of
activity that we report at this time of year. The Board is concentrating on
implementing cost reductions and structural adjustments to projects to reduce
outgoings, make the ownership structures of each project easier to value and
more saleable, and to sell down assets in order to take advantage of the
opportunity to reduce debt as a result of the note restructuring, agreed on 31
December and later ratified by shareholders, combined with the strong Australian
Dollar compared to the British Pound. We continue to develop strategies to bring
our portfolio of agricultural assets through to production as quickly as
possible so as to increase cash flow. An up to date review of these assets is
set out below.
HIGHLIGHTS
· Loss before tax of GBP1,831,370 (2008: loss GBP2,873,936)
· Net assets of GBP4,346,692 including GBP264,242 in cash
· Net debt as at 31 December 2009 was GBP15,524,471
For further information please contact:
+-------------------------------------------+----------------+
| Radicle Projects PLC | 020 7016 5300 |
+-------------------------------------------+----------------+
| Tim Bennett | +61 (0) 3 8611 |
| | 6711 |
+-------------------------------------------+----------------+
| | |
+-------------------------------------------+----------------+
| Charles Stanley Securities - Nominated | 020 7149 6000 |
| Advisor and Broker | |
+-------------------------------------------+----------------+
| Russell Cook / Ben Johnston | |
+-------------------------------------------+----------------+
Results
For the six months to 31 December 2009 the Group reported a loss before a loss
before tax of GBP1,831,370 (2008: loss GBP2,873,936).
As previously reported, the Group's results are second-half weighted due to the
annual contribution to income and profit resulting from the anticipated uplift
in value of the Group's biological assets (as a result of growth or maturating
trees or vines). The annual asset revaluation is conducted for the purposes of
preparing the annual report for the year to June each year. No asset revaluation
is calculated at the half year stage.
The results include the following:
· A decrease in operating expenses. Radicle has a number of operational
costs directly related to farm management, labour, agricultural inputs and
management fees paid to others on a contractual basis. These have been reduced
by management and by negotiation with operational management. Further, as a
result of Timbercorp's administration, fees and charges for these projects are
reduced.
· A full interest charge of GBP719,625 (2008: GBP698,040) in respect of the
Convertible Bond;
· The Group has reported a foreign exchange gain of GBP277,666 this period
compared with a loss of GBP9,960 in the same period last year;
· The Group ended the interim period with net assets of GBP4,346,692 (2008:
GBP6,573,247) which included GBP264,242 in cash.
Dividend
Radicle's Board is not in a position to declare an interim dividend. The Board
will review our dividend policy following the year end revaluation of assets as
at 30 June 2010 and the cash generation of the Group in the second half of year
to 30 June 2010, providing distributable reserves are sufficient to pay a
dividend at that time.
Operational Review
The Group is a participant in various projects which are growing the following
crops:
Grapes - Adelaide Hills Vineyard Trust ("Gumeracha Vineyard"), Adelaide Hills
(South Australia)
As at 31 December 2009, the 2010 vintage was not complete. At the current time,
the 2010 vintage is nearing completion. Yields overall were reduced by
management in order to maximise grape quality, as glut supply conditions
prevail. It is the Board's view that the best grapes are sold, and the lower
quality fruit is often not harvested, so our approach to maximise quality has
generally paid off. All fruit has been sold to third parties with the exception
of 62 tonnes. Of this, 32 tonnes has been set aside for the production of
chardonnay and 30 tonnes for the production of a sparking white wine.
Once again the Adelaide Hills has proven to be a reliable and high quality
producer of wine grapes. Our major contracted buyer, Fosters Group who owns
wine labels including Penfolds, Lindemans and Rosemont Estate has been a loyal
and reliable buyer of our fruit.
Olives
As a result of the Timbercorp Administration, the olive assets were marked down
in the last annual report. We await results of the project restructure.
Almonds
As a result of the Timbercorp Administration, the almond assets were also marked
down in the last annual report. We await results of the project restructure. We
understand a sale of almond assets has been made to a third party, and we await
confirmation of pricing and proceeds from this sale.
Forestry
Our forestry assets are primarily the Paulownia hardwood plantations in
Queensland. Again we have had excellent rainfall on the Queensland sites and, as
a result, there has been significant growth in the trees. We have applied
organically based fertiliser to the trees in the growing season with adequate
rainfall to optimise growth.
No additional water expenses have been incurred to water these trees. The health
of the plantations has improved and we remain positive about the progress of
this asset. We are now focussing our attention on the marketing and sale of
timber from our maturing plantations and we are planning thinning harvests
within the next six months subject to market demand.
Bioforests
The BioForest project is not anticipated to produce substantial cash flows in
the next few years, but we anticipate strong value growth as a result of good
site selection, operational management and continuing demand for species being
produced.
Apples
Radicle's project interests in Organic apples and Early Season apples (both in
South Australia) are growing very well. At 31 December 2009 the trees had only
been planted for about 20 months. The small quantity of fruit from the season
now finishing was removed to prevent tree stress, but a small quantity of fruit
was retained for quality and colour assessment. We anticipate first commercial
yields of apples from these trees in the 2011 financial year, with some earlier
income relating to dividend income from the landowning company for the early
season project, of which Radicle owns 19.9 per cent. In our last interim report
we expected this asset to be producing commercial quantities of apples by the
2010 financial year. Agronomic advice suggests a much better result is likely by
waiting a further year before cropping the trees.
Grain Co-Production Project
At 31 December 2009 the harvest for the wheat project was in full swing. Since
the end of the half year Radicle has progressed discussions for the sale of all
1500 units in two tranches.
Outlook
Management's primary focus in the current period is asset sales to reduce debt,
cost reduction and consolidation. We intend to improve net cash earnings by
continuing to manage carefully the Group's cost base and working with management
to improve valuations on all projects, and bring forward cash flows wherever
possible.
Radicle has a number of developments in progress which we believe will
contribute to higher profits. We will report to the market as these initiatives
come to fruition.
The sale of assets to meet interest repayment and reduce debt, as well as to
fund working capital, along with further cost reductions and project
restructuring to reduce cash demands are materially uncertain, but progress to
date has been positive. At the date of this report the Board believes Radicle
Projects a going concern.
Despite the current world economic climate, agricultural products are very much
in demand and Radicle is well placed to capitalise on its strength in this area.
We look forward to making further significant advances in the business and to
progressing with our restructuring and redirection of the business to an
agribusiness funds management and operational management specialist, in order to
improve shareholder value.
Myles Stewart-Hesketh Timothy
Bennett
Chairman
Chief Executive
31 March 2010
UNAUDITED CONSOLIDATED STATEMENTS of COMPREHENSIVE INCOME
+--------------------------------------+----------------+----------------+---------------+
| | 6 | 6 | Year |
| | months | months | ended |
| | to 31 | to 31 | 30 Jun |
| | Dec | Dec | 2009 |
| | 2009 | 2008 | (Audited) |
| | (Unaudited) | (Unaudited) | GBP |
| | GBP | GBP | |
+--------------------------------------+----------------+----------------+---------------+
| Continuing Operations | | | |
+--------------------------------------+----------------+----------------+---------------+
| Revenue | 191,006 | 252,049 | 617,569 |
+--------------------------------------+----------------+----------------+---------------+
| Gain arising from changes in fair | - | - | 261,647 |
| value of biological assets | | | |
+--------------------------------------+----------------+----------------+---------------+
| Decrease in fair value of biological | | | |
| assets due to liquidation of | - | - | (1,837,257) |
| Timbercorp | | | |
+--------------------------------------+----------------+----------------+---------------+
| Increase in fair value of financial | | | |
| assets at fair value through profit | (4,435) | - | 4,067 |
| or loss | | | |
+--------------------------------------+----------------+----------------+---------------+
| Operating expenses | (1,642,929) | (2,342,204) | (3,449,871) |
+--------------------------------------+----------------+----------------+---------------+
| Exchange gain/(loss) | 277,666 | (9,960) | (5,548) |
+--------------------------------------+----------------+----------------+---------------+
| Investment income | 66,947 | 72,036 | 102,044 |
+--------------------------------------+----------------+----------------+---------------+
| Finance costs | (719,625) | (698,040) | (1,396,971) |
+--------------------------------------+----------------+----------------+---------------+
| Aborted transaction costs | - | (128,885) | (54,622) |
+--------------------------------------+----------------+----------------+---------------+
| Impairment of available for sale | - | (18,932) | - |
| investment | | | |
+--------------------------------------+----------------+----------------+---------------+
| Impairment of property, plant and | - | - | (533,891) |
| equipment | | | |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
| | ________ | ________ | ________ |
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Loss before taxation | (1,831,370) | (2,873,936) | (6,292,833) |
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Taxation | | | 160,129 |
| | - | - | |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
| | ________ | ________ | ________ |
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Loss for the period | (1,831,370) | (2,873,936) | (6,132,704) |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Other comprehensive income | | | |
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Exchange differences on translating | 2,424,340 | (373,392) | 61,642 |
| foreign operations | | | |
+--------------------------------------+----------------+----------------+---------------+
| Fair value adjustment of available | - | (4,209) | - |
| for sale investments | | | |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Total comprehensive income/(loss) | 592,970 | (3,251,537) | (6,071,062) |
| for period | | | |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| Attributable to: | | | |
+--------------------------------------+----------------+----------------+---------------+
| Equity holders of the Parent Company | 592,970 | (3,251,537) | (6,071,062) |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
+--------------------------------------+----------------+----------------+---------------+
| | | | |
| | | | |
| Loss per share: (note 3) Basic | (9.60)p | (15.07)p | (32.15)p |
| Fully diluted | (9.60)p | (15.07)p | (32.15)p |
| | | | |
+--------------------------------------+----------------+----------------+---------------+
UNAUDITED STATEMENTS of FINANCIAL POSITION
+--------------------------------------+----------------+-----------------+------------------+
| | As at | As at | As at |
| | 31 Dec | 31 Dec | 30 Jun |
| | 2009 | 2008 | 2009 |
+--------------------------------------+----------------+-----------------+------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| Non-current assets | GBP | GBP | GBP |
| Property, plant & equipment | 1,799,208 | 2,267,137 | 1,655,418 |
| Financial assets at fair value | 2,249,437 | 1,890,371 | 1,958,274 |
| through profit & loss | 13,109,529 | 12,011,883 | 11,380,969 |
| Biological assets (note 5) | | | |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | _________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| | 17,158,174 | 16,169,391 | 14,994,661 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
+--------------------------------------+----------------+-----------------+------------------+
| Current assets | | | |
| Biological assets (note 5) | 3,414,253 | 3,568,364 | 2,966,125 |
| Inventories | 150,242 | 97,731 | 130,521 |
| Trade & other receivables | 863,979 | 639,183 | 1,654,143 |
| Cash & cash equivalents | 264,242 | 1,852,708 | 1,169,759 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| | 4,692,716 | 6,157,986 | 5,950,548 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | _________ | __________ |
+--------------------------------------+----------------+-----------------+------------------+
| | | | |
| Total assets | 21,850,890 | 22,327,377 | 20,915,209 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
+--------------------------------------+----------------+-----------------+------------------+
| Current liabilities | | | |
| Trade & other payables | 1,715,485 | 1,156,136 | 2,093,472 |
| Current tax | - | 95,471 | |
| Finance lease obligations | 10,982 | 2,756 | - |
| | | | 9,540 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| | 1,726,467 | 1,254,363 | 2,103,012 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| Net current assets | 2,966,249 | 4,903,623 | 3,817,536 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| Non Current Liabilities | | | |
| Finance lease obligations | - | 9,339 | |
| Borrowings (note 7) | 15,777,731 | 14,360,435 | - |
| Deferred tax liabilities | - | 129,993 | 15,058,475 |
| | | | |
| | | | - |
+--------------------------------------+----------------+-----------------+------------------+
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| | 15,777,731 | 14,499,767 | 15,058,475 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| Total liabilities | 17,504,198 | 15,754,130 | 17,161,487 |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| Net assets | 4,346,692 | 6,573,247 | 3,753,722 |
+--------------------------------------+----------------+-----------------+------------------+
| | ========== | ========== | ========== |
+--------------------------------------+----------------+-----------------+------------------+
| Equity | | | |
| Share capital (note 8) | 578,219 | 578,219 | 578,219 |
| Share premium | 9,370,827 | 9,370,827 | 9,370,827 |
| Share based payment reserve | 90,880 | 90,880 | 90,880 |
| Own shares held | (151,241) | (151,241) | (151,241) |
| Translation reserve | 4,191,872 | 1,332,498 | 1,767,532 |
| Convertible bond | 284,165 | 284,165 | 284,165 |
| Retained losses | (10,018,030) | (4,932,101) | (8,186,660) |
+--------------------------------------+----------------+-----------------+------------------+
| | __________ | __________ | __________ |
| | | | |
+--------------------------------------+----------------+-----------------+------------------+
| Total Equity | 4,346,692 | 6,573,247 | 3,753,722 |
+--------------------------------------+----------------+-----------------+------------------+
| | ========== | ========== | ========== |
+--------------------------------------+----------------+-----------------+------------------+
CONSOLIDATED STATEMENTS of CASH FLOWS
+--------------------------------------+--------------------+-----------------+-----------------+
| | 6 | 6 | Year |
| | months | months | ended |
| | to 31 | to 31 | 30 Jun |
| | Dec | Dec | 2009 |
| | 2009 | 2008 | (Audited) |
| | (Unaudited) | (Unaudited) | GBP |
| | GBP | GBP | |
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Operating activities | | | (6,292,833) |
| Loss for the period before taxation | (1,831,370) | (2,873,936) | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Adjustments for: | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Depreciation of property, plant and | 102,321 | 41,240 | 173,013 |
| equipment | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Investment income | (66,947) | (72,036) | (102,044) |
+--------------------------------------+--------------------+-----------------+-----------------+
| Finance costs | 719,625 | 698,040 | 1,396,971 |
+--------------------------------------+--------------------+-----------------+-----------------+
| Foreign exchange (gain)/loss | (277,666) | 9,960 | 5,548 |
+--------------------------------------+--------------------+-----------------+-----------------+
| Increase in inventories | | - | (30,682) |
| | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Decrease/(increase) in trade and | 790,164 | 746,251 | (268,709) |
| other receivables | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Decrease in payables | (377,987) | (2,743,374) | (1,806,038) |
+--------------------------------------+--------------------+-----------------+-----------------+
| Change in net value of biological | | - | (261,647) |
| assets | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Decrease in fair value of biological | | - | 1,837,257 |
| assets due to liquidation of | - | | |
| Timbercorp | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Change in fair value of financial | 4,435 | - | (4,067) |
| assets through profit & loss | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Share based payment charge | | 2,905 | 2,905 |
| | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Impairment of property plant & | | - | 533,891 |
| equipment | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Impairment of available for sale | | 18,932 | |
| investment | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | ___________ | __________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Cash used in operations | (937,425) | (4,172,018) | (4,816,435) |
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Interest paid | (369) | (1,208,000) | (1,208,891) |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Taxation paid | | - | (69,132) |
| | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | __________ | __________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Net cash used in operating | (937,794) | (5,380,018) | (6,094,458) |
| activities | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | __________ | __________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Investing activities | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Purchase of biological assets | | (366,941) | (352,694) |
| | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Interest received | 11,551 | 72,036 | 98,298 |
+--------------------------------------+--------------------+-----------------+-----------------+
| Purchases of property, plant & | (3,069) | (1,151) | (10,724) |
| equipment | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Proceeds on disposal of property, | | - | 77 |
| plant and equipment | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Income received from investments | 55,396 | | 3,746 |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | __________ | __________ |
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Net cash from/(used in) investing | 63,878 | (296,056) | (261,297) |
| activities | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | __________ | __________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Financing activities | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Repayments of borrowings | | (90) | (2,783) |
| | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | __________ | __________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| Net cash used in financing | | (90) | (2,783) |
| activities | - | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| | ___________ | | |
| | | __________ | _________ |
+--------------------------------------+--------------------+-----------------+-----------------+
| | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Net decrease in cash and cash | (873,916) | (5,676,164) | (6,358,538) |
| equivalents | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Cash and cash equivalents at | 1,169,759 | 7,723,115 | 7,723,115 |
| beginning of period | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Effect of foreign exchange rate | (31,601) | (194,243) | (194,818) |
| changes | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
| Cash and cash equivalents at end of | 264,242 | 1,852,708 | 1,169,759 |
| period | | | |
+--------------------------------------+--------------------+-----------------+-----------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
(Unaudited)
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| | | | | | Share | | Own | |
| | Share | Share | Retained | Translation | Based | Convertible | Shares | Total |
| Six months ended 31 | Capital | Premium | Losses | Reserve | Payment | Bond | Held | Equity |
| December 2009 | GBP | GBP | GBP | GBP | Reserve | GBP | GBP | GBP |
| | | | | | GBP | | | |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| | | | | | | | | |
| Balance at 1 July | 578,219 | 9,370,827 | (8,186,660) | 1,767,532 | 90,880 | 284,165 | (151,241) | 3,753,722 |
| 2009 | | | | | | | | |
| | | | | | | | | |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| | | | | | | | | |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| Total comprehensive | - | - | (1,831,370) | 2,424,340 | - | - | - | 592,970 |
| income for the | | | | | | | | |
| period | | | | | | | | |
| | | | | | | | | |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| | ________ | ________ | ________ | ________ | _________ | _________ | _________ | _________ |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| Balance at 31 | 578,219 | 9,370,827 | (10,018,030) | 4,191,872 | 90,880 | 284,165 | (151,241) | 4,346,692 |
| December 2009 | | | | | | | | |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
| | ======== | ======== | ======== | ======== | ======== | ======== | ======== | ======== |
+----------------------+----------+-----------+--------------+-------------+-----------+---------------+-----------+-----------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
(Unaudited)
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | Share | | Own | |
| | Share | Share | Retained | Translation | Based | Convertible | Shares | Total |
| Six months ended 31 | Capital | Premium | Losses | Reserve | Payment | Bond | Held | Equity |
| December 2008 | GBP | GBP | GBP | GBP | Reserve | GBP | GBP | GBP |
| | | | | | GBP | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
| Balance at 1 July | 578,219 | 9,370,827 | (2,053,956) | 1,705,890 | 87,975 | 284,165 | (151,241) | 9,821,879 |
| 2008 | | | | | | | | |
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Total comprehensive | | - | (2,878,145) | (373,392) | - | - | - | (3,251,537) |
| income for the | | | | | | | | |
| period | | | | | | | | |
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Transactions with | | | | | | | | |
| owners recorded | | | | | | | | |
| directly in equity | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Share based payment | - | - | - | - | 2,905 | - | - | 2,905 |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | ________ | ________ | ________ | ________ | _________ | _________ | _________ | _________ |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Balance at 31 | 578,219 | 9,370,827 | (4,932,101) | 1,332,498 | 90,880 | 284,165 | (151,241) | 6,573,247 |
| December 2008 | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | ======== | ======== | ======== | ======== | ======== | ======== | ======== | ======== |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE TWELVE MONTHS ENDED 30 JUNE 2009
Audited
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | Share | | Own | |
| | Share | Share | Retained | Translation | Based | Convertible | Shares | Total |
| | Capital | Premium | Losses | Reserve | Payment | Bond | Held | Equity |
| Year ended 30 June | GBP | GBP | GBP | GBP | Reserve | GBP | GBP | GBP |
| 2009 | | | | | GBP | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
| Balance at 1 July | 578,219 | 9,370,827 | (2,053,956) | 1,705,890 | 87,975 | 284,165 | (151,241) | 9,821,879 |
| 2008 | | | | | | | | |
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Total comprehensive | - | - | (6,132,704) | 61,642 | - | - | - | (6,071,062) |
| income for the year | | | | | | | | |
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Transactions with | | | | | | | | |
| owners recorded | | | | | | | | |
| directly in equity | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Share based payment | - | - | - | - | 2,905 | - | - | 2,905 |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | ________ | ________ | ________ | ________ | _________ | _________ | _________ | _________ |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| Balance at 30 June | 578,219 | 9,370,827 | (8,186,660) | 1,767,532 | 90,880 | 284,165 | (151,241) | 3,753,722 |
| 2009 | | | | | | | | |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
| | ======== | ======== | ======== | ======== | ======== | ======== | ======== | ======== |
+---------------------+----------+-----------+-------------+-------------+-----------+---------------+-----------+-------------+
NOTES TO THE UNAUDITED HALF YEAR ACCOUNTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
1. This half-year financial report for the six months ended 31 December
2009 is unaudited. The financial information set out above does not constitute
statutory accounts within the meaning of S435 of the Companies Act 2006.
This half-year financial report, which includes a condensed set of financial
statements of Radicle Projects and its subsidiary undertakings ("the Group") has
been prepared in accordance with International Financial Reporting Standards
("IFRS"), including IAS 34 'Interim Financial Reporting', as adopted by the
European Union ("EU").
The financial statements for the year ended 30 June 2009 have been delivered to
the Registrar of Companies. The report of the auditors in respect of the year
ended 30 June 2009 was (i) unqualified, (ii) did include a reference to going
concern to which the auditors drew attention by way of emphasis without
qualifying the report, (iii) did include a reference to the valuation of the
BioForest Dual Income Project 2006 to which the auditors drew attention by way
of emphasis without qualifying the report, and (iv) did not contain a statement
under Section 498 (2) - (3) of the Companies Act 2006. The financial information
for the six months ended 31 December 2009 and 31 December 2008 is unaudited.
The Group's shares are traded on the AIM market of the London Stock Exchange.
This interim report, including the consolidated financial information was
authorised for issue by the Board of Directors on 31 March 2010.
The accounting policies applied in the preparation of these half year
consolidated financial reports have been consistently applied to all the periods
presented, except that biological assets are only revalued at the Group's year
end (ie, at 30 June 2009). The significant accounting policies are set out
below.
2. There is no liability for corporation taxation arising in the period.
3. The calculations of losses per share is based on the loss of
GBP1,831,370 for the six months to 31 December 2009 (31 December 2008:
GBP2,873,936; 30 June 2009: GBP6,132,704) and on the weighted average of
19,073,971 (six months to 31 December 2008: 19,073,971; year ended 30 June 2009:
19,073,971) ordinary shares in issue during the period, after deduction of
200,000 own shares held.
The diluted loss per share has been kept the same as the basic loss per share as
the conversion of the convertible bond decreases the basic loss per share, thus
being anti-dilutive.
4. Going Concern
During the six months to 31 December 2009, the Group produced a loss before tax
of GBP1,831,370.
During this period there was a shortfall of cash flow, with cash costs being
higher than income from investments in biological assets.
As mentioned in previous trading updates, the Directors are dealing with this by
reducing operating costs where appropriate.
In January 2010 Radicle completed a placing of new shares at 3p raising
GBP822,000 in cash, (less placing costs).
This amount is not sufficient on its own to support Radicle's budgeted cash
outgoings for the next twelve months.
The Board has made progress with asset sales which will meet coupon payments on
the convertible note and allow for working capital support and debt reduction
with the surplus proceeds. In order to meet the proposed deferred interest
payment due on 30 June 2010, the Group will need to generate net cash inflows
from asset disposals, prior to 30 June 2010, of GBP1,500,000 based on current
budgets. This amount will change depending on which assets are sold.
In June 2009 Radicle accrued expenses in relation to Timbercorp in the 2009
financial year for services which were not fully provided due to Timbercorp's
administration. In March 2010 Radicle has been credited with a payment from the
2009 crop proceeds, which has been offset against the net debt accrued.
Radicle's directors still expect a payment from the sale of the assets and have
estimated the net cash return to Radicle from the sale of Timbercorp managed
assets to be approximately GBP0.3m. There is uncertainty in relation to the size
of the net return and the timing of this process as the liquidation of
Timbercorp is outside of Radicle's control.
Radicle is currently in advanced discussions with a buyer of the Grain
Co-Projection assets, as well as with potential buyers or partners for some of
its other assets. The Board hopes to close asset sales at prices near to
existing valuations within the next twelve months. In addition to meeting the
interest payment due in 2010 of GBP1.208m plus the 31 December 2010 coupon
payment of around GBP0.76m (depending on asset sales, bond buybacks and
conversions by that time) these funds are expected to provide sufficient cash to
further reduce debt. Radicle's Board will manage sales of assets so that
proceeds can be applied to meet the Group's objectives. Radicle will need to
sell assets in order to remain a "going concern" and pay interest coupons on the
loan notes outstanding.
On this basis, the Directors believe that whilst there is some uncertainty about
the timing of asset sales and consequent cashflows, following the deferral of
the note interest payment on 31 December 2009 as anticipated, and after the
proceeds of the 2009 placing are provided to the Group, it is appropriate to
prepare the financial statements on a going concern basis.
5. Segments
Following the introduction of IFRS 8 the Board has determined Radicle's segments
to be paulownia, vineyards, other projects & investments and central/other.
The revenues and profit generated by each of Radicle's business segments are
summarised as follows:
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | Paulownia | Vineyards | Other | Central | Total |
| | | | Projects | Other | |
| | | | & | | |
| | | | Investments | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| 6 months to 31 Dec 2009 (Unaudited) | | | | |
+-----------------------------------------+-------------+-------------+-------------+-------------+
| Revenue | 5,086 | - | 26,944 | 158,975 | 191,006 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Intersegment revenues | - | - | - | 93,096 | 93,096 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Segment operating profit | (169,945) | (325,191) | (805,688) | (89,440) | (1,390,265) |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Total Assets | 6,120,290 | 2,442,042 | 9,439,939 | 3,848,619 | 21,850,890 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Consolidating items | | | | | |
| included in Central/Other | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| 6 months to 31 Dec 2008 (Unaudited) | | | | |
+-----------------------------------------+-------------+-------------+-------------+-------------+
| Revenue | 2,205 | - | 246,475 | (6,631) | 242,049 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Intersegment revenues | - | - | - | 74,247 | 74,247 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Segment operating profit | (145,571) | (142,629) | (1,153,353) | (1,317,049) |(2,758,602) |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Total Assets | 5,319,475 | 2,802,365 | 11,901,380 | 2,304,158 | 22,327,377 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Consolidating items | | | | | |
| included in Central/Other | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Year to 30 June 2009 | | | | | |
| (Unaudited) | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Revenue | (85,215) | 192,436 | (389,686) | 900,034 | 617,569 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Intersegment revenues | - | - | - | 148,493 | 148,493 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Segment operating profit | (407,978 | (817,292) | (3,552,534) | (1,046,936) | (5,824,739) |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Total Assets | 5,625,849 | 2,371,687 | 8,954,837 | 4,262,836 | 20,915,209 |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Consolidating items | | | | | |
| included in Central/Other | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | |
+---------------------------------------------------------------------+-------------+-------------+
| Segment operating profit can be reconciled to Group | | |
| profit or loss as follows: | | |
+---------------------------------------------------------------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | 6 | 6 | 6 | | |
| | months | months | months | | |
| | to 31 | to 31 | to 31 | | |
| | Dec | Dec | Dec | | |
| | 2009 | 2009 | 2009 | | |
| | (Unaudited) | (Unaudited) | (Unaudited) | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Segment operating profit | (1,390,265) | (2,758,602) | (5,824,739) | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Reconciling items | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Share based payment | | 2,905 | 2,905 | | |
| expense | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Elimination of | (441,105) | (118,239) | (310,870) | | |
| intersegment profits | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Group operating profit | (1,831,370) | (2,873,936) | (6,132,704) | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
| Group operating profit | (1,831,370) | (2,873,936) | (6,132,704) | | |
| before tax | | | | | |
+---------------------------+-------------+-------------+-------------+-------------+-------------+
6. Biological Assets
Biological assets comprise of timber plantations (woodlots), olive groves,
almond groves, apple orchards, wine grape vineyards, grain and mango
(horticultural crops).
Biological assets are owned by the Group through investments in managed
investment schemes or through direct investment in agricultural assets.
In accordance with IAS 41 "Agriculture", biological assets are measured on
initial recognition and at each balance sheet date at fair value less estimated
point of sale costs. The gain or loss in fair value of these biological assets
is recognised in the statement of comprehensive income.
The fair values of the biological assets represent the net present values of
estimated future cash flows relating to the biological assets owned by the
entity, determined by application of assumptions made by independent valuation
experts to cash flow models. The Valuers visit the sites as required and inspect
operations, plant and equipment, interview management and take measurements of
plants to confirm model assumptions and growth trends. Valuations are carried
out annually at the year end, and therefore not for the half year accounts.
Cashflows are gross of income tax and are expressed in real terms.
Significant assumptions made in determining the fair value of the biological
assets at 30 June 2009 were:
(i) Timber plantations are valued based on expected volumes of
merchantable timber that could be obtained from existing plantations, given
current management strategies and legislative and other externally imposed
restrictions.
(ii) The limit of the cash flow analysis is the expected rotation period
for the current timber plantations which ranges from 3 years to 20 years.
Plantations may be viable for longer than this.
(iii) The ongoing costs of growing the trees are deducted in determining
the net cash flows. In some projects producing processed products, harvest and
milling costs are also included.
(iv) Costs, prices, growth yields and sawn timber recovery rates are
based on actual and expected rates.
(v) The valuations assume that all biological assets will be
appropriately managed in the future to best silvicultural, forestry and
agricultural practices.
(vi) Nominal pre tax discount rates of 8%-12% per annum are applied to
the estimated cash flows. The discount rates take into account the cost of
capital and the risk associated with that capital, and are based on cost of
capital calculations with reference to industry standards. Agricultural risks
are dealt with in the development of assumptions of future cash flows associated
with each project and in scenario modelling.
The discount rates in respect of each group are as follows:
Woodlots - Paulownia:
8.375%
Woodlots - BioForest Dual Income Project 2006: N/A-not valued
using NPV approach
Vineyards - Adelaide Hills Vineyard Project: 11.3%
AHM Early Season Apples: 10.6%
AHM Organic Apples: 10.6%
Gumeracha Vineyards:
comparison to market %
2008 Grain Co Production Units: 10.4%
The following assets were not valued using a discounted cash flow model at 30
June 2009, but were valued in the prior year using the following discount rates
and then reduced this years as a result of Timbercorp Limited's liquidation:
Woodlots - Timbercorp Eucalypt: 10% to
14%
Olive groves - Timbercorp: 15%
to 17%
Almond groves - Timbercorp: 15% to
17%
(vii) Continued water availability for projects exposed to high risk water
catchments.
(viii) A stable market environment throughout the life of each project.
(ix) A continued high level of management quality for investments in
biological assets.
(x) The productive life of the asset.
(xi) The period over which the asset will mature.
(xii) The expected future sales price. Expected future sales prices for
all biological assets are based on average current prices increased for
inflation.
(xiii) The costs expected to arise throughout the life of the asset, which
are based on average costs throughout the period.
(xiv) Inflation rates are estimated by the independent valuation experts,
based on bank rates and economic indicators. The estimates used range from 2.8%
to 5%.
Additional assumptions made in determining the fair value of the Paulownia
woodlots, which are:
(i) The continued ability of management to grow Paulownia, and also
harvest, process and market Paulownia products.
(ii) Current market prices for Paulownia are maintained.
(iii) Operational costs in future years are in line with the Directors'
forecasts.
Valuation of Timbercorp and BioForest assets
The above valuation techniques apply to all Biological assets except for assets
managed by Timbercorp and the BioForest Dual Income Project. In respect of
biological assets managed by Timbercorp, management considered that the most
appropriate basis for the valuation of their assets was to use the 2008
valuation reduced to around 33% of the 2008 valuation for the Eucalypt hardwood
projects (based on a letter from the Timbercorp Liquidator providing expected
returns for sale of these assets) and to around 20% of the 2008 valuations in
respect of the Almond projects, based on comparable sales and an assessment of
the likely split of proceeds between secured creditors and Growers. The value
of the Olive assets has been reduced to nil.
These assessments are based on information arising from court decisions in
Australia in relation to the administration of Timbercorp.
The BioForest Dual Income Project 2006 has been valued at 30 June 2009 at
historical cost. The Valuer expressed a belief that this was the most
appropriate methodology for this asset at 30 June 2009 and will reassess the
project onsite during 2010.
Biological assets
+-----------------------------------------------------+-------------+
| | GBP |
+-----------------------------------------------------+-------------+
| Group | |
| Carrying amount as at 1 July 2008 | 15,362,509 |
| Exchange difference | 207,501 |
| Increases due to purchases | 352,694 |
| Loss arising from changes in fair value less point | 261,647 |
| of sale costs | (1,837,257) |
| Decrease in fair value of assets previously managed | |
| by Timbercorp | |
+-----------------------------------------------------+-------------+
| | __________ |
| | |
+-----------------------------------------------------+-------------+
| Carrying amount as at 30 June 2009 | 14,347,094 |
| Exchange difference | 2,176,688 |
| Increases due to purchases | - |
| Gain arising from changes in fair value less point | - |
| of sale costs | |
+-----------------------------------------------------+-------------+
| | __________ |
| | |
+-----------------------------------------------------+-------------+
| Carrying amount as at 31 December 2009 | 16,523,782 |
+-----------------------------------------------------+-------------+
| | ========= |
| | |
+-----------------------------------------------------+-------------+
The fair value of biological assets comprises the following elements:
+----------------------------+----------------------+----------------------+-----------------+
| | 31 | 31 | 30 June |
| | December | December | 2009 |
| | 2009 | 2008 | GBP |
| | GBP | GBP | |
+----------------------------+----------------------+----------------------+-----------------+
| Non-current assets | | | |
| Woodlots* | 7,110,715 | 6,568,598 | 6,177,270 |
| Vineyards | 924,319 | 724,510 | 803,001 |
| Olive groves | | 128,990 | |
| Almond groves | - | 1,717,631 | - |
| Apple orchards | 288,073 | 2,763,635 | 242,504 |
| Mangos | 4,786,422 | 108,519 | 4,158,194 |
| | | | |
| | - | | - |
+----------------------------+----------------------+----------------------+-----------------+
| | | | |
| | _________ | _________ | _________ |
| | | | |
+----------------------------+----------------------+----------------------+-----------------+
| | 13,109,529 | 12,011,883 | 11,380,969 |
+----------------------------+----------------------+----------------------+-----------------+
| Current assets: | | | |
| Wheat and barley | 3,414,253 | 3,568,364 | 2,966,125 |
+----------------------------+----------------------+----------------------+-----------------+
| | | | |
| | _________ | _________ | _________ |
| | | | |
+----------------------------+----------------------+----------------------+-----------------+
| | 16,523,782 | 15,580,247 | 14,347,094 |
+----------------------------+----------------------+----------------------+-----------------+
| | | | ========= |
| | ========= | ========= | |
+----------------------------+----------------------+----------------------+-----------------+
*Includes GBP5,890,677 (December 2008: GBP5,102,198) (June 2009: GBP5,117,511)
relating to Paulownia Woodlots.
Further details on the biological assets are shown in the 2009 Report and
Accounts.
Commitments
At the period end, the Group had not entered into commitments to acquire or
develop biological assets subsequent to the year end.
6. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates and assumptions will, by definition, seldom equal the
related actual results. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
Income taxes: Income tax estimates are based on the assumption that no adverse
change will occur in income tax legislation.
Biological assets: Please refer to the note on 'Biological assets' above.
Investments: Fair value of the unquoted Adelaide Hills and the unquoted
Riverland Land and Water investments have been assessed following independent
valuations provided by external Valuers. Shares in Willmott Forests are listed
on the Australian Stock Exchange and have been valued based on their market
value as at 31 December 2009.
7. Borrowings
The Group issued 151 8% convertible bonds at a par value of GBP100,000 to raise
GBP15,100,000 on 20 June 2007. The bonds mature five years from the issue date
at their nominal value, or can be converted into shares at the holders' option
between 30 July 2007 and maturity.
On 16 September 2009 Radicle announced that it had reached "in principle"
agreement with the holders of the bonds to make a number of changes to the terms
of the bond. These changes, which have since been ratified included the
deferral of the interest coupon payable on 31 December 2009 to 30 June 2010 and
a reduction in the face value of the convertible bond, with an escalation clause
returning the note to full face value over the remaining term unless accelerated
by a default.
The changes also had the effect of reducing the conversion price to 12p per
share for existing holders.
Covenants exist on the convertible bond as follows:
1. The value of security (i.e. gross assets) should be at least 130% of the
loan proceeds drawn down, as the Trustee does not release funds until they hold
such security (notes 9, 10, 11 and 14).
2. Within 90 days of the financial year end, the Trustee should receive, from
an independent valuer, a certificate confirming the value of the designated
investments held as security.
3. The Group will maintain an EBITDA on a consolidated basis of at least 150%
of the interest payable annually on the principal amount outstanding of the loan
notes once the issuer has certified to the Trustee that the proceeds of the
issue of the notes have been invested. (EBITDA being the consolidated net
operating income before tax of Radicle Projects Plc and its subsidiaries as
stated in its consolidated financial statements for the corresponding accounting
period for the issuer, adjusted by adding back depreciation, interest,
amortisation, and impairment losses).
The EBITDA covenant only
applies once all proceeds of the bond have been invested. At the balance sheet
date, the proceeds of the bond had not been fully invested.
8. Share Capital
+-------------------------------+------------------+--------------+--------------+
| | As at | As at | As at |
| | 31 Dec | 31 Dec | 30 |
| | 2009 | 2008 | June |
| | GBP | GBP | 2009 |
| | | | GBP |
+-------------------------------+------------------+--------------+--------------+
| Authorised: | | | |
| 666,666,667 Ordinary Shares | 20,000,000 | 20,000,000 | 20,000,000 |
| of 3p each | | | |
+-------------------------------+------------------+--------------+--------------+
| | | ========= | ========= |
| | ========= | | |
+-------------------------------+------------------+--------------+--------------+
| Allotted, issued and fully | 578,219 | 578,219 | 578,219 |
| paid | | | |
| 19,273,971 Ordinary shares of | | | |
| 3p each | | | |
+-------------------------------+------------------+--------------+--------------+
| | | ========= | ========= |
| | ========= | | |
+-------------------------------+------------------+--------------+--------------+
The Group did not issue any new shares in the six months to 31 December 2009.
Subsequent to 31 December the Group has finalised a capital raising program and
issued 32,400,000 new ordinary shares of 3p each for a gross cash consideration
of GBP822,000.
The Group holds 200,000 of its own shares. The consideration paid for these
shares was recognised as a deduction from shareholders' equity as a separate
reserve "own shares held".
9. Dividend
No dividend was paid or proposed in respect of the year ended 30 June 2009
(2008: no dividend for the year to 30 June 2008).
10. Interim Report
Copies of the Interim Report can be obtained from the Group's head and
registered off: 19/20 Grosvenor Street, London W1K 4QH and are available to
download from Radicle's website www.radicleprojects.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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