Half-year Report

RNS Number : 6719S

Levrett PLC

23 December 2016

 

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF AMERICA OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

For Immediate Release                                                                      23 December  2016

Levrett Plc

("Levrett" or "the Company")

Interim Results

for the period ended 30 September 2016

Levrett, a Company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces its interim results for the period ended 30 September 2016.

Further to the announcement dated 16 September 2016 relating to the possible acquisition of Nuformix Limited, the Company can confirm that the Acquisition is at an advanced stage, subject to the completion of documentation and compliance with all regulatory requirements.

The Company intends to convene a General Meeting in order to seek the shareholder approvals necessary to pursue this opportunity, following publication of the prospectus. Further announcements to shareholders will be made in due course.

Enquiries:

Levrett Plc Pascal Hughes, CEO	[phone]
Whitman Howard Limited (Broker and Corporate Advisor) Niall Baird / Nick Lovering	[phone]
Gable Communications Limited (Financial PR) John Bick	[phone] [phone] e: [e-mail]

LEVRETT PLC

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 30 September 2016

Introduction

These are the results for Levrett Plc for the interim period ended 30 September 2016.

Financial review

In the six months to 30 September 2016, the Company recorded a loss for the period of £510,957 (a loss per share of 0.53 pence). This includes certain fees in relation to the identification of Nuformix Limited as a possible acquisition target, and subsequent due diligence and advisory fees relating to this transaction.

Transaction Update

Further to the announcement dated 16 September 2016 relating to the possible acquisition of Nuformix Limited, the Company can confirm that the Acquisition is at an advanced stage, subject to the completion of documentation and compliance with all regulatory requirements.

The Company intends to convene a General Meeting in order to seek the shareholder approvals necessary to pursue this opportunity, following publication of the prospectus. Further announcements to shareholders will be made in due course.

F J Lidgey

Chairman

23 December 2016

LEVRETT PLC

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 September 2016

		Unaudited	Audited
		period ended	period ended
		30 September 2016	31 March  2016
		£	£
Revenue		-	-
Administrative expenses		(510,957)	(350,420)
LOSS BEFORE TAX		(510,957)	(350,420)
Tax		-	-
LOSS FOR THE PERIOD		(510,957)	(350,420)
Other comprehensive income/(expense)		-	-
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD		(510,957)	(350,420)

Loss before tax and total comprehensive expense for the period are all attributable to the equity shareholders of the company.

Loss per share
Basic and diluted		(0.0053)	(0.0058)

 

LEVRETT PLC

INTERIM STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 September 2016

		Unaudited	Audited
		30 September	31 March
		2016	2016
	Notes	£	£
ASSETS
Current assets
Trade and other receivables		35,310	42,578
Cash and cash equivalents		111,358	502,213
		146,668	544,791
TOTAL ASSETS		146,668	544,791
EQUITY AND LIABILITIES
Equity
Share capital	3	95,750	95,750
Share premium account		737,440	737,440
Share Option Reserve		19,570	19,570
Retained earnings		(861,377)	(350,420)
Total equity attributable to equity holders of the parent
		(8,617)	502,340
Current liabilities
Trade and other payables		155,285	42,451
TOTAL LIABILITIES		155,285	42,451
TOTAL EQUITY AND LIABILITIES		146,668	544,791

LEVRETT PLC

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 September 2016

		Share	Share
	Share	Premium	Option	Retained
	capital	account	Reserve	earnings	Total
	£	£	£	£	£
On Incorporation	-	-	-	-	-
Total comprehensive expense for the period	-	-	-	(350,420)	(350,420)
Shares issued	95,750	737,440	-	-	833,190
Grant of Share Options	-	-	19,570	-	19,570
Balance at 31 March 2016	95,750	737,440	19,570	(350,420)	502,340
Total comprehensive expense for the period	-	-	-	(510,957)	(510,957)
Balance at 30 September 2016	95,750	737,440	19,570	(861,377)	(8,617)

All equity is attributable to equity shareholders of the company.

Share premium

Represents amounts subscribed for share capital in excess of its nominal value, net of directly attributable issue costs.

Share Option Reserve

Represents the fair value of options issued.

LEVRETT PLC

INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 September 2016

		Unaudited	Audited
		period ended	period ended
		30 September 2016	31 March 2016
		£	£
Operating activities
Loss before tax		(510,957)	(350,420)
Changes in working capital:
Increase in trade and other receivables		7,268	(42,578)
Increase in trade and other payables		112,834	42,451
Net cash used in operating activities		(390,855)	(350,547)
Financing activities
Share issue		-	852,760
Net cash generated from financing activities		(390,855)	502,213
Taxation		-	-
Net increase in cash and cash equivalents		(390,855)	502,213
Cash and cash equivalents at the start of the period		502,213	-
Cash and cash equivalents at the end of the period		111,358	502,213

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

1          General information

Levrett Plc is a publicly listed company incorporated and domiciled in England. The address of its registered office is Suite 31. 2^nd Floor, 107 Cheapside, London, EC2V 6DN.

        The Company is listed on the Official List.

               This interim financial information was approved for issue on 23 December 2016.

2         Accounting policies

2.1       Basis of preparation

The interim financial information comprises the Statements of Financial Position at 30 September 2016, the Statements of Comprehensive Income, Changes in Equity and Cash Flows for the period ended 30 September 2016 and the related notes of Levrett Plc, (hereinafter referred to as 'the interim financial information).

The interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.  In preparing this information, management have used the accounting policies set by the Company.

This interim financial information does not constitute a set of statutory accounts under the requirements of the Companies Act 2006 and is neither audited nor reviewed. 

This document (the Interim Statement 2016) will be published on the company's website and will be publicly available from the London Stock Exchange regulatory publications.  The maintenance and integrity of the Levrett Plc website is the responsibility of the directors.  Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

2.2        Going concern

     These financial statements have been prepared on the going concern basis based on the current cash flow projections for the following twelve months.

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

3	Share capital				Unaudited	Audited
					period ended	period ended
					30 September 2016	31 March 2016
					£	£
	Issued and fully paid
	95,750,000 Ordinary shares issued of £0.001 each				95,750	95,750
					95,750	95,750

On Admission to the Official List, 45,750,000 of the above issued share capital was placed at a price of £0.02 per share with the premium (net of the issue costs) being shown in the share premium account.

4	Dividends paid and proposed
	Equity dividends on ordinary shares:
	No interim dividend was paid or is proposed for the period ended 30 September 2016.

5	Loss per share

The calculations of loss per share are based on the following results and number of shares:

						Unaudited	Audited
						period ended	period ended
						30 September 2016	31 March 2016
						£	£
Loss for the financial period						(510,957)	(350,420)
Weighted average number of shares for diluted loss per share						95,750,000	60,090,214

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

6       Share Options and Warrants

             The following table sets out the details of the warrants granted:

				Number of
				options at 31 March 2016 and
				30 September	Exercise	Expiry
	Warrant holder			2016	price	date
	EGR Broking Limited			957,500	2p	12/07/17
	Rampart Management Limited			12,000,000	4p	07/12/18
	Ambeson Limited			11,000,000	4p	07/12/18
	James Bligh			10,000,000	4p	07/12/18
	Pascal Hughes			5,000,000	4p	07/12/18
	OBB Trading Limited			3,000,000	4p	07/12/18
	Dielle Regan			2,500,000	4p	07/12/18
	Robert Regan			2,500,000	4p	07/12/18
	Jack Dibble			1,400,000	4p	07/12/18
	Fulcrum Management Services			1,000,000	4p	07/12/18
	Anthony Reeves			1,000,000	4p	07/12/18
	GB Trust Co Limited			600,000	4p	07/12/18
				----------------
				50,957,500
				==========

 

END

 

 

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