Half Yearly Report

RNS Number : 3197T

Levrett PLC

29 March 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                                                                     29 March 2016

Levrett Plc

("Levrett" or "the Company")

Interim Results

for the period ended 31 December 2015

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 31 December 2015.

Enquiries:

Levrett Plc Pascal Hughes, CEO	[phone]
EGR Broking Limited Leo Godsall / Jonathan Hall	[phone]
Whitman Howard Limited Niall Baird / Nick Lovering	[phone]
Gable Communications Limited John Bick	[phone] [phone] e: [e-mail]

LEVRETT PLC

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2015

Introduction

These are the results for Levrett Plc for the interim period ended 31 December 2015.

The company was incorporated on 10 June 2015 and was admitted to the Official List of the UK Listing Authority on 17 December 2015.

Financial review

In the period to 31 December 2015, the Company recorded a loss of £197,929 (a loss per share of 0.37 pence). This includes certain non-recurring fees from the admission of shares to trading on the Standard List of the Main Market of the London Stock Exchange. The Company continues to be run with a measured and strategic approach to focus expenditure on identifying acquisition targets and performing necessary due diligence. The board does not recommend the payment of a dividend at this time.

Outlook

The recent announcements with regards to Immuno-Oncology advances highlights one example of how the Biotechnology sector in the UK continues to evolve and develop. There are a number of significant opportunities that would make suitable investment targets for Levrett, which was formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector.

The Company has made considerable progress towards identifying such targets focussed on four specific strategic sectors, being; Oncology, Diabetes, Obesity and Mental Health. The Board has reviewed a number of specific targets to date, within the UK, Europe and the United States. Whilst some of these have not met the investment criteria for the Company, the Board continues to review the other opportunities with a view to completing a suitable acquisition.

F J Lidgey

Chairman

29 March 2016

LEVRETT PLC

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2015

		Unaudited
		period ended
		31 December 2015
		£
Revenue		-
Administrative expenses		(197,929)
LOSS BEFORE TAX		(197,929)
Tax		-
LOSS FOR THE PERIOD		(197,929)
Other comprehensive income/(expense)		-
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD		(197,929)

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		(0.37)p

LEVRETT PLC

INTERIM STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31 DECEMBER 2015

		Unaudited
		31 December
		2015
	Notes	£
ASSETS
Current assets
Trade and other receivables		39,691
Cash and cash equivalents		684,901
		724,592
TOTAL ASSETS		724,592
EQUITY AND LIABILITIES
Equity
Share capital	3	95,750
Share premium account		757,010
Retained earnings		(197,929)
Total equity attributable to equity holders of the parent
		654,831
Current liabilities
Trade and other payables		69,761
TOTAL LIABILITIES		69,761
TOTAL EQUITY AND LIABILITIES		724,592

LEVRETT PLC

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2015

		Share
	Share	Premium	Retained
	capital	account	earnings	Total
	£	£	£	£
On Incorporation	-	-	-	-
Total comprehensive expense for the period	-	-	(197,929)	(197,929)
Shares issued in the period	95,750	757,010	-	852,760
Unaudited at 31 December 2015	95,750	757,010	(197,929)	654,831

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.

LEVRETT PLC

INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2015

		Unaudited
		period ended
		31 December 2015
		£
Operating activities
Loss before tax		(197,929)
Changes in working capital:
Increase in trade and other receivables		(39,691)
Increase in trade and other payables		69,761
Net cash used in operating activities		(167,859)
Financing activities
Share issue (net of costs)		852,760
Net cash generated from financing activities		852,760
Taxation		-
Net increase in cash and cash equivalents		684,901
Cash and cash equivalents at the start of the period		-
Cash and cash equivalents at the end of the period		684,901

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 31 DECEMBER 2015

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 29 March 2016.

2         Accounting policies

2.1       Basis of preparation

The interim financial information comprises the Statements of Financial Position at 31 December 2015, the Statements of Comprehensive Income, Changes in Equity and Cash Flows for the period ended 31 December 2015 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 2015) 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 31 DECEMBER 2015

3	Share capital				Unaudited
					period ended
					31 December 2015
					£
	Issued and fully paid
	95,750,000 Ordinary shares issued of £0.001 each				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.

On 7 December 2015, the company issued 50,000,000 founder warrants to the founder shareholders which entitles each warrant holder to subscribe for one ordinary share at 4 pence per share, exercisable any time.

On the same date, the company issued 957,500 warrants to EGR Broking Limited which entitles each warrant holder to subscribe for one ordinary share at 2 pence per share, exercisable any time.

4	Dividends paid and proposed
	Equity dividends on ordinary shares:
	No interim dividend was paid or is proposed for the period ended 31 December 2015.

5	Loss per share

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

						Unaudited
						period ended
						31 December 2015
						£
Loss for the financial period						(197,929)
Weighted average number of shares for diluted loss per share						53,124,390

At 31 December 2015, the number of ordinary shares in issue was 95,750,000.

 

END

 

 

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