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Henderson Morley PLC (HML)

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Wednesday 23 September, 2009

Henderson Morley PLC

Final Results

RNS Number : 4965Z
Henderson Morley PLC
23 September 2009
 

   23 September 2009

 

HENDERSON MORLEY PLC

(AIM: HML)

 

FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2009

 

The Board of Henderson Morley plc ('Henderson Morley' or 'the Company'), the AIM quoted drug discovery company, announces its final results for the year to 30 April 2009. 

 

HIGHLIGHTS

  • First revenues from vaccine against Eel Herpes virus (EHV) will be received during the next eel fishing season which runs from November to April.

  • In discussions with commercial partners to out-license Feline Herpes Virus ('FHV') development candidate and Canine Cancer Immunotherapy.

  • The Company currently has 47 granted patents with 45 pending.

  • Losses before tax fell to £1,103,106

  • Revenues grew to £80,019

 

POST PERIOD EVENTS

  • Successfully raised £625,000 via an Open Offer.

  • Grant application submitted to the US government funded National Institute of Health. This could secure non-dilutive funding to further develop the Cytomegalovirus ('CMV') Vaccine.

  • Koi Herpes Virus ('KHV ') vaccine field study has produced positive results.

  • Discussions continuing regarding the divestment of ICVT.

 

Commenting on today's results, Executive Chairman, Andrew Knight said: 'Our long term strategy remains on consolidating as a pure play vaccine company by 2011. We believe that this is a period of great opportunity for Henderson Morley, as we continue to work on building shareholder value through divestment as well as licensing and collaboration.'

 

 

 

---ENDS---

 

ENQUIRIES:

 

HENDERSON MORLEY PLC                                            0121 442 4600

Andrew Knight, Chairman            

 

BISHOPSGATE COMMUNICATIONS LTD                          0207 562 3350

Maxine Barnes
Gemma O'Hara

 

BREWIN DOLPHIN INVESTMENT BANKING                     0113 241 0126

Neil Baldwin

RIVINGTON STREET CORPORATE FINANCE LTD             020 7562 3380
Monisha Varadan

 

Further information on Henderson Morley plc can be accessed through the Company's website at www.henderson-morley.com 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Chairman's Statement for the Year Ended 30 April 2009

 

Financial Summary

 

Turnover for the period under review was £80,019 (2008:£16,468) which, after expenses and R&D costs, showed a pre tax loss of £1,103,106 (2008: £1,304,528). Cash at Bank as at 30 April 2009 was £49,999 (2008: £701,269). The total number of shares in issue at 30 April 2009 was 721,261,963. (2008: 575,261,963). The total number of shares in issue now is 1,004,697,463 (2008: 721,261,963).

 

Overview

 

In June 2009, the Company successfully raised £625,000 via an Open Offer, which was well received by shareholders. Given the strong level of demand from shareholders, the proposed underwriting by Directors was not drawn upon. However, all of the Company's Executive Directors participated in the Offer and continue to support the Company. As such no Board member has sold any shares other than to their SIPPs since the Company was founded.  

 

Grant Applications

 

The Company was pleased to confirm that it had submitted a grant application to the US government funded National Institute of Health ('NIH'). The aim is to secure non-dilutive funding to further develop the Cytomegalovirus ('CMV') Vaccine candidate (part of the PREPS and L-particles vaccine platform). The development of a vaccine for CMV is a priority for the NIH and has been identified as a pathogen that has a significant impact on public health.

 

The Australian Centre for Vaccine Development is leading Australian research centre. It believes that the combination of Henderson Morley's technology and the vaccine design expertise of the Queensland Institute of Medical Research (QIMR), Australia, constitutes a unique and powerful approach to the development of a vaccine for CMV. The Poly-L particle approach, patented by Henderson Morley, is unparalleled globally.

 

Animal Health Division

 

Aqua Health

 

Koi Herpes Virus ('KHV')

 

In August 2009, we announced the results of the study in which eight different vaccine candidates were investigated. These candidates were formulated to examine the effects of different doses of vaccines, the addition of purified virus particles and the formulation of candidates with different adjuvants (components of the vaccine that boost immune responses). Additionally, different combinations of adjuvants, which we believe have never been used in fish vaccines before, were also examined.

 

Ten groups of Koi carp were held in isolated tanks each with individual water supplies, of which eight groups were vaccinated with candidate vaccines. One group received no vaccine (negative control), and another group were survivors of prior KHV infection, (positive controls).

 

Results 

 

The unvaccinated negative control group died from KHV infection, as did the fish in some of the unsuccessful low dose vaccine groups. The Board is very pleased that in two of the vaccine groups, 96% and 93% of the vaccinated fish survived, and remained healthy following the virus challenge and for the month following the virus challenge. Other vaccine groups had 76% and 79% survival; however these candidates are not being selected for further development.

 

The next stage will be for the Company to create an in depth report on these findings for submission to Schering Plough for their consideration. 

 

Vaccine against Eel Herpes virus (EHV)

 

The Company has a vaccine under development for glass eels, designed to protect the fish from EHV infection. This year, there has been a significant reduction in wild catches, consequently heightening the need for a vaccine that may reduce losses from infections.

 

Demand will be underpinned by the fact that each year small and immature glass eels are captured in the rivers of (predominantly) EnglandFrance and Spain, to be grown on in farms to produce eels for human consumption. The growth of these captured eels is time consuming, expensive and prone to losses due to infections including EHV, therefore farmers seek to minimise losses of their fish by vaccination where and when available. It is anticipated that the first revenues from this vaccine will be received during the next eel fishing season which runs from November to April. 

 

Feline Herpes Virus ('FHV')

 

The market for treating Feline Herpes Infections in cats and nursing kittens is one of considerable unmet veterinary medical need. We are currently in discussions with more than one commercial partner to out-license this development candidate. These discussions have been initiated in conjunction with our regulatory advisers. They have recommended to us to await signature of a commercial licence, prior to closure of the trial, so that any protocol changes or additions from a licensee may be incorporated into the study. These discussions are ongoing and we will update the market with further information.

 

Cancer Immunotherapy - Canine

 

We propose to start a study during the remainder of 2009 which will be carried out by scientists at the Colorado State University. This study will examine PREPS and L-Particles that have been engineered to express a lymphoma antigen and will examine the safety and efficacy of the vaccine. Again, we are in discussions with a number of companies to effect a licence to take this treatment forwards. 

 

Human Health Division

 

The Australian Centre for Vaccine Development (ACVD)

 

The collaborative research agreement signed with ACVD to participate in the continuing development of a vaccine targeted at preventing Cytomegalovirus (CMV) and Epstein Barr (EBV) virus diseases. As referred to above, the Company and the ACVD have jointly applied for a grant to assist with the development of this project and we await confirmation that this application has been successful.

 

Patent Update

 

We continue to extend and protect our patent portfolio and I am pleased to advise shareholders that we now have 47 granted patents with 45 pending and one allowed but not yet granted.

 

Outlook

 

As I outlined in my letter to shareholders in the Offering Document in June, our long term strategy is to consolidate as a pure play vaccine company by 2011. The first stage in this process is the divestment of ICVT and we continue to negotiate with potential partners who are undertaking due diligence. We also intend to divest the Animal Health division in the medium term as previously advised in the Offering Document.

 

We believe that this is a period of great opportunity for Henderson Morley, as we continue to work on building shareholder value through divestment as well as licensing and collaboration. 

 

ANDREW KNIGHT

Executive Chairman

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Consolidated Income Statement

for the Year Ended 30 April 2009

 

 

 

 

 

 

 

30.4.09

 

30.4.08

 

Notes

 

£

 

£

 

 

 

 

 

 

CONTINUING OPERATIONS 

 

 

 

 

 

Revenue 

2

 

80,019

 

16,468

 

 

 

 

 

 

Cost of Sales 

 

 

  -

 

  (503)

 

 

 

 

 

 

GROSS PROFIT 

 

 

80,019

 

15,965

 

 

 

 

 

 

Administrative expenses 

 

741,125

 

839,163

 

Research and development 

 

451,725

 

 528,118

 

Total administrative expenses 

 

 

(1,192,850)

 

(1,367,281)

 

 

 

 

 

 

OPERATING LOSS 

 

 

(1,112,831)

 

(1,351,316)

 

 

 

 

 

 

Finance costs 

4

 

(55)

 

(617)

 

 

 

 

 

 

Finance income 

4

 

  9,780

 

  47,405

 

 

 

 

 

 

LOSS BEFORE TAX being the retained loss for the year attributed to the members of Henderson Morley Plc. 

5

 

(1,103,106)

 

(1,304,528)

 

 

 

 

 

 

Tax 

6

 

  92,798

 

  98,857

 

 

 

 

 

 

LOSS FOR THE YEAR 

 

 

(1,010,308)

 

(1,205,671)

 

 

 

 

 

 

Earnings per share expressed in pence per share: Basic & Diluted 

7

 

  (0.17p)

 

  (0.24p)

 

 

 

 

 

 

 

 

All amounts relate to continuing activities.

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Consolidated Balance Sheet

as at 30 April 2009

 

 

 

Notes

30.4.09

£

30.4.08

£

ASSETS

NON-CURRENT ASSETS

 

 

 

Goodwill

8

58,964

58,964

Intangible assets

9

26,560

31,872

Property, plant and equipment

10

  117,896

  166,133

 

 

  203,420

  256,969

 

 

 

 

CURRENT ASSETS

 

 

 

Inventories

12

200

200

Trade and other receivables

13

73,353

99,293

Tax receivable

 

92,798

98,857

Cash and cash equivalents

14

  49,999

  701,269

 

 

  216,350

  899,619

 

 

 

 

LIABILITIES

CURRENT LIABILITIES

 

 

 

Trade and other payables

15

201,251

199,614

Financial liabilities - borrowings

  Bank overdrafts

16

  -

  1,483

 

 

  201,251

  201,097

NET CURRENT ASSETS

 

  15,099

  698,522

 

 

 

 

NET ASSETS

 

  218,519

  955,491

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

Called up share capital

18

901,578

719,078

Share premium

19

6,398,347

6,307,511

Retained earnings

29

(7,081,406)

  (6,071,098)

TOTAL EQUITY

23

  218,519

  955,491

 

 

 

HENDERSON MORLEY PLC

 

Parent Company Balance Sheet

As at 30 April 2009

 

 

 

Notes

30.4.09

£

30.4.08

£

ASSETS

NON-CURRENT ASSETS

 

 

 

Investments

27

130,145

  130,145

 

 

 

 

CURRENT ASSETS

 

 

 

Trade and other receivables

13

146,509

210,529

Cash and cash equivalents

14

  13,095

  685,998

 

 

  159,604

  896,527

 

 

 

 

LIABILITIES

CURRENT LIABILITIES

 

  -

  -

NET ASSETS

 

  289,749

1,026,672

 

SHAREHOLDERS' EQUITY

 

 

 

Called up share capital

18

901,578

719,078

Share premium

19

6,398,347

6,307,511

Retained earnings

29

(7,010,176)

(5,999,917)

TOTAL EQUITY

24

  289,749

  1,026,672

 

    

 


HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Statement of Changes in Equity 

30 April 2009

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

Called up

share

capital

£

Share

premium

account

£

Retained

Earnings

 

£

Total Equity

 

 

£

 

Balance 30 April 2007 

614,911

5,940,641

(4,865,427)

1,690,125

Issue of shares (net of issue costs)

  104,167

  366,870

  -

  471,037

Loss for the year 

  -

  -

(1,205,671)

(1,205,671)

Balance 30 April 2008 

  719,078

  6,307,511

(6,071,098)

  955,491

Issue of shares (net of issue costs)

182,500

90,836

-

273,336

Loss for the year

_______-

________-

(1,010,308)

(1,010,308)

Balance 30 April 2009

  901,578

  6,398,347

(7,081,406)

  218,519

 

 

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Consolidated Cash Flow Statement

for the Year Ended 30 April 2009

 

 

 

 

30.4.09

30.4.08

 

Notes

£

£

Cash flow from operating activities 

 

 

 

Cash generated from operations 

1

(1,021,999)

(1,227,185)

Interest paid 

 

(55)

(617)

Tax credits received 

 

  98,857

   77,679

 

 

 

 

Net cash from operating activities 

 

 (923,197)

(1,150,123)

 

 

 

 

 

 

 

 

Cash flows from investing activities 

 

 

 

Purchase of tangible fixed assets 

 

(15,549)

  (161,508)

Sale of tangible fixed assets 

 

3,328

1,400

Interest received 

 

  9,780

   47,405

 

 

 

 

Net cash from investing activities 

 

  (2,441)

  (112,703)

 

 

 

 

Cash flows from financing activities 

 

 

 

Amount introduced by directors 

 

2,515

21,426

Issue of new shares net of expenses

 

  273,336

  471,037

 

 

 

 

Net cash from financing activities 

 

  275,851

     492,463

 

 

 

 

(Decrease)/Increase in cash and cash equivalents 

 

(649,787)

(770,363)

Cash and cash equivalents at beginning of 

year 

2

  699,786

  1,470,149

 

 

 

 

Cash and cash equivalents at end of year 

2

  49,999

  699,786

 

 

 

 

 

 

 

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 April 2009

 

 

 

1.

RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM OPERATIONS

 

 

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Operating Loss 

(1,112,831)

(1,351,316)

 

Depreciation charges

66,602

74,512

 

Profit on disposal of fixed assets

  (832)

  (725)

 

 

 

 

 

 

(1,047,061)

(1,277,529)

 

Decrease in inventories

-

200

 

(Increase)/Decrease in trade and other receivables

25,940

(51,476)

 

Increase/(Decrease) in trade and other payables

(878)

101,620

 

 

 

 

 

Cash generated from operations 

(1,021,999)

(1,227,185)

 

 

 

 

2.

CASH AND CASH EQUIVALENTS 

 

 

 

 

 

 

 

The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet amounts: 

 

 

 

 

 

 

 

Year ended 30 April 2009

 

 

 

 

30.4.09

1.5.08

 

 

£

£

 

Cash and cash equivalents 

49,999

701,269

 

Bank overdrafts 

  -

  (1,483)

 

 

 

 

 

 

  49,999

  699,786

 

 

 

 

 

Year ended 30 April 2008

 

 

 

 

30.4.08

1.5.07

 

 

£

£

 

Cash and cash equivalent 

701,269

1,478,460

 

Bank overdraft 

  (1,483)

  (8,311)

 

 

 

 

 

 

  699,786

  1,470,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The financial statements were approved by the Board of Directors on 22 September 2009 and were signed on its behalf by: 

 

A N Knight
Executive Chairman

 

 

  

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

1.    ACCOUNTING POLICIES

 

            Basis of Accounting

 

The financial report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS).

 

The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB') at 30 April 2009 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ('IFRIC') at 30 April 2009. The group has not availed itself of early adoption options in such standards and interpretations. 

 

As discussed in the Directors Report on Pages 4 to 9 the validity of the going concern basis will depend on the ability of the directors to arrange further funding to support the activities of the subsidiary undertaking, Henderson Morley Research and Development Limited, or to obtain income from the sale of some of its intellectual property rights and associated know how so that its products under development can achieve commercial success. The Directors are confident that the group will be able to raise appropriate funding or to make such a sale and accordingly have prepared these accounts on a going concern basis

 

The financial statements have been prepared under the historical cost basis and are presented in sterling. The principal accounting policies adopted are set out below:

 

New standards and Interpretations of existing standards that are not yet effective and have not been early adopted by the group. 

                             

International Accounting Standards (IFRS/IAS)     

 

IFRS 2

Share Based Payments

IFRS 3

Business Combinations

IFRS 5

Non current assets held for sale and discontinued operations

IFRS 8 

Operating Segments, Segment information should be presented on the same basis as that used for internal reporting purposes

IAS 1

Presentation of Financial Statements (revised 2007)

IAS16

Property plant and equipment 

IAS 26

Impairment of assets 

IAS 27

Group and Separate Financial Statements 

IAS 28

Investments in associates 

IAS 32

Financial Instruments: Disclosure and Presentation

 

IFRIC Interpretations

 

IFRIC 11 

Group and Treasury Share Transactions  

IFRIC 12

Service Concessions Arrangements

IFRIC 13 

Customer Loyalty programmes

 

The Group does not anticipate that the adoption of these standards and interpretations will have a material impact on the Group's financial statements on adoption. 

 

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 30 April each year. Control is achieved where the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities.

 

The group does not disclose transactions or balances between Group entities that are wholly eliminated on consolidation.

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

 

1.    ACCOUNTING POLICIES - Continued 

 

            Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and amounts received in accordance with licensing agreements.

 

            Research and Development

The group considers that the regulatory, technical and market uncertainties inherent in the development of new products mean that internal development costs should not be capitalised as intangible non-current assets until commercial viability of a project is demonstratable and appropriate resource is in place to launch the products. Except in those circumstances, research and development expenditure is expensed as incurred.

 

            Taxation

            The tax charge or credit represents the sum of the current and deferred tax.

 

Current tax is provided as amounts expected to be paid or recovered using the tax rates and laws 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 amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally 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. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

 

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that sufficient taxable profits will be available to allow all, or part, of the asset to be recovered.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

 

            Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets are not capitalised until commercial viability of a project is demonstrable and appropriate resource is in place to launch the product. Except in those circumstances expenditure is charged against profit in the year in which the expenditure is incurred. Intangible assets with a future useful life are amortised over their useful economic lives. The intangible assets residual values, useful lives and methods of valuation are reviewed and adjusted, if appropriate, at each financial period end.

 

For intangible assets with finite useful lives, amortisation is calculated so as to write off the cost of an asset less its estimated residual value over its useful economic life as follows:

 

           Know how, patents and licences - over 10 years.

 

            Goodwill

Goodwill arising on consolidation represents the excess cost of acquisition over the group's interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition.

 

 

1.   ACCOUNTING POLICIES - Continued 

 

Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Goodwill arising on acquisition before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.

 

            Impairment of tangible and intangible assets excluding goodwill 

Intangible and tangible assets are reviewed for impairment both annually and when there is an indication that an asset may be impaired when events of changes in circumstances indicate that carrying value may not be recoverable. The recoverable amount of the asset is calculated, this being the higher of the assets fair value less costs to sell and its value in use. Where the carrying amount exceeds the recoverable amount, the intangible assets are considered impaired and written down to their recoverable amounts. 

 

            Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.

 

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives on the following bases:

 

          Equipment and fixtures  

25% per annum on reducing balance 

          Leasehold property  

Straight line over 10 years

   

 

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income.

 

            Leases

            Rentals under operating leases are charged against profit as incurred.

 

            Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

 

Share based payments

The only share based payments of the group are equity settled Share options. Options have been granted over the ordinary shares of Henderson Morley to employees and advisors. All options granted had an exercise price of either market value or above at the date of grant. Taking into account all the terms and conditions upon which the options are granted the Directors believe that a fair value for such shares does not exceed the exercise price. As a consequence the amount recognised as an expense and as a share based payment reserve is £Nil.

 

            Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Cost is calculated using the first in first out (FIFO) basis. Net realisable value represents the estimated selling price less all estimated costs to be incurred in marketing and selling.

 

            Trade receivables

Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.

 

           Trade payables

           Trade payables are not interest-bearing and are stated at their nominal value.

 

            Employee benefit costs 

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. 

 

 

1.   ACCOUNTING POLICIES - Continued 

 

            Financial Liabilities

 

Financial liabilities and equity instruments are classified according to the substance of the contractual agreements entered in to. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recognised at the amounts of proceeds received net of costs directly attributable to the transaction. To the extent that those proceeds exceed the par value of the shares issued they are credited to share premium account.

 

            Key sources of estimation uncertainty and critical accounting judgements

The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, 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. 

 

            Valuation of intangibles and impairment of goodwill and valuation of intangibles 

 

Determining whether a carrying value of goodwill and the other intangibles is impaired requires an estimation of their values. Although there are uncertain cash flows, the directors consider that there is sufficient value in intellectual property and development to justify the carrying values. Therefore there was no impairment during the year. 

 

In preparing the financial statements of the individual companies, transactions in currencies other than the entity's function currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. 

 

Research and development expenditure was recognised in the income statement during the year. Management made the judgement not to capitalise this expenditure as it did not meet the criteria of IAS 38 in that it related to costs incurred on the development of products which have not been approved from a regulatory point of view at that stage.

 

Dividend policy

The directors currently intend to devote the Company's cash resources to its operations and therefore do not anticipate paying dividends in the near future. They will reconsider the Company's dividend policy as and when the Company is in a position to pay dividends. The declaration and payment by the Company of any dividends will depend on the results of the Group's operations, its financial condition, cash requirements, future prospects, profits available for distribution and other factors deemed to be relevant at the time.

 

 

2.    SEGMENTAL REPORTING

 

The revenue, loss on ordinary activities and net assets of the group are attributable to two business segments, the development of drugs and vaccines for (a) human health purposes and (b) animal health purposes, both of which are undertaken in the United Kingdom. 

 

 

3.   EMPLOYEES AND DIRECTORS 

 

 

30.4.09

30.4.08

 

£

£

Wages and salaries

525,151

534,774

Social security costs

53,046

51,517

Other pension costs 

  1,800

102,600

 

 

 579,997

 

  688,891

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

 

3.

EMPLOYEES AND DIRECTORS (cont..) 

 

 

 

 

 

 

 

 

 

 

 

The average monthly number of employees during the year was as follows 

 

 

 

 

30.4.09

30.4.08

 

 

  No.

No.

 

Research and development

7

6

 

Management and administration 

  3

  3

 

 

 

 

 

 

  10

  9

 

 

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Directors' emoluments 

314,506

303,453

 

Directors' pension contributions to money purchase schemes 

  -

100,800

 

 

 

 

 

 

30.4.09

30.4.08

 

 

No.

No.

 

The number of directors to whom retirement benefits were accruing was as follows: 

 

 

 

 

 

 

 

Money purchase schemes 

  2

  2

 

 

 

 

 

Information regarding the highest paid director is as follows:

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Emoluments etc

136,904

132,924

 

Pension contributions to money purchase schemes 

  -

 50,400

 

 

 

 

 

 

 

 

4.

NET FINANCE INCOME 

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

 

 

 

 

Finance income: 

 

 

 

Deposit account interest 

  9,780

 47,405

 

 

 

 

 

Finance costs: 

 

 

 

Bank interest 

  55

  617

 

 

 

 

 

 

 

 

 

Net finance income 

  9,725

46,788

 

  

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

5.

OPERATING LOSS 

 

 

 

 

 

 

 

 

 

 

 

The loss before tax is stated after charging/(crediting):

 

 

 

 

 

 

 

30.4.09

 

30.4.08

 

 

 

£

 

£

 

Cost of inventories recognised as expense                

 

-

 

503

 

Hire of plant and machinery

 

5,581

 

7,591

 

Depreciation - owned assets

 

61,290

 

69,200

 

Profit on disposal of fixed assets

 

(832)

 

(725)

 

Patents and licences amortisation

 

4,750

 

4,750

 

Auditors' remuneration  

 

- Audit services to the parent company  

- Audit services to the Group  

 

 

2,500

10,000

 

 

 

12,500

 

 

2,000

7,250

 

 

 

9,250

 

Research and Development expenditure (including wages) 

 

451,725

 

528,118

 

Operating lease rentals 

 

27,000

 

27,000

 

Amortisation of know how 

 

562

 

562

 

Finance Cost 

 

617

 

617

 

Finance Income

 

(9,780)

 

(47,405)

 

 

 

 

 

 

6.

TAX

 

 

 

 

 

 

 

 

 

 

 

Analysis of the tax credit 

 

 

 

 

 

 

 

30.4.09

 

30.4.08

 

 

 

£

 

£

 

Current tax: 

 

 

 

 

 

Corporation tax recoverable 

 

(92,798)

 

(98,857)

 

 

 

 

 

 

 

Total tax credit in income statement 

 

(92,798)

 

(98,857)

 

 

 

 

 

 

 

Factors affecting the tax charge 

 

 

 

 

  The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: 

 

 

 

 

 

 

 

 

 

30.4.09

 

30.4.08

 

 

 

£

 

£

 

Loss on ordinary activities before tax 

 

(1,103,106)

 

(1,304,528)

 

 

 

 

 

 

 

Loss on ordinary activities 

Multiplied by the standard rate of corporation tax 

in the UK of 28% (2008-29.800%)

 

(308,870)

 

(388,749)

 

 

 

 

 

 

 

Effects of: 

 

 

 

 

 

Disallowable expenses including leasehold depreciation and goodwill 

 

14,317

 

18,703

 

Capital allowances in excess of depreciation 

 

2,341

 

  (7,094)

 

Research and development surrendered for tax credit

 

108,264

 

122,747

 

Losses arising in the period 

 

183,948

 

254,393

 

Research and development tax credit  

 

(92,798)

 

(98,857)

 

 

 

 

 

 

 

Total tax 

 

(92,798)

 

(98,857)

 

 

 

Effective tax rate 

 

 

 

   8.4%

 

 

   7.6%

 

 

 

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

 

6.       TAX - continued

 

          Factors that may affect future tax charges

Deferred tax assets have not been recognised in respect of timing differences relating to revenue losses as there is insufficient evidence that the assets will be recovered. The amount of the asset not recognised in respect of the revenue losses is £1,574,000 (2008 £1,337,000).These assets would be utilised if the companies was to make future taxable income.

 

There are trading losses of approximately £5.2m (2008 £4.6m) available to carry forward against future tax liabilities.

 

7.    LOSS PER SHARE

 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 

Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.

 

Reconciliations are set out below.

 

 

 

Earnings

£

30.4.09

Weighted

average

number

of

shares

Per- share

amount

pence

Basic and Diluted EPS 

 

 

 

Earnings attributable to ordinary shareholders 

(1,010,308)

611,261,963

(0.17p)

 

 

 

 

 

 

 

 

 

Earnings

£

30.4.08

Weighted

average

number

of

shares

Per- share

amount

pence

Basic and Diluted EPS

 

 

 

Earnings attributable to ordinary shareholders

(1,205,671)

495,809,909

  (0.24p)

 

 

 

 

 

On the 29th June 2009 the company issued a further 283,085,500 shares and on 9th July 2009 350,000 shares following an open offer. This offer raised £626,737 gross, £526,828 after expenses.

 

     HENDERSON MORLEY PLC AND SUBSIDIARY

    UNDERTAKINGS

 

    Notes to the Financial Statements 

    for the Year Ended 30 April 2009

 

 

 

8.

GOODWILL-GROUP 

 

 

 

 

 

 

 

£

 

COST 

 

 

 

 

At 1 May 2008 

 

 

 

 

and 30 April 2009

 

 

147,404

 

 

 

 

 

 

AMORTISATION 

 

 

 

 

At 1 May 2008 

 

 

  88,440

 

Charge for year 

 

 

  -

 

 

 

 

 

 

At 30 April 2008 and 30 April 2009 

 

 

 88,440

 

 

 

 

 

 

NET BOOK VALUE 

 

 

 

 

At 30 April 2009 

 

 

58,964

 

 

 

 

 

 

At 30 April 2008 

 

 

58,964

 

 

 

 

 

 

 

 

 

 

9.

INTANGIBLE ASSETS - GROUP 

 

 

 

 

 

Know

How

£

Patents

and

licences

£

Totals

£

 

COST 

 

 

 

 

At 1 May 2008

  5,620

     47,501

 53,121

 

and 30 April 2009

 

 

 

 

 

 

 

 

 

AMORTISATION 

 

 

 

 

At 1 May 2008

  2,248

  19,001

 21,249

 

Amortisation for year 

  562

     4,750

  5,312

 

 

 

 

 

 

At 30 April 2009 

  2,810

    23,751

26,561

 

 

 

 

 

 

NET BOOK VALUE 

 

 

 

 

At 30 April 2009 

  2,810

  23,750

26,560

 

 

 

 

 

 

At 30 April 2008 

  3,372

  28,500

31,872

 

 

 

 

 

 

 

 

 

 

     

 

 

    HENDERSON MORLEY PLC AND SUBSIDIARY

    UNDERTAKINGS

 

    Notes to the Financial Statements 

    for the Year Ended 30 April 2009

 

 

 

  10.

PROPERTY, PLANT AND EQUIPMENT - GROUP 

 

 

 

 

Leasehold

Property

£

 

Equipment

and

Fixtures

£

 

 

 

Website

£

 

 

 

Totals

£

 

COST 

 

 

 

 

 

At 1May 2008

85,530

247,597

38,600

371,727

 

Additions

-

15,549

-

15,549

 

Disposals 

   -

  (3,328)

    -

   (3,328)

 

 

 

 

 

 

 

At 30 April 2009

  85,530

  259,818

  38,600

383,948

 

 

 

 

 

 

 

DEPRECIATION 

 

 

 

 

 

At 1 May 2008

53,458

113,536

38,600

205,594

 

Charge for year 

24,500

36,790

-

61,290

 

Eliminated on disposal 

  -

  (832)

  -

   (832)

 

 

 

 

 

 

 

At 30 April 2009

 77,958

  149,494

  38,600

 266,052

 

 

 

 

 

 

 

NET BOOK VALUE 

 

 

 

 

 

At 30 April 2009

  7,572

  110,324

  -

117,896

 

 

 

 

 

 

 

At 30 April 2008

 32,072

  134,061

  -

166,133

 

 

 

 

 

 

    

11. IMPAIRMENT OF GOODWILL, INTANGIBLE AND TANGIBLE ASSETS

The Directors have reviewed the carrying value for assets for impairment. In their view, although there are uncertain cash flows, there is sufficient value in intellectual property and development to justify the carrying values bearing in mind long term cash flows anticipated.

 

 12. INVENTORIES - GROUP

  


 
30.4.09
30.4.08
 
£
£
Goods for resale
200
200
 

13. TRADE AND OTHER RECEIVABLES

 

 

30.04.09

30.04.08

 

Parent Undertaking

Group

Parent

Undertaking

Group

Current 

£

£

£

£

Trade Receivables

-

23,553

-

15,150

Other Receivables

-

-

-

3,195

VAT

-

20,956

-

53,334

Prepayments 

-

28,844

-

27,614

Subsidiary Undertaking

146,509

  -

210,529

  -

 

146,509

73,353

210,529

 99,293

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 14. CASH AND CASH EQUIVALENTS

 

 

30.04.09

30.04.08

 

Parent

Undertaking

Group

Parent

Undertaking

Group

 

£

£

£

£

Bank deposit account 

315

-

282,335

282,450

Bank accounts 

12,780

49,999

403,663

418,819

 

13,095

49,999

685,998

701,269

 

 

15. TRADE AND OTHER PAYABLES

 

30.04.09

30.04.08

 

Parent

Undertaking

Group

Parent

Undertaking

 Group

Current

£

£

£

£

Trade Creditors

-

141,518

-

144,188

Social security and other taxes 

-

15,315

-

15,695

Amount owed to related undertakings

-

19,688

-

17,642

Accrued expenses

-

12,511

-

12,385

Directors' current accounts

       -

  12,219

    -

  9,704

 

         -

201,251

  -

199,614

 

 

 

16.

FINANCIAL LIABILITIES - BORROWINGS 

 

 

30.04.09

30.04.08

Terms and debt repayments schedule is within one year or on demand.

 

Parent

Undertaking

£

Group

£

Parent

Undertaking

£

Group

£

 

Current:

 

 

 

 

Bank overdrafts

  -

  -

  -

1,483

 

  -

  -

  -

1,483

 

Bank loans and overdrafts are secured by a personal guarantee from A N Knight, a director of the company, up to a maximum amount of £50,000 (2008 £50,000).

 

The Board provides written objectives, policies and procedures with regards to managing currency and interest risk exposures, liquidity and credit risk including guidance on the use of certain derivate and non derivate financial instruments. 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

16 FINANCIAL LIABILITIES - BORROWINGS (cont.)

 

Credit risk

Currently Henderson Morley has little exposure to credit risk relating to receivables as its sale of goods and services are on a very limited scale. The credit risk is regarded as limited because the counterparties are banks or other institutions with high credit ratings. 

 

Interest rate and liquidity risk 

The Group is principally funded by equity and invests in short - term deposits, having access to these funds at short notice. The group's policy throughout the period has been to minimise interest rate risk by placing funds in low risk cash deposits but also to maximise the return on funds placed on deposit. 

 

All cash deposits attract a floating rate of interest. The benchmark rate for determining interest receivable and floating rate assets is linked to the UK base rate. 

 

Foreign currency risk

The Group has little exposure to foreign currency risk as the majority of transactions are conducted in sterling and only nominal amounts are maintained in foreign currency accounts. 

 

Fair value

There were no material differences between the book value of financial instruments and their fair value at 30 April 2009 or 30 April 2008. 

 

17.

LEASING AGREEMENTS - GROUP 

 

 

Total commitments under non-cancellable operating leases are as follows: 

 

 

Land and Buildings 

 

 

30.4.09

30.4.08

 

 

 

 

£

£

 

Within one year 

 

 

27,000

27,000

 

Between one and five years 

 

 

108,000

108,000

 

Over 5 years 

 

 

132,750

159,750

 

 

 

 

 

 

18.

CALLED UP SHARE CAPITAL 

 

 

 

 

 

 

 

 

 

 

 

Authorised:

 

 

 

 

 

Number:

 

1,200,000,000 

(30.4.08 - 800,000)

Class

 

Ordinary shares 

Nominal

Value

.125p

30.4.09

£

1,500,000

30.4.08

£

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Allotted, issued and fully paid:

 

 

 

 

 

Number: 

 

721,261,963

(30.4.08-575,261,963)

Class 

 

Ordinary shares

Nominal

Value

.125p

30.4.09

£

901,578

30.4.08

£

719,078

 

 

 

 

 

 

 

On the 30 January 2009 the company issued 146,000,000 ordinary shares of 0.125p each at a value of 0.2p each raising £273,336 after expenses.

 

On the 29th June 2009 the company issued a further 283,085,500 shares and on 9th July 2009 350,000 shares following an open offer. This offer raised £626,737 gross, £526,828 after expenses.

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

 

19.

SHARE PREMIUM - GROUP AND COMPANY

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Brought forward

6,307,511

5,940,641

 

Cash share issue

109,500

395,834

 

Expenses of Share Issue

(18,664)

(28,964)

 

 

6,398,347

6,307,511

 

    20Share Based Payments

 

The Group operates both unapproved option schemes and schemes under the Enterprise Management Incentive regime over the Ordinary Shares of Henderson Morley Plc.

 

The movement in share options during the year were as follows:

 

 

No.

At

Options 

At

Exercise

Earliest

Options

Expiry

 

 

1 May

Granted

30 April

Price

Date

Vested

Date

 

 

2008

 

2009

(pence)

Exercisable

 

 

 

 

No.

 

No.

 

 

 

 

Directors

 

 

 

 

 

 

 

 

A N  Knight

(1)

5,600,000

-

5,600,000

2.00

1.3.2005

yes

28.2.2010

A N Knight

(1)

1,577,000

-

1,577,000

2.25

1.5.2007

yes

30.4.2012

A N Knight

(2)

923,000

-

923,000

2.25

1.5.2007

yes

30.4.2012

I S Pardoe

(1)

5,600,000

-

5,600,000

2.00

1.3.2005

yes

28.2.2010

I S Pardoe

(1)

1,577,000

-

1,577,000

2.25

1.5.2007

yes

30.4.2012

I S Pardoe

(2)

923,000

-

923,000

2.25

1.5.2007

yes

30.4.2012

MW Fowler

(2)

400,000

-

400,000

2.00

1.3.2005

yes

28.2.2010

CR Pate

(2)

1,200,000

-

1,200,000

2.00

1.3.2005

yes

28.2.2010

CR Pate

(2)

800,000

-

800,000

2.25

1.5.2007

yes

30.4.2012

Others

 

 

-

 

 

 

 

 

C Hartley

(1)

400,000

-

400,000

2.00

1.3.2005

yes

28.2.2010

C Hartley

(1)

2,000,000

-

2,000,000

1.50

26.5.2005

yes

25.5.2009

C Hartley

(1)

2,900,000

-

2,900,000

2.25

1.5.2007

yes

30.4.2012

C Hartley

(2)

2,700,000

-

2,700,000

2.25

1.5.2007

yes

30.4.2012

M Hartley

(1)

160,000

-

160,000

2.00

1.3.2005

yes

28.2.2010

M Hartley

(1)

1,100,000

-

1,100,000

2.25

1.5.2007

yes

30.4.2012

U Patel

(1)

80,000

-

80,000

2.00

1.3.2005

yes

28.2.2010

U Patel

(1)

420,000

-

420,000

2.25

1.5.2007

yes

30.4.2012

M Jordan

(2)

1,600,000

-

1,600,000

2.00

1.3.2005

yes

28.2.2010

M Jordan

(2)

1,000,000

-

1,000,000

1.50

26.5.2005

yes

25.5.2009

R Roberts

(2)

500,000

-

500,000

3.70

28.4.2007

yes

28.2.2010

J Burden

(1)

1,250,000

 

1,250,000

1.65

14.12.2007

yes

13.12.2014

E Surgate

(1)

1,000,000

 

1,000,000

1.65

14.12.2007

yes

13.12.2014

A Wood

(1)

1,000,000

 

1,000,000

1.65

14.12.2007

yes

13.12.2014

 

 

 

 

 

 

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements 

for the Year Ended 30 April 2009

 

20.

Share Based Payments (cont.) 

 

 

 

 

30.04.09

£

30.04.08

£

  (1)

  (2)

 

Under the Enterprise Management Incentive Regime 

 

Unapproved 

 

 

 

 

 

 

 

The amounts charged to the group were as follows

 

 

 

 

 

 

 

Share based payments 

  -

  -

 

 

 

 

 

The resulting reserves were as follows: 

 

 

 

 Share based payment reserve 

  -

  -

 

The options granted during the year and still outstanding at 30 April 2009 had a weighted average exercise price of 2.04p, a weighted average remaining contractual life of 738 days and a weighted average expected life of 738 days. The aggregate of the estimated fair values of the options at grant date was £Nil. The weighted average of those fair values was £Nil.

 

 

 

 

21.

CAPITAL COMMITMENTS 

 

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Contracted but not provided for in the 

financial statements 

 

  - 

 

  -

 

 

22.    TRANSACTIONS WITH DIRECTORS

 

A Knight is owed £4,214 (2008 £3,699) at the year end as he made an interest free loan to the company.

 

I S Pardoe is owed £8,005 (2008 £6,005) at the year end as he made an interest free loan to the company.

 

 

23.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - GROUP 

 

 

30.4.09

30.4.08

 

 

£

£

 

Loss for the financial year 

(1,010,308)

(1,205,671)

 

Shares allotted

182,500

104,167

 

Share premium 

90,836

366,870

 

 

 

 

 

Net (reduction)/addition to shareholders' funds 

(736,972)

(734,634)

 

Opening shareholder' funds

955,491

1,690,125

 

 

 

 

 

Closing shareholders' fund 

218,519

955,491

 

 

 

 

 

Equity interest 

218,519

955,491

 

 

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

Notes to the Financial Statements

for the Year Ended 30 April 2009

 

 

24.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - COMPANY

 

 

 

30.4.09

30.4.08

 

 

£

£

 

Loss for the financial year 

(1,010,259)

(1,180,772)

 

Share allotted 

182,500

104,167

 

Share premium 

90,836

366,870

 

 

 

 

 

Net addition/(reduction) to shareholders' funds 

(736,923)

(709,735)

 

Opening shareholders' funds 

1,026,672

1,736,407

 

 

 

 

 

Closing shareholders' funds 

289,749

1,026,672

 

 

 

 

 

Equity Interests

289,749

1,026,672

 

 

 

 

25.  PROFIT OF HOLDING COMPANY

 

As permitted by section 408 of the Companies Act 2006 the profit and loss account of the Parent Company is not presented as part of these financial statements. The Parent Company's loss for the year is £1,010,259 (2008 £1,180,772)

 

 

26.  PENSION SCHEME

 

The company paid contributions amounting to £1,800 (2008 £1,800) to a personal pension in respect of one (2008 one) of its employees in addition to the payments in respect of directors. 

 

 

27

FIXED ASSET INVESTMENT - COMPANY 

 

 

£

 

COST 

 

 

At 30 April 2008 and 30 April 2009 

130,145

 

 

 

 

NET BOOK VALUE 

 

 

At 30 April 2008 and 30 April 2009

130,145

 

 

 

 

Unlisted investments 

130,145

 

 

        The subsidiaries owned by Henderson Morley Plc at 30 April 2009 are:

 

 

Incorporated in

% of Ordinary Shares held by the Group

 

 

 

Henderson Morley Research and Development Limited

England

100

Exanol Limited

England

100

Sci Tech Limited

England

100

Frost and Simpson Limited

England

100

Henderson Morley Biomarine Limited

Republic of Ireland

75

 

 

Henderson Morley Research and Development Limited's trading activity is the research and development of drugs and vaccines for the pharmaceutical industry and has been included in the consolidated results.

 

All other companies have been dormant throughout the year.

 

 

 

 

 

HENDERSON MORLEY PLC AND SUBSIDIARY

UNDERTAKINGS

 

Notes to the Financial Statements 

for the Year Ended 30 April 2009

28.    RELATED PARTY DISCLOSURES

 

        During the year, payments were made to the following:-

 

1) Southern Metropolitan and Memphis Properties (private unlimited companies which are controlled by A. Knight) as follows:-

 

 

 

 

2009

£

2008

£

 

Rent-Memphis Properties

27,000

27,000

 

        At 30 April 2009 and 30 April 2008 there were no amounts due to Memphis Properties.

         1a) Southern Metropolitan paid for services during the year to the value of £1,054 (2008 £5,655) on behalf of  
       Aderson Morley Research and Development Limited

 

        At 30 April 2009 amounts due to Southern Metropolitan were £11,064 (2008 £10,010)

 

        2) Trafalgars Chartered Accountants, C.R.Pate's practice as follows:-

 

 

Accountancy services

      21,910

16,580

 

 

At 30 April 2009, the following amounts were due to Trafalgar

8,623

7,632

 

 

29.    PROFIT AND LOSS ACCOUNTS

 

 

30.04.09

 

30.04.08

 

 

Parent

undertaking

£

Group

£

Parent

Undertaking

£

Group

£

1 May 

(5,999,917)

(6,071,098)

(4,819,145)

(4,865,427)

Retained loss for the year

(1,010,259)

(1,010,308)

(1,180,772)

(1,205,671)

30 April

(7,010,176)

(7,081,406)

(5,999,917)

(6,071,098)

 

 

30.    POST BALANCE SHEET EVENT

 

On the 29th June 2009 the company issued a further 283,085,500 shares and on 9th July 2009 350,000 shares following an open offer. This offer raised £626,737 gross, £526,828 after expenses.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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