RNS Number:6205V
Bionex Investments PLC
14 December 2005
Bionex Investments Plc
Preliminary Announcement of Results for the Year ended
30 September 2005
14 December 2005
Chairman's Statement
In the year to 30 September 2005 the Company made a loss after taxation of
#134,058 primarily due to further write downs in the life science portfolio.
At the same date net assets per share were 2.29 pence.
At 30 September 2005 cash and short term deposits at bank was #2.56m and monies
due shortly after the year end, and since received, on redeeming our managed
investment was #516,000. In addition quoted investments total a further
#400,000.
As reported in the Interim Statement for the six months to 31 March 2005, the
Board remains of the view that new investment in the unquoted life science
sector was unlikely to generate the required returns and accordingly
shareholders were consulted and subsequently approved, on 24 August 2005, to
change the investment strategy. The focus for the remainder of the financial
year under review and since, has been to identify and invest in smaller quoted
and unquoted businesses without reference to sector specifics. Events since
then have confirmed the weakness and lack of attractive opportunities in the
biotechnology market. Investee companies currently in the portfolio range from
renewable energy to telecoms services to FSA regulated corporate finance.
Profits on disposal of investments in the year relate to the shorter term
portfolio which, for the amount of capital deployed, has, in the Board's
opinion, produced a satisfactory performance, and has contributed to covering a
significant part of the overheads of the Company. Investment provisions fall
into two categories, the first being the substantial further erosion in value on
the original life science portfolio and the second being the mark to market of
our current quoted portfolio where we are required to account for unrealised
(and in the Board's view temporary) losses but are not allowed to reflect or
offset unrealised profits. In terms of the original life science portfolio there
have been two further investments, one of which was previously contracted, the
other less than #10,000, which was undertaken prior to the strategic review. Of
the remaining three investments in the portfolio at the year end further
provisions have been made against two, due to them both requiring refinancing
which has in each case been done, or is about to be done, at very significant
discounts to earlier fundings. This again reinforces the view that investing in
early stage life science is not attractive.
We continue to see many potential opportunities for investment in smaller
companies generally, both quoted and unquoted, and expect to utilise a greater
part of cash resources over the coming year where we believe there are
attractive returns.
Christopher Roberts
Chairman
Profit and Loss Account
for the year ended 30 September 2005
Note 2005 2004
# #
Profit on disposal of investments 114,888 1,041,440
Management expenses (133,214) (199,884)
Other income - 2,231
___________ ____________
Investment provision (216,980) (501,286)
(Loss)/profit on ordinary activities before interest (235,306) 342,501
Interest receivable and similar income 128,719 64,084
___________ ____________
(Loss)/ profit on ordinary activities before taxation (106,587) 406,585
Taxation (27,471) (15,000)
___________ ____________
Retained (loss)/ profit for the year (134,058) 391,585
___________ ____________
(Loss)/earnings per ordinary share
Basic 1 (0.08p) 0.25p
___________ ____________
There were no recognised gains and losses other than the results shown above.
None of the Company's activities was acquired or discontinued during the above
two financial years.
Balance Sheet
as at 30 September 2005
2005 2004
# #
Fixed assets
Investments 150,000 201,900
___________ ____________
Current assets
Investments 560,507 500,000
Debtors 536,608 176,085
Cash and short term deposits at bank 2,561,787 3,057,868
___________ ____________
3,658,902 3,733,953
Creditors: amounts falling due within one year (189,691) (182,584)
___________ ____________
Net current assets 3,469,211 3,551,369
___________ ____________
Net assets 3,619,211 3,753,269
___________ ____________
Capital and reserves
Called up share capital 1,579,256 1,579,256
Share premium account 2,614,889 2,614,889
Profit and loss account (574,934) (440,876)
___________ ____________
Equity shareholders' funds 3,619,211 3,753,269
___________ ____________
Cash Flow Statement
for the year ended 30 September 2005
2005 2004
# #
Operating (loss)/profit (235,306) 342,501
Investment provision 216,980 501,286
Decrease/(increase) in debtors 82,391 (71,115)
(Decrease)/increase in creditors (84,424) 11,458
Profit from the sale of Investments (114,888) (1,041,440)
___________ ____________
Net cash outflow from operating activities (135,247) (257,310)
___________ ____________
Returns on investments and servicing of finance
Interest received 128,719 64,084
___________ ____________
Taxation Paid (23,471) -
Capital expenditure and financial investment
Purchase of fixed asset investments (109,889) (90,964)
Sale of fixed asset investments - 2,779,475
Purchase of current asset investments (1,164,988) (474,424)
Sale of current asset investments 808,795 -
___________ ____________
(466,082) 2,214,087
___________ ____________
Management of liquid resources
Decrease/(increase) in short term deposits 3,000,000 (2,100,000)
___________ ____________
Increase/(decrease) in cash for the year 2,503,919 (79,139)
___________ ____________
30 September 30 September
2004 Cash flow 2005
# # #
Analysis of changes in net funds
Cash at bank and in hand 57,868 2,503,919 2,561,787
Short term deposits 3,000,000 (3,000,000) -
___________ ____________ ____________
3,057,868 (496,081) 2,561,787
___________ ____________ ____________
2005 2004
# #
Reconciliation of net cash flow to movement in net funds
Increase/(decrease) in cash for the year 2,503,919 (79,139)
Cash (outflow)/inflow from change in liquid resources (3,000,000) 2,100,000
___________ ____________
Movement in net funds in the year (496,081) 2,020,861
Net funds at 30 September 2004 3,057,868 1,037,007
___________ ____________
Net funds at 30 September 2005 2,561,787 3,057,868
___________ ____________
1. (LOSS) / EARNINGS PER SHARE
The calculation of basic (loss) / earnings per ordinary share is based on the
(loss) / profit on ordinary activities after tax and on the weighted average
number of ordinary shares in issue during the year. The calculation of diluted
(loss) / earnings per ordinary share is based on the basic (loss) / profit per
ordinary share adjusted to allow for the issue of shares on the assumed
conversion of all dilutive instruments.
The (loss) / profit and weighted average number of shares used in the
calculation are set out in the table below:
2005 2004
Weighted Weighted
average Loss average Earnings
Loss number per share Profit number per share
# of shares pence # of shares pence
Basic (loss) / earnings
per ordinary share (134,058) 157,925,634 (0.08)p 391,585 157,925,634 0.25p
__________ ___________ __________ __________ ___________ __________
There are no dilutive instruments in existence.
2. STATUS OF FINANCIAL INFORMATION
The financial information set out in this announcement does not constitute the
company's statutory accounts for the year ended 30 September 2005 or 2004. The
financial information for the year ended 30 September 2004 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237 (2) or (3) Companies Act
1985. The statutory accounts for the year ended 30 September 2005 will be
finalised on the basis of the financial information presented by the directors
in this preliminary announcement and will be delivered to the Registrar of
Companies following the company's annual general meeting.
Enquiries:
Christopher Roberts - Executive Chairman 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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