TIDMTEK
RNS Number : 9339N
Tekcapital plc
21 May 2015
21 May 2015
Tekcapital plc
("Tekcapital", "the Company" or "the Group")
Final results for the period ended 30 November 2014
Tekcapital plc (AIM: TEK), an international provider of
technology and intellectual property services, announces its
results for the period ended 30 November 2014.
Highlights
- Number of retained clients for Technology Transfer service increased by 143% to 17 clients
- Continued strong progress made towards the strategic
objectives as set out in the AIM Admission Document, including:
o expansion of the Group's technical, sales and marketing
team
o expansion of the service offering
o extension of Tekcapital's international reach
- Acquisition of InventionEvaluator(R) and its successful
integration, which continues to expand its sales with research
institutions and corporate clients
- Launch of technology out-licensing service
- Science Advisory Board strengthened with 31 expert advisors at period end
- New offices opened in Florida and Singapore in addition to our office in Oxford, U.K.
Post period end highlights
- Acquisition of exclusive rights to 16 intellectual properties
in the areas of food processing, diabetic monitoring and advanced
optics
- Successful placing raising GBP2.15 million ($3.25 million) from new and existing investors
Commenting on the results, Dr. Clifford Gross, Executive
Chairman of Tekcapital plc, said:
"During the year, we have made solid progress towards a number
of the goals that we set out when we came to the AIM market in
April 2014.
"We are proud of our international client base and recent wins
demonstrate that our offering continues to gain the attention of
significant blue chip global companies as well as young, dynamic
businesses. We have expanded our technical and sales team,
developed alliances with new strategic partners and continued to
extend the areas of coverage of our science advisory board.
"We believe our technology out-licensing service provides
significant, additional upside for our shareholders and post-period
end, the Group has acquired the exclusive rights to 16 exciting and
potentially disruptive technologies. With our successful
fundraising post period end, we have a solid foundation which
places us in a good position to grow the business and facilitate
the creation of value from university intellectual capital."
For further information please contact:
Tekcapital plc +1 305 200 3450 Ext 305
Clifford M. Gross cgross@tekcapital.com
Allenby Capital Ltd (Nominated Adviser &
Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / Alex Brearley
Optiva Securities Limited (Joint Broker) +44 (0) 20 3137 1904
Jeremy King / Vishal Balasingham/ Graeme
Dixon jeremy.king@optivasecurities.com
FTI Consulting, LLP +44 (0) 20 3727 1000
Chris Lane / Emma Appleton / Roger Newby tekcapital@fticonsulting.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With its proprietary discovery search
engine, linked to 4,000+ universities in 160 countries, coupled
with expert scientific review, Tekcapital provides a turn-key
service to make it easy for clients to find and acquire the IP they
need to create a competitive advantage. Tekcapital is listed on the
AIM market of the London Stock Exchange (AIM: symbol TEK) and is
headquartered in Oxford, UK. For more information, please visit
www.tekcapital.com
Chairman's Statement
Review of the Business
I am pleased to report our first annual results since Tekcapital
was admitted to AIM on 4 April 2014. Tekcapital PLC was formed in
early 2014 as the holding company for two trading entities, one
based in the UK and one based in the USA. As a Group, Tekcapital is
engaged in helping clients to profit from university intellectual
property (IP).
We have continued to deliver against our strategy, as set out in
the Group's AIM admission document, having further scaled the
business globally with an initial concentration on established
markets, in particular North America. Significant progress has been
made to enhance our offering by adding additional services to
further assist our clients to determine and extract value from IP.
We have continued to take advantage of our early-mover status and
benefited from positive market dynamics with companies seeking to
identify and acquire IP from external or alternative sources in
order to both protect and grow their businesses.
During the year, the Group enhanced its search, selection and
evaluation capabilities. Our proprietary global innovation
discovery network search engine, which is capable of identifying IP
acquisition opportunities relevant to the client's search
parameters, now has access to over 4,000 universities in 160
countries. We have also continued to strengthen the Group's Science
Advisory Board, which at the period end totalled 31 expert
advisers.
Divisional Review
The Group operates three IP monetisation services:
-- Technology Transfer offering which is focused on enabling
clients to cost-effectively access relevant, scientifically
screened and available university IP worldwide;
-- InventionEvaluator, which was acquired in July 2014, and
provides clients with a high quality bespoke report which contains
an in-depth analysis of the commercial opportunity associated with
a specific new innovation; and
-- Technology out-licence service to purchase disruptive IP
opportunities for future value creation.
Significant progress has been made across each of these three
offerings. The Group has added both retained and project clients to
its Technology Transfer service. The Group's current clients, which
are located in North America, Europe and Israel, include both
significant blue-chip global companies as well as young, dynamic
businesses. Throughout the year, Tekcapital has made several key
hires to strengthen further its technology transfer and client
teams and during the period, the number of clients for the
Technology Transfer service increased to 17 from 7, an increase of
143%.
Demand for the Group's InventionEvaluator service remains strong
with customers consisting of universities, research centres and
corporations worldwide. The service has been successfully
integrated with our existing offering and has attracted significant
interest. Post period end, we have been engaged by one of the
world's largest corporate patent filers to provide
InventionEvaluator reports.
In November 2014, the Group launched a technology out-licensing
service to leverage its competencies to identify, screen and
acquire particularly promising new IP which management believes can
be readily out-licensed to corporations. This new service extends
Tekcapital's impact on reducing the inefficiency of the global
market for commercialising innovative university-developed
technologies and also has the potential to capture for the Group's
own benefit more of the value realised when innovative ideas are
successfully commercialised.
Current Trading and Outlook
Post period end, in the first four months of 2015, the Group has
successfully acquired the exclusive rights to 16 separate
intellectual properties in the areas of reduced-fat food
production, non-invasive glucose measurement for diabetics and
advanced optics.
As Tekcapital approaches its third year in business with an
exciting range of IP monetisation services, the Board of Directors
is confident of continued growth in its portfolio of proprietary
university-developed IP assets, expanding its client base and
continued refinement of the Group's service offering.
As previously announced on 21 November 2014, the Directors have
been focusing on optimising the Group's monthly fixed costs. This
has been successful and the implementation of a scalable per
report, variable costs structure has significantly reduced fixed
operating costs.
The Directors are confident that meaningful revenues will arise
from the sub-licensing or on-sale of rights held in its new IP
portfolio. With an increasing number of companies making ever
faster and more disruptive use of innovative ideas sourced
exogenously, and with patented university technologies an
increasingly valued currency, the market opportunity for the Group
is both very large and continuing to grow.
Financial Review
The Group is still in its early stages of development. After its
IPO in April 2014, some of the proceeds were applied to growing the
business, with costs therefore running ahead of revenues. Group
losses for the period to 30 November 2014 were US$ 994,869 on
initial revenues of US$ 210,337.
The Group's assets grew during the period mainly thanks to
shareholder investment at the time of the IPO. The Group's
liabilities are very low at the end of the period because its costs
have been settled without delay, using funds from the cash reserves
invested at IPO.
Subsequent to the end of the period, the Company announced on 6
May 2015 that it had raised gross proceeds of GBP2.15 million
($3.25 million), by way of a placing (the "Placing") of a total of
10,750,000 new ordinary shares of 0.4p each at a price of 20 pence
per share. The Placing, which was conducted by Allenby Capital
Limited and Optiva Securities Limited, was oversubscribed.
Net proceeds of the Placing amount to a total of GBP2.02 million
($3,162,503) net of expenses, excluding VAT. The net proceeds of
the Placing will be used for two purposes:
-- To expand Tekcapital's sales force to accelerate the growth
of its client base for technology transfer and InventionEvaluator
services; and
-- To enable Tekcapital to acquire and sell-on the licences for
additional university intellectual properties.
I would like to take this opportunity to thank all our staff and
consultants for their continued hard work and contribution, as well
as our shareholders for their continued support.
The Board looks forward to the future with confidence.
Clifford M Gross Chairman and CEO
21 May 2015
Consolidated Statement of comprehensive income
For the period ended 30 November 2014
Period from
27 June 2012
Year ended to
30 November 30 November
2014 2013
Note US $ US $
------------------------------------- ------ ------------------------ ------------------------
Continuing Operations
Revenue 210,337 35,213
Gross Profit 210,337 35,213
------------------------------------------------- ------------------------ ------------------------
Administrative expenses
Foreign exchange movements (80,112) -
Other administrative expenses (1,123,936) (79,922)
Operating loss (993,711) (44,709)
------------------------------------------------- ------------------------ ------------------------
Finance income 142 -
Loss before tax (993,569) (44,709)
------------------------------------------------- ------------------------ ------------------------
Income tax expense (1,300) -
Loss after tax (994,869) (44,709)
------------------------------------------------- ------------------------ ------------------------
Loss for the year attributable to owners
of the parent company (994,869) (44,709)
------------------------------------------------ ------------------------ ------------------------
Other comprehensive income for the
year, net of tax - -
Total comprehensive income for
the year attributable to owners
of the parent company (994,869) (44,709)
---------------------------------------------- ------------------------ ------------------------
The Group has used the exemption under s408 of the Companies Act
2006 not to disclose the Company income statement.
Items in the statement above are disclosed net of tax.
Loss per share
Basic and diluted earnings
per share
Loss per share 5 (0.050) (0.003)
---------------------------------- ---- ---- -------- -------------
Consolidated Statement of Financial position
At 30 November 2014
30 November 30 November
2014 2013
Note US $ US $
--------------------------- ----- --- ------ ---------------------- --------------------------
Assets
Non-current assets
Intangible assets 7 350,251 -
Property, plant and
equipment 6,628 -
356,879 -
--------------------------- ----- --- ------ ---------------------- --------------------------
Current assets
Trade and other receivables 90,568 11,883
Cash and cash equivalents 9 1,370,905 13,900
1,461,473 25,783
------------------------------ ----- --- ------ ---------------------- --------------------------
Total assets 1,818,352 25,783
------------------------------- ----- --- ------ ---------------------- --------------------------
Current liabilities
Trade and other payables 100,052 47,698
Current income tax
liabilities 1,300 -
101,352 47,698
------------------------------ ----- --- ------ ---------------------- --------------------------
Total liabilities 101,352 47,698
------------------------------- ----- --- ------ ---------------------- --------------------------
Net Assets 1,717,000 (21,915)
------------------------------- ----- --- ------ ---------------------- --------------------------
Equity attributable to the owners
of the parent
Ordinary shares 8 154,842 94,953
Share premium 8 2,673,905 -
Retained earnings (1,039,578) (44,709)
Merger reserves (72,169) (72,159)
Total Equity 1,717,000 (21,915)
------------------------------- ----- --- ------ ---------------------- --------------------------
Consolidated Statement of cash flows
For the period ended 30 November 2014
Period from Period from
1 December 2013 27 June
to 2012 to
30 November 30 November
2014 2013
Note US $ US $
----------------------------------- ----- ----------------- -------------
Cash flows from operating
activities
Cash generated from operations (1,014,434) (8,894)
Net cash generated from operating
activities (1,014,434) (8,894)
------------------------------------ ----- ----------------- -------------
Cash flows from investing
activities
Purchases of property, plant (8,631) -
and equipment
Purchases of intangible assets 7 (33,306) -
Interest received 142 -
Net cash used in investing (41,795) -
activities
----------------------------------- ----- ----------------- -------------
Cash flows from financing
activities
Proceeds from issuance of
ordinary shares 8 3,337,882 22,794
Costs of raising finance (924,648) -
Net cash used in financing
activities 2,413,234 22,794
------------------------------------ ----- ----------------- -------------
Net increase in cash and
cash equivalents 1,357,005 13,900
Cash and cash equivalents 13,900 -
at beginning of year
Cash and cash equivalents
at end of year 1,370,905 13,900
------------------------------------ ----- ----------------- -------------
Consolidated and Company Statements of changes in equity
For the period ended 30 November 2014
Attributable to owners of the parent company
Ordinary Share Merger Retained Total
GROUP Note Shares Premium Reserve Earnings Equity
US $ US $ US $ US $ US $
------------------ -------- ---------------- ---------------------- ----------------- --------------------- ----------------------
Balance as at 27 - - - - -
June 2012
Deemed issue of shares
on acquisition of
subsidiary
company 94,953 - (72,159) - 22,794
Loss for the period - - - (44,709) (44,709)
Balance at 30
November
2013 94,953 - (72,159) (44,709) (21,915)
---------------------- ---- ---------------- ---------------------- ----------------- --------------------- ----------------------
Balance as at 1
December
2013 94,953 - (72,159) (44,709) (21,915)
Loss for the year - - - (994,869) (994,869)
Acquired with new
subsidiary - - (10) - (10)
Share capital issued
on initial public
offering 8 59,889 3,598,553 - - 3,658,442
Costs of share issue 8 - (924,648) - - (924,648)
Balance at 30
November
2014 154,842 2,673,905 (72,169) (1,039,578) 1,717,000
---------------------- ---- ---------------- ---------------------- ----------------- --------------------- ----------------------
Attributable to owners of the parent company
Ordinary Share Retained Total
COMPANY Note Shares Premium Earnings Equity
US $ US $ US $ US $
-------------------------- ----- ----------------- ---------------------- ----------------- ------------------
Loss for the period - - (435,235) (435,235)
Proceeds from shares
issued 8 154,842 3,598,553 - 3,753,395
Costs of share issue 8 - (924,648) - (924,648)
Balance at 30 November
2014 154,842 2,673,905 (435,235) 2,393,512
-------------------------- ----- ----------------- ---------------------- ----------------- ------------------
Notes to the consolidated financial statements
1. General information
The registered office address is detailed on page 1 of the
financial statements. Tekcapital PLC ("the Company") was
incorporated in England and Wales, on 3 February 2014 and is
domiciled in the UK. The Company entered into an agreement to
acquire the issued and to be issued share capital of Tekcapital
Europe Limited, a company incorporated in England and Wales on 18
February 2014, and Tekcapital LLC, a company incorporated in the
State of Delaware, USA on 19 February 2014. The acquisition was
effected by way of issue of shares.
In determining the appropriate accounting treatment for this
transaction, the Director's considered IFRS 3 "Business
Combinations" (Revised 2008). However they concluded that this
transaction fell outside the scope of IFRS 3 (Revised) since the
transactions described above represents a combination of entities
under common control.
Accordingly the Directors have adopted the pooling of interest
method by using the nominal value of shares exchanged in the
business combination and that there is no fair value
adjustment.
The consolidated financial statements are presented as if the
Group structure has always been in place, including the activity
from incorporation of the Group's principal subsidiaries. The
entities had the same management as well as majority
shareholders.
On 4 April 2014, Tekcapital PLC listed on the UK AIM with an
initial public offering.
2. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of
these consolidated financial statements are set out below. These
policies have been consistently applied to all the years presented,
unless otherwise stated.
2.1 Statement of compliance
The financial statements of Tekcapital PLC have been prepared in
accordance with International Financial Reporting Standards (IFRS)
and IFRS Interpretations Committee (IFRS IC) as adopted by the
European Union and the Companies Act 2006 applicable to companies
reporting under IFRS. The financial statements have been prepared
under the historical cost convention.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It
requires management to exercise its judgement in the process of
applying the Group's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions
and estimates are significant to the consolidated financial
instruments are disclosed in note 3.
2.2 Consolidation
As stated under note 1 the Directors adopted the pooling of
interest method to account for the business combinations. The
consideration transferred for the acquisition of the subsidiary is
the fair values of the shares transferred by the former owners of
the acquiree in exchange for an identical equity interest issued by
the Group.
The Group came into existence during this accounting period,
attributable to the nature of the share exchange that maintained
the same management and share structure. Accordingly the new Group
reflects its financial statements as if the Group had been in
existence in the comparative period and relate to those of its
subsidiaries.
The associated acquisition costs are expensed as incurred.
Inter-company transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated. When necessary amounts reported by
subsidiaries have been adjusted to conform to the Group's
accounting policies.
IFRS 13 did not affect any fair value measurements of the
Group's assets or liabilities and therefore had no effect on the
Group's financial position or performance.
2.3 Foreign currencies
(a) Functional and presentation currency
Items included in the financial statements of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates ("the functional
currency"). The consolidated financial statements are presented in
US Dollars which is the Group's presentation and functional
currency.
(b) Transactions and balances
Foreign currency transactions are translated into functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at the year-end exchange
rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement. Foreign exchange
gains and losses that relate to borrowings and cash and cash
equivalents are presented in the income statement within 'finance
income or costs'.
(c) Group companies
The results and financial position of all Group entities (none
of which has the currency of a hyper-inflationary economy) that
have a functional currency different from the presentation currency
are translated into the presentation currency as follows:
(i) assets and liabilities for each balance sheet presented are
translated at the closing exchange rates at the date of that
balance sheet
(ii) income and expense for each income statement are translated
at the average rates of exchange during the period (unless this
average is not a reasonable approximation of the cumulative effect
of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the rate on the dates of the
transactions); and
(iii) all resulting exchange differences are recognised in other
comprehensive income.
3. Critical accounting estimates and assumptions
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
The Directors make estimates and assumptions concerning the
future. The resulting accounting estimates 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 value of the assets and liabilities
within the next financial year are detailed below.
(a) Deferred taxes
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 the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
balance sheet liability method. 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.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it 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 based on tax laws and rates that have been enacted or
substantively enacted at the balance sheet date.
Deferred tax is charged or credited in the income statement,
except when it relates to items charged or credited in other
comprehensive income, in which case the deferred tax is also dealt
with in other comprehensive income.
(b) Useful life of InventionEvaluator website
The Directors have considered the useful life of the
InventionEvaluator website to be indefinite because of the
uniqueness of the service it provides and that there is no
competitor in the market in which the Group operates who is able to
provide a similar service. The Directors will undertake an annual
review that considers any impairment and if required make a
provision in the financial statements.
4. Segmental reporting
At this early stage in development, the Directors consider the
business to have only one segment for reporting purposes under IFRS
8 which is Monthly service fees. The Directors consider there to be
a future potential second segment which has not occurred in the
current period. This is Specialist fees regarding the transfer of
rights to intellectual property.
Segmental revenues and results
There is currently only one segment. Details of revenues and
results can be found in the consolidated statement of comprehensive
income.
Segment assets and liabilities
There is currently only one segment. Details of assets and
liabilities can be found in the consolidated statement of financial
position.
All assets are allocated to reportable segments other than
current and deferred tax assets.
All liabilities are allocated to reportable segments other than
current and deferred tax liabilities.
Geographical information
The Group operates from its office in the United Kingdom and
three locations in the USA, namely Florida, New York and
California.
5. Loss per share
2014 2013
US $ US $
---------------------------------------------- ------------- --------------
Loss from continuing operations attributable
to owners of the parent (994,869) (44,709)
Total (994,869) (44,709)
------------------------------------------------------- ------------- --------------
Basic and diluted earnings
per share
Weighted average number of ordinary shares
in issue (thousands) 20,078 14,504
Loss per share (0.050) (0.003)
------------------------------------------------------- ------------- --------------
Any options and warrants do not have a dilutive effect on the
EPS as the Group is loss-making.
6 . Investments in subsidiaries
Company Shares in Loans to Subsidiaries 2014 2013
subsidiaries
US $ US $
-------------------- --- ------------- -------------- ------ ----------- --------------
Cost and net book
value
Additions during the
period 94,954 2,276,866 2,371,820 -
------------------------ ------ ------------- -------------- ------ ----------- --------------
Balance at 30 November
2014 94,954 2,276,866 2,371,820 -
--------------------------------- ------------- -------------- ------ ----------- --------------
Principal subsidiaries Country of Proportion of Nature of business
name Incorporation ordinary shares
and place directly held
of business
---------------------------- ------------------ ---------------------------- ----------------------------
Tekcapital Europe England 100% Provision of Intellectual
Limited and Wales property research
services
Tekcapital LLC USA 100% Provision of Intellectual
property research
services
The Group owns 100% of the above subsidiaries and consequently
has full control over them. As at the period end, the Group has no
interest in the ownership of any other entities, or exerts any
significant influence over or provides funding which constitutes an
"unconsolidated structured entity".
7. Intangible Assets
Purchased intangible assets
----------------------------------------------------------------------
GROUP Website Invention Total
development Evaluator
US $ US $ US $
----------------- -------- ----- ----------------- ----------------- ------------------------------
At 1 December - - -
2013
Additions 33,306 320,550 353,856
At 30 November 2014 33,306 20,550 353,856
---------------------------------------------- ----------------- ----------------- ------------------------------
Accumulated amortisation and
impairment
At 1 December - - -
2013
Amortisation charge for
the period (3,605) - (3,605)
At 30 November 2014 (3,605) - (3,605)
---------------------------------------------- ----------------- ----------------- ------------------------------
Net Book Value
At 30 November 2014 29,701 320,550 350,251
---------------------------------------------- ----------------- ----------------- ------------------------------
At 30 November 2013 - - -
---------------------------------------------- ----------------- ----------------- ------------------------------
Under IAS38, the Group's InventionEvaluator is regarded by the
Directors as being an intangible asset with an indefinite useful
life. The Directors believe that the asset is special in that no
competitor offering currently exists, the service is already proven
in a few months to have appeal globally to many types of clients
including Fortune 100 companies, there is no expectation of
obsolescence in the foreseeable future, and the service generates
ongoing revenue streams. The Directors have carried out an
impairment review and believe that the value in use is
significantly greater than book value.
Intangible Assets (continued)
Purchased intangible assets
-------------------------------------------
Company Website Total
development
US $ US $
------------------------------ -------------------- -------------------
At 3 February 2014 - -
Additions 33,306 33,306
At 30 November 2014 33,306 33,306
-------------------------------------- -------------------- -------------------
Accumulated amortisation and
impairment
At 3 February 2014 - -
Amortisation charge for the
period (3,605) (3,605)
At 30 November 2014 (3,605) (3,605)
-------------------------------------- -------------------- -------------------
Net Book Value
At 30 November 2014 29,701 29,701
-------------------------------------- -------------------- -------------------
8. Share capital and premium
Share capital
GROUP and Company Number of Ordinary Total
shares Shares
Authorised share capital
Ordinary shares with a nominal 29,348,397 GBP117,394 GBP117,394
value per share of GBP0.004
Issued and fully paid
up
At 30 November 2013
(Deemed) 14,503,977 94,953 $94,953
At 30 November 2014 23,383,747 154,842 $154,842
--------------------------------------- ----------- ----------- -----------
The shares have full voting, dividend and capital distribution
(including on winding up) rights; they do not confer any rights of
redemption.
The following shares were issued during the period:
18 February 2014 14,503,977 shares were issued as part of the
acquisition of Tekcapital Europe Limited
4 April 2014 8,000,000 shares were issued as part of the
initial public offering raising US $3,730,602
23 July 2014 879,770 shares were issued as consideration
for the purchase of the Invention Evaluator.
The Company issued the following warrants and options as part of
the initial public offering:
Options of 700,000 ordinary shares with full voting, dividend
and capital distribution rights with a nominal value of GBP0.004
per share were issued on 4 April 2014. They were issued with a term
of five years, to vest in equal tranches on the first, second and
third anniversary of grant at a price of GBP0.25 per share.
Broker warrants were granted on 31 March 2014 to Northland
Capital Partners Limited (95,000 shares exercisable up to five
years from date of admission on 4 April 2014) and Optiva Securities
Limited (265,000 shares exercisable up to three years from date of
admission on 4 April 2014).
The options and warrants are not treated as giving rise to share
based payment transactions.
Share premium
Share
GROUP and Company Premium Total
US $ US $
Share issued on acquisition of subsidiary - -
on 3 February 2014
Premium on shares
issued 3,598,553 3,598,553
Share issue costs (924,648) (924,648)
----------------- ---------------
At 30 November 2014 2,673,905 2,673,905
----------------- ---------------
9. Cash and cash equivalents
GROUP 2014 2013
US $ US $
-------------------- ----------- ----- ----- ------------- -----------
Cash at bank and
in hand 1,370,905 13,900
Total cash and cash
equivalents 1,370,905 13,900
----------------------------- ----------------------------- ------------- -----------
10. Related party transactions
Trading transactions
During the year, the Company entered into the following
transactions with Dr. Clifford Gross, who is a related party due to
his role as Executive Chairman / Director, employee and major
shareholder. He also provided loans to the Group during the period
as follows:
Related party Type of Transaction Transaction Balance
relationship amount owed
2014 2014
US $ US $
--------------- ---------------------- ---------------- -----------------
Mr Clifford Provision of loans
Mark Gross to the Group 9,411 9,411
The Group has taken advantage of the exemption in IAS 24
"related parties" not to disclose transactions with other Group
companies.
11. Events after the reporting period
At the time of signing these accounts, the Directors had
completed a funding round raising gross proceeds of GBP2.15 million
(approximately US $3.2 million), by way of a placing (the
"Placing") of a total of 10,750,000 new ordinary shares of
GBP0.004p each (the "Placing Shares").
-- Gross proceeds of the Placing amount to a total of GBP2.15
million (approximately US $3.2 million), estimated to be GBP2.02
million (approximately US $3.1 million) net of expenses, excluding
VAT.
-- The net proceeds of the Placing will be used for two purposes:
-- To expand Tekcapital's sales force to accelerate the growth
of its client base for technology transfer and InventionEvaluator
services; and
-- To enable Tekcapital to acquire and sell-on the licences for
additional university intellectual properties
-- The Placing Shares were issued to a range of institutional
and other investors, including existing and new shareholders in the
Company.
12. Copies of Annual Report and Accounts
The Company's Annual Report and Accounts for the year ended 30
November 2014, a notice of general meeting ("GM") and proxy form
for the GM will be posted to shareholders today. These documents
will be available later today to download from the Company's
website at http://tekcapital.com/investors/. The GM will be held at
6 New Street Square, London EC4A 3LX on Friday 12 June 2015 at
11.00 a.m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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