Interim Results
12 June 2006 - 10:55PM
UK Regulatory
RNS Number:4223E
Bionex Investments PLC
12 June 2006
12 June 2006
Bionex Investments plc
Interim report for the six months to 31 March 2006
Chairman's Statement
In the six months to 31 March 2006 the company made a profit after taxation of
#13,000 and net assets per share at 31 March 2006 were 2.30 pence.
At 31 March 2006 cash in hand and on deposit amounted to #2,241,000, with
investments in quoted and unquoted securities totalling #1,404,000.
The first half year has been characterised by increased activity, both in terms
of potential investment opportunities and committed funds. In the period we
made 11 new investments totalling #1,060,000 and exited, partially or fully, 7
investments, realising #370,000. Since the 31 March 2006 we have committed a
further #500,000 in 5 new investments and realised a further #260,000 from 3
investments. Of the investments currently held 9 are currently unquoted with a
further 5 being quoted or expected to be quoted very shortly.
In view of the increased activity and the expectation of expanding this further,
I am delighted to announce, with effect from today, that the Board will be
strengthened by the appointment of Oliver Vaughan and Tim James. Both Oliver
and Tim have had a great deal of experience in investing in the smaller company
space and will further contribute to potential deal flow. In addition Oliver
and Tim have each subscribed #200,000 for 10 million shares in the company, in
each case representing approximately 5.62% of the issued share capital. The
subscription price of 2 pence per share represents a 17.6% premium to the
closing mid market price at 9 June 2006.
In view of the change in investment strategy, away from biotechnology, the Board
have concluded that it is appropriate to change the company's name. Therefore
at the company's next General Meeting, a resolution will be put to change the
company's name to Albany Capital Plc.
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 remainder of the financial year where we believe
there are attractive returns.
Christopher Roberts
Chairman
12 June 2006
Profit and Loss Account
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2006 2005 2005
#'000 #'000 #'000
Note
Profit on sale of investments 60 7 115
Administrative expenses (64) (72) (133)
(4) (65) (18)
Investment provision (33) - (217)
Loss on ordinary activities (37) (65) (235)
before interest
Interest receivable and similar income 58 70 128
Profit / (loss) on ordinary activities 21 5 (107)
before taxation
Taxation (8) - (27)
Profit on ordinary activities after taxation 13 5 (134)
Basic earnings per ordinary share - pence 2 0.008p 0.003p (0.085)p
Balance Sheet
Unaudited Unaudited Audited
31 March 31 March 30 September
2006 2005 2005
#'000 #'000 #'000
Note
Fixed assets
Investments 3 150 302 150
Current assets
Current asset investments 1,254 959 561
Debtors 73 3 536
Cash at bank and in hand 2,241 2,574 2,562
3,568 3,536 3,659
Creditors: Amounts falling due (86) (80) (190)
within one year
Net current assets 3,482 3,456 3,649
Net assets 3,632 3,758 3,619
Capital and reserves
Called up share capital 1,579 1,579 1,579
Share premium 2,615 2,615 2,615
Profit and loss account (562) (436) (575)
Equity shareholders' funds 3,632 3,758 3,619
Cash Flow Statement
Unaudited Unaudited Audited
Six months to Six months to Year ended
31 March 31 March 30 September
2006 2005 2005
#'000 #'000 #'000
Net cash outflow from operating activities (75) (76) (135)
Returns on investment and servicing of finance
Interest received 58 70 128
Taxation paid (1) - (23)
Capital expenditure and financial investments
Purchase of investments (1,147) (577) (1,275)
Sale of investments 845 99 809
(302) (478) (466)
Cash outflow inflow before management of liquid (320) (484) (496)
resources and financing
Management of liquid resources and financing
Decrease in short term deposits - 3,000 3,000
(Decrease) / increase in cash in the period (320) 2,516 2,504
Notes to the Accounts
1 Basis of preparation
The unaudited accounts for the six months ended 31 March 2006 do not constitute
statutory accounts.
The profit and loss account, balance sheet and cash flow statement have been
prepared on a basis consistent with the statutory accounts for the year ended 30
September 2005.
Results for the year ended 30 September 2005 have been extracted from the
statutory accounts which were reported on by the auditors, without qualification
or statement under Section 237(2) or (3) of the Companies Act 1985, and have
been delivered to the Registrar of Companies.
2 Earnings / (loss) per share
The calculation of the basic earnings / (loss) per ordinary share is based on
the profit / (loss) on ordinary activities after tax and on the weighted average
number of ordinary shares in issue during the period. The calculation of
diluted earnings / (loss) per ordinary share is not disclosed as the warrants
and further subscription rights are non dilutive when calculated in accordance
with FRS 14.
Reconciliations of the earnings / (losses) and weighted average number of shares
used in the calculations are set out in the table below.
6 months ended 31 March 2006 6 months ended 31 March 2005
Weighted Weighted
Average Earnings Average Earnings
Earnings Number of per share Earnings Number of per share
# shares (pence) # Shares (pence)
Basic earnings per ordinary
share 13,119 157,925,634 0.008 4,515 157,925,634 0.003
12 months ended 30 September 2005
Weighted
Average Loss per
Earnings Number of share
# shares (pence)
Basic loss per ordinary share (134,058) 157,925,634 (0.085)
3 Fixed Asset Investments
Unlisted
#000
Cost
At 1 October 2005 895
Additions -
Disposals -
At 31 March 2006 895
Provisions
At 1 October 2005 745
Provisions in period -
At 31 March 2006 745
Net book value
At 31 March 2006 150
At 30 September 2005 150
4 Other information
The interim statement was approved by the Directors on 12 June 2006.
A copy of the interim statement will not be posted to shareholders but will be
made available to the public at the company's registered office, 30 Old Broad
Street, London, EC2N 1HT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFUFEESMSELM
Bionex (LSE:BNX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Bionex (LSE:BNX)
Historical Stock Chart
From Dec 2023 to Dec 2024
