22 December 2010 Abraxus Investments PLC Interim Results for the six months ended 30 September 2010 Chairman's Statement Abraxus Investments PLC ("Abraxus" or "the Company") is pleased to announce the interim results for the six months ended 30 September 2010. All comparatives are for the six months ended 30 September 2009. Financial Results Turnover for the period was nil (2009: £ nil) with an operating loss on ordinary activities of £149,127 (2009: £129,430). The loss on ordinary activities after taxation was £134,087 (2009: £128,075). The Board is not recommending the payment of a dividend. At 30 September 2010, the Group had net assets of £1,220,083 (30 September 2009: £1,110,195) equivalent to 1.3p per share (30 September 2009: 3.2p per share). Recommended cash offer by Astamenco Limited for Abraxus Investments PLC On 18 November 2010 Astamenco Limited ("Astamenco") made a recommended cash offer for the Company, (other than the 14,283,511 Abraxus Shares which Astamenco already owned) at an offer price of 1.0 pence per share. Astamenco announced on 9 December 2010 that all of the conditions to the Offer had been satisfied or waived and accordingly the Offer was wholly unconditional. The Offer remains open for acceptance until further notice. Shareholders are strongly encouraged to accept the Offer as soon as possible by completing a Form of Acceptance available from Neville Registrars Limited in accordance with the instructions printed on the Form of Acceptance. If you are in any doubt as to the action you should take, you should immediately consult an independent financial adviser authorised under the Financial Services and Markets Act 2000. Delisting from PLUS Shareholders who have not accepted the Offer should note that on 10 December 2010 the Company announced that the expected time and date of cancellation of the Company's ordinary shares from trading on PLUS is 7.00 a.m. on 7 January 2011. The delisting of the Company from PLUS will significantly reduce the liquidity and marketability of Abraxus Shares held by Abraxus Shareholders who have not accepted the Offer. David Sparks Chairman 22 December 2010 Abraxus Investments PLC Consolidated Income Statement for the six months ended 30 September 2010 Notes Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30-Sep-10 30-Sep-09 31-Mar-10 £ £ £ Turnover - - - Cost of sales - - - Gross profit - - - Administrative expenses (149,127) (129,430) (369,419) Operating loss (149,127) (129,430) (369,419) Finance income 15,040 1,355 12,890 Loss on ordinary activities (134,087) (128,075) (356,529) before taxation Tax on loss on ordinary - - - activities Retained loss for the period (134,087) (128,075) (356,529) Loss per share Basic and diluted 2 0.15p 0.37p 1.04p Abraxus Investments PLC Consolidated Balance Sheet as at 30 September 2010 Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30-Sep-10 30-Sep-09 31-Mar-10 £ £ £ Assets Non current assets Goodwill 82,106 - - Property, plant and equipment 614,437 - 131,674 696,543 - 131,674 Current assets Trade and other receivables 123,472 253,826 188,676 Cash and cash equivalents 863,607 884,977 714,143 987,079 1,138,803 902,819 Total assets 1,683,622 1,138,803 1,034,493 Equity Called up share capital 1,783,222 1,722,222 1,722,222 Share premium account 7,846,622 7,435,193 7,435,193 Retained earnings (8,409,761) (8,047,220) (8,275,674) 1,220,083 1,110,195 881,741 Current liabilities Trade and other payables 463,539 28,608 152,752 Total equity and liabilities 1,683,622 1,138,803 1,034,493 Abraxus Investments PLC Consolidated Statement of Changes in Equity for the six months ended 30 September 2010 Equity attributable to equity holders of Abraxus Investments PLC Share Share Retained Total Capital Premium Earnings Equity £ £ £ £ Balance as at 1 April 2009 1,722,222 7,435,193 (7,919,145) 1,238,270 Loss for the period - - (128,075) (128,075) Balance as at 30 September 1,722,222 7,435,193 (8,047,220) 1,110,195 2009 Loss for the period - - (228,454) (228,454) Balance as at 31 March 2010 1,722,222 7,435,193 (8,275,674) 881,741 Loss for the period - - (134,087) (134,087) Share issue 61,000 549,000 - 610,000 Share issue expenses - (137,571) - (137,571) Balance as at 30 September 20 1,783,222 7,846,622 (8,409,761) 1,220,083 10 Abraxus Investments PLC Unaudited Consolidated Cashflow for the six months ended 30 September 2010 Unaudited Unaudited 6 months 6 months ended ended 30-Sep-10 30-Sep-09 £ £ Operating Loss for the period before interest (149,127) (129,430) Change in trade and other receivables 65,204 (242,928) Change in trade and other payables 310,787 (22,632) 226,864 (394,990) Investing Interest received 15,040 1,355 Additions to intangible assets (82,106) - Additions to property, plant and equipment (482,763) - (549,829) 1,355 Financing Proceeds from Share issue 610,000 - Less costs of Share issue (137,571) - 472,429 - Net increase/(decrease) in cash and cash 149,464 (393,635) equivalents Cash and cash equivalents, beginning of the 714,143 1,278,612 period Cash and cash equivalents, end of the period 863,607 884,977 Notes 1. Accounting policies The interim results have been prepared in accordance with the requirements of IAS34 'Interim Financial Reporting' as adopted by the European Union ('EU'). The financial information for the six months ended 30 September 2010 was approved by the Board on 22 December 2010. The financial information contained in this report does not constitute statutory accounts, is not audited, nor has it been reviewed by the auditor. The interim statement has been prepared by applying the accounting policies and presentation that were applied in the preparation of the financial statements for the year ended 31 March 2010, which were prepared in accordance with International Financial Reporting Standards as adopted by the EU. The results for the year ended 31 March 2010 have been extracted from the Annual Report and Accounts which received an unqualified auditor's report that did not contain a statement under section 498 of the Companies Act 2006, and have been delivered to the Register of Companies. 2. Loss per share Basic loss per share is calculated by dividing the net loss attributable to ordinary shareholders after taxation by the weighted average number of ordinary shares in issue during the relevant financial periods. The weighted average number of shares used for basic loss per share calculation is 89,477,053 (30 September 2009: 34,444,444). No share options have been issued during the period and therefore the same weighted average number of shares figure has been used to calculate the diluted earning per share figure. Unaudited Unaudited 6 months 6 months ended ended 30-Sep-10 30-Sep-09 Net loss attributed to shareholders £(134,087) £(128,075) Weighted average number of ordinary 89,477,053 34,444,444 shares Basic loss per ordinary share 0.15p 0.37p 3. Share capital Unaudited Unaudited 6 months 6 months ended ended 30-Sep-10 30-Sep-09 £ £ Authorised: - 5,444,444 3,756,666 108,888,888 ordinary shares of 5p each - 1,687,778 3,756,666,644 ordinary shares of 0.1p each - 34,444,444 deferred shares of 4.9p each 5,444,444 5,444,444 Issued and fully paid: - 1,722,222 95,444 34,444,444 ordinary shares of 5p each 1,687,778 - 95,444,444 ordinary shares of 0.1p each 34,444,444 deferred shares of 4.9p each - 1,783,222 1,722,222 END
ABRAXUS INVESTMENTS PLC
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