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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