Levrett Plc - Half-year Report

23rd December 2016, 07:00

RNS Number : 6719S
Levrett PLC
23 December 2016
 

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF AMERICA OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 

 

For Immediate Release                                                                      23 December  2016

Levrett Plc

("Levrett" or "the Company")

 

Interim Results

for the period ended 30 September 2016

 

Levrett, a Company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces its interim results for the period ended 30 September 2016.

 

Further to the announcement dated 16 September 2016 relating to the possible acquisition of Nuformix Limited, the Company can confirm that the Acquisition is at an advanced stage, subject to the completion of documentation and compliance with all regulatory requirements.

 

The Company intends to convene a General Meeting in order to seek the shareholder approvals necessary to pursue this opportunity, following publication of the prospectus. Further announcements to shareholders will be made in due course.

 

Enquiries:

Levrett Plc

Pascal Hughes, CEO

 

+44 (0) 20 7183 4342

Whitman Howard Limited (Broker and Corporate Advisor)

Niall Baird / Nick Lovering

 

+44 (0) 20 7659 1234

Gable Communications Limited (Financial PR)

John Bick

+44 (0) 20 7193 7463

+44 (0) 7872 061007

e: levrett@gablecommunications.com

 



 

LEVRETT PLC

 

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 30 September 2016

 

 

Introduction

 

These are the results for Levrett Plc for the interim period ended 30 September 2016.

 

Financial review

 

In the six months to 30 September 2016, the Company recorded a loss for the period of £510,957 (a loss per share of 0.53 pence). This includes certain fees in relation to the identification of Nuformix Limited as a possible acquisition target, and subsequent due diligence and advisory fees relating to this transaction.

 

Transaction Update

 

Further to the announcement dated 16 September 2016 relating to the possible acquisition of Nuformix Limited, the Company can confirm that the Acquisition is at an advanced stage, subject to the completion of documentation and compliance with all regulatory requirements.

 

The Company intends to convene a General Meeting in order to seek the shareholder approvals necessary to pursue this opportunity, following publication of the prospectus. Further announcements to shareholders will be made in due course.

 

F J Lidgey

 

Chairman

 

23 December 2016


LEVRETT PLC

 

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 September 2016

 

 




 



Unaudited

Audited



period ended

period ended



30 September 2016

31 March

 2016



£

£





Revenue


-

-

 

 

Administrative expenses


 

 

(510,957)

 

 

(350,420)

 

LOSS BEFORE TAX

 

 

 

(510,957)

 

(350,420)





Tax


-

-





LOSS FOR THE PERIOD


(510,957)

(350,420)





Other comprehensive income/(expense)


-

-





TOTAL COMPREHENSIVE EXPENSE

FOR THE PERIOD


 

(510,957)

 

(350,420)




 

Loss before tax and total comprehensive expense for the period are all attributable to the equity shareholders of the company.









Loss per share




Basic and diluted


(0.0053)

(0.0058)

 

 

 

LEVRETT PLC

 

INTERIM STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 September 2016

 

 



Unaudited

Audited



30 September

31 March



2016

2016


Notes

£

£

ASSETS








Current assets




 

Trade and other receivables


35,310

42,578

Cash and cash equivalents

 


111,358

 

502,213

 



146,668

544,791





TOTAL ASSETS


146,668

544,791





EQUITY AND LIABILITIES








Equity




Share capital

3

95,750

95,750

Share premium account


737,440

737,440

Share Option Reserve


19,570

19,570

Retained earnings


(861,377)

(350,420)

Total equity attributable to equity holders of the parent





(8,617)

502,340





Current liabilities




Trade and other payables


155,285

42,451





TOTAL LIABILITIES


155,285

42,451









TOTAL EQUITY AND LIABILITIES


146,668

544,791

 


LEVRETT PLC

 

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 September 2016

 

 









Share

Share




Share

Premium

Option

Retained



capital

account

Reserve

earnings

Total








£

£

£

£

£







On Incorporation

-

-

-

-

-







Total comprehensive expense for the period

 

-

 

-

 

-

 

(350,420)

 

(350,420)

Shares issued

95,750

737,440

-

-

833,190

Grant of Share Options

-

-

19,570

-

19,570







Balance at 31 March 2016

95,750

737,440

19,570

(350,420)

502,340







Total comprehensive expense for the period

 

-

 

-

 

-

 

(510,957)

 

(510,957)

 

Balance at 30 September 2016

95,750

737,440

19,570

(861,377)

(8,617)

 

All equity is attributable to equity shareholders of the company.

 

Share premium

 

Represents amounts subscribed for share capital in excess of its nominal value, net of directly attributable issue costs.

 

Share Option Reserve

 

Represents the fair value of options issued.

 


LEVRETT PLC

 

INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 September 2016

 

 

 



Unaudited

Audited



period ended

period ended



30 September 2016

31 March 2016


 

£

£





Operating activities




Loss before tax


(510,957)

(350,420)

 

Changes in working capital:




Increase in trade and other receivables


7,268

(42,578)

Increase in trade and other payables


112,834

42,451





Net cash used in operating activities


(390,855)

(350,547)









Financing activities




Share issue


-

852,760





Net cash generated from financing activities


(390,855)

502,213





Taxation


-

-





Net increase in cash and cash equivalents


(390,855)

502,213





Cash and cash equivalents at the start of the period

502,213

-

 

Cash and cash equivalents at the end of the period

111,358

502,213


LEVRETT PLC

 

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

 

 

1          General information

 

Levrett Plc is a publicly listed company incorporated and domiciled in England. The address of its registered office is Suite 31. 2nd Floor, 107 Cheapside, London, EC2V 6DN.

 

        The Company is listed on the Official List.

              

               This interim financial information was approved for issue on 23 December 2016.

 

2         Accounting policies

 

2.1       Basis of preparation

The interim financial information comprises the Statements of Financial Position at 30 September 2016, the Statements of Comprehensive Income, Changes in Equity and Cash Flows for the period ended 30 September 2016 and the related notes of Levrett Plc, (hereinafter referred to as 'the interim financial information).

 

The interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.  In preparing this information, management have used the accounting policies set by the Company.

 

This interim financial information does not constitute a set of statutory accounts under the requirements of the Companies Act 2006 and is neither audited nor reviewed. 

This document (the Interim Statement 2016) will be published on the company's website and will be publicly available from the London Stock Exchange regulatory publications.  The maintenance and integrity of the Levrett Plc website is the responsibility of the directors.  Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

 

2.2        Going concern

     These financial statements have been prepared on the going concern basis based on the current cash flow projections for the following twelve months.



 

LEVRETT PLC

 

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

 

 

3

Share capital




Unaudited

Audited

 






period ended

period ended

 






30 September 2016

31 March 2016

 






£

£

 


Issued and fully paid






 








95,750,000 Ordinary shares issued of £0.001 each

95,750

95,750





95,750

95,750



 

On Admission to the Official List, 45,750,000 of the above issued share capital was placed at a price of £0.02 per share with the premium (net of the issue costs) being shown in the share premium account.

 

4

Dividends paid and proposed













Equity dividends on ordinary shares:

 





No interim dividend was paid or is proposed for the period ended 30 September 2016.

 

5

Loss per share

 

The calculations of loss per share are based on the following results and number of shares:

 







Unaudited

Audited

 







period ended

period ended

 







30 September 2016

31 March

2016

 







£

£

 









 

Loss for the financial period




(510,957)

(350,420)

 







 


Weighted average number of shares for diluted loss per share




95,750,000

60,090,214

 





 


 

 



 

LEVRETT PLC

 

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2016

 

 

 

6       Share Options and Warrants

            

             The following table sets out the details of the warrants granted:

 

 

 




Number of

 

 

 




options at

31 March 2016

and

 

 

 




30 September

Exercise

Expiry

 

Warrant holder



2016

price

date

 

 

 

 

 

 

 

 

EGR Broking Limited

 

 

957,500

2p

12/07/17

 

Rampart Management Limited

 

 

12,000,000

4p

07/12/18

 

Ambeson Limited

 

 

11,000,000

4p

07/12/18

 

James Bligh

 

 

10,000,000

4p

07/12/18

 

Pascal Hughes

 

 

5,000,000

4p

07/12/18

 

OBB Trading Limited

 

 

3,000,000

4p

07/12/18

 

Dielle Regan

 

 

2,500,000

4p

07/12/18

 

Robert Regan

 

 

2,500,000

4p

07/12/18

 

Jack Dibble

 

 

1,400,000

4p

07/12/18

 

Fulcrum Management Services

 

 

1,000,000

4p

07/12/18

 

Anthony Reeves

 

 

1,000,000

4p

07/12/18

 

GB Trust Co Limited

 

 

600,000

4p

07/12/18

 

 

 

 


 

 





----------------



 

 

 

 

50,957,500

 

 





==========



            

 

 

 

 

 

 

 

 

 


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