ALB.L Regulatory News (ALB)

12 Jun 2006 12:55

Bionex Investments PLC12 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, withinvestments in quoted and unquoted securities totalling £1,404,000. The first half year has been characterised by increased activity, both in termsof potential investment opportunities and committed funds. In the period wemade 11 new investments totalling £1,060,000 and exited, partially or fully, 7investments, realising £370,000. Since the 31 March 2006 we have committed afurther £500,000 in 5 new investments and realised a further £260,000 from 3investments. Of the investments currently held 9 are currently unquoted with afurther 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 bestrengthened by the appointment of Oliver Vaughan and Tim James. Both Oliverand Tim have had a great deal of experience in investing in the smaller companyspace and will further contribute to potential deal flow. In addition Oliverand Tim have each subscribed £200,000 for 10 million shares in the company, ineach case representing approximately 5.62% of the issued share capital. Thesubscription price of 2 pence per share represents a 17.6% premium to theclosing mid market price at 9 June 2006. In view of the change in investment strategy, away from biotechnology, the Boardhave concluded that it is appropriate to change the company's name. Thereforeat the company's next General Meeting, a resolution will be put to change thecompany's name to Albany Capital Plc. We continue to see many potential opportunities for investment in smallercompanies generally, both quoted and unquoted, and expect to utilise a greaterpart of cash resources over the remainder of the financial year where we believethere are attractive returns. Christopher RobertsChairman 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 NoteProfit 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 NoteFixed assetsInvestments 3 150 302 150 Current assetsCurrent asset investments 1,254 959 561Debtors 73 3 536Cash 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 reservesCalled up share capital 1,579 1,579 1,579Share premium 2,615 2,615 2,615Profit 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 financeInterest received 58 70 128 Taxation paid (1) - (23) Capital expenditure and financial investmentsPurchase 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 financingDecrease 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 constitutestatutory accounts. The profit and loss account, balance sheet and cash flow statement have beenprepared on a basis consistent with the statutory accounts for the year ended 30September 2005. Results for the year ended 30 September 2005 have been extracted from thestatutory accounts which were reported on by the auditors, without qualificationor statement under Section 237(2) or (3) of the Companies Act 1985, and havebeen delivered to the Registrar of Companies. 2 Earnings / (loss) per share The calculation of the basic earnings / (loss) per ordinary share is based onthe profit / (loss) on ordinary activities after tax and on the weighted averagenumber of ordinary shares in issue during the period. The calculation ofdiluted earnings / (loss) per ordinary share is not disclosed as the warrantsand further subscription rights are non dilutive when calculated in accordancewith FRS 14. Reconciliations of the earnings / (losses) and weighted average number of sharesused 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 ordinaryshare 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 £000CostAt 1 October 2005 895Additions -Disposals - At 31 March 2006 895 ProvisionsAt 1 October 2005 745Provisions in period - At 31 March 2006 745 Net book valueAt 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 bemade available to the public at the company's registered office, 30 Old BroadStreet, London, EC2N 1HT. This information is provided by RNS The company news service from the London Stock Exchange