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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 |
|
|
========== |
|