Tissue Regenix Group Regulatory News (TRX)

30 Apr 2008 17:27

Oxeco PLC30 April 2008 30 April 2008 Oxeco Plc ("Oxeco" or the "Company") Audited Results for the period 17 October 2006 to 31 January 2008 and Chairman's Statement Chairman's Statement The Company was established on 17 October 2006. It was admitted to AIM inDecember 2006 with a net £2.84 million raised in cash and a stated strategy ofseeking investments in or acquiring assets, businesses or companies in thetechnology and science sectors. On 29 June 2007 Oxeco Plc acquired the entire issued share capital of OxrayLimited ("Oxray"). The total consideration payable for Oxray was approximately £2.1 millionsatisfied by the issue new Ordinary Shares with a value of £2.0 million and thecash settlement of related acquisition costs amounting to £0.1million. On completion of the acquisition of Oxray, I joined the Board as ExecutiveChairman, Professor Stephen Davies joined as a Non-executive Director andProfessor Graham Richards changed his role from Non-executive Chairman to thatof Non-executive Director. Oxray's primary objectives are the development of novel X-ray crystallographystructure determination software and the provision of small-molecule X-raycrystallography structure services to both industry and academic institutions.This is to be achieved by developing novel molecular structure determinationsoftware in-house, licensing IP and potentially making acquisitions in thisfield. Oxray has made good progress in the development of its X-ray crystallographystructure determination software and the Company secured its first revenuecontact in January 2008. The service will use a web portal behind which theCompany will work to maximise the extent to which the service can be automated.The Company intends to offer standardised response times to its customers butwill also market premium services such as a fast-response and extendedscientific reporting suitable to support customers' patent applications. The Group's loss before tax for the period from incorporation 17 October 2006 to31 January 2008 was £58,000. Total equity shareholders funds at the period endamounted to £4.87 million including cash balances of £2.76 million. Your Directors are continuing to evaluate a range of new commercial andacquisition opportunities which they believe fulfill the Company's originalobjectives of investing in the technology and science sectors and especiallythose which are complementary to the Company's enlarged business. I would like to conclude by thanking our employees and management for theirsupport in the growth and development of the Company in the period. Jussi WestergrenExecutive Chairman29 April 2008 Audited Results The audited results for the period 17 October 2006 to 31 December 2008 arepresented below. The audited accounts will be sent to the Company's shareholderswithin the next 48 hours and are available on the Company's website.www.oxecoplc.com For further information, please contact: Michael Bretherton +44 (0) 207352 8989Oxeco PLCwww.oxecoplc.com Ray Zimmerman/Jonathan Evans +44 (0) 207 060 1760Zimmerman Adams International Ltd Daniel Briggs +44 (0) 207 448 4400Hichens, Harrison & Co plc CONSOLIDATED INCOME STATEMENTFor the period from incorporation on 17 October 2006 to 31 January 2008 Notes 2008 £'000 Revenue 7 Administrative expenses (243) _________ OPERATING LOSS 2 (236) Finance income 3 178 _________LOSS BEFORE TAXATION (58) Taxation 5 (5) _________ RETAINED LOSS FOR THE PERIOD (63) ========= LOSS PER SHARE Basic and diluted 6 (0.01) p The loss for the period arises from the Group's continuing operations andincludes contributions from subsidiaries acquired in the period as set out innote 15 of the financial statements. STATEMENTS OF CHANGES IN EQUITYFor the period from incorporation on 17 October 2006 to 31 January 2008 The Group Share Share Retained Total Capital Premium Deficit Equity £'000 £'000 £'000 £'000 At 17 October 2006 - - - -Loss for the period - - (63) (63)Issue of shares 600 4,500 - 5,100Expenses of issue of shares - (167) - (167) ________ ________ ________ ________ At 31 January 2008 600 4,333 (63) 4,870 ======== ======== ======== ======== The Company Share Share Retained Total Capital Premium Earnings Equity £'000 £'000 £'000 £'000 At 17 October 2006 - - - -Profit for the period - - 21 21Issue of shares 600 4,500 - 5,100Expenses of issue of shares - (167) - (167) ________ ________ ________ ________ At 31 January 2008 600 4,333 21 4,954 ________ ________ ________ ________ BALANCE SHEETSAs at 31 January 2008 Notes Group Company 2008 2008 £'000 £'000ASSETS Non-current assetsProperty, plant and equipment 7 2 -Intangible assets - goodwill 8 2,120 -Investments 9 - 2,100 ________ ________ 2,122 2,100 ________ ________Current assetsTrade and other receivables 10 29 223Cash and cash equivalents 11 2,761 2,646 ________ ________ 2,790 2,869 ________ ________TOTAL ASSETS 4,912 4,969 ________ ________ LIABILITIES Current liabilitiesTrade and other payables 12 (37) (10)Current taxation 5 (5) (5) ________ ________TOTAL LIABILITIES (42) (15) ________ ________NET ASSETS 4,870 4,954 ======== ========EQUITYAttributable to equity holders ofparentIssued share capital 13 600 600Share premium 14 4,333 4,333Retained (deficit)/earnings (63) 21 ________ ________TOTAL EQUITY 4,870 4,954 ======== ======== Approved by the board of Directors and authorised for issue on 29 April 2008 andsigned on its behalf by:- M A BrethertonFinance Director CASH FLOW STATEMENTSFor the period from incorporation on 17 October 2006 to 31 January 2008 Notes Group Company 2008 2008 £'000 £'000OPERATING ACTIVITIESOperating loss (236) (152)Increase in trade and other receivables (29) (223)(Decrease)/increase in trade and other payables (15) 10 ________ ________Net cash outflow from operations (280) (365) ________ ________ INVESTING ACTIVITIESPurchase of property, plant and equipment (see note 7) (2) - Acquisitions of subsidiaries (see note 15) (100) (100)Cash in subsidiaries at acquisition 32 - ________ ________Net cash outflow from investing activities (70) (100) ________ ________ FINANCING ACTIVITIESProceeds from issue of share capital 3,100 3,100Expenses of issue of share capital (167) (167)Interest received 178 178 ________ ________Net cash inflow from financing activities 3,111 3,111 ________ ________ INCREASE IN CASH AND CASH EQUIVALENTS 2,761 2,646 Cash and cash equivalentsAt 17 October 2006 - - ________ ________CASH AND CASH EQUIVALENTSAT 31 JANUARY 2008 2,761 2,646 ======== ======== 1) ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost conventionin accordance with International Financial Reporting Standards ("IFRS") asadopted by the EU. CONSOLIDATION The consolidated financial statements incorporate those of Oxeco Plc and itssubsidiary undertaking, Oxray Ltd. Subsidiaries Subsidiaries are all entities over which the Group has the power to govern thefinancial and operating policies generally accompanying a shareholding of morethan half of the voting rights. The existence and effects of potential votingrights are considered when assessing whether the Group controls the entity.Subsidiaries are fully consolidated from the date control passes. The purchase method of accounting is used to account for the acquisition ofsubsidiaries by the Group. The costs of an acquisition are measured as the fairvalue of the assets given, equity instruments issued and liabilities incurred orassumed at the date of exchange, plus costs directly attributable to theacquisition. Identifiable assets acquired and liabilities and contingentliabilities assumed in a business combination are initially measured at fairvalue at acquisition date irrespective of the extent of any minority interest.The difference between the cost of acquisition of shares in subsidiaries and thefair value of the identifiable net assets acquired is capitalised as goodwilland reviewed annually for impairment. Any deficiency of the cost of acquisitionbelow the fair value of identifiable net assets acquired (i.e. discount onacquisition) is recognised directly in the income statement. All intra-group transactions, balances, and unrealised gains on transactionsbetween Group companies are eliminated on consolidation. Subsidiaries'accounting policies are amended where necessary to ensure consistency with thepolicies adopted by the Group. All financial statements are made up to 31January 2008. As provided by section 230 of the Companies Act 1985, no income statement ispresented for Oxeco Plc. The profit after tax dealt with in the income statementof the Company for the period from incorporation on 17 October 2006 to 31January 2008 amounted to £21,000. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment assets are stated at historical cost. Depreciation is provided on all property, plant and equipment assets at ratescalculated to write each asset down to its estimated residual value evenly overits expected useful life, as follows:- Office furniture and equipment: over 3 years INVESTMENTS Investments in subsidiaries are stated in the balance sheet of the ParentCompany at cost less provision for any impairment. INTANGIBLE ASSETS - GOODWILL Goodwill arising on consolidation of subsidiaries represents the excess of fairvalue of the cost of acquisition over the Group's interest in the fair value ofthe identifiable assets and liabilities at the date of acquisition. Goodwill is tested for impairment annually and whenever there is an indicationthat the asset may be impaired. IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS At each balance sheet date, the Group reviews the carrying amounts of itsproperty, plant and equipment and intangible assets to determine whether thereis any indication that those assets have suffered an impairment loss. If anysuch indication exists, the recoverable amount of the asset is estimated inorder to determine the extent of the impairment loss (if any). Discounted cash flow valuation techniques are generally applied for assessingrecoverable amounts using 5 year forward looking cash flow projections andterminal value estimates, together with discount rates appropriate to the riskof the related cash generating units. If the recoverable amount of an asset is estimated to be less than its carryingamount, the carrying amount of the asset is reduced to its recoverable amount.An impairment loss is recognised as an expense immediately. FINANCIAL ASSETS AND LIABILITIES Trade and other receivables Trade and other receivables do not carry any interest and are initiallyrecognised at fair value. They are subsequently measured at amortised cost usingthe effective interest rate method, less any provision for impairment. Trade and other payables Trade and other payables are not interest bearing and are initially recognisedat fair value. They are subsequently measured at amortised cost using theeffective interest method, less any provision for impairment. Cash and cash equivalents Cash and cash equivalents comprise cash at hand and deposits on a term of notgreater than 3 months. REVENUE Revenue is measured at the fair value of the consideration received orreceivable in the normal course of business, net of discounts, VAT and othersales related taxes and is recognised to the extent that it is probable that theeconomic benefits associated with the transaction will flow in to the Group. SOFTWARE DEVELOPMENT All costs associated with the development of software are expensed to the incomestatement as incurred. SEGMENTAL REPORTING The Group's activities are considered to comprise one business and onegeographical segment which consists of the provision of molecular structuredetermination software services to both industry and academic institutions inthe UK. TAXATION The tax expense represents the sum of the tax currently payable and deferredtax. The tax currently payable is based on taxable loss for the period. The Group'sliability for current tax is calculated by using tax rates that have beenenacted or substantively enacted by the balance sheet date deferred tax is thetax expected to be payable or recoverable on differences between the carryingamount of assets and liabilities in the financial statements and thecorresponding tax bases used in the computation of taxable loss, and isaccounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differencesand deferred tax assets are recognised to the extent that it is probable thattaxable profits will be available against which deductible temporary differencescan be utilised. Deferred tax is calculated at the tax rates that are expectedto apply to the period when the asset is realised or the liability is settled.Deferred tax is charged or credited in the income statement, except when itrelates to items credited or charged directly to equity, in which case thedeferred tax is also dealt with in equity. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historicalexperience and other factors, including expectations of future events that arebelieved to be reasonable under the circumstances. Actual results may differfrom these estimates. The estimates and assumptions in relation to goodwill are considered to have themost significant effect on the carrying amount of the assets in the financialstatements as discussed below. The Group is required to test at least annually,whether goodwill has suffered any impairment. The recoverable amount isdetermined using value in use calculations. The use of this method requires theestimation of future cash flows and the selection of a suitable discount rate inorder to calculate the present value of these cash flows. ACCOUNTING STANDARDS AND INTERPRETATIONS NOT APPLIED At the date of authorisation of these financial statements, the followingStandards and Interpretations that have not been applied in these financialstatements were in issue but not yet effective or endorsed (unless otherwisestated): • IFRS 2: Share based payment - Amendments relating to vesting conditions and cancellations• IFRS 3: Business Combinations - Amendments• IFRS 7: Financial Instruments: Disclosures - Consequential amendments arising from amendments to IAS32• IFRS 8: Operating Segments (endorsed)• IAS 1: Presentation of Financial Statements - Revised• IAS 1: Presentation of Financial Statements - Amendments relating to Puttable Financial Instruments and obligations arising on liquidation• IAS 23: Borrowing Costs - Amendment• IAS 27: Consolidated and separate Financial Statements - Consequential amendments arising from amendments from IFRS3• IAS 28: Investments in Associates - Consequential amendments arising from amendments to IFRS3• IAS 31: Interest in Joint Ventures - Consequential amendments arising from amendments to IFRS3• IAS 32: Financial Instruments: Presentation - Amendments relating to Puttable Financial Instruments and obligations arising on liquidation• IAS 39: Financial Instruments: Recognition and Measurement - Consequential amendments arising from amendments to IAS 32• IFRIC 2: Members' Shares in Co-operative Entities and Similar Instruments - Consequential amendments arising from amendments to IAS 32• IFRIC 11: IFRS 2 - Group and Treasury Share Transactions (endorsed)• IFRIC 12: Service Concession Arrangements• IFRIC 13: Customer loyalty programmes• IFRIC 14: IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction The Directors anticipate that the adoption of these Standards andInterpretations in future periods will have no material impact on the financialstatements of the Group. 2) OPERATING LOSS Period to 31 January 2008 £'000Operating loss is stated after charging:Depreciation of property, plant and equipment 1Operating lease rentals on land and buildings 4Other operating lease rentals 3Staff costs (see note 4) 73 Auditor's remuneration:Fees payable to the Company's auditor for the audit of the Company's annual accounts 10Fees payable to the Company's auditor for the audit of the annual accounts of subsidiary 7Other services pursuant to legislation (charged to share premium) 35Other fees paid 3 ________ Total auditor's remuneration 55 ________ 3) FINANCE INCOME Period to 31 January 2008 £'000 Bank interest receivable 178 ======== 4) STAFF COSTS 2008 No.The average monthly number of persons (including Directors) employed bythe Group during the period was: Administration and management 6 ======== Period to 31 January 2008 £'000The aggregate remuneration comprised:Wages and Salaries 70Social Security costs 3 ________ 73Director's remuneration included in the aggregate remuneration abovecomprised:Emoluments for qualifying services 44 ======== In addition, the Group paid fees of £18,000, (see note 17), to Ora CapitalPartners Plc for consultancy services provided by Michael Bretherton. 5) TAXATION The Group Period to 31 January 2008 £'000 Current tax:UK corporation tax on losses of period 5 Deferred tax:Origination and reversal of timing differences - Tax on loss on ordinary activities 5 ======== Period to 31 January 2008 £'000The Group Factors affecting tax charge for the year The tax assessed for the period varies from the standard rate ofcorporation tax as explained below: Loss on ordinary activities before tax (58)Loss on ordinary activities multiplied by the standard rate of corporation (17)tax (30%) Effects of:Expenses not deductable for tax purposes 8Unutilised tax losses 14 Current tax charge for the year 5 ======== The Group has estimated losses of £163,000 in subsidiaries available for carryforward against future trading profit. The Group has not recognised deferred taxassets of £45,000 relating to these losses as their recoverability is uncertain. 6) LOSS PER SHARE Basic loss per share is based on the net loss for the period of £63,000attributable to equity shareholders related to the weighted average number ofordinary shares in issue during the period of 456,050,955. Fully diluted lossper share is the same as basic loss per share. 7) PROPERTY, PLANT AND EQUIPMENT Fixtures and equipment £'000CostAt 17 October 2006 -Acquisition of subsidiary (see note 15) 1Additions 2 ________At 31 January 2008 3 ________ DepreciationAt 17 October 2006 -Charge for the year 1 ________At 31 January 2008 1 ________ Net book valueAt 31 January 2008 2 ________At 17 October 2006 - ________ 8) INTANGIBLE ASSETS - GOODWILL The Group 2008 £'000 At 17 October 2006 -Arising on acquisition of subsidiary (see note 15) 2,120 ________At 31 January 2008 2,120 ________ Goodwill arising on the acquisition of the subsidiary relates to the Group'sOxray Ltd subsidiary cash generating unit and is principally attributable toanticipated future earnings growth. 9) INVESTMENT IN SUBSIDIARY The Company 2008 £'000Cost and book value at 17 October 2006 -Additions (see note 15) 2,100 ________Cost and book value at 31 January 2008 2,100 ======== There has been no impairment loss to the investment in the subsidiary in the period. At 31 January 2008 the Company had an investment in a subsidiary where it holds50% or more of the issued share capital of the following companies: Undertaking Sector Website 31 January 2008 Share of issued ordinary share capital and voting rights % Oxray Ltd Technology www.oxray.com 100 The Company is incorporated in England and Wales and operates wholly or mainly in the country of incorporation. All subsidiaries have been included in the consolidated financial statements. 10) TRADE AND OTHER RECEIVABLES Group Company 2008 2008 £'000 £'000 Trade receivables 6 -Prepayments and accrued income 23 23Amounts owed by subsidiary undertakings - 200 _________ _________ 29 223 ========= ========= The Directors consider that the carrying amount of trade and other receivablesapproximates to their fair value. 11. RISK MANAGEMENT OF FINANCIAL ASSETS AND LIABILITIES The Group is exposed to a number of risks through its normal operations, themost significant of which are market, credit and liquidity risks. The managementof these risks is vested in the Board of Directors. Categorisation of financial instruments Financial assets/(liabilities) Loans and Financial Total receivables liabilities at amortised cost £'000 £'000 £'000At 31 January 2008Trade and other receivables 6 - 6Cash and cash equivalents 2,761 - 2,761Trade and other payables - (35) (35) _________ _________ _________TOTAL 2,767 (35) 2,732 _________ _________ _________ The Group had no gains at fair value through profit and loss. The disclosures above are only provided on a Group consolidated basis as thedirectors do not believe there is any material benefit in providing similarinformation for the Company. Management of market risk The most significant area of market risk to which the Group is exposed isinterest risk. As the Group has no significant borrowings it has only a limited interest raterisk. The principal impact to the Group is the result of interest-bearing cashand cash equivalent balances held as set out below: 31 January 2008 Fixed Floating rate Total rate £'000 £'000 £'000 Cash and cash equivalents 2,111 650 2,761 _________ _________ _________ The impact of an increase/decrease by 1 percentage point in the rate of interestearned on the above period end interest-bearing cash and cash equivalentbalances equates to £27,610 per annum on the Group's pre tax results for theperiod and on equity. Management of credit risk The Group's principal financial assets are bank balances and cash. The Group deposits surplus liquid funds with counterparty banks that have highcredit ratings. The maximum exposure to credit risk on the Group's financial assets andliabilities is represented by their carrying amounts as outlined in thecategorisation of financial instruments table above. The Group does not consider that any changes in fair value of financial assetsor liabilities in the year are attributable to credit risk. No aged analysis of financial assets is presented as no financial assets arepart due at the reporting date with the exception of trade receivables and otherreceivables, which the Directors do not consider to be material. Management of liquidity risk The Group seeks to manage liquidity risk to ensure that sufficient liquidity isavailable to meet foreseeable needs and to invest cash assets safely andprofitably. The Group deems there is sufficient liquidity for the foreseeablefuture. No maturity analysis for financial liabilities is presented, as the Directorsconsider that liquidity risk is not material. The Group and the Company had cash and cash equivalents at 31 January 2008 of£2,761,000. As at 31 January 2008 all financial assets and liabilities mature for paymentwithin one year. 12) TRADE AND OTHER PAYABLES Group Company 2008 2008 £'000 £'000 Trade payables 17 -Other taxes and social security 2 -Accruals 18 10 ________ ________ 37 10 ======== ======== The Directors consider that the carrying amount of trade and other payablesapproximates to their fair value. 13) SHARE CAPITAL The Group and the Company 2008 2008 Number £'000Authorised:Ordinary shares of 0.1p 1,000,000,000 1,000 =============== ==========Allotted, issued and fully paid:Ordinary shares of 0.1p 600,000,000 600 =============== ========== The Company was incorporated on 17 October 2006, on which date the authorisedshare capital was £1,000,000 divided into 100,000,000 shares of 0.1p each, 2 ofwhich were issued at par value. On 19 October 2006 the Company allotted and issued 99,999,998 shares of 0.1peach for cash at par value. On 21 December 2006 the Company placed 300,000,000 shares of 0.1p each on AIMfor cash at a price of 1p per share, resulting in a share premium of £2,700,000. On 29 June 2007 the Company allotted 200,000,000 shares of 0.1p each at a priceof 1p per share in connection with the acquisition by the Company of the entireissued share capital of Oxray Ltd, resulting in a share premium of £ 1,800,000(see note 15). 14) SHARE PREMIUM ACCOUNT The Group and the Company 2008 £'000 At 17 October 2006 -Premium on issue of shares in the period 4,500Expenses of issue of shares (167) ________ At 31 January 2008 4,333 ________ See note 13 to the financial statements for details of shares issued in theperiod. 15) PURCHASE OF SUBSIDIARY UNDERTAKINGS On the 29 June 2007, the Company acquired 100% of the issued share capital ofOxray Ltd by issue of 200,000,000 ordinary shares at 1p share for a value of£2,000,000 together with the settlement in cash of costs of £100,042. The 1p price was agreed with the Oxray vendors as the appropriate fair value ofthe Oxeco shares notwithstanding that the quoted market price of the shares onthe date of announcing the deal on 27 March 2007 was 5.5p. The 1p price wasdetermined to be the appropriate fair value taking into account the followingfactors: i) there was very limited liquidity in the Oxeco shares between the date of admission to the AIM market in December 2006 and agreeing terms with the Oxray vendors and announcing the deal on 27 March 2007; ii) 1p was the actual subscription price at which £3.0 million of new money was raised by the Company on admission to the AIM market in December 2006; and iii) Oxeco had not traded or made any acquisitions or announced any valuation changing events between the date of admission to AIM and the date of agreeing terms with the Oxray vendors. The aggregate amount of the difference between the value attributed to theseequity instruments and the published price is £8,500,000. This acquisition has been accounted for by the purchase method of accounting assummarised below. Assets and liabilities acquired represent the carrying value at date ofacquisition. The Director's believe that carrying value is a reasonableapproximation of fair value. Oxray Ltd £'000Net assets / (liabilities) acquired (100%)Fixed assets 1Cash 32Other net liabilities (53) ________Net liabilities acquired (20)Goodwill on acquisition 2,120 ________Total Consideration 2,100 ________Satisfied by:Issue of shares 2,000Cash 100 ________Total 2,100 ________ The above values of net liabilities on acquisition of the subsidiary comprisebook value carrying amounts which the Directors estimate to be the same as theirfair value amount. For the period between the date of acquisition on 29 June 2007 and 31 January2008, Oxray contributed revenues of £6,870 and the loss before tax contributionamounted to £83,388. If Oxray had been consolidated in full from the period ofincorporation of Oxeco, the revenue of Oxray would have been the same and theloss before tax contribution of Oxray would have been £203,834. 16) COMMITMENTS UNDER OPERATING LEASES At 31 January 2008, the Company had no commitments under non-cancellable leasesand the Group had commitments falling due as follows: Motor Vehicle 2008 £'000 Expiring within one year 5Expiring between one and five years 5 ________Total commitments 10 ======== 17) RELATED PARTY TRANSACTIONS Trading transactions During the period the Company entered into the following transactions with OraCapital Partners Plc which as at 31 January 2008 holds 45.25per cent. of theCompany's issued share capital: Group Company 2008 2008 £'000 £'000 Management consultancy fees charged by Ora Capital Partners Plc in the period 18 18 ======= ======= The outstanding balance owed to Ora Capital Partners Plc at the balance sheetdate was £1,175. During the period, Oxray borrowed £200,000 from the Company for working capitalpurposes. The loan is non-interest bearing and is repayable on demand, theoutstanding balance at 31 January 2008 was £200,000. Transactions with Key Management Personnel The Group's key management personnel comprised only the Directors of theCompany. During the period Group companies entered into the following transactions inwhich the Directors' had an interest: i. Directors' remuneration. The remuneration of the individual Directors is provided in the Directors' Report and disclosed in note 4 of the financial statements. ii. Directors' had investments in Ora Capital Partners Plc as follows as at 31 January 2008: Director % of issued share capital of Ora held David Norwood 3.00 % Michael Bretherton 0.06 % Michael Bretherton and David Norwood are both Directors of Ora Capital PartnersPlc. 18) ULTIMATE CONTROLLING PARTY The Directors do not believe that there is an ultimate controlling party. 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