VRP.L Regulatory News (VRP)

3 May 2006 10:34

ISIS Resources PLC03 May 2006 ISIS RESOURCES PLC ("Isis" or the "Company") Final results for the period ended 31 December 2005 Chairman's statement The Company was incorporated on 24 February 2005 and its ordinary shares wereadmitted to AIM on 31 March 2005 in conjunction with a fundraising ofapproximately £1 million. During the period since admission to AIM, the Directors have reviewed a numberof natural resource opportunities and, in each case, concluded that theproposition did not offer an appropriate level of return for the risk to beassumed. Consequently, the Directors reviewed the Company's investment strategyand widened the range of potential investments. On 31 March 2006, the Directors announced that the company's shares had beensuspended from trading on AIM in accordance with the Guidance Note to Rule 8 ofthe AIM Rules. The Directors further announced that they are in discussions inrelation to the acquisition of a drug discovery company which is focused on thediscovery and development of new therapeutic drugs for the treatment of rhinitisand other chronic respiratory and inflammatory diseases. The acquisition wouldbe classified as a reverse takeover under the AIM Rules and, as such, would besubject to the approval of shareholders. In conjunction with the acquisition, the Directors announced that the Companyintends to undertake a placing of ordinary shares through its nominated adviserand broker, Westhouse Securities LLP. The Directors expect that an AIMadmission document in connection with the acquisition will be published aroundthe end of May 2006. Craig Burton Executive Chairman Contact Details: Craig Burton 00 61 8 9324 1177 Isis Resources Plc Tim Feather 020 7601 6100 Westhouse Securities LLP INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2005 Notes £ Revenue - Cost of sales - __________Gross profit - Administration expenses (11,380) Other operating income 3,899 __________ Operating profit/(loss) (7,481) Investment income 33,448 __________ Profit before taxation 25,967 Taxation - __________ Profit for the period 25,967 ========= Earnings per ordinary share 1 0.06p __________ Diluted earnings per ordinary share 1 0.05p __________ BALANCE SHEET AS AT 31 DECEMBER 2005 £ ASSETS Current assets Trade and other receivables 8,918 Cash and cash equivalents 982,408 __________ 991,326 __________ Total assets 991,326 ========= EQUITY AND LIABILITIES Share capital 50,200 Share premium account 903,412 Retained losses 25,967 __________ Total equity 979,579 __________ Current liabilities Trade and other payables 11,747 __________ Total liabilities 11,747 __________ Total equity and liabilities 991,326 ========= CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2005 £ Net cash inflows from operating activities 2,173 __________ Investing activities Interest received 26,623 __________ 26,623 __________ Financing activities Net proceeds from issue of ordinary share capital 953,612 __________ 953,612 __________ Net increase in cash and cash equivalents 982,408 Cash and cash equivalents at the beginning of the period - __________ Cash and cash equivalents at the end of the period 982,408 ========= Notes to the preliminary results for the period ended 31 December 2005 1. Earnings per share Basic earnings per share of 0.06p is calculated by dividing the profit for theperiod by the weighted average number of ordinary shares in issue of 44,754,194. Diluted earnings per share of 0.05p is calculated by dividing the profit for theperiod by the diluted weighted average number of ordinary shares of 54,611,613,being the number of ordinary shares in issue and allowing for the exercise ofoptions outstanding. 2. Publication of non-statutory accounts The financial information set out in this preliminary announcement does notconstitute statutory accounts as defined in section 240 of the Companies Act1985. The summarised consolidated balance sheet at 31 December 2005 and thesummarised consolidated profit and loss account, summarised consolidatedcashflow statement and associated notes for the year then ended have beenextracted from the Group's 2005 statutory financial statements upon which theauditors' opinion is unqualified and does not contain any statement undersection 237 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange