Note 6 states the interim statement was approved by the board of Directors on
21 August 2006. The interim statement was in fact approved by the board of
Directors on 17 August 2006.
AVID HOLDINGS PLC
("Avid" or the "Company")
INTERIM STATEMENT FOR THE PERIOD ENDED 30 JUNE 2006
Business Highlights in the Period
* Reverse acquisition of 3 Point Blue Limited (completed June 2006)
* Company to focus on the development of the pharmaceutical packaging
business
* Placing raised �1,160,000 before expenses (May 2006)
Chairman's Statement
I am pleased to make this my first interim statement to you as Chairman of the
Company following the shareholders' approval of the reverse acquisition of 3
Point Blue Limited which trades as `Pill protect' ("Pill protect") on 20 June
2006.
Until 20 June 2006, Avid was an investment company that was established by
Griffin Group plc on 25 January 2005 and admitted to trading on AIM on 23 March
2005 with the objective of investing in small to medium sized companies. On 19
June 2006 the Company name was changed to Avid Holdings plc (formerly Euro
Investment Fund plc) following the shareholders resolution to this effect.
During the reporting period, Avid acquired the remaining 82.5% (8,517 shares)
of Pill protect that it did not already own, for consideration of �1 million,
satisfied by the issue of 33,333,333 new ordinary shares in the company.
Further deferred consideration, also to be satisfied by the issue of additional
new ordinary shares, will be payable dependent on the future performance of
Pill protect.
The Board of the Company believes that Pill protect has a strong management
team and that the prospects for the business are attractive.
Current trading
Pill protect has made some progress and whilst the majority of projects remain
under development, deliveries have commenced for the launch of a new over the
counter drug in October.
Trials are in progress for a bespoke product, developed for a leading brand
with substantial sales revenues.
Pill Protect has been chosen for a significant clinical trial starting in 2007.
Development of a new F=1 product for the US market has passed a child resistant
sample test. Each product is given what is referred to as an F= rating which is
an indication of the number of units that were accessed by children and adults
during testing. The lower the F= rating, the higher the level of resistance.
Subject to further trials and costing, this product could be introduced in 2007
/8.
Results for the period ended 30 June 2006
The acquisition of Pill protect was only completed on 20 June 2006. While the
balance sheet as at 30 June 2006 consolidates the assets and liabilities of
Avid and Pill protect, the results for the period reflect only the trade of
Pill protect for the period post acquisition, in addition to the overhead
expenses of Avid as an AIM traded company less the interest earned from
investment of the company's resources.
The loss before taxation for the period and loss per share amounted to �166,818
and 0.34 pence respectively. As at 30 June 2006, net assets were �2,486,095 and
cash balances amounted to �500,938 at the same date. The Directors do not
propose to declare a dividend.
In March 2006, Griffin Two Limited increased its convertible loan facility to
the company by �250,000 to �900,000. This loan was then converted into new
ordinary shares in June 2006. On 8 June, �225,000 of the loan was converted
into 15,000,000 shares and on 20 June the remaining �675,000 was converted into
a further 60,000,000 shares.
Board and management changes
Now that the transition from an investment company to an operating business has
been completed, Stephen Dean, Jan Ledochowski and Vince Nicholls have all
retired as directors of the Company as from 20 June 2006. The Board would like
to thank the former directors for their contribution to the establishment of
the Company.
The Board is delighted to announce that as of 20 June the following joined the
Board, Jonathan Bobbett as Chief Executive Officer, Jonathan Neal as Finance
Director, and Michael Nash as Non-executive Director.
Michael Walter
Chairman
GROUP PROFIT AND LOSS ACCOUNT
For the period to 30 June 2006
Six months 25 January 25 January
ended to 31 to
December
30 June 2006 2005 31 August
2005
(Unaudited) (Audited) (Unaudited)
� � �
Turnover 3,063 - -
Cost of sales (1,945) - -
_______ _______ _______
Gross profit 1,118 - -
Administrative expenses (141,018) (162,995) (79,862)
_______ _______ _______
Operating loss (139,900) (162,995) (79,862)
Interest receivable and similar income 16,738 8,064 1,460
Interest payable (43,656) (32,500) (6,500)
_______ _______ _______
Loss on ordinary activities before (166,818) (187,431) (84,902)
taxation
Taxation on ordinary activities (note 2) - - -
_______ _______ _______
Retained loss (166,818) (187,431) (84,902)
_______ _______ _______
Loss per share (note 3) (0.34)p (0.56)p (0.28)p
Fully diluted loss per share (note 3) (0.32)p (0.56)p (0.28)p
______ ______ ______
GROUP BALANCE SHEET
As at 30 June 2006
As at As at As at
30 June 31 December 31 August
2006 2005 2005
(Unaudited) (Audited) (Unaudited)
� � �
Fixed assets
Investments - 477,942 468,942
Tangible fixed assets 61,806 - -
Development costs 510,953 - -
Goodwill 1,686,889 - -
_______ _______ _______
2,259,648 477,942 468,942
Current assets
Work in progress 6,996 - -
Debtors 161,733 380,947 94,228
Cash at bank and in hand 500,938 5,904 41,334
_______ _______ _______
669,667 386,851 135,562
Creditors
Amounts falling due within one year (235,684) (14,930) (45,862)
_______ _______ _______
Net current assets 433,983 371,921 89,700
Total assets less current liabilities 2,693,631 849,863 558,642
Creditors
Amounts falling due after more than one (207,536) (650,000) (256,251)
year
_______ _______ _______
Net assets 2,486,095 199,863 302,391
_______ _______ _______
Capital and reserves
Called up share capital
- Ordinary (equity) 1,045,000 191,667 191,667
Share premium account 1,795,343 195,637 195,626
Profit and loss account (354,248) (187,431) (84,902)
_______ _______ _______
Equity shareholders' funds 2,486,095 199,863 302,391
_______ _______ _______
GROUP CASH FLOW
For the period to 30 June 2006
Six months 25 January 25 January
ended to 31 to
December
30 June 2006 2005 31 August
2005
(Unaudited) (Audited) (Unaudited)
� � �
Net cash inflow/(outflow) from operating 224,728 (538,012) 128,023
activities (note 5)
Returns on investments and servicing of
finance
Interest received and similar income 16,738 8,064 1,460
Interest payable (43,655) (32,500) (6,500)
______ ______ ______
(26,917) (24,436) 122,983
______ ______ ______
Capital expenditure and financial
instruments
Purchase of tangible fixed assets (62,219) - -
Purchase of intangible fixed assets (511,030) - -
Purchase of investments - (468,942) (468,942)
_______ _______ _______
(573,249) (468,942) (468,942)
______ ______ ______
Acquisitions and disposals
Purchase of subsidiary undertakings (1,213,581) - -
Taxation
UK Corporation tax paid - - -
_______ _______ _______
Equity dividends paid - - -
_______ _______ _______
Net cash outflow before financing (1,589,019) (1,031,390) (345,959)
_______ _______ _______
Financing
Issue of shares 2,560,000 387,294 600,000
Expenses of share issues (106,951) - (212,707)
Debt finance introduced - 650,000 -
Repayment of debt (368,996) - -
_______ _______ _______
Net cash inflow from financing 2,084,053 1,037,294 387,293
_______ _______ _______
INCREASE IN CASH 495,034 5,904 41,334
_______ _______ _______
NOTES TO THE INTERIM STATEMENT
1. The interim figures have not been audited. The interim financial statement
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985 (The "Act").
2. Due to the Company's losses, no taxation charge has arisen for the period.
3. The calculation of earnings per share is based on the loss on ordinary
activities after taxation and 48,814,814 ordinary shares being the weighted
average number of shares in issue during the half year.
The calculation of fully diluted earnings per share is based on the loss on
ordinary activities after taxation and 51,552,371 ordinary shares being the
weighted average number of shares in issue during the half year, after allowing
for dilutive share options and warrants.
4. The Directors are unable to declare an interim dividend for the period due
to the deficit on the profit and loss reserve.
5. Reconciliation of operating loss to net cash outflow from operating
activities
Six months ended 25 January to 25 January
31 December to
30 June 2006 2005
31 August
2005
(Unaudited) (Audited) (Unaudited)
� � �
Operating (loss) (139,900) (162,995) (79,862)
Depreciation and amortisation 5,124 - -
Increase in work in progress (6,996) - -
Decrease/(Increase) in debtors 219,214 (380,947) (94,228)
Increase in creditors 147,286 5,930 302,113
_______ _______ _______
Net cash inflow/(outflow) from 224,728 (538,012) 128,023
operating activities
_______ _______ _______
6. The interim statement was approved by the board of Directors on 17 August
2006. Copies of this statement will be available to shareholders and members of
the public, free of charge, from Hilden Park House, 79 Tonbridge Road,
Hildenborough, Kent, TN11 9BH.
Contact details:
Jonathan Bobbett, Avid Holdings plc 01892 557 876
Ross Andrews, City Financial Associates 020 7090 7800
Limited
END
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