TIDMNSCI
RNS Number : 9702M
NetScientific PLC
19 September 2019
`NetScientific plc
("NetScientific" or the "Company" or the "Group")
Interim Results for the six months ended 30 June 2019
Portfolio companies continued to make strong progress
London, UK - 19 September 2019: NetScientific Plc (AIM: NSCI),
the transatlantic healthcare IP commercialisation Group, today
announces its interim results for the six months ended 30 June
2019.
Financial highlights
o Loss after tax of GBP7,645k (H1 2018: loss GBP4,595k)
reflecting the loss on disposal of Vortex and Wanda for a total
consideration of GBP150k and the development stage of the
portfolio
o Glycotest received first tranche of $3,000k upon completion of
the Series A funding round (February 2019) to Shanghai Fosun
Pharmaceutical Co. Ltd ('Fosun Pharma')
o Group cash resources at 30 June 2019 of GBP2,502k (H1 2018:
GBP6,890k), forecast to be sufficient to operate until the end
September 2020
Operational Highlights
o Glycotest
o Proceeds of $3,000k first tranche of the Series A funding
round with Fosun Pharma to be used to advance Glycotest Inc.'s
diagnostic HCC Panel towards commercialisation in the US
o ProAxsis
o Positive NEATstik(R) early data from BRIDGE study published in
the European Respiratory Journal
o Three-year 1,000+ patient study in bronchiectasis funded by
the British Lung Foundation (BLF) and the European Respiratory
Society (ERS)
o Early data demonstrates potential for NEATstik(R) as a rapid
point-of-care monitoring tool for lung diseases
o Revenues increased 84% to GBP158k (H1 2018: GBP86k)
o Vortex Biosciences
o Vortex Bioscience, Inc. was sold to Deeptech, a special
purpose vehicle ("SPV") of EMV Capital Ltd ("Deeptech") on 22 March
2019 for total consideration of GBP113k, for the shares and
transfer of debt
o Overall loss on disposal of Vortex Biosciences, Inc.
investment was GBP1,027k
o Wanda
o Wanda, Inc. was sold to Deeptech, a SPV of EMV Capital Ltd on
22 March 2019 for total consideration of GBP37k, for the shares and
transfer of preferred stock and debt.
o Overall loss on disposal of the Wanda, Inc. Investment was
GBP3,812k
o PDS Biotechnology
o Completion of merger with Edge Therapeutics to form a
Nasdaq-quoted Clinical-Stage Cancer Immunotherapy company
developing novel products treating early-and late-stage cancer
o Publicly-traded under the ticker "PDSB" on the Nasdaq Capital
market from 18 March 2019
o Positive Phase I & 2 clinical data on lead product
candidate PDS0101 suggests immunotherapeutic anti-cancer activity
and favourable safety profile in early stage cervical cancer
o To initiate multiple Phase 2b & 3 clinical trials of
PDS0101 in HPV-associated cancers
o NetScientific holds 8.15% on a fully diluted basis
o Article "Antigen Priming with Enantiospecific Cationic Lipid
Nanoparticles Induces Potent Antitumor CTL Responses through Novel
Induction of a Type I IFN Response" published online in
peer-reviewed Journal of Immunology
o On 29 July 2019, post-period, a liquidity funding programme
was initiated with Aspire Capital Fund, LLC ("Aspire") to purchase
up to an aggregate of $20,000k of shares of PDS common stock over a
30-month term
Ian Postlethwaite, CEO of NetScientific, said:
"Our portfolio companies continued to make strong progress
during the period and we believe they have great potential to
create value for our shareholders. As part of our strategy, we
continue to explore ways to realise the full value of these
Investments over the coming months and into 2020."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information, please contact:
NetScientific
Ian Postlethwaite, CEO/CFO Tel: +44 (0)20 3514 1800
WH Ireland Ltd (NOMAD Financial
Adviser and broker)
Chris Fielding / Jessica Cave Tel: +44 (0)20 7220 1666
MO PR ADVISORY (Press Contact)
Mo Noonan Tel: +44 (0)78 7644 4977
mo@mopradvisory.com
About NetScientific Plc
NetScientific Plc is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
For more information, please visit the website at
www.netscientific.net
JOINT CHAIRMAN'S AND CHIEF EXECUTIVE OFFICER'S REVIEW
NetScientific Plc is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
Following the completion of a strategic review in 2018, the
Company did not receive any offers for any of its portfolio
companies nor was it in receipt of any approaches regarding a sale
of the Company by early 2019 and formally closed the strategic
review. The Board assessed all strategic options, including a
potential delisting from admission to AIM in order to reduce the
Company's costs to prolong the cash runway, allowing for the
maximum opportunity to realise cash from shareholdings in its
investee companies. However, the General Meeting to approve the
delisting was indefinitely adjourned.
Following this decision by shareholders, in line with the
Circular sent to Shareholders on 15 February 2019, the Company's
strategy is to seek value for shareholders by continuing to explore
ways to realise the full value of its Investments in an orderly
manner based upon its remaining cash resources by:
a) reducing the Company's central functions and costs
significantly such that the remaining cash is used to extend the
life of the Company;
b) assessing the funding requirements of each portfolio Company
against its prospects of generating a shareholder return within the
anticipated lifespan of the company; and
c) subsequently allocating the remaining cash to manage those
portfolio companies which the Board believes provide the most
realistic prospects of delivering shareholder returns within the
anticipated lifespan of the Company.
Glycotest and PDS do not require further funding from the
Company. ProAxsis required a further short-term loan of GBP100k
which is repayable within 2019 for operational funding requirements
as it nears cashflow breakeven.
In March 2019, the Company completed the GBP150k cash sale of
its interests in Vortex and Wanda to Deeptech, together with any
outstanding loans and convertible loan notes owed to the Company by
Wanda or Vortex. Immediately prior to completion, NetScientific had
interests of approximately 95.0% and 70.8% of the issued shares of
common stock of Vortex and Wanda, respectively, and 100% of the
Preferred Shares of Wanda. The losses before tax of Vortex and
Wanda included within the consolidated accounts of NetScientific
amounted to GBP342k and GBP272k, respectively and the net assets of
Vortex and Wanda at the same date were GBP14k and GBP34k,
respectively net of intercompany balances. Overall the loss on
disposal of Vortex and Wanda was GBP1,027k and GBP3,812k
respectively.
As part of the cost reduction strategy, the lease of the
Company's headquarters at 6 Bevis Marks London EC3A 7BA was
terminated on 29 March 2019 and the Annual Report issued in a black
and white pdf document. In addition, Francois Martelet resigned as
a Director on 30 April 2019.
Our portfolio
ProAxsis Ltd ("ProAxsis")
ProAxsis, is a medical diagnostics company based in Belfast,
Northern Ireland, developing a range of products for the capture,
detection and measurement of active protease biomarkers of
diseases.
ProAxsis has made good operational progress during the first
half of 2019 with an 84% increase in reported revenue of GBP158k
during the period (H1 2018: GBP86k).
In May 2019, NEATstik(R) received positive early data from the
BRIDGE study, a three-year 1,000+ patient study in bronchiectasis
funded by the British Lung Foundation (BLF) and the European
Respiratory Society (ERS) to explore novel biomarkers and what they
can add to clinical practice. The data was published in the
European Respiratory Journal supporting the potential for
NEATstik(R) as a rapid point-of-care monitoring tool for lung
diseases.
The NEATstik(R) result correlated with the severity of lung
disease, presence of bacterial infection and risk of future
clinical worsening (exacerbations). Furthermore, NEATstik(R) was
able to replicate the results of existing tests for chest
infections in people with bronchiectasis within only ten minutes,
providing a rapid sample-to-result test that can potentially
support appropriate usage of antibiotic therapy. The study, led by
Professor James Chalmers, from the University of Dundee, concluded
that NEATstik(R) can assist clinicians in identifying lung disease
patients with bacterial infections as well as those patients at
highest risk of experiencing significant clinical worsening over
the subsequent 12 months.
During the first half of 2019, ProAxsis made progress with
licensing partnership discussions and continues to seek further
non-dilutive grants to fund new developments.
Glycotest, Inc. ("Glycotest")
Glycotest is a US-based liver diagnostics start-up company
seeking to commercialise new and unique blood tests for life
threatening liver cancers and fibrosis-cirrhosis.
In February 2019, Glycotest, received an initial $3.0 million
first tranche of the $10.0 million Series A financing round with
Fosun Pharma, a leading healthcare group based in China. This
initial first tranche will primarily serve to drive Glycotest's
proprietary HCC Panel towards commercialisation in the US.
Glycotest holds exclusive world-wide rights to over 50
patent-protected serum protein biomarkers and this year has
successfully expanded its IP portfolio. The company now has 13
issued or allowed patents protecting multiple aspects of
Glycotest's proprietary liver disease diagnostic platform.
PDS Biotechnology Corporation ("PDS")
PDS is a clinical stage immunotherapy company developing a
next-generation of simpler, safer and more effective
immunotherapies. PDS's lead programme, PDS0101, is for several
HPV-related cancers and its pipeline includes oncology compounds
for prostate, ovarian, breast and colorectal cancers. NetScientific
holds 8.15% on a fully diluted basis.
PDS made important advances with its T-cell activating
technology platform, Versamune(R), which combines three critical
attributes for an effective immunotherapy: T-cell induction,
reduced tumour suppression and priming of a potent anti-tumour
response without the conventional associated toxicities. It has
successfully completed Phase I & 2 clinical studies on lead
product candidate, PDS0101, which suggested immunotherapeutic
anti-cancer activity and favourable safety profile in early stage
cervical cancer.
The merger with Edge Therapeutics, completed on 14 March 2019,
formed a Nasdaq-quoted Clinical-Stage Cancer Immunotherapy company,
now re-named PDS Biotechnology Corporation. The share price of PDS
Biotechnology Corporation has been used to re-value the Group's
equity holding therein. PDS Biotechnology Corporation, trading on
Nasdaq under the ticker PDSB, at the closing price on 28 June 2019
of $5.99 valued NetScientific's enlarged holding in PDS at
GBP2,555k. At year end PDS was valued at GBP2,380k. It is
NetScientific's intention to hold the shares and a decision on its
position will be made in due course.
The new company plans to initiate multiple Phase 2b & 3
clinical trials of PDS0101 in HPV-associated cancers, advance its
pipeline of assets and maintain ownership and control of any
partnered trials. In May 2019, PDS signed a co-operative research
and development agreement (CRADA) with the National Cancer
Institute to perform a Phase 2 clinical study of PDS0101 in
combination with other immune-modulating agents in advanced
HPV-related cancers.
In May 2019, a peer-reviewed publication supporting novel
mechanisms of action of its proprietary Versamune(R) platform in
cancer immunotherapy was published online in the Journal of
Immunology. The article "Antigen Priming with Enantiospecific
Cationic Lipid Nanoparticles Induces Potent Antitumor CTL Responses
through Novel Induction of a Type I IFN Response" describes the way
PDS' Versamune(R) platform recruits and activates killer T-cells to
recognize and effectively attack cancer cells while simultaneously
making cancer cells more susceptible to T-cell attack.
On 29 July 2019, post-period end, a purchase agreement was
signed with Aspire to initiate a liquidity funding programme. On
any trading day on which the price per share of PDS common stock
exceeds US$0.50, PDS can present Aspire with a purchase notice
directing Aspire to purchase up to 100,000 shares of PDS' common
stock per business day:
1. up to $20.0 million of the PDS' common stock in aggregate and
2. provided that Aspire's aggregate interest in PDS does not
exceed 19.99% of PDS' issued common stock.
Any proceeds PDS receives are expected to be used for working
capital and general corporate purposes.
Vortex Biosciences, Inc. ("Vortex")
On the 22 March 2019, Vortex Biosciences, Inc. was sold to
Deeptech for total consideration of GBP112,999, being GBP1 for the
shares and GBP112,998 for the transfer of the debt. Overall loss on
disposal on the Vortex Biosciences, Inc. Investment was
GBP1,027k.
Wanda, Inc. ("Wanda")
On the 22 March 2019, Wanda, Inc. was also sold to Deeptech for
total consideration of GBP37,001, being GBP1 for the shares and
GBP37,000 for the preferred stock and debt. Overall loss on
disposal on the Wanda, Inc. Investment was GBP3,812k.
Early stage Investments Portfolio
Limited investment has been made to date in the Early Stage
Portfolio, mostly in the form of convertible loans. There are no
plans to invest additional funds in the Early Stage Portfolio and
of the five early stage investments made only one loan is
unprovided for. On the balance sheet, the investment in early stage
investment portfolios is shown within trade and other receivables
as convertible loans at a fair value of GBP261k (H1 2018: GBP467k)
which now relates to a single convertible loan.
Finance
For the period, the Group made a loss of GBP7,645k (H1 2018:
GBP4,595k), split between continuing and discontinued operations as
follows:
- Continuing operations GBP2,192k (H1 2018: GBP2,194k)
- Discontinued operations GBP5,453k (H1 2018: GBP2,401k)
The loss reflects the business model, where the core portfolio
companies are mainly subsidiaries. ProAxsis is commercialising its
products, with the other two still developing their technologies;
therefore, the portfolio companies are all currently loss
making.
Currently, Glycotest and PDS are not expected to require further
funding from the Company. ProAxsis required further funding in the
first half by way of a short-term loan of GBP100k which is
repayable within 2019 to meet operational requirements as it nears
cashflow breakeven.
Revenue is higher at GBP158k (H1 2018: GBP86k) as a result of
increased revenue from ProAxsis NEATstik(R) sales.
Other operating income of GBP15k (H1 2018: GBP72k) relates to
ProAxsis grant income; lower than the prior period.
Research and development costs of GBP859k (H1 2018: GBP219k)
were higher in the first half as Glycotest initiated its
development program following receipt of the initial $3.0m first
tranche of the $10.0m Series A financing round with Fosun.
Selling and administrative costs of GBP1,326k (H1 2018:
GBP1,531k) were lower due to central office cost savings offset by
higher spending in Glycotest.
Included in other costs is merger and acquisition costs of
GBP160k (H1 2018: GBP524k) for transaction fees incurred from
exploring potential M&A opportunities. Also included are share
option costs of GBP35k (H1 2018: GBP75k).
The Group ended the period with net assets of GBP5,688k a
decrease from the position at 31 December 2018 of GBP6,170k. This
is explained by the loss in the period of GBP7,645k, offset by the
net proceeds from non-controlling interests from Glycotest Series A
funding round with Fosun of GBP2,297k and the reversal of minority
interests on the disposal of subsidiaries Vortex and Wanda of
GBP4,941k as shown in the consolidated statement of changes in
equity on page 11. Cash at 30 June 2019 was GBP2,502k (H2 2018:
GBP2,911k). Cash used in operations during the period was GBP3,128k
(H1 2018: GBP4,503k).
Equity investments held for sale and derivative financial
instruments were fair valued and stand at GBP2,931k (H2 2018:
GBP2,813k). The increase in value of GBP118k, relates predominately
to PDS Biotechnology a trade investment measured at fair value
through other comprehensive income. PDS Biotechnology, is quoted on
Nasdaq Capital Markets under the ticker "PDSB" and fair value has
been established by using the last quoted price of $5.99 on 28 June
2019. The other investment, CytoVale, is not quoted on an active
market and fair value has been established using inputs other than
quoted prices that are observable; i.e. the price from a recent
investment by a third party.
In February 2019, Fosun, a non-controlling interest, acquired an
additional 18.07% interest in Glycotest. At the same time the Group
acquired an additional 8.08% interest in Glycotest. Overall the
Groups ownership of Glycotest decreased from 87.5% to 77.51% a
movement of 9.99%. The carrying value of Glycotest net assets in
the Group's consolidated financial statements on the date of the
acquisition was GBP4,252k. Proceeds received from non-controlling
interests amounted to $3,000k / GBP2,297k. This resulted in an
increase in equity attributable to owners of the Company of
GBP1,872k and a change in non-controlling interest of GBP425k.
Going concern
The Group is subject to a number of risks that are
characteristic of IP commercialisation and early-stage healthcare
companies due to the nature of the industry. These risks include,
amongst others, uncertainties inherent to R&D, trials, and
regulatory approvals of pipeline assets.
The Group has historically experienced net losses and
significant cash outflows from cash used in operating activities,
which reflect the development and early commercialisation stage of
the portfolio. As at 30 June 2019, the Group had total equity of
GBP5,688k (H1 2018: GBP14,745k), which included an accumulated
deficit of GBP56,805k (H1 2018: GBP47,255k). The Group incurred a
net loss for the six months 30 June 2019 of GBP7,645k (H1 2018:
GBP4,595k), used cash in operating activities of GBP3,109k (H1
2018: GBP4,503k) for the same period. As at 30 June 2019, the Group
had cash and cash equivalents of GBP2,502k (H1 2018:
GBP6,890k).
The Directors have prepared and reviewed budget cashflows which
were approved by the Board of Directors in the Board meeting of 11
December 2018, and further reviewed at subsequent Board meetings
during 2019 the most recent one being on 12 September 2019. These
budgeted cash flows included a number of implemented cash saving
initiatives, including:
a) reviewing all expenditure commitments including significantly
reducing the Company's central cost base by reductions in
headcount, closing the office at 6 Bevis Marks London at the end of
March 2019, producing the Annual Report as a simple black and white
pdf document
b) selling Vortex and Wanda for proceeds of GBP150k on 22 March
2019 and consequently reducing the operational funding requirement
of the Group
c) accepting the resignation of Francois Martelet, the ex-Chief
Executive Officer of the Group, on 30 April 2019
d) allocating the remaining cash to manage those portfolio
companies which the board believes provide the most realistic
prospects of delivering shareholder returns within the anticipated
lifespan of the Company
e) progressing the sale of the remaining Portfolio companies to realise shareholder value
After due consideration of these forecasts and current cash
resources, the Directors consider that the Company and Group have
adequate cash resources through 12 months from signing. If the
strategy to return value to shareholders fails, and in the absence
of new debt or capital being made available to the Company the
Directors will start voluntary liquidation proceedings in October
2020. However, any exceptional or unexpected costs adversely
impacting the opening cash by more than 3% would accelerate these
plans. Directors have prepared financial statements on a going
concern basis given sufficient cash to sustain operations for 12
months from signing but acknowledge the uncertainty over the future
direction of the Company.
Summary and Outlook
The Group's core portfolio companies have continued to make good
progress during the first half of 2019. The Board believes that the
portfolio companies continue to hold great potential which the
Group will look to unlock. Therefore, the focus of the Group during
second half of 2019 will be to continue to realise value in the
investments in an orderly manner.
Sir Richard Sykes Ian Postlethwaite
Non-Executive Director and Chairman Chief Executive Officer/Chief Financial
Officer
19 September 2019 19 September 2019
Restated*
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
Notes 2019 2018 GBP000's
GBP000's GBP000's
Revenue 158 86 245
Cost of sales (14) (41) (78)
--------------------------------------- -------- ------------- ------------ --------------
Gross profit 144 45 167
Other operating income 15 72 101
Research and development costs (859) (219) (524)
Selling, general and administrative
costs (1,326) (1,531) (2,821)
Other costs 2 (195) (599) (1,029)
Loss from operations (2,221) (2,232) (4,106)
Finance income 10 22 47
Finance expense (12) (6) (12)
Loss before taxation (2,223) (2,216) (4,071)
Income Tax 31 22 73
--------------------------------------- -------- ------------- ------------ --------------
Loss for the period from continuing
operations (2,192) (2,194) (3,998)
--------------------------------------- -------- ------------- ------------ --------------
Discontinued Operations
Loss for the period from discontinued
operations 8 (5,453) (2,401) (5,405)
--------------------------------------- -------- ------------- ------------ --------------
Total loss for the period (7,645) (4,595) (9,403)
--------------------------------------- -------- ------------- ------------ --------------
Loss attributable to:
Owners of the parent 4 (7,270) (4,078) (8,328)
Non-controlling interests (375) (517) (1,075)
--------------------------------------- -------- ------------- ------------ --------------
(7,645) (4,595) (9,403)
--------------------------------------- -------- ------------- ------------ --------------
Basic and diluted loss per share
attributable to owners of the parent
during the period: 4
Continuing operations (2.4p) (2.7p) (4.8p)
Discontinued operation (6.8p) (2.9p) (6.2p)
--------------------------------------- -------- ------------- ------------ ----------------
Total loss for the period (9.2p) (5.6p) (11.0p)
* See note 8 for explanation on why Unaudited six months ended 30
June 2018 have been restated.
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
Notes 2019 2018 GBP000's
GBP000's GBP000's
Loss for the period (7,645) (4,595) (9,403)
Items that may be subsequently reclassified
to profit or loss in subsequent
periods:
Exchange differences on translation
of foreign operations (228) 61 94
Change in fair value of investments
classified as fair value through
other comprehensive income 118 3,795 (3,863)
Total comprehensive loss for the
period (7,755) (739) (13,172)
-------------------------------------------------------- ------------ ------------ -------------
Attributable to:
Owners of the parent (7,947) (93) (11,810)
Non-controlling interests 192 (646) (1,362)
---------------------------- ---------- -------- -----------
(7,755) (739) (13,172)
--------------------------- ---------- -------- -----------
Unaudited Unaudited Audited
30 June 30 June 31 December
2019 2018 2018
Notes GBP000's GBP000's GBP000's
-------------------------------------------- -------- ---------- ---------- -------------
Assets
Non-current assets
Property, plant and equipment 150 187 169
Right-of-use assets 5 237 - -
Equity investments classified as
FVTOCI* 6 2,925 6,607 2,768
Derivative financial assets 6 69 44
Total non-current assets 3,318 6,863 2,981
-------------------------------------------- -------- ---------- ---------- -------------
Current assets
Inventories 51 37 37
Trade and other receivables 698 852 698
Cash and cash equivalents 2,502 6,890 2,911
-------------------------------------------- -------- ---------- ---------- -------------
3,251 7,779 3,646
Assets in disposal groups classified
as held for sale - 1,285 569
-------------------------------------------- -------- ---------- ---------- -------------
Total current assets 3,251 9,064 4,215
-------------------------------------------- -------- ---------- ---------- -------------
Total assets 6,569 15,927 7,196
-------------------------------------------- -------- ---------- ---------- -------------
Liabilities
Current liabilities
Trade and other payables (463) (516) (668)
Loans and borrowings (147) (134) (140)
-------------------------------------------- -------- ---------- ---------- -------------
(610) (650) (808)
-------------------------------------------- -------- ---------- ---------- -------------
Liabilities directly associated
with assets in disposal groups classified
as held for sale - (462) (158)
-------------------------------------------- -------- ---------- ---------- -------------
Total current liabilities (610) (1,112) 966
-------------------------------------------- -------- ---------- ---------- -------------
Non-current liabilities
Lease liabilities (211) - -
Loans and borrowings (60) (70) (60)
Total non-current liabilities (271) (70) (60)
-------------------------------------------- -------- ---------- ---------- -------------
Total liabilities (881) (1,182) (1,026)
-------------------------------------------- -------- ---------- ---------- -------------
Net assets 5,688 14,745 6,170
-------------------------------------------- -------- ---------- ---------- -------------
Issued capital and reserves
Attributable to the parent
Called up share capital 7 3,928 3,928 3,928
Share premium account 58,006 58,006 58,006
Capital reserve account 237 237 237
Equity investment reserve 50 3,795 (68)
Foreign exchange and capital reserve 1,154 1,253 1,444
Retained earnings (56,805) (47,255) (51,442)
-------------------------------------------- -------- ---------- ---------- -------------
Equity attributable to the owners
of the parent 6,570 19,964 12,105
Non-controlling interests 9 (882) (5,219) (5,935)
-------------------------------------------- -------- ---------- ---------- -------------
Total equity 5,688 14,745 6,170
-------------------------------------------- -------- ---------- ---------- -------------
* Fair value through other comprehensive income
Shareholders' equity
Foreign
exchange
Equity and
Share Share Capital investment Retained capital Non-controlling Total
capital premium reserve reserve earnings reserve Total interests equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
1 January
2018 3,452 53,839 237 - (43,220) 1,063 15,371 (4,573) 10,798
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Change on
initial
application
of IFRS 9
Financial
Instruments - - - 3,795 - - 3,795 - 3,795
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Balance at
1 January
2018 (as
restated) 3,452 53,839 237 3,795 (43,220) 1,063 19,166 (4,573) 14,593
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Loss for the
period - - - - (4,078) - (4,078) (517) (4,595)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - 190 190 (129) 61
Total
comprehensive
income - - - - (4,078) 190 (3,888) (646) (4,534)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Share capital
issued 476 4,524 - - - - 5,000 - 5,000
Cost of share
capital issue - (357) - - - - (357) - (357)
Share-based
payments - - - - 43 - 43 - 43
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
30 June 2018 3,928 58,006 237 3,795 (47,255) 1,253 19,964 (5,219) 14,745
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Loss for the
period - - - - (4,250) - (4,250) (558) (4,808)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - 191 191 (158) 33
Change in
fair value
during the
period - - - (3,863) - - (3,863) - (3,863)
Total
comprehensive
income - - - (3,863) (4,250) 191 (7,922) (716) (8,638)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Share-based
payments - - - - 63 - 63 - 63
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
31 December
2018 3,928 58,006 237 (68) (51,442) 1,444 12,105 (5,935) 6,170
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Loss for the
period - - - - (7,270) - (7,270) (375) (7,645)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Other
comprehensive
income -
Foreign
exchange
differences - - - - - (290) (290) 62 (228)
Change in
fair value
during the
period - - - 118 - - 118 - 118
Total
comprehensive
income - - - 118 (7,270) (290) (7,442) (313) (7,755)
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Decrease in
subsidiary
shareholding - - - - 1,872 - 1,872 425 2,297
Disposal of
subsidiaries - - - - - - - 4,941 4,941
Share-based
payments - - - - 35 - 35 - 35
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
30 June 2019 3,928 58,006 237 50 (56,805) 1,154 6,570 (882) 5,688
--------------- --------- --------- --------- ----------- ----------- --------- ------------ ---------------- ---------
Notes Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
2019 2018 GBP000's
GBP000's GBP000's
--------------------------------------- ------ ------------ ------------ -------------
Cash flows from operating activities
Loss after income tax (7,645) (4,595) (9,403)
Adjustments for:
Depreciation of property, plant
and equipment 21 123 262
Depreciation of right to use assets 16 - -
Impairment of property, plant and
equipment and inventories - - 977
Loss on disposal of subsidiaries 8 4,839 - -
Fair value movement during the year
on convertible debt - - 230
Provision against recoverability
of loan - (40) (40)
Share-based payments 35 43 132
Foreign exchange (loss) / gain (213) - (65)
Finance income (10) (22) (47)
Finance costs 12 6 12
Income Tax (31) (22) (73)
(2,976) (4,507) (8,015)
Changes in working capital
(Increase)/decrease in inventories (14) (232) (296)
(Increase)/decrease in trade and
other receivables 110 4 (136)
Increase / (decrease) in trade and
other payables (229) 186 24
Cash used in operations (3,109) (4,549) (8,423)
--------------------------------------- ------ ------------ ------------ -------------
Income tax received / (paid) - 46 142
--------------------------------------- ------ ------------ ------------ -------------
Net cash used in operating activities (3,109) (4,503) (8,281)
--------------------------------------- ------ ------------ ------------ -------------
Cash flows from investing activities
Disposal of discontinued operations, 34 - -
net of cash disposed of
Purchase of property, plant and
equipment (3) (13) (112)
Proceeds from sale of property,
plant and equipment - - 1
Interest received 3 10 23
Net cash from / (used in) investing
activities 34 (3) (88)
--------------------------------------- ------ ------------ ------------ -------------
Cash flows from financing activities
Proceeds received on change in stake 2,297 - -
in subsidiary
Lease payments (19)
Repayment of loan - - (10)
Repayment of loan advanced - - 39
Proceeds from share issue - 5,000 5,000
Share issue cost - (357) (357)
--------------------------------------- ------ ------------ ------------ -------------
Net cash from financing activities 2,278 4,643 4,672
--------------------------------------- ------ ------------ ------------ -------------
Increase / (decrease) in cash and
cash equivalents (797) 137 (3,697)
Cash and cash equivalents at beginning
of the period 3,316 6,868 6,868
Cash in disposal groups classified
as held for sale - (145) (405)
Exchange differences on cash and
cash equivalents (17) 30 145
----------------------------------------- -------- -------- --------
Cash and cash equivalents at end
of the period 2,502 6,890 2,911
----------------------------------------- -------- -------- --------
1. ACCOUNTING POLICIES
Basis of preparation
The interim financial information, which is unaudited, has been
prepared on the basis of the accounting policies expected to apply
for the financial year to 31 December 2019 and in accordance with
recognition and measurement principles of International Financial
Reporting Standards (IFRSs) as endorsed by the European Union.
The financial information for the period ended 30 June 2019 does
not constitute the full statutory accounts for that period. The
Annual Report and Financial Statements for the year ended 31
December 2018 have been filed with the Registrar of Companies. The
Independent Auditor's Report on the Report and Financial Statements
for the year ended 31 December 2018 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
Going Concern
The Group is subject to a number of risks that are
characteristic of IP commercialisation and early-stage healthcare
companies due to the nature of the industry. These risks include,
amongst others, uncertainties inherent to R&D, trials, and
regulatory approvals of pipeline assets.
The Group has historically experienced net losses and
significant cash outflows from cash used in operating activities,
which reflect the development and early commercialisation stage of
the portfolio. As at 30 June 2019, the Group had total equity of
GBP5,688k (H1 2018: GBP14,745k), which included an accumulated
deficit of GBP56,805k (H1 2018: GBP47,255k). The Group incurred a
net loss for the six months 30 June 2019 of GBP7,645k (H1 2018:
GBP4,595k), used cash in operating activities of GBP3,109k (H1
2018: GBP4,503k) for the same period. As at 30 June 2019, the Group
had cash and cash equivalents of GBP2,502k (H1 2018:
GBP6,890k).
The Directors have prepared and reviewed budget cashflows which
were approved by the Board of Directors in the Board meeting of 11
December 2018, and further reviewed at subsequent Board meetings
during 2019 the most recent one being on 12 September 2019. These
budgeted cash flows included a number of implemented cash saving
initiatives, including:
a) reviewing all expenditure commitments including significantly
reducing the Company's central cost base by reductions in
headcount, closing the office at 6 Bevis Marks London at the end of
March 2019, producing the Annual Report as a simple black and white
pdf document
b) selling Vortex and Wanda for proceeds of GBP150k on 22 March
2019 and consequently reducing the operational funding requirement
of the Group
c) accepting the resignation of Francois Martelet, the ex-Chief
Executive Officer of the Group, on 30 April 2019
d) allocating the remaining cash to manage those portfolio
companies which the board believes provide the most realistic
prospects of delivering shareholder returns within the anticipated
lifespan of the Company
e) progressing the sale of the remaining Portfolio companies to realise shareholder value
After due consideration of these forecasts and current cash
resources, the Directors consider that the Company and Group have
adequate cash resources through 12 months from signing. If the
strategy to return value to shareholders fails, and in the absence
of new debt or capital being made available to the Company the
Directors will start voluntary liquidation proceedings in October
2020. However, any exceptional or unexpected costs adversely
impacting the opening cash by more than 3% would accelerate these
plans. Directors have prepared financial statements on a going
concern basis given sufficient cash to sustain operations for 12
months from signing but acknowledge the uncertainty over the future
direction of the Company.
1. ACCOUNTING POLICIES (continued)
Change in accounting policies
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 2018 annual financial statements, except for those that
relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 January 2019 and will be
adopted in the 2019 annual financial statements. New standards
impacting the Group that will be adopted in the annual financial
statements for the year ended 31 December 2019, and which have
given rise to changes in the Group's accounting policies are:
-- IFRS 16 Leases
Details of the impact this standard have had are given below.
Other new and amended standards and Interpretations issued by the
IASB that will apply for the first time in the next annual
financial statements are not expected to impact the Group as they
are either not relevant to the Group's activities or require
accounting which is consistent with the Group's current accounting
policies.
IFRS 16 Leases
Effective 1 January 2019, IFRS 16 has replaced IAS 17 Leases and
IFRIC 4 Determining whether an Arrangement Contains a Lease.
IFRS 16 provides a single lessee accounting model, requiring the
recognition of assets and liabilities for all leases, together with
options to exclude leases where the lease term is 12 months or
less, or where the underlying asset is of low value. IFRS 16
substantially carries forward the lessor accounting in IAS 17, with
the distinction between operating leases and finance leases being
retained. The Group does not have significant leasing activities
acting as a lessor.
(a) Transition Method and Practical Expedients Utilised
The Group adopted IFRS 16 using the modified retrospective
approach, with recognition of transitional adjustments on the date
of initial application 1 January 2019, without restatement of
comparative figures.
IFRS 16 provides for certain optional practical expedients,
including those related to the initial adoption of the standard.
The Group applied the following practical expedients when applying
IFRS 16 to leases previously classified as operating leases under
IAS 17:
-- Exclude initial direct costs from the measurement of
right-of-use assets at the date of initial application for leases
where the right-of-use asset was determined as if IFRS 16 had been
applied since the commencement date;
-- Reliance on previous assessments on whether leases are
onerous as opposed to preparing an impairment review under IAS 36
as at the date of initial application; and
-- Applied the exemption not to recognise right-of-use assets
and liabilities for leases with less than 12 months of lease term
remaining as of the date of initial application.
As a lessee, the Group previously classified leases as operating
or finance leases based on its assessment of whether the lease
transferred substantially all of the risks and rewards of
ownership. Under IFRS 16, the Group recognizes right-of-use assets
and lease liabilities for one long life lease. However, the Group
has elected not to recognise right-of-use assets and lease
liabilities for some leases of low value assets based on the value
of the underlying asset when new or for short-term leases with a
lease term of 12 months or less.
On adoption of IFRS 16, the Group recognised right-of-use assets
and lease liabilities in relation to leases of office space, which
had previously been classified as operating leases.
The lease liabilities were measured at the present value of the
remaining lease payments, discounted using the Group's incremental
borrowing rate as at 1 January 2019. The Group's incremental
borrowing rate is the rate at which a similar borrowing could be
obtained from an independent creditor under comparable terms and
conditions. The rate applied was 3.5%.
1. ACCOUNTING POLICIES (continued)
Change in accounting policies (continued)
IFRS 16 Leases (continued)
The right-of-use assets were measured as follows:
a) Office space: Right-of-use assets are measured at an amount
equal to the lease liability, adjusted by the amount of any prepaid
or accrued lease payments.
(b) Significant Accounting Policies subsequent to Transition
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for:
-- Leases of low value assets; and
-- Leases with a term of 12 months or less.
Lease liabilities are measured at the present value of the
contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the Group's
incremental borrowing rate on commencement of the lease. Variable
lease payments are only included in the measurement of the lease
liability if they depend on an index or rate. In such cases, the
initial measurement of the lease liability assumes the variable
element will remain unchanged throughout the lease term. Other
variable lease payments are expensed in the period to which they
relate.
On initial recognition, the carrying value of the lease
liability also includes:
-- amounts expected to be payable under any residual value guarantee;
-- the exercise price of any purchase option granted in favour
of the group if it is reasonably certain to assess that option;
-- any penalties payable for terminating the lease, if the term
of the lease has been estimated on the basis of termination option
being exercised.
Right of use assets are initially measured at the amount of the
lease liability, reduced for any lease incentives received, and
increased for:
-- lease payments made at or before commencement of the lease;
-- initial direct costs incurred; and
-- the amount of any provision recognised where the group is
contractually required to dismantle, remove or restore the leased
asset.
Subsequent to initial measurement lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use
assets are amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset
if, rarely, this is judged to be shorter than the lease term. Lease
liabilities are remeasured when there is a change in future lease
payments arising from a change in an index or rate or when there is
a change in the assessment of the term of any lease.
Other new and amended standards and interpretations issued by
the IASB that apply for the first time this financial period have
had no impact on the interim results.
2. MERGER AND ACQUISITION COSTS
Within other costs is merger and acquisition costs, where the
group has incurred transaction fees of GBP160k (H1 2018: GBP524k)
payable to lawyers and brokers for exploring potential M&A
opportunities.
3. SEGMENTAL REPORTING
An operating segment is a component of the group that engages in
business activities from which it may earn revenues and incur
expenses, for which separate financial information is available and
whose operating results are evaluated by the Chief Operating
Decision Maker to assess performance and determine the allocation
of resources. The Chief Operating Decision Maker has been
identified as the Board of Directors.
The Directors are of the opinion that, whilst each subsidiary
(the operations of which are described in the Joint Chairman's and
Chief Executive Officer's Report) meets the definition of an
operating segment, they can be aggregated into one single
reportable segment as they share similar economic characteristics.
Each subsidiary is engaged in the development of intellectual
property and are largely pre-revenue. The Board of Directors assess
the performance of the operating segment using financial
information which is measured and presented in a manner consistent
with that in the financial statements.
4. LOSS PER SHARE
The basic and diluted loss per share is calculated by dividing
the loss for the financial period by the weighted average number of
ordinary shares in issue during the period. Potential ordinary
shares from outstanding options at 30 June 2019 of 3,475,984 (30
June 2018: 2,396,684; 31 December 2018: 2,287,550) are not treated
as dilutive as the group is loss making.
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
2019 2018 GBP000's
GBP000's GBP000's
------------------------------------------- ------------ ------------ -------------
Loss attributable to equity holders
of the Company
Continuing operations (1,899) (2,002) (3,648)
Discontinued operations (5,371) (2,076) (4,680)
------------ ------------ -------------
Total Loss attributable to equity holders
of the Company (7,270) (4,078) (8,318)
------------ ------------ -------------
Number of shares
Weighted average number of ordinary
shares in issue 78,561,866 72,984,387 75,796,048
5. TRANSITION TO IFRS 16 LEASES
The table below shows the impact due to the transition to IFRS
16 and the initial effect on the balance sheet as at 1 January
2019. Further information concerning this transition can be found
in note 1.
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
2019 2018 GBP000's
GBP000's GBP000's
----------------------------------- ------------ ------------ -------------
Right-of-use asset
Addition 1 January 2019 253 - -
Less:
Depreciation during the period (16) - -
------------ ------------ -------------
Balance at end of period 237 - -
------------ ------------ -------------
Lease Liability
Initial recognition 1 January 2019 (253) - -
Add:
Payments 19 - -
Less:
Interest charge during the period (6) - -
Balance at end of period (240) - -
------------ ------------ -------------
Split as follows:
Current Liability (29) - -
Long Term Liability (211) - -
(240) - -
------------ ------------ -------------
There is only one long term lease as at 1 January 2019, the
Group has decided it will apply the modified retrospective approach
to IFRS 16, and therefore will only recognise leases on balance
sheet as at 1 January 2019. In addition, it has decided to measure
right-of-use assets by reference to the measurement of the lease
liability on that date. This will ensure there is no immediate
impact to net assets on that date.
Instead of recognising an operating expense for its operating
lease payments, the Group will instead recognise interest on its
lease liabilities and amortisation on its right-of-use assets. This
will increase the reported total loss for the year by the amount of
its current operating lease cost, which for the year ended 31
December 2018 was GBP521k. Due to the short terms of the Group's
leases, approximately there will only be a nominal charge to
interest of approximately GBP9k with the rest of the charge being
recognised as depreciation of GBP32k. There are several short-term
leases where the lease commitment is under 6 months in length where
the Group will continue to spread the lease payments on a
straight-line basis over the lease term.
6. EQUITY INVESTMENTS CLASSIFIED AS FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (FVTOCI)
Represents unquoted equity securities Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
2019 2018 GBP000's
GBP000's GBP000's
-------------------------------------------------------------- ------------ ------------ ---------------
Opening balance at start of period 2,768 2,863 2,863
Change in fair value during the period 157 3,744 (95)
Closing balance at end of period 2,925 6,607 2,768
% of issued Currency
Name Country of incorporation share capital denomination GBP000's
------------------------------ ------------------------- ----------------- ---------------- -----------
PDS Biotechnology Corporation USA 9.12% US$ 2,555
CytoVale, Inc. USA 1.35% US$ 370
2,925
-------------------------------------------------------- ----------------- ---------------- -----------
The shares in CytoVale, Inc. are not quoted in an active market.
The fair value has been established using the price of recent
investment by a third party this is consistent with past
valuations.
In November 2018 PDS Biotechnology entered into merger agreement
with Edge Therapeutics, which completed on 14 March 2019, to form a
Nasdaq-Listed Clinical-Stage Cancer Immunotherapy company. The
share price of the new company (now re-named PDS Biotechnology
Corporation) has been used to re-value the Group's equity holding
therein (Class 1 information). The Company's ownership of the
enlarged PDS Biotechnology Corporation at the latest last price on
28 June 2019 of $5.99 values NetScientific's holding in PDS at
GBP2,555k. At year end PDS was valued at GBP2,380k. It is the
Company's intention to hold the shares and to make a decision on
its position in due course.
The Group has invested GBP2,731k in PDS to date. On the balance
sheet the investment in PDS is shown as equity investments
classified as FVTOCI.
7. CALLED UP SHARE CAPITAL
No change in the issued and paid up capital during the
period.
8. DISCONTINUED OPERATIONS
On the 22 March 2019 the Company completed the sale of its
interests in Vortex and Wanda, together with outstanding loans and
convertible loan notes owed by Wanda or Vortex to Deeptech for cash
consideration of GBP150k.
The post-tax loss on disposal of discontinued operations was
determined as follows:
Unaudited Unaudited Audited
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2018
2019 2018 GBP000's
GBP000's GBP000's
-------------------------------------------- ------------ ------------ -------------
Cash consideration received 150 - -
------------ ------------ -------------
Total consideration received 150 - -
------------ ------------ -------------
- -
Cash disposed of (116) - -
------------ ------------ -------------
Net cash inflow on disposal of discontinued 34 - -
operation
------------ ------------ -------------
Net liabilities disposed of:
Property, plant and equipment 2 - -
Inventories - - -
Trade and other receivables 92 - -
Trade and other payables (162) - -
------------ ------------ -------------
(68) - -
------------ ------------ -------------
Non-controlling interests (4,941) - -
Pre-tax loss on disposal of discontinued (4,839) - -
operations
------------ ------------ -------------
Post tax losses incurred to the date (614) - -
of disposal
Loss on disposal of discontinued operations (5,453) - -
------------ ------------ -------------
9. CHANGES IN NON-CONTROLLING INTEREST "NCI"
In February 2019 a non-controlling interest acquired an
additional 18.07% interest in Glycotest. At the same time the Group
acquired an 8.08% interest in Glycotest. Overall the Groups
ownership of Glycotest, Inc. decreased from 87.5% to 77.51% a
movement of 9.99%. The carrying value of Glycotest, Inc. net assets
in the Group's consolidated financial statements on the date of the
acquisition was GBP4,252k. Proceeds received from non-controlling
interests amounted to $3,000k / GBP2,297k.
This resulted in an increase in equity attributable to owners of
the Company of GBP1,872k and a change in non-controlling interest
of GBP425k.
10. RELATED PARTY DISCLOSURES
An interest free loan of GBP5k has been repaid by Francois
Martelet (30 June 2018: GBP10k; 31 December 2018: GBP5k), the
ex-Chief Executive Officer of the Group who resigned on the 30
April 2019.
Except as noted above, there are no additional related party
transactions that could have a material effect on the financial
position or performance of the Group and of the Company during this
financial period under review.
Introduction
We have been engaged by the Company to review the financial
information in the interim results for the six months ended 30 June
2019 which comprises the Consolidated Income Statement, the
Consolidated Statement of Comprehensive Income, the Consolidated
Statements of Financial Position, the Consolidated Statement of
Changes in Equity, the Consolidated Statement of Cash Flows and the
related notes 1 to 10.
We have read the other information contained in the interim
results and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the financial information.
Directors' responsibilities
The interim results, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim results in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the interim results be presented and prepared in a form consistent
with that which will be adopted in the Company's annual accounts
having regard to the accounting standards applicable to such annual
accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the financial information in the interim results based on our
review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Material uncertainty related to going concern
We draw attention to Note 1 to the interim financial
information, which indicates that the Group and Parent are likely
to require further financing in the future should they wish to
continue to be in operation past September 2020. As stated in note
1, there is currently no certainty over the future direction of the
Company and therefore indicates that a material uncertainty exists
that may cast significant doubt on the Group and Parent Company's
ability to continue as a going concern beyond September 2020. Our
opinion is not modified in respect of this matter.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the financial information in the interim
results for the six months ended 30 June 2019 is not prepared, in
all material respects, in accordance with the rules of the London
Stock Exchange for companies trading securities on AIM.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability
BDO LLP
Chartered Accountants and Registered Auditors
Southampton
United Kingdom
19 September 2019
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
DIRECTORS: Sir R Sykes
I Postlethwaite
B W Wilson
S Smith
SECRETARY: I Postlethwaite
REGISTERED OFFICE: Anglo House,
Bell Lane Office Village
Bell Lane
Amersham
Buckinghamshire
HP6 6FA
REGISTERED NUMBER: 08026888 (England and Wales)
AUDITORS: BDO LLP
Arcadia House
Maritime Walk
Ocean Village
Southampton
Hampshire
SO14 3TL
SOLICITORS:
UK Ashurst LLP
London Fruit & Wool Exchange
1 Duval Square
London
E1 6PW
US DLA Piper LLP
One Liberty Place
1650 Market Street
Suite 4900
Philadelphia
Pennsylvania 19103-7300
USA
NOMINATED ADVISOR AND BROKER: WH Ireland Ltd
24 Martin Lane
London
EC4R 0DR
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR GCGDCLSBBGCC
(END) Dow Jones Newswires
September 19, 2019 06:00 ET (10:00 GMT)
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