01 Oct 2013

AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2013

Source: RNS
RNS Number : 3402P
Antisoma PLC
01 October 2013
 



ANTISOMA PLC

 

AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2013

 

Antisoma Plc ("Antisoma" or the "Company) announces its audited financial results for the year ended 30 June 2013.

 

Highlights:

 

·      Net assets as at 30 June 2013 of £13.53 million (2012: £12.91 million); including cash and deposit balances of £6.87 million (2012: £12.91 million)

·      Profit after tax of £0.62 million (2012: £0.38 million)

·      Two new investments made in biotechnology sector businesses at a cost of £6.65 million (2012: £1.0 million stake in a profitable care sector services business)

·      Proposed change of name to Sarossa Capital Plc to reflect investment company activities

 

Michael Bretherton, Chairman, said:

 

"After a profitable year to 30 June 2013 for Antisoma, we expect another positive current year although the potential for volatility in capital markets remains. We will, therefore, continue to maintain a highly selective investment approach, whilst running a low cost base for the Company, in order to deliver additional value for our shareholders. Antisoma benefits from a solid balance sheet and strong cash position, which places the Company in a good position to exploit investment opportunities as they emerge."

  

A full copy of the Company's Annual Report and Accounts for the year ended 30 June 2013, together with the Notice of Annual General Meeting, will shortly be posted to shareholders and is available on the Company's website at www.antisoma.com within the Investor Centre section. 

 

The Company's Annual General Meeting will be held on 1 November 2013 at 11.00 a.m. at the offices of CMS Cameron McKenna LLP, Mitre House, 160 Aldersgate Street, London EC1A 4DD.

 

Enquiries :

 

Antisoma Plc

Mike Bretherton, Chairman                                                               020 7099 7268

WH Ireland Limited (Nominated adviser)

Chris Fielding, Head of Corporate Finance                                   020 7220 1650

 

 

Chairman's Statement

 

Despite continuing volatile capital market conditions, Antisoma delivered a Group profit after tax for the year ended 30 June 2013 of £0.62 million compared to £0.38 million in the previous year. Net assets attributable to holders of Antisoma at 30 June 2013 were £13.53 million compared with £12.91 million at the previous 30 June 2012 year end.

 

Antisoma invested in two new AIM companies in the year, Silence Therapeutics Plc and Plant Health Care Plc, for a total consideration of £ 6.65 million versus one investment of £1.0 million in the previous year.

Earlier in the year, Antisoma also announced that it had entered into an agreement to subscribe for up to £4.0 million of new ordinary shares potentially issuable by GVC Holdings Plc ("GVC"), in connection with its recommended bid offer for Sportingbet Plc, in order to underpin any cash consideration elected for by Sportingbet shareholders. As consideration for this commitment, Antisoma was granted subscription options over 343,053 new GVC ordinary shares, which are exercisable at 233.5p per share until the third anniversary from the date of grant in March 2013.The outcome of the GVC bid did not give rise to a subscription investment in GVC, but Antisoma retains the subscription options.

Antisoma now holds 3 principal portfolio investments, all of which are quoted on AIM, and for which the carrying value at 30 June 2013 was £7.61 million (2012: £1.04 million represented by 1 quoted holding). In addition, the Company has GVC subscription options for which the carrying value as a derivative trading asset at 30 June 2013 was £0.17 million (2012: £nil).

The Group continues to benefit from a strong balance sheet with cash balances of £6.87 million at 30 June 2013 compared to cash balances of £12.91 million at 30 June 2012.

 

The Company's listing as a biotechnology development group on the Official List was cancelled in January 2012 at which time Antisoma was admitted to AIM as an Investing Company. Antisoma is now an investment holding and management company whose principal activity is investment in and growth and development of businesses which present opportunities for value creation.

 

The Company has an investing strategy under which the Board intends to identify investment opportunities offering the potential to deliver a favourable return to shareholders over the medium term, primarily in the form of capital gain. A particular consideration will be to identify businesses which, in the opinion of the Board, are under-performing and present opportunities for value creation. The Company's equity interest in a potential investment may range from a minority position to 100 per cent. ownership and the interest may be either quoted or unquoted. 

Investment portfolio update

(Silence), which is AIM listed, is a global leader in the discovery, development and delivery of novel RNAi therapeutics for the treatment of serious diseases.The core technology of Silence is its proprietary form of short interfering RNAmolecule, known as AtuRNAi, that enables the development of novel molecular entities that "silence" or inactivate the genes expressed in some diseases.Additionally, the Company has developed technology that preferentially delivers AtuRNAi to the vascular endothelium (AtuPLEX), the lung endothelium (DACC) and the liver (DBTC). ATU027 is the company's leading Oncology product and its phase 1b/2a combination trial into pancreatic cancer commenced in April 2013 with the dosing of cancer patients. The trial will test Silence's Atu027 anti-metastatic ability to eliminate or decrease metastatic spread of the cancer, in combination with Gemcitabine, the leading anti-tumour drug. I will Antisoma held 4.3 per cent. of the issued share capital of Silence at

PHC) which is AIM listed, is a leading provider of novel patent protected biological products to the global agriculture markets. PHC's products increase crop yields by enhancing natural processes within the plant. During the current year, PHC made a number of significant beneficial changes to its strategy and management team and also announced in July 2013, that it had agreed with Monsanto, to discontinue an agreement under which Monsanto had certain exclusive rights to develop and sell Harpin. PHC has, therefore, now resumed direct control of the Harpin product and has regained the flexibility to partner with others to develop and sell this into all crop markets on a global basis. PHC's long-term vision is to establish itself as a highly profitable technology licensing business, embedded in the global agrochemical industry, earning most of its income as royalties and licensing fees. The company has already formed partnerships with several of the leading agrochemical companies including Direct Enterprises Inc. and Arysta Life Science. PHC continues to have no debt and on 15 April 2013 it raised £13.4m ($20.3m) under a share subscription to fund the expansion of its R&D and commercialisation programmes. Antisoma's holding in PHC 

In addition to the above, Antisoma has a holding of below 3 per cent.

 

Board changes

Michael Pappas and Dale Boden, both independent non-executive directors of the Company did not seek re-appointment at the last Annual General Meeting ("AGM") on 25 October 2012 and Jonathan Morley-Kirk was appointed as an additional Non-Executive Director at the AGM. The Board would like to take this opportunity to thank Michael and Dale for their contributions to the Company, and in particular their assistance in transitioning the Company from its legacy biotechnology operations into an investing company on AIM.

Proposed change of name

A change of name from Antisoma Plc is proposed in order to reflect the fact that the Company no longer has operations in biotechnology development and is now an Investing Company. Accordingly, resolution 7 in the Notice of Annual General Meeting of the Company, as set out at the end of this Annual Report document, is proposed as a special resolution to approve the change in Company name to Sarossa Capital Plc.

Outlook

 

remains. Wwhilst running a low cost base for the Company, in order to deliver additional value for our shareholders. Antisoma benefits from a solid balance sheet and strong cash position, which places the Company in a good position to exploit investment opportunities as they emerge.

 



 

Consolidated Statement of Comprehensive Income for the year ended 30 June 2013

 



2013

2012



£'000

£'000

Gain on portfolio investments


133

42

Other income


644

619

Portfolio return and revenue


777

661

Research and development (expenditure)/credit


(6)

89

Administrative expenses


(310)

(174)

Operating profit


461

576

Finance income


170

78

Finance expense


(9)

(230)

Profit before taxation


622

424

Taxation


               -  

(47)

Profit and total comprehensive income for the year


622

377





Earnings per ordinary share




Basic


0.10p

 0.06p

Diluted


0.10p

 0.06p





There are no other items of comprehensive income.



 

 

Consolidated Statement of Changes in Equity as at 30 June 2013

 

Group


Share

Share

Other reserve:

Accumulated




capital

premium

retranslation

losses

Total



£'000

£'000

£'000

£'000

£'000








At 1 July 2011


10,725

122,091

8,282

(128,563)

12,535

Total comprehensive income for the year


-

-

-

377

377

At 30 June 2012


10,725

122,091

8,282

(128,186)

12,912

Total comprehensive income for the year


-

-

-

622

622

At 30 June 2013


10,725

122,091

8,282

(127,564)

13,534

 

 



 

 

Consolidated Statement of Financial Position at 30 June 2013

 



2013

2012



£'000

£'000





ASSETS







Portfolio Investments


7,606

1,043



7,606

1,043

Current assets





697

661


170

-


1,500

3,100

Cash and cash equivalents


5,367

9,806



7,734

13,567

Total assets


15,340

14,610





LIABILITIES




Current liabilities





(96)

(87)

Provisions for liabilities


(1,710)

(1,611)


(1,806)

(1,698)


5,928

11,869

Net assets


13,534

12,912








Share capital


10,725

10,725

Share premium


122,091

122,091

Other reserves


8,282

8,282


(127,564)

(128,186)


13,534

12,912

 



 

 

Consolidated Statement of Cash Flows for the year ended 30 June 2013

 



2013

2012



£'000

£'000





Cash flows from operating activities




Profit for the year


622

377

Adjustments for:




Foreign exchange


94

47

Finance income


(170)

(78)

Taxation


-

47

Unrealised gain on revaluation of portfolio investments and derivative assets


(85)

(42)


461

351


(6,648)

(1,001)

(Increase)/decrease in trade and other receivables


(21)

210

Increase/(decrease) in trade and other payables


8

(228)

Cash used in operations


(6,200)

(668)

Interest received


170

78

Taxation received


-

1,414

Net cash (used in)/generated from operating activities


(6,030)

824





Cash flows from investing activities




Decrease/(increase) in cash placed on short-term deposits


1,600

(3,100)

Net cash used in investing activities


1,600

(3,100)





Net decrease in cash and cash equivalents


(4,430)

(2,276)

Exchange losses on cash balances


(9)

(230)

Cash and cash equivalents at beginning of year


9,806

12,312

Cash and cash equivalents at end of year


5,367

9,806

Short term deposits at end of year


1,500

3,100

Cash, cash equivalents and short term deposits at end of year


6,867

12,906

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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