TIDMSTV
RNS Number : 1462Y
Strathdon Investments PLC
17 December 2010
Strathdon Investments plc
Interim Report
For the six months to 30 September 2010
Contents
1. Directors and Advisers
2. Statement of Corporate Objectives and Key Data
2. Principal Unquoted Investments
5. Consolidated Statement of Comprehensive Income
6. Consolidated Balance Sheet
7. Statement of Changes in Shareholders' Equity
7. Consolidated Statement of Cash Flows
8. Notes to the Interim Financial Statements
Directors and Advisers
Directors
S D Hunt
J R Cusins
D J Gamble
Registered Office
St Martins House
210-212 Chapeltown Road
Leeds
LS7 4HZ
Secretary
Central Secretarial Nominees Limited
73/75 Mortimer Street
London
W1W 7SQ
Solicitors
Wallace LLP
One Portland Place
London
WIB 1PN
Nominated Adviser and Broker
Seymour Pierce
20 Old Bailey
London
EC4M 7EN
Auditors
Grant Thornton UK LLP
Registered Auditors
2 Broadfield Court
Sheffield
S8 0XF
Registrar and Transfer Office
Capita Registrars Limited
Northern Office
Woodsome Park Fenay Bridge Huddersfield HD8 0GA
Bankers
Lloyds TSB Bank plc
Black Horse House
Wallbrook Court
North Hinksey Lane
Botley
Oxford
OX2 0QS
Statement of Corporate Objectives
Strathdon Investments holds a portfolio of unquoted investments
which are in the process of realisation.
Strathdon is not currently seeking to invest in new
opportunities. The Board continues to provide management support to
the present portfolio and is focused on realising the maximum value
from the portfolio in the near to medium term.
Key Data
30 30
September 31 March September 31 March 30 September
2010 2010 2009 2009 2008
Net Asset
Value
GBP'000 2,290 2,667 3,104 3,202 4,248
Net Asset 4.42p 5.15p 5.99p 6.18p 8.20p
Value per
share
Share price *2.12p *2.12p *2.25p *2.75p *2.9p
per share
* Share price as at 9 December 2010 (March 2010: as at 2
September 2010, September 2009: as at 14 December 2009, March 2009:
as at 24 September 2009 and September 2008: as at 12 December
2008)
Unquoted Investments
As at 30 September 2010
30 September 2010
Unrealised Valuation at
GBP000
Meta Vision Systems Limited 924
AMG Systems Limited 901
Episys Limited 398
Other 514
2,737
------------------------
This section describes the business of the active companies in
the portfolio, in order of valuation at 30 September 2010 as
detailed above.
Unquoted Investments
As at 30 September 2010
Meta Vision Systems Limited
Meta Vision Systems is dedicated to solving machine guidance
problems in a cost effective manner using laser vision technology.
Meta's products are predominately used to improve the quality and
productivity in automated welding. The main advantages of laser
guidance systems are functionality, speed and performance. As well
as welding with robots and automatic machines, Meta's systems are
suitable for any application that involves finding or following a
feature such as a joint, edge or hole to track a seam or locate a
reference position.
Meta Vision Systems serves many prestige clients across the
globe including DaimlerChrysler in Germany, Babcock & Wilcox in
Canada, all of the "Big Five" pipe manufacturers in India and BSG
in China, the leading government owned pipe maker which sets the
standards for Chinese pipe manufacturing.
Eynsham www.meta-mvs.com
AMG Systems Limited
AMG Systems is the UK's leading supplier of optical fibre-based
transmission systems for CCTV networks for the growing worldwide
security and transportation surveillance market. AMG has a
comprehensive and growing product range with many unique benefits.
AMG's client list includes Ben Gurion Airport, New Wembley Stadium,
UK and Irish Highways, the UK MOD Whitehall, and the Museum of
Islamic Arts in Doha.
Biggleswade www.amgsystems.co.uk
Episys Limited
Episys is a global information technology solutions and services
company serving the retail, manufacturing, healthcare and other
industries. Episys provides expertise, products, services and
support for signage, labelling and mobile systems. Episys has
developed technology and expertise to enable organisations to input
information from a variety of sources, process it and output the
required data to the chosen device, such as radio frequency
handheld terminals, portable printers, large static printers,
electronic signage and the internet. Customers include major
retailers in the UK and US.
Royston www.episys.com
Business HR Solutions Limited
Business HR provides outsourced HR management services and
support to clients via the internet and telephone. The company has
a uniquely cost effective way of delivering high quality HR advice
that is based on the use of home-working seasoned HR professionals.
The company is addressing a potential market of around GBP250
million per annum through direct sales, agency relationships and
strategic partnerships with organisations such as Hiscox Insurance
and Intellect.
London www.businesshr.net
Oxensis Limited
Oxsensis is working on advanced instrumentation for gas turbines
in the aviation and power sectors which is designed to achieve
major reductions in greenhouse gas emissions as well as
considerable fuel savings. The extreme environment sensors also
have broader potential applicability to energy intensive industries
and automotive engines. Oxsensis is a spin-out from the Council for
the Central Laboratory of the Research Councils run by the team
that successfully built Bookham Technology.
Oxford www.oxsensis.com
Unquoted Investments
As at 30 September 2010
Intouch with Health Limited
Intouch with Health has a growing business in the provision of
Patient Information and Patient Feedback services to NHS Trusts.
These services can be relayed to patients by resident PCs or
touchscreen kiosks supplied by Intouch, hospital bedside units, the
internet and in printed format. Over 60 NHS Trusts are using these
services. A new product is being launched to improve the efficiency
of hospital check-in processes. Strathdon's stake in this company
was sold in October 2010 realising proceeds of GBP118,000.
Cirencester www.intouchwithhealth.co.uk
Oxagen Limited
Oxagen Limited is developing a pipeline of novel small molecule
drugs to treat inflammatory and respiratory diseases. The company
has created a portfolio of valuable drug targets centered on the
highly attractive class of receptors, GPCRs. Through its heritage
in human genetics, Oxagen has validated a number of GPCR targets,
many of them novel, and is progressing the most promising as drug
targets. The lead program, targeting a GPCR known as CRTH2 with a
strong genetic association to asthma, has generated a number of
promising candidate small molecules which are orally bioavailable
and offer the potential to treat asthma and other respiratory and
inflammatory conditions.
Abingdon, Oxford www.oxagen.com
Utilyx Limited
Utilyx is a leading European energy and climate change advisory
and transaction management firm. It helps larger energy users
manage energy price risk and achieve lowest prices for electricity
and gas. These cost savings are generally an order of magnitude
greater than Utilyx's fees. Utilyx assesses the market for
outsourced energy broking and risk management across Europe to be
over GBP200 million. Utilyx has a high quality blue chip client
list that includes government bodies, corporations, developers and
investors.
London www.utilyx.com
Consolidated statement of comprehensive income
For the 6 months ended 30 September 2010
6 months
ended 6 months ended Audited
30 September 30 September Year ended
2010 2009 31 March
Unaudited Unaudited 2010
Notes GBP000 GBP000 GBP000
Revenue 10 20 158
Administrative expenses (107) (135) (231)
---------------------------- ----- ------------- -------------- ----------
Operating loss (97) (115) (73)
---------------------------- ----- ------------- -------------- ----------
Realised gains on financial
assets designated at fair
value though profit or loss
(net) - - 69
Unrealised (losses)/gains on
financial assets designated
at fair value through
profit or loss (net) (273) 23 (518)
---------------------------- ----- ------------- -------------- ----------
Net movement on investments (273) 23 (449)
Loss before finance costs
and taxation (370) (92) (522)
Finance costs (7) (6) (13)
---------------------------- ----- ------------- -------------- ----------
Loss before taxation (377) (98) (535)
Taxation - - -
---------------------------- ----- ------------- -------------- ----------
Loss for the period
attributable to equity
shareholders (377) (98) (535)
---------------------------- ----- ------------- -------------- ----------
Total comprehensive income
for the period attributable
to equity shareholders (377) (98) (535)
Basic and diluted loss per
ordinary share 2 (0.73)p (0.19)p (1.03)p
---------------------------- ----- ------------- -------------- ----------
The accompanying notes on pages 8 to 9 are an integral part of
these interim financial statements.
Consolidated Balance Sheet
As at 30 September 2010
6 months 6 months
ended ended Audited
30 September Unaudited Year ended
2010 0 September 31 March
Unaudited 2009 2010
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Financial assets designated
at fair value through profit
or loss 2,737 3,504 3,026
------------------------------------ ------------- ------------ -----------
Current assets
Trade and other receivables 152 50 57
Cash and cash equivalents 66 271 162
------------------------------------ ------------- ------------ -----------
218 321 219
Liabilities
Current liabilities
Financial liabilities (141) - (141)
Trade and other payables (524) (580) (437)
------------------------------------ ------------- ------------ -----------
(665) (580) (578)
Net current liabilities (447) (259) (359)
------------------------------------ ------------- ------------ -----------
Total assets less current
liabilities 2,290 3,245 2,667
Non-current liabilities
Loans - (141) -
Net assets 2,290 3,104 2,667
------------------------------------ ------------- ------------ -----------
Shareholders' equity
Share capital 2,591 2,591 2,591
Share premium account 6,392 6,392 6,392
Special reserve 36,290 36,290 36,290
Warrant reserve 928 928 928
Retained earnings (43,911) (43,097) (43,534)
------------------------------------ ------------- ------------ -----------
Total Shareholders' equity 2,290 3,104 2,667
------------------------------------ ------------- ------------ -----------
Net Asset Value per ordinary 3 4.42p 5.99p 5.15p
share
---------------------------- ------ ------------- ------------ -----------
The accompanying notes on pages 8 to 9 are an integral part of
these interim financial statements.
The interim financial statements were approved and authorised
for issue by the Board of directors on 15 December 2010 and were
signed on its behalf by:
Simon Hunt
Chairman
Statement of Changes in Shareholders' Equity (Unaudited)
For the 6 months ended 30 September 2010
Share
Share premium Special Warrant Retained Total
Capital account reserve* reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at
31 March
2009 2,591 6,392 36,290 928 (42,999) 3,202
Loss for
the
period - - - - (98) (98)
----------- --------- --------- ---------- --------- ---------- --------
Balance at
30
September
2009 2,591 6,392 36,290 928 (43,097) 3,104
Loss for
the
period - - - - (437) (437)
----------- --------- --------- ---------- --------- ---------- --------
Balance at
31 March
2010 2,591 6,392 36,290 928 (43,534) 2,667
Loss for
the
period - - - - (377) (377)
Balance at
30
September
2010 2,591 6,392 36,290 928 (43,911) 2,290
----------- --------- --------- ---------- --------- ---------- --------
* The special reserve is a distributable reserve
Consolidated Statement of Cash Flows
For the 6 months ended 30 September 2010
6 months 6 months
ended ended Audited
30 September 30 September Year ended
2010 2009 31 March
Unaudited Unaudited 2010
GBP000 GBP000 GBP000
Net cash outflow from operating
activities (109) (143) (258)
----------------------------------- ------------- ------------- -----------
Cash flows from investing
activities
Purchase of financial assets - - (12)
Proceeds from sale of financial
assets 17 619 636
Net cash from investing activities 17 619 624
----------------------------------- ------------- ------------- -----------
Cash flows used in financing
activities
Repayment of borrowings - (300) (300)
Interest paid - (7) (6)
Net cash used in financing
activities - (307) (306)
----------------------------------- ------------- ------------- -----------
Net increase/(decrease) in
cash and cash equivalents (92) 169 (60)
Cash and cash equivalents
at the beginning of the period 158 102 102
Cash and cash equivalents
at the end of the period 66 271 162
----------------------------------- ------------- ------------- -----------
Notes to the Interim Financial Statements
For the 6 months ended 30 September 2010
1. General information, basis of preparation and principal
accounting polices
These interim statements, which have been approved by the
directors, are unaudited, and have not been reviewed by the
auditors pursuant to the Auditing Practices Board (APB) guidance on
Review of Interim Financial Information.
These interim statements do not constitute full financial
statements as defined in section 434 of the Companies Act 2006. The
comparative figures for the year ended 31 March 2010 do not
constitute full financial statements and have been extracted from
the Group's financial statements for the year ended 31 March 2010.
The accounts for the year ended 31 March 2010 were reported without
qualification by the auditors and have been delivered to the
Registrar of Companies.
These interim statements have been prepared on a going concern
basis. In arriving at their decision to prepare these interim
statements on a going concern basis, the directors have reviewed
the anticipated income and expenditure of the Group and compared
these with the Group's expected cash resources. This included
consideration of the anticipated realisation proceeds of the
investment portfolio, the timing of the realisation process and the
cash flow implications.
The going concern basis depends upon certain realisations of
investments occurring within the period under review. The directors
are in discussions with potential purchasers of a number of the
Group's investments. These discussions are in the early stages and
the outcome is therefore uncertain. The directors are confident
that a number of these realisations will be successful however the
directors have concluded that the above circumstances represent a
material uncertainty that may cast significant doubt upon the
Group's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the
Group was unable to continue as a going concern.
These interim statements comply with IAS 34 'Interim Financial
Reporting' and AIM Rule 18. The accounting policies and methods of
computation adopted in these interim statements are the same as
those adopted in the preparation of the audited financial
statements for the year ended 31 March 2010.
The financial statements for the year ended 31 March 2010 were
prepared in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union and those parts
of the Companies Act 2006 applicable to companies reporting under
IFRS.
The following new standards and amendments to standards are
mandatory for the first time for the financial year commencing 1
April 2010. Where relevant to the Group these interim statements
have been prepared under the revised disclosure requirements.
IAS 1 (amendment). The amendment is part of the IASB's annual
improvements project and clarifies the definition of current
liabilities. This has had, and is expected to have, no material
impact on the Group's financial statements.
Other standards and interpretations which have been issued and
are effective for this accounting period but are not currently
relevant for the Group are IFRS 1 (Revised), IFRS 2 (Amendment),
IFRS 3 (Revised), IFRS 5 (amendment), IAS 27 (Revised), IAS 32
(Amendment) and IFRICs 17 and 18.
Notes to the Interim Financial Statements
For the 6 months ended 30 September 2010
1. General information, basis of preparation and principal
accounting polices (continued)
There has been no change to the principal risks and
uncertainties facing the Group since the publication of the
financial statements for the year ended 31 March 2010. In summary,
the principal risks are:
-- Investment and strategic;
-- Liquidity risk.
-- Regulatory;
-- Reputational;
-- Operational;
-- Financial;
-- Interest rate risk, and
-- Foreign currency risk
Full details of the principal risks can be found in the
financial statements for the year ended 31 March 2010 on page 10, a
copy of which can be found at www.strathdoninvestmentsplc.com.
2. Basic and Diluted Loss per share
The loss per share is based on the net loss for the period
attributable to shareholders of GBP377,000 (30 September 2009:
GBP98,000 and 31 March 2010: GBP535,000) and on 51,817,057 shares
(30 September 2009 and 31 March 2010: 51,817,057), being the
weighted average number of shares in issue during the period.
The share options within the Employee Share Option Scheme and
the warrants exercisable at 36p per share are considered to be
non-dilutive potential ordinary shares. The Company has no other
securities that would have a dilutive effect and hence basic and
diluted earnings per share are the same.
3. Net Asset Value per share
The Net Asset Value per share is calculated on attributable
assets of GBP2,290,000 and 51,817,057 shares in issue at the period
end (30 September 2009: assets of GBP3,104,000 and 51,817,057
shares, 31 March 2010: assets of GBP2,667,000 and 51,817,057
shares).
The share options within the Employee Share Option Scheme and
the warrants exercisable at 36p per share are considered to be
non-dilutive potential ordinary shares. The Company has no other
securities that would have a dilutive effect and hence basic and
diluted Net Asset Values per share are the same.
4. Directors
The directors of the Company are Mr S D. Hunt, Mr. J R Cusins,
and Mr. D J Gamble.
5. Other information
Copies of the interim report can be obtained from the Company's
registered office or from the website:
www.strathdoninvestmentsplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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