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| Date/Time | Headline | Source |
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| 29-10-09 | RNS |
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RNS Number : 5941B Medavinci PLC 29 October 2009 Medavinci Plc (the "Company") Result of AGM and Trading Update Result of AGM At today's AGM all resolutions were duly passed. Trading update In our recently published Report and Financial Statements for the 12 months ended 31 March 2009, we highlighted that a comprehensive review of the carrying value of the Company's investments had been undertaken, resulting in us recognising full impairment provisions against the carrying values of the loans and investments relating to both Demecal and Ergodynamics. As also indicated, we are continuing our investigation with regards the whereabouts of certain funds which were transferred from the Company to a subsidiary company in 2008. Lawyers have now been instructed to assist us with this investigation and we hope to be able to resolve the issue within the coming weeks. Having made three substantial investments over the last 3 years, the Board has now decided to focus it's attention on just one of these investments, Emotion Fitness, a health and fitness business based in Veszprem, Hungary. This business continues to perform well and it is currently our intention to expand the operation into other Eastern European countries in the coming months. We are currently in negotiations to complete a sale and leaseback of the freehold property that Emotion Fitness owns in Hungary and these and additional funds will be used to help finance this anticipated expansion plan. We look forward to reporting back to shareholders in due course with further details of our expansion plan and other corporate activity. Contact Details Medavinci Plc Adam Reynolds / Paul Foulger Tel: +44 (0) 270 245 1100 Zeus Capital Limited Ross Andrews / Tom Rowley Tel +44 (0)161 831 1512 This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9063Z
Medavinci PLC
30 September 2009
MeDaVinci plc
("MeDaVinci" or the "Company")
Announcement of Results for the year ended 31 March 2009
Chairman's Statement
I am pleased to report on our results for the year ended 31 March 2009. The loss before tax for the year under review was £5,207,000 compared to £171,000 in the corresponding period last year.
During the period, the board had to undertake a comprehensive review of the carrying value of the investments triggered by concerns over the underlying trading performance and financial position of the respective investee companies. Following this process, the directors have had to recognise full impairment provisions against the carrying values of the loans and investments relating to both Demecal and Ergodynamics. In the coming months however all efforts will be made to recover the outstanding loan finance given to these companies.
During the year, the company made a payment in cash to its wholly owned subsidiary MeDaVinci Healthcare Services BV of £465,000. As at the balance sheet date this cash is not in the subsidiary's bank account. £513,000 is believed to have been invested in ErgoDynamics Participations BV. Due to the change in management in the group it is, at the date of approval of these financial statements, proving difficult to substantiate the exact purpose that the funds were used for. In preparing the financial statements the cash payment has been treated as an additional advance to ErgoDynamics Participations BV, which, as discussed earlier, was considered to have been impaired at the balance sheet date. The consequence of this has led to our independent auditors qualifying their audit opinion on the grounds of a limitation of scope due to the lack of records available to enable them and us to confirm the accounting treatment is appropriate. Regardless of the impact on the audit report, management are continuing to investigate this transaction to establish for certain what the funds were used for.
The third investment that MeDaVinci plc made in 2006 was Emotion Fitness, a health and fitness business based in the town of Veszprem in Hungary. Emotion Fitness currently operates a successful gymnasium from a freehold property which it owns outright. After careful evaluation we believe that this business is robust and hence there is no impairment in the carrying value of MeDaVinci plc's 49% stake in Emotion Fitness. We are currently looking at opportunities to sell and lease back the freehold property thus freeing up cash which will be used to repay the loan note in full back to MeDaVinci plc.
Subsequent to the year end it was agreed that in order to secure the future of MeDaVinci plc, a rescue fund raising would have to be undertaken whilst the Company was evaluating its various investments. As a result, in July 2009 we successfully raised £421,540 before expenses, giving the Company sufficient working capital to continue its investigation into its interests and to look for other opportunities to generate growth for the Company.
The first phase of review has now been completed and over the coming months we will be looking to further simplify the corporate structure of the Group whilst seeking to recover as much liquidity from its investments as possible. The Board will also concentrate on working with the management of Emotion Fitness to improve the yield on the gymnasium business so that a profitable and viable operation in a growing market can be attained. Other investment opportunities will then be looked at in order to enhance shareholder value.
Adam Reynolds
Chairman
29 September 2009
For Further Information please contact:
Medavinci Plc
Adam Reynolds Tel: +44 (0) 270 245 1100
Paul Foulger
Zeus Capital Limited
Ross Andrews Tel +44 (0)161 831 1512
Independent auditors' report to the shareholders of MeDaVinci PLC
We have audited the group and parent company financial statements (the ''financial statements'') of MeDaVinci PLC for the year ended 31 March 2009 which comprise the consolidated and company balance sheets, the consolidated income statement, the consolidated statement of recognised income and expense, the consolidated cash flow statement and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the group financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and for preparing the parent company financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with the Companies Act 1985 and whether the information given in the directors' report is consistent with those financial statements. We also report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed.
We read other information contained in the annual report, and consider whether it is consistent with the audited financial statements. This other information comprises only the directors' report, the chairman's statement, and the statement of directors' responsibilities. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 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 the Companies Act 1985 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.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board, except that the scope of our work was limited as explained below.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group's and company's circumstances, consistently applied and adequately disclosed.
We planned our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. However, with respect to an impairment charge of £513,000, arising from an increase in the loans to associates during the year and considered irrecoverable by the Directors, the evidence available to us was limited because we could not verify the existence of the initial receivable. Owing to the nature of the group's and company's records, we were unable to obtain sufficient appropriate evidence to support the additional investment being made and the impairment charge.
In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Qualified opinion arising from limitation on audit scope
Except for the financial effect of such adjustments, if any, that might have been determined to be necessary had we been able to satisfy ourselves as to the additional investment in associates during the year, in our opinion:
* the group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the group's affairs as at 31 March 2009 and of its loss for the year then ended;
* the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the parent company's affairs as at 31 March 2009;
* the financial statements have been properly prepared in accordance with the Companies Act 1985;
In respect solely of the limitation on our work relating to the additional investment in associates during the year and the impairment charge:
* we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
* we were unable to determine whether proper accounting records have been maintained.
In our opinion the information given in the directors' report is consistent with the financial statements.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors
London
Date 29 September 2009
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2009
31 March 31 March
Notes 2009 2008
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 1 - 8
Investments in associates 2 350 3,306
Available for sale financial assets 3 - 40
Loans to associates 4 411 1,209
Derivative financial instruments- Conversion 5 29 509
rights
790 5,072
Current assets
Trade and other receivables 6 14 106
Cash and cash equivalents 7 117 730
131 836
Total assets 921 5,908
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 9 736 736
Other reserves 9 5,536 5,418
Retained earnings 9 (5,598) (391)
Total equity 674 5,763
Current liabilities
Trade and other payables 10 247 135
Current tax payable - 10
Total liabilities 247 145
Total equity and liabilities 921 5,908
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
Year ended Year ended
Notes 31 March 2009 31 March 2008
£'000 £'000
Revenue - -
Cost of sales - -
Gross profit - -
- Recurring administrative expenses (307) (257)
- Impairment of investments (3,430) -
- Impairment of receivables (1,611) -
Administrative expenses (5,348) (257)
Finance income - bank interest 10 22
- interest on loan to associates 150 58
- foreign exchange gains 150 -
- change in fair value of - 161
derivatives
Finance expense - change in fair (95) -
value of derivatives
Share of post tax loss of associates 2 (74) (155)
Loss before taxation 11 (5,207) (171)
Income tax expense 12 - (2)
Loss for the year 9 (5,207) (173)
Earnings per share
Basic and diluted 13 (7.1p) (0.3p)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED 31 MARCH 2009
Year ended Year ended
Notes 31 March 2009 31 March 2008
£'000 £'000
Net exchange differences on 9
translating foreign operations 118 584
Net income recognised directly in 118 584
equity
Loss for the year (5,207) (173)
Total recognised income and expense (5,089) 411
for the year
Attributable to equity holders of (5,089) 411
the parent
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
2009 2008
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations (110) (82)
Interest received 10 22
Net cash flow from operating activities (100) (60)
Cash flows from investing activities
Acquisition of investments - (106)
Purchase of property, plant and equipment 1 - (8)
Increase in loans to associates (513) (957)
Net cash flow from investing activities (513) (1,071)
Cash flows from financing activities
Proceeds from issue of equity instruments - 969
Net cash flow from financing activities - 969
Net decrease in cash and cash equivalents (613) (162)
Cash and cash equivalents at beginning of the year 730 892
Cash and cash equivalents at end of the year 7 117 730
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR TEH YEAR ENDED 31 MARCH 2009
ACCOUNTING POLICIES
MeDaVinci plc is a public limited liability company governed by UK law, established in the UK and listed on the Alternative Investment Market (AIM). The company's registered office is in the UK. Its office address is 14 Kinnerton Place South, London, SW1X 8EH.
The principal accounting policies adopted in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU) and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS.
The consolidated financial statements have been prepared under the historical cost convention, as modified by the measurement at fair value of available-for-sale financial assets and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.
Going concern
The Directors are of the opinion that the Group is a going concern on the basis that following the Company's recent fundraising, as announced on 8 July 2009, the Group has sufficient cash to meet its foreseeable working capital commitments.
Consolidation
Subsidiaries are those entities in which the group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the group controls another entity.
Subsidiaries are consolidated from the date on which control is transferred to the group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition. Identifiable assets required and liabilities and contingent liabilities assumed in a business contribution are measured initially at their fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the group's share of the identifiable net assets required is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired the difference is recognised directly in the income statement. Inter company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, the accounting policies of subsidiaries have been changed in order to ensure consistency with the policies adopted by the group.
Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The group's investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss
The group's share of its associates' post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.
Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group.
* PROPERTY, PLANT AND EQUIPMENT
Plant, 2009 Plant, Machinery & 2008
Machinery & Equipment
Equipment £'000
£'000 Total Total
£'000 £'000
Cost
At 1 March 9 9 1 1
Additions - - 8 8
31 March 9 9 9 9
Depreciation
At 31 March 1 1 - -
Charge for the year 8 8 1 1
At 31 March 9 9 1 1
Net book value
At 31 March - - 8 8
2. INVESTMENTS IN ASSOCIATES
2009 2008
£'000 £'000
At fair value
At 1 April 3,306 1,364
Additions - 1,715
Share in the result (74) (155)
Transfer to available for sale financial assets - (40)
Exchange rate movement - 422
Impairment during the year (2,882) -
At 31 March 350 3,306
During the year, the Directors carried out an impairment review of the Company's three investments, Demecal Europe BV, Ergodynamics Participations BV, and Emotion Fitness Mag Kft.
Demecal Europe BV:
Demecal was originally established to develop technology aimed at analysing blood samples through point-of-care services. Whilst development appeared to be progressing well last year, it become apparent prior to the year end that further substantial cash requirements were needed for the development of the business. The directors undertook a detailed review of the business including technical progress and the likelihood of raising additional funding in a difficult economic environment and concluded that such was the dependency of the future survival of the business of the ability to raise additional cash that the expected future cash flows were £nil. Consequently an impairment loss was recognised in respect of both the equity investment and the loan receivable.
Unfortunately after the year end, additional cash funding was not forthcoming and as a consequence, as announced on 26th May 2009, Demecal Europe BV was declared bankrupt in the Dutch Courts. The Board is currently awaiting the administrator's report which will show the extent of Demecal's liabilities and assets as well as details of any recoverable value from its intellectual property. The Directors believe that any distribution from the administrator is unlikely.
The amount of impairment loss recognised in the income statement during the year is £1,752,000.
Ergodynamics:
Ergodynamics was originally established to develop technology for the treatment and relief of back pain; although the business has now developed and commercialised a product, it is unclear whether this remains a viable venture or whether any return will be made on the Company's investment. It became apparent prior to the year end that further substantial cash requirements were needed for the development of the business. The directors undertook a detailed review of the business including technical progress and the likelihood of raising additional funding in a difficult economic environment and concluded that such was the dependency of the future survival of the business of the ability to raise additional cash that the expected future cash flows were £nil. Consequently an impairment loss was recognised in respect of both the equity investment and the loan receivable.
The amount of impairment loss recognised in the income statement during the year is £1,130,000.
During the year, the company made a payment in cash to its wholly owned subsidiary MeDaVinci Healthcare Services BV of £465,000. As at the balance sheet date this cash is not in the subsidiary's bank account and £513,000 is believed to have been invested in ErgoDynamics Participations BV. Due to the change in management in the group it is, at the date of approval of these financial statements, proving difficult to substantiate the exact purpose that the funds were used for. In preparing the financial statements the cash payment has been treated as an additional advance to ErgoDynamics Participation BV which, as discussed earlier, was considered to have been impaired at the balance sheet date.
Details of the investments held are as follows:-
No. of ordinary % Carrying Value Nature of Business
shares Held £'000
ErgoDynamics Participations BV 89 49% - Holding company for
investment in
Ergodynamics
Applications BV
Emotion Fitness Mag Kft 2,700 47% 350 Fitness centres
Demecal Europe BV 5,400 30% - Development and
Selling of blood
tests
The above named companies prepare their financial statements as of 31 December each year. The latest figures were for the year ended 31 December 2008 and these were used to determine the net equity value at 31 March 2009, allowing for the effect of significant transactions in the period of 31 December 2008 to 31 March 2009.
The group's share of the associates' results (after tax and minorities) and equity are as follows:
2009 2008
£'000 £'000
Sales 88 180
Result for the year (74) (155)
Total assets 672 2,781
Total liabilities and obligations (560) (2,956)
Total equity 112 (175)
3.AVAILABLE FOR SALE FINANCIAL ASSETS
2009 2008
£'000 £'000
At 1 April 40 -
Transferred from investments in associates - 40
Impairment during the year (40) -
At 31 March - 40
No. of Type of % Cost Nature of business
Shares Shares Held £'000
MeDaVinci Development BV Development of
25 Ordinary 5% 40 innovative products
in the medical
industry
4. LOANS TO ASSOCIATES
2009 2008
£'000 £'000
Loan to ErgoDynamics Participations BV - 142
Loan to Emotion Fitness Mag Kft 411 318
Loan to Demecal Europe BV - 749
At 31 March 411 1,209
Interest accrued on the loan to Emotion Fitness Mag Kft using the effective interest method is disclosed in note 16 to the consolidated financial statements. The loan can be converted into ordinary shares at any time of whole or part thereof provided that total conversion will lead to 68.68% of the outstanding share capital post conversion or any pro rata percentage thereof post conversion as a result of the partial conversion.
Interest accrued on the loans to ErgoDynamics Participations BV and Demecal Europe BV using the effective interest method is disclosed in note 16. Following the impairment review as detailed in note 2 to the consolidated financial statements, the carrying value of these loans are £nil.
5. CONVERSION RIGHTS - DERIVATIVE FINANCIAL INSTRUMENTS
2009 2008
£'000 £'000
Conversion rights 29 195
Warrants - 314
29 509
The conversion right is part of a zero interest convertible loan note facility of EUR2,500,000 (£1,981,000) whereby conversion of the full facility will lead to 68.68% of the outstanding share capital post conversion or any pro rata percentage thereof post conversion as a result of a partial conversion of Emotion Fitness Mag Kft. At balance sheet date EUR535,000 (£496,000) is drawn under the facility so that partial conversion will lead to 14.7% of the outstanding share capital post conversion.
Further, MeDaVinci has a convertible loan note with a conversion right on shares in Demecal Europe BV as well as warrant instruments on shares in Ergo Dynamics Participations BV. In determining the fair value of both instruments the directors have considered that there is no active market for both instruments and therefore the value of these instruments have been assessed using the Black & Scholes pricing model.
Following the impairment review as detailed in note 2 to the consolidated financial statements, the fair value of the warrant instrument on shares in ErgoDynamics Participations BV, and the conversion right on shares in Demecal Europe BV is as a consequence £nil.
6. TRADE AND OTHER RECEIVABLES
2009 2008
£'000 £'000
Other receivables - 4
Amounts owed by participating interests - 88
Prepayments and accrued income 14 14
14 106
7. CASH AND CASH EQUIVALENTS
2009 2008
£'000 £'000
Cash at bank and in hand 117 730
8. CALLED UP SHARE CAPITAL
2009 2008
Numbers Numbers
('000) ('000)
Ordinary shares of 1 pence each
Authorised 500,000 100,000
Issued
At beginning of year 73,600 41,188
Issued in year - 32,412
At end of year 73,600 73,600
On 8 July 2009 the company issued 421,540,000 shares of 0.1 pence each. The total cash consideration received amounted to £421,540.
9. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Retained Foreign Associates fair Total
capital premium earnings Currency value reserve
Reserve £'000
£'000
£'000 £'000 £'000
£'000
At 1 April 2007 412 2,570 (218) 10 - 2,774
Loss for the year attributable
to equity shareholders - - (173) - - (173)
Unrealised exchange movement - - - 584 - 584
Fair value adjustment on - - - - (481) (481)
investment
Issue of shares 324 2,745 - - - 3,069
Transaction costs deducted - (10) - - - (10)
from equity
Movement in year 324 2,735 (173)) 584 (481) 2,989
At 31 March 2008 736 5,305 (391) 594 (481) 5,763
Loss for the year attributable
to equity shareholders - - (5,207) - - (5,207)
Unrealised exchange movement - - - 118 - 118
Fair value adjustment on - - - - - -
investment
Issue of shares - - - - - -
Transaction costs deducted - - - - - -
from equity
Movement in year - - (5,207) 118 - (5,089)
At 31 March 2009 736 5,305 (5,598) 712 (481) 674
The authorised, called up and fully paid share capital relates to 73,600,000 shares at a nominal value of 1 pence each.
The share premium reserve relates to the excess of amounts received for shares issued above the nominal value of the shares less any costs directly relating to the issue of the shares. The foreign currency reserve consists of all the translation differences as from 1 April 2006 resulting from the translation of the net investment in activities denominated in a currency other than UK sterling. These foreign exchange differences are initially recognised in this reserve. In the event of disposing of the foreign net investment in question, the related part recognised in the reserve is transferred to the income statement.
Shares forming part of the consideration for the acquisition of a subsidiary or an associate undertaking are valued at their fair value for the purposes of computing acquisition cost and goodwill under IFRS 3 - Business Combinations and IAS 28 - Investments in Associates. By contrast, the value of the share premiums arising on the shares issued, for the purposes of section 130 of the Companies Act 1985, is based on the value to the issuing company of the consideration it has received. Where these values are different the premiums are disregarded, the cost of investment in the parent company's books will be different from the cost of acquisition for the purposes of IFRS 3 and IAS 28 respectively. As the difference should form a separate element of consolidated reserves, and does not form part of goodwill it is recognised in the associate's fair value reserve in equity.
The retained earnings reserve relates to the cumulative result since incorporation plus any results of acquisitions from the date of the particular acquisition.
10. TRADE AND OTHER PAYABLES
2009 2008
£'000 £'000
Trade creditors 113 79
Other creditors 22 1
Accruals 112 55
247 135
11. LOSS BEFORE TAXATION
2009 2008
£'000 £'000
The following items have been included in arriving at loss
before taxation:
Services provided by the Group's auditors
Group audit fees and expenses - statutory audit 17 25
Other services - 8
Foreign exchange gains and losses 150 110
12. TAXATION
2009 2008
£'000 £'000
Current tax - 2
Deferred tax - -
Taxation - 2
Factors affecting the tax charge for the period
2009 2008
£'000 £'000
Loss before tax (5,207) (171)
Profit on ordinary activities multiplied by standard rate
of corporation tax in the UK of 28% (2008: 30%) (1,458) (51)
Effects of:
Overseas taxation - -
Current tax losses not utilised 1,458 53
Total taxation - 2
There is a potential deferred tax asset of £1,458,000 (2008:£99,000) relating to the cumulative tax losses totalling £5,559,000 (2008:£352,000) carried forward. The deferred tax asset is not provided for as the directors are uncertain when the group will generate sufficient profits for the losses to be offset against.
13. EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of ordinary shares in issue during the year.
2009 2008
£'000 £'000
Loss attributable to equity holders of the company (5,207) (173)
Weighted average number of ordinary shares in issue 73,600 56,441
(thousands)
Basic earnings per share (pence) (7.1) (0.3)
Diluted
The Group had no dilutive potential ordinary shares in either year, which would serve to increase the loss per ordinary share. Therefore, there is no difference between the loss per ordinary share and the diluted loss per ordinary share.
14. POST BALANCE SHEET EVENTS
On 26 May 2009 the nominal value of each share was reduced from 1 pence to 0.1 pence. Following this, the Group's Ordinary Share capital comprises 73,600,000 Ordinary shares of nominal value 0.1 pence each and 73,600,000 deferred shares of 0.9 pence each.
On 8 July 2009 the company issued 421,540,000 shares of 0.1 pence each. The total cash consideration received amounted to £421,540.
As stated in note 2 to the consolidated financial statements, on 26th May 2009, Demecal Europe BV was declared bankrupt in the Dutch Courts.
15. ANNUAL GENERAL MEETING
In accordance with Rules 20 and 26 of the AIM Rules for Companies, the Annual Report for the year ended 31 March 2009 and notice of annual general meeting have been sent to shareholders today and are available for download from the Company's website The Company's Annual General meeting will be held at 11.00 am on 29 October 2009 at the offices of Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 04-08-09 | RNS |
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RNS Number : 8298W Medavinci PLC 04 August 2009 4 August 2009 Medavinci Plc ('Medavinci' or the 'Company') Disclosure of significant shareholding The Company was notified on 3 August 2009 that, pursuant to the Placing announced on 8 July 2009, David Newton subscribed for 90,000,000 ordinary shares in the Company at 0.1p per share. Following this transaction David Newton holds a total of 90,000,000 ordinary shares in the Company representing approximately 18.177 per cent. of the issued share capital. Contact Details: Medavinci Adam Reynolds Tel: +44 (0) 270 245 1100 Zeus Capital Ross Andrews Tel +44 (0)161 831 1512 Tom Rowley This information is provided by RNS The company news service from the London Stock Exchange END
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Notice how these two, being directors of the companies Nomad have turned circa £50k into £500,000 each in the placing. How? they subsrcibed at the nominal value when the market value was 10x higher....market abuse the discount on the issue should have been between 10% and 35% its a disgrace and the exchange should investigate
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| 29-12-06 |
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I am hopeful about this one and have managed to buy 10,000. Liquidity seems woeful at the moment, but will hopefully improve after they do a proper fund raise, which I assume is contemplated.
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Thanks for all the info Spritestar, very interesting. As BonnevilleJoe mentions, probably one to watch. I have to say I haven't had much luck with recommendations from City Equities in the past. The other thing which concerns me with companies like this is that they seem to need more and more capital to fund their spending and the way they get that funding is not always advantageous for the small share holder. I assume you didn't buy either.
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**MARKETING NOTE**
Hichens, Harrison is company broker to MeDaVinci 15 November 2006 MeDaVinci (MVC) London Hichens, Harrison & Co Plc Bell Court House 11 Blomfield Street London EC2M 1LB +44 (0) 207 588 5171 Jakarta Hichens, Harrison (Asia) Ltd Plaza Bapindo - Citibank Tower 12th Floor Jl. Jendral Sudirman Kav 54-55 Jakarta 12190 Indonesia +(6221) 524 6032 Johannesburg Hichens, Harrison (Africa) Ltd 3a Sumit Road Dunkeld West Johannesburg South Africa 2196 +27 (0) 11 778 6882 Buenos Aires Hichens, Harrison (South America) Ltd Alicia Moreau de Justo 1750 Piso 3 Oficina G Doc. 13 Puerto Madero 1107 Buenos Aires Argentina +54 (0) 11 5 1992 850 Dubai Hichens, Harrison (Middle East) Ltd PO Box 2547 Sheikh Zayed Road Dubai UAE +971 4 3407 262 Hichens, Harrison & Co. plc Authorised and regulated by the Financial Services Authority Jeremy Chantry, Analyst +44 (0) 207 382 7791 jeremy.chantry@hichens.com Sean Perry, Sales +44 (0) 207 382 4472 sean.perry@hichens.com MeDaVinci(MVC) is an investment company focussed on “Health and Wellness”. This is a broadly based market which would cover most areas which are linked to healthcare yet which have no pure pharmaceutical content. · The company has recently changed its name from HHK. At the current share price the company which is quoted on AIM has a market capitalization of below £1.5m. At the present time the company is effectively a cash shell focussed on investments in healthcare. · There is a strong Board of Directors and details of the team are given on page 3 of the note. The management has extensive experience in commercial management for consumer and medical marketing and, a strong record in financing and managing early stage projects. The team also has extensive experience in corporate finance / fund raising. · This is a growth area which is linked to increased awareness of health and personal care which in turn reflects an ageing population in the developed world allied to a growing disposable income. · Even in the emerging world a young population has greater focus on personal well being than earlier generations. Increased legislative and consumer pressure to address and facilitate healthcare offers new opportunities for products and services. · The main market drivers include the desire for an increasing quality of life coupled with the need for cost savings. There are many opportunities which create new markets as well as addressing existing needs. The company initially aims to target Europe, but most of the projects would have global potential. Source: Big Charts 2 Hichens, Harrison & Co. plc Tel +44 (0)207 382 4451 http://www.hichens.com Registered office Bell Court House, 11 Blomfield Street, London EC2M 1LB Registered in England no 2368530 Diversified structure The focus is on developing an innovative market position based on intellectual property and brand marketing. It is expected that most of the projects will take 3-5 years to reach market. It is unlikely that there will be any FDA involvement as the company will not be dealing with invasive procedures or pure pharmaceutical products. The projects which will be taken on will have a clear exit strategy. This could be either a trade sale or IPO. Some investments may generate royalty revenue. The key point is that the company will be in control of the timing and will be able to determine when to sit on an investment and when to unwind it. In some of the investments there will be income from dividend payments. Some of the structures will be based on a joint-venture with the relevant corporate entity or university. Two of the present projects are university spin-offs, and one present investment is based on corporate venturing. Some entrepreneurs will be backed with finance. The other area under consideration is supporting the MBO of divisions of companies. Board participation The company aims to be the lead or joint lead inv . . . Read Full Message More | View thread (5) | Respond | Login to Vote up | Login to Vote down |
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