RNS Number : 2072V
Celoxica Holdings PLC
27 May 2008
CELOXICA HOLDINGS PLC
("CELOXICA" OR "THE GROUP")
Preliminary Results for the year ended 31 December 2007
Celoxica Holdings plc (AIM: CXA) - 27 May 2008, a leading provider of High Performance Computing solutions today announces its
preliminary results for the year ended 31 December 2007.
FINANCIAL RESULTS
* Accelerated Computing (AC) revenue £354k (2006: £166k); increase of 113%
* Total revenue £1.8m (2006: £3.6m)
* Total loss before tax £3.9m (2006: £4.3m)
* Loss per share 5.2p (2006: 7.8p)
* Fund raising of £2.0m (gross) in May 2008
OPERATIONAL HIGHLIGHTS
* Recruitment of Lee Staines as Chief Executive in July 2007
* Revised strategy focusing on Market Data Acceleration for Financial Services
* Creation of Technical Advisory Committee with industry experts
* Completion of sale of ESL market presence in January 2008
Lee Staines, Chief Executive Officer, Celoxica, commented, "2007 results represent a period of change for Celoxica. Much work has been
undertaken to restructure our business in line with our strategy to focus on Accelerated Computing. Over this period we have raised finance
to support our restructuring, sold part of the non-core Celoxica business and have redefined our business strategy to concentrate on key
applications in the Financial Services industry. I believe our restructuring provides us with a platform to exploit unique advantages in a
specific target market. Timing is now right as companies appreciate that acceleration solutions are the right way to deliver competitive
edge in high volume trading environments. I would like to take this opportunity to thank both our staff and our investors for their
continued support through this period."
ENQUIRIES
Celoxica Holdings plc (www.celoxica.com) Tel. +44 (0)1235 863656
Lee Staines (CEO)
Michelle Young (CFO)
Arbuthnot Tel. +44 (0) 20 7012 2000
Tom Griffiths
Alasdair Younie
ICIS Tel. +44 (0) 20 7651 8688
Tom Moriarty +44 (0) 7843 260 623
Caroline Evans-Jones
About Celoxica
Celoxica is a leader in accelerated computing solutions, with a focus on low latency solutions for Financial Services. Headquartered in
Abingdon, Oxfordshire and New York, Celoxica is a public company quoted on AIM at the London Stock Exchange (AIM: CXA).
Our IP lies in the unique Accelerator Card by Celoxica and our solutions combine accelerated hardware, firmware, Application Programming
Interfaces (APIs) and professional services.
For more information, please visit the company website at www.celoxica.com.
CELOXICA HOLDINGS PLC
("CELOXICA" OR "THE GROUP")
Preliminary Results for the year ended 31 December 2007
Chairman's Review
Overview
During the last year Celoxica has completed the transition from an Electronic Design Automation (EDA) company with activities primarily
in the Embedded System Level (ESL) market to a highly focussed Accelerated Computing (AC) group. We believe this is where the true potential
of our technology lies, there is a significant market demand and where the Group can generate significant shareholder return.
The transformation of Celoxica culminated in January 2008 with the completion of the sale of the ESL business to Catalytic Inc based in
the USA.
The sale of the ESL business, in addition to allowing total focus on the AC market, has also provided funds for future development and
has caused a major reduction in the cost base of the group.
During the year, ESL revenues declined as more emphasis was placed on AC. Accordingly, AC revenues have more than doubled over the
previous year which we believe is a good indication of the potential of the business, particularly given its highly scalable nature.
The AC revenues derive from business success in three sectors that we had highlighted previously as our initial focus, namely Finance,
Oil and Gas and Life Sciences. As we move into 2008 our focus will be almost entirely on the Financial markets where we have defined a new
range of products specifically targeted at this sector. So far, these products have demonstrated major benefits in customer benchmarking
tests and are expected to be our primary source of revenue for the coming year.
Financial Results
The Group's revenue was £1.8m, down 51% on 2006. This decline was due entirely to the ESL business, which was de-emphasised within the
Group in favour of the AC business. AC revenues increased by over 100% at £354k (2006: £166k).
In spite of the overall reduction in revenue, the operating loss was reduced by 7.1% to £3.9m compared with £4.2m in 2006.
Since my last review in September 2007, we completed a placing of shares with existing shareholders which raised £616k after expenses.
This funding provided bridging finance to support the sale of the ESL business and the restructuring.
In January 2008 we completed the sale of the ESL business with gross proceeds of US $3.0m.
Strategy
Our participation in the emerging AC market during 2007 has demonstrated that our technology has a wide range of applications over a
number of different market sectors. In the latter few months, it has become obvious that the fastest returns will be achieved in the Finance
markets where our technology has been very favourably benchmarked and shown to address some current critical issues. The first of these
issues is market data capture where Celoxica technology transforms the speed, accuracy and usability of key transactional data for trading
organisations and stock exchanges by reducing latency. We believe that this market data capture opportunity will provide revenue growth in
2008, and the potential for recurring revenues in later years.
Board Changes
In July 2007, Lee Staines was appointed as Chief Executive Officer. Ian Yeoman who had been interim CEO since January stepped down at
that time. In October Ian resigned from his Non- Executive Director position and I would like to thank him for his contribution to Celoxica
both as a Non- Executive Director and also for the period as interim CEO. In October 2007, Jean- Marc Bouhelier joined the Board as a Non-
Executive Director and brings with him a wealth of industry expertise which has already been of great value to the Group.
Summary
Celoxica is now a small highly focussed AC group addressing initially critical issues in the Finance sector, along with Life Sciences
and Oil & Gas. We have demonstrated that our technology is superior in these areas to that currently available.
In market data capture we have identified one such issue which we believe will provide significant revenues in the short to medium term.
With the resources from the sale of the ESL business, we view the future with confidence.
Finally, I would like to thank our customers, partners, shareholders and staff for their continued support.
Jack Fryer,
Chairman
Chief Executive's review
Overview
Since joining Celoxica in July 2007 much work has been undertaken to restructure our business in line with our strategy to focus on AC.
Over this period we have raised finance to support our restructuring, sold part of the non-core Celoxica business and have redefined our
business strategy to concentrate on key applications in the Financial Services industry. We are already seeing the benefits of adopting a
more acute focus on the finance sector, where, through the employing of AC technologies, organisations can realise rapid and tangible
competitive advantage. A recent contract won with a major US Stock Exchange is evidence of the success of this strategy.
Sale of ESL business
In January 2008 we completed the sale of the embedded business to Agility Design Solutions, Inc. (previously Catalytic, Inc) which
included those Celoxica assets associated with the electronic design market. This sale has significantly reduced operational costs with
eighteen of the thirty five Celoxica staff moving including engineers and sales who specialised in that. The Celoxica offices in Austin, US
and Yokohama, Japan also transferred to Agility further reducing operational overheads. The products sold included the DK tool set, Agility
compiler and the RC range of hardware kits with Celoxica retaining the sole distribution rights to sell the DK design suite into the
financial services sector.
Celoxica business restructure
In parallel to the ESL sale we have undertaken a complete restructuring of our business. The summary of this restructuring is as
follows:
Clarity of business strategy and focus
In identifying Financial Services as our target market, Celoxica is moving from a technology company to a solution provider. In
particular we have identified the demand for Accelerated Solutions within Investment Banks, Market Data providers and Exchanges. These
organisations specifically need both low-latency and high bandwidth solutions - two requirements that we believe are uniquely met with the
implementation of Celoxica's acceleration solution.
Value proposition
Whilst our technology is without question at the forefront of accelerated computing techniques, I feel that it has in the past lacked a
clear value proposition to our potential customers. We have now identified several scenarios where the 'Accelerator' series delivers a clear
value proposition to the customer - often where ROIs can potentially be measured in minutes or even seconds. The first such environment is
that of Market Data Capture.
Our solutions comprise of hardware, firmware, APIs and services and offer a clear value proposition to trading firms - our low latency
products enable users to capture market data faster than any alternative offering on the market today, and therefore empower the client to
react to market conditions more quickly and trade faster than the competition. Early benchmark testing has shown that our solution can
deliver sub 5 micro second latency and extremely high bandwidth (over 10 million messages per second).
Business model
The new solution set will be provided as a service offering and will therefore enable Celoxica to build a recurring revenue stream to
support the running of the business. We believe that not only is this model preferred by the market, it also reduces revenue volatility and
risk which is in the best interests of our shareholders.
Partnership
It remains clear that our technology can be applied to other industry sectors and we will continue to support partners who specialise in
providing solutions into those industry sectors and explore opportunities with new partners where an opportunity has arisen in an emerging
sector such as Life Sciences or Oil & Gas.
Board appointment
I am very happy to welcome Jean-Marc Bouhelier to the board. Jean-Marc joined as a non-executive director in October 2007 and brings
with him a wealth of experience in the financial services sector. His knowledge of both the Investment Banking and Exchange businesses,
coupled with his understanding of the technology used to support these businesses, will be a huge asset to Celoxica moving forward.
Advisory Committee
I am also pleased to announce the formation of our new Technical Advisory Committee. This committee has already helped to define our
product and solution roadmap for 2008 and will be headed by John Oddie. John brings a raft of experience to Celoxica, having worked at
Goldman Sachs, Merrill Lynch and Instinet.
Outlook
I believe our restructuring provides us with a platform to exploit unique advantages in a specific target market. Timing is now right
as companies appreciate that acceleration solutions are the right way to deliver competitive edge in high volume trading environments. Our
initial feedback has been very encouraging with one Chicago based trading group describing our solution and bench marking results as 'game
changing'.
I would like to thank our shareholders for their continued support. The year has started well and we look forward to 2008 and
successfully executing the new Celoxica business strategy.
Lee Staines
Chief Executive Officer
Consolidated income statement for the year ended 31 December 2007
Note 2007 2006
£ £
Continuing operations
Revenue 2 353,908 166,285
Cost of sales (240,300) (173,526)
Gross profit 113,608 (7,241)
Administrative expenses (2,278,100) (1,874,795)
Operating loss (2,164,492) (1,882,036)
Finance income 22,800 37,740
Finance costs (25,943) (52,766)
Loss on ordinary activities before tax (2,167,635) (1,897,062)
Tax on loss on ordinary activities 85,740 102,357
Loss for the year from continuing operations (2,081,895) (1,794,705)
Discontinued operations
Loss for the year from discontinued operations 4 (1,647,873) (2,240,011)
Retained loss for the period (3,729,768) (4,034,716)
Loss per share (pence)
From continuing operations
Basic and Diluted (2.9p) (3.5p)
From continuing and discontinued operations
Basic and Diluted (5.2p) (7.8p)
Consolidated Statement of recognised income and expense
Year ended 31 December 2007
2007 2006
£ £
Exchange differences on translation of foreign (2,412) (6,292)
operations
Net expense recognised directly in equity (2,412) (6,292)
Loss for the year (3,729,768) (4,034,716)
Total recognised income and expense for the year (3,732,180) (4,041,008)
attributable to equity holders of the parent
Consolidated balance sheet as at 31 December 2007
Note 2007 2006
£ £
Non-current assets
Property, plant and equipment 27,378 149,222
27,378 149,222
Current assets
Inventories 27,747 161,888
Trade and other receivables 561,497 1,137,302
Cash 21,665 157,160
610,909 1,456,350
Non-current assets classified as held for 5 141,614 -
sale
Total assets 779,901 1,605,572
Current liabilities
Trade and other payables (640,772) (1,114,601)
Bank overdrafts and loans (172,111) (525,387)
Provisions (85,399) -
(898,282) (1,639,988)
Liabilities directly associated with 5 (124,490) -
non-current assets classified as held for
sale
Net current liabilities (411,863) (183,638)
Net liabilities (242,871) (34,416)
Note 2007 2006
£ £
Equity
Share capital 6 13,215,359 12,887,796
Share premium 6 4,500,310 1,349,339
Merger reserve 6 23,729,845 23,729,845
Share Option Reserve 6 299,829 254,638
Translation reserve 6 (8,704) (6,292)
Retained earnings 6 (41,979,510) (38,249,742)
Total equity (242,871) (34,416)
Consolidated cash flow statement for the year ended 31 December 2007
2007 2006
£ £
Cash flows from operating activities
Loss before taxation - continuing and discontinued (3,883,374) (4,264,826)
Adjustments for:
Depreciation 70,659 87,952
Loss/(profit) on disposal of property, plant & 4,724 (3,143)
equipment
Share based payments 45,191 13,554
Currency translation differences (3,540) 3,570
Income tax received 234,074 378,051
Net interest (3,713) (37,492)
(3,535,979) (3,822,334)
Decrease in trade and other receivables 448,120 532,190
Decrease/(increase) in inventories 102,074 (7,661)
Decrease in trade and other payables (263,939) (479,070)
Net cash outflow from operating activities (3,249,724) (3,776,875)
Cash flows from investing activities
Proceeds on disposal of property, plant and 1,325 3,304
equipment
Purchases of property, plant and equipment (12,354) (86,713)
Net cash used in investing activities (11,029) (83,409)
Cash flows from financing activities
(525,387) (502,591)
Repayments of borrowings
3,478,534 2,666
Issue of share capital
Net cash from/(used in) financing activities 2,953,147 (499,925)
Net decrease in cash and cash equivalents (307,606) (4,360,209)
Cash and cash equivalents at beginning of year 157,160 4,517,369
Cash and cash equivalents at end of year (150,446) 157,160
1 Basis of preparation
The principal accounting policies of the Group have remained unchanged from those set out in the group's 2007
interim results, a copy of which can be found on the
Group's website.
Transition to EU Adopted IFRS
The Group is preparing its financial statements in accordance with EU Adopted IFRS for the first time and consequently has applied IFRS
1. IFRS 1 grants certain exemptions from the full requirements of IFRS in the transition period. The following exemptions have been taken in
these financial statements:
* Business combinations - Business combinations that took place prior to 1 January 2006 have not been restated.
* Fair value or revaluation as deemed cost - At the date of transition, fair value has been used as deemed cost for property, plant
and equipment assets previously measured at fair value.
* Cumulative translation differences - Cumulative translation differences for all foreign operations have been set to zero at 1
January 2006.
Going Concern
The financial statements have been prepared on the going concern basis, under the historical cost convention, which is supported by the
projected revenue and cash flow of the Group. The projections reflect the expected increase in the level of sales from the Group's main
business activities. As a consequence of the change in focus, the Directors recognise that the timing and amount of increases in sales
activity are not guaranteed and that as a result the Group's financial position cannot be certain. However, the Directors have a reasonable
expectation that the Group will have sufficient working capital for the foreseeable future and consequently believe that it is appropriate
for the financial statements to be prepared on a going concern basis. The Directors have also reviewed strategic options, including
discussions with providers of finance, to secure additional funding for the Group.
As a result, the Group also completed a Share Subscription round on 23 May 2008. This was at 1p per share and raised a total of
£2,000,000 (before expenses).
The Directors believe that this subscription, combined with the US $3m proceeds from the sale of the Electronic System Level Design
portion of its business, provide the Group with sufficient capital for it to be considered a going concern.
The financial statements do not contain any adjustments that would arise if the financial statements were not drawn up on a going
concern basis. If required these adjustments would be made to the balance sheets of the company and the group to increase or reduce the
balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed
assets and long term liabilities as current assets and liabilities.
Non-current assets held for sale
Immediately before classification as held for sale, the measurement of the assets (and all assets and liabilities in a disposal group)
is brought up-to-date in accordance with applicable IFRS. Then, on initial classification as held for sale, non current assets and disposal
groups are recognised at the lower of carrying amount and fair value less costs to sell.
Impairment losses on initial classification as held for sale are included in profit or loss, even when there is a revaluation. The same
applies to gains and losses on subsequent re-measurement.
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale
transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or
disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected
to qualify for recognition as a completed sale within one year from the date of classification.
2 Revenue
An analysis of the group*s revenue is as follows:
2007 2006
£ £
Continuing Operations :
Provision of services 118,836 149,118
Sales of goods 235,072 17,167
353,908 166,285
39,000 -
Other operating income
40,850 84,844
Investment income
433,758 251,129
Discontinued Operations
Sales 1,349,432 3,397,626
1,783,190 3,648,755
3 Business and Geographical Segments
The primary format used for segmental reporting by the Group is geographical.
Segment results, assets and liabilities include items directly attributable to a segment as well as other shared items allocated on a
reasonable basis.
Unallocated expenses comprise cash, borrowings, tax assets and liabilities and retirement benefit obligation. Inter-group trading is
determined on an arms length basis.
Geographic segments
The group comprises the following geographic segments:
· Europe, Middle East, Africa and India (EMEAI)
· Asia Pacific (APAC)
· The Americas (USA)
The group was also previously involved in the Electronic System Level Design (ESL) market. That operation was discontinued with effect from
4 January 2008 (see note 3). Revenues and costs directly attributable to that business and not ongoing are disclosed within Discontinued
operations. Costs incurred within that business but not directly attributable or ongoing are not.
Segment information about these geographic areas is presented below.
2007 EMEAI APAC USA Discontinued operations Consolidated
2007 2007 2007 2007 2007
£ £ £ £ £
Revenue from external 9,895 45,190 298,823 1,349,432 1,703,340
customers
Segment result (162,444) 35,791 (127,618) (1,713,248) (1,967,519)
Unallocated corporate expenses (1,910,224)
Operating loss (3,877,743)
Net finance costs (5,631)
Loss before tax (3,883,374)
Tax 153,606
Net loss for the year (3,729,768)
Other information EMEAI APAC USA Discontinued Consolidated
2007 2007 2007 operations 2007
£ £ £ 2007 £
£
Capital additions 3,194 - 7,037 2,123 12,354
Depreciation 15,551 6,837 1,794 46,477 70,659
Balance sheet
Assets
Segment assets 507,573 62,863 67,851 141,614 779,901
Liabilities
Segment liabilities (638,782) (157,838) (101,662) (124,490) (1,022,772)
2006 EMEAI APAC USA Discontinued operations Consolidated
2006 2006 2006 2006 2006
£ £ £ £ £
Revenue from external 83,035 - 83,250 3,397,626 3,563,911
customers
Segment result (124,644) - (227,580) (2,349,010) (2,701,234)
Unallocated corporate expenses (1,529,812)
Operating loss (4,231,046)
Net finance costs (33,780)
Loss before tax (4,264,826)
Tax 230,110
Net loss for the year (4,034,716)
Other information EMEAI APAC USA Discontinued Consolidated
2006 2006 2006 operations 2006
£ £ £ 2006 £
£
Capital additions 31,889 - 2,202 52,622 86,713
Depreciation and amortisation 18,698 - 717 68,537 87,952
Balance sheet
Assets
Segment assets 892,103 165,951 232,259 315,259 1,605,572
Liabilities
Segment liabilities (1,242,073) (25,308) (138,484) (234,123) (1,639,988)
Business segments
The group has two principal business segments based on services provided through its subsidiary selling offices and through a
distributor network.
The following table provides an analysis of the Group's sales by business segment:
Sales revenue by business segment
2007 2006
£ £
Accelerated computing 353,908 166,285
Embedded systems 1,349,432 3,397,626
Consolidated 1,703,340 3,563,911
Revenue from the group's discontinued operations was derived in totality from the Embedded Systems market.
4 Loss per share
From continuing and discontinued operations
The calculation of the basic and diluted loss per share is based on the following data:
Losses
2007 2006
£ £
Loss for the purposes of basic and diluted loss 3,729,766 4,034,716
per share
Number Number
Number of shares
Weighted average number of ordinary shares for the 71,846,612 51,546,679
purposes of basic losses per share
Effect of dilutive potential ordinary shares:
Share options and warrants 5,628,571 3,650,264
Weighted average number of ordinary shares for the 77,475,183 55,196,943
purposes of diluted losses per share
From continuing operations
2007 2006
£ £
Net loss attributable to equity holders of the (3,729,768) (4,034,716)
parent
Adjustments to exclude loss for the period from 1,647,873 2,240,011
discontinued operations
Losses from continuing operations for the (2,081,895) (1,794,705)
purpose of basic and diluted earnings per share
excluding discontinued operations
The denominators used are the same as those detailed above for both basic and diluted earnings per share from continuing and discontinued
operations.
From discontinued operations
2007 2006
pence pence
Basic and diluted (2.3p) (4.3p)
5 Non-current asset held for sale
On 18 December 2007, the group announced the proposed sale of its ESL business to Catalytic Inc for an aggregate consideration of
US$3 million (comprising of US$ 2.7
million paid at completion, with US$ 0.3 million held in escrow until the end of the warranty period in respect of non-IP claims,
being 12 months after completion, subject to any
subsisting warranty claims by Catalytic Inc at that time).
These operations classified as a disposal group held for sale and are therefore presented separately in the balance sheet.
The disposal was completed on 4 January 2008, on which date control of the Electronic System Level Design business passed to the
acquirer. This disposal was effected in
order to generate cash flow for the expansion of the group*s other businesses.
The operations are included in the ESL segment in the segmental analysis in note 2. The proceeds of disposal exceeded the book value
of the related net assets and
accordingly no impairment losses have been recognised on the classification of these operations as held for sale.
The results of the discontinued operations, which have been included in the consolidated income statement, were as follows:
2007 6
£ £
Revenue 1,349,432 3,397,625
Expenses (3,065,171) (5,765,389)
Operating Loss (1,713,248) (2,349,010)
Net Finance Costs (2,491) (18,754)
Loss before tax (1,715,739) (2,367,764)
Attributable tax income 67,866 127,753
Net loss attributable to discontinued operations (1,647,873) (2,240,011)
During the year, the ESL business used £1.4million (2006: £2.3million) of the group's net operating cash flows, received £1,325
(2006: £49,318) in respect of investing activities and paid £nil (2006: nil) in respect of financing activities.
The major classes of assets and liabilities comprising the operations classified as held for sale are as follows:
31 December 2007
£
Property, plant and equipment 58,618
Inventories 32,067
Trade and other receivables 50,929
Total assets classified as held for sale 141,614
Total liabilities associated with assets classified as (124,490)
held for sale
Net assets of disposal group 17,124
6 Reconciliation of movement in capital and reserves
Share
Total
Share capital premium Translation reserve Share Option reserve Merger reserve Retained losses
£
£ £ £ £ £
£
At 1 January 12,885,130 1,349,339 - 241,084 23,729,845 (34,215,026)
3,990,372
2006
Total recognised income and - - - - - (4,034,716)
(4,034,716)
expense
Exchange differences - - (6,292) - - -
(6,292)
New shares issued 2,666 - - - - -
2,666
Share options expensed - - - 13,554 - -
13,554
At 31 December 2006 12,887,796 1,349,339 (6,292) 254,638 23,729,845 (38,249,742)
(34,416)
Total recognised income and - - - - - (3,729,768)
(3,729,768)
expense
Exchange differences - - (2,412)
(2,412)
New shares issued 327,563 3,150,971 - - - -
3,478,534
Share options expensed - - - 45,191 - -
45,191
At 31 December 2007 13,215,359 4,500,310 (41,979,510)
(242,871)
299,829 23,729,845
(8,704)
The Merger Reserve was created on the acquisition of Celoxica Limited by Celoxica Holdings plc in 2001, representing the balance on the
share premium account of Celoxica Limited at that time.
7 Events after the balance sheet date
The Group completed the sale of its ESL business on 4 January 2008 to Agility Design Solutions, Inc (previously Catalytic Inc) for US
$3m. All assets and liabilities disclosed as
held for resale within these statements have been sold as part of the sale. Full details of the sale can be found in note 3.
The Group also completed a Subscription round on 23 May 2008. The round was at 1p per share and raised a total of £2,000,000 before
expenses.
Shareholders' Meeting
The following resolutions were passed at an Extraordinary General Meeting of Shareholders on 23 May 2008 :
Resolution 1 to grant the Directors authority for the purposes of section 80
of the Act to allot relevant securities up to an aggregate
nominal value equal to £2,500,000 (250,000,000 Ordinary
Shares). This authority covers the issue of the Subscription
Shares and the granting of options up to a maximum of 12.5 per
cent. of the Enlarged Ordinary Share Capital (assuming
subscription in full of the subscription shares) when
aggregated with the existing options granted to date by the
Company. The authority sought by Resolution 1 will last for a
period of 15 months from the date of the passing of the
Resolution or, if earlier, the date of the 2008 Annual General
Meeting; and
Resolution 2 to grant the Directors authority to disapply the statutory
pre-emption rights contained in section 89 of the Act limited
to (i) an aggregate nominal amount of £2,000,000 (200,000,000
Ordinary Shares) in connection with the Share Subscription,
(ii) the issue of shares in respect of a rights issue, (iii) in
connection with the grant of options in the Company and (iv)
any other issue of equity securities for cash for up to 10 per
cent. of the Enlarged Ordinary Share Capital assuming full
subscription of the Subscription Shares. The authorities sought
by Resolution 2 will last for 15 months from the date of the
passing of the Resolution or, if earlier, until the Annual
General Meeting in 2008.
8 Financial Information
The financial information set out in the preliminary statement does not comprise the Group*s statutory accounts within the
meaning of section 240 of the Companies Act 1985.
The preliminary statement is prepared on the basis of the accounting policies as stated in the financial statements for the year
ended 31 December 2007.
The financial information has been extracted from the Group's statutory accounts for the year ended 31 December 2007 upon which the
auditors, Grant Thornton UK LLP, gave
an unqualified opinion. The Group*s statutory accounts will be delivered to the Registrar of Companies for England and Wales in due
course and will also be sent to
shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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