TIDMLVRT
RNS Number : 3197T
Levrett PLC
29 March 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES
OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF
AMERICA OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT.
For Immediate Release 29 March 2016
Levrett Plc
("Levrett" or "the Company")
Interim Results
for the period ended 31 December 2015
Levrett, a Company formed to acquire a target company with
realisable or developed commercial technologies in the
pharmaceutical and biotechnology sector, announces its interim
results for the period ended 31 December 2015.
Enquiries:
Levrett Plc
Pascal Hughes, CEO +44 (0) 20 7183 4342
EGR Broking Limited
Leo Godsall / Jonathan
Hall +44 (0)203 697 9496
Whitman Howard Limited
Niall Baird / Nick Lovering +44 (0) 20 7659 1234
Gable Communications Limited +44 (0) 20 7193 7463
John Bick +44 (0) 7872 061007
e: levrett@gablecommunications.com
LEVRETT PLC
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2015
Introduction
These are the results for Levrett Plc for the interim period
ended 31 December 2015.
The company was incorporated on 10 June 2015 and was admitted to
the Official List of the UK Listing Authority on 17 December
2015.
Financial review
In the period to 31 December 2015, the Company recorded a loss
of GBP197,929 (a loss per share of 0.37 pence). This includes
certain non-recurring fees from the admission of shares to trading
on the Standard List of the Main Market of the London Stock
Exchange. The Company continues to be run with a measured and
strategic approach to focus expenditure on identifying acquisition
targets and performing necessary due diligence. The board does not
recommend the payment of a dividend at this time.
Outlook
The recent announcements with regards to Immuno-Oncology
advances highlights one example of how the Biotechnology sector in
the UK continues to evolve and develop. There are a number of
significant opportunities that would make suitable investment
targets for Levrett, which was formed to acquire a target company
with realisable or developed commercial technologies in the
pharmaceutical and biotechnology sector.
The Company has made considerable progress towards identifying
such targets focussed on four specific strategic sectors, being;
Oncology, Diabetes, Obesity and Mental Health. The Board has
reviewed a number of specific targets to date, within the UK,
Europe and the United States. Whilst some of these have not met the
investment criteria for the Company, the Board continues to review
the other opportunities with a view to completing a suitable
acquisition.
F J Lidgey
Chairman
29 March 2016
LEVRETT PLC
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2015
Unaudited
period ended
31 December
2015
GBP
Revenue -
Administrative expenses (197,929)
LOSS BEFORE TAX (197,929)
Tax -
LOSS FOR THE PERIOD (197,929)
-------------
Other comprehensive -
income/(expense)
TOTAL COMPREHENSIVE
EXPENSE
FOR THE PERIOD (197,929)
=============
Loss before tax and total comprehensive expense for the period
are all attributable to the equity shareholders of the company.
Loss per share
Basic and diluted (0.37)p
========
LEVRETT PLC
INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 31 DECEMBER 2015
Unaudited
31 December
2015
Notes GBP
ASSETS
Current assets
Trade and other receivables 39,691
Cash and cash equivalents 684,901
------------
724,592
TOTAL ASSETS 724,592
============
EQUITY AND LIABILITIES
Equity
Share capital 3 95,750
Share premium account 757,010
Retained earnings (197,929)
Total equity attributable
to equity holders of the
parent 654,831
------------
Current liabilities
Trade and other payables 69,761
TOTAL LIABILITIES 69,761
------------
TOTAL EQUITY AND LIABILITIES 724,592
============
LEVRETT PLC
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2015
Share
Share Premium Retained
capital account earnings Total
GBP GBP GBP GBP
On Incorporation - - - -
Total comprehensive
expense for the
period - - (197,929) (197,929)
Shares issued
in the period 95,750 757,010 - 852,760
Unaudited at 31
December 2015 95,750 757,010 (197,929) 654,831
======== ======== ============ ============
All equity is attributable to equity shareholders of the
company.
Share premium
Represents amounts subscribed for share capital in excess of its
nominal value, net of directly attributable issue costs.
LEVRETT PLC
INTERIM STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2015
Unaudited
period ended
31 December
2015
GBP
Operating activities
Loss before tax (197,929)
Changes in working capital:
Increase in trade and
other receivables (39,691)
Increase in trade and
other payables 69,761
Net cash used in operating
activities (167,859)
Financing activities
Share issue (net of costs) 852,760
Net cash generated from
financing activities 852,760
Taxation -
Net increase in cash
and cash equivalents 684,901
Cash and cash equivalents -
at the start of the period
-------------
Cash and cash equivalents
at the end of the period 684,901
=============
LEVRETT PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE PERIOD ENDED 31 DECEMBER 2015
1 General information
Levrett Plc is a publicly listed company incorporated and
domiciled in England. The address of its registered office is Suite
31. 2(nd) Floor, 107 Cheapside, London. EC2V 6DN.
The Company is listed on the Official List.
This interim financial information was approved for issue on 29
March 2016.
2 Accounting policies
2.1 Basis of preparation
The interim financial information comprises the Statements of
Financial Position at 31 December 2015, the Statements of
Comprehensive Income, Changes in Equity and Cash Flows for the
period ended 31 December 2015 and the related notes of Levrett Plc,
(hereinafter referred to as 'the interim financial
information).
The interim financial information has been prepared in
accordance with IAS 34, 'Interim Financial Reporting' as adopted by
the European Union. In preparing this information, management have
used the accounting policies set by the Company.
This interim financial information does not constitute a set of
statutory accounts under the requirements of the Companies Act 2006
and is neither audited nor reviewed.
This document (the Interim Statement 2015) will be published on
the company's website and will be publicly available from the
London Stock Exchange regulatory publications. The maintenance and
integrity of the Levrett Plc website is the responsibility of the
directors. Legislation in the UK governing the preparation and
dissemination of accounts may differ from legislation in other
jurisdictions.
2.2 Going concern
These financial statements have been prepared on the going
concern basis based on the current cash flow projections for the
following twelve months.
LEVRETT PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE PERIOD ENDED 31 DECEMBER 2015
3 Share capital Unaudited
period ended
31 December
2015
GBP
Issued and
fully paid
95,750,000 Ordinary shares
issued of GBP0.001 each 95,750
-------------
95,750
=============
(MORE TO FOLLOW) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
On Admission to the Official List, 45,750,000 of the above
issued share capital was placed at a price of GBP0.02 per share
with the premium (net of the issue costs) being shown in the share
premium account.
On 7 December 2015, the company issued 50,000,000 founder
warrants to the founder shareholders which entitles each warrant
holder to subscribe for one ordinary share at 4 pence per share,
exercisable any time.
On the same date, the company issued 957,500 warrants to EGR
Broking Limited which entitles each warrant holder to subscribe for
one ordinary share at 2 pence per share, exercisable any time.
Dividends paid
4 and proposed
Equity dividends
on ordinary shares:
No interim dividend was paid or is proposed
for the period ended 31 December 2015.
Loss per
5 share
The calculations of loss per share are based on the following
results and number of shares:
Unaudited
period
ended
31 December
2015
GBP
Loss for the financial
period (197,929)
============
Weighted average
number of shares
for diluted loss
per share 53,124,390
============
At 31 December 2015, the number of ordinary shares
in issue was 95,750,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAFDPAEDKEFF
(END) Dow Jones Newswires
March 29, 2016 02:01 ET (06:01 GMT)
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