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RNS Number : 6093A
3Legs Resources plc
30 September 2015
 



3Legs Resources plc

 

Interim Results

for the six months ended 30 June 2015

 

 

3Legs Resources plc (the "Company" and, together with its subsidiary, the "Group"), an investing company under Rule 15 of the AIM Rules, is pleased to announce its Interim Results for the six months ended 30 June 2015. 

 

Highlights

·     Strategy refocused to become life sciences related investing company

 

·     Equity funding of £1.3m secured during the period

 

·     Jim Mellon and Dr Greg Bailey contribute £500,000 to this refinancing and join Board

 

·     Investment in SalvaRx which owns 60.5% of iOx, a cancer immunotherapy developer

 

Chairman's Statement

 

The major developments in the first six months of the current financial year were highlighted in my Chairman's statement in the 2014 annual report and accounts.  As many shareholders will be aware, in the latter part of 2014 the then Board of the Company concluded that it could not justify further investment in its oil and gas exploration business in view of disappointing results and, accordingly, it decided to dispose of the Company's assets and return its significant cash balances to shareholders, net of wind up costs.  It was the intention that this would be followed by an orderly liquidation of the Company.

 

Subsequently, shareholders approved revised proposals which incorporated the return of the Company's cash to them and also approved a placing of £0.8 million from a group of new investors as an alternative to liquidation.  As part of these arrangements Colin Weinberg and I joined the Board.  Shareholders also voted to adopt a new Investing Policy, namely to invest in and/or acquire companies within the technology sector or within the resources sector.  This enabled existing shareholders to have a continuing interest in an AIM investing company.

 

In early June, Jim Mellon and Dr Greg Bailey together subscribed £500,000 for shares in the Company, representing 29.9% of the enlarged share capital, and joined the Board. Jim and Greg have a successful track record in identifying investments in life sciences and related sectors, and at the Annual General Meeting in July, shareholders approved a further change in the Company's Investing Policy to focus on investments in these areas in order to enable the Company to take advantage of their expertise and contacts.

 

The final payment to shareholders as part of the restructuring of the Company was approved at an Extraordinary General Meeting held on 13 February 2015, and two-thirds of the loss of £248,000 reported for the period under review relates to the costs of winding up the former business, and were covered by the cash resources held by the Company before the balance was returned to shareholders.  The current Board is mindful of the need to control costs and shareholders should note that over £29,000 of the loss of £82,000 reported for the continuing business is due to the accounting treatment with regard to share options and does not reflect any diminution of the Company's cash.

 

Under the AIM Rules, as an investing company, the Company has until 3 November 2015 to implement its investing policy or complete a reverse takeover, failing which its shares will be suspended from trading on AIM.

 

The Company has today announced that it has invested the sum of £215,000 to acquire 11.1% of SalvaRx Limited, a company owned by Jim Mellon and Dr Greg Bailey, which owns 60.5% of iOx Therapeutics Limited ("iOx"), a new company which is developing a series of compounds for cancer immunology.  iOx's technology is based on a discovery by Professor Vincenzo Cerundolo MD, PhD, the Director of the Human Immunology Unit at the Weatherall Institute of Molecular Medicine at Oxford University and supported by the Ludwig Institute for Cancer Research.  Its compounds stimulate invariant natural killer T cells, and preclinical testing in several cancer models suggest the compounds can inhibit the growth of tumours.  SalvaRx has a strong management team with considerable experience in the field of cancer immunology and its strategy is to identify, develop and finance novel therapeutics that stimulate the immune system to fight cancer.

 

The Board believes that this investment represents an exciting development and is a first step in implementing the Company's new investing policy.  The Company hopes to take further steps with regard to the implementation of this policy in the near future.

 

Enquiries

3Legs Resources plc



Richard Armstrong

Tel:

07787 500221

Colin Weinberg

Tel:

07836 588504




Northland Capital Partners Limited

Tel:

0207 382 1100

(Nominated Adviser and Broker)



Matthew Johnson / Edward Hutton (Corporate Finance)



John Howes / Abigail Wayne (Corporate Broking)






Peterhouse Corporate Finance Limited

Tel:

0207 469 0934

(Joint Broker)



Lucy Williams / Duncan Vasey




Consolidated Income Statement

For the six months ended 30 June 2015

 

 


Unaudited

six months ended

30 June

 2015

  Unaudited

six months ended

30 June

 2014 

Audited

year ended

31 December 2014

Note

£'000

£'000

£'000

Continuing operations






(83)

-

-


                    

                    

                    

Operating loss


(83)

-

-







1

-

-


                    

                    

                    

Loss before tax from continuing operations


(82)

-

-


-

-

-


                    

                    

                    

Loss for the period from continuing operations


(82)

-

-






Discontinued operations





4

(166)

(2,481)

(35,024)


                    

                    

                    

Loss for the period


(248)

(2,481)

(35,024)


                    

                    

                    






Loss per ordinary share





From continuing operations





5

(0.0002p)

-

-


                    

                    

                    

From discontinued operations





5

(0.0005p)

(0.03p)

                    (0.41p)


                    

                    

                    

From continuing and discontinued operations





5

(0.0007p)

(0.03p)

 (0.41p)


                    

                    

                    






Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2015






Unaudited

six months ended

 30 June

2015

Unaudited

six months ended

30 June

2014

 

Audited

year ended

31 December

2014



£'000

£'000

£'000






Loss for the period


(248)

(2,481)

(35,024)





Other comprehensive income






 

-

 

(158)

 

329


                    

                    

                    

Total comprehensive income for the period attributable to equity owners of the parent


 

(248)

 

(2,639)

 

(34,695)



                    

                    

                    

 

 


Consolidated Balance Sheet

As at 30 June 2015






Unaudited

30 June

2015

   Unaudited

 30 June

2014

Audited

31 December

2014

Note

£'000

£'000

£'000

Assets





Non-current assets






-

2,351

-

 

 

 

-

 

29,826

 

-


                    

                    

                    


-

32,177

-


                    

                    

                    

Current assets






29

271

95


1,183

17,867

1,341


                    

                    

                    



1,212

18,138

1,436


                    

                    

                    

Total assets


1,212

50,315

1,436


                    

                    

                    

Liabilities





Current liabilities






(67)

(274)

(144)


-

(25)

-


                    

                    

                    



(67)

(299)

(144)


                    

                    

                    

Total liabilities


(67)

(299)

(144)


                    

                    

                    





Net assets


1,145

50,016

1,292


                    

                    

                    






Equity





6

155

21

22


52,533

68,368

52,594


29

959

-


(51,572)

(18,843)

(51,324)


-

(489)

-


                    

                    

                    

Total equity


1,145

50,016

1,292


                    

                    

                    


Consolidated Cash Flow Statement

For the six months ended 30 June 2015






Unaudited

six months ended

30 June

2015

   Unaudited

six months ended

 30 June

2014

 

Audited

year ended

31 December

2014

Note

£'000

£'000

£'000






Net cash outflow from operating activities

7

(231)

(851)

(1,486)


                    

                    

                    

Investing activities






1

42

58


-

(7,831)

(8,235)


                    

                    

                    

Net cash from/(used in) investing activities


1

(7,789)

(8,177)


                    

                    

                    

Financing activities






1,305

 21

180


(88)

-

-


(1,145)

-

(15,933)



                   

                    

                    

Net cash from/(used in) financing activities


72

21

(15,753)


                    

                    

                    

Net decrease in cash and cash equivalents


 

(158)

 

(8,619)

 

(25,416)






-

(306)

(35)





Cash and cash equivalents at beginning of period


 

1,341

 

26,792

 

26,792


                    

                    

                    

Cash and cash equivalents at end of period


1,183

17,867

1,341


                    

                    

                    






Consolidated Statement of Changes in Equity

As at 30 June 2015








 

Share

capital

£'000

Share

premium

account

£'000

Share-based payment reserves

£'000

 

 

Accumulated deficit

£'000

Cumulative

 translation

reserves

£'000

 

 

Total

£'000

As at 1 January 2014

21

68,347

889

(16,362)

(331)

52,564







-

21

-

-

-

21


                  

                  

                  

                  

                  

                  

Total transactions with owners in their capacity as owners

-

21

-

-

-

21


                  

                  

                  

                  

                  

                  

-

-

-

(2,481)

-

(2,481)

-

-

-

-

(158)

(158)


                  

                  

                  

                  

                  

                  

Total comprehensive income for the period

-

-

-

(2,481)

(158)

(2,639)


                  

                  

                  

                  

                  

                  

-

-

70

-

-

70

                  

                  

                  

                  

                  

                  

As at 30 June 2014

21

68,368

959

(18,843)

(489)

50,016

                  

                  

                  

                  

                  

                  

As at 1 January 2014

21

68,347

889

(16,362)

(331)

52,564







1

180

-

-

-

181

-

(15,933)

-

-

-

(15,933)


                  

                  

                  

                  

                  

                  

Total transactions with owners in their capacity as owners

1

(15,753)

-

-

-

(15,752)


                  

                  

                  

                  

                  

                  

-

-

-

(35,024)

-

(35,024)







-

-

-

(2)

331

329


                  

                  

                  

                  

                  

                  

Total comprehensive income for the year

-

-

-

(35,026)

331

(34,695)


                  

                  

                  

                  

                  

                  

-

-

(825)

-

-

(825)

-

-

(64)

64

-

-

                  

                  

                  

                  

                  

                  

As at 31 December 2014

22

52,594

-

(51,324)

-

1,292

                  

                  

                  

                  

                  

                  

As at 1 January 2015

22

52,594

-

(51,324)

-

1,292







133

1,084

-

-

-

1,217

-

(1,145)

-

-

-

(1,145)


                  

                  

                  

                  

                  

                  

Total transactions with owners in their capacity as owners

133

(61)

-

-

-

72


                  

                  

                  

                  

                  

                  

-

-

-

(248)

-

(248)


                  

                  

                  

                  

                  

                  

Total comprehensive income for the period

-

-

-

(248)

-

(248)


                  

                  

                  

                  

                  

                  

-

-

29

-

-

29

                  

                  

                  

                  

                  

                  

As at 30 June 2015

155

52,533

29

(51,572)

-

1,145

                  

                  

                  

                  

                  

                  


Notes to the Interim Financial Statements For the six months ended 30 June 2015

 

1          General information

3Legs Resources plc (the 'Company') is incorporated in the Isle of Man, British Isles under the Isle of Man Companies Act 2006. The address of the registered office is Commerce House, 1 Bowring Road, Ramsey, Isle of Man, British Isles, IM8 2LQ.

3Legs Resources plc is an investing company under Rule 15 of the AIM Rules. The principal activity of the Group in during 2014 and prior was the exploration, evaluation and development of oil and gas targets.

2          Basis of preparation

The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board (the 'IASB') and as adopted by the European Union (the 'EU'). These policies and practices are consistent with those adopted in the Group's financial statements for the year ended 31 December 2014 and are also consistent with those which will be adopted in the Group's financial statements for the year ended 31 December 2015.

The consolidated interim financial information is unaudited and does not constitute statutory accounts as defined by section 434 of the Companies Act 2006, and should be read in conjunction with the Group's financial statements for the year ended 31 December 2014.  In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied.

The consolidated interim financial information incorporates unaudited comparative information for the period ended 30 June 2014, which has been represented in respect of the consolidated income statement to improve the clarity of information presented therein. Comparative figures for the financial year ended 2014 have been extracted from the financial statements for that period which carried an unqualified audit report.

The consolidated interim financial information has been prepared in accordance with IAS34 Interim Financial Reporting.

During the first six months of the current financial year there have been no related party transactions that materially affect the financial position or performance of the Group and there have been no changes in the related party transactions described in the last annual financial statements.

The principal risks and uncertainties of the Group have not changed since the last annual financial statements where a detailed explanation of such risks and uncertainties can be found.

3          Dividends

The Directors do not recommend the payment of a dividend for the period.

4          Discontinued operations

The Group announced in September 2014 that it was to cease all of its then operations. The prior activities of exploration and development of oil and gas targets and related costs have been classified as discontinued operations in accordance with IFRS 5.  At June 2014 the operations were not classified as held-for-sale or as a discontinued operation.  The comparative consolidated Income Statement been restated to show the discontinued operation separately.

The results of the discontinued operations up until the period end, which have been disclosed separately in the consolidated income statement are as follows:

Results of discontinued operations


Unaudited

six months ended

30 June

2015

   Unaudited

six months ended

 30 June

2014

Audited

year ended

31 December

2014


£'000

£'000

£'000






(143)

(663)

(1,854)


(26)

(1,214)

54


-

(165)

825


                    

                    

                    

Loss from discontinued operations


(169)

(2,042)

(975)






-

(481)

(481)


3

42

58




(33,626)


                    

                    

                    

Loss before tax from discontinued operations


(166)

(2,481)

(35,024)


                    

                    

                    


-

-

-


                    

                    

                    

Loss for the period from discontinued operations


 

(166)

(2,481)

(35,024)



                    

                    

                    

As all relating assets and liabilities and the final cash distribution were settled prior to 30 June 2015, the assets and liabilities of the prior operations are no longer included in the Balance Sheet.

5          Loss per Ordinary Share

Basic loss per Ordinary Share from continuing operations is calculated by dividing the net loss for the period attributable to Ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. The weighted average number of Ordinary Shares outstanding during the period and for the prior periods presented has been adjusted in accordance with IAS 33 Earnings per share.

The calculation of the basic and diluted loss per share is based on the following data:


Unaudited

 six months ended

30 June

 2015

£'000

Unaudited

 six months ended

30 June

2014

£'000

 

Audited

year ended

 31 December

2014

£'000

Loss

 

 

 

(82)

 

 

 

 

-

 

 

 

-

                    

                    

                    

Unaudited

 six months ended

30 June

 2015

£'000

Unaudited

 six months ended

30 June

2014

£'000

 

Audited

year ended

 31 December

2014

£'000

Loss

 

 

 

 

(248)

(2,481)

 

 

 

(35,024)

                    

                    

                    

Number of shares




 

363,784,049

 

 

84,912,707

 

85,156,833




-

-

-

                    

                    

                    

 

363,784,049

84,912,707

85,156,833

                    

                    

                    

Loss per Ordinary Share

 

£

 

£

 

£

From continuing operations




(0.0002p)

-

-

                    

                    

                    

From discontinued operations




(0.0005p)

(0.03p)

(0.41p)

                    

                    

                    

From continuing and discontinued operations




(0.0007p)

(0.03p)

(0.41p)

                    

                   

                    

The weighted average number of shares for the purpose of calculating the basic and diluted measures is the same.  This is because the outstanding share options would have the effect of reducing the loss per ordinary share and therefore would be anti-dilutive.

6          Share capital 

Authorised and issued equity share capital


Unaudited 30 June

 2015

Unaudited 30 June

2014

Audited 31 December

 2014


Number

'000

 

 

£'000

Number

'000

 

 

£'000

Number

'000

 

£'000

Authorised







Ordinary Shares of £0.00025 each

 

1,040,000

 

260

 

440,000

 

110

 

440,000

 

110


                   

                    

                    

                    

                    

                   

Issued and fully paid







Ordinary Shares of £0.00025 each

 

618,493

 

155

 

84,938

 

21

 

86,127

 

22


                    

                    

                    

                    

                    

                   

The Company has one class of Ordinary Shares which carry no right to fixed income.

7          Notes to the cash flow statement


       Unaudited                  six months ended

30 June

2015

Unaudited

six months ended

30 June

2014

 

Audited

year ended

 31 December

2014


£

£

£

Operating activities




Loss before tax from continuing operations

(82)

-

-

Loss before tax from discontinued operations

(166)

(2,481)

(35,024)


                    

                    

                    

Profit/(loss) before tax

(248)

(2,481)

(35,024)

Adjustments for:




Investment income

(1)

(42)

(58)

Share-based payments

29

70

(825)

Share of results of joint venture

-

481

481

Disposal of subsidiaries and joint venture

-

-

33,626

Effect of foreign exchange rate changes

-

1,193

366

Reversal of provision for decommissioning

-

-

(25)


                    

                    

                    

Operating cash flows before movements in working capital

(220)

(779)

(1,459)

Decrease in receivables

65

52

228

Decrease in payables

(76)

(124)

(255)


                    

                    

                    

Cash used in operations

(231)

(851)

(1,486)

Taxation paid

-

-

-


                    

                    

                    

Net cash outflow from operating activities

(231)

(851)

(1,486)


                    

                    

                    

 

8          Events after the balance sheet date

On 30 September the Company announced it had invested the sum of £215,000 to acquire 11.1% of SalvaRx Limited, which owns 60.5% of iOx Therapeutics Limited, a new company which is developing a series of compounds for cancer immunology.

 


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