TIDMFDBK
RNS Number : 7867E
Feedback PLC
06 November 2015
6 November 2015
Feedback plc
('Feedback' or "the Company')
Final results for the year ended 31 May 2015
Feedback plc is pleased to announce its final results for the
year ended 31 May 2015.
CHAIRMAN'S STATEMENT
We are pleased to present the results for the year ended 31 May
2015. These are the first full year results to include the trading
of the two medical imaging companies, Cambridge Computed Imaging
Limited ('CCI') and TexRAD Limited, ('TexRAD') both of which we
acquired in May 2014. Revenue for the year was GBP381,970 (2014:
GBP7,250) and the loss after tax was GBP1,111,433 following the
write down of intangible assets of GBP689,142 (2014: Loss
GBP470,654). The Directors have considered it prudent to write down
the carrying value of the intangible assets in the balance sheet in
order to meet the requirements of IFRS. However, the Directors
still believe the Company's technology has great potential which
will generate ongoing revenue and attract new collaboration
partners. Cash as at 31 May 2015 was GBP63,261 (31 May 2014:
GBP874,432) ahead of the placing announced on 3 June 2015 which
raised GBP200,000. Cash balances at 31 October 2015 stood at
GBP210,076.
The early part of the period saw the bedding in of the
acquisitions with a focus on establishing the quality process and
serving the existing customer base. CCI's business was a steady
performer attaining ISO 13485, the international standard relating
to quality management systems for organisations involved in the
manufacture of medical devices as well as adding further resource
to the regulatory team. CCI provides all the regulatory, technical
and development support to TexRAD while maintaining its principal
business of supporting Papworth Hospital, Cambridgeshire with its
PACS (Picture Archiving and Communication System). TexRAD, our
texture analysis software product for analysing images from CT
scans, was granted a European patent thus extending its portfolio
of protected intellectual property.
There has been a focus on developing strategic collaborations
for TexRAD while continuing the sales of research versions to
world-leading research institutions. During the year, TexRAD has
been purchased by institutions including ELK in Berlin, Velindre
Cancer Centre in Cardiff, University of Tokyo Department of
Radiology at the Institute of Medical Science in Japan, CHU de
Reims in France and Seoul National University Bundang Hospital in
South Korea, among others. The company was also delighted to
announce on 9 September 2015 that TexRAD had completed its first
sale to China with an installation at Peking University Medical
College Hospital, Beijing. We have also worked closely with leading
research groups with a view to commercialising TexRAD for specific
applications. Since the year end and following the highly
encouraging early results from a retrospective study into TexRAD's
potential use in the treatment of urolithiasis (formation of kidney
stones), the Company formed a joint venture company, Stone Checker
Software Ltd ('Stone Checker'). Stone Checker will use our
intellectual property in conjunction with other biomarkers to
develop an integrated product to assist clinicians to determine
which stones are most likely to respond to shock wave lithotripsy.
We have, in the new financial year, formed another joint venture
company, Prostate Checker Ltd to target a more effective method of
diagnosing and assessing treatment options for prostate cancer.
Our collaborations with leading medical institutions are
progressing well. Professor Ken Miles at the Diagnostic Radiology
department at the Princess Alexandra Hospital in Brisbane,
Australia has been doing valuable work in examining TexRAD's
potential for inclusion in radiology workflow, particularly in
assisting treatment decisions and improving patient management in
lung cancer. Professor Choi at the University of Texas MD Anderson
Cancer Center in Houston, Texas, USA will be assessing TexRAD's
effectiveness for patients with kidney and adrenal cancers. Dr.
Andrew Smith's work on metastatic kidney cell cancer at the
University of Mississippi Medical Center in Jackson, Mississippi,
USA using TexRAD has been presented at the annual meeting of the
Society of Computed Body Tomography and Magnetic Resonance in
Toronto, Canada. McGill University Hospital in Montreal, Quebec,
Canada will be focussing on breast cancer and appraising TexRAD's
use as a supplementary tool in digital mammography to achieve
better patient management.
We continue to work with Imaging Endpoints II, LLC to serve the
clinical trials market in the United States. We have recently
delivered the latest version of our TexRAD clinical trials software
with extra features and we are now working towards achieving 21 CFR
Part 11 compliance. The last year has seen strong competition in
the clinical trials market to win the available business from
pharmaceutical companies. Nevertheless TexRAD is expected to be
used in a study of colorectal cancer patients (stage IIIc) being
treated with Bayer's drug Regorafenib after adjuvant FOLFOX. Having
re-evaluated the Company's previous strategy for seeking FDA
approval for TexRAD, the board now recognise that there are
significant commercial opportunities available to Feedback if
TexRAD were to be used in conjunction with other biomarkers to
create integrated products for specific clinical applications.
These products could then be marketed much more effectively to
clinicians compared with a general software application. We may
also prioritise CE marking in order to accelerate development of
commercial products for the European markets. As a consequence of
this new focus, FDA approval for TexRAD is no longer regarded as
one of the Company's principal corporate objectives.
The Company today announces a reorganisation of the board of
directors with immediate effect. Simon Barrell steps down from the
Board to devote more time to his other business commitments. Tom
Charlton becomes non-executive chairman and we welcome two of the
senior management team, Dr Balaji Ganeshan and Mike Hayball to the
plc board. In addition we are delighted to announce the appointment
of Dr Alex Menys as a non-executive director. Dr Menys is a
researcher at University College London and chief executive of
Motilent Ltd, a developer of advanced medical imaging software
aimed at maximising the effectiveness of radiology in the
evaluation of gastrointestinal function.
We are very encouraged by the continued interest shown in TexRAD
and the number of research papers being published which highlight
its numerous potential applications. In order to generate optimum
value for shareholders we shall be looking to support our
collaboration partners and invest further in our newly-formed joint
venture companies. The year ahead will also see the Company selling
fewer research versions of TexRAD as we focus on setting up more
joint venture companies and collaborations targeting specific
applications for TexRAD's clinical use to provide the foundation
for TexRAD's future commercial success.
Tom Charlton
Chairman
5 November 2015
For further information contact:
Feedback plc Tel: 01954
718072
Tom Charlton/ Trevor Brown
Sanlam Securities UK (Nominated Tel: 020 7628
Adviser and Joint Broker) 2200
Simon Clements / James Thomas
Peterhouse Corporate Finance Tel: 020 7469
Ltd (Joint Broker) 0936
Lucy Williams / Duncan Vasey
Notes to editors:
TexRAD (is a novel sophisticated imaging risk stratification
research tool that analyses the textures in existing radiological
scans. This research software application analyses textures,
detecting and measuring tumour heterogeneity (complexity) from
these images, revealing more information from medical images than
it is currently possible to see with the naked eye. Research to
date has shown that TexRAD could potentially assist the clinician
(as an 'Imaging Biomarker') in confident decision-making: assessing
the prognosis, disease severity (e.g. risk of metastases) and
response evaluation of patients with cancer. Currently TexRAD
research has shown great potential in many different oncological
sites, including, colorectal, breast, lung, prostate, oesophageal,
head & neck, lymphoma, liver and renal cancers and could
potentially be employed as a heterogeneity assessing tool in the
era of 'Precision and Personalized Medicine'. TexRAD is
manufactured under licence by the ISO 13485 certified company
Cambridge Computed Imaging Ltd, a subsidiary of Feedback plc. More
information is available on www.fbk.com and www.texrad.com.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY
2015
Note 2015 2014
GBP GBP
REVENUE 381,970 7,250
Cost of sales (1,434) -
-------------- ------------
GROSS PROFIT 380,536 7,250
Other operating
expenses (888,600) (313,904)
Costs associated
with the acquisition
of subsidiaries - (164,000)
Impairment of intangible
assets 7 (689,142) -
-------------- ------------
Total operating
expenses (1,577,742) (477,904)
-------------- ------------
OPERATING LOSS (1,197,206) (470,654)
Net finance income 908 -
-------------- ------------
Loss on ordinary
activities before
taxation (1,196,298) (470,654)
Tax credit 84,865 -
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2015 02:00 ET (07:00 GMT)
-------------- ------------
LOSS ON ORDINARY
ACTIVITIES AFTER
TAX (1,111,433) (470,654)
-------------- ------------
Loss for the year
attributable to
the equity Shareholders
of the Company (1,111,433) (470,654)
Other comprehensive
income/(expense)
Translation differences
on overseas operations 108 (3,104)
-------------- ------------
Total comprehensive
expense for the
year (1,111,325) (473,758)
============== ============
LOSS PER SHARE (pence)
Basic and diluted 4 (0.58) (0.35)
============== ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
31 MAY 2015
GROUP Share Share Capital Retained Translation Convertible Total
Capital Premium Reserve Earnings Reserve Debt
Option
Reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 June 2013 327,367 851,334 299,900 (509,413) (207,000) - 762,188
New shares issued 149,500 598,000 - - - - 747,500
Costs associated
with the raising
of funds - (40,000) - - - - (40,000)
Share option
and warrant
costs - - - 13,728 - - 13,728
Convertible
debt raised
in the year - - - - - 189,000 189,000
Total comprehensive
expense for
the year - - - (470,654) (3,104) - (473,758)
--------- ----------- --------- -------------- ------------ ------------ --------------
At 31 May 2014 476,867 1,409,334 299,900 (966,339) (210,104) 189,000 1,198,658
--------- ----------- --------- -------------- ------------ ------------ --------------
Share option
and warrant
costs - - - 1,289 - - 1,289
Total comprehensive
expense for
the year - - - (1,111,433) 108 - (1,111,325)
--------- ----------- --------- -------------- ------------ ------------ --------------
At 31 May 2015 476,867 1,409,334 299,900 (2,076,483) (209,996) 189,000 88,622
========= =========== ========= ============== ============ ============ ==============
CONSOLIDATED BALANCE SHEET AT 31 MAY 2015
2015 2014
Notes GBP GBP
ASSETS
Non-current assets
Property, plant and
equipment 6 6,915 1,444
Intangible assets 7 139,558 848,000
------------ ----------
146,473 849,444
Current assets
Trade receivables 110,870 87,610
Other receivables 8 101,259 120,879
Cash and cash equivalents 63,261 874,432
------------ ----------
275,390 1,082,921
Total assets 421,863 1,932,365
============ ==========
EQUITY
Capital and reserves
attributable to the
Company's equity
shareholders
Called up share capital 10 476,867 476,867
Share premium account 1,409,334 1,409,334
Capital reserve 299,900 299,900
Translation reserve (209,996) (210,104)
Retained earnings (2,076,483) (966,339)
------------ ----------
(100,378) 1,009,658
Convertible debt
option reserve 189,000 189,000
TOTAL EQUITY 88,622 1,198,658
LIABILITIES
Deferred tax liabilities 27,911 80,000
------------ ----------
27,911 80,000
Current liabilities
Trade payables 40,368 225,157
Other payables 9 264,962 428,550
305,330 653,707
------------ ----------
Total liabilities 333,241 733,707
------------ ----------
TOTAL EQUITY AND
LIABILITIES 421,863 1,932,365
============ ==========
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY
2015
2015 2014
GBP GBP
Cash flows from operating
activities
Loss before tax (1,196,298) (470,654)
------------ ----------
Adjustments for:
Share option costs 1,289 173
Cost of acquisition of
subsidiaries - 164,000
Net finance income (908) -
Depreciation and amortisation 184,170 -
Impairment of intangible 689,142 -
assets
Foreign exchange difference 108 3,104
(Increase)/decrease in (23,260) -
trade receivables
Decrease/(increase) in
other receivables 52,396 (79,725)
(Increase)/decrease in
trade payables (184,789) 56,436
(Decrease) in other payables (163,588) (155,039)
------------ ----------
554,560 (11,051)
------------ ----------
Net cash used in operating
activities (641,738) (481,705)
Cash flows from investing
activities
Purchase of tangible fixed
assets (9,329) -
Purchase of intangible (161,012) -
assets
Net finance income received 908 -
Proceeds from sale of
assets held for resale - 940,000
Cash received on purchase
of subsidiaries - 65,045
Cash paid on acquisition
of subsidiaries - (31,400)
Cash on acquisition of
subsidiaries including
costs - (164,000)
Net (used by)/cash generated
from investing activities (169,433) 809,645
Cash flows from financing
activities
Loan repayment - (245,000)
Equity based loan received - 189,000
Net proceeds of share
issue - 260,000
------------ ----------
Net cash generated from
financing activities - 204,000
------------ ----------
Net (decrease)/ increase
in cash and cash equivalents (811,171) 531,940
Cash and cash equivalents
at beginning of year 874,432 342,492
Cash and cash equivalents
at end of year 63,261 874,432
============ ==========
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
1. General information
On 19 May 2014 the Company acquired two subsidiaries in the
medical imaging sector, Cambridge Computed Imaging Limited and
TexRAD Limited.
The Company is a public limited company domiciled in the United
Kingdom and incorporated under registered number 00598696 in
England and Wales. The Company's registered office is Grange Park,
Broadway, Bourn, Cambridgeshire, CB23 2TA.
The Company is listed on AIM of the London Stock Exchange. These
Financial Statements were authorised for issue by the Board of
Directors on the 5 November 2015.
2. Adoption of new and revised International Financial Reporting Standards
No new International Financial Reporting Standards ("IFRS"),
amendments or interpretations became effective in 2015 which had a
material effect on this financial information.
At the date of approval of this financial information, the
following IFRS Standards and Interpretations, which have not been
applied in these Financial Statements, were in issue but not yet
effective. These new Standards, Amendments and Interpretations are
those in issue but not yet effective which are expected to apply to
the Group and are effective for accounting periods beginning on or
after the dates shown below:
IFRS Standards and Interpretations issued (and EU adopted) but
not yet effective:
IFRS 9 Financial Instruments (effective periods beginning 1
January 2018)
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2015 02:00 ET (07:00 GMT)
IFRS 15 Revenue from Contracts with Customers (effective periods
beginning 1 January 2018)
The Group has not early adopted these amended standards and
interpretations. The Directors do not anticipate that the adoption
of these standards and interpretations will have a material impact
on the reported results.
3. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
These financial statements have been prepared in accordance with
those IFRS standards and IFRIC interpretations issued and effective
or issued and early adopted as at the time of preparing these
statements. The policies set out below have been consistently
applied to all the years presented.
No separate income statement is presented for the parent Company
as provided by Section 408, Companies Act 2006.
(b) Basis of consolidation
The Group financial statements consolidate the financial
statements of Feedback plc and its subsidiaries (the "Group") for
the years ended 31 May 2014 and 2015 using the acquisition
method.
The financial statements of subsidiaries are prepared for the
same reporting year as the parent company, using consistent
accounting policies. All inter-company balances and transactions,
including unrealised profits arising from them, are eliminated.
Subsidiaries are fully consolidated from the date on which control
is transferred to the Group and cease to be consolidated from the
date on which control is transferred out of the Group.
(c) Going Concern
The Directors have produced forecasts which show that the Group
and Company have adequate cash resources for at least the next
twelve months from the date of this report and the Directors
believe the Group could obtain further equity finance from the
financial markets to support its re-evaluated corporate strategy,
if required. The Directors believe that the company is a going
concern and have therefore prepared the financial statements on a
going concern basis.
4. LOSS PER SHARE
. Basic earnings per share is calculated by reference to the
loss on ordinary activities after taxation of GBP1,111,433 (2014:
GBP470,654) and on the weighted average of 190,746,746 (2014:
132,912,773) shares in issue.
As at 31 As at
May 2015 31 May
2014
GBP'000 GBP'000
Net loss attributable
to ordinary equity
holders (1,111,433) (470,654)
============ ============
As at 31 As at
May 2015 31 May
2014
Weighted average
number of ordinary
shares for basic
earnings per share 190,746,746 132,912,773
Effect of dilution:
Share Options - -
Warrants - -
------------ ------------
Weighted average
number of ordinary
shares adjusted
for the effect
of dilution 190,746,746 132,912,773
============ ============
Loss per share
(pence)
Basic (0.58) (0.35)
Diluted (0.58) (0.35)
There is no dilutive effect of the share options and warrants as
the dilution would be negative.
5. INVESTMENTS
Total
GBP
COMPANY - Shares in Group
undertakings
Cost
At 1 June 2013 1,867,000
Additions 467,455
----------
At 31 May 2014 2,334,455
----------
As at 31 May 2015 2,334,455
==========
Provisions
At 1 June 2012 1,867,000
Provided in the year -
----------
At 31 May 2013 1,867,000
----------
Provided in the year -
At 31 May 2014 1,867,000
----------
Provided in the year 467,455
At 31 May 2015 2,334,455
==========
Net Book Value
At 31 May 2015 -
==========
At 31 May 2014 467,455
==========
At 31 May 2013 -
==========
All of the above investments
are unlisted.
Following the prudent write down of the intangible assets under
the requirements of IFRS in the subsidiaries, the subsidiaries'
financial statements show that they have net liabilities. The
directors have made full provision against the cost of investment
in the subsidiaries due to the net liabilities shown in the
subsidiary financial statements.
Particulars of principal subsidiary companies during the year,
all the shares of which being beneficially held by Feedback PLC,
were as follows:
Company Activity Country Proportion
of and incorporation of Shares
operation held
Feedback Non trading England 100%
Black Box Ordinary
Company Limited GBP1
Feedback Non trading (liquidated Germany 100%
Data GmbH October 2015) Specific
capital
Brickshield Non trading England 100%
Limited Ordinary
GBP1
Cambridge Medical Imaging England 100%
Computed A Ordinary
Imaging Limited GBP1
100%
B Ordinary
1p
TexRAD Limited Medical Imaging England 100%
Ordinary
1p
TexRAD Limited is owned 100% by virtue of
a direct holding by Feedback plc of 91% and
an indirect holding via Cambridge Computed
Imaging Limited of 9%.
Feedback Data GmbH is a subsidiary of Feedback
plc following the transfer of ownership from
Feedback Data plc on 31 May 2013. The company
was liquidated in October 2015.
All the subsidiary companies have been included
in these consolidated financial statements.
.
2014 Acquisitions
Acquisition of Cambridge Computed Imaging Limited and TexRAD
Limited in May 2014.
Cambridge TexRAD Total Fair Fair
Computed Limited value Value
Imaging adjustments of assets
Limited acquired
GBP GBP GBP GBP GBP
Intangible
assets 114,972 41,479 156,451 400,000 556,451
Tangible assets 1,444 - 1,444 - 1,444
---------- ---------- ---------- ------------- -----------
116,416 41,479 157,895 400,000 557,895
Current assets
Debtors 31,658 91,600 123,258 - 123,258
Cash 29,290 35,755 65,045 - 65,045
Deferred tax - - - (80,000) (80,000)
Net liabilities (260,559) (209,598) (470,157) - (470,157)
---------- ---------- ---------- ------------- -----------
(83,194) (40,764) (123,959) 320,000 196,041
---------- ---------- ---------- -------------
Cost of acquisition
Issue of shares 200,000 227,501 427,501 - 427,501
Cash consideration 13,200 13,200 26,400 - 26,400
Issue of warrants - 13,555 13,555 - 13,555
---------- ---------- ---------- ------------- -----------
213,200 254,256 467,456 467,456
---------- ---------- ---------- ------------- -----------
Goodwill arising on consolidation representing
intangible assets not qualifying for
separable recognition. 271,415
===========
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2015 02:00 ET (07:00 GMT)
The costs related to the acquisitions of GBP164,000 were
recognised as part of the administration costs, although shown
separately, in the statement of comprehensive income in the year to
31 May 2014. The subsidiaries contributed GBP7,000 of revenue to
the group and no profit or loss in the period since
acquisition.
In 2014, had the subsidiaries been part of the Group for the
full year from 1 June 2013, Group revenue would have been
GBP364,000 and Group loss would have been GBP471,000 for the year
ended 31 May 2014.
None of the goodwill arising on consolidation is tax
deductible.
6. PROPERTY, PLANT AND EQUIPMENT
Plant
and
Equipment Total
GROUP GBP GBP
Cost of valuation
At 31 May 2013 - -
Acquired with subsidiary
undertakings 1,444 1,444
---------- -------
At 31 May 2014 1,444 1,444
Additions 9,329 9,329
---------- -------
As 31 May 2015 10,773 10,773
========== =======
Depreciation
At 31 May 2013 - -
Charge for the year - -
---------- -------
At 31 May 2014 - -
Charge for the year 3,858 3,858
---------- -------
At 31 May 2015 3,858 3,858
Net Book Value
At 31 May 2015 6,195 6,195
========== =======
At 31 May 2014 1,444 1,444
========== =======
At 31 May 2013 - -
========== =======
7. INTANGIBLE ASSETS
Software Customer Patents Goodwill Total
relationships
GROUP GBP GBP GBP GBP GBP
Cost
At 31 May 2013 - - - - -
Additions 20,000 - - - 20,000
Acquired with
subsidiary 415,000 100,000 41,585 271,415 828,000
--------- --------------- -------- --------- ----------
At 31 May 2014 435,000 100,000 41,585 271,415 848,000
Additions 128,099 - 32,913 - 161,012
--------- --------------- -------- --------- ----------
At 31 May 2015 563,099 100,000 74,498 271,415 1,009,012
========= =============== ======== ========= ==========
Amortisation
At 31 May 2013 - - - - -
Charge for the - - - - -
year
At 31 May 2014 - - - - -
Charge for the
year 145,372 25,000 9,940 - 180,312
Impairment charge
in the year 417,727 - - 271,415 689,142
At 31 May 2015 563,099 25,000 9,940 271,415 869,454
========= =============== ======== ========= ==========
Net Book Value
At 31 May 2015 - 75,000 64,558 - 139,558
========= =============== ======== ========= ==========
At 31 May 2014 435,000 100,000 41,585 271,415 848,000
========= =============== ======== ========= ==========
At 31 May 2013 - - - - -
========= =============== ======== ========= ==========
In accordance with the accounting policies and IFRS the
Directors have assessed the carrying value of the intangible
assets. Following their assessment the Directors have taken the
prudent decision to write down the carrying value of some of the
intangible assets in the balance sheet in order to meet the
requirements of IFRS. However the Directors believe the Group's
technology has great potential and this write down does not reflect
their commercial assessment of the value of the company's
intellectual property. Future expenditure on software development
will be capitalised once the provisions of IAS 38 are met or
written off as incurred until the provisions are met. The customer
lists and patents are deemed to have ongoing value to the
group.
8. OTHER RECEIVABLES
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Amounts falling due
within one year
Amounts owing by subsidiary
undertakings - - 16,909 209,000
Other receivables 14,290 94,638 5,699 78,350
Corporation tax recoverable 32,775 - - -
Prepayments 54,194 26,241 30,385 16,555
-------- -------- ------- --------
101,259 120,879 52,993 303,905
======== ======== ======= ========
Amounts of GBP356,991 due from the subsidiaries to Feedback plc
have been provided for following the write down of the intangible
assets under the requirements of IAS 36 the Directors have made a
provision against the amounts due from the subsidiaries to reflect
the impairment in the Feedback plc balance sheet.
9. OTHER PAYABLES
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Amounts falling due
within one year
Other payables 9,396 195,743 16 6,003
Other taxes and social
security 33,047 12,711 16,418 5,029
Accruals 28,701 48,666 18,024 20,755
Deferred income 193,818 171,430 - -
-------- -------- ------- -------
264,962 428,550 34,458 31,787
======== ======== ======= =======
In 2014 comparatives included in other payables is an amount of
GBP189,000 due to T Charlton. Mr Charlton had a debt due by
Cambridge Computed Imaging Limited to Panvista Limited assigned to
him. For further detail see note 23.
10. SHARE CAPITAL AND RESERVES
2015 2014
GBP GBP
Authorised and issued
share capital
Ordinary shares of
0.25 pence each 476,867 476,867
============ ============
Allotted, called up
and fully paid share
capital:
Number Number
As at 1 June 2014 190,746,746 190,746,746
As at 31 May 2015 190,746,746 190,746,746
------------ ------------
Share Options
Share options are granted to Directors and employees. Options
are conditional on the employee completing a specific length of
service (the vesting period). The options are exercisable from the
end of the vesting period and lapse after ten years after the grant
date. The Group has no legal or constructive obligation to
repurchase or settle the options in cash.
Share options are valued using the Black-Scholes option pricing
model and no performance conditions are included in the fair value
calculations. The risk free rate was 1.64%. The expected volatility
is based on historical volatility over the last two years and is
estimated to be 25%. The average share price during the year was
0.85 pence. During the year the Company had the following share
options in issue:
Number of options
At 1 June Granted Cancelled At 31 Exercise Exercise
2014 May 2015 price date
(pence)
21/05/14
4,000,000 - 4,000,000 - 1.25 to19/05/24
21/05/14
5,800,000 - 1,000,000 4,800,000 1.25 to19/05/24
21/05/15
4,000,000 - - 4,000,000 3.00 to19/05/24
21/05/15
4,000,000 - - 4,000,000 5.00 to19/05/24
17,800,000 5,000,000 12,800,000
=========== ======== ========== ===========
All share options vest one year after the grant date. Each
option can only be exercised from one year after the grant date to
ten years after the date of grant.
In June 2015 1,600,000 options were exercised at a price of
1.25p
Warrants
Warrants were issued to the vendors of TexRAD Limited at the
time of acquisition. The warrants are exercisable from the end of
the vesting period and lapse ten years after the grant date. The
Group has no legal or constructive obligation to repurchase or
settle the warrants in cash.
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2015 02:00 ET (07:00 GMT)
Feedback (LSE:FDBK)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Feedback (LSE:FDBK)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
