Final Results -2-

maiden trial crop on its farm land in southern Tanzania. Obtala and its AIM listed Paragon and Bushveld businesses all have a sufficiently strong cash position to further progress and develop the underlying value of these assets. ORA's holding in Obtala at 31 January 2012 was 19.9%.

Tissue Regenix Group Plc (TRG) is an AIM listed company with a strategy to commercialise the production of biocompatible regenerate implants using human or animal tissue that is decellularised under its proprietary platform dCELL(R) Technology process. When these are implanted into the body, they are repopulated with the patient's own cells without the use of anti-rejection drugs. The potential applications of this process are diverse and address many critical clinical needs such as heart valve replacement, knee repair and vascular disease. TRG's dCELL(R) Technology has been validated by the development of its dCELL(R) Vascular Patch product through to CE regulatory approval and the company is now progressing development programmes to leverage this innovative technology platform. These include its meniscus knee repair project, a ligament development programme, seeking regulatory approval for a decellularised version of an existing bioprosthetic heart valve, development of a porcine heart valve product, further applications of its vascular patch and also progressing an advanced wound care dermis product. In December 2011 the company raised GBP25 million in a placing of new shares which provides the funding to develop the above range of products simultaneously and accelerate the commercialisation of this potential product pipeline. At 31 January 2012, ORA held 19.8 per cent. of the issued share capital of TRG.

Oxford Advanced Surfaces Group Plc (OAS) is an AIM listed company that develops and commercialises advanced materials and technology solutions using its patented VISARC(TM) nanoparticle and Onto(TM) reactive chemistry surface modification technologies. Its VISARC(TM) anti-reflective coating (ARC) formulations contain nanoparticles immobilised in a variety of binders chosen for compatibility to the surfaces to be coated and deliver high performance, broad band anti-reflection with just a single layer of material. The technology has several applications including display screens, solar cells and ophthalmic lenses for eyewear. The displays market has been an early adopter of ARCs for televisions through to the current introduction of ARCs for mobile devices. OAS is working closely with a number of major potential licensees in this field and is close to developing some of these relationships into commercial arrangements. The company has therefore decided to scale-up the manufacture of the core nanoparticle that forms the basis of its ARC technology in the next step toward making the move from development to commercialisation a reality. OAS has also continued to develop the key technologies within OntoTM and now has a number of projects in surface functionalisation and adhesion promotion that it hopes to convert to development agreements during 2012. This OntoTM Chemistry remains a key long-term value creator but it will not commercialise as early as the VISARC(TM) technology. OAS held cash balances of GBP5.8 million at 31 December 2011 (31 December 2010: GBP7.5 million). At 31 January 2012, ORA held 25.5 per cent. of the issued share capital of OAS.

Antisoma Group Plc (Antisoma) was founded as a biomedical company but following the discontinuation of key clinical trials in early 2011, all investment in the Group's clinical development programmes was ceased and overheads reduced to a minimum in order to preserve cash resources. The company's shareholders subsequently approved proposals to cancel Antisoma's listing on the Official List and to seek admission to trading of its shares on AIM. The company was admitted to AIM in January 2012 as an Investing company with an investing strategy under which the Board intends the company to be an active investor and to assist in the strategic development and growth of any significant acquisitions and/or investments it makes. Antisoma's equity interest in a potential investment may range from a minority position to 100 per cent. ownership and the interest may be either quoted or unquoted. Antisoma held cash balances of GBP13.6 million at 31 December 2011 (31 December 2010: GBP14.7 million). ORA's holding in Antisoma at 31 January 2012 was 29.4 per cent.

Oxford Pharmascience Group Plc (OXP) is an AIM listed company that has a portfolio of pharmaceutic technologies which allows it to effectively "re-develop" existing drugs. Specifically, the company is using advanced drug delivery and pharmaceutical technologies to formulate products that are easier or more pleasant to consume. This is particularly relevant for the geriatric and paediatric markets. It is also developing modified release formulations that have various clinical benefits such as the safer delivery of statins. OXP believes that its technology is attractive to many pharma companies which may want to enhance and improve their existing products at a fraction of the cost of bringing a new drug to market. The company launched its OXP zero(TM) taste masking technology during 2011 following successful proof of concept for the taste masking of ibuprofen, which has removed the typical burning sensation on the throat. OXP has now signed a Heads of Terms with Hermes Artzneimittel GmbH to license, develop and launch a range of 'direct to mouth' granules incorporating its OXP zero(TM) ibuprofen technology. OXP recently also appointed Partner International Incorporated as its business development partner to help with its wordlwide licensing of this technology both for ibuprofen and other non-steroidal anti-inflammatory drugs (NSAID) products. In addition, OXP has signed an exclusive option to license and research an advanced colonic drug delivery technology from The School of Pharmacy, University of London, with a specific intention to develop and commercialise a novel application for the major drug category of statins. The Company has launched this as OXP target(TM) and has begun early conversations looking for a co-development partner for the technology. ORA held 33.3 per cent. of the issued share capital of OXP at 31 January 2012.

East Balkan Properties Plc (EBP) is an AIM listed investment company focussing on commercial, retail and industrial property in the Balkan region. It is currently not making new investments, but is seeking to dispose of the majority of its investments. EBP's principal investments are a 40 per cent. equity interest in Glorient Investment BG (Glorient) and a 100 per cent. interest in Equest Logistics Centre SRL (Equest). Glorient is a property company which owns and develops large retail sites across Bulgaria. It owns 35 large stores and 13 development sites. Equest is the owner of a logistics park located in Romania on the outskirts of Bucharest consisting of three purpose built warehouses which between them are divided into 74 units. EBP also has interests in a number of other commercial, retail and industrial property interests in Romania and to a lesser extent in Serbia and Slovakia. At 31 January 2012, ORA held 18.4 per cent. of the issued share capital of EBP.

Bluebird Energy Plc (Bluebird) is an AIM listed hydocarbon investment and development company.The outcome of a review of its asset interests in August 2011 led to the sale of one of its key US hydocarbon interests and the subsequent write down of a number of smaller interests not considered to be commercial. As a result, Bluebird's operational focus is now on its Solitaire oil and gas project in Colorado in which it has a 100 per cent. interest and holds the rights as operator. Bluebird is currently marketing Solitaire to potential farm-in partners with a view to commencing seismic work later in the year. Bluebird also holds a 9 per cent. shareholding in AIM quoted Wessex Exploration Plc. At 15 March 2012, Bluebird had cash resources and near liquid investments of approximately GBP5.8 million. ORA's holding in Bluebird at 31 January 2012 was 25.3 per cent.

Novum Securities Limited (Novum) was founded as a Financial Services Authority authorised firm able to provide agency broking and corporate finance advice to intermediate customers and market counterparties. It subsequently broadened its profile to commence trading in a principal capacity, assessing stocks and acting as a market maker in UK domestic securities. Novum is now a profitable independent stockbroking house focused on the UK securities market and which specialises in providing discrete and highly professional sales and execution to institutional and high net worth clients alongside market making and corporate finance to quoted and private companies. At 31 January 2012, ORA held 43.4 per cent. of the issued share capital of Novum.

Financial Trading

Surplus cash may be committed to specific opportunities where the management team considers there to be potential for value creation which may include acquisition of equities and derivative financial instruments. These activities are reported under Financial Trading inclusive of related funding costs. The profit before tax attributable to Financial Trading in the year ended 31 January 2012 was GBP2.2 million compared to GBP1.0 million in the previous year.

Outlook

There remains a generally improving but somewhat fragile and testing economic environment but we remain committed to deliver additional value for our shareholders. We will focus on increasing the value of our existing portfolio companies through our active partnership approach and support of development programmes to achieve earnings and revenue growth, as well as acquisitive growth where appropriate, whilst continuing also to drive efficiency in the portfolio.

ORA Capital (LSE:ORA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024