3rd Dec 2009 07:00
Notes to the financial statements
Page 49
11 Loss per ordinary share
The calculation of basic and diluted loss per share is based on the loss on ordinary activities after taxation, namely £3,910,688 (2008: £2,274,702) and on 94,548,391 (2008: 75,452,138) ordinary shares, being the weighted average number of ordinary shares in issue and ranking for dividend during the period.
The Company has no dilutive potential ordinary shares in issue because it is loss making.
12 Property, plant and equipment
|
Group |
Short |
Computer |
Motor |
Plant and |
Fixtures |
Total |
|||||
|
leasehold |
equipment |
vehicles |
machinery |
and fittings |
|||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
||||||
|
Cost |
|||||||||||
|
At 1 October 2008 |
3,363 |
296,694 |
160,677 |
28,271 |
188,368 |
677,373 |
|||||
|
Additions |
5,821 |
8,704 |
25,850 |
567 |
1,319 |
42,261 |
|||||
|
Disposals |
- |
(54,043) |
(91,527) |
- |
- |
(145,570) |
|||||
|
At 30 September 2009 |
9,184 |
251,355 |
95,000 |
28,838 |
189,687 |
574,064 |
|||||
|
Depreciation |
|||||||||||
|
At 1 October 2008 |
3,363 |
193,622 |
95,695 |
23,619 |
156,854 |
473,153 |
|||||
|
Charge for year |
1,779 |
45,839 |
38,230 |
1,695 |
13,432 |
100,975 |
|||||
|
Disposals |
- |
(51,371) |
(51,059) |
- |
- |
(102,430) |
|||||
|
At 30 September 2009 |
5,142 |
188,090 |
82,866 |
25,314 |
170,286 |
471,698 |
|||||
|
Net book value |
|||||||||||
|
At 30 September 2009 |
4,042 |
63,265 |
12,134 |
3,524 |
19,401 |
102,366 |
|||||
|
Net book value |
|||||||||||
|
At 30 September 2008 |
- |
103,072 |
64,982 |
4,652 |
31,514 |
204,220 |
|||||
Company
The Company has no property, plant and equipment.
13 Intangible assets
|
30 September |
30 September |
||
|
2009 |
2008 |
||
|
Cost |
|||
|
At 1 October |
99,400 |
- |
|
|
Additions |
- |
99,400 |
|
|
Net carrying value |
|||
|
At 30 September |
99,400 |
99,400 |
|
Intangible assets represent patent and know-how licences acquired externally that have been recognised as an asset at cost. The Board has undertaken a review of intangible assets, and has concluded that their carrying value as presented above is consistent with their recoverable value.
Company
The Company has no intangible assets.
Notes to the financial statements
Page 50
14 Investments
|
Group |
Company |
||||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
Investment in group undertakings |
£ |
£ |
£ |
£ |
|||
|
At 1 September |
- |
- |
1,593,429 |
2,330,855 |
|||
|
Share option credit |
- |
- |
(147,768) |
(737,426) |
|||
|
At 30 September |
- |
- |
1,445,661 |
1,593,429 |
|||
Interests in Group undertakings
|
Proportion of voting rights and nominal value of issued shares held by |
||||
|
Name of undertaking |
Country of incorporation |
Description of shares held |
Group % |
Company % |
|
Phytotech Limited |
England and Wales |
Ordinary 10 pence shares |
100 |
100 |
|
Phytodevelopments Limited |
England and Wales |
Ordinary £1 shares |
100 |
- |
Both the above companies have been included in these financial statements and operated principally in their country of incorporation or registration.
The principal business activities of these subsidiary undertakings are:
Phytotech Limited - development of pharmaceutical products and functional foods
Phytodevelopments Limited - dormant
15 Amounts due from subsidiary undertaking
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Amounts due from subsidiary undertaking |
- |
- |
12,291,586 |
10,003,509 |
|||
No provision was made against the amount due to the Company from its subsidiary undertaking during the year (2008: £36,384,471).
There are no fixed terms in respect of amounts owed by subsidiary undertakings. These are non-interest bearing, unsecured and not payable on demand.
16 Inventories
|
30 September |
30 September |
|||
|
2009 |
2008 |
|||
|
£ |
£ |
|||
|
Finished goods and goods for resale |
- |
69,708 |
||
|
Work in progress |
126,292 |
126,292 |
||
|
Raw materials and consumables |
123,182 |
204,231 |
||
|
249,474 |
400,231 |
|||
The Company has no inventories.
Notes to the financial statements
Page 51
17 Trade and other receivables
The fair value of trade and other receivables are the current book values.
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Trade receivables |
44,794 |
54,330 |
- |
- |
|||
|
Other receivables |
11,803 |
27,427 |
(3,943) |
4,052 |
|||
|
Prepayments and accrued income |
171,422 |
402,118 |
25,997 |
180,575 |
|||
|
228,019 |
483,875 |
22,054 |
184,627 |
||||
As of 30 September 2009, the Group had no trade receivables that were past due but not impaired (2008: £4,090). These related to independent customers for whom there was no recent history of default.
The ageing analysis of these trade receivables is as follows:
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Less than three months |
44,794 |
50,369 |
- |
- |
|||
|
Three months to one year |
- |
- |
- |
- |
|||
|
More than one year |
- |
3,961 |
- |
- |
|||
|
44,794 |
54,330 |
- |
- |
||||
The carrying amounts of the Group's trade receivables are denominated in the following currencies:
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
GB pounds |
6,228 |
39,960 |
- |
- |
|||
|
Indian Rupee |
- |
3,961 |
- |
- |
|||
|
US dollar |
36,280 |
10,409 |
- |
- |
|||
|
South African Rand |
2,286 |
- |
- |
- |
|||
|
44,794 |
54,330 |
- |
- |
||||
There is no bad debt provision against any trade receivables at 30 September 2009 and 30 September 2008.
The Company has no trade receivables.
18 Money market investments
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Held-to-maturity financial assets |
- |
5,500,000 |
- |
5,500,000 |
|||
These represent fixed-rate short-term deposits placed with a range of banks at fixed terms.
Notes to the financial statements
Page 52
19 Cash and cash equivalents
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Cash and cash equivalents |
3,910,117 |
1,607,067 |
3,683,802 |
736,950 |
|||
The Company holds its excess cash and cash equivalents in a combination of fixed interest accounts and fixed term money market deposits. At 30 September 2009 and 30 September 2008 these did not exceed three months in duration.
20 Trade and other payables
The fair value of trade and other payables are the current book values.
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
|||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Trade payables |
203,597 |
343,461 |
14,724 |
71,989 |
|||
|
Other payables |
5,871 |
14,596 |
- |
- |
|||
|
Other taxation and social security |
32,160 |
44,689 |
- |
- |
|||
|
Accruals and deferred income |
1,505,192 |
930,840 |
55,435 |
58,655 |
|||
|
1,746,820 |
1,333,586 |
70,159 |
130,644 |
||||
21 Provisions
Provision for employer's national insurance on share option gains
There is no provision for employer's National Insurance on share option gains at the period end as options granted under the 2007 share option schemes have transferred the liability for National Insurance to the employee.
Deferred taxation
The Group and Company have the potential deferred tax assets shown below, which are not recognised due to uncertainty as to the timing of their utilisation.
|
Group |
Company |
||||||
|
30 September |
30 September |
30 September |
30 September |
||||
|
2009 |
2008 |
2009 |
2008 |
||||
|
£ |
£ |
£ |
£ |
||||
|
Tax effect of timing differences: |
|||||||
|
Excess of tax allowances over depreciation |
332,609 |
318,633 |
8,195 |
8,195 |
|||
|
Accumulated losses |
11,186,799 |
10,321,347 |
1,007,374 |
893,953 |
|||
|
11,519,408 |
10,639,980 |
1,015,569 |
902,148 |
||||
|
|
|||||||
Notes to the financial statements
Page 53
22 Financial instruments
The Group's financial instruments comprise primarily cash and liquid resources, and various items such as trade receivables and trade payables, which arise directly from its operations. The Group does not enter into derivative transactions.
The Group's ongoing objectives in using financial instruments are to maximise the returns on funds held on deposit, to minimise exchange rate risk where appropriate, and to generate additional cash resources through the issue of shares when market conditions are appropriate. In addition, the Group has from time to time conserved cash resources by entering into financing arrangements for the acquisition of major capital assets.
The balance sheet positions at 30 September 2009 and 30 September 2008 are not representative of the positions throughout the period as cash and short-term investments fluctuate considerably depending on when significant receipts have occurred and on the timing of share issues.
Risk in relation to the use of financial instruments
Capital risk
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained loss. The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and to ensure that the Group has sufficient capital available to meet future funding requirements.
Liquidity risk
The Group's policy throughout the year regarding liquidity has been to maximise the return on funds, but to minimise the associated risk by placing funds in low risk cash deposits and short term cash deposits. The Board monitors the level of cash and money market investments on a regular basis and management monitors the level on a daily basis, to ensure that the Group has sufficient liquid funds to meet its commitments as they fall due.
The Group and Company holds cash deposits at call or with a maturity of up to twelve months.
Trade payables are normally payable within the terms specified by the supplier.
Credit risk
Other than trade receivables, the financial instruments that subject the Group to a potential credit risk comprise principally of cash and money market investments. The Group's policy is to minimise the risks associated with cash and money market investments by placing these deposits with institutions with a recognised high rating (typically AA or above), or with one of the major clearing banks. Trade receivables are largely with highly reputable, creditworthy trading partners.
Interest rate risk
The Group held all cash, bank and held-to-maturity investments in pounds sterling (GBP) Euro's (EUR) and United States Dollar (USD) accounts. Interest rates on current accounts are floating and are based on LIBID, while interest rates on term deposits are fixed for the duration of deposit.
The Group does not have any committed borrowing facilities. Consequently, there is no material exposure to interest rate risk in respect of financial liabilities.
Notes to the financial statements
Page 54
Foreign currency risk
The Group's principal functional currency is GBP. However during 2009, the Group had income and expenditure in USD. The Group's policy is to maintain natural hedges, where possible, by matching USD revenue with USD expenditure. The Group also incurred minimal expenditure in other foreign currencies and the strengthening of GBP against those currencies is not considered to have a material impact on the net loss for the period. Consequently, there is no material exposure to foreign currency rate risk.
Fair value of financial assets and liabilities
There is no material difference between the fair value and the carrying values of the financial instruments referred to above, because of the short maturity period of these financial instruments or their intrinsic size and risk.
Notes to the financial statements
Page 55
Financial instruments by category
|
30 September 2009 |
30 September 2008 |
||||||||||
|
Loans and receivables |
Held to maturity financial assets |
Total |
Loans and receivables |
Held to maturity financial assets |
Total |
||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
||||||
|
Group |
|||||||||||
|
Assets as per balance sheet |
|||||||||||
|
Trade and other receivables excluding prepayments |
56,597 |
- |
56,597 |
81,757 |
- |
81,757 |
|||||
|
Money market investments |
- |
- |
- |
- |
5,500,000 |
5,500,000 |
|||||
|
Cash and cash equivalents |
3,910,117 |
- |
3,910,117 |
1,607,067 |
- |
1,607,067 |
|||||
|
3,966,714 |
- |
3,966,714 |
1,688,824 |
5,500,000 |
7,188,824 |
||||||
|
30 September 2009 |
30 September 2008 |
||||||||||
|
Loans and receivables |
Held to maturity financial assets |
Total |
Loans and receivables |
Held to maturity financial assets |
Total |
||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
||||||
|
Company |
|||||||||||
|
Assets as per balance sheet |
|||||||||||
|
Trade and other receivables excluding prepayments |
(3,943) |
- |
- |
4,052 |
- |
4,052 |
|||||
|
Money market investments |
- |
- |
- |
- |
5,500,000 |
5,500,000 |
|||||
|
Cash and cash equivalents |
3,683,802 |
- |
3,683,802 |
736,950 |
- |
736,950 |
|||||
|
3,683,802 |
- |
3,683,802 |
741,002 |
5,500,000 |
6,241,002 |
||||||
|
30 September 2009 |
30 September 2008 |
||||||||||
|
Other financial liabilities |
Other financial liabilities |
||||||||||
|
£ |
£ |
||||||||||
|
Group |
|||||||||||
|
Liabilities as per balance sheet |
|||||||||||
|
Trade and other payables excluding statutory liabilities |
1,714,660 |
1,288,897 |
|||||||||
|
30 September 2009 |
30 September 2008 |
||||||||||
|
£ |
£ |
||||||||||
|
Other financial liabilities |
Other financial liabilities |
||||||||||
|
Company |
|||||||||||
|
Liabilities as per balance sheet |
|||||||||||
|
Trade and other payables excluding statutory liabilities |
70,159 |
130,644 |
|||||||||
Notes to the financial statements
Page 56
23 Pensions and similar obligations
The Group operates a number of defined contribution pension schemes for employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost represents contributions paid and payable by the Group to the funds and amounted to £54,409 (2008: £113,368). The amounts outstanding in respect of pensions are £5,871 (2008: £14,956).
24 Share capital
|
30 September |
30 September |
||
|
2009 |
2008 |
||
|
£ |
£ |
||
|
Authorised |
|||
|
150,000,000 (2008: 150,000,000) ordinary shares of 1pence each |
1,500,000 |
1,500,000 |
|
|
Allotted, called-up and fully paid |
|||
|
94,548,391 (2008: 94,548,391) ordinary shares of 1pence each |
945,484 |
945,484 |
|
In the period ended 30 September 2009 no shares were issued for cash consideration. During the period the Company received reimbursement of £37,913 in respect of VAT on previous share issue costs.
On 28 March 2008, the Company issued 38,929,048 new ordinary shares of 1 pence each at a price of 22 pence per share for a total cash consideration of £7,371,493 after the expenses of the issue. The nominal value of these shares was £389,291.
The remaining 13,034 shares issued relate to the Phytopharm Share Incentive Plan 2007 whereby the Company issued one "Matching Share" for every "Partnership Share" purchased by the employee up to May 2008. As from June 2008 "Matching Shares" under the scheme have been market purchases. All the shares are held by the scheme Trustee until the shares vest unconditionally with the employee. The nominal value of these shares was £130.
Notes to the financial statements
Page 57
25 Options over shares of Phytopharm plc
Potential issues of ordinary shares
The company may grant share options to selected employees on joining the Company and any such grants are made following the preliminary and interim announcements together with performance related grants to all employees. Performance criteria must be satisfied before share options can be exercised and these are detailed below. In addition the Company has a long-term incentive scheme under which long-term share incentives may be granted to selected Senior Executives.
The outstanding share scheme options and long-term incentive awards at 30 September 2009 are shown below analysed according to the exercise criteria.
|
Number |
Currently |
Currently |
|||||
|
outstanding |
Exercise |
Date |
Exercisable |
vested |
exercisable |
||
|
30/09/2009 |
Price |
Note |
granted |
From |
To |
30/09/2009 |
30/09/2009 |
|
Phytopharm Share Option Plan 2007 |
|||||||
|
52,000 |
£0.445 |
2c |
03/08/2007 |
03/08/2010 |
02/08/2017 |
- |
- |
|
87,863 |
£0.31 |
2c |
19/12/2007 |
19/12/2010 |
18/12/2017 |
- |
- |
|
14,327 |
£0.235 |
2c |
28/03/2008 |
28/03/2011 |
27/03/2018 |
- |
- |
|
274,621 |
£0.2175 |
2c |
30/05/2008 |
30/05/2011 |
29/05/2018 |
- |
- |
|
480,145 |
£0.0413 |
2c |
11/03/2009 |
11/03/2012 |
10/03/2019 |
- |
- |
|
908,956 |
- |
- |
|||||
|
Phytopharm Long Term Incentive Plan 2007 |
|||||||
|
27,810 |
£0.4825 |
4 |
12/09/2007 |
01/10/2010 |
30/09/2011 |
- |
- |
|
125,285 |
£0.0613 |
4 |
22/12/2008 |
22/12/2011 |
21/12/2012 |
- |
- |
|
153,095 |
- |
- |
|||||
Notes to the financial statements
Page 58
1 On 9 January 2007 the Remuneration Committee made a performance share award of 350,000 ordinary shares to Dr D Rees, and 250,000 ordinary shares to Mr P Morgan at an exercise price of 45 pence per share. The Remuneration Committee considered that there was a considerable risk of Dr Rees leaving the Company as his existing share option awards were at option prices significantly in excess of the current share price and this performance share award was granted, as permitted by Listing Rule 9.4.2 (2) to retain the services of Dr Rees. The Remuneration considered that the award to Mr Morgan was necessary and as permitted by Listing Rule 9.4.2 (2), to secure the services of Mr Morgan. Following the resignation of Dr D D Rees and Mr P J Morgan on 13 November 2008, these options lapsed.
2a These options vest on the second anniversary of the date of grant and have been granted under the Phytopharm Share Option Plan 2007; Enterprise Management Incentive Scheme. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable if the Company's TSR in the relevant ranking group is above the median.
2b These un-approved options vest on the second anniversary of the date of grant and have been granted under the Phytopharm Share Option Plan 2007. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable if the Company's TSR in the relevant ranking group is above the median.
2c These options vest on the third anniversary of the date of grant and have been granted under the Phytopharm Share Option Plan 2007; Enterprise Management Incentive Scheme. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable if the Company's TSR in the relevant ranking group is above the median.
2d These un-approved options vest on the third anniversary of the date of grant and have been granted under the Phytopharm Share Option Plan 2007. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable if the Company's TSR in the relevant ranking group is above the median.
3a These options vest on the second anniversary of the date of grant and have been granted under the long-term incentive plan. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable at 25% if the Company's TSR in the relevant ranking group is above the median rising to 100% for upper decile performance.
3b These options vest on the third anniversary of the date of grant and have been granted under the long-term incentive plan. The number of options exercisable will be determined by the Company's TSR compared to the constituents of the FTSE Small Cap Index. The value of options (at date of grant) will be exercisable at 25% if the Company's TSR in the relevant ranking group is above the median rising to 100% for upper decile performance.
4 These options are granted under a save as you earn plan approved by HMRC. The last offer under the plan was made to all employees and Executive Directors on 13 August 2007.
Notes to the financial statements
Page 59
Option valuations
Options were valued using a stochastic model (also known as a Monte Carlo model). The fair value per option granted and the assumptions used in the calculation for options granted since 3 August 2007 are set out in the tables below. The Company's effective date for IFRS2, "Share Based Payments" implementation is 1 September 2005 and the IFRS has been applied to all options granted after 7 November 2002 which have not vested by this effective date and options granted before this effective date which have been subsequently modified.
|
Award |
Grant date |
Exercise price |
Number of shares outstanding at 30 September 2009 |
Fair value per option at grant date |
|
£ |
£ |
|||
|
2007 Share option plan |
03/08/2007 |
0.445 |
52,000 |
0.2034 |
|
2007 Share option plan |
19/12/2007 |
0.31 |
87,863 |
0.1531 |
|
2007 Share option plan |
28/03/2007 |
0.2375 |
14,327 |
0.1297 |
|
2007 Share option plan |
30/05/2008 |
0.2175 |
274,621 |
0.1142 |
|
2007 Share option plan |
11/03/2009 |
0.0413 |
480,145 |
0.0223 |
|
2007 Sharesave plan |
12/09/2007 |
0.4825 |
27,810 |
0.1900 |
|
2007 Sharesave plan |
22/12/2008 |
0.0613 |
125,285 |
0.0308 |
Notes to the financial statements
Page 60
The fair values of the original share options granted but not vested as at 30 September 2009 were calculated using the following assumptions:
|
Award |
Grant date |
Expected term |
Expected dividend yield (note(b)) |
Expected volatility (note (c)) |
Risk free rate (note (d)) |
Performance condition (note) |
|
2007 Share option plan |
03/08/2007 |
3 years |
0% |
67.5% |
5.4% |
2c |
|
2007 Sharesave plan |
12/09/2007 |
3 years |
0% |
64.5% |
4.9% |
4 |
|
2007 Share option plan |
19/12/2007 |
3 years |
0% |
65.7% |
4.7% |
2c |
|
2007 Share option Plan |
28/03/2008 |
3 years |
0% |
69.8% |
4.1% |
2c |
|
2007 Share option plan |
30/05/2008 |
3 years |
0% |
69.9% |
4.9% |
2c |
|
2007 Sharesave plan |
22/12/2008 |
3 years |
0% |
77.2% |
1.9% |
4 |
|
2007 Share option plan |
11/03/2009 |
3 years |
0% |
72.4% |
2.3% |
2c |
Notes to assumptions
a)
i) 40% of participants exercise after 3 years if a gain of 40% is available. If this gain is not available, these individuals hold on to their shares until such a gain can be made. The performance test must be satisfied. If the test has not been satisfied at the date of leaving, the awards lapse.
ii) 25% of the remainder exercise from the 3rd anniversary onwards using a reducing balance methodology, providing that a gain of 20% is available. If this gain is not available, these individuals refrain from exercising until such a gain can be made.
iii) 15% of the total participants are "good leavers" (where the employee may have up to twelve months to exercise options).
iv) 5% of the participants exercise per annum in years 4 onwards on a reducing balance methodology, providing that the options are "in the money" (irrespective of the level of gain) to allow for leavers in these periods. This is reduced to 7 years for the 7 year options granted under the ESOS.
v) any remaining options are exercised at maturity providing that they are "in the money". Any awards that are "underwater" therefore lapse at maturity.
This exercise strategy is subject to the passing of the performance conditions described above.
b) The dividend yield of 0% reflects the absence of a history of paying dividends and a clear dividend policy statement at the relevant grant dates.
c) Expected volatility is the measurement of the amount by which a share price is expected to fluctuate during a period. The expected volatility has been calculated using the standard approach of calculating the standard deviation of the natural logarithm of historical share price movements.
d) UK Gilt rates prevalent on the date of grant with a period commensurate with the term of the award.
Notes to the financial statements
Page 61
A reconciliation of share option scheme movements for the periods ended 30 September 2008 and 30 September 2009 is set out below:
|
2009 |
2008 |
||||||
|
Weighted |
Weighted |
||||||
|
average |
average |
||||||
|
exercise price |
exercise price |
||||||
|
Number |
£ |
Number |
£ |
||||
|
At 1 October |
4,467,500 |
0.36 |
3,625,359 |
0.42 |
|||
|
Granted |
843,470 |
0.05 |
1,305,003 |
0.23 |
|||
|
Exercised |
- |
- |
- |
- |
|||
|
Lapsed |
(4,248,919) |
0.35 |
(462,862) |
0.53 |
|||
|
At 30 September |
1,062,051 |
0.15 |
4,467,500 |
0.36 |
|||
The following tables summarise the information about the range of exercise prices for share options outstanding at 30 September 2009 and 30 September 2008:
|
30 September 2009 |
30 September 2008 |
|||||||||||
|
Range of exercise prices |
Weighted average exercise price |
Weighted average remaining life contractual years |
Weighted average exercise price |
Weighted average remaining life Contractual years |
||||||||
|
Number of shares |
Number of shares |
|||||||||||
|
£ |
£ |
|||||||||||
|
£0.01 |
- |
- |
- |
0.01 |
561,136 |
9.45 |
||||||
|
£0.04 to £0.07 |
0.05 |
605,430 |
8.34 |
- |
- |
- |
||||||
|
£0.21 to £0.23 |
0.22 |
288,948 |
9.00 |
- |
- |
- |
||||||
|
£0.31 |
0.31 |
87,863 |
8.00 |
- |
- |
- |
||||||
|
£0.44 to £.48 |
0.46 |
79,810 |
5.91 |
- |
- |
- |
||||||
|
£0.48 to £0.56 |
- |
- |
- |
0.39 |
3,906,364 |
9.05 |
||||||
The total credit for the period relating to employee share-based payment plans was £147,768 (2008: £737,426) all of which related to the above equity based transactions. The credit arose due to the large number of unvested options which lapsed in the period.
26 Post balance sheet events
In December 2009, the Group approved a £24.1 million (net of expenses) underwritten fundraising. The Placing and Open Offer will be voted on by shareholders at the General meeting on 29 December 2009.
27 Capital commitments
The Group had no capital commitments contracted but not provided for at 30 September 2009 (2008: £25,995). The Company had no capital commitments contracted but not provided for at 30 September 2009 (2008: £nil).
28 Contingent liabilities
There were no contingent liabilities in the Group or Company at 30 September 2009 (2008: £nil).
Notes to the financial statements
Page 62
29 Financial commitments
At 30 September 2009 there were the following commitments under non-cancellable operating leases:
|
2009 |
2008 |
||||||
|
Land and |
Land and |
||||||
|
buildings |
Other |
buildings |
Other |
||||
|
£ |
£ |
£ |
£ |
||||
|
Within one year |
13,650 |
- |
6,474 |
- |
|||
|
Between two and five years inclusive |
17,063 |
- |
- |
- |
|||
|
30,713 |
- |
6,474 |
- |
||||
Company
The Company has no annual commitments under non-cancellable operating leases.
The Group has purchase obligations of £208,103 in respect of its sub-contracted research and development activities as at 30 September 2009 (2008: £481,896). The Company had no such commitments.
30 Related party transactions
Group
Under IAS 24 "Related Party Disclosures" the Group is not required to disclose inter-group transactions which are eliminated on consolidation.
The Directors regard Phytopharm plc as the ultimate controlling party of the Group.
Company
The inter-company balances outstanding at 30 September 2009 and 30 September 2008 are shown on the Company balance sheet.
The Company has been charged £333,407 (2008: £458,046) for corporate services provided by subsidiary undertakings.
The remuneration received by key management personnel, including the Directors, is disclosed in note 6.
Page 63
Shareholder information
Registered office
Corpus Christi House
9 West Street
Godmanchester
PE29 2HY
Phytopharm plc is a company registered in England and Wales, which is listed on the London Stock Exchange (symbol: PYM)
Company number
03131723
Registrars
Equiniti Registrars Limited
The Causeway
Worthing
BN99 6DA
Brokers
KBC Peel Hunt Limited
111 Old Board Street
London
EC2N 1PH
Auditors
PricewaterhouseCoopers LLP
Abacus House
Castle Park
Cambridge
CB3 0AN
Solicitors
White & Case
5 Old Broad Street
London
EC2N 1DW
Financial public relations
FD
Holborn Gate
26 Southampton Buildings
London
WC2A 1PB
Financial Advisors
N M Rothschild & Sons Limited
New Court
St Swithins Lane
London
EC4P 4DU
Related Shares:
Ixico