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Feedback Plc (FDBK) – Final results for the year ended 31 May 2016 and notice of Annual General Meeting

Feedback plc is pleased to announce its final results for the year ended 31 May 2016. 

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 MAY 2016

We are pleased to present the results for the year ended 31 May 2016. Revenue for the year was £431,454 (2015: £381,970) and the loss after tax was £183,156 (2015: Loss £1,111,433). Cash as at 31 May 2016 was £105,673 (31 May 2015: £63,261). Cash as at 13 October 2016 was £94,629.

The results show growth in revenue and a substantial reduction in the loss after tax. Cash generation has been better than anticipated and reflects payments received from customers in respect of purchase orders before revenue is recognised. Cambridge Computed Imaging Limited (“CCI”) performed steadily during the year as it continued to serve its established customer base. Revenue recognised from TexRAD research version sales was higher than in the previous year. In line with management’s expectations, there was a reduction in new purchase orders for TexRAD research versions during the year although there remained a good deal of customer interest from research institutions which were looking to obtain grant funding. Dr Balaji Ganeshan continued to lead the sales effort and his hard work has led to a high level of orders received after the year end from world-renowned institutions carrying out oncology research. The Company has also signed collaborative agreements with companies in Japan and South Korea to explore further selling opportunities in these markets for TexRAD research versions which has had some success. In order to support our research customers we have been looking at ways to assist them in analysing and interpreting the results of their studies. We are working on one such project and this could prove to be a useful additional source of revenue in the future. Dr Ganeshan has been continuing his work supporting research into new potential applications of TexRAD. This has led to the publication of scientific papers on TexRAD’s use in assessing different types of carcinomas as well as a number of presentations at scientific conferences including the Beijing Society of Radiology in China and participation in Healthtech Week in Auckland, New Zealand. 

Alliance Medical Group MoU

In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance’s network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. The next steps will include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. An abstract has been accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which will highlight the results from the technical and clinical evaluation. Further abstracts publishing the research findings of our customers using TexRAD have also been accepted for presentation at RSNA. 

Stone Checker Software Ltd and Prostate Checker Ltd

During the financial year the Company formed two joint venture companies, Stone Checker Software Ltd and Prostate Checker Ltd. Both companies offer the prospect of developing innovative solutions where routine medical images can provide useful additional information for clinicians. The Company sold its 50% equity interest in Stone Checker Software Ltd to Free Association Books Ltd in May 2016 resulting in a gain of £45,000. 

Future Processing Sp collaboration

After the year end Feedback announced a large-scale collaboration with Future Processing Sp. z o.o., a software development service provider based in Gliwice, Poland to develop medical imaging software. The collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues. This collaboration has resulted from Feedback’s assistance with a successful EU grant application made by Future Processing. The directors of Feedback believe that by CCI working jointly with the Future Processing healthcare team, CCI’s existing product portfolio can be improved and new products developed more rapidly including further applications for TexRAD. Although at this stage only a non-binding letter of intent has been agreed, the intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement.  In the current financial year, the Company expects to make substantial savings in software development costs and thereafter expects to benefit from its share of the revenue from sales of new products.

Dr Alastair J Riddell appointed as Chairman

On 1 June 2016, after the year end, the Company announced my appointment as its new chairman with Tom Charlton moving to non-executive deputy chairman. I have extensive experience of managing companies in the healthcare sector and I look forward to assisting the Company to the next stage of its development.

TexRAD – ongoing growth

We remain encouraged by the continued interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications. The high level of purchase orders for TexRAD research versions which have been received after the year end should lead to a substantial increase in revenue in the second half of the 2016/17 year and growth in revenue for the year as a whole. We believe there will be opportunities to make further sales of TexRAD research versions in China by partnering with a company with a strong local presence. We are also considering other business relationships which could increase sales of TexRAD research versions in other territories. In addition to the TexRAD sales, Feedback now has the opportunity to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. We will look at investing in product development, regulatory and marketing resource to support our very positive growth prospects. 

Dr A J Riddell

Chairman

18 October 2016

For further information, contact:

Feedback plc Alastair Riddell	Tel: 01954 718072
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / James Thomas	Tel: 020 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker) Lucy Williams / Duncan Vasey	Tel: 020 7469 0936

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2016

 

		Note	2016	2015
			£	£
REVENUE			431,454	381,970
Cost of sales			(7,438)	(1,434)
GROSS PROFIT			424,016	380,536
Other operating expenses			(676,596)	(888,600)
Impairment of intangible assets		7	–	(689,142)
Total operating expenses			(676,596)	(1,577,742)
OPERATING LOSS			(252,580)	(1,197,206)
Net finance income			1,361	908
Loss on ordinary activities before taxation			(251,219)	(1,196,298)
Tax credit			23,063	84,865
LOSS ON ORDINARY ACTIVITIES AFTER TAX			(228,156)	(1,111,433)
Profit on disposal of investment		5	45,000
Loss for the year attributable to the equity shareholders of the Company			(183,156)	(1,111,433)
Other comprehensive income/(expense)
Translation differences on overseas operations			–	108
Total comprehensive expense for the year			(183,156)	(1,111,325)
LOSS PER SHARE (pence)
Basic and diluted		4	(0.09)	(0.58)

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2016

GROUP	Share Capital	Share Premium	Capital Reserve	Retained Earnings	Translation Reserve	Convertible Debt Option Reserve	Total
	£	£	£	£	£	£	£
At 1 June 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
New Shares issued	32,318	190,382	–	–	–	–	222,700
Costs associated with the  raising of funds	–	(6,580)	–	–	–	–	(6,580)
Share option and warrant costs	–	–	–	8,163	–	–	8,163
Total comprehensive expense for the year	–	–	–	(183,156)	–	–	(183,156)
At 31 May 2016	509,185	1,593,136	299,900	(2,251,476)	(209,996)	189,000	129,749
COMPANY			Share Capital	Share Premium	Retained Earnings	Convertible Debt Option Reserve	Total
			£	£	£	£	£
At 1 June 2014			476,867	1,409,334	(875,918)	189,000	1,199,283
Share option and warrant costs			–	–	1,289	–	1,289
Total comprehensive expense for the year			–	–	(1,172,124)	–	(1,172,124)
At 31 May 2015			476,867	1,409,334	(2,046,753)	189,000	28,448
New shares issued			32,318	190,382	–	–	222,700
Costs associated with the raising of funds			–	(6,580)	–	–	(6,580)
Share option and warrant costs			–	–	8,163	–	8,163
Total comprehensive expense for the year			–	–	(224,563)	–	(224,563)
At 31 May 2016			509,185	1,593,136	(2,263,153)	189,000	28,168

 

CONSOLIDATED BALANCE SHEET AT 31 MAY 2016

		2016	2015
	Notes	£	£
ASSETS
Non-current assets
Property, plant and equipment	6	3,639	6,915
Intangible assets	7	110,747	139,558
Investments	5	1,000	–
		115,386	146,473
Current assets
Trade receivables		40,894	110,870
Other receivables	8	63,910	101,259
Cash and cash equivalents		105,673	63,261
		210,477	275,390
Total assets		325,863	421,863
EQUITY
Capital and reserves attributable to the Company’s equity shareholders
Called up share capital	10	509,185	476,867
Share premium account		1,593,136	1,409,334
Capital reserve		299,900	299,900
Translation reserve		(209,996)	(209,996)
Retained earnings		(2,251,476)	(2,076,483)
		(59,251)	(100,378)
Convertible debt option reserve		189,000	189,000
TOTAL EQUITY		129,749	88,622
LIABILITIES
Deferred tax liabilities		19,378	27,911
		19,378	27,911
Current liabilities
Trade payables		21,546	40,368
Other payables	9	155,190	264,962
		176,736	305,330
Total liabilities		196,114	333,241
TOTAL EQUITY AND LIABILITIES		325,863	421,863

 

 

COMPANY BALANCE SHEET AT 31 MAY 2016

 

		2016	2015
	Notes	£	£
ASSETS
Non-current assets
Investments	5	1,000	–
		1,000	–
Current assets
Other receivables	8	16,661	52,993
Cash and cash equivalents		60,492	43,636
		77,153	96,629
Total assets		78,153	96,629
EQUITY
Capital and reserves attributable to the Company’s equity shareholders
Called up share capital	10	509,185	476,867
Share premium account		1,593,136	1,409,334
Retained earnings		(2,263,153)	(2,046,753)
		(160,832)	(160,552)
Convertible debt option reserve		189,000	189,000
TOTAL EQUITY		28,168	28,448
Current liabilities
Trade payables		16,901	33,723
Other payables	9	33,084	34,458
Total current liabilities		49,985	68,181
Total Equity and Liabilities		78,153	96,629

 

 

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2016

 

	2016	2015
	£	£
Cash flows from operating activities
Loss before tax	(251,229)	(1,196,298)
Adjustments for:
Share option costs	8,163	1,289
Net finance income	(1,361)	(908)
Depreciation and amortisation	46,052	184,170
Impairment of intangible assets	–	689,142
Decrease/(Increase)in trade receivables	69,976	(23,260)
Decrease in other receivables	42,402	52,396
Decrease in trade payables	(18,852)	(184,789)
Decrease in other payables	(109,772)	(163,588)
Corporation tax received	9,506
	46,114	554,560
Net cash used in operating activities	(205,105)	(641,738)
Cash flows from investing activities
Purchase of tangible fixed assets	(104)	(9,329)
Purchase of intangible assets	(13,860)	(161,012)
Net finance income received	1,361	908
Proceeds from sale of joint venture	46,000	–
Purchase of shares in joint ventures	(2,000)
Net cash generated/(used by) from investing activities	31,397	(169,433)
Cash flows from financing activities
Net proceeds of share issue	216,120	–
Net cash generated from financing activities	216,120	–
Net increase/(decrease) in cash and cash equivalents	42,412	(811,171)
Cash and cash equivalents at beginning of year	63,261	874,432
Cash and cash equivalents at end of year	105,673	63,261

 

 

COMPANY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2016

	2016	2015
	£	£
Cash flows from operating activities
Loss before tax	(224,563)	(1,172,124)
Adjustments for:
Share options costs	8,163	1,289
Profit on sale of investments	(45,000)	–
Net finance income	(1,356)	–
Provision against intercompany receivable	49,880	356,693
Provision against investment in subsidiaries	–	467,455
(Increase)/decrease in other receivables	(13,548)	49,221
Decrease in trade payables	(16,822)	(125,014)
(Decrease)/increase in other payables	(1,374)	2,670
	(20,057)	752,314
Net cash used in operating activities	(244,620)	(419,810)
Cash flows from investing activities
Loans to subsidiary undertakings	–	(155,000)
Net finance income	1,356	–
Purchase of joint ventures	(2,000)	–
Proceeds on sale of joint venture	46,000	–
Net cash generated from/(used in) investing activities	45,356	(155,000)
Cash flows from financing activities
Net proceeds of share issue	216,120	–
Net cash generated from financing activities	216,120	–
Net increase/(decrease) in cash and cash equivalents	16,856	(574,810)
Cash and cash equivalents at beginning of year	43,636	618,446
Cash and cash equivalents at end of year	60,492	43,636

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016

1.         General information

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 Unit 5, Grange Park, Broadway, Bourn, Cambridgeshire, CB23 2TA.

The Company is admitted to trading on the AIM market of the London Stock Exchange. These Financial Statements were authorised for issue by the Board of Directors on the 18 October 2016.

 

2.         Adoption of new and revised International Financial Reporting Standards

            No new International Financial Reporting Standards (“IFRS”), amendments or interpretations became effective in the year ended 31 May 2016 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:

                                                                                                                                                      

o  IFRS 9 Financial Instruments (effective periods beginning 1 January 2018)

o  IFRS 15 Revenue from Contracts with Customers (effective periods beginning 1 January 2018)

o  IFRS 16 Leases (effective periods beginning 1 January 2019)

 

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 2015 and 2016 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. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost within the consolidated balance sheet. The Group’s joint ventures did not trade in the year.

(c)  Going Concern

The Directors consider that the Group and the Company are likely to have access to adequate cash resources for at least the next twelve months from the date of this report from a combination of operational cash generation and by obtaining equity finance from the financial markets or by way of loans from the major shareholders. 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 £195,631 (2015: £1,111,433) and on the weighted average of 203,514,709 (2015: 190,746,746) shares in issue.

.     

		As at 31 May 2016	As at 31 May 2015
		£	£
Net loss attributable to ordinary equity holders		(189,156)	(1,111,433)
		As at 31 May 2016	As at 31 May 2015
Weighted average number of ordinary shares for basic earnings per share		203,514,709	190,746,746
Effect of dilution:
Share Options		–	–
Warrants		–	–
Weighted average number of ordinary shares adjusted for the effect of dilution		203,514,709	190,746,746
Loss per share (pence)
Basic		(0.09)	(0.58)
Diluted		(0.09)	(0.58)

            There is no dilutive effect of the share options and warrants as the dilution would be negative.

 

5.         INVESTMENTS

		Share in group undertakings	Shares in   joint venture	Total
				£
COMPANY
Cost
At 1 June 2014		2,334,455	–	2,334,455
At 31 May 2015		2,334,455	–	2,334,455
Additions		–	2,000	2,000
Disposals		–	(1,000)	(1,000)
As at 31 May 2016		2,334,455	1000	2,335,455
Provisions
At 1 June 2013		1,867,000	–	1,867,000
Provided in the year		–	–	–
At 31 May 2014		1,867,000	–	1,867,000
Provided in the year		467,455	–	467,455
At 31 May 2015		2,334,455	–	2,334,455
Provided in the year		–	–	–
At 31 May 2016		2,334,455	–	2,334,455
Net Book Value
At 31 May 2016		–	1,000	1,000
At 31 May 2015		–	–	–
At 31 May 2014		467,455	–	467,455
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 and joint venture companies during the year, all the shares of which being beneficially held by Feedback PLC, were as follows:

Company	Activity	Country of and incorporation operation	Proportion of Shares held
Feedback Black Box Company Limited	Non trading	England	100% Ordinary £1
Feedback Data GmbH	Non trading (liquidated October 2015)	Germany	100% Specific capital
Brickshield Limited	Non trading	England	100% Ordinary £1
Cambridge Computed Imaging Limited	Medical Imaging	England	100% A Ordinary £1
			100% B Ordinary 1p
TexRAD Limited	Medical Imaging	England	100% Ordinary 1p
Prostate Checker Ltd	Non trading	England	50% Ordinary £1
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 was 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.
During the year Feedback PLC entered into two joint venture arrangements as follows:   Stone Checker Software Ltd   Feedback Plc invested £1,000 in Stone Checker Software Ltd in July 2015 for a 50% equity interest and subsequently licenced its TexRAD software to it for exclusive use in relation to kidney stone analysis. On 3 May 2016 the 50% equity interest was sold to Free Association Books Limited for £46,000 cash. This resulted in a profit of £45,000.   Prostate Checker Ltd Feedback Plc has a 50% stake in Prostate Checker Ltd with a cost of £1,000, effective 26 August 2015 (date of incorporation) with QUIBIM S.L holding the remaining 50%. This company assists the detection and diagnosis of prostate cancer. This company has not traded during the year.

 

6.         PROPERTY, PLANT AND EQUIPMENT

 

		Plant and
		Equipment	Total
GROUP		£	£
Cost of valuation
At 31 May 2014		1,444	1,444
Additions		9,329	9,329
At 31 May 2015		10,773	10,773
Additions		104	104
As 31 May 2016		10,877	10,877
Depreciation
At 31 May 2014		–	–
Charge for the year		3,858	3,858
At 31 May 2015		3,858	3,858
Charge for the year		3,380	3,380
At 31 May 2016		7,238	7,238
Net Book Value
At 31 May 2016		3,639	3,639
At 31 May 2015		6,915	6,915
At 31 May 2014		–	–

 

7.         INTANGIBLE ASSETS

	Software	Customer relationships	Patents	Goodwill	Total
GROUP	£	£	£	£	£
Cost
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
Additions	–	–	13,860	–	13,860
At 31 May 2016	563,099	100,000	88,358	271,415	1,022,872
Amortisation
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
Charge for the year	–	25,000	17,671	–	42,671
At 31 May 2016	563,099	50,000	27,611	271,415	912,125
Net Book Value
At 31 May 2016	–	50,000	60,747	–	110,747
At 31 May 2015	–	75,000	64,558	–	139,558
At 31 May 2014	435,000	100,000	41,585	271,415	848,000

 

In accordance with the accounting policies and IFRS the Directors have assessed the carrying value of the intangible assets. In the year ended 31 May 2015, the Directors took the prudent decision to write down the carrying value of the software development costs in the balance sheet in order to meet the requirements of IFRS. During the year ended 31 May 2016 all similar development costs have been expensed as incurred. 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 Group’s intellectual property. Expenditure on software development is being written off as incurred until the provisions of IFRS are met. The customer lists and patents are deemed to have ongoing value to the Group.

 

8.         OTHER RECEIVABLES

	Group		Company
	2016	2015	2016	2015
	£	£	£	£
Amounts falling due within one year
Amounts owing by subsidiary undertakings	–	–	–	16,909
Other receivables	8,684	14,290	5,168	5,699
Corporation tax recoverable	37,828	32,775	–	–
Prepayments	17,398	54,194	11,493	30,385
	63,910	101,259	16,661	52,993

 

9.         OTHER PAYABLES

	Group		Company
	2016	2015	2016	2015
	£	£	£	£
Amounts falling due within one year
Other payables	4,885	9,396	1,042	16
Other taxes and social security	15,386	33,047	292	16,418
Accruals	31,750	28,701	31,750	18,024
Deferred income	103,169	193,818	–	–
	155,190	264,962	33,084	34,458

 

10.        SHARE CAPITAL AND RESERVES

						2016	2015
						£	£
Authorised and issued share capital
Ordinary shares of 0.25 pence each						509,185	476,867
Allotted, called up and fully paid share capital:
						Number	Number
As at 1 June 2015						190,746,746	190,746,746
Issued						12,927,111	–
As at 31 May 2016						203,673,857	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 1.85 pence. During the year the Company had the following share options in issue:

Number of options
At 1 June 2015	Lapsed	Exercised	At 31 May 2016	Exercise price (pence)	Exercise date
4,800,000	800,000	1,600,000	2,400,000	1.25	21/05/14 to19/05/24
4,000,000	–	–	4,000,000	3.00	21/05/15 to19/05/24
4,000,000	–	–	4,000,000	5.00	21/05/15 to19/05/24
12,800,000	800,000	1,600,000	10,400,000

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.

In March 2016 800,000 options lapsed.

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.

Warrants are valued using the Black-Scholes 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 1.85 pence. During the year the Company had in existence the following warrants:

 

Number of warrants
At 1 June 2015	Granted	Cancelled	At 31 May 2016	Exercise price (pence)	Exercise date
4,550,000	–	–	4,550,000	1.25	19/05/16 to 19/05/24
18,200,000	–	–	18,200,000	3.00	19/05/17 to 19/05/24
22,750,000	–	–	22,750,000

 

Reserves

The nature and purpose of each reserve within equity is as follows:

Share premium	Amount subscribed for share capital in excess of nominal value
Capital reserve	Reserve on consolidation of subsidiaries
Translation reserve	Gains and losses on the translation of overseas operations into GBP
Retained earnings	All other net gains and losses and transactions with owners not recognised elsewhere
Convertible debt option reserve	Amount of proceeds on issue of convertible debt relating to the equity component of the debt.

 

11.        NOTICE OF ANNUAL GENERAL MEETING (“AGM”) AND AVAILABILITY OF REPORT AND FINANCIAL STATEMENTS 

The Company hereby announces that its AGM will be held at the offices of Allenby Capital Limited, 3 St Helen’s Place, London EC3A 6AB at 10.00 a.m. on 23 November 2016.  

The Company’s Annual Report and Financial Statements for the year ended 31 May 2016 are expected to be posted to shareholders, along with the Notice of AGM, on 26 October 2016 and will be available thereafter at the Company’s registered office, Unit 5 Grange Park, Broadway, Bourn, Cambridgeshire CB23 2TA and on its website: http://www.fbk.com/category/financial-reports/