Final Results -23-
March 31 2009 - 2:00AM
UK Regulatory
| (5) | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| Balance at | | 171,749,427 | | 3,435 | | 67,415 | | - |
| December 31, | | | | | | | | |
| 2007 | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| Purchase of | | (650,000) | | - | | - | | (527) |
| treasury | | | | | | | | |
| shares (6) | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| Exercise of | | 700,000 | | 14 | | 58 | | - |
| options | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
| Balance at | | 171,799,427 | | 3,449 | | 67,473 | | (527) |
| December 31, | | | | | | | | |
| 2008 | | | | | | | | |
+--------------------------+-+----------------+-+--------------------------------------------------------------+-+-----------+-+----------------------------------------------------------------+
(1) On May 30, 2006, the issued share capital which was composed of
12,000,000 Ordinary shares of EUR 0.2 par value each was split into 120,000,000
Ordinary shares of EUR 0.02 par value each. All share and per share amounts in
these financial statements have been restated to reflect this split.
(2) During 2006, 2,500,000 options were granted to senior employees and
directors of the Company and of related companies. Each option may be exercised
to purchase one Ordinary share of the Company at an exercise price of $ 0.192.
The options vest in six equal portions over an eighteen-month period, commencing
three months after the date of grant. Any options not exercised within nine
years from date of grant will expire, unless extended by the Board of Directors.
The fair value of the options granted determined using the Black-Scholes option
valuation model was approximately $ 427 thousand (EUR 352). The significant inputs
in the model were share price - $ 0.34, exercise price - $ 0.192, standard
volatility - 61%, expected option life - two years, annual risk-free interest
rate - 4.5%, and expected dividend yield - zero.
The Company recorded in the financial statements an expense in general and
administrative expenses amounting to approximately EUR 47 in 2007 and EUR 275 in
2006, and a corresponding increase in shareholders' equity.
During 2008, 700,000 options were exercised for approximately EUR 12. At December
31, 2008, 1,800,000 options are outstanding and exercisable.
(3) On June 27, 2006, the Company issued 12,987,013 Ordinary shares on the
AIM in London in consideration of EUR 14,493 (GBP 10 million). The issue expenses
amounted to EUR 2,406 and the net proceeds after issue expenses amounted to EUR
12,087. The shareholders of the Company that held shares prior to this issue
acquired 1,143,000 Ordinary shares as part of the issue for a total
consideration of EUR 1,275 (GBP 880 thousand).
(4) On January 23, 2007, the Company issued to investors 13 million Ordinary
shares at GBP 0.85 per share (EUR 1.3 per share). The total proceeds from the
issue amounted to approximately GBP 11 million (EUR 16,700). The issue expenses of
approximately EUR 600 were offset against the share premium.
(5) On March 6, 2007, an investment agreement with an associate of Lehman,
LBREP II Neptune S.a.r.l (LBREP), was signed. According to the agreement, the
Company issued to LBREP 25,762,414 Ordinary shares at GBP 0.85 per share (EUR 1.25
per share). The proceeds from this issue amounted to approximately GBP 21,900
thousand (EUR 32,100). As a result of the issue, LBREP acquired 15% of the
Company's issued and outstanding share capital. The issue expenses of EUR 500 were
offset against the share premium.
(6) In April 2008, the Company made market purchases for 650,000 Ordinary
shares of the Company, representing approximately 0.38% of the issued share
capital of the Company, at an average price of 65 pence per share.
b. Other reserves:
+-----------------------------+------+-------------+-+-------------+-+-------------+-+-----------+-+----------------------------------------------------------------+
| | | Inventory | | Currency | |Acquisition | |Statutory | | Total |
| | |revaluation | |translation | | | | reserve | | |
| | | | | adjustment | |of minority | | (*) | | |
| | | | | | | interest | | | | |
+-----------------------------+------+-------------+-+-------------+-+-------------+-+-----------+-+----------------------------------------------------------------+
| | | | | | | | | | | |
+-----------------------------+------+-------------+-+-------------+-+-------------+-+-----------+-+----------------------------------------------------------------+
| Balance at | | 1,743 | | 690 | | 65 | | - | | 2,498 |
| January 1, | | | | | | | | | | |
| 2006 | | | | | | | | | | |
+-----------------------------+------+-------------+-+-------------+-+-------------+-+-----------+-+----------------------------------------------------------------+
| | | | | | | | | | | |
+-----------------------------+------+-------------+-+-------------+-+-------------+-+-----------+-+----------------------------------------------------------------+
| Transfer of | | (493) | | - | | - | | - | | (493) |
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