CHERWELL capital Plc
CHAIRMANS REPORT & INTERIM FIGURES for the six months ending 30th September 2008
I have pleasure in presenting to Cherwell Capital Plc shareholders with the
unaudited interim figures for the six month period to 30th September 2008 and
an up-date of the progress of our individual investments.
Cherwell's net asset value at 30th September 2008 amounted to £302,326 (2.3p/
share) compared to £368,689 (2.8p/share) for the period ending 31st March 2008.
The write down of Cherwell's asset value reflects the listing of Scancell on
PLUS at a price below our original purchase price and a reduction in the value
of MindWeavers to reflect the price of their rights issue - both of which took
place after our period end.
The Ordinary and Special Resolutions at the AGM and EGM on 6th November were
all passed unanimously.
BioAnaLab is the star performer with continuing strong growth in revenue and
profitability from the provision of specialist analytical services to a sector
of the pharmaceutical industry, which itself is fast growing.
Scancell, the company developing unique approaches to the treatment of cancer
using therapeutic monoclonal antibody technologies has recently listed on PLUS
Markets where it raised £1.5m albeit at a lower price/share than our original
MindWeavers intends raising £250,000 to provide working capital for clinical
trials and commercial development of its "Mind-Works" product. The company's
"MindFit-Brain Power Fitness" and "Phonomena" (language development) software
packages are seeing some sales growth.
Enkephala continues its ongoing Research & Development and Patenting of
technology on the way to what it hopes will be the development of a very early
stage diagnostic test for Alzheimer's disease.
OxLoc which was written off two years ago has been eliminated entirely.
Professor Bruce Savage,
Chairman - Cherwell Capital plc 12th December 2008
CHERWELL CAPITAL PLC Interim unaudited figures for 6 months to 30.09.08
STATEMENT OF TOTAL RETURN
6 Months to 30.09.08 12 Months to 31.03.08 6 Months to 30.09.07
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Gains/(losses) - (58,783) (58,783) - (1) (1) - - -
Income - - - - - - - - -
Other expenses (7,581) - ( 7,581) (18,906) (1) (18,907) ( - (
Return on (7,581) (58,783) (66,364) (18,906) (1) (18,907) ( - (
ordinary 6,985) 6,985)
Tax on - - - - - - - - -
transfers to (7,581) (58,783) (66,364) (18,906) (1) (18,907) ( - (
reserves 6,985) 6,985)
Return per (0.06)p (0.45)p (0.51)p (0.14)p - (0.14)p (0.05)p - (0.05)
General Notes to the Accounts
1.The financial information for the 6 month period ended 30 September 2008 is
unaudited and does not constitute statutory accounts within the meaning of the
Companies Act 1985. The financial information for the year ended 31 March 2008
has been extracted from the Company's statutory accounts for that period which
contained an unqualified report and which have been filed with the Registrar of
Companies. The accounting policies remain unchanged from those set out in the
Company's statutory accounts for the year ended 31 March 2008.
2.In accordance with PLUS Markets listing requirements Rule 9.12, the directors
take full responsibility for the figures and statements made in these accounts.
CHERWELL CAPITAL PLC Interim Unaudited Figures for 6 Months to 30.09.08
As at As at As at
30.09.08 31.03.08 30.09.07
GBP GBP GBP
Tangible 2 2 2
Investments 262,278 321,059 321,060
262,280 321,061 321,062
Debtors 66,882 76,402 90,273
Cash at bank - - -
& in hand
66,882 76,402 90,273
Creditors (26,839) (28,774) (30,274)
Net Current 40,046 47,628 59,549
Net Assets 302,326 368,689 380,611
Called up 326,633 326,633 326,633
Share premium 107,970 107,970 107,970
Other reserve 10,250 10,250 10,250
Capital (46,543) (1,423) (1,423)
Capital (30,567) (16,904) (16,904)
Revenue (65,418) (57,837) (45,915)
302,326 368,689 380,611
Net Asset Value/share 2.31p 2.82p 2.91p
Note to the balance sheet as at 30.09.08
The listed investments have been revalued at the half year, if appropriate.
Unlisted equity investments are stated at cost or subsequent issue price in
accordance with the British Venture Capital Association guidelines for the
valuation of listed companies.