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Greenchip Investment (XEN)

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Friday 27 September, 2002

Greenchip Investment

Interim Results

Greenchip Investments  PLC
27 September 2002

                           GREENCHIP INVESTMENTS PLC


                            FOR THE SIX MONTHS ENDED

                                  30 JUNE 2002

                            Company Number : 3893693


Dear Shareholder:

I am pleased to be able to deliver my first statement to shareholders since
assuming the Chairmanship from Malcolm Burne in August this year.

Board changes

Malcolm Burne successfully led this company through the process of acquiring
Programmable Life Inc ("P-Life") in January 2002 via a Reverse Takeover ("RTO").
Since I personally became involved with the business in March/April this year,
Malcolm's professionalism has been a feature of all of my dealings with
Greenchip and he has proved to be a wise head and excellent adviser to the

Colin Hill, our Finance Director, has stepped down from his executive
responsibilities which, since January, have become increasingly focused on our
US-based operations, a situation which has posed additional burdens on Colin in
a period when he has not enjoyed the best of health. Pending the recruitment of
a full time CFO, I have been asked by the Board to accept executive
responsibility for finance, a role which I have accepted subject to Colin's
interim assistance which I both respect and welcome.

Both Malcolm and Colin will continue to serve on the Board in a non-executive
capacity for the foreseeable future and I consider it entirely appropriate that
I should take this opportunity to pay tribute to their commitment to the
business and its shareholders and look forward to their continuing contribution
to the development and execution of the Company's strategy.

Charles Cannon-Brookes will also continue in his non-executive role and it is
fitting that the Board recognises the considerable effort he has delivered to
the Company both before his formal appointment (while final negotiations for the
RTO were underway) and also since that date as our business strategy has been
expanded to include consolidation as well as organic growth.

To further underpin the focus of operations in the USA and to lead the execution
of the Company's strategy from front line executive roles, Rudolf Mosny has been
appointed Chief Executive Officer and Robert Durst Chief as Technical Officer
with immediate effect.  Robert Downie, the Company's principal shareholder, has
now relinquished his role as Interim CEO and has been appointed President, a
position which will allow him to capitalize on his broad industry experience and

Highlights from the Unaudited (but Reviewed) Financial Statements

While turnover in the period was only some £71k (2001: NIL), the gross margin
deriving therefrom - at 57% - was in line with original expectations.  As an
early stage development company, revenues were expected to be limited during
this calendar year as commercial trials for our product offerings were predicted
to be taken up by new customers only cautiously.  Shareholders must bear in mind
that at this stage in any technology-based enterprise, and especially in
consideration of the global uncertainties which have plagued commercial markets
for the last 12-18 months, initiation of new product trials has been at a slower
rate than the Company would prefer.  I expect that next calendar year will
reward us all with a substantially increased level of turnover from our core

The Company has reported a net loss before taxation in the period of some £473k,
(representing a loss per share of 0.36 pence (2001: Loss 1.73 pence per share).

Pursuant to the acquisition of P-Life in January this year, net assets,
including goodwill of £4.1 million (2001: NIL), have risen to £4.26 million
(2001: £1.08m). No provision for amortisation of goodwill has been made at the
interim stage in consideration of the early stage nature of the underlying
technology and Intellectual Property assets of the Company. This matter will be
addressed in the full year statements at which time the Board will establish the
most appropriate amortisation policy.

Net current assets for the period under review were £203k (including a cash
balance of £408k.)   Your Board believes that the Company has adequate cash
resources to sustain its current level of operations for the upcoming 12 months
- although

I do wish to draw your attention to the transaction with New Opportunities
Investment Trust details of which are set out below.

Business Strategy and Challenges

In the months since the RTO, the Company has and will continue to meet
commercial and technical challenges in its resolute pursuit of the underlying
business strategy of creating a technology platform company in the generic field
of programmable materials, with a primary emphasis on degradable and
biodegradable polymers.

Our strategy, which has become fully developed in that period, is to aggregate
niche technologies and Intellectual Property (IP) whereby the Company will be
enabled, by use of such IP, to develop products which will meet specific
performance criteria as defined by our customers. The IP owned by P-Life is the
cornerstone of this aggregation policy and we are continuing to refine the
Company's product offerings in that area of degradable polyethylene with a view
to rolling out our technology solutions to the global marketplace over the
upcoming 12-24 months.

You should also be aware that your Board is considering a possible change of
name of the Company to more specifically reflect the concept of "programmable
materials".  I will report to shareholders on this matter as and when the Board
has reached a formal conclusion.

Continuing Technical Developments

The AIM Admission document issued in January this year indicated that P-Life was
an early stage development company and the then directors fully acknowledged
that a continuing technological level of effort would be required to bring the
IP to market.  While good progress has undoubtedly been made in the last few
months on improvements to the underlying technology, the commercial rollout has
been somewhat delayed as compared to the Board's expectations of nine months
ago.  Nevertheless, early indications from the market justify the Board's
confidence in the commercial potential of  P-Life's IP.

Share Exchange with New Opportunities Investment Trust plc ("NOIT")

To ensure that the Company has sufficient resources to meet its anticipated cash
requirements over the next twelve months, the directors have successfully
negotiated a share transaction with NOIT whose shares were admitted to the
Official List of the London Stock Exchange on 25 September 2002 (LSE: NOI).

The transaction, which is more fully reported in an RNS dated 26 September 2002,
means that the Company has exchanged 25m new ordinary shares (ranking pari passu
with all other ordinary shares in the Company and in respect of which
application for trading on AIM has been made) for 375,000 redeemable ordinary
shares in NOIT which, on their Admission to the Official List, have a nominal
value of £375,000 based on NOIT's subscription price of 100 pence per share.
The Company will be able to sell these NOIT shares after a minimum 90 day "hold"

This transaction has, inter alia, resulted in NOIT having a 15.60% interest in
the ordinary share capital of your Company.

Potential Acquisitions

In the last 6 months, the Board has identified - and very actively pursued - a
number of potential merger and/or acquisition transactions.  While many of these
efforts revealed flaws in the prospects which have caused us to withdraw, I am
pleased to report that the Company is now in advanced discussions with a target
acquisition which, subject to financing and final due diligence, is expected to
close no later than February of next year.

The target business focuses upon the technical development of early stage
technologies to enable their commercial exploitation while pursuing its
established business of contract research and development services and the
provision of specialty chemicals from its Research and Development facility in
the United States.

Your Directors consider this to be an important step in the rollout of the
Company's strategy and are making every effort to source the necessary new
capital required to close this transaction, notwithstanding the difficult
conditions currently prevalent in the world's capital markets.

As was highlighted in the AIM Admission document of January 2002, shareholders
should be cogniscent that the Company may also require new capital on a
continuing basis as the business begins to realize its commercial potential,.

New Professional Advisers

I am pleased to report that the Board has now appointed London based FW Smith
Riches & Co. as the Company's new auditors following the shareholders' decision
at the last Annual General Meeting to discontinue with the audit services of
Grant Thornton, Southampton.

Hobson Audley have been appointed as our UK legal advisers replacing Messrs
Stringer Saul.

Finally, I wish to thank all of my co-directors, management and staff for their
hard work in the 8-9 months since the RTO.  Working in an early stage
development business has its particular challenges, but our team has worked
assiduously and in good heart throughout and I am confident that in my next
Chairman's Statement I shall be able to report further significant developments
as our Company's strategy continue to materialise.

Porter Bibb

Executive Chairman

New York City - 27 September 2002


Unaudited Interim Results for the six months to 30th June 2002

                                                                          Six months       Six months       Year to
                                                                         to 30/06/02      to 30/06/01      31/12/01
                                                                           Unaudited        Unaudited       Audited
                                                                                   £                £             £
Continuing operations                                                              -                -             -
Acquisitions                                                                  70,655                -             -
                                                                        ____________     ____________  ____________
                                                                              70,655                -             -

Discontinued operations                                                          244              129           133
                                                                        ____________     ____________  ____________
                                                                              70,899              129           133

COST OF SALES                                                                 30,187           12,529        12,529
                                                                        ____________     ____________  ____________
GROSS PROFIT/ (LOSS)                                                          40,712         (12,400)      (12,396)

Administrative expenses                                                      524,905          471,505       567,868
                                                                        ____________     ____________  ____________
Continuing operations                                                      (152,483)        (461,828)     (558,191)
Acquisitions                                                               (328,355)                -             -
                                                                        ____________     ____________  ____________
                                                                           (480,838)        (461,828)     (558,191)

Discontinued operations                                                      (3,355)         (22,077)      (22,073)
                                                                        ____________     ____________  ____________
                                                                           (484,193)        (483,905)     (580,264)

Provisions against investments                                                     -         (48,803)      (48,803)
Interest receivable                                                           10,710           32,648        57,123
Interest payable                                                                   -          (2,043)       (7,228)
                                                                        ____________     ____________  ____________
BEFORE TAXATION                                                            (473,483)        (502,103)     (579,172)

Tax on loss on ordinary activities                                                 -                -             -
                                                                        ____________     ____________  ____________
AFTER TAXATION                                                             (473,483)        (502,103)     (579,172)
                                                                              ======           ======        ======

Earnings per ordinary share - basic and                                      (0.36)p          (1.73)p       (1.91)p
                                                                              ======           ======        ======


Unaudited Interim Results for the six months to 30th June 2002

                                                                             As at            As at           As at
                                                                          30/06/02         30/06/01        31/12/01
                                                                         Unaudited        Unaudited         Audited
                                                                                 £                £               £

Goodwill on consolidation                                                4,101,234                -               -
Other intangible assets                                                    133,466                -               -
Tangible assets                                                              8,435           18,033           2,000
Investments                                                                 32,442           32,442          32,442
                                                                    ______________   ______________  ______________
                                                                         4,275,577           50,475          34,442

Stocks                                                                      35,568                -               -
Debtors                                                                     34,036           26,031         298,021
Cash at bank and in hand                                                   407,585        1,134,958       1,168,011
                                                                    ______________   ______________  ______________
                                                                           477,189        1,160,989       1,466,032
CREDITORS: Amounts falling
due within one year                                                      (274,619)        (115,815)       (282,184)
                                                                    ______________   ______________  ______________
NET CURRENT ASSETS                                                         202,570        1,045,174       1,183,848

LIABILITES                                                               4,478,147        1,095,649       1,218,290

CREDITORS: Amounts falling
due after more than one year                                             (213,873)         (19,040)               -
                                                                    ______________   ______________  ______________
TOTAL NET ASSETS                                                         4,264,274        1,076,609       1,218,290
                                                                           =======          =======         =======


Called up share capital                                                  1,352,816          290,316         352,816
Share premium account                                                    4,511,165        4,354,915       4,511,165
Merger reserve                                                           2,500,000                -               -
Profit and loss account                                                (4,099,707)      (3,568,622)     (3,645,691)
                                                                    ______________   ______________  ______________
SHAREHOLDERS' FUNDS                                                      4,264,274        1,076,609       1,218,290
                                                                           =======          =======         =======


Unaudited Interim Results for the six months 30th June 2002

                                                                          Six months     Six months        Year to
                                                                         to 30/06/02    to 30/06/01       31/12/01
                                                                           Unaudited      Unaudited        Audited
                                                                                   £              £              £

Net cash outflow from operating activities                                 (508,265)      (405,637)      (576,837)

Returns on Investments and servicing
of finance
Bank Interest Received                                                        10,710         32,648         57,123
Bank and other loan interest paid                                                  -              -          (639)
Interest payable on hire purchase contracts                                        -        (2,043)        (6,589)
                                                                          __________     __________     __________

Net cash inflow from returns on investments
and servicing of finance                                                      10,710         30,605         49,895

Capital expenditure

Payments to acquire tangible fixed assets                                          -          (647)          (647)
Proceeds from disposal of tangible fixed                                           -          8,825         11,429
                                                                         ___________    ___________     __________

Net cash inflow from capital expenditure                                           -          8,178         10,782

Acquisitions and disposals

Acquisition of a subsidiary                                                (288,318)              -              -
Net cash acquired with subsidiary                                              4,323              -              -
                                                                        ____________   ____________    ___________
Net cash outflow from acquisitions and
disposals                                                                  (283,995)              -              -

Net cash outflow before financing                                          (781,550)      (366,854)      (516,160)


Issue of ordinary share capital                                                    -              -        218,750
Repayment of capital element of finance leases                                     -        (8,675)       (45,065)

                                                                        ____________   ____________    ___________

Net cash (outflow)/inflow from financing                                           -        (8,675)        173,685

                                                                        ____________   ____________    ___________

Decrease in cash in the period                                             (781,550)      (375,529)      (342,475)

                                                                              ======         ======         ======


Unaudited Interim Results for the six months 30th June 2002

                                                                          Six months       Six months      Year to
                                                                         to 30/06/02      to 30/06/01     31/12/01
                                                                           Unaudited        Unaudited      Audited
                                                                                   £                £            £

Loss for the financial period                                              (473,483)        (502,103)    (579,172)

Exchange differences on translation of
net assets of subsidiary undertaking                                          19,467                -            -
                                                                        ____________     ____________  ___________
Total recognised losses relating to the period                             (454,016)        (502,103)    (579,172)
                                                                              ======           ======       ======


1.   The interim statement for the six months ended 30th June 2002 is unaudited
and was approved by the directors on 27th September 2002. The financial
information set out  above does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The information given as
comparative figures for the year ended 31st December 2001 was extracted from the
Company's statutory accounts for that financial year.


The principal accounting policies of the Company have remained unchanged from
those set out in the Company's 2001 accounts. There has been no impact on the
financial statements following the adoption of FRS 19 "Deferred tax".

3.   The results of Programmable Life Inc have been consolidated using the
acquisition method.


                                                                        Six months     Six months        Year to
                                                                       to 30/06/02    to 30/06/01       31/12/01
                                                                         Unaudited      Unaudited        Audited
                                                                                 £              £              £

Operating loss                                                           (484,193)      (483,905)      (580,264)
Amortisation of intangible fixed assets                                     24,068              -              -
Depreciation                                                                 1,899         27,952         15,569
Loss on disposal of tangible fixed assets                                        -              -         25,813
Decrease in stocks                                                          35,933         12,530         12,530
Decrease/(Increase) in debtors                                             307,180         79,406      (192,584)
(Decrease)/Increase in creditors                                         (393,152)       (41,620)        142,099
                                                                       ___________    ___________    ___________
Net cash outflow from operating activities                               (508,265)      (405,637)      (576,837)
                                                                            ======         ======         ======


Opening net funds                                                    1,168,011         1,510,486        1,510,486

Decrease in cash in period                                           (781,550)         (375,529)        (342,475)

Translation difference                                                  21,124                 -                -
                                                                ______________    ______________   ______________
Closing net funds                                                      407,585         1,134,957        1,168,011
                                                                       =======           =======          =======


      The calculation of earnings per ordinary share is based on losses of £
473,483 and on the weighted average number of shares in issue during the period
of 130,961,708 ordinary 1p shares. The diluted earnings per share has been
presented on the same basis as the basic earnings per share as all potential
ordinary shares would be anti-dilutive.

7.   Copies of the Interim Report are available to the public free of charge
from the offices of FW Smith, Riches & Co., 18 Pall Mall, London SW1Y 5LU during
normal office hours, Saturdays and Sundays excepted, for 14 days from today.


We have been instructed by the Company to review the financial information set
out on pages 5 to 9 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors'
responsibilities include ensuring  that the accounting policies and presentation
applied to the interim figures are consistent with those applied in preparing
the preceding annual accounts except where any changes, and the reasons for
them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon, assessing
whether the accounting policies and presentation have been consistently applied
unless otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.

Review conclusion

As noted in the Chairman's statement on page 2, the full financial statements
for the year ending 31st December 2002 will include an amortisation charge in
respect of the goodwill on consolidation arising from the acquisition of
Programmable Life Inc. No such amortisation charge has been included in these
interim financial statements since the Board has yet to determine the likely
economic life of the underlying technology and intellectual property assets of
the Company. We are unable to estimate the effect on the interim financial
statements of not including a charge for amortisation of the goodwill arising on

On the basis of our review, with the exception of the matter described in the
preceding paragraph, we are not aware of any material modifications that should
be made to the financial information as presented for the six months ended 30th
June 2002.

F. W. Smith, Riches & Co.

Chartered Accountants

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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