Final Results -23-
16 Marzo 2009 - 1:00AM
UK Regulatory
+-----------------------+-+------------+-+------------+----------+-------------+--+------------+-----------+---------------------+-----------+------------------+
| | | 51,642,725 | | 28,236,519 | | 23,406,206 | | 51,311,449 | | 28,182,751 | | 23,128,698 |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------+-----------+---------------------+-----------+------------------+
| | | | | | | | | | | | | |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------+-----------+---------------------+-----------+------------------+
| | | Group | | Company |
+-----------------------+-+----------------------------------------------------+--+-----------------------------------------------------------------------+
| | | 31 December 2007 | | 31 December 2007 |
+-----------------------+-+----------------------------------------------------+--+-----------------------------------------------------------------------+
| | | Fair | | Cost | | Unrealised | | Fair | | Cost | | Unrealised |
| | | Value | | | | | | Value | | | | |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| | | US $ | | US $ | | US $ | | US $ | | US $ | | US $ |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| | | | | | | | | | | | | |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| Shares | | 39,482,486 | | 20,054,147 | | 19,428,339 | | 39,482,486 | | 20,054,147 | | 19,428,339 |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| Promissory notes | | 4,275,645 | | 4,275,645 | | - | | 4,275,645 | | 4,275,645 | | - |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| Warrants & options | | 7,884,594 | | 3,906,727 | | 3,977,867 | | 7,553,318 | | 3,852,959 | | 3,700,359 |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| | | | | | | | | | | | | |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------------+--------+------------+-----------+------------------+
| | | 51,642,725 | | 28,236,519 | | 23,406,206 | | 51,311,449 | | 28,182,751 | | 23,128,698 |
+-----------------------+-+------------+-+------------+----------+-------------+--+------------+-----+-----+--+------------+-----+-----+-----+------------+-----+
Fair value determination
At 31 December 2008 the one publicly traded company, AXCESS International Inc.
("AXCESS"), is valued based on its last quoted closing prices. In regard to the
Group's valuation of AXCESS, the Directors have assumed an orderly sale of the
stock over an extended period of time and have therefore chosen not to apply a
discount to the quoted market price. Equity investments in Kromek (formerly
Durham Scientific Crystals, Ltd.), FireStar Software, Inc., Motif BioSciences,
Inc., m2m Imaging Corp., Myconostica Ltd., PrivateMarkets Inc. (formerly Energy
Trading International, Inc.) and WellGen, Inc. are valued using the latest
offering price from recently executed financing transactions by those companies.
The prices used are as follows: for Kromek GBP8.00 from Dec 2008; for FireStar
Software, Inc. US $7.00 from August 2006; for Motif BioSciences, Inc. $3.00 from
April 2007; m2m Imaging Corp US $7.00 from May 2008; for Myconostica Ltd
GBP40.00 from May 2008; for PrivateMarkets Inc. $1.00 from March 2008; and for
WellGen, Inc. $2.50 from October 2007. Convertible promissory notes held in
these companies are valued at cost. The value of MSA Holding B.S.C. is based on
the value of its net assets at 31 December 2008. Warrants for all companies are
valued at the valuation price less the warrant exercise price plus a factor for
the time value of the warrant. The time value factor is based on the premise
that an in-the-money ten year warrant is worth half the exercise price.
At 31 December 2008, MSA Holding B.S.C. owned 2,626,467 of the ordinary shares
of Amphion Innovations plc.
14. Investments, (continued)
The Group's ownership percentages of the investments are as follows:
+-----------------+----------+---------------+----------+---------------+--+---------------+
| | | | | 2008 | | 2007 |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| | | | | Fully-diluted | | Fully-diluted |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| | | Country | | ownership | | ownership |
| | | of | | % | | % |
| | | incorporation | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| | | | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| AXCESS | | United | | 7.83 | | 7.47 |
| International, | | States | | | | |
| Inc. | | of | | | | |
| | | America | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| FireStar | | United | | 15.32 | | 16.21 |
| Software, | | States | | | | |
| Inc. | | of | | | | |
| | | America | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| Kromek | | England | | 20.78 | | 25.32 |
| (formerly | | & Wales | | | | |
| Durham | | | | | | |
| Scientifc | | | | | | |
| Crystals) | | | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| Motif | | United | | 39.11 | | 37.69 |
| BioSciences, | | States | | | | |
| Inc. | | of | | | | |
| | | America | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| MSA | | Kingdom | | 50.00 | | 50.00 |
| Holding | | of | | | | |
| B.S.C. | | Bahrain | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| m2m | | United | | 24.36 | | 23.53 |
| Imaging | | States | | | | |
| Corporation | | of | | | | |
| | | America | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| Myconostica | | England | | 22.89 | | 35.70 |
| Ltd | | & Wales | | | | |
+-----------------+----------+---------------+----------+---------------+--+---------------+
| PrivateMarkets, | | United | | 27.75 | | 13.06 |
| Inc. (formerly | | States | | | | |
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