1 Business Description
Levrett Plc has been formed for the purpose of acquiring a target company or business or asset(s) that has operations in the pharmaceutical and biotechnology sector.
2 Company Directors
Professor John Lidgey (Non-Executive Chairman) completed his PhD at the University of Surrey in 1973 and after four years at the University of Newcastle, NSW, Australia returned to England in 1978 to join Oxford Polytechnic, which became Oxford Brookes University in 1992. He remained at Oxford Polytechnic/Oxford Brookes University through to his retirement, progressing to Professor of Electronic Engineering and Assistant Dean in the School of Technology. He retired from full-time employment at the University in 2009, but remains affiliated to the University as an emeritus professor. He has gained significant international recognition for his original research in analogue electronic circuit and system design with applications covering all sectors including industrial electronics, telecommunications and most recently bio-medical electronics and instrumentation.
Pascal Hughes (Chief Executive Officer) is a financier and entrepreneur. He previously worked in Investment Banking in the City of London for close to 20 years most recently as a Managing Director in Fixed Income, Currencies and Commodities at UBS bank. Prior to that he was a Managing Director in Global Banking and Markets at HSBC. He began his career at Deutsche Bank in 1994 where he worked for 10 years. Throughout his career at some of the world’s largest financial institutions Pascal gained exposure to a broad variety of businesses and transactions and has significant experience of working with large corporate clients, governments, sovereign wealth funds and investment institutions. He is also an active private investor and advisor to start-up companies in a variety of different business areas from financial technologies to oil field services. Pascal has a B.A (Hons) in Accounting and Finance from Dublin City University, and an MSc. in Financial Economics from Queens University Belfast. He is also an alumnus of London Business School.
Anthony (Tony) Reeves (Non-Executive Director) has over 45 years’ Public Company experience in Europe, USA and the Middle East. He is the non-executive Chairman of Cloudtag Inc, an AIM listed technology firm that is focused on bringing medical quality devices to the fitness market. He also holds the position as non-Executive Chairman of Kellan Group plc, the AIM listed recruitment business, and prior to this, he was Chairman and chief executive officer of the Hotgroup plc until its acquisition in 2005. Previously, he was Chairman and chief executive officer of the Delphi Group plc until 2001 when it was acquired by Adecco SA. Before joining Delphi Group Plc, Tony was Chairman, President and chief executive officer of Lifetime Corporation, a recruitment agency staffing hospitals and construction projects primarily in the Middle East. He oversaw Lifetime Reverse into a company listed on the American Stock Exchange in 1986 with revenues of $25 million, which grew to $1 billion in 1993. Tony oversaw the sell of Lifetime to Olsten for $660 million.
3 Director’s Responsibilities
There are currently two Non-Executive Directors and one Executive Director on the Board. The Non-Executive directors are responsible for preparing the accounts in accordance with applicable law and regulations. Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The accounts are required by law to give a true and fair view of the state of affairs of the group and of the company and of the profit or loss of the group for that period.
In preparing the Company’s accounts, the directors are required to:
- select suitable accounting policies and then apply them consistently
- make judgements and estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the group will continue in business
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and to enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors will implement such corporate governance procedures and establish such committees of the Board as will be required, including audit and remuneration committees, for it to comply with the terms of the Combined Code upon completion of the first significant acquisition by the Company, in so far as is appropriate for a company of its size. The Directors have established financial controls and reporting procedures which are considered appropriate given the size and structure of the Company. These controls will be reviewed in light of significant acquisitions and adjusted accordingly.
The Company supports the concept of an effective board leading and controlling the Company. The Board is responsible for approving Company policy and strategy. It meets on a regular basis and has a schedule of matters specifically reserved to it for decision. Management supply the Board with appropriate and timely information and the Directors are free to seek any further information they consider necessary. All Directors have access to advice from the Company Secretary and independent professional advice at the Company’s expense.
The Board consists of one executive and two non-executive Directors, who bring a breadth of experience and knowledge. This provides a balance whereby the Board’s decision making cannot be dominated by an individual. The Chairman of the Board is Professor John Lidgey.
Directors Share Dealing Code
The company has adopted, and will operate where applicable, a share dealing code for Directors and applicable employees
The Takeover Code applies to the Company and governs, inter alia, transactions which may result in a change of control of a company to which the Takeover Code applies.
Relations with shareholders
The Company values the views of its shareholders and recognises their interest in the Group’s strategy and performance. The Annual General Meeting will be used to communicate with private investors and they are encouraged to participate. The Directors will be available to answer questions. Separate resolutions will be proposed on each issue so that they can be given proper consideration and there will be a resolution to approve the annual report and accounts.
The Board is responsible for maintaining a strong system of internal control to safeguard shareholders’ investment and the Group’s assets and for reviewing its effectiveness. The system of internal financial control is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
Levrett Plc is incorporated in England and Wales (Company no. 9632100) and its main country of operation is the UK.
5 Constitutional Documents
Copies of the Company’s constitutional documents can be downloaded below:
6 Shares In Issue
The number of shares in issue is 95,750,000 and there are no shares held in treasury.
7 Major Shareholdings
As at 17 December 2015, the Company is aware of the following shareholders holding 3 per cent. or more of the issued share capital of the Company:
||No. of Existing Ordinary Shares
||% of Enlarged UndilutedIssued Share Capital
|WB Nominees Limited
|Rampart Management Limited
|GB Trust Co Limited
|OBB Trading Limited
8 Share Restrictions
There are no restrictions on the transfer of Levrett’s shares.
9 Exchange/Trading Platforms
The securities of Levrett are traded on the Standard List of the London Stock Exchange. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platforms.
10 Financial Reports
The most recent published annual reports, interim reports, publications and shareholder circulars can be accessed here in addition to the Company’s Admission document. Right click and save as to download:
Levrett Plc Interim Results
Levrett Plc Prospectus Dec-17
11 All Notifications Made in the Last 12 Months
A copy of the Company’s press releases can be accessed here.
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