TIDMDDD
RNS Number : 9354Y
DDD Group PLC
23 May 2016
RNS: 23 May 2016
Time: 7:00am GMT
Headline: 2015 Results and Posting of Accounts
23 May 2016
DDD Group plc
Final Results for the fiscal year ended 31 December 2015
Los Angeles, California: DDD Group plc (AIM: DDD; OTCQX: DDDGY),
the advanced imaging and 3D solutions company, announces its final
financial results for the year ended 31 December 2015. Copies of
the Annual Report and Accounts are now available from the Company's
website at www.dddgroupplc.com.
The Group expects to post to shareholders its Annual Report and
Accounts for the financial year ending 31 December 2015 on Tuesday
24 May 2016.
Operational Highlights:
-- Launched TriDef(R) SmartCam, a background replacement
solution for the video conferencing and video gaming markets, in
June 2015
-- 184,000 copies of TriDef Smartcam were shipped in the second half of 2015 (2014:0 total)
-- Signed two agreements with SplitmediaLabs, makers of XSplit
Gamecaster and XSplit Broadcaster products for affiliate marketing
and OEM bundling of TriDef SmartCam
-- 4m units of DDD TriDef 2D to 3D conversion solutions shipped
primarily by TV licensees in period (2014: 13m total TV, PC, and
mobile); cumulative total TriDef unit shipments of 55m at 31
December 2015
-- Extended the 3D TV license agreement with Samsung Electronics until December 2016
-- Commenced a patent litigation with Quinn, Emanuel, Urquhart,
& Sullivan LLP as lead counsel against LG Electronics in Los
Angeles, California related to the automatic 2D to 3D conversion
technology featured in LG's range of 3D TVs
-- Secured additional patents for 2D technologies that
strengthen the patent protection underlying the new products
Financial Highlights:
-- Revenues of $706,000 (2014: $2,533,000)
-- Gross profit margin remains strong at 98.7% (2014: 99.8%)
-- Adjusted EBITDA* loss from continuing operations of $1,826,000 (2014: loss of $285,000)
-- Loss from continuing operations of $3,178,000 (2014: loss of $2,209,000)
-- Loss per share from continuing operations $0.019 (2014: $0.015)
-- Cash at 31 December 2015 $164,000 (December 2014: $697,000)
-- The Group raised capital through the issue of
o approximately $1,256,000 (net of expenses) through two equity
placings during the year and
o approximately $534,000 (GBP350,000) of long-term debt through
the Convertible Unsecured Loan Note program
*Adjusted EBITDA represents earnings before interest, taxes,
depreciation and amortisation adjusted for the non-cash share based
payment expense required under IFRS
Subsequent to Period End
-- The Group raised $1,550,000 through the issuance of two Secured Loan Notes
-- Signed AVerMedia as an affiliate marketing partner for TriDef
SmartCam to support their RE Central gamecasting software
-- Launched UPix, an interactive social photography app for
Android phones via the Google Play store
-- Launched TriDef SmartCam for Mac OS X available at www.tridef.com
-- The Board has determined that the cost of continuing the AIM
admission outweighs the benefits and is recommending a special
resolution to cancel the AIM admission which will be voted on by
shareholders at the 29 June 2016 AGM. If the resolution is approved
by 75% of the voting shareholders, the cancellation would be
effective on 7 July 2016.
Chris Yewdall, Chief Executive said:
"During the year, the Company commenced the transition from its
legacy 3D business into our new offering of the 2D TriDef SmartCam
solutions that target scalable opportunities in the gamecasting and
video conferencing markets. We have been encouraged by the positive
response from end users and prospective partners to the new TriDef
SmartCam products where distribution is now in excess of 30,000
units per month. We have recently expanded the TriDef SmartCam
range with a version that is compatible with Apple's Mac OS X
platform which is popular within the business video conferencing
user base.
"Leveraging the core image analysis technology that the Company
has pioneered, we have also launched UPix, an innovative new social
photography app, that simplifies the process of taking 'selfie'
photographs and also makes them interactive, allowing friends to
add themselves to the 'selfie' photo and share it on.
"Additionally, the Company appointed Quinn Emanuel Urquhart and
Sullivan LLP, a leading US intellectual property law firm, to
pursue patent infringement litigation in the US against LG
Electronics related to LG's range of 3D televisions. The case is
currently progressing as expected.
"Revenues from the 3D TV market were lower due to the transition
of the use of Company's TriDef 3D conversion technology from HDTVs
to UHD/4K TVs which occurred at the end of the first quarter. 3D TV
revenues recovered towards the year end in line with the continued
growth in sales of UHD TVs. The Company also extended its license
agreement with Samsung until the end of 2016.
"During the transition from stereo 3D products to 2D solutions
the Company continues to carefully manage costs and expenses to
maximize the working capital as the Company returns to break-even.
Despite the careful cost control, the Company has seen a decline in
its turnover in the last two years, making it much harder to
generate profits at the present time. This has caused a substantial
price decrease and reduction in the liquidity of the stock making
it difficult for the Company to raise sufficient capital to fully
fund its growth plans for products and applications beyond the 3D
market.
"The AIM listing expense has become excessive for the size of
the business and more importantly does not help to generate any
additional revenue or profit. The Board's view is that the Company
is not receiving the benefits for which the AIM listing was
originally sought, nor is there any possible chance of the
situation changing in the foreseeable future. Accordingly the Board
has concluded that in their opinion, it is in the best interests of
the Company and its shareholders to seek a cancellation of trading
from the AIM market. This will cut significant expense and enhance
the possibility of potential dividends in the future."
Enquiries
DDD Group
Chris Yewdall, President
& CEO
Victoria Stull, CFO +1 310 566 3340
Peel Hunt LLP (UK Nomad/Broker)
Richard Kauffer / Euan
Brown +44 (0)207 418 8900
Beaufort Securities (Joint
broker)
Elliot Hance +44 (0)207 382 8300
Berns & Berns (US PAL)
Michael Berns, esq. +1 212 332 3320
About DDD Group
DDD transforms the visual experience. Its advanced imaging and
TriDef(R) solutions are licensed by leading brands for use in TVs,
smartphones, tablets and PCs. Over 56 million products have been
shipped by DDD's licensees and affiliates worldwide. DDD's shares
are quoted on the London Stock Exchange's AIM Market (AIM: DDD) and
the OTCQX (DDDGY). For more information please visit
www.dddgroupplc.com.
________________________________________________________
EXHIBIT A -
2015 ANNUAL RESULTS EXCERPT
CURRENT TRADING AND OUTLOOK
The growing number of affiliates for the TriDef SmartCam
software and the increasingly positive response to its capabilities
from end users in the gamecasting/webcasting market underscores the
applicability of the Group's unique approach to these growing
markets. By making TriDef SmartCam compatible with existing
technologies and popular applications used by the intended
audience, the barriers to end-user adoption are greatly reduced.
The affiliate business model is also proving popular since unlike a
traditional OEM licensing approach, it helps the affiliate create
incremental revenue from their customers which is directly
attributable to the value their customers place on the features
delivered by the TriDef SmartCam application. Allowing the end user
to purchase directly also greatly improves the per license revenue
since the value to the end user is a combination of the features
and performance of the product, the convenience of an electronic
download and the competitive price when compared to the cost of a
green screen system or a specialized infrared sensor webcam.
Following the introduction of TriDef SmartCam in mid-2015,
nearly 184,000 copies of TriDef SmartCam were downloaded or
pre-installed by end users prior to the year end. By comparison, it
took approximately two years for this quantity of licenses of the
Group's TriDef 3D software to be shipped with 3D PC products,
underscoring the scalability of the new markets.
Since the beginning of 2016, the Group has also observed a
growing number of larger companies who are becoming aware of the
TriDef SmartCam capabilities and are considering how best to
deliver it to their customers that number in the millions of
users.
During 2016, the Group will continue to consolidate the product
offerings for the current apps, including the delivery of an OS X
version of TriDef SmartCam which is compatible with Apple PCs and
the delivery of an iOS version of UPix which will allow iPhone and
iPad users to take advantage of the UPix app.
The Group will continue to work closely with Quinn Emanuel to
address the unlicensed use of its patent claims with the objective
of securing license fees for the use of the Group's international
patent library claims in various 3D consumer products and
professional services.
BUSINESS REVIEW OF OPERATIONS
2D TECHNOLOGY LICENSING BUSINESS
Recognising that the 3D market was not growing as quickly as had
originally been forecast, the Group developed a turnaround plan
with the goal of delivering a new range of technologies that can
return the Group to profitability.
The turnaround plan was shaped around a series of criteria:
-- The new markets should leverage the Group's existing
technical expertise, products and patents
-- The new markets should be significant in size, non-niche and
show strong near term growth potential
-- The new solutions should not be constrained by the need to
add special hardware to the target devices
-- The route to market should include direct to consumer app
licensing in addition to OEM licensing
-- The new solutions should address existing and future
requirements for the Group's OEM customers
One of the key objectives in the turnaround plan has been to
separate the new 2D licensing business from the existing 3D
licensing business. A new wholly-owned US subsidiary, GenMe Inc.,
was created which is responsible for the sales, marketing and
licensing of the new solutions. GenMe is a concatenation of the
words Generation Me which describes the diverse audience of end
users who increasingly share their daily lives and experiences
online through social media. The GenMe Inc. office is located in
the heart of 'Silicon Beach' in Los Angeles, which has rapidly
become the second largest technology community outside Silicon
Valley, providing access to the human and investment capital
necessary to execute on the full potential of the new solutions. As
part of the effort to reinforce the move away from the 3D market,
the Group changed its website address to DDDGroupplc.com at the end
of 2015 and disposed of the DDD.com domain.
During 2015, TriDef SmartCam, the first of these new products
was introduced to simplify and reduce the cost of 'green screen'
background replacement for consumers in the gamecasting/webcasting
market. At the core of these new solutions lies the Group's leading
expertise in automatically analyzing and deriving the depth in a 2D
image.
Real time background substitution
In recent years, the widespread availability of high speed
broadband and mobile data services has dramatically increased the
number of business and consumer users who participate in video
conference or video chat sessions. Business video conferencing
platforms like Webex host over 50 million video attendees per month
and consumer video chat platforms such as Microsoft Skype boast
over 80 million peak concurrent users each month. In new emerging
markets such as gamecasting where game players record and share
their video gameplay online, platforms such as Twitch.tv have
rapidly risen to become the top sources of internet video with over
1.8 million game videos being contributed each month that are
watched by over 100 million viewers per month.
As a consequence, many participants are looking for solutions
that provide more flexibility as to where they can receive and make
video calls so that they don't have to find a tidy, uncluttered
space that looks presentable to the other participants on the call.
The availability of low cost ultra high definition displays coupled
with high definition video cameras means video call participants
can now discern sensitive information written on whiteboards or
computer screens in the immediate environment, creating a need for
visual security for certain professional such as government, legal
or financial services users.
The TriDef SmartCam software was launched in May of 2015. TriDef
SmartCam accurately identifies and tracks the end user in real time
as they are filmed by their webcam. The user's head and torso is
then separated from their immediate background, allowing their
natural background to be replaced with an alternate image. The
principal is similar to the 'green screen' or chroma-key technology
that is used in professional broadcasting to overlay a live
weatherperson on a local weather map. Unlike a green screen system
however, no specially coloured background is required since TriDef
SmartCam uses the Group's proprietary image analysis technology to
separate the user from their background.
Prior to TriDef SmartCam, background substitution has either
required the end user to have an expensive and cumbersome 'green
screen' located behind them or requires the use of a special
hardware sensor such as Intel's RealSense. The value proposition
for TriDef SmartCam in background substitution is that no special
coloured background screen is required and that the TriDef SmartCam
software makes use of the existing 2D webcam in the user's PC,
smartphone or tablet, making it compatible with millions of
pre-existing devices already available to consumers and eliminating
incremental hardware cost for the PC, smartphone or tablet
manufacturers.
Addressable market:
As a 'middleware' application, TriDef SmartCam is presently
compatible with over twenty popular applications including business
video conferencing solutions such as Cisco's Webex, Citrix
GoToMeeting and Zoom, video chat applications including Skype, QQ
from Tencent Holdings, ooVoo and Lenovo's Youyue. In addition to
video chat/conferencing, TriDef SmartCam is compatible with popular
webcasting/gamecasting applications including SplitmediaLabs'
XSplit Broadcaster and XSplit Gamecaster, AVerMedia's RECentral and
Open Broadcaster Software (OBS). Importantly, this approach allows
the Group to retain control of how quickly end users can use TriDef
SmartCam with their intended application as opposed to waiting
while the application's developer schedules the time and resource
to test and integrate support for the TriDef SmartCam.
Business video conferencing platforms like Webex host over 50
million video attendees per month and consumer video chat platforms
such as Microsoft Skype boast over 80 million peak concurrent users
each month. In new emerging markets such as gamecasting where game
players record and share their video gameplay online, platforms
such as Twitch.tv have rapidly risen to become the top sources of
internet video with over 1.8 million game videos being contributed
each month that are watched by over 100 million viewers per
month.
Since TriDef SmartCam is compatible with webcams already owned
by PC users as well as being compatible with multiple video
conference, video chat and webcasting/gamecasting applications, the
addressable markets combined represent well over 1 billion end
users worldwide.
Initially the company has concentrated its business development
resources on the rapidly growing market for video gamecasting,
primarily in the United States. Video game players are known to be
strong early adopters of new technologies and the low cost,
try-before-you-buy alternative to costly green screen or 3D camera
systems appeals to these younger, budget-conscious consumers.
Business Model
As noted, a key aspect of the new business model is to place
less emphasis on licensing to Original Equipment Manufacturers
(OEMs). While the 3D products are 'premium' products, the webcams,
PCs and other devices that drive the use of TriDef SmartCam are
lower cost 'mainstream' products with significantly lower retail
prices. Consequently the opportunity for the Group to earn
reasonable per unit royalties from the OEMs is significantly
reduced.
The Group has launched an 'affiliate' licensing program whereby
the Group partners with software developers of video conferencing,
video chat, webcasting and gamecasting software applications to
bring the innovative new TriDef SmartCam features to their end
users. In this approach, the affiliate promotes the TriDef SmartCam
software to their end users who are then able to download an
evaluation version of the TriDef SmartCam software. At the end of
the evaluation period, the end user can elect to purchase the
TriDef software license directly from DDD's TriDef.com online
store. End user revenue received as a result of the affiliate's
involvement in the end user sale is then shared with the affiliate
on a calendar quarterly basis with the Group typically retaining
70% of the end user revenue after transactional fees are
deducted.
Unlike the OEM licensing model, the affiliate program seeks to
assist the partner in generating incremental value from their
existing customers as well as providing a point of differentiation
from their competitors. As such, it is commercially attractive to
the affiliate and the value created by TriDef SmartCam from their
end users is readily identifiable.
The Group still offers OEM licensing to licensees who wish to
make the TriDef SmartCam features available to their end users as
part of their product offering.
GenMe's TriDef SmartCam software business model currently
includes:
-- the licensing of the TriDef SmartCam software to
developer/publisher affiliates of webcasting, gamecasting, video
conferencing and video chat applications yielding end user software
purchases (software sales revenue); and
-- the licensing and sub-licensing via affiliates of the TriDef
SmartCam software to Original Equipment Manufacturers (OEMs) for
PC, webcam and related accessories yielding license fees (licensing
revenue) and per unit royalties (royalty revenue); and
-- the sale of TriDef SmartCam software directly to end users
from the Group's website yielding per unit license fees (software
sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- unlicensed use of the Group's intellectual property;
-- alternative background removal methods such as infrared
hardware sensors which may be used by some OEM manufacturers;
-- license agreement renewal terms and non-renewals; and
-- changes in affiliate marketing methods due to economic
conditions or market demand for their products.
Enhanced social photography
With the widespread availability of high quality digital cameras
in smartphones and tablets, the sharing of personal photographs and
'selfies' through social media and other online forums has grown
significantly in recent years. In mid-2014, Google estimated that
93 million selfies are shared daily on social media.
During 2015 the Group developed an Android version of the
background replacement technology to create the new UPix app which
was launched in beta in the Google Play store in February 2016. The
UPix app simplifies the process of creating better selfies and
enables a revolutionary capability of making selfies interactive,
allowing friends and family to become part of the user's photo.
An increasing number of popular venues and museums are banning
the use of 'selfie sticks' which are used to provide a wider camera
angle of the background behind the user. With UPix, the user can
capture the ideal background shot of the scene using the
rear-facing camera before the front-facing camera captures their
head and shoulders shot. The UPix app then crops their head and
shoulders shot and places it in the background scene allowing the
user to re-size, move and re-colour their headshot so it appears in
the perfect position in their selfie. UPix also allows the user to
save their favorite head/shoulder shots for re-use on later
selfies.
In a unique first, UPix also makes selfies interactive, allowing
friends to add themselves into the original selfie and share it on.
The interactive selfies, or 'groupies', are created by downloading
and using the original selfie as the UPix background and using UPix
to add a second person's head and shoulder selfie into the original
picture before saving it and re-sharing it. The UPix app allows
others to become part of the groupie at any time and from anywhere
in the world.
UPix also enables the creation of virtual selfies, where fans
can create and share selfies with their favourite musicians, actors
and sports stars. With the continual growth in the use of social
media with television shows and films, this creates a closer bond
between the stars and their fans all over the world.
Business Model
The distribution of the UPix app is achieved by making it
available as a free download in popular online app stores such as
the Google Play store. The Android version of UPix is currently
compatible with Android 4.0 and later, representing over 97% of the
devices serviced by the Google Play store. Since some countries
limit end user access to platforms like Google Play, the Group also
expects that it will make localised versions of UPix available in
other brand-specific app stores that are operated by phone/tablet
manufacturers in countries such as China.
Each photo created with the UPix app is watermarked with the
UPix logo to raise end user awareness when they encounter pictures
created with the UPix app. An in-app purchase is available for end
users who wish to remove the watermark from their photos. The
transaction is processed through the Google account associated with
the app and the Group receives 70% of the in app fee net of
transaction costs.
GenMe's UPix software business model currently includes:
-- the licensing of the UPix software directly to end users from
online app stores website yielding in app purchase revenues
(software sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- consumers may not adopt the social photography capabilities
to improve their selfie photographs resulting in lower uptake of
the app by consumers;
-- unlicensed use of the Group's intellectual property; and
-- alternative background removal apps being launched by competitors.
In addition to the TriDef SmartCam and UPix apps, the Group also
pursued the potential markets for improved video signal encoding
for streaming video and mobile video conferencing. Bearing in mind
the limited development resources available and the positive
reception to the new 2D solutions, the executive management elected
to focus on capitalizing on the early successes in the background
replacement and social photography markets and temporarily ceased
work on the improved video signal encoding projects. The Group has
identified additional innovative applications that leverage
existing skills and technologies for mass market use cases and will
seek to develop and release these as suitable resources become
available or commercial partnerships are secured.
3D TECHNOLOGY LICENSING BUSINESS
Automatic 2D to 3D conversion
The technology to automatically recover 3D depth information
from a 2D image and convert the 2D image into a 3D image is
licensed into the market for consumer 3D products including
televisions, personal computers, smartphones and tablets. The value
proposition is simple as there is insufficient 3D content from film
studios and from television production companies to support a 24
hour/day, seven day/week 3D TV channel; therefore having the
capability to automatically convert existing 2D TV shows, movies
and games in the home is an important feature for consumer
electronics manufacturers and consumers alike. For the consumer, it
ensures that a diverse range of 3D content is instantly accessible
upon purchase of the 3D product. For the consumer electronics
manufacturer, the inclusion of this capability overcomes the
consumers' concern over lack of available 3D content when
purchasing their 3D product.
Addressable market:
Of the markets in which the Group is currently active, the
market for 3D consumer devices is the most mature with the 3D
Television market representing the strongest licensing
contribution. The Group saw shipments of licenses for 3D TV chips
decrease by 70% year over year as the Group's main TV licensee,
Samsung Electronics, reduced TV production capacity by 30% as a
result of restructuring their TV business unit and switched the use
of the 3D feature from their High Definition (HD) TV range to their
Ultra High Definition (UHD) premium TV range during the first half
of 2015. While UHD TVs represent the fastest growing category in
the TV market growing 173% year on year to an estimated 32 million
units globally in 2015, UHD TV shipments still only made up 14% of
the 224 million LCD TVs sold in 2015 (Source: IHS Technology).
As noted in the Annual Report and Accounts for 2014, licensing
and royalty revenue from the Groups TriDef 3D software the PC and
Android mobile phone/tablet markets continued at minimal levels in
2015, and the Group does not expect that these markets will
contribute materially to future 3D technology licensing
revenues.
Business Model
DDD's TriDef 2D to 3D conversion software business model
currently includes:
-- the licensing of the TriDef 3D software to Original Equipment
Manufacturers (OEMs) for TV, PC, monitor, mobile and tablet markets
yielding license fees (licensing revenue) and per unit royalties
(royalty revenue); and
-- the sale of TriDef 3D software directly to end users from the
Group's website and the Google Play store yielding per unit license
fees (software sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- unlicensed use of the Group's intellectual property;
-- alternative 2D to 3D conversion methods which have been used
by some manufacturers that yield lower quality visual results;
-- license agreement renewal terms and non-renewals; and
-- changes in licensee production due to economic conditions or market demand for 3D products.
The Group has partnered with a suitable intellectual property
licensing specialist in order to address unlicensed use of the
Company's patent claims which are further discussed below. During
the year, the Group renewed the license agreement with Samsung
Electronics for the use of the Group's 2D to 3D conversion in
Samsung's range of 3D TVs. Where possible the Group seeks to renew
license agreements on terms that are as close to the original
license agreement terms as is possible. In certain cases, since the
royalties adjust based on cumulative shipment of the Group's
technologies by the licensee, the per-unit royalties reduce as
production increases. The Group monitors feedback from its
licensees as well as from independent market research firms and
adjusts its product development strategies and support resources in
line with developing market trends.
Patent Licensing
To date, the majority of the Group's licensing revenue has been
derived from the 2D to 3D conversion technology licensing program,
whereby the Group provides a software application or reference
design to the licensee for inclusion with the licensee's 3D
products.
During the year, two patents were granted in the United States,
expanding the patent library with two new inventions as a result of
the Group's research and development activities into non-3D
markets. The first invention relates to improved methods for
creating depth models of the human face and upper torso and is part
of the underlying intellectual property used in the new TriDef
SmartCam and UPix background replacement solutions. The second
invention relates to the efficient encoding of high dynamic range
video images within existing video distribution standards. As the
first of the Group's 3D patents are due to start expiring at the
end of 2016, it is important that the Group continues to expand the
patent library with inventions that support the licensing business
model of the latest products and markets.
With over 56 million 3D consumer products that include the
Group's TriDef 3D technologies shipped by leading manufacturers
since early 2010, there is now an established value for the
internationally registered patent claims on which DDD's solutions
have been built. As new revenue streams continue to be developed,
the Group expects that patent licensing revenue will grow as the
Group establishes its patent rights with prospective licensees. The
patent licensing program also has the potential to create license
and royalty revenue from applications in 3D markets that are
outside the scope of the current technology licensing program. In
July 2015, the Group's Australian subsidiary, DDD Research Pty.
Ltd., initiated a patent infringement lawsuit in the courts of Los
Angeles, California alleging unlicensed use of certain of the
Group's US patent claims by the automatic 2D to 3D conversion
feature of LG Electronics 3D TV models sold in the United States.
The law firm of Quinn Emanuel Urquhart and Sullivan LLP was
appointed to act as legal counsel in the litigation with LG. As the
lawsuit progresses through the legal system, the Group expects to
provide additional updates as and when appropriate.
Business Model
DDD's patent licensing business model currently includes:
-- the licensing of the patent rights to appropriate vendors to
utilise the claims of the patents in various business processes,
yielding license fees (licensing revenue) or per unit/per minute
royalties (other licensing royalty revenue); and
-- when appropriate, initiating litigation against parties whom
the Group has a good faith basis to believe are using the claims of
the Group's patents without a license, potentially yielding license
fees (licensing revenue) and additional damages as allowed by the
applicable law (other licensing royalty revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- the Group's intellectual property lawyers may be unsuccessful
in assisting in the expansion of the licensing program;
-- litigation initiated to assert the applicable patent rights may not be successful;
-- defendants against whom such patent infringement lawsuits are
brought may seek to challenge the validity of the patented
invention with the relevant authorities resulting in some granted
claims being reduced in scope or cancelled if such a challenge is
successful; and
-- the financial cost of asserting the patent rights by
litigation may be too significant for the Group to bear when
compared to the value of the resulting license fee.
The Group has thoroughly investigated the available options for
licensing its patent rights and plans to implement an approach that
maximises the success of the program whilst minimising the
financial risks to the Group. Through partnering with an
established intellectual property litigation specialist, the Group
is able to take advantage of industry best practices when asserting
its patent rights. The pre-existing technology licensing royalties
provide an established value by which license fees can be
calculated, mitigating the risk that prospective licensees will
seek unfavourable licensing terms since additional licenses can be
granted on fair, reasonable and non-discriminatory terms.
Looking forward - 3D Technology licensing direction
During 2015, the Group realised the majority of its revenues
from technology licenses in the 3D television market. With the
marketing emphasis in the consumer television market now being
placed on features including ultra high definition (UHD)
televisions, and 3D having become an expected feature on many
larger premium TVs, the Group has shifted research and development
emphasis away from 3D towards markets with stronger growth
potential.
In the PC and Android markets, the Group will continue to
maintain software and game support for the OEM and consumer market
for as long as continuing in the 3D PC and mobile market remains
sustainable.
The Group continues to monitor developments in the 3D market and
remains well positioned to take advantage of any emerging
opportunities for new 3D devices through its existing products and
solutions.
FINANCIAL REVIEW
Revenues from continuing operations for the year ended 31
December 2015 were $706,000 (2014: $2,533,000). The decrease is
directly due to a softening demand in the TV market that led
manufacturers to reduce production capacity by between 20% and 30%
in the first half coupled with the transition to the use of the
Group's 2D to 3D conversion technology exclusively in the new Ultra
High Definition (UHD) 4K premium TV category. Many manufacturers
phased out 3D capable HDTVs during the first half in favour of 3D
UHD TVs. The UHD TV market is in high growth mode according to
market research firm IHS/DisplaySearch with annual sales of UHD TVs
growing to approximately 32 million TVs during 2015 from 4 million
in 2014.
Gross profit decreased to $697,000 (2014: $2,528,000) and gross
margin remained strong at 98.7% (2014: 99.8%).
Other administration expenses for continuing operations
decreased by 11.4% to $2,793,000 (2014: $3,153,000) due to
continued cost reduction measures. These savings were supplemented
by the net foreign exchange impact of the US dollar against the
Australian dollar and British pound during the period.
Other income net of other expense decreased to $270,000 (2014:
$340,000).
The non-cash share-based incentive cost decreased to $38,000
(2014: $148,000).
Adjusted Group loss before tax and share-based incentive costs
from continuing operations totalled $3,116,000 (2014: $1,672,000).
The reported pre-tax loss from continuing operations was $3,154,000
(2014: $1,820,000).
The total taxation charge was $24,000 (2014: $389,000). Taxation
includes foreign withholding taxes withheld at source as well as
local sales taxes, adjusted by the movement in the Deferred Tax
Asset and Liability accounts.
The Group recorded a loss per share from continuing operations
of 1.9 cents per share (2014: 1.5 cents per share) and a total loss
per share during the year of 1.9 cents per share (2014: loss 2.0
cents per share).
Net cash used in operating activities was $1,160,000 (2014:
$918,000). Investing expenditure was $1,172,000 (2014: $1,894,000)
of this, $17,000 (2014: $72,000) was a building lease security
deposit as required by the new US office lease agreement (2014 as a
result of new Australian lease agreement) and the remainder was
investment in fixed and intangible assets. This cash flow was
supplemented by $534,000 of net proceeds raised from the issue of
new unsecured convertible loan notes and $1,256,000 of net proceeds
raised in equity placings (2014: $836,000 net from issuance of
convertible loan notes), resulting in cash of $164,000 at the end
of 2015 (2014: $697,000).
In February 2016, the Company received $800,000 as a secured
loan from its largest shareholder, Arisawa Manufacturing Company to
augment the working capital. An additional $750,000 was arranged in
May 2016. (See Note 6 for further details of both agreements).
Consolidated statement of
comprehensive income for
the year ended 31 December
2015
31 Dec 31 Dec
2015 2014
$'000 $'000
--------- ---------
Revenue 2 706 2,533
Cost of sales (9) (5)
--------- ---------
Gross profit 697 2,528
Depreciation/amortisation
expense (1,225) (1,282)
Share based payments (38) (148)
Other administration expenses (2,793) (3,153)
Total administrative expenses (4,056) (4,583)
Other income 270 340
--------- ---------
Operating loss (3,089) (1,715)
Analysed as:
(Loss) before interest, taxes,
depreciation, amortisation
and share based payments
(Adjusted EBITDA) (1,826) (285)
Depreciation/amortisation
expense (1,225) (1,282)
Share based payments (38) (148)
--------- ---------
(3,089) (1,715)
Finance expense (65) (105)
Loss from continuing operations
before tax (3,154) (1,820)
Income tax expense (24) (389)
--------- ---------
Loss for the period from
continuing operations (3,178) (2,209)
Loss of the discontinued
Yabazam 3D streaming movie
service - (700)
--------- ---------
Loss for the year (3,178) (2,909)
========= =========
Other comprehensive income/(loss)
for the year:
Exchange differences on translation
of foreign operations which
will be subsequently reclassified
to profit and loss 148 (42)
--------- ---------
Other comprehensive income/(loss)
for the year, net of tax 148 (42)
--------- ---------
Total comprehensive loss
for the year (3,030) (2,951)
========= =========
Loss per share:
Continuing Operations -
Basic & Diluted (per share) 3 ($0.019) ($0.015)
========= =========
Total Operations - Basic
& Diluted (per share) ($0.019) ($0.020)
========= =========
Consolidated statement of financial
position as at 31 December 2015
31 Dec 31 Dec
2015 2014
$'000 $'000
--------- --------------------
Assets
Non-current assets
Intangible assets 4 2,755 3,041
Property, plant and equipment 12 32
Security Deposits 82 72
Deferred tax asset 1,096 1,096
---------
Total non-current assets 3,945 4,241
Current assets
Trade and other receivables 322 571
Cash and cash equivalents 164 697
--------- --------------------
Total current assets 486 1,268
--------- --------------------
Total assets 4,431 5,509
========= ====================
Equity and liabilities
Capital and reserves
Issued capital 6 12,735 12,636
Share premium 6 17,207 17,467
Merger reserve 19,656 20,627
Share based payment reserve 1,651 1,849
Translation reserve 2,718 124
Retained earnings (52,605) (49,605)
--------- --------------------
Total equity 1,362 3,098
Non-current liabilities
Financial liabilities 5 573 912
Deferred tax liabilities 480 582
---------
Total non-current liabilities 1,053 1,494
Current liabilities
Trade and other payables 1,218 917
Financial liabilities 5 798 -
Total current liabilities 2,016 917
--------- --------------------
Total liabilities 3,069 2,411
--------- --------------------
Total equity and liabilities 4,431 5,509
====================
Consolidated statement of cash flows
for the year ended 31 December 2015
12 months 12 months
to to
31 Dec 31 Dec
2015 2014
$'000 $'000
------------ ------------
Cash flows from operating activities
Loss for the year (3,178) (2,909)
Finance expense in the consolidated
statement of comprehensive income 65 105
Tax in the consolidated statement
of comprehensive income 24 389
Debt issuance costs in the consolidated
statement of comprehensive income - 70
Amortisation 1,201 1,363
Depreciation 24 58
Loss on disposal of assets 323 399
Share based payments 38 148
Decrease in inventory - 6
Decrease/(increase) in trade and
other receivables 249 (65)
Increase/(decrease) in trade and
other payables 301 (10)
Net cash used in operations (953) (446)
Income tax paid (126) (453)
Net Interest paid (81) (19)
------------ ------------
Net cash used in operating activities (1,160) (918)
Cash flows from investing activities
Increase in leasehold security (17) (72)
Payments for intangible assets (1,147) (1,818)
Payments for property, plant and
equipment (8) (4)
Net cash used in investing activities (1,172) (1,894)
Cash flows from financing activities
Proceeds from the issue of loan
note 534 906
Proceeds from issue of equity 1,388 -
shares
Issuance costs (132) (70)
Net cash generated by financing
activities 1,790 836
------------ ------------
Net decrease in cash and cash
equivalents (542) (1,976)
Exchange gains 9 12
------------ ------------
Total decrease in cash and cash
equivalents (533) (1,964)
Cash and cash equivalents at the
start of the year 697 2,661
------------ ------------
Cash and cash equivalents at the
end of the year 164 697
============ ============
Consolidated statement of changes in equity
for the year ended 31 December 2015
Share
based
Share Share Merger payment Translation Retained Total
capital premium reserve reserve reserve earnings equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2014 13,414 18,543 21,898 1,861 (3,072) (46,743) 5,901
Transactions with
owners
Issue of shares - - - - - - -
Share based payment
reserve transfer - - - (47) - 47 -
Equity settled share
options - - - 148 - - 148
Foreign exchange
differences (778) (1,076) (1,271) (113) 3,238 - -
--------- ---------- ---------- --------- ------------ ---------- ----------
Total transactions
with owners (778) (1,076) (1,271) (12) 3,238 47 148
Comprehensive income
Total profit for
the year - reported - - - - - (2,909) (2,909)
Other comprehensive
income - Foreign
exchange - - - - (42) - (42)
--------- ---------- ---------- --------- ------------ ---------- ----------
Total comprehensive
income - - - - (42) (2,909) (2,951)
--------- ---------- ---------- --------- ------------ ---------- ----------
At 31 December 2014 12,636 17,467 20,627 1,849 124 (49,605) 3,098
Transactions with
owners
Issue of shares 694 562 - - - - 1,256
Share based payment
reserve transfer - - - (178) - 178 -
Equity settled share
options - - - 38 - - 38
Foreign exchange
differences (595) (822) (971) (58) 2,446 - -
--------- ---------- ---------- --------- ------------ ---------- ----------
Total transactions
with owners 99 (260) (971) (198) 2,446 178 1,294
Comprehensive loss
Total loss for the
year - - - - - (3,178) (3,178)
Other comprehensive
loss - Foreign exchange - - - - 148 - 148
--------- ---------- ---------- --------- ------------ ---------- ----------
Total comprehensive
loss - - - - 148 (3,178) (3,029)
--------- ---------- ---------- --------- ------------ ---------- ----------
At 31 December 2015 12,735 17,207 19,656 1,651 2,718 (52,605) 1,362
SELECTED NOTES TO THE SUMMARY FINANCIAL STATEMENTS
1. Selected financial data disclosure
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 December 2015
or 2014 but is derived from those accounts. Statutory accounts for
2014 have been delivered to the registrar of companies, and those
for 2015 will be delivered in due course. The auditors have
reported on those accounts; their reports were (i) unqualified,
(ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report except for an emphasis of matter in relation to going
concern in 2014 and 2015 and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
Going Concern Review:
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Strategic Report on pages 3 to 13 of the full
Annual Report and Accounts.
During the first half of 2016, the Group received two working
capital secured debt loans from its largest shareholder who
continues to support the Group during these challenging times. The
Directors have prepared cash flow forecasts up to 30 June 2017
which indicate the Group will have access to sufficient cash. The
Group will require additional funding within the next 12 months.
The forecasted revenue in the cash flow includes conservative
estimates of existing contracts and limited new revenue streams
arising from contracts which are in the final negotiation phase;
however there remains uncertainty that funding and contract
negotiations will be finalised. If there are material adverse
variances against these forecasts, the Group would need to
implement further mitigating actions to manage cash resources.
The Directors have concluded that the combination of these
circumstances represent a material uncertainty that may cast
significant doubt on the Group's ability to continue as a going
concern. Nevertheless after making enquiries, the Directors have a
reasonable expectation that the Group will have access to adequate
resources to continue in operational existence for the foreseeable
future. For these reasons, they continue to adopt the going concern
basis in preparing the annual report and accounts.
2. Segmental reporting
In accordance with IFRS 8, operating segments are reporting in a
manner that is consistent with the internal reporting provided to
the Board of Directors by the executive Directors, the chief
operating decision makers. Management information that is regularly
reported to the Board for the purposes of allocating resources and
monitoring performance is the monthly board report. The Board
report contains an analysis of revenue for the Group's
activities.
2015 2015 2015 2015 2014 2014 2014
2D 3D Parent Total 3D Parent Total
Ops Ops Ops
$'000 $'000 $'000 $'000 $000's $000s $'000
-------- -------- -------- -------- -------- -------- --------
REVENUES:
License fees - - - - 20 - 20
Royalties from
OEM units shipments - 596 - 596 2,367 - 2,367
Other licensing
royalties - 25 - 25 29 - 29
Software sales
- direct to consumer 8 77 - 85 117 - 117
--------------------------- -------- -------- -------- -------- -------- -------- --------
Total revenue 8 698 - 706 2,533 - 2,533
Cost of goods
sold (2) (7) - (9) (5) - (5)
--------------------------- -------- -------- -------- -------- -------- -------- --------
Gross profit 6 691 - 697 2,528 - 2,528
Margin 75% 99% 98.7% 99.8%
OPEX (1,933) (137) (723) (2,793) (2,385) (768) (3,153)
Technology License
fee (500) 500 - - - - -
Other Income - 270 - 270 340 - 340
--------------------------- -------- -------- -------- -------- -------- -------- --------
EBITDA Adjusted (2,427) 1,324 (723) (1,826) 483 (768) (285)
Depreciation/Amortisation (1) (1,224) - (1,225) (1,282) - (1,282)
Share based expense - - (38) (38) - (148) (148)
--------------------------- -------- -------- -------- -------- -------- -------- --------
Net Income/(Loss)
before interest
and taxes (2,428) 100 (761) (3,089) (799) (916) (1,715)
--------------------------- -------- -------- -------- -------- -------- -------- --------
For the Statement of Financial Position, the majority of the
Group's assets/liabilities and equity are that of the 3D operation.
The new 2D operation pays an annual technology license fee to the
3D operation for use of the patent claims included in the new
products.
Major customers
The customers contributing over 10% to the gross revenues of the
Group are as noted in the following table:
2015 2014
$000 % $000 %
------ -------- -------- --------
Samsung
(2015/14: 100% Royalties) 608 86.1% 2,339 92.3%
------ -------- -------- --------
Major customer total 608 86.1% 2,339 92.3%
All other sources 98 13.9% 194 7.7%
------ -------- -------- --------
Total gross revenues 706 100.0% 2,533 100.0%
====== ======== ======== ========
3. Loss per share
2015 2014
$'000 $'000
-------------- --------------
Continuing Operations loss for
the year attributable to equity
shareholders (3,178) (2,209)
Continuing Operations loss per
share:
Basic & Diluted (per share) $ (0.019) $ (0.015)
Total loss for the year attributable
to equity shareholders (3,178) (2,909)
Total loss per share:
Basic & Diluted (per share) $ (0.019) $ (0.020)
============== ==============
Shares Shares
Issued ordinary shares par 1p
at start of the year 143,663,572 143,663,572
Ordinary shares issued in the 46,925,000 --
year (see Note 21)
-------------- --------------
Total outstanding ordinary shares
at end of the year 190,588,572 143,663,572
============== ==============
Weighted average number of ordinary
shares for the year 165,337,819 143,663,572
============== ==============
Deferred shares:
Issued deferred shares(1) at
the start and end of the year 74,416,547 74,416,547
============== ==============
Total share capital (Issued
& Outstanding) 265,005,119 218,080,119
============== ==============
(1) Deferred Shares:
On 5 July 2008 the share capital of the Company was split so
that a total of 74,416,547 ordinary shares of par value 10 pence
became 74,416,547 deferred shares of par value 9 pence plus
74,416,547 new ordinary shares of par value 1 penny.
The holders of the deferred shares shall not be entitled to
receive any dividend out of the profits of the Company available
for distribution. On a distribution of assets on a winding-up or
other return of capital (otherwise than on conversion or redemption
or purchase by the Company of any of its shares) the holders of the
deferred shares shall be entitled to receive the amount paid up on
their shares after distribution (in cash or in specie) to the
holders of the new ordinary shares the amount of GBP100,000,000 in
respect of each new ordinary share held by them. The deferred
shares shall not entitle their holders to any further or other
right of participation in the assets of the Company. The holders of
deferred shares shall not be entitled to receive notice of or to
attend (either personally or by proxy) any general meeting of the
Company or to vote (either personally or by proxy) on any
resolution to be proposed. No certificates will be issued in
respect of the deferred shares. The diluted loss per share does not
differ from the basic loss per share, as these shares are
anti-dilutive.
For 2015 and 2014, the diluted loss per share does not differ
from the basic loss per share as the exercise of share options
would have the effect of reducing the loss per share and is
therefore not dilutive under the terms of IAS 33.
4. Intangible assets
Capitalised Patents Other Total
development intangibles
costs
$'000 $'000 $'000 $'000
------------- ----------- -------------- --------
Cost
At 1 January 2014 7,698 332 569 8,599
Continuing operations:
Additions 1,623 87 - 1,710
Disposals (597) (55) - (652)
Exchange rate differences (149) - (3) (152)
Discontinued operation(1)
(Note 9):
Additions 54 - 54 108
Disposal (239) - (539) (778)
At 31 December 2014 8,390 364 81 8,835
Continuing operations:
Additions 1,094 53 - 1,147
Disposals (1,183) (56) (51) (1,290)
Exchange rate differences (25) - (2) (27)
At 31 December 2015 8,276 361 28 8,665
============= =========== ============== ========
Amortisation
At 1 January 2014 5,017 308 183 5,508
Continuing operations:
Charge for the year
(restated) 1,185 14 25 1,224
Disposals (594) (55) - (649)
Exchange rate differences (42) - (2) (44)
Discontinued operation(1)
(Note 9):
Charge for the year 54 - 85 139
Disposals (141) - (243) (384)
------------- ----------- -------------- --------
At 31 December 2014 5,479 267 48 5,794
Continuing operations:
Charge for the year 1,161 25 15 1,201
Disposals (916) (18) (34) (968)
Exchange rate differences (115) (1) (1) (117)
At 31 December 2015 5,609 273 28 5,910
============= =========== ============== ========
Net book value
At 31 December 2013 2,681 24 386 3,091
At 31 December 2014 2,911 97 33 3,041
At 31 December 2015 2,667 88 - 2,755
============= =========== ============== ========
(1) Due to the nature and size of the discontinued operation in
regards to the intangible assets, the presentation has been
separated to identify the continuing operation.
There is no impairment to the intangibles in any of the reported
periods.
5. Convertible Loan Debt
2015 2014
$'000 $'000
--------- -------
Opening balance 912 --
Value of Notes on issuance 534 906
CTA - unrealized FX
movement during the
year (58) (80)
Finance charges during
the year (17) 86
--------- -------
Financial liability
element of Note 1,371 912
========= =======
Current portion:
2014 Notes 798 --
Long-term portion:
2014 Notes -- 912
2015 Notes 573 --
--------- -------
TOTAL 1,371 912
========= =======
On 30 July 2014, the Company issued Convertible Unsecured Loan
Notes ("2014 Notes") totalling GBP535,000 ($906,000 at historical
exchange rate) to certain Directors of the Group and to Arisawa
Manufacturing Company, pursuant to the existing authorities granted
to the board of Directors. The 2014 Notes can be converted by the
holders into ordinary shares of 1 pence each in the capital of the
Company ("Shares") at a conversion price of 10 pence nominal amount
of 2014 Notes per Share. The Company has the option to redeem the
2014 Notes at any time at a 5% premium to their nominal value plus
accrued interest.
On 6 March 2016, the Company issued Convertible Unsecured Loan
Notes ("2015 Notes") totalling GBP350,000 ($534,000 at historical
exchange rate) to certain Directors of the Group and to Arisawa
Manufacturing Company, pursuant to the existing authorities granted
to the board of Directors. The 2015 Notes can be converted by the
holders into ordinary shares of 1 pence each in the capital of the
Company ("Shares") at a conversion price of 5 pence nominal amount
of 2015 Notes per Share. The Company has the option to redeem the
2015 Notes at any time at a 5% premium to their nominal value plus
accrued interest.
The 2014 Notes and the 2015 Notes have an annual interest rate
of 7%. Interest payments are made semi-annually on 28 June and 28
December of each year.
The 2014 Notes have conversion rights to equity and mature in
January 30, 2016 (18 months from the date of issue). The 2015 Notes
have the same rights but mature in March 2017 (24 months from the
date of issue). As such they are treated as compound instruments.
The valuation of the liability is achieved by discounting the
maturity value of the note at the rate available to the Group on a
simple loan. Given the Group had no pre-existing debt (or simple
loans); an estimated rate of 9% was used for this calculation. The
residual value is the equity element of the instrument.
The present value of the convertible notes' equity element is
considered an immaterial amount at the time of the establishment of
the loan and therefore the financial liability element is
$1,371,000 or GBP926,000 (2014: $912,000 or GBP587,000). The change
in the valuation in the denominated currency is charged to the
consolidated statement of comprehensive income as finance
charges.
Subsequent to the year end, the Company authorised a noteholder
resolution to extend the 2014 Notes for twelve (12) months at which
time any outstanding notes will, at the option of the Company, be
repaid in cash or settled by the issue of Shares at the conversion
price; in both cases accrued interest will be payable in cash. The
compound instrument calculations will reflect the change effective
the date of the extension.
6. Issued share capital
The issued share capital of the Group is issued by the parent
Company in Pounds Sterling. The attached parent Company accounts
provide the currency of issue reconciliation of the share capital.
For the Group accounts, the shares outstanding at the end of the
period are converted to US Dollars using the closing spot rate
while the transactions during the period are converted using the
average rate for the period. The resulting difference is a foreign
exchange adjustment on the balance translation.
Nominal Premium Total
value net of
costs
Shares $'000 $'000 $'000
------------ -------- -------- --------
Deferred shares (par
9p)
In issue 1 January
2014 74,416,547 11,046 -- 11,046
Foreign exchange
adjustment -- (641) -- (641)
------------ -------- -------- --------
31 December 2014 74,416,547 10,405 -- 10,405
Foreign exchange
adjustment -- (491) -- (491)
------------ -------- -------- --------
31 December 2015 74,416,547 9,914 -- 9,914
============ ======== ======== ========
Ordinary shares (par
1p)
In issue 1 January
2014 143,663,572 2,368 18,543 20,911
Foreign exchange
adjustment -- (137) (1,076) (1,213)
------------ -------- -------- --------
In issue 31 December
2014 143,663,572 2,231 17,467 19,698
Share placing(1) 22,500,000 333 250 583
Share placing(2) 24,425,000 361 312 673
Foreign exchange
adjustment -- (104) (822) (926)
------------ -------- -------- --------
In issue 31 December
2015 190,588,572 2,821 17,207 20,028
============ ======== ======== ========
All shares
In issue 31 December
2015 265,005,119 12,735 17,207 29,942
In issue 31 December
2014 218,080,119 12,636 17,467 30,103
============ ======== ======== ========
Key Movements in the Share Capital and Share Premium accounts
are as follows:
(1) On 9 March 2015, approved by shareholders at an EGM held 31
March 2015, the Company raised $668,000 (GBP450,000) before
expenses through a private placement of 22,500,000 ordinary shares
of 1 penny each in the capital of the Company at a placing price of
2 pence per share.
(2) On 22 September 2015, the Company raised an additional
$746,000 (GBP483,500) before expenses through a private placement
of 24,175,000 ordinary shares of 1 penny each in the capital of the
Company at a placing price of 2 pence per share. An additional
250,000 ordinary shares were issued to Beaufort Securities under
the terms of their placing agreement.
7. Events after the balance sheet date
Financial:
In January 2016, the 2014 Notes which were due Jan 2016 were
approved for extension for a period of twelve (12) months until
January 2017.
On 4 February 2016, the Company entered into a short-term
Secured Loan Note agreement (Feb16 Loan) with Arisawa Manufacturing
for $800,000. The interest on the note is at 10% and payments are
due quarterly in arrears. The Feb16 Loan is secured by the
Company's US 2D to 3D conversion patent number 6,477,267 and its
international counterparts.
On 24 February 2016, Dr. Sanji Arisawa purchased 400,000
ordinary 1p shares in the Company through the open market at 2.5
pence per share.
On 18 May 2016, the Company entered into a second short-term
Secured Loan Note agreement (May16 Loan) with Arisawa Manufacturing
for $750,000. The terms are similar to the Feb16 Loan however the
loan is secured by the Company's US 2D to 3D conversion patent
number 7,489,812. At the same time, the Feb16 Loan due date was
extended until 31 December 2016 through mutual agreement of the
parties.
The Board has determined that the cost of continuing the AIM
admission outweighs the benefits and is recommending a special
resolution to cancel the AIM admission which will be voted on by
shareholders at the 29 June 2016 AGM. If the resolution is approved
by 75% of the voting shareholders, the cancellation would be
effective on 7 July 2016.
Operational:
In February 2016, the Company announced a second affiliate
licensing agreement for its SmartCam technology with AVerMedia, a
leading producer of game-casting enabling devices. The agreement
integrates the SmartCam technology into the LGX Live Gamer Extreme
capture devices for use with the RE Central 2 software for game
capture and game-casting/. The Beta was released to the public on
19 February 2016 and is scheduled to be completed in May 2016.
In February 2016, the Company launched the UPix app in the
Google Play(TM) store.
In May 2016, the Company launched the Mac OS X version of
TriDef(R) SmartCam, an innovative real time background replacement
solution for popular Apple Mac applications.
The Group's published regulatory announcements can be found on
the Group's website at
http://www.dddgroupplc.com/investors/rns-announcements/.
8. The Group's full Annual Report and Accounts is available on
the Company's website and is expected to be posted to shareholders
on 24th May 2016.
9. The Annual General Meeting of DDD Group plc will be held at
Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ
at 10.30am on Wednesday 29th June 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKKDDOBKDQPB
(END) Dow Jones Newswires
May 23, 2016 02:00 ET (06:00 GMT)
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