REG-Abraxus Investments Plc: Final Results

ABRAXUS INVESTMENTS PLC

Final Results for the year ended 31 March 2009

Chairman's statement

I am pleased to set out below the Directors' Report and Financial Statements of
Abraxus Investments PLC (`'Abraxus'') for the year ended 31 March 2009.
Comparatives are for the year ended 31 March 2008.

Financial Results

Turnover for the year was nil (2008 - nil) with a loss on ordinary activities
before taxation of £232,327 (2008 - loss £41,627). During the year, aborted
transaction costs of £121,644 were incurred as a result of the Company's
decision to withdraw from a Romanian property transaction at the due diligence
stage. At 31 March 2009 the Company had cash balances of £1,278,612 (2008: £
1,512,031). The Board is not recommending the payment of a dividend.

Operational Review

The Company's activities during the year under review were devoted to
identifying and investigating various investment opportunities.

On 29 September 2008, the Company announced that it was at an advanced stage of
examining an acquisition which would have constituted a Reverse Takeover under
the AIM Rules. In the light of the general downturn in European property
markets, the Company announced on 17 October 2008 that it was no longer
pursuing this opportunity.

On 24 March 2009, the Company announced that due to the continued global
economic uncertainty, the Board had been unable to progress a suitable
acquisition within the timescale required to maintain a listing of its shares
on AIM. Accordingly the shares were delisted from AIM on 30 March 2009.

On 19 May 2009, the Company announced that the entire issued ordinary share
capital had been admitted to trading on the PLUS Market. The Board believes
that the PLUS quoted status of the Company offers an appropriate capital market
for a company of Abraxus's size and also offers a suitable trading platform for
shareholders.

Strategy

The Company is committed to a strategy of identifying various international
development and investment opportunities including opportunities in renewable
energy that show an expectation of higher than average returns, with a current
focus on Central and Eastern Europe, where opportunities remain attractive and
there is strong potential for capital growth.

As reported under the Operational Review, our admission to the PLUS Market
since the year end should offer opportunities to raise further capital to fund
acquisition opportunities as required.

Conclusion

While trading conditions continue to be difficult, the Board has highlighted a
number of interesting opportunities that meet the Company's investment
criteria. I look forward to advising shareholders on these potential
opportunities in the near future.

D. Sparks
Chairman
26 June 2009

Enquiries:

PLUS Corporate Adviser
IAF Capital Limited
Alex Borrelli 020 3159 5198
Gary Pinkerton 020 3159 5196

Income Statement for the year ended 31 March 2009

Notes 2009 2008

£ £

Administrative expenses (263,209) (117,316)

Operating loss 2 (263,209) (117,316)

Finance income 4 30,882 75,689

Loss on ordinary activities before (232,327) (41,627)
taxation

Taxation 5 - -

Retained loss for the year (232,327) (41,627)

Loss per ordinary share

Basic and diluted 6 (0.67p) (0.12p)

The notes form an integral part of these financial statements.

Statement of Changes in Shareholders' Equity for the year ended 31 March 2009

Share Share Retained Total
capital premium earnings Equity

£ £ £ £

At 1 April 2007 1,722,222 7,435,193 (7,645,191) 1,512,224

Loss for the period - - (41,627) (41,627)

At 31 March 2008 1,722,222 7,435,193 (7,686,818) 1,470,597

Loss for the period - - (232,327) (232,327)

At 31 March 2009 1,722,222 7,435,193 (7,919,145) 1,238,270

The notes form an integral part of these financial statements.

Balance Sheet as at 31 March 2009

Notes 2009 2008

£ £

Assets

Current

Trade and other receivables 8 10,898 4,227

Cash and cash equivalents 1,278,612 1,512,031

Total assets 1,289,510 1,516,258

Equity

Called up share capital 10 1,722,222 1,722,222

Share premium account 7,435,193 7,435,193

Retained earnings (7,919,145) (7,686,818)

Total equity 1,238,270 1,470,597

Current liabilities

Trade and other payables 9 51,240 45,661

Total equity and liabilities 1,289,510 1,516,258

Approved by the Board of Directors and authorised for issue on 26 June 2009 and
signed on its behalf by:

J. Anthony

The notes form an integral part of these financial statements.

Cash Flow Statement for the year ended 31 March 2009

Notes 2009 2008

£ £

Operating
Loss for the year before (263,209) (117,316)
interest

Change in trade and other (6,671) 1,676
receivables

Change in trade and other 5,579 (89,352)
payables

(264,301) (204,992)

Investing
Interest received 4 30,882 75,689

Net decrease in cash and (233,419) (129,303)
cash equivalents

Cash and cash equivalents, 1,512,031 1,641,334
beginning of period

Cash and cash equivalents, 1,278,612 1,512,031
end of period

The notes form an integral part of these financial statements.

Notes to the financial statements for the year ended 31 March 2009

1. Accounting policies

The financial statements are prepared in accordance with International
Financial Reporting Standards as adopted by the European Union (`IFRS') and
issued by the International Accounting Standards Board (`IASB').

The Directors are not aware of any Standard or interpretation in issue but not
yet effective that would materially impact upon the financial statements.

The financial statements have been prepared under the historical cost
convention, except for financial assets and liabilities which are carried at
amortised cost, and on a going concern basis.

Critical accounting judgments and key sources of estimation uncertainty

The preparation of the financial statements in conformity with IFRS requires
management to exercise certain critical accounting judgements and estimates in
the process of applying the Company's accounting policies. The Directors base
their estimates on historical experience and various other assumptions that
they believe are reasonable. Actual results may differ from these estimates
under different assumptions or conditions.

Going concern

The Board is of the opinion that the Company will have sufficient funding to
meet its working capital needs. As a result, the Directors consider it
appropriate to prepare the financial statements on a going concern basis.

Equity

Share capital is determined using the nominal value of shares that have been
issued. The share premium account includes any premiums received on the initial
issuing of the share capital. Any transaction costs associated with the issuing
of shares are deducted from the premium paid.

Financial assets and liabilities

Assets

The Company's financial assets comprise cash and cash equivalents and trade and
other receivables which are classified as loans and receivables and are
initially recognised at fair value. Loans and receivables are subsequently
measured at amortised cost using the effective interest method, less provision
for impairment. Any impairment is recognised in profit or loss.

Cash and cash equivalents include cash at bank and in hand as well as bank
deposits. Cash equivalents are held for the purpose of meeting short-term cash
commitments rather than for investment or other purposes.

Liabilities

The Company's financial liabilities comprise trade and other payables and are
recognised when the Company becomes party to the contractual agreements of the
instrument.

All interest and related charges are recognised as an expense in the income
statement. Trade payables are recognised initially at their fair value and
subsequently measured at amortised cost less settlement payments.

Interest-bearing bank loans and overdrafts are initially measured at fair
value, and are subsequently measured at amortised cost, using the effective
interest rate method. Any difference between the proceeds (net of transaction
costs) and the settlement or redemption of borrowings is recognised over the
term of the borrowings in accordance with the Company's accounting policy for
borrowing costs.

2. Operating loss

2009 2008

£ £

This is stated after charging:

Auditor's remuneration

- audit services 5,500 5,500

- taxation 2,000 2,000

- other 22,000 -

29,500 7,500

3. Staff costs, employees and Directors' emoluments

i) Directors' remuneration:

2009 2008

£ £

Fees 65,000 65,000

Staff costs (including 2009 2008
Directors' emoluments)

£ £

Wages and salaries 65,000 65,000

The Directors consider that key management personnel consists of the Directors
only. As such, compensation for key management personnel is not disclosed
separately.

The average number of employees (including directors) during the year was 4
(2008: 4). No social security costs or pension costs were incurred by the
Company during the year (2008: nil).

4. Finance income and costs

2009 2008

£ £

Interest income from short 30,882 75,689
term deposits

5. Tax on loss on ordinary activities

There was no tax charge on the loss on ordinary activities in both current and
preceding year.

Factors affecting tax charge for period

2009 2008

£ £

Loss on ordinary activities before tax (232,327) (41,627)

Loss on ordinary activities multiplied (65,052) (12,488)
by standard rate of corporation tax in
the UK of 28% (2008: 30%)

Effects of:

Expenses not deductible for tax purposes 30,208 9,946

Income not taxable - (10,276)

Increase in tax losses 34,844 12,818

Current tax for period - -

The tax losses carried forward at 31 March 2009 were £1,993,743. No deferred
tax asset has been recognised in respect of tax losses carried forward in the
accounts as there is insufficient evidence that the asset will be recoverable.

6. Loss per ordinary share

Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders after taxation by the weighted average number of ordinary
shares in issue during the year.

Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares in issue on the assumption of exercise of all dilutive
options.

There were no dilutive options outstanding at 31 March 2009.

2009 2008

£ £

Net loss after taxation (232,327) (41,627)
attributable to ordinary
shareholders

Weighted average number of 34,444,444 34,444,444
ordinary shares

Loss per ordinary share (0.67p) (0.12p)

7. Investments

The investments of the Company are as follows:

Subsidiary undertakings Ordinary
shares Registered Principal Carrying
% holding in activity value
England

Abraxus Investments (UK) Limited 100 Dormant Nil

8. Trade and other receivables

2009 2008

£ £

Other debtors 10,898 4,227

9. Current liabilities

2009 2008

£ £

Accruals and deferred income 51,240 45,661

51,240 45,661

2009 2008

10. Share capital £ £

Authorised:
108,888,888 ordinary shares of 5p each
(2008: 108,888,888) 5,444,444 5,444,444

Issued and fully paid:
34,444,444 ordinary shares of 5p each
(2008: 34,444,444) 1,722,222 1,722,222

11. Controlling party

The Directors believe there is no ultimate controlling party.

12. Financial risk management

The Company uses various financial instruments which include loans, cash and
various items, such as other receivables and trade and other payables that
arise directly from its operations. The main purpose of these financial
instruments is to raise finance for the Company's operations and manage its
working capital requirements.

The existence of these financial instruments exposes the Company to a number of
financial risks, which are described in more detail below. The main risks
arising from the Company financial instruments are market risk, currency risk,
liquidity risk, interest rate risk and credit risk. The Directors review and
agree policies for managing each of these risks. These policies have remained
unchanged from previous years.

Market risk

The Company is exposed to market risk through its use of financial instruments
and specifically to currency risk, interest rate risk and certain other price
risks, which result from both its operating and investing activities. The
Company's risk management is coordinated at its headquarters, in close
co-operation with the Board of Directors, and focuses on actively securing the
Company's short to medium term cash flows by minimising the exposure to
financial markets.

The Company does not actively engage in the trading of financial assets for
speculative purposes nor does it write options.

Currency risk

The Company is exposed to translation and transaction foreign exchange risk. As
the majority of the Company's transactions are denominated in sterling, the
Directors deem the Company's exposure to exchange rate fluctuations to be
minimal.

Interest rate risk

The Company's exposure to upside interest rate risk is limited to the interest
bearing deposit accounts in which the Company invests surplus funds. Bank
deposit accounts are held at variable interest rates based on Natwest Treasury
base rate.

The Directors do not consider the impact of possible interest rate changes
based on current market conditions to be material to the net result for the
year or the equity position at the year end.

Credit risk

The Company's exposure to credit risk is limited to the carrying amount of
financial asset recognised at the balance sheet date.

Generally, the maximum credit risk exposure of financial assets is the carrying
amount of the financial assets as shown on the face of the balance sheet (or in
the detailed analysis provided in the notes to the financial statements).
Credit risk, therefore, is only disclosed in circumstances where the maximum
potential loss differs significantly from the financial asset's carrying
amount.

The Company's other receivables are actively monitored to avoid significant
concentrations of credit risk. There is no significant concentration of credit
risk. The Directors consider that all the above financial assets that are not
impaired for each of the reporting dates under review are of good credit
quality. No amounts were past due at the year end (2008: £nil).

None of the Company's financial assets is secured by collateral or other credit
enhancements.

The credit risk for liquid funds and other short-term financial assets is
considered negligible, since the counterparties are reputable banks with high
quality external credit ratings.

Liquidity risk

The Company manages its liquidity needs by carefully monitoring scheduled debt
servicing payments for long-term financial liabilities as well as cash-outflows
due in day-to-day business. Liquidity needs are monitored in various time
bands, on a day-to-day and week-to-week basis, as well as on the basis of a
rolling 30-day projection. Long-term liquidity needs for a 180-day and a
360-day lookout period are identified monthly.

All current liabilities were due within six months at 31 March 2009 and 31
March 2008.

NOTES:

1. The financial information set out above does not constitute statutory
accounts for the purpose of Section 240 of the Companies Act 1985. The
financial information has been extracted from the statutory accounts
of Abraxus Investments PLC which have not yet been filed with the
Registrar of Companies, but on which the auditors gave an unqualified
report on 26 June 2009 and is presented using the same accounting
policies.

2. The Directors of Abraxus Investments PLC accept responsibility for
this announcement.

END