Note

2009

£000

2008

£000
Cash inflows / (outflows) from operating activities
Operating profit / (loss) 3,369 (9,006)
Adjustments to reconcile operating profit / (loss) to net cash flows from operating activities
Depreciation of property, plant and equipment 21 21
Fair value movement in investments (6,960) 2,989
Share based payments - 3,202
UCSF management fee (32) (60)
Working capital adjustments:
Increase in trade and other receivables (109) (139)
Increase / (decrease) in trade and other payables 11 (1,847)
Net cash used in operating activities (3,700) (4,840)
Cash flows from investing activities
Purchase of trade investments 18 (14,000) (6,149)
Proceeds from sale of trade investments 18 3,939 3,600
Revenue share paid on asset realisations in trade investments 18 (512) (332)
Net cash flows from investments in trade investments (10,573) (2,881)
Purchase of property, plant and equipment (5) (11)
Interest paid - (25)
Interest received 1,902 2,079
Short term liquidity investments 6,700 (36,000)
Net cash flows from other investing activities 8,597 (33,957)
Net cash used in investing activities (1,976) (36,838)
Cash flows from financing activities
Proceeds from share issues - 30,000
Transaction cost of issue of shares - (720)
Income from UCSF fund - 6
Net cash generated from financing activities - 29,286
Net decrease in cash and cash equivalents (5,676) (12,392)
Cash and cash equivalents at beginning of the year 7,077 19,469
Cash and cash equivalents at end of the year 18 1,401 7,077