RNS Number:9071R
Caplay PLC
27 February 2007
For immediate release
27 February 2007
Caplay PLC
("Caplay" or the "Company")
Interim results for the six months ended 30 November 2006
The Board of Caplay is pleased to announce its un-audited interim results for
the six months ended 30 November 2006. During the prior financial period the
Board had focussed on rationalising the business with the intention of disposing
of underperforming assets. This process has now been completed and during the
six months ended 30 November 2006 (the "Period"), the Board has concentrated on
identifying opportunities to increase shareholder value. Although the Board has
yet to conclude any transactions, the Directors of the Company are confident
that the second half of the current financial year will show progress.
Following the restructuring of the Company, turnover in the Period was nil
(2006: #45,177). In order to minimise ongoing costs, the Directors have waived
any rights to remuneration and general overheads of the Company in the Period
were #45,305 (2006: #517,468). During the Period the value of the Company's
major investment in Private Treaty Markets Inc ("PVTM") declined significantly.
As the value of PVTM has continued to decline subsequent to the Period, the
Board has decided to write down the value of the Company's investment in PVTM to
its current share price of US$0.475 per PVTM share, which values the Company's
investment in PVTM at US$343,527 (equivalent to #176,122 at current exchange
rates). Accordingly, the Directors have made a provision of #840,836 against the
carrying value of the Company's investment in PVTM. As at 30 November 2006, the
Company's cash balances amounted to #927,809.
Commenting on the results, Chairman Tony Fabrizi said:
"Having completed the restructuring of the Company, we remain in a firm
financial position to identify suitable opportunities to create growth for our
shareholders.
The Board is currently reviewing a number of potential opportunities and I look
forward to reporting to shareholders on developments in the near future".
Enquires:
Caplay PLC +44 207 486 8985
Tony Fabrizi, Chairman
Nominated Advisor + 44 207 628 3396
Roland Cornish, Beaumont Cornish Limited
Financial Public Relations
David Bick, Holborn +44 207 929 5599
Caplay Plc
Interim Accounts
Consolidated profit and loss account
for the 6 months ended 30 November 2006
Notes 6 months 6 months Year ended
ended ended
30 Nov 2006 30 Nov 2005 31 May 2006
(unaudited) (unaudited) (audited)
# # #
Gross revenue - 45,177 45,927
Administrative expenses (45,305) (517,468) (638,325)
Operating loss (45,305) (472,291) (592,398)
Investment income (840,836) - (669,826)
Interest receivable and similar income 19,705 8,947 30,173
Interest payable (39) (3,000) (3,000)
- - -
Loss for the financial period (866,475) (466,344) (1,235,051)
Loss per ordinary share 3 (0.31)p (0.25)p (0.53)p
Statement of Total Recognised Gains and Losses
for the 6 months ended 30 November 2006
6 months 6 months Year ended
ended ended
30 Nov 2006 30 Nov 2005 31 May 2006
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (866,475) (466,344) (1,235,051)
Unrealised (loss)/gain on revaluation of (1,687,631) 1,769,005 1,687,631
investments
Total recognised (loss)/gain relating to (2,554,106) 1,302,661 452,580
the period
Note of Historical Cost Profits and Losses
for the 6 months ended 30 November 2006
Loss for the financial period (866,475) (466,344) (1,235,051)
Realisation of investment revaluation
profit/(loss)
of previous years - - -
Historical cost loss for the (866,475) (466,344) (1,235,051)
period
Consolidated Balance Sheet
as at 30 November 2006
30 Nov 2006 30 Nov 2005 31 May 2006
(unaudited) (unaudited) (audited)
# # #
Fixed assets
Tangible assets 1,166 4,191 1,737
Investments 182,180 3,384,223 2,710,647
183,346 3,388,414 2,712,384
Current assets
Debtors 13,391 135,506 96,103
Cash at bank 927,809 1,079,751 876,559
941,200 1,215,257 972,662
Creditors: amounts falling due within
one year (55,120) (122,332) (61,514)
886,080 1,092,925 911,148
Total assets less current liabilities 1,069,426 4,481,339 3,623,532
Provision for liabilities and charges - - -
1,069,426 4,481,339 3,623,532
Capital and reserves
Called up share 6,800,000 6,800,000 6,800,000
capital
Share premium account 6,112,612 6,120,338 6,112,612
Revaluation reserve - 1,769,005 1,687,631
Profit and loss (11,843,186) (10,208,004) (10,976,711)
account
1,069,426 4,481,339 3,623,532
Consolidated Cash Flow statement
for the 6 months ended 30 November 2006
6 months 6 months Year ended
ended ended
30 Nov 2006 30 Nov 2005 31 May 2006
(unaudited) (unaudited) (audited)
# # #
Operating activities
Net cash inflow/(outflow) from operating 31,584 (1,090,030) (1,305,546)
activities
Return on investments and servicing of finance
Interest receivable 19,705 8,947 30,173
Interest payable (39) (3,000) (3,000)
Capital expenditure and financial
investment
Purchase of investments - (23,052) (24,227)
Sale of investments - 361,690 361,689
Cash outflow before management 51,250 (745,445) (940,911)
of liquid resources and
financing
Management of liquid resources
Cash placed on deposit - 584,980 584,980
Financing
Net cash proceeds from issue of ordinary share - 922,375 914,649
capital
Increase in cash 51,250 761,910 558,718
Reconciliation of operating loss to net
cash
outflow from operating activities
Operating loss (45,305) (472,291) (592,398)
Net depreciation 571 1,101 1,143
Amortisation of intangible - 105,598 44,115
assets
Loss on disposal of tangible assets - - 2,412
Decrease in debtors 82,712 - 24,438
Decrease in creditors and provisions (6,394) (724,438) (785,256)
Net cash inflow/(outflow) from operating 31,584 (1,090,030) (1,305,546)
activities
Reconciliation of net funds
At 1 June Cash Flows At 30 Nov
2006 2006
# # #
Cash at bank 876,559 51,250 927,809
Cash on deposit - - -
876,559 51,250 927,809
Notes to the Accounts
1 The interim accounts have been prepared in accordance with the accounting policies set out in
the annual
accounts for the year ended 31 May 2006, but they have not been audited nor reviewed by the
auditors.
2 The financial information in this report does not constitute full accounts as defined by
Section 240 of the
Companies Act 1985. Full accounts for the year ended 31 May 2006, which contained an
unqualified Audit Report
and did not contain a statement under Section 237 of the Companies Act 1985, have been
delivered to the
Registrar of Companies.
3 The loss and number of shares used in the calculation of loss per share are
set out below:
6 months 6 months Year ended
ended ended
30 Nov 2006 30 Nov 2005 31 May 2006
(unaudited) (unaudited) (audited)
Undiluted
Loss for the financial (866,475) (466,344) (1,235,051)
period
Weighted average of ordinary shares 280,000,000 183,287,671 234,246,575
Loss per share (0.31)p (0.25)p (0.53)p
There was no dilutive effect from the warrants or options outstanding during
the period.
4 A copy of this report is available from the Company Secretary at 25 Manchester Square, London
W1U 3PY.
---ENDS---
This information is provided by RNS
The company news service from the London Stock Exchange
END
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