TIDMNBNK
RNS Number : 6237V
NBNK Investments PLC
10 August 2015
NBNK INVESTMENTS PLC
HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 JUNE 2015
(unaudited)
The report including the unaudited results for the period is as
follows:
Company summary
The Company was originally established to create a new UK retail
and SME bank through the acquisition of high quality banking assets
facilitated by a substantial fundraising. Since the re-structure of
the Company on 11 January 2013, the remit remains to continue the
search for potential acquisition targets in the financial services
sector, including in Continental Europe.
Chairman's review
There have been no acquisition developments to report during the
first half of the year.
Our policy continues to be to maintain the Company at minimal
cost while we seek appropriate opportunities to make an acquisition
in the financial services sector. Shareholders will be kept advised
as and when there are developments to report.
The board is mindful of the statement made at the capital
raising in 2013. That is, if no acquisition is made by 11 January
2016, the directors will consider whether it is appropriate to
return unused share capital to shareholders and/or wind-up the
Company.
Stephen L. Johnson
Chairman
NBNK INVESTMENTS PLC
HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 JUNE 2015
(unaudited)
Business review
During the period, we continued to maintain the Company on the
lowest possible cost base. The Company's share capital at 30 June
2015 was unchanged from that published in the Annual Report and
Financial Statements to 31 December 2014 at 53,771,229 ordinary
shares. The fully diluted share capital was also unchanged at
60,667,480. There have been no changes between 30 June and the date
of this report.
As reported in the Chairman's Review, there has been no
acquisition activity during the first half of the year.
Performance
At 30 June 2015, the Company's shares were trading at 31.0 pence
per share. The Company had cash assets of GBP19,806,000 at the
period end.
The Company reports a loss for the period of GBP172,000.
Dividend
The directors do not recommend an interim dividend on the
ordinary shares for the six months to 30 June 2015.
Principal risks and uncertainties
The principal risk for the Company is that its acquisition
strategy might fail. If no successful acquisition has been achieved
by 11 January 2016, the directors will review the position at that
time and consider if it is appropriate to return unused funds to
shareholders and/or to wind up the Company. The principal financial
key performance indicator continues to be the rate at which the
Company is spending the proceeds generated when it was listed on
AIM and when the W L Ross and Co funds introduced additional
capital in January 2013. Given the current status of the Company,
cost control will continue to be crucial and the Company is being
maintained at the lowest possible cost to shareholders. The
directors are of the view that there are no meaningful
non-financial KPIs since there is no current prospect for an
acquisition.
Events after the balance sheet date
There have been no reportable events since 30 June 2015.
Related party transactions
In the opinion of the Board, the related parties are the
directors. There were no related party transactions during the
period, other than directors' remuneration and share based payments
as outlined in notes 4 and 5 to the accounts.
On behalf of the Board
Stephen L. Johnson
10 August 2015
The financial information presented herein does not amount to
full statutory accounts within the meaning of Section 435 of the
Companies Act 2006. It has not been audited or reviewed pursuant to
guidance issued by the Auditing Practices Board. The annual report
and financial statements for 2014 have been filed with the
Registrar of Companies. The independent auditors' report on that
annual report and financial statements was unqualified, did not
include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying the report, and did
not contain a statement under 498(2) or (3) of the Companies Act
2006.
Income statement
for the six months ended 30 June 2015 (unaudited)
Note 6 months Year ended 6 months
ended 31 December Ended
30 June 2014 30 June
2015 GBP000 2014
GBP000 Audited GBP000
Unaudited Unaudited
----------------------------------- ----- ----------- ------------- -----------
Interest income 25 50 25
Administrative expenses (197) (251) (128)
Operating loss (172) (201) (103)
Decrease in fair value of
derivative financial liabilities - 19 1
----------------------------------- ----- ----------- ------------- -----------
Loss before taxation (172) (182) (102)
Taxation - - -
----------------------------------- ----- ----------- ------------- -----------
Loss for the period (172) (182) (102)
----------------------------------- ----- ----------- ------------- -----------
Loss per share (pence) - basic 2 (0.32) (0.34) (0.19)
----------------------------------- ----- ----------- ------------- -----------
Statement of comprehensive income
for the six months ended 30 June 2015 (unaudited)
6 months Year ended 6 months
ended 31 December Ended
30 June2015 2014 30 June
GBP000 GBP000 2014
Unaudited Audited GBP000
Unaudited
----------------------------------------- ------------- ------------- -----------
Loss for period and total comprehensive
loss for the period (172) (182) (102)
------------------------------------------ ------------- ------------- -----------
Statement of financial position
as at 30 June 2015 (unaudited)
Note 30 June 31 December 30 June
2015 2014 2014
GBP000 GBP000 GBP000
Unaudited Audited Unaudited
---------------------------------- ------ ----------- ------------ -----------
Assets
Current assets
Other accrued income and prepaid
expenses 24 9 24
Cash and cash equivalents 19,806 20,013 20,102
------------------------------------------ ----------- ------------ -----------
Total current assets 19,830 20,022 20,126
------------------------------------------ ----------- ------------ -----------
Total assets 19,830 20,022 20,126
------------------------------------------ ----------- ------------ -----------
Current liabilities
Trade and other payables 27 47 53
Derivative financial liabilities - - 18
Total current liabilities 27 47 71
------------------------------------------ ----------- ------------ -----------
Total net assets 19,803 19,975 20,055
------------------------------------------ ----------- ------------ -----------
Equity
Called up share capital 5,377 5,377 5,377
Share premium 43,129 43,129 43,129
Capital redemption 45 45 45
Retained losses (28,748) (28,576) (28,496)
------------------------------------------ ----------- ------------ -----------
Total equity 19,803 19,975 20,055
------------------------------------------ ----------- ------------ -----------
Statement of changes in equity
for the six months ended 30 June 2015 (unaudited)
Share Share Capital Retained
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ------------ --------- --------
Total equity as at
1 January 2015 5,377 43,129 45 (28,576) 19,975
Net loss and total
comprehensive loss
for the period - - - (172) (172)
Total equity as at
30 June 2015 5,377 43,129 45 (28,748) 19,803
--------------------- --------- --------- ------------ --------- --------
Share Share Capital Retained
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ------------ --------- --------
Total equity as at
1 January 2014 5,377 43,129 45 (28,394) 20,157
Net loss and total
comprehensive loss
for the year - - - (182) (182)
Total equity as at
31 December 2014 5,377 43,129 45 (28,576) 19,975
--------------------- --------- --------- ------------ --------- --------
Share Share Capital Retained
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ------------ --------- --------
Total equity as at
1 January 2014 5,377 43,129 45 (28,394) 20,157
Net loss and total
comprehensive loss
for the period - - - (102) (102)
Total equity as at
30 June 2014 5,377 43,129 45 (28,496) 20,055
--------------------- --------- --------- ------------ --------- --------
Statement of cash flows
for the six months ended 30 June 2015 (unaudited)
Note 6 months Year ended 6 months
ended 31 December Ended
30 June2015 2014 30 June
GBP000 GBP000 2014
Unaudited Audited GBP000
Unaudited
-------------------------------------- ------ ------------- ------------- -----------
Operating activities
Operating loss before taxation (172) (182) (102)
Decrease in fair value of
derivative financial instruments - (19) (1)
(Increase) / decrease in receivables (15) 2 (13)
(Decrease) / increase in payables (20) 5 11
Cash flow from operating activities (207) (194) (105)
---------------------------------------------- ------------- ------------- -----------
Net decrease in cash and cash
equivalents (207) (194) (105)
---------------------------------------------- ------------- ------------- -----------
Cash and cash equivalents
at beginning of period 20,013 20,207 20,207
---------------------------------------------- ------------- ------------- -----------
Cash and cash equivalents
at end of period 19,806 20,013 20,102
---------------------------------------------- ------------- ------------- -----------
Notes to the half yearly report
for the six month period ended 30 June 2015 (unaudited)
1 - Summary of significant accounting policies
General Information
NBNK Investments plc is a public company incorporated in the
United Kingdom. The Company's principal activities are set out in
the Company summary. The financial statements are presented in
pounds sterling thousands because that is the currency of the
primary economic environment in which the Company operates.
Basis of preparation
The financial statements of NBNK Investments plc have been
prepared in accordance with International Financial Reporting
Standards (IFRS), as adopted by the European Union. The financial
statements have been prepared under the historical cost convention
as amended for use of fair value for derivative financial
instruments and share based payments. Historical cost is based upon
the fair value of consideration given in exchange for assets.
Application of IFRS
The Company has not made an acquisition to date and unless and
until the Company commences operation as a company operating in the
financial services sector, it is not appropriate to set out the
accounting policies which will be applicable to that business.
New IFRSs, interpretations and amendments not yet effective
Given the current status of the Company, it cannot be stated
with any degree of certainty which new standards, interpretations
or amendments but not yet effective may ultimately have a material
impact on the Company's future financial statements.
Accounting policies
The accounting policies applied by the Company in these
half-yearly results are the same as those applied by the Company in
its audited financial statements for the period ended 31 December
2014.
2 - Loss per share from operations
Loss per share from operations for the period is based upon the
attributable loss of GBP172,000 (GBP182,000 loss for the period
ended 31 December 2014) and 53,771,229 ordinary shares (53,771,229
shares for the period ended 31 December 2014), being the number of
shares in issue at the period end.
3 - Events after the balance sheet date
None.
4 - Related party transactions
In the opinion of the Board, the related parties are the
directors. There were no related party transactions during the
period, other than directors' remuneration. Stephen Johnson
receives a nominal fee of GBP1 per annum. Lord Brennan receives
remuneration of GBP10,000 per annum.
5 - Share based payments - options
No options were issued, exercised or lapsed during the
period.
For further information contact:
1. Cenkos Securities plc (Nominated adviser and broker)
Ian Soanes or Ivonne Cantu (+44 20 7397 8900)
2. NBNK Investments plc (Company secretary)
Ian Bowden (+44 20 7696 5285)
This information is provided by RNS
The company news service from the London Stock Exchange
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