Final Results
2007年6月21日 - 8:27PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:7770Y
Ocean Resources Capital HoldingsPLC
21 June 2007
OCEAN RESOURCES CAPITAL HOLDINGS PLC
Preliminary Results for the year ended 31 December 2006
The Directors of Ocean Resources Capital Holdings Plc announce the preliminary
results for the year ended 31 December 2006.
Investment Policy and Objective
Following the approval by shareholders of the reduction in the life of the
Company, the investment policy and objective is now to reduce its gearing
through realisation of the existing investments and to seek to have a portfolio
capable of rapid realisation to reflect the limited life of the Company. In
general, no new investments will be made.
Net Asset Value
The net asset value attributable to the Ordinary shares on 31 December 2006 was
20.89p. The share price of the Ordinary shares on 31 December 2006 was 21.0p
indicating a premium to net asset value of 0.53%.
Chairman's Statement
During the year there has been a nominal decline in the net asset value of the
Company's investment portfolio from 21.92p per share to 20.89p per share. While
disappointing, it does include two write downs totalling 4.37p per share, and
covering the carrying values of Picobello Andalucita SL and OreVest plc.
The first write down of 2.42p per share, of which 1.4p per share was taken at
the interim stage, reflected our uncertainty over the carrying value of our
investment in the unquoted company, Picobello Andalucita SL, following the
denial of crucial planning and environmental permits required to commence
project development. While the Manager's Report includes an update on the
company's current situation, the Board remains of the opinion that the nil
valuation remains the prudent option.
In light of the winding up vote due later this year, the Board has also taken
the decision to write down the carrying value of the Company's investment in
OreVest plc to nil. This represents 1.95p per share. Once again, the Board
views this as the prudent option, particularly since there has been no
improvement in the political situation in Bulgaria since the last report, and
thus there has been no improvement with OreVest's operational position in the
country.
During the year a number of investments were sold, and the proceeds used to
repay, in full, the HSBC overdraft facility, while the Company's 8% convertible
unsecured loan stock was also repaid in full at the year end.
Following the various sales during the course of the year, the concentration of
the investment portfolio has increased significantly, and the two AIM listed
companies, Archipelago Resources plc and Rheochem plc, now represent around 90%
of the Company's net asset value.
As shareholders are already aware, this year's Annual General Meeting will see a
winding up proposal put to shareholders and, at that point, we would expect to
have sold the remaining smaller investments, but continue to hold our
significant stakes in Archipelago and Rheochem. Thus our final net asset value
will be determined largely by the performance of these two companies over the
coming months.
I intend to write to you again shortly to confirm details of the proposed
liquidation and ultimate delisting of the Company, for which shareholder
approval will be sought at the Annual General Meeting to be held on 6 September
2007.
Peter Seabrook
Chairman
Consolidated Profit and Loss Account
For the year ended 31 December 2006
2006 2005
# '000 #'000
Income from investments
Unlisted securities 61 1,091
61 1,091
(Loss)/surplus on disposal of investments
Listed securities (150) (294)
Unlisted securities 328 789
Interest receivable and similar income 39 28
Fees and commission - 230
Administrative expenses (841) (666)
Operating(loss)/profit - pre write downs and provisions (563) 1,178
Write down of investments and provisions (1,802) (8,500)
Write down of loans and income (540) (1,820)
Operating loss (2,905) (9,142)
Interest payable (289) (404)
Loss for year before and after taxation (3,194) (9,546)
Loss per share
Basic loss per share (3.75p) (11.20p)
Diluted loss per share (3.75p) (11.20p)
The Group's results shown above are derived entirely from continuing activities.
Consolidated Statement of Total Recognised Gains and Losses
For the year ended 31 December 2006
2006 2005
# '000 # '000
Loss for the financial period (3,194) (9,546)
Increase in value of investments 2,317 32
Net total recognised losses (877) (9,514)
Consolidated Note of Historical Cost Profits and Losses
For the year ended 31 December 2006
2006 2005
# '000 # '000
Reported loss on ordinary activities before taxation (3,194) (9,546)
Transfer of realised profit 2,000 1,075
Historical cost retained loss at beginning of year (23,646) (15,175)
Historical cost retained loss at end of year (24,840) (23,646)
Balance Sheets of the Group and Company
As at 31 December 2006
Group Company Group Company
2006 2006 2005 2005
# '000 # '000 # '000 # '000
Fixed asset investments
Group undertakings - - - -
Other investments 18,165 18,165 23,953 23,953
18,165 18,165 23,953 23,953
Current assets
Debtors 438 438 466 466
Cash at bank and in hand - - 171 171
438 438 637 637
Creditors: amounts falling due within one
year (792) (792) (5,902) (5,902)
Net current liabilities (354) (354) (5,265) (5,265)
Total assets less current liabilities 17,811 17,811 18,688 18,688
Creditors: amounts falling due after more
than one year - - - -
Net assets 17,811 17,811 18,688 18,688
Capital and reserves
Called up share capital 852 852 852 852
Share premium account 39,311 39,311 38,202 38,202
Warrant reserve - - 1,109 1,109
Revaluation reserve 2,488 2,488 2,171 2,171
Profit and loss account (24,840) (24,840) (23,646) (23,646)
Equity shareholders' funds 17,811 17,811 18,688 18,688
Net asset value per share 20.89p 21.92p
Consolidated Cash Flow Statement
For the year ended 31 December 2006
2006 2005
# '000 # '000
Net cash outflow from operating activities (638) (1,047)
Interest paid on loan (239) (311)
Redemption of 8% Convertible Unsecured Loan Stock 2006 (1,014) -
Interest paid on 8% Convertible Unsecured Loan Stock 2006 (97) (81)
Net cash outflow from servicing of finance (1,350) (392)
Taxation paid - -
Investing activities
Purchase of fixed asset investments (500) (3,355)
Proceeds of disposal of fixed asset investments 6,859 5,482
Net cash inflow from capital expenditure and financial investment 6,359 2,127
Net cash inflow before financing 4,371 688
Loan repaid - (2,200)
Proceeds from loan receipts 7 -
Loans granted to investee companies (111) (352)
Net cash outflow from financing (104) (2,552)
Increase/(decrease) in cash 4,267 (1,864)
Reconciliation of net cash inflow/(outflow) to movement in net debt
Increase/(decrease) in cash 4,267 (1,864)
Net repayment of loan facility - 2,200
Net repayment of 8% Convertible Unsecured Loan Stock 2006 1,014 -
Debt costs due on 8% Convertible Unsecured Loan Stock 2006 (8) (7)
Movement in net debt in year 5,273 329
Net debt at beginning of year (5,599) (5,928)
Net debt at year end (326) (5,599)
Major non-cash transactions
Interest and commissions received in the form of shares - 210
Notes:
This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2005 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain statements under s237(2) and (3) of the Companies Act 1985.
The Report and Accounts will be posted to shareholders shortly. Copies may be
obtained during normal business hours from the Company's registered office, The
Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
By order of the Board
Capita Company Secretarial Services Limited,
Secretary
21 June 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKDKBDBKDQAB
Ocean Resources Capital (LSE:OCE)
過去 株価チャート
から 4 2024 まで 5 2024
Ocean Resources Capital (LSE:OCE)
過去 株価チャート
から 5 2023 まで 5 2024
