RNS Number:0423T
Palmaris Capital PLC
24 April 2008
24 April 2008
Palmaris Capital Plc ("Palmaris" or the "Company")
Results for the 6 months ended 31 December 2007
Further to the announcement on 31 March 2008, the Board of Palmaris, the
investment company with interests in coal mining, is pleased to present its
unaudited results for the 6 month period ended 31 December 2007. Trading in the
Company's shares has now been restored with immediate effect.
Key points include:
* A loss on ordinary activities before tax in line with budget of �59,608;
* Fall in net assets from �13.47m to �13.41m; and
* Palmaris' assets now focussed wholly on Scottish Resources Group Limited.
For further information contact:
Jim Richardson, Finance Director, Palmaris 01236 421467
Nick Naylor / Jamie Boyd, Noble & Company Limited 020 7763 2200
(Nominated Adviser)
www.palmariscapital.com
CHAIRMAN'S STATEMENT
Results
During the six months to end December 2007 the Company incurred a loss on
ordinary activities before tax of �59,608 which was much in line with the
budgeted costs of running the Company for the period. As our shareholding in
Perseverance Corporation Limited was distributed to shareholders as a dividend
in specie in February 2007 the remaining significant investment held by the
Company is its shareholding in Scottish Resources Group Limited. Our net assets
reduced from �13.47m to �13.41m as a result of the net cost of running the
Company for the six months.
Scottish Resources Group
Its results for the year to 24 March 2007 were released in January 2008 and
recorded a profit before tax of �3.1m on turnover of �110.8m.
During the year coal production was 2.8m tonnes which was slightly below budget
but was achieved in the face of exceptional adverse weather during the winter
and some technical problems.
The directors' report stated that the group's two year recovery plan had been
successfully implemented and the benefits of revised coal contract pricing and
greater control over operating costs were being realised. It was stated that SRG
is on course for a further substantial improvement in the current year.
SRG obtained planning permissions for some 5m tonnes of new reserves in the year
and coupled with the fact that the group is approaching 100m tonnes of coal
reserves identified, provide the group with a very strong platform to support
the mining activity in the years ahead.
In March 2007 an independent valuation of SRG's mineral and property assets
valued them at �81.3m and �51.3m respectively. In December 2007 a parcel of land
was sold for �5m, generating a profit of �4.5m over book value.
During the year to March 2007 additional share capital was issued resulting in
�5m of additional funds for SRG. In November 2007 �14m of additional share
capital was raised through a placing of 7m shares at �2 per share. As a result
of this share issue our holding now represents 16.1% of SRG's issued share
capital. We have continued to value this at �2 per share.
Over the last few years a wholly owned subsidiary, Scottish BioFuel, has been
developed as a supplier of wood derived biomass fuel. Following an approach
from Infinis Limited, a renewable energy producer, SRG sold certain land assets
and granted long term leases to Infinis in August 2007 for a combined
consideration of �5.5m. These proceeds, together with the share placing, were
used to repay �17.5m of bank borrowings.
The directors reported that during the current year to March 2008 the trading
performance of SRG had started strongly and they expected that the current year
will be a year of further solid performance.
Conclusion
The main focus of our assets is now our shareholding in Scottish Resources Group
Limited which has the potential to exploit its coal reserves and development
land, particularly in the current climate in which energy reserves are highly
rated.
T.P. Noble
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
for the period ended 31 December 2007
CONSOLIDATED CONSOLIDATED
(UNAUDITED) (UNAUDITED) (AUDITED)
6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
31 DEC 2007 31 DEC 2006 30 JUNE 2007
� � �
Turnover - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (84,504) (88,925) (177,003)
Exceptional Item - - (133,171)
Operating (loss) (84,504) (88,925) (310,174)
Investment and other income 24,896 49,528 81,790
(Loss) on ordinary activities before taxation (59,608) (39,397) (228,384)
Taxation on (loss) on ordinary activities - - -
(Loss) on ordinary activities after taxation (59,608) (39,397) (228,384)
(Loss) for the financial period (59,608) (39,397) (228,384)
Earnings per ordinary share
(Loss) per ordinary share (0.04)p (0.03)p (0.16)p
Diluted (loss) per ordinary share (0.04)p (0.02)p (0.16)p
Net assets per share
Net assets per ordinary share 8.60p 17.01p 8.64p
Diluted net assets per ordinary share 8.60p 14.44p 8.64p
UNAUDITED BALANCE SHEET
As at 31 December 2007
CONSOLIDATED CONSOLIDATED
(UNAUDITED) (UNAUDITED) (AUDITED)
AS AT AS AT AS AT
31 DEC 2007 31 DEC 2006 30 JUNE 2007
NOTES � � �
Fixed assets
Investments 1 12,880,000 21,401,382 12,880,000
12,880,000 21,401,382 12,880,000
Current assets
Trade debtors 2,937 2,938 7,344
Other debtors 18,220 23,810 15,071
Cash 532,375 789,229 599,506
553,532 815,977 621,921
Creditors
Amounts falling due within one year
Other creditors (21,431) (40,162) (35,093)
(21,431) (40,162) (35,093)
Net current assets 532,101 775,815 586,828
Net assets 13,412,101 22,177,197 13,466,828
Capital and reserves
Called up equity share capital 7,796,665 6,517,225 7,796,665
Unrealised appreciation reserve 6,440,000 12,849,917 6,382,114
Capital reserve 3 (53,005) 1,719,906 -
Share premium 351,500 351,500 351,500
Profit and loss account (1,123,059) 738,649 (1,063,451)
Shareholders' funds 13,412,101 22,177,197 13,466,828
CASH FLOW STATEMENT
for the period ended 31 December 2007
CONSOLIDATED CONSOLIDATED
(UNAUDITED) (UNAUDITED) (AUDITED)
31 DEC 2007 31 DEC 2006 30 JUNE 2007
NOTES � � �
Net cash (outflow) from operating activities A (96,908) (91,289) (313,274)
Returns on investments and servicing of finance B 24,896 49,528 81,790
Capital expenditure and financial investment 4,881 - -
Cash (outflow) before financing (67,131) (41,761) (231,484)
(Decrease) in cash in the period (67,131) (41,761) (231,484)
NOTES TO THE CASH FLOW STATEMENT
for the period ended 31 December 2007
A. Reconciliation of operating loss to operating cash flows
CONSOLIDATED CONSOLIDATED
(UNAUDITED) (UNAUDITED) (AUDITED)
31 DEC 2007 31 DEC 2006 30 JUNE 2007
� � �
Operating loss (84,504) (88,925) (310,174)
Decrease (increase) in debtors 1,258 (698) 3,635
(Decrease) in creditors (13,662) (1,666) (6,735)
Net cash (outflow) from operating activities (96,908) (91,289) (313,274)
B. Analysis of cash flows
Returns on investments and servicing of finance
Interest received 17,243 19,540 37,931
Fees and commissions received 7,653 29,988 43,859
Net cash inflow 24,896 49,528 81,790
Capital Expenditure and Financial Investment
Sale of equity holdings 4,881 - -
C. Analysis of net funds
1 JULY 2007 CASH FLOW 31 DEC 2007
� � �
Cash 599,506 (67,131) 532,375
Reconciliation of net funds
CONSOLIDATED CONSOLIDATED
(UNAUDITED) (UNAUDITED) (AUDITED)
31 DEC 2007 31 DEC 2006 30 JUNE 2007
� � �
(Decrease) in cash in the period (67,131) (41,761) (231,484)
Change in net (debt) (67,131) (41,761) (231,484)
Decrease in net (debt) in period (67,131) (41,761) (231,484)
Net funds at beginning of period 599,506 830,990 830,990
Net funds at end of period 532,375 789,229 599,506
NOTES TO THE ACCOUNTS
for the period ended 31 December 2007
1. Details of investments are as follows:
(UNAUDITED) (UNAUDITED) (AUDITED)
6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
31 DEC 2007 31 DEC 2006 30 JUNE 2007
� � �
Shares at market value or Directors' valuation
Perseverance Corporation Ltd. - 8,521,382 -
Scottish Resources Group Ltd. 12,880,000 12,880,000 12,880,000
12,880,000 21,401,382 12,880,000
2. The calculation of the basic (loss) per ordinary share is based on the following:
(UNAUDITED) (UNAUDITED) (AUDITED)
6 MONTHS TO 6 MONTHS TO 12 MONTHS TO
31 DEC 2007 31 DEC 2006 30 JUNE 2007
� � �
(Loss) (59,608) (39,397) (228,384)
Weighted average number of ordinary
shares in issue during the period 155,933,304 130,344,504 139,528,430
The diluted earnings per share is calculated after allowing for the
35,540,000 warrants issued on the 8 May, 2001 and not converted at 31
December, 2006. These warrants were converted on 19 February, 2007.
3. The transfer of �53,005 to the debit of Capital Reserve represents the
loss on sale of investments in the period. A proportion of this loss had
previously been provided in the unrealised appreciation reserve.
4. The interim financial statements are unaudited and do not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985 (as
amended). These statements have been prepared on the basis of the accounting
policies set out in the Company's 2007 Annual Report and Accounts.
The financial statements for the year ended 30 June, 2007 are an
abridged statement; the full audited accounts for the year to 30 June 2007,
which were unqualified, have been lodged with the Registrar of Companies.
5. At 30 June 2007 the company had two dormant subsidiaries. Subsequently
these subsidiaries have been removed from the Register of Companies. At 31
December 2007 the company had no subsidiaries and therefore its results are not
consolidated.
6. The directors proposed a distribution by way of dividend in specie of
Palmaris' holding in Perseverance Corporation Limited. Full details of the
proposal were sent to shareholders on 24 January, 2007 and the relevant
resolutions were passed at an EGM of the Palmaris shareholders on 19 February,
2007. The dividend in specie was implemented on 28 February, 2007 equivalent to
5.46p per share and a dividend payment �8,510,080.
7. Copies of the Interim Results for Palmaris Capital PLC are being posted
to shareholders on 28 April, 2008 and may be obtained free of charge from the
Company's registered office or from the Company's nominated adviser and broker,
Noble & Company Limited, 76 George Street, Edinburgh, EH2 3BU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USSARWORSUAR
Palmaris Capital (LSE:PMS)
過去 株価チャート
から 5 2024 まで 5 2024
Palmaris Capital (LSE:PMS)
過去 株価チャート
から 5 2023 まで 5 2024
