Jannock Properties Limited (TSX VENTURE: JPL.UN) today reported a
net loss for the Second Quarter of 2009 of $61,000 ($0.00 per
share) compared with a net loss of $17,000 ($0.00 per share) for
the Second Quarter of 2008. The increased losses in the Second
Quarter were mainly due to expenses incurred relating to the
expected dissolution of the Corporation later this year.
Operating activities for the three months ended June 30, 2009
used cash of $93,000 compared with cash used of $6,000 for the same
period in 2008.
Revenue
Income in the three months to June 30, 2009 consisted of
interest earned on short term investments of surplus cash of $3,000
compared with interest earnings of $42,000 in the same period last
year.
General and Administrative Expenses
In the Second Quarter of this year, general and administrative
expenses were $93,000, compared with $68,000 for the Second Quarter
of last year. This increase is mainly due to additional expenses
incurred in relation to the dissolution of the Corporation.
Income Taxes
Income tax recoveries on the Second Quarter of 2009 amount to
$27,000.
Cash Flows from Operations
Cash used for operating activities in the Second Quarter of this
year amounted to $93,000 compared with a cash usage of $6,000 for
the same period last year. The major differences are due to:
- Cash receipts for the Second Quarter this year were $12,000
and included interest receipts of $3,000 and an income tax refund
of $9,000. This compares with $42,000 of interest receipts for the
Second Quarter last year.
- Cash payments for administrative and other expenses in the
Second Quarter of this year were $105,000 compared with $48,000 in
the same period last year.
Corporate Items
Shareholders at the Annual General and Special Meeting on May
14, 2009 approved a voluntary dissolution of the Corporation and
its eventual delisting from the TSX-V exchange with an anticipated
dissolution date of October 30, 2009.
The Corporation has made an application for a clearance
certificate from the Canada Revenue Agency (CRA) to confirm that no
taxes are payable up to the dissolution date and will seek consent
from CRA to the dissolution. Following receipt of the clearance
certificates and consent a dissolution date will be set and the
remaining cash after payment of all liabilities will be distributed
to shareholders. The Corporation has no control over how long it
will take to get the required clearances from CRA and there is
currently no indication as to whether they will be received in
sufficient time to meet a dissolution date of October 30, 2009. The
Corporation will continue to issue reports on its operating results
and matters relating to the dissolution until the dissolution
date.
The Corporation has estimated that an additional $200,000 may be
required to satisfy all of its ordinary course debts, obligations
and liabilities, including the administrative costs related to the
dissolution and delisting (the "Dissolution Costs"). These
Dissolution Costs include, but are not limited to, the estimated
costs and expenses of: (i) the legal fees for the dissolution and
delisting, (ii) tax return preparation and filing; (iii) auditor
fees; (iv) mailing costs; and (v) all other amounts whatsoever
required to satisfy the expenses, liabilities and obligations of
the Corporation. The Corporation does not intend to make any
distribution to the Shareholders until after the Corporation has
obtained the consents from CRA, and satisfied all of its debts,
obligations and liabilities.
Management has determined that after the payment of ordinary
course liabilities, including the Dissolution Costs, the
Corporation will have approximately $5,400,000 in cash, which will
comprise the remaining property and assets of the Corporation that
will be distributed to shareholders on the dissolution in
accordance with their holdings of Special Shares.
The Corporation's shareholders hold Units which currently
consists of a combination of one Class B common share and 65 Class
A special shares. There are a total of 35,631,932 Units
outstanding. The combination of the Corporation's Common and
Special Shares are listed as Units on the TSX-V Exchange (trading
symbol: JPL.UN).
Forward-looking statements contained in this news release
involve risks and uncertainties that could cause actual results to
differ materially from those contemplated by such statements.
Factors that could cause such differences include local real estate
markets, zoning applications, changes in interest rates and general
economic conditions. In addition there are risk factors described
from time to time in the reports and disclosure documents filed by
Jannock Properties Limited with Canadian and U.S. securities
regulatory agencies and commissions.
NOTICE
The accompanying interim unaudited financial statements have not been
reviewed by the Company's auditors.
JANNOCK PROPERTIES LIMITED
Interim Balance Sheet
(in thousands of Canadian dollars)
June 30 December 31
2009 2008
---- ----
(unaudited)
------------
Assets
Cash and cash equivalents (note 2) $ 5,619 $ 5,813
Other assets 12 5
Income taxes recoverable 80 37
------------ ------------
$ 5,711 $ 5,855
------------ ------------
Liabilities
Accounts payable and accrued liabilities $ 21 $ 44
Income taxes payable - 5
------------ ------------
$ 21 $ 49
------------ ------------
Shareholders' Equity
Capital stock (note 4) $ 23,115 $ 23,115
Contributed surplus 6,868 6,868
Deficit (24,293) (24,177)
------------ ------------
$ 5,690 $ 5,806
------------ ------------
------------ ------------
$ 5,711 $ 5,855
------------ ------------
------------ ------------
Interim Statement of Income, Comprehensive Income and deficit
(in thousands of Canadian dollars, except per share amount)
Three Months Six Months
Ended June 30 Ended June 30
-------------------------------------------------
2009 2008 2009 2008
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue
Interest Income $ 3 $ 42 $ 16 $ 95
------------- ----------- ----------- -----------
Total 3 42 16 95
------------- ----------- ----------- -----------
Expenses
General and
administrative
costs (93) (68) (191) (130)
Foreign exchange gains/
(losses) 2 2 -
------------- ----------- ----------- -----------
Income/(loss) before
income taxes (88) (26) (173) (35)
Income tax provision
(recovery) (note 3)
- current (61) (9) (93) (13)
- future 34 - 36 1
Net income (loss) and
comprehensive
income (loss) ------------- ----------- ----------- -----------
for the period $ (61) $ (17) $ (116) $ (23)
------------- ----------- ----------- -----------
Deficit - beginning of
period $ (24,232) $ (24,606) $ (24,177) $ (24,600)
Deficit - end of period $ (24,293) $ (24,623) $ (24,293) $ (24,623)
Basic and diluted earnings
(loss) per share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Interim Statement of Cash Flows
(in thousands of Canadian dollars)
Three Months Six Months
Ended June 30 Ended June 30
----------------------- -----------------------
2009 2008 2009 2008
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Cash provided by (used in)
Operating activities
Cash receipts
Income tax recoveries $ 9 $ 9
Interest received 3 42 16 104
Cash payments
Income taxes - - - (443)
Other payments (105) (48) (219) (129)
----------- ----------- ----------- -----------
Total operating activities (93) (6) (194) (468)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Increase (decrease) in cash
equivalents (93) (6) (194) (468)
----------- ----------- ----------- -----------
Cash and cash equivalents -
beginning of period $ 5,712 $ 5,363 $ 5,813 $ 5,825
Cash and cash equivalents -
end of period $ 5,619 $ 5,357 $ 5,619 $ 5,357
Cash and cash equivalents
are comprised of:
Cash 43 55
Short term investments
(note 2) 5,576 5,302
NOTES TO INTERIM FINANCIAL STATEMENTS
(unaudited - in thousands of dollars)
1. Summary of significant accounting policies
These interim unaudited financial statements have been prepared
in accordance with Canadian generally accepted accounting
principles for interim financial statements in Canada. The
disclosures contained in these unaudited interim financial
statements do not include all disclosures required for annual
financial statements. They have been prepared using the same
accounting policies as set out in Note 2 to the financial
statements for the year ended December 31, 2008 and should be read
in conjunction with those financial statements.
2. Cash and cash equivalents
Investments are held in either banker's acceptances or term
deposits with major Canadian banks in order to minimize any credit
risk.
3. Income taxes
The following table reconciles income taxes calculated at the
current Canadian federal and provincial tax rates with the
Company's income tax expense.
Six months ended
------------------
June 30, 2009 June 30, 2008
-------------- ---------------
Income (loss) before income taxes $ (173) $ (35)
-------- -------
Expected income taxes (recovery) $ (57) $ (12)
-------- -------
4. Capital Stock
The Company's capital stock consists of Class A special shares
and Class B common shares. The Class A special shares are
transferable with and only with the associated Class B common
shares and trade as one unit (JPL.UN). Accordingly, the Company's
earnings per share have been calculated using the number of Class B
common shares outstanding of 35,631,932. There have been no changes
to the shares outstanding during the six months to June 30,
2009
Number of shares
----------------
Class B Class A
------- -------
Common Special Amount
------ ------- ------
Issued and outstanding at June 30, 2009 35,631,932 2,316,075,580 $ 23,115
5. Capital Management
The mandate for the Corporation is to dispose of its assets in a
manner that maximizes value and distributes the net proceeds
realized from those assets to shareholders in a timely fashion.
The Corporation's remaining assets are almost entirely its cash
balances.
6. Potential Recoveries
The Corporation has identified approximately $200 of potential
recoveries of development charges that are expected to be recovered
from other developers. Any amounts received will be treated as a
recovery of development costs charged to cost of sales in prior
years. The Corporation is looking for ways to realize a portion of
any remaining development charges within the liquidation
time-frame.
The ultimate amount realized and the timing of recovery is
uncertain and could differ from current estimates.
Contacts: Jannock Properties Limited Brian Jamieson (905)
821-4464 bjamie@jannockproperties.com
Jannock Pptys Ltd (TSXV:JPL.UN)
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