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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Capital | LSE:ASI | London | Ordinary Share | GB00B0742X18 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2353O
Asia Capital PLC
30 June 2005
Date: 30 June 2005
Enquiries:
Haresh Kanabar
Finance Director, Asia Capital plc
tel: 020 7070 7283
Asia Capital plc
Results for the 12 months ended 31 December 2004
Asia Capital plc ("Asia Capital") announces results for the twelve months ended
31 December 2004.
Extracts from the Chairman's statement and the Report of the directors
I am reporting the financial results for Asia Capital plc, formerly Gaming
Insight plc, for the year ended 31 December 2004. Pre-tax losses for the
financial year were narrowed considerably to #224,000, compared with losses of
#756,000 in the previous period. The loss per share was 0.28p compared with the
previous year's loss per share of 0.92p.
2004 was a year of restructuring and reorganisation with the objective of
positioning the Company as an attractive shell. We have made considerable
progress to that end.
On the 16 April 2004 Racing Network.co.uk ("RN"), in which the company had a 51%
interest, was placed into voluntary liquidation. The company's investment in RN
has been fully provided for and the write-off has had no adverse effect on
profit and loss accounts.
The board has looked at various investment opportunities with a view to the
investments providing significant potential capital growth. To date, however, we
have not found deals that are suitable.
On 15 April 2005 an EGM was held at which proposals were approved to change the
Company's business strategy, to rename the Company and to reorganise its
capital. The Company will extend the ambit of its activities to include not just
its existing remit of gaming activities but also general opportunities (inside
and outside the gaming sector) in Asia.
The capital reorganisation took place on the same day. The capital was
reorganised by first subdividing each ordinary 1p share into 1 share of 0.1p and
9 deferred shares of 0.1p, and, secondly, all of the ordinary shares of 0.1p
each were consolidated and divided into new ordinary shares on the basis of 10
shares of 0.1p each for 1 new ordinary share.
The Board has looked at various investment opportunities with a view to the
investments providing significant potential capital growth. To date, however, we
have not found a deal that is suitable.
Outlook
The Board will continue to review investment proposals. Any such proposals
recommended to shareholders would necessitate additional fundraising to provide
the funds for a transaction to be completed.
Results and dividends
The consolidated profit and loss account shows the loss for the year.
No dividend is recommended in respect of the year.
Principal activities, trading review and future developments
Details of the principal activities and a review of trading and future
developments are included in the Chairman's report.
Annual Report
The Company announces that its annual report and accounts were published and
posted to shareholders today. Copies are available at 22 Soho Square, London,W1D
4NS.
Nigel Robertson
Chairman
30 June 2005
Extracts from the Financial Statements as at 31 December 2004
Consolidated profit and loss account for the year 31 December 2004
Note 2004 2003
#'000 #'000
Turnover - 2,204
Cost of sales - (2,008)
______ ______
Gross profit - 196
Administrative expenses (217) (2,706)
______ ______
Operating loss (217) (2,510)
Gain on liquidation of a subsidiary 36 1,758
Interest receivable and similar income 4 7
Interest payable (47) (11)
______ ______
Loss on ordinary activities before taxation (224) (756)
Taxation on loss on ordinary activities - -
______ ______
Loss for the financial year (224) (756)
Loss per share
- Basic and diluted - Restated (0.28)p (0.92)p
All trading activities ceased in the prior year.
All recognised gains and losses have been included in the profit and loss
account.
Consolidated and company balance sheet at 31 December 2004
Group Group Company Company
2004 2003 2004 2003
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets - - - -
Tangible assets - 8 - 8
Investments in subsidiary
Undertakings - - - -
_____ ______ ______ ______
- 8 - 8
Current assets
Debtors 30 60 30 44
Cash at bank and in hand 7 77 7 68
_____ ______ ______ ______
37 137 37 112
Creditors: amounts falling due 403 834 403 720
within one year
_____ ______ ______ ______
Net current liabilities (366) (697) (366) (608)
_____ ______ ______ ______
Total assets less current
liabilities (366) (689) (366) (600)
Creditors: amounts falling due 872 325 872 325
after more than one year
_____ ______ _____ _______
Net liabilities (1,238) (1,014) (1,238) (925)
_____ ______ _____ _______
Capital and reserves
Called up share capital 8,230 8,230 8,230 8,230
Deferred share capital 36,657 36,657 36,657 36,657
Share premium account 9,804 9,804 9,804 9,804
Profit and loss account (55,929) (55,705) (55,929) (55,616)
_______ ______ ______ ______
Shareholders' deficit (1,238) (1,014) (1,238) (925)
_______ ______ ______ ______
Included within Group and Company shareholders' funds is an amount of
#36,657,000 (2003 - #36,657,000) in respect of non-equity interests.
Consolidated cash flow statement for the year 31 December 2004
2004 2004 2003 2003
#'000 #'000 #'000 #'000
Net cash outflow from operating (448) (2,101)
activities
Returns on investments and
servicing of finance
Interest received 4 7
Interest paid (47) (11)
_____ _____
Net cash outflow from returns on (43) (4)
investments and servicing of finance
Tax paid - -
Capital expenditure and financial
investment
Purchase of tangible fixed assets - (2)
______ _____
Net cash outflow from capital expenditure
and financial investment - (2)
Acquisitions and disposal
Cash disposed of with business operation (2) (16)
______ _____
Net cash outflow from acquisitions and
disposals (2) (16)
Financing
Redemption of loans (27) (45)
Issue of shares - 1,664
Issue of loans 450 455
______ ______
Net cash inflow from financing 423 2,074
Decrease in cash (70) (49)
______ ______
Notes to the financial statements
1. Accounting policies
The financial statements have been prepared under the historical cost convention
and are in accordance with applicable accounting standards. The following
principal accounting policies have been applied:
Basis of consolidation
The consolidated financial statements incorporate the results of Asia Capital
plc and all of its subsidiaries as at 31 December 2004 using the acquisition
method of accounting. The results of subsidiary undertakings are included from
the date of acquisition and until the date of disposal.
Goodwill
Goodwill represents the difference between the fair value of the consideration
paid on acquisition of a business and the fair value of its identifiable net
assets at the date of acquisition, less any provision for impairment. It is
capitalised and amortised through the profit and loss account over the
directors' estimate of its useful economic life which is three years.
Impairment of fixed assets and goodwill
The need for any fixed asset impairment write down is assessed by comparison of
the carrying value of the asset against the higher of realisable value and value
in use.
Development costs
Development costs in respect of websites and software are charged to the profit
and loss account in the year of expenditure, unless individual projects satisfy
all of the following criteria:
- the project is clearly defined and related expenditure is separately
identifiable;
- the project is technically feasible and commercially viable;
- current and future costs are expected to be exceeded by future sales; and
- adequate resources exist for the project to be completed.
In such circumstances the costs are carried forward and amortised over the
directors' estimate of the useful life, commencing in the year the company
starts to benefit from the expenditure.
2. Loss per share
The calculation of loss per share is based on the loss for the year of #223,000
(2003 - #756,000) and on the weighted average number of shares in issue during
the year of 82,302,984 (2003 - 80,419,651).
A diluted earnings per share is not presented because the options referred to in
note 16 are non-dilutive.
On 15 April 2005 shareholders approved the consolidation of 10 shares of 0.1p
each for one new ordinary share of 1p. The loss per share has been calculated
based on the reorganised share capital and the 2003 comparative has been
restated.
3. Post balance sheet events
EGM
As stated in the Chairman's Statement on 15 April 2005 an EGM of shareholders
was held and the following proposals were put forward:
1. changing the business strategy of the Company;
2. a capital reorganisation; and
3. renaming the Company
The proposals were approved by the shareholders.
Further additional loans of #50,000 and #50,000 were received in January and
June 2005 from Highland fund advisors. These loans are repayable in June 2006
and interest is payable at 5% per annum.
4. Fundamental uncertainty - going concern
The report of the independent auditors included the following explanation of the
fundamental uncertainty with regards to going concern:
The financial statements have been prepared on the going concern basis which
assumes that the group will continue in operational existence for the
foreseeable future.
The group incurred a loss of #224,000 for the year and has incurred further
losses since the balance sheet date.
The group remains dependent on the continued financial support from a major
shareholder who has confirmed to the directors that he intends to maintain such
support for the foreseeable future. Accordingly, they consider the going concern
basis of preparation to be appropriate.
The financial statements do not include adjustments that would result if the
financial support from the major shareholder were no longer available.
Basis of preparation
The figures for the year ended 31 December 2004 do not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985. They have been
prepared under the accounting policies set out on the Company's statutory
accounts for the year ended 31 December 2003. The figures for the year ended 31
December 2003 have been extracted from the full accounts for that period, which
have been delivered to the Registrar of Companies and on which the auditors gave
a qualified report in relation to limitation of scope and included a statement
under section 237 (2) and (3).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKKNAFNSEFE
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