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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Black Raven | LSE:BRP | London | Ordinary Share | GB00B05Q5S56 | 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% | 0.325 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9667C
Black Raven Properties PLC
30 August 2007
For immediate release 30 August 2007
BLACK RAVEN PROPERTIES PLC
("Black Raven" or "the Company")
Unaudited Interim Results for the six months ended 31 May 2007
Black Raven Properties plc (AIM: BRP), the property company focused on Portugal,
is pleased to announce its interim results for the six months ended 31 May 2007.
Highlights
*Continued progress across our Portuguese property portfolio with further
investment opportunities under evaluation
*Closed end property fund White Raven Capital Partners ("White Raven") set
up in which Black Raven owns all of the units. White Raven is a tax
efficient vehicle currently holding two of our property interests
*#600,000 (before expenses) raised during the period via a share issue at
6.5p a share
*Further #1.56 million raised post the period end via a share issue at
6.5p a share
*Net profit of #986,000 at Black Raven, reflecting the sale of property to
White Raven. This inter-group profit was eliminated on consolidation to give
a Group pre-tax loss for the period of #381,000 (H1 2006: loss of #100,000)
and loss per share of 0.67p (H1 2006: loss of 0.40p)
Michael Friend, Black Raven's Chief Executive, said: "During the period, Black
Raven has continued its focus on the Lisbon property market. Our existing
property assets, including those held in White Raven, all have significant
potential in terms of future profits coming back to the Company and a number of
other exciting opportunities are being considered."
For further information:
Black Raven Properties plc Tel: 07899 940005
Michael Friend, Chief Executive
Arden Partners plc Tel: 020 73981640
Adrian Trimmings
Buchanan Communications Tel: 020 74665000
Mark Court
Black Raven Properties plc
Unaudited Interim Statement for the six months ended 31 May 2007
CHAIRMAN'S STATEMENT
I have pleasure in reporting the interim results for Black Raven for the six
months ended 31 May 2007.
Activities
During the period under review, the Company continued to pursue its strategy of
identifying and evaluating opportunities in the Portuguese property market,
particularly around the Lisbon area, and of progressing its existing portfolio
of investments, which comprises five projects. These projects include two
parcels of land in the prestigious residential development of Quinta do Patino
in Cascais, near Lisbon, and three redevelopment projects in the city of Lisbon:
Buenos Aires 31, Palacete Vilhena and Bairro Alto. Black Raven's interest in the
latter two redevelopment projects in Lisbon are held by White Raven, our
Portuguese closed end property fund in which Black Raven owns 100 per cent of
the units.
Post the period end, and as announced on 6 July 2007, White Raven exercised an
option to buy outright the Palacete Vilhena redevelopment, in which it had
previously held a 30 per cent profit participation agreement. The total purchase
price was Euro6.8 million, of which Euro1 million had already been paid with the
balance of Euro5.8 million paid in cash through a loan facility provided by Banco
Invest SA.
Construction work at Palacete Vilhena, which is being converted into seven
luxury apartments, began in January 2007 and the Company is currently starting
to sell the apartments off-plan. The Palacete Vilhena redevelopment has been
valued in completed form by DTZ at Euro10.5 million.
Further details of our portfolio are available at our website,
www.blackravenproperties.com.
People
The Board of the Company has remained the same throughout the period. Validius
Investments SA continues to be a major source of the introduction of property
development opportunities to the Company.
Financials
The consolidated accounts do not show any turnover as the sale to White Raven of
the property interests in the period is regarded as inter-group and therefore
eliminated on consolidation. There was a loss for the period of #641,000 after
tax for the Group. In Black Raven itself there was a profit after tax of
#986,000, reflecting the profit on the sale of property interests to White Raven
based on an independent market value.
As at 31 May 2007 there were net current assets of #3,770,000 which were
bolstered after the period end by the issue of shares, the proceeds of which
cleared the debt shown under current liabilities at 31 May 2007 of #1,561,000 to
Validius Investments SA.
Outlook
We continue to believe there are significant opportunities for Black Raven in
the Portuguese property market and continue to seek and evaluate suitable
opportunities. We will also continue to progress our existing portfolio with the
objective of maximising value for shareholders.
Pedro Toscano
Chairman
29 August 2007
Black Raven Properties plc
Unaudited Interim Consolidated Profit and Loss Account
for the six months ended 31 May 2007
6 months 6 months
ended ended
Note 31 May 2007 31 May 2006
#'000 #'000
Turnover - -
Cost of sales - -
--------- --------
- -
Administrative expenses 389 111
--------- --------
Operating (loss) (389) (111)
Net interest receivable 8 11
--------- --------
(381) (100)
Tax on ordinary activities 260 -
--------- --------
(Loss) on ordinary activities after
taxation (641) (100)
========= ========
Basic and diluted (loss) per share 3 #(0.67) #(0.40)
========= ========
Turnover and operating loss are derived from continuing operations.
The Group has no recognised gains or losses other than the loss for the
financial period.
Black Raven Properties plc
Unaudited Interim Consolidated Balance Sheet
as at 31 May 2007
Note 31 May 2007 31 May 2006
#'000 #'000 #'000 #'000
Fixed assets
Tangible assets 1 -
Goodwill 58 -
Current assets
Stock 6,136 715
Debtors and accrued income 28 8
Cash at bank and in hand 5.b 2,270 134
------ ------
8,434 857
Creditors: amounts falling due
within one year 4,664 78
------ ------
Net current assets 3,770 779
------ ------
Total assets less current
liabilities and net assets 3,829 779
------ ------
Capital and reserves
Called up share capital 6 971 250
Share premium account 3,876 698
Profit and loss account (1,018) (169)
------ ------
Equity shareholder funds 4 3,829 779
====== ======
Black Raven Properties plc
Unaudited Interim Consolidated Cashflow Statement
for the six months ended 31 May 2007
Note 31 May 2007 31 May 2006
#'000 #'000 #'000 #'000
Net cash (outflow) from
operating activities 5.a (1,874) (769)
Returns on investments and
servicing of finance
Interest received less
interest 8 11
payable ------ ------
------ ------
Net cash (outflow) before
financing (1,866) (758)
Acquisitions and disposals
Payment to acquire White 58 -
Raven ------ -----
Net cash (outflow) for
acquisitions and disposals (58) -
------ ------
Net cash (outflow) before
financing (1,924) (758)
Financing
Issue of shares 600 -
Expenses in connection
with the issue of shares (38) -
Increase in loans 2,761 -
------ -----
Net cash inflow from 3,323 -
financing ------ ------
Increase/(decrease) in
cash in 5.b 1,399 (758)
the period ------ ------
Black Raven Properties plc
Notes to the Unaudited Interim Consolidated Accounts
for the six months ended 31 May 2007
1. Basis of preparation
The unaudited interim financial information has been prepared on the basis of
the accounting policies set out in the Company's financial statements for the
year ended 30 November 2006
Following the formation of White Raven, the group consolidates the financial
statements of Black Raven and its subsidiary undertaking. The results of the
subsidiary are consolidated from the date at which control passed, and are
accounted for under the acquisition method.
2. Audit and statutory accounts
The financial information contained in this interim statement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
Black Raven is not required to present its own profit and loss account, which
recorded a retained profit of #986,000 after taxation.
3. Earnings per share
The calculation of earnings per share is based on a consolidated loss after tax
of #641,477 (31 May 2006: loss #99,978) and the weighted average number of
shares in issue for the period of 95,017,265 (period to 31 May 2006:
25,000,000).
Black Raven Properties plc
Notes to the Unaudited Interim Consolidated Accounts cont/d
for the six months ended 31 May 2007
4. Reconciliation of movement in shareholders' funds
31 May 2007 31 May 2006
#'000 #'000
(Loss) for the period (641) (100)
Issue of shares net of expenses 562 -
--------- ---------
Net (reduction) of shareholders' funds (79) (100)
Opening shareholders' funds at
1 November 2006 3,908 879
--------- ---------
Closing shareholders' funds at
31 May 2007 3,829 779
========= =========
5. Cashflow statement
5.a Net cash outflow from operating activities
31 May 2007 31 May 2006
#'000 #'000
Operating (loss) (389) (111)
(Increase) in stock (2,391) (715)
(Increase) / decrease in debtors (7) 8
Increase in creditors 913 49
--------- ---------
Net cash (outflow) from operating activities (1,874) (769)
========= =========
5.b Analysis in changes in net funds/(debt)
Cash in hand
At 1 December 2006 871 892
Cash inflow / (outflow) 1,399 (758)
--------- ---------
At 31 May 2007 2,270 134
========= =========
Debt due within one year
At 1 December 2006 - -
Cashflow (2,761) -
--------- ---------
At 31 May 2007 (2,761) -
========= =========
Black Raven Properties plc
Notes to the Unaudited Interim Consolidated Accounts cont/d
for the six months ended 31 May 2007
6. Share capital
31 May 2007 31 May 2006
Number # Number #
Authorised
Ordinary shares of 1p
each 400,000,000 #4,000,000 200,000,000 #2,000,000
========= ======== ========= ========
Issued
Ordinary shares of 1p
each 97,147,444 #971,474 25,000,000 #250,000
========= ======== ========= ========
On 20 June 2007, the Company issued a further 30,000,000 1p ordinary shares, the
proceeds of which were used to settle the debt to Validius SA of #1,561,643.
7. Copies of statements and accounts
A copy of these interim results will be sent to shareholders and further copies
of the report and accounts for the year ended 30 November 2006 are available
free of charge on request from the Company's registered office, P O Box 1295,
Sterling House, Station Road, Gerrards Cross, Buckinghamshire SL9 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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