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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cap.Man.& Inv | LSE:CMIP | London | Ordinary Share | GB00B590LQ84 | ORD 100P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCMIP Capital Management and Investment PLC ("CMI" or the "Company") Interim Results for the six month period ended 31 July 2014 Chairman's Statement Introduction As at 31 July 2014 the Company had two investments: a 2.8% (2013 - 2.8%) shareholding in Algeco Scotsman Holdings ("ASH") and a 7% (2013 - 7%) shareholding in Magticom. The fair value of the Company's investment in ASH was increased as at 31(st) January 2014 to reflect recent performance and also recognise the receipt of the distribution of cash to Shareholders from the share capital reduction paid by ASH in October 2013. The fair value of the Company's investment in Magticom remains unchanged. Results for the period The Consolidated Income Statement shows a loss before tax of GBP0.214m (2013 - Loss GBP0.191m). Other income of GBP0.118m (2013 - GBP0.121m) comprises GBP0.058m (2013 - GBP0.058m) fees paid by ASH in relation to the monitoring of our investment and GBP0.06m (2013 - GBP0.063m) from Yola Investments SARL in relation to monitoring fees of our investment in Magticom. Administrative expenses of GBP0.337m (2013 - GBP0.312m) include GBP0.125m (2013 - GBP0.125m) payable for office services. Your Board continues to look to minimise administrative expenses where possible. Net asset value ("NAV") per share is GBP3.63 (2013 - GBP3.51) and the Company had net cash balances of GBP6.808m (31 July 2013 - GBP0.886m, 31 January 2014 - GBP7.088m) at the period end. Investment in Algeco Scotsman Holdings ("ASH") EBITDA for ASH was EUR390m for the year to December 2013 (year to December 2012 - EUR372m). The Directors of the Company valued the shareholding using peer group EBITDA multiples (discounted to reflect the lack of marketability of the shareholding) and adjusted for debt (including the US $400m payment in kind loan announced in 2013) in line with International Private Equity Valuation Guidelines. In adopting these principles, the Board reduced the total carrying value of its 2.8% equity holding to EUR24.250m equating to GBP19.905m (2013 - EUR27.740m equating to GBP23.765m) in the Company's statutory accounts for the year to 31(st) January 2014. The restatement of this figure to GBP19.224m as at 31 July 2014 is due to foreign exchange movements. Investment in Yola Investments Sarl ("Yola") The Company holds an indirect investment of 7% in Magticom, the largest mobile telephone operator in The Republic of Georgia via its 33% shareholding in Yola Investments Sarl. Yola owns 43% of Metromedia International Group ("MIG") which in turn owns 46% of Magticom. Trading at Magticom continues to be difficult in a challenging economic and competitive environment. As announced in the Company's full year results to 31(st) January 2014, Magticom's EBITDA for the year to December 2013 fell from US $87m to US $74m. On 30 June 2014, MIG, LLC and ITC Cellular, LLC (MIG LLC's wholly owned subsidiary) (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The cases are pending before the Honorable Kevin Gross and are jointly administered under Case No. 14-11605. The Board believes that the 46% shareholding that MIG holds in Magticom is worth less than the value of the loan notes to third parties, outstanding in MIG, as the value of the outstanding loan notes of c.US $252m is higher than a likely exit value based on a multiple of EBITDA. Consequently, the Board continue to show the carrying value of its shareholding in Yola in the Financial Statements at GBPNil. Strategy going forward CMI continues to actively monitor its investments in Yola and ASH through regular meetings with the management teams of ASH and Magticom, receipt of monthly financial reports, and attendance at board meetings. Your Board takes the view that the market capitalisation of CMI should move broadly in line with the value of the underlying investments in ASH and Yola. The market price at which CMI shares trade represents a significant discount to NAV at the balance sheet date. Your Board believes that part of the reason for this is both the illiquidity of the shares and the current illiquidity of the investments that it holds. Dividends The Board is not recommending payment of a dividend for the period under review (2013 - GBPNil). Giles Davies Chairman 29 October 2014 Consolidated Income Statement for the six month period ended 31 July 2014 Unaudited Unaudited Audited Six months Six months Twelve months Ended Ended Ended 31 July 2014 31 July 2013 31 January 2014 GBP'000 GBP'000 GBP'000 Fair value gain on investments - - 3,486 Other income 118 121 244 118 121 3,730 Administrative expenses (337) (312) (744) Operating (loss)/profit (219) (191) 2,986 Finance income 5 - - (Loss)/profit before tax (214) (191) 2,986 Taxation 1 - (9) (Loss)/profit for the period (213) (191) 2,977 Basic (loss)/profit per 2 GBP(0.03) GBP(0.03) GBP0.42 share Fully diluted (loss)/profit per GBP(0.03) GBP(0.03) GBP0.41 share Consolidated Statement of Changes in Equity As at 31 July 2014 Foreign Currency Share Share Premium Merger Translation Retained Total Capital Account Reserve Reserve Earnings Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 31 January 2013 7,162 40,305 1,693 37,736 (62,120) 24,776 Total comprehensive income/(expense) for the period - - - 512 (191) 321 Share options charge - - - - 12 12 Balance as at 31 July 2013 7,162 40,305 1,693 38,248 (62,299) 25,109 Total comprehensive expense for the period - - - (1,375) 3,168 1,793 Share options charge - - - - 2 2 Balance as at 31 January 2014 7,162 40,305 1,693 36,873 (59,129) 26,904 Total comprehensive expense for the period - - - (681) (213) (894) Balance as at 31 July 2014 7,162 40,305 1,693 36,192 (59,342) 26,010 Consolidated Balance Sheet As at 31 July 2014 Unaudited Unaudited Audited Six Six months months Twelve months Ended Ended Ended 31 July 2014 31 July 2013 31 January 2014 GBP'000 GBP'000 GBP'000 ASSETS Non Current assets Investments 19,224 24,278 19,905 19,224 24,278 19,905 Current assets Trade and other receivables 262 258 127 Cash and cash equivalents 6,808 886 7,088 Total Current Assets 7,070 1,144 7,215 Total Assets 26,294 25,422 27,120 LIABILITIES Current Liabilities Trade and other payables (255) (275) (181) Corporation tax payables (29) (38) (35) Total Current Liabilities (284) (313) (216) TOTAL NET ASSETS 26,010 25,109 26,904 EQUITY Share capital 7,162 7,162 7,162 Share premium accounts 40,305 40,305 40,305 Merger reserve 1,693 1,693 1,693 Foreign currency translation reserve 36,192 38,248 36,873 Retained earnings (59,342) (62,299) (59,129) TOTAL EQUITY 26,010 25,109 26,904 Consolidated Cash Flow Statement For the six months ended 31 July 2014 Unaudited Unaudited Audited Six months Six months Twelve months Ended Ended Ended 31 July 2014 31 July 2013 31 January 2014 GBP'000 GBP'000 GBP'000 Cash flows from operating activities (Loss)/profit for the period (213) (191) 2,977 Adjustments for: Fair value gain on investment - - (3,486) Finance income (5) - - Foreign exchange losses/(gains) 45 (15) 23 Equity settled share based payment expense - 12 14 Income tax (credit)/expense (1) - 9 (174) (194) (463) Cash flows from operating activities before changes in working capital and provisions Increase in trade and other receivables (135) (71) (101) Decrease in trade and other payables 68 26 60 (67) (45) (41) Cash outflow from operations (241) (239) (504) Income taxes paid - - - Net cash flows from operating activities (241) (239) (504) Investing activities Share capital redemption by ASH - - 6,351 Interest received - - - Net cash generated from investing activities - - 6,351 Share capital issued net of expenses - - - Net cash from financing activities - - - Net (decrease)/increase in cash and cash equivalents (241) (239) 5,847 Cash and cash equivalents at beginning of the period 7,088 1,111 1,111 Exchange (losses)/gains on cash and cash equivalents (39) 14 130 Cash and cash equivalents at end of the period 6,808 886 7,088 Notes 1 Basis of Preparation These financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB) as adopted by European Union ("adopted IFRSs"), and are in accordance with IFRS as issued by the IASB and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements in accordance with IFRS. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ended 31 January 2015 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 January 2014. The financial information for the six months ended 31 July 2014 and 31 July 2013 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 January 2014 has however been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The Auditors' reports on those accounts were unqualified, did not include reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. 2 Earnings per ordinary share The basic and diluted loss per share of GBP0.03 (2013 - GBP0.03 per share) is calculated by reference to the loss after taxation of GBP213,000 (2013 - Loss GBP191,000) and the weighted average number of ordinary shares in issue during the year of 7,162,133 (2013 - 7,162,133). Unaudited Six Unaudited Six months ended months ended Audited Twelve 31 July 2014 31 July 2013 months ended 31 January 2014 Basic number of shares 7,162,133 7,162,133 7,162,133 3 Interim Report Copies of the interim report are available from the Company Secretary, Capital Management & Investment PLC, 54 Baker Street, London W1U 7BU. A copy will also shortly be placed on the Company's website www.cmi-plc.co.uk. Contact: Tim Woodcock, Capital Management and Investment plc 020 7725 0800 Jonny Franklin-Adams / Alex Wright, N+1 Singer 020 7496 3000 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Capital Management & Investment Plc via Globenewswire HUG#1866681 http://www.cmi-plc.co.uk/
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