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CRK Clerkenwell

28.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Clerkenwell LSE:CRK London Ordinary Share GB00B3L0Q676 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% 28.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Half Yearly Report

30/06/2009 8:48am

UK Regulatory



 

TIDMCRK 
 
RNS Number : 7545U 
Clerkenwell Ventures PLC 
30 June 2009 
 

 
 
 
 
Clerkenwell Ventures PLC 
 
 
Unaudited Interim Results 
 
 
30 June 2009 
Unaudited Interim Results for the period ended 31 March 2009 
 
 
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its 
interim results for the period ended 31 March 2009. 
 
 
Highlights : 
 
 
  *  Net cash as at 31 March 2009 of GBP3.56 million (2008: GBP29.68 million) 
  *  Loss before taxation for the period ended 31 March 2009 of GBP95,000 (2008: 
  profit of GBP345,000) 
  *  Net cash today of GBP3.21 million 
 
 
 
Enquiries 
 
 
Clerkenwell Ventures PLC 
David Page, Non-executive Chairman 
Telephone: 07836 346934 
 
 
 
 
Seymour Pierce Limited 
Telephone: 020 7107 8000 
Nicola Marrin 
 
 
Redleaf Communications Ltd 
 Telephone:  020 7566 6700 
Emma Kane/ Samantha Robbins/ Anna Dunkin 
 
 
 
 
Clerkenwell Ventures PLC 
Unaudited Interim Results 
for the period ended 31 March 2009 
 
 
Chairman's Statement 
 
 
It gives me pleasure to report the interim results of Clerkenwell Ventures for 
the six months ended 31 March 2009. 
 
 
Investment strategy 
 
 
We have continued to evaluate a number of businesses. 
 
 
Results 
 
 
Loss after taxation for the six months ended 31 March 2009 was GBP55,000 (2008: 
profit of GBP182,000). As at 31 March 2009, Clerkenwell Ventures' net cash 
balances amounted to GBP3.56 million (2008: GBP29.68 million). Net cash today of 
GBP3.21 million. 
 
 
Corporate activity 
 
 
In March 2009, the Company returned GBP26.79 million to shareholders by way of 
the bonus issue and capital reduction. 
 
 
David Page 
Non-executive Chairman 
30 June 2009 
  Clerkenwell Ventures PLC 
Unaudited Income Statement 
for the period ended 31 March 2009 
 
 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |  Notes  | Six months |  Six months |        Year | 
|                                |         |      ended |       ended |       ended | 
|                                |         |   31 March |    31 March |          30 | 
|                                |         |       2009 |        2008 |   September | 
|                                |         |  Unaudited |   Unaudited |        2008 | 
|                                |         |    GBP'000 |     GBP'000 |     Audited | 
|                                |         |            |             |     GBP'000 | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Continuing operations          |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Administrative expenses        |         |      (177) |       (330) |       (530) | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Operating loss before share    |         |      (177) |       (330) |       (530) | 
| based payments                 |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Share based payments           |         |      (148) |       (153) |       (307) | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Operating loss                 |         |      (325) |       (483) |       (837) | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Finance income                 |         |       230  |        828  |      1,574  | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| (Loss)/profit on ordinary      |         |       (95) |        345  |        737  | 
| activities before taxation     |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Taxation receivable/(payable)  |    3    |        40  |       (163) |       (323) | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| (Loss)/profit for the period   |         |       (55) |        182  |        414  | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| (Loss)/earnings per share      |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
|                                |         |            |             |             | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Basic                          |    4    |     (0.6p) |       2.2p  |       5.0p  | 
+--------------------------------+---------+------------+-------------+-------------+ 
| Diluted                        |    4    |     (0.6p) |       2.2p  |       5.0p  | 
+--------------------------------+---------+------------+-------------+-------------+ 
 
 
All amounts relate to continuing activities. 
 
 
 
 
Clerkenwell Ventures PLC 
Unaudited Balance Sheet 
as at 31 March 2009 
 
 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |  Notes   |      As at |      As at |       As at | 
|                               |          |   31 March |   31 March |          30 | 
|                               |          |       2009 |       2008 |   September | 
|                               |          |  Unaudited |  Unaudited |        2008 | 
|                               |          |    GBP'000 |    GBP'000 |     Audited | 
|                               |          |            |            |     GBP'000 | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Non current assets            |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Property, plant and equipment |          |         2  |         4  |          3  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |         2  |         4  |          3  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Current assets                |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Trade and other receivables   |          |         2  |        92  |        276  | 
+-------------------------------+----------+------------+------------+-------------+ 
| Cash at bank and in hand      |          |     3,563  |    29,680  |     29,918  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |     3,565  |    29,772  |     30,194  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Total assets                  |          |     3,567  |    29,776  |     30,197  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Current liabilities           |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Trade and other payables      |          |       (99) |      (219) |       (107) | 
+-------------------------------+----------+------------+------------+-------------+ 
| Current taxation liabilities  |          |      (270) |      (163) |       (310) | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |      (369) |      (382) |       (417) | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Net current assets            |          |     3,196  |    29,390  |     29,777  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Net assets                    |          |     3,198  |    29,394  |     29,780  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Equity                        |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Called up share capital       |          |        83  |     4,122  |      4,122  | 
+-------------------------------+----------+------------+------------+-------------+ 
| Share premium account         |          |     2,262  |    24,898  |     24,898  | 
+-------------------------------+----------+------------+------------+-------------+ 
| Retained earnings             |          |       853  |       374  |        760  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
| Total shareholders' equity    |          |     3,198  |    29,394  |     29,780  | 
+-------------------------------+----------+------------+------------+-------------+ 
|                               |          |            |            |             | 
+-------------------------------+----------+------------+------------+-------------+ 
 
 
 
 
Clerkenwell Ventures 
Unaudited Statement of Changes in Shareholders' Equity 
for the six months ended 31 March 2009 
 
 
+--------------+----------+----------+----------+----------+ 
|              |   Share  |   Share  | Retained |   Total  | 
|              |  capital |  premium |          |   equity | 
|              |          |          | earnings |          | 
|              |  GBP'000 |  GBP'000 |          |  GBP'000 | 
|              |          |          | GBP'000  |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| At           |   4,122  |  24,894  |      39  |   29,055 | 
| 30 September |          |          |          |          | 
| 2007         |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Ordinary     |       -  |       4  |       -  |       4  | 
| shares       |          |          |          |          | 
| issued       |          |          |          |          | 
| (net of      |          |          |          |          | 
| expenses)    |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Share        |       -  |       -  |     153  |     153  | 
| based        |          |          |          |          | 
| payments     |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Profit       |       -  |       -  |     182  |     182  | 
| for          |          |          |          |          | 
| the          |          |          |          |          | 
| period       |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Total        |       -  |       -  |     335  |     335  | 
| recognised   |          |          |          |          | 
| income and   |          |          |          |          | 
| expense      |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| At           |   4,122  |  24,898  |     374  |  29,394  | 
| 31 March     |          |          |          |          | 
| 2008         |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Ordinary     |       -  |       -  |       -  |       -  | 
| shares       |          |          |          |          | 
| issued       |          |          |          |          | 
| (net of      |          |          |          |          | 
| expenses)    |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Share        |       -  |       -  |     154  |     154  | 
| based        |          |          |          |          | 
| payments     |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Profit       |       -  |       -  |     232  |     232  | 
| for          |          |          |          |          | 
| the          |          |          |          |          | 
| period       |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Total        |       -  |       -  |     386  |     386  | 
| recognised   |          |          |          |          | 
| income and   |          |          |          |          | 
| expense      |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| At 30        |   4,122  |  24,898  |     760  |  29,780  | 
| September    |          |          |          |          | 
| 2008         |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Ordinary     |      50  |     100  |       -  |     150  | 
| shares       |          |          |          |          | 
| issued       |          |          |          |          | 
| (net of      |          |          |          |          | 
| expenses)    |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Bonus        |  22,698  | (22,736) |       -  |     (38) | 
| issue        |          |          |          |          | 
| of B         |          |          |          |          | 
| Shares       |          |          |          |          | 
| (net         |          |          |          |          | 
| of           |          |          |          |          | 
| expenses)    |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Return       | (26,787) |       -  |       -  | (26,787) | 
| of           |          |          |          |          | 
| capital      |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Share        |       -  |       -  |     148  |     148  | 
| based        |          |          |          |          | 
| payments     |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Profit       |       -  |       -  |     (55) |     (55) | 
| for          |          |          |          |          | 
| the          |          |          |          |          | 
| period       |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| Total        |       -  |       -  |      93  |      93  | 
| recognised   |          |          |          |          | 
| income and   |          |          |          |          | 
| expense      |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
| At           |      83  |   2,262  |     853  |   3,198  | 
| 31 March     |          |          |          |          | 
| 2009         |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
|              |          |          |          |          | 
+--------------+----------+----------+----------+----------+ 
 
 
Clerkenwell Ventures PLC 
Unaudited Cash Flow Statement 
for the period ended 31 March 2009 
 
 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               | Notes  | Six months |    Six months  |       Year  | 
|                               |        |            |         ended  |      ended  | 
|                               |        |     ended  |      31 March  |          30 | 
|                               |        |  31 March  |          2008  |  September  | 
|                               |        |      2009  |     Unaudited  |       2008  | 
|                               |        | Unaudited  |       GBP'000  |    Audited  | 
|                               |        |   GBP'000  |                |    GBP'000  | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Net cash from operating       |   5    |        90  |          (396) |       (905) | 
| activities                    |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Investing activities          |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Acquisition of property,      |        |         -  |            (1) |          -  | 
| plant and equipment           |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Interest received             |        |       230  |           828  |      1,574  | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Net cash generated by         |        |       230  |           827  |      1,574  | 
| investing activities          |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Financing activities          |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Proceeds from issuance of new |        |       150  |             4  |          4  | 
| ordinary shares (net of       |        |            |                |             | 
| expenses)                     |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Proceeds from bonus issuance  |        |       (38) |             -  |          -  | 
| of new ordinary shares (net   |        |            |                |             | 
| of expenses)                  |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Return of capital             |        |   (26,787) |             -  |          -  | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Net cash from financing       |        |   (26,675) |             4  |          4  | 
| activities                    |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Net (decrease)/increase in    |        |   (26,355) |           435  |        673  | 
| cash and cash equivalents     |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Cash and cash equivalents at  |        |    29,918  |        29,245  |     29,245  | 
| beginning of the period       |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
| Cash and cash equivalents at  |        |     3,563  |        29,680  |     29,918  | 
| end of period                 |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
|                               |        |            |                |             | 
+-------------------------------+--------+------------+----------------+-------------+ 
 
 
 Clerkenwell Ventures PLC 
Notes to the Unaudited Interim Results 
for the period ended 31 March 2009 
 
1.            General information 
 
 
Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under 
the Companies Act 1985. The address of the registered office is 1 Park Row, 
Leeds, LS1 5AB, United Kingdom. Copies of this Interim Statement may be obtained 
from the above address or the investor section of the Company's website at 
http://www.clerkenwellventures.com 
 
2.             Basis of preparation 
 
 
The unaudited interim financial statements for the six months ended 31 March 
2009 have been prepared under the recognition and measurement principles of 
International Financial Reporting Standards as adopted by the EU ("IFRS") based 
on the accounting policies consistent with those used in the financial 
statements for the year ended 30 September 2008, and those to be applied for the 
year ending 30 September 2009. The unaudited interim financial statements were 
approved by the Board on 30 June 2009. 
 
 
The interim financial statements for the six months ended 31 March 2009 do not 
constitute statutory accounts within the meaning of section 240 of the Companies 
Act 1985. Statutory accounts for the year ended 30 September 2008 have been 
delivered to the Registrar of Companies. The audit report on these statutory 
accounts was unqualified and did not contain a statement either under section 
237(2) or 237(3) of the Companies Act 1985. 
 
 
The interim consolidated financial statements are presented in Pounds Sterling 
because that is the currency of the primary economic environment in which the 
Company operates. All values are rounded to the nearest thousand Pounds 
(GBP'000) except when otherwise indicated. 
 
3.             Income tax expense 
 
 
+------------------------------+---------------+--------------+-------------+ 
|                              |    Six months |   Six months |        Year | 
|                              |         ended |        ended |       ended | 
|                              |      31 March |     31 March |          30 | 
|                              |          2009 |         2008 |   September | 
|                              |     Unaudited |    Unaudited |        2008 | 
|                              |       GBP'000 |      GBP'000 |     Audited | 
|                              |               |              |     GBP'000 | 
+------------------------------+---------------+--------------+-------------+ 
|                              |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Based on the result for the  |               |              |             | 
| period:                      |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| UK Corporation tax at 28%    |            4  |         150  |        310  | 
| (2008: 29%)                  |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Adjustment in respect of     |          (44) |          13  |         13  | 
| prior years                  |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
|                              |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Total current tax            |          (40) |         163  |        323  | 
+------------------------------+---------------+--------------+-------------+ 
|                              |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Deferred taxation:           |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Origination and reversal of  |            -  |           -  |          -  | 
| timing differences           |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
|                              |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
| Taxation payable             |          (40) |         163  |        323  | 
+------------------------------+---------------+--------------+-------------+ 
|                              |               |              |             | 
+------------------------------+---------------+--------------+-------------+ 
 
 
4.     Earnings per share 
 
 
+-----------------------------+----------------+--------------+-------------+ 
|                             |    Six months  |  Six months  |       Year  | 
|                             |         ended  |       ended  |      ended  | 
|                             |      31 March  |    31 March  |          30 | 
|                             |          2009  |        2008  |  September  | 
|                             |     Unaudited  |   Unaudited  |       2008  | 
|                             |       GBP'000  |     GBP'000  |    Audited  | 
|                             |                |              |    GBP'000  | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Earnings for the purposes   |           (55) |         182  |        414  | 
| of basic and diluted        |                |              |             | 
| earnings per share:         |                |              |             | 
| - (Loss)/profit for the     |                |              |             | 
| period                      |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Share based payments        |           148  |         153  |        307  | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Adjusted profit for the     |            93  |         335  |        721  | 
| period for the purposes of  |                |              |             | 
| headline basic and diluted  |                |              |             | 
| earnings per share          |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |      Weighted  |    Weighted  |   Weighted  | 
|                             |       Average  |     Average  |    Average  | 
|                             |        number  |      number  |     number  | 
|                             |     of shares  |   of shares  |  of shares  | 
|                             |          '000  |        '000  |       '000  | 
+-----------------------------+----------------+--------------+-------------+ 
| Weighted average number of  |         8,317  |       8,245  |      8,245  | 
| shares in issue for the     |                |              |             | 
| purposes of basic earnings  |                |              |             | 
| per share                   |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Effect of dilutive          |                |              |             | 
| potential ordinary shares:  |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| - Share options             |            -   |          53  |         50  | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Weighted average number of  |         8,317  |       8,298  |      8,295  | 
| shares for the purposes of  |                |              |             | 
| diluted earnings per share  |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| (Loss)/earnings per share:  |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Basic                       |         (0.6p) |        2.2p  |       5.0p  | 
+-----------------------------+----------------+--------------+-------------+ 
| Diluted                     |         (0.6p) |        2.2p  |       5.0p  | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
| Adjusted basic              |          1.1p  |        4.1p  |       8.7p  | 
+-----------------------------+----------------+--------------+-------------+ 
| Adjusted diluted            |          1.1p  |        4.0p  |       8.7p  | 
+-----------------------------+----------------+--------------+-------------+ 
|                             |                |              |             | 
+-----------------------------+----------------+--------------+-------------+ 
 
 
The Company returned GBP26.79 million to shareholders by way of a bonus issue of 
272 B Shares per ordinary share of 5p each and a capital reduction which 
cancelled the B Shares and reduced the nominal value of each ordinary share from 
5 pence to 0.1 pence each. On 9 March 2009, every 10 ordinary shares of 0.1 
pence each in the Company were consolidated into 1 new ordinary share of 1 pence 
each in the Company. The weighted average number of shares in issue for the six 
months ended 31 March 2008 and year ended 30 September 2008 above has therefore 
been restated assuming that the consolidation had taken place. 
 
 
 
 
5.             Notes to the cash flow statement 
 
 
Reconciliation of net cash flow from operating activities 
 
 
+------------------------------+-------------+-------------+-------------+ 
|                              | Six months  | Six months  |       Year  | 
|                              |      ended  |      ended  |      ended  | 
|                              |   31 March  |   31 March  |          30 | 
|                              |       2009  |       2008  |  September  | 
|                              |  Unaudited  |  Unaudited  |       2008  | 
|                              |    GBP'000  |    GBP'000  |    Audited  | 
|                              |             |             |    GBP'000  | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| (Loss)/profit before         |        (95) |        345  |        737  | 
| taxation                     |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Adjustments:                 |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Investment revenues          |       (230) |       (828) |     (1,574) | 
+------------------------------+-------------+-------------+-------------+ 
| Depreciation and             |          1  |          1  |          1  | 
| amortisation                 |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Share based payments expense |         148 |         153 |        307  | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Operating cash flows before  |       (176) |       (329) |       (529) | 
| movements in working capital |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Increase in trade and other  |        274  |        (33) |       (217) | 
| receivables                  |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| (Decrease)/increase in       |         (8) |        (34) |       (146) | 
| payables                     |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Cash generated from          |         90  |       (396) |       (892) | 
| operating activities         |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Taxation received/(paid)     |          -  |          -  |        (13) | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
| Net cash from operating      |         90  |       (396) |       (905) | 
| activities                   |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
|                              |             |             |             | 
+------------------------------+-------------+-------------+-------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR WUUQCQUPBUMU 
 

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