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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cobra Cap | LSE:COC | London | Ordinary Share | GB0034380393 | 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% | 3.00 | 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:4805E
Cobra Capital Limited
26 September 2007
26 September 2007
COBRA CAPITAL LIMITED
("Cobra" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007
Cobra Capital Limited (AIM: COC), the small-cap investment company, is pleased
to announce its unaudited results for the six months ended 30 June 2007and
provide a trading update for the period up to 14 September 2007.
Highlights:
* Net asset value per share of 50.59 pence as at 14 September 2007 (46.02
pence as of 30 June 2007). A rise of 9% in approximately 2.5 months.
* Significant leveraged trading facility created transforming Cobra into a
leveraged long only fund.
* Increased activity in the Netherlands with investments in 3 Dutch
companies (as of 14 September 2007).
Peter Griffin, Director of Cobra, commented:
"Whilst the NAV performance of Cobra in the first half of this year was
disappointing we have enjoyed a particularly successful summer period. We
believe that we have now created a significant presence in the UK small cap
market and are building one in the Netherlands. The number of brokers we work
closely with has increased and the additional investment resources that have
been created through our leverage facility has allowed us to significantly
increase the number of companies we invest in and, when appropriate, the size of
the investment into a particular company."
For further information:
Peter Griffin, +44 (0)1481 751 000
Cobra Capital Limited
Jonathan Freeman +44 (0)1600 750432
Cobra Capital Limited
Geoff Nash +44 (0)20 7600 1658
JM Finn
GTH Communications +44 (0)20 7153 8035
Toby Hall/Jade Mamabachi
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 Directors Review
We are pleased to present our interim results for the six months to 30 June
2007.
Results
We are disappointed to report that for the six months under review we made a net
loss after tax of #409,833 (June 2006: loss of #86,703). This loss can be split
between: 1) the costs of running the company of #212,917 (June 2006: #164,132);
and 2) a loss on investments of #207,662 (June 2006: profit of #73,888). The
costs of operating the Company are largely to budget and, excluding bank charges
and interest and the charge for share options granted, have increased by
approximately #20,000 from the same period last year. This increase is as a
result of the increased investment activities of the Company. With the
increased levels of activity expected to be maintained in the second half of
2007 we would anticipate that our costs in the second half of 2007 will be
higher than the first half.
The reported loss on investments is particularly disappointing. However the
majority of the loss was unrealised (#161,114 unrealised and #46,458 realised)
and was due to a number of our investments taking longer than anticipated to
produce material changes to their share price performance. Since the period
end, we have largely made up this loss despite the volatile market conditions
over the summer months. At 14 September 2007 the unaudited NAV was 50.59 pence
per share.
Outlook
We believe that this year is a transforming one for Cobra and we are very
excited with our expectations for the future. In particular we have successfully
concluded the creation of our leverage and trading facility and announced this
on the 12th July 2007. We believe that this facility will transform Cobra over
the coming months as we increase our use of it. The creation of the facility
has turned Cobra into 'a leveraged long only fund'. Cobra now has a
significantly enhanced access to investment funds without any dilution being
suffered by our existing shareholders. It is relatively early days in the use
of the facility and it was not in operation at all for the period under review.
In addition we are only gradually increasing our use of it in order to ensure
that we are not over exposed to a particular market index level and to ensure
that our procedures and controls are sufficient for the management of the
additional activity that is being generated. However the leverage facility has
already allowed us to significantly increase our activities in the Netherlands
where we are now starting to generate trading profits. We are also increasing
the spread of our investments, with the number of investments held historically
being between approximately 8 and 14 in number whereas it is now between 15 and
20.
In summary, whilst the NAV performance of Cobra in the first half of this year
was disappointing we have enjoyed a particularly successful summer period. We
believe that we have now created a significant presence in the UK small cap
market and are building one in the Netherlands. The number of brokers we work
closely with has increased and the additional investment resources that have
been created through our leverage facility has allowed us to significantly
increase the number of companies we invest in and, when appropriate, the size of
the investment into a particular company.
We are therefore very excited by the near term future of Cobra as a result of
the materially increased access to funds for investment and the re-launch of
Cobra as a long only leveraged investment company.
Peter Griffin
Michael Cahill
Jonathan Freeman
26 September 2007
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 JUNE 2007
For the six month period ended For the six month period ended For the year ended 31 December
30 June 2007 30 June 2006 2006
unaudited unaudited audited
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
# # # # # # # # #
GAINS ON
INVESTMENTS
Net realised - (46,548) (46,548) - (166,523) (166,523) - 435,512 435,512
(losses)/gains
Net unrealised - (161,114) (161,114) - 240,411 240,411 - 757,633 757,633
(losses)/gains
- (207,662) (207,662) - 73,888 73,888 - 1,193,145 1,193,145
INCOME
Investment 7,736 - 7,736 - - - 778 - 778
income
Bank interest 3,597 - 3,597 3,541 - 3,541 11,012 - 11,012
11,333 - 11,333 3,541 - 3,541 11,790 - 11,790
EXPENDITURE
Directors' fees - - - - - - 4,000 - 4,000
Administration 31,302 - 31,302 33,880 - 33,880 63,407 - 63,407
fees
Professional 43,345 - 43,345 23,081 - 23,081 82,114 - 82,114
fees
Consultancy fees - 64,207 64,207 - 65,076 65,076 - 134,540 134,540
Audit fee 6,045 - 6,045 3,840 - 3,840 8,090 - 8,090
Registrar and 7,645 - 7,645 11,759 - 11,759 16,286 - 16,286
regulatory
expenses
Share options 13 - 427 427 - 20,000 20,000 - 20,000 20,000
Sundry expenses - - - - - - 700 - 700
Bank charges and 46,562 - 46,562 6,496 - 6,496 33,363 - 33,363
interest
Loss on exchange 13,384 - 13,384 - - - 4,528 - 4,528
148,283 64,634 212,917 79,056 85,076 164,132 212,488 154,540 367,028
NET RETURN ON (136,950) (272,296) (409,246) (75,515) (11,188) (86,703) (200,698) 1,038,605 837,907
ORDINARY
ACTIVITIES FOR
THE FINANCIAL
YEAR/PERIOD
BEFORE TAXATION
Withholding tax (587) - (587) - - - (78) - (78)
suffered
NET RETURN ON (137,537) (272,296) (409,833) (75,515) (11,188) (86,703) (200,776) 1,038,605 (837,829)
ORDINARY
ACTIVITIES FOR
THE FINANCIAL
YEAR/PERIOD
AFTER TAXATION
Earnings per
share - basic
and
diluted (pence 5 (1.56) (3.10) (4.66) (0.85) (0.13) (0.99) (2.28) 11.81 9.53
per share)
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued during the period.
A reconciliation of movements in shareholders' funds is set out in note 11 to
the financial statements.
BALANCE SHEET
30 JUNE 2007
Note 30 June 2007 30 June 2006 31 December 2006
(unaudited) (unaudited) (audited)
FIXED ASSETS
Quoted investments 3 3,375,413 2,455,820 3,745,800
Unquoted investments 4 1,444,578 500,000 1,300,000
4,819,991 2,955,820 5,045,800
CURRENT ASSETS
Cash at bank and broker 382,052 489,426 20,958
Loan receivable - 130,000 -
382,052 619,426 20,958
CREDITORS - AMOUNTS
FALLING
DUE WITHIN ONE YEAR
Loans payable and 1,098,676 - 568,716
overdraft
Sundry creditors 30,604 17,609 15,873
1,129,280 17,609 584,589
NET CURRENT ASSETS/ (747,228) 601,817 (563,631)
(LIABILITIES)
TOTAL ASSETS LESS # 4,072,763 # 3,557,637 # 4,482,169
CURRENT LIABILITIES
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL 9 87,932 87,932 87,932
SHARE PREMIUM ACCOUNT 3,502,568 3,502,568 3,502,568
CAPITAL RESERVE
- REALISED 10 455,843 245,442 567,025
- UNREALISED 745,100 178,004 906,214
SHARE OPTION RESERVE 60,427 60,000 60,000
REVENUE RESERVE 10 (779,107) (516,309) (641,570)
SHAREHOLDERS' FUNDS 11 # 4,072,763 # 3,557,637 # 4,482,169
Net asset value per 6 & 15 46.32 40.46 50.97
share (pence per share)
APPROVED BY THE BOARD OF DIRECTORS
P F Griffin M T Cahill
Director Director
26 September 2007
CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007
Six month Six month Year ended
period ended period ended 31 December
30 June 2007 30 June 2006 2006
(unaudited) (unaudited) (audited)
Notes
Net cash outflow from 8 (187,012) (228,688) (425,149)
operating activities
Investing activities:
Purchase of listed (1,203,169) (2,038,577) (4,554,767)
securities
Purchase of unlisted (144,578) - -
securities
Proceeds from disposals 1,365,893 2,825,773 4,471,240
of listed securities
Proceeds from disposals - 100,000 -
of unlisted securities
Loans receivable repaid/ - (130,000) -
(advanced)
Net cash inflow(outflow) 18,146 757,196 (83,527)
from financial
investment
Financing:
Loans payable advanced - (199,175) 369,541
(repaid)
Net cash inflow from - (199,175) 369,541
financing
(Decrease)/increase in # (168,866) # 329,333 # (139,135)
cash resources for the
year/period
RECONCILIATION OF NET
CASH FLOW TO MOVEMENT
IN NET DEBT
(Decrease)/increase in (168,866) 329,333 (139,135)
cash resources for the
year/period
Cash inflow/(outflow) - 199,175 (369,541)
from increase in debt
financing
Change in net debt (168,866) 528,508 (508,676)
resulting from cashflows
Net funds at 1 January (547,758) (39,082) (39,082)
2007
Net funds at 30 June 8 # (716,624) # 489,426 # (547,758)
2007
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2007
1. ACCOUNTING POLICIES
(a) CONVENTION
The unaudited financial statements have been prepared under the historical cost
convention, modified to include the revaluation of investments and in accordance
with applicable accounting standards and with the Statement of Recommended
Practice "Financial Statements of Investment Trust Companies" issued by The
Association of Investment Trust Companies in January 2005. The principal
accounting policies which the directors have adopted within that convention are
set out below.
(b) INCOME
Dividends receivable from quoted equity investments are recognised on the
ex-dividend date. Dividends receivable from equity
investments where no ex-dividend date is quoted are recognised when the
company's right to receive payment is established. Interest receivable on cash
deposits is accounted for on an accruals basis.
(c) FOREIGN CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies other than sterling
have been translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions during the period have been translated at the
rates of exchange ruling at the date of
the transaction.
(d) VALUATION OF INVESTMENTS
Quoted investments are valued at bid price.
Unquoted investments are valued by the Board according to the valuation
principles of the European Private Equity and Venture Captial association as set
out in the International Private Equity and Venture Capital Valuation Guidelines
(Published June 2005, amended October 2006) and accordingly are stated at the
value of their latest third party funding. Where no third party funding has
taken place, they are valued at cost, less a provision for impairment when
necessary.
Realised gains or losses on the disposal of investments are taken to the capital
reserve - realised. Unrealised gains or losses on revaluation of investments are
taken to the capital reserve - unrealised.
(e) EXPENDITURE
All expenses are accounted for on an accruals basis. Expenses are charged
through the Statement of Total Return.
Expenses that are directly attributable to the management of investments are
allocated directly to capital in the Statement of Total Return. With the
Directors' long term target for returns on investments being entirely from
capital gains there is no requirement to apportion these expenses between
revenue and capital.
2. TAXATION
The company has been granted exempt status under the Income Tax (Exempt Bodies)
(Guernsey) Ordinance 1989, and is therefore subject to the payment of an annual
fee which is currently #600.
3. QUOTED INVESTMENTS 30 June 2007 30 June 2006 31 December
2006
At cost # 3,730,288 # 2,777,816 # 3,939,587
At market value # 3,375,413 # 2,455,820 # 3,745,800
4. UNQUOTED INVESTMENTS 30 June 2007 30 June 2006 31 December
2006
At cost # 344,578 # 200,000 # 200,000
At market value # 1,444,578 # 500,000 # 1,300,000
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2007 (continued)
5. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the return on ordinary
activities after tax for the period and on 8,793,200 shares being the weighted
average number of shares in issue during the period. There is no difference
between basic earnings per share and diluted
earnings per share as the 100,000 share options in issue were antidilutive for
the period.
6. NET ASSET VALUE PER SHARE
The calculation of net asset value is based on the net assets of #4,072,763 and
on the ordinary shares in issue of 8,793,200 at the balance sheet date.
7. LOAN PAYABLE AND OVERDRAFT
The loan facility provided by Hollandsche Bank-Unie N.V. (HBU), with a balance
of Euro718,218 (#484,007) at the balance sheet date, is
secured on the Company's investment portfolio held in their custody, is
repayable on demand and bears interest at 3% above the Euro base rate of HBU
(2.75% at 31 December 2005).
The bank overdraft with Penson Financial Services Limited (Penson), with a
balance of #363,163 at the balance sheet date, is unsecured, repayable on demand
and bears interest at 6% above the UK base rate.
8. CASH FLOW NOTES 30 June 2007 30 June 2006 31 December 2006
(a) RECONCILIATION OF NET RETURN BEFORE
TAX TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
Net return on ordinary activities for (136,950) (75,515) (200,698)
the financial year/period before tax
Expenses charged to capital (64,634) (85,076) (154,540)
Overseas withholding tax suffered (587) - (78)
Increase/(decrease) in operating 14,732 (88,097) (89,833)
creditors
Share based payments 427 20,000 20,000
Net cash outflow from operating # (187,012) # (228,688) # (425,149)
activities
(b) ANALYSIS OF NET DEBT At At
1 January Cashflow 30 June
2007 2007
Cash at bank and broker 20,958 361,094
Loans receivable - - -
Loans payable and overdraft (568,716) (529,960) 382,052
# (547,758) # (168,866) # (716,624)
(1,098,676)
9. CALLED UP SHARE CAPITAL 30 June 2007 30 June 2006 31 December 2006
Authorised
50,000,000 ordinary shares of #0.01 # 500,000 # 500,000 # 500,000
each
Allotted and fully paid
8,793,200 ordinary shares of #0.01 # 87,932 # 87,932 # 87,932
each
10. RESERVES Capital Capital Share Revenue
Reserve Reserve Option Reserve Total
Realised Unrealised Reserve
Balance at 1 January 2007 567,025 906,214 60,000 (641,570) 891,669
Net return for the financial period - - - (137,537) (137,537)
Net realised gains (111,182) - - - (111,182)
Net unrealised gains - (161,114) - - (161,114)
Share based payments 427 427
Balance at 30 June 2007 455,843 745,100 60,427 (779,107) 482,263
11. RECONCILIATION OF MOVEMENTS IN 30 June 2007 30 June 31 December 2006
SHAREHOLDERS' FUNDS 2006
Net return for the financial period/ (409,833) (86,703) 837,829
period
Impact of implementation of FRS26 - (83,197) (83,197)
(409,833) (169,900) 754,632
Effect of share based payments in the - 20,000 20,000
year/period
Net addition to shareholders' funds (409,833) (149,900) 774,632
Opening shareholders' funds 4,482,169 3,707,537 3,707,537
Closing shareholders' funds # 4,072,336 # 3,557,637 # 4,482,169
12. RELATED PARTY TRANSACTIONS
On 9 March 2004 and as disclosed in the AIM Admission Document dated 18 March
2004, Dendemite Limited entered into a consultancy agreement with the Company
under the terms of which Dendemite agreed to provide the consultancy services of
Jonathan Freeman, a Director, as a consultant to the Company to investigate
potential investments and provide reports thereon. In 2006 the above consultancy
agreement was assigned to Combined Management Services Limited ("CMS"). CMS has
charged the Company #53,488 for these services during the period ended 30 June
2007. Jonathan Freeman owns 50% of CMS.
13. SHARE OPTIONS
At 30 June 2007 the number of ordinary shares of 1 pence each subject to options
granted under the Company's Share Option Plan were:
Exercise At January Grants Options At 30
Exercise Period Price per 2006 During year exercised June 2007
Share No. No. No. No.
18 September 2004 50.0 pence 20,000 Nil Nil 20,000
- 10 September 2004
18 March 2005 - 52.5 pence 20,000 Nil Nil 20,000
27 September 2014
26 March 2006 - 39.0 pence 20,000 Nil Nil 20,000
26 September 2016
26 November 2006 30.17 pence 20,000 Nil Nil 20,000
- 26 May 2016
12 June 2009 - 26.5 pence Nil 400,000 Nil 400,000
12 June 2017
13. SHARE OPTIONS (continued)
The Binomial formula is the option pricing model applied to the grant of all
options in respect of calcualting the fair value of the options.
There were no market conditions within the terms of the grant of the options.
The main vesting condition for all the options awarded was that the consultant
remained employed with the Company at the date of exercise.
For the grant of options during the six month period ended 30 June 2007, the
following inputs have been used:
Six month period ended 30 June 2007
Number of shares under options 400,000
Share price at grant 22.525p
Option exercise price 26.5p
Expected life of options 4.5 years
Expected volatility * 10.01%
Risk free rate ** 5.67% p.a.
Grant date 12 June 2007
Fair value per share under option 2.99 p
Total expected charge over the vesting period #11,960
The share-based remuneration charge comprises:
Period ended Year ended
30 June 2007 31 December 2007
Share based payments # 427 # 20,000
14. FINANCIAL INSTRUMENTS
(i) Management of risk
The Company's financial assets and liabilities comprise:
- Equity shares that are held in accordance with the Company's investment
objective as set out in the Director's Report. - Cash and short term debtors and
creditors that arise directly from the Company's operations.
The main risks arising from the Company's financial instruments are due to
fluctuations in market prices, foreign exchange rates and interest rates. The
Board regularly reviews and agrees policies for managing each of these risks and
they are summarised below. These policies have remained constant throughout the
period under review.
(ii) Market price risk
Market price risk arises mainly from uncertainty about the future prices of
financial instruments used in the Company's operations. It represents the
potential loss the Company might suffer through holding market positions in the
face of price movements and movements in exchange rates. It is the Board's
policy to hold an appropriate spread of investments in the portfolio in order to
reduce risk arising from factors specific to a particular country or sector. The
allocation of assets to international markets and stock selection are other
factors which act to reduce market price risk. The Company's advisors monitor
market prices throughout the year and report to the Board, which meets regularly
to consider investment strategy.
15. FINANCIAL INSTRUMENTS (continued)
Foreign currency risk
The Company's total return and net assets can be significantly affected by
fluctuations in foreign currency exchange rates because a portion of the
Company's assets and revenue are denominated in currencies other than sterling.
The Board carefully monitors the Company's exposure to exchange risk and if it
feels it necessary will utilise appropriate hedging strategies.
Liquidity risk
The Company's assets comprise mainly readily realisable securities which can be
sold to meet funding commitments as necessary.
Credit risk
The Company places funds with authorised deposit takers from time to time and is
therefore potentially at risk from the failure of any such institution of which
it is a creditor. The company expects to place any deposits on a short term
basis and where possible with more than one institution to reduce its credit
risk.
(ii) Interest rate risk of financial assets and liabilities
The majority of the Company's financial assets are equity shares and other
investments which neither pay interest nor have a stated maturity date.
The level of the Company's borrowings from HBU and Penson at 30 June 2007 is
#847,170 and, as disclosed in note 7, the HBU loan bears interest at 3% above
the Euro base rate of HBU. The overdraft with Penson bears interest at 6% above
the base rate of the Bank of England.
(iii) Currency exposure
A portion of the financial assets of the company are denominated in currencies
other than sterling with the effect that the net assets and total
return can be significantly affected by currency movements.
Currency Quoted investments Cash at bank Total
Euro # 249,055 # (399,102) # (150,047)
(iv) Fair values of financial assets
All of the financial assets of the Company are held at fair value, as shown in
notes 3 and 4.
16. REPORTED NET ASSET VALUE (NAV)
The NAV reported to the market shortly after 30 June 2007 was 46.79p. These
financial statements are based on the company's unaudited records, and reflect
all known debtors and creditors as accrued at the balance sheet date. Net assets
at the balance sheet date have also been valued at bid price, in accordance with
FRS 26, the NAV reported to the market shortly after 30 June 2007 also reflected
bid values. market values.
Accordingly, these accruals and the difference in accounting procedures are the
main reasons for the difference in the estimated NAV previously reported, and
the NAV stated in these unaudited financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKPKKOBKDACB
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