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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gaming VC Hldgs | LSE:GMH | London | Ordinary Share | LU0208436914 | ORD EUR1.24 |
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 |
RNS No 3663f GROSMONT HOLDINGS PLC 6th August 1998 INTERIM REPORT Six months to 30 June 1998 Chairman's Statement In the six months to 30 June 1998 we have looked at quite a lot of investment opportunities, from manufacturers of air conditioning equipment to Internet shopping services, early stage biotechnology to car body shops. None of these have yet resulted in an investment being made. Our view remains that there are or will be opportunities to make investments in good quality management in strong growth markets and, as such, we will retain our relatively demanding criteria. We are keen to raise awareness of our ability to provide substantial levels of funding to attractive business propositions and continue to do so through a variety of networks. The market currently is such that private equity capital providers (venture capitalists etc.) are participating in deals at valuation levels substantially above levels we would be prepared to invest at and thus getting to the front of the queue for deals. In time we believe this will change, giving us additional opportunities. In addition at some point there will be an economic downturn and sources of finance for newer businesses will become more scarce, providing further opportunities for us. In terms of the reported result for the six months, the profit after tax is #47,700. Income in the period was exclusively interest on the funds deposited and expenses of #21,600 relate only to the essential costs of being a public quoted company. Net assets per share at 30 June 1998 were 2.61 pence, 0.11 pence above the issue price in June 1997. We are continuing to work our way through a number of possible opportunities that may or may not prove to be worthwhile. However we are in no hurry to do a deal merely for the sake of doing something. When we do invest it will be what we firmly believe to be a good deal. O.J. Vaughan Chairman Profit and Loss Account Unaudited Unaudited Audited Six months to 24 April 1997 Year ended 30 June to 31 October 31 December 1998 1997 1997 #'000 #'000 #'000 Administrative expenses (21.6) (19.2) (26.1) Income from fixed asset - - 36.0 investments (Loss)/profit on ordinary activities before interest (21.6) (19.2) 9.9 Interest 82.1 48.8 77.4 Profit on ordinary activities before taxation 60.5 29.6 87.3 Taxation (12.8) (10.3) (19.5) Retained profit for the period 47.7 19.3 67.8 Basic earnings per share - pence 0.05 0.02 0.07 Fully diluted earnings per share - pence 0.06 0.05 0.09 Balance Sheet Unaudited Unaudited Audited Six months to 24 April 1997 Year ended 30 June to 31 October 31 December 1998 1997 1997 #'000 #'000 #'000 Fixed assets Investments 250 250 250 Current assets Debtors 3.3 1.3 4.4 Cash bank and in hand 2,401.2 2,284.9 2,336.9 2,404.5 2,286.2 2,341.3 Creditors due within one year (48.5) (26.4) (33.0) Net current assets 2,356.0 2,259.8 2,308.3 Net assets 2,606.0 2,509.8 2,558.3 Capital and reserves Called up share capital 1,000.0 1,000.0 1,000.0 Share premium 1,490.5 1,490.5 1,490.5 Profit and loss account 115.5 19.3 67.8 Equity shareholders' funds 2,606.0 2,509.8 2,558.3 Net assets per share - pence 2.61 2.51 2.56 Cash Flow Statement Unaudited Unaudited Audited Six months to 24 April 1997 Year ended 30 June to 31 October 31 December 1998 1997 1997 #'000 #'000 #'000 Net cash outflow from operating Activities (17.7) (4.4) (9.8) Returns on investment and servicing of finance Interest received 82.1 48.8 77.4 Income from fixed asset investments - - 28.8 Net cash inflow from returns on investments and servicing of finance 82.1 48.8 106.2 Cash outflow before management of liquid resources and financing 64.4 44.4 96.4 Management of liquid resources Net funds placed on 7 day deposit (2,370.0) (2,260.0) (2,280.0) Financing Issue of shares - 2,250.0 2,250.0 Expenses of share issue - (9.5) (9.5) - 2,240.5 2,240.5 (Decrease)/Increase in cash in the period (2,305.6) 24.9 56.9 Notes to the Accounts 1 Basis of preparation The unaudited accounts for the six months to 30 June 1998 do not constitute statutory accounts. Comparative figures for the six months to 30 June 1997 are not available due to the Company not commencing to trade until 24 April 1997. Comparative figures shown are for the period from 24 April 1997 to 31 October 1997 and are unaudited. 2 Taxation The tax charge for the six months to 30 June 1998 has been calculated at 21 per cent, and represents an estimate of the appropriate proportion of the expected charge to 31 December 1998. 3 Earnings per share Basic earnings per share has been calculated on the profit after tax for the period divided by the average number of shares in issue at 30 June of 100,000,000. Fully diluted earnings per share includes warrants and options which if exercised would give rise to the issue of a further 252,000,000 shares. 4 Investments Listed Unlisted Total #'000 #'000 #'000 Cost At 1 January 1998 110.0 140.0 250.0 Reclassification 125.0 (125.0) - At 30 June 1998 235.0 15.0 250.0 Market value at 30 June 1998 215.5 28.9 244.4 5 Other Information The interim report was approved by the Directors on 6 August 1998. A copy of the interim report will be posted to shareholders and made available to the public at the company's registered office, 223a Kensington High Street, London W8 6SG. END IR SSIFIMUAUFLA
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