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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hecta Media | LSE:HCTA | London | Ordinary Share | VGG4384C1041 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.75 | 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 : 8533Z
Hecta Media Inc.
25 July 2008
For immediate release
25 July 2008
Hecta Media Inc
("Hecta Media" or "the Company")
Unaudited Interim Results for the period ended
Hecta Media Inc (AIM: HCTA), the web consolidator, today announces its interim unaudited accounts for the period beginning with its
incorporation and ended 30th April 2008.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report to shareholders the first financial statements for the period ended 30th April 2008 since the Company's
incorporation on 22nd June 2007 and its admission onto AIM on 14th November 2007.
Investment strategy
As set out in our admission document, our investment strategy remains focused on primarily investing in profitable websites and domain
name portfolios - and then better monetising them through the use of click-through advertising programmes and other online
advertising-related techniques combined with reduced centralised overheads.
Investment portfolio
During the period under review, as already reported to shareholders on 13th March 2008, Hecta completed its first set of acquisitions -
namely, a popular blog, www.tutorialblog.org, and a series of domain portfolios containing approximately 60,000 names, one of which included
an option to buy a further two portfolios dependent on the performance of the original. I am pleased to say that given the strong
performance of that first portfolio, we subsequently then exercised this option - as announced, post period, on 6th June 2008. As a result,
we now continue to closely monitor the assets in our portfolio and look to improve them in line with our investment and development
strategy.
Financial review
As can be seen from the figures below, there was little time within the period under review for the revenue potential of the March
acquisitions to be have any impact. We are confident, though, that their revenue potential will be better reflected in the next set of
figures.
Likewise, operational expenses - including those associated to the AIM admission - were in line with budget for the period standing at
£321,000. Consequently, the Company had £2,686,000 in cash or cash equivalents at the period end - it having invested £1,172,000 of the
£4,414,949 originally raised pre-IPO via a placing at 4p.
Funding
As already mentioned, the Company successfully raised approximately £4.4 million via a placing at 4p prior to admission. As the Company
looks to expand the breadth of its investment portfolio going forward, the Board may contemplate the raising of additional funds in the
future.
Outlook
The last year has been an exciting period for Hecta, it having effectively formed the Company, raised initial capital, was admitted to
AIM, and made its first series of acquisitions.
Going forward, we foresee equally active times, with the Company looking to potentially expand its portfolio management team so that it
can continue growing the value of Hecta's existing portfolio whilst at the same time continuing to make further prudent acquisitions in line
with its acquisition strategy. Indeed, we see the tightening economic conditions as potentially aiding us in achieving our acquisition
strategy.
Frederick Krueger
Executive Chairman
25 July 2008 HECTA MEDIA INC.
INCOME STATEMENT
FOR THE PERIOD 22 JUNE 2007 TO 30 APRIL 2008
Note Period 22 June to
30 April 2008
(unaudited)
£'000
Administrative expenses (215)
Share options expensed 4 (106)
Operating (loss) (321)
Interest receivable 75
(Loss) on ordinary activities before taxation (246)
Taxation on loss on ordinary activities -
(Loss) for the financial period (246)
Attributable to:
Equity holders of the company (246)
Basic loss per share expressed in pence 2 (0.26)
HECTA MEDIA INC.
BALANCE SHEET
AS AT 30 APRIL 2008
As at
30 April
2008
Note (
unaudite
d)
£'000
Non-current assets
Intangible assets 1,262
Total non-current assets 1,262
Current assets
Trade and other receivables 372
Cash and cash equivalents 2,686
Total current assets 3,058
Total Assets 4,320
Current Liabilities
Trade and other payables (30)
Total Liabilities (30)
Net Assets 4,290
Shareholders' equity
Share capital 3 -
Share premium account 4,394
Share based payment reserve 4 142
Retained earnings (246)
Total Equity 4,290
HECTA MEDIA INC.
CASH FLOW STATEMENT
FOR THE PERIOD 22 JUNE 2007 TO 30 APRIL 2008
Period 22 June to
30 April 2008
(unaudited)
£'000
Cash outflow from operating activities
Operating Loss (321)
(Increase) in trade and other receivables (372)
Increase in trade and other payables 30
Share options expensed 106
Net cash outflow from operating activities (557)
Cash flows from investing activities
Interest received 75
Payments to acquire intangible assets (1,247)
Net cash outflow from investing activities (1,172)
Cash flows from financing activities
Issue of ordinary share capital 4,548
Share issue costs (133)
Net cash inflow from financing activities 4,415
Net increase in cash and cash equivalents 2,686
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 2,686
HECTA MEDIA INC.
STATEMENT OF CHANGES IN EQUITY (Unaudited)
FOR THE PERIOD ENDED 30 APRIL 2008
Attributable to equity holders of the company
Called up share Share premium Share based payment reserve Retained earnings
capital reserve
Total
Group £ 000's £ 000's £ 000's £ 000's £ 000's
As at 22 June 2007 - - -
(Loss) for the period - - - (246) (246)
Total recognised income and - - - (246) (246)
expense
Share capital issued - 4,563 - - 4,563
Cost of share issue - (169) - - (169)
Share based payments - - 142 - 142
As at 30 April 2008 - 4,394 142 (246) 4,290
HECTA MEDIA INC.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2008
1. Basis of preparation
The Company was registered as Hecta Media Inc. in British Virgin Islands having been incorporated on 22nd June 2007 under the BVI
Business Companies Act 2004 with registered number 1412814.
The financial information has been prepared under the historical cost convention and on a going concern basis and in accordance with
International Financial Reporting Standards and IFRIC interpretations adopted for use in the European Union ("IFRS") and those parts of the
BVI Business Companies Act applicable to companies reporting under IFRS.
The financial information for the period ended 30 April 2008 has not been audited, but were the subject of an independent review carried
out by the Company's auditors, Chapman Davis LLP. reviewed in accordance with the International Standard on Review Engagements 2410 issued
by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those to be
adopted in the statutory accounts for the period ended 31 October 2008.
The financial information contained in this document does not constitute statutory accounts as defined by Section 240 of the Companies
Act 1985 (England & Wales). In the opinion of the directors the financial information for this period fairly presents the financial
position, result of operations and cash flows for this period.
This Interim Financial Report was approved by the Board of Directors on 21 July 2008.
Statement of compliance
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting.. Accordingly
the interim financial statements do not include all of the information or disclosures required in the annual financial statements.
Foreign currencies
The functional currency of each entity is determined after consideration of the primary economic environment of the entity. The group's
presentational currency is Sterling (£).
2. Loss per share
The calculation of earnings per share is based on the loss after taxation divided by the weighted average number of shares in issue
during the period:
Period ended
30 April
2008
(unaudited)
£'000
Net loss after taxation (246)
Weighted average number of ordinary shares used in 95.82m
calculating basic earnings per share
Basic loss per share (expressed in pence) (0.26) pence
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share they are considered to be
anti-dilutive and, as such, a diluted loss per share is not included.
3. Share capital
The authorised share capital of the Company and the called up and fully paid amounts at 30 April 2008 were as follows:
£'000
Authorised
Unlimited ordinary shares of no par value each -
Called up, allotted, issued and fully paid Number of shares Nominal value
£'000
Incorporation 1 -
26 October 2007 for cash at 1p per share 64,750,000 -
26 October 2007 for cash at 4p per share 10,000,000
29 October 2007 - original incorporation (1) -
share cancelled
31 October 2007 for cash at 4p per share 87,516,456 -
13 March 2008 for non-cash consideration at 368,242 -
4p per share
As at 30 April 2008 162,634,698 -
Total share options in issue
During the period ended 30 April 2008, the company granted 19,000,000 options over ordinary shares.
As at 30 April 2008 the unexercised options in issue were;
Exercise Price Expiry Date Options in Issue
30 April 2008
4p 13 November 2012 19,000,000
19,000,000
The company also granted a warrant to subscribe for 1,622,665, ordinary shares at 4p per share, to Beaumont Cornish Ltd for 5 years from
date of admission to AIM of 14 November 2007.
No options or warrants lapsed or were cancelled and no options or warrants were exercised during the period to 30 April 2008.
4. Share based payments
Under IFRS 2 'Share Based Payments', the Company determines the fair value of options issued to Directors and Employees as remuneration and
recognises the amount as an expense in the income statement with a corresponding increase in equity.
Name Date Granted Date Vested
Number Exercise Price Expiry Date Fair Value at Grant Date
(pence) (pence)
Frederick Krueger 14/11/2007 See 1 below 5,000,000
4 13/11/2012 2.23
David Weill 14/11/2007 See 1 below 4,000,000
4 13/11/2012 2.23
Clark Landry 14/11/2007 See 1 below 5,000,000
4 13/11/2012 2.23
Guy Elliott 14/11/2007 See 1 below 3,000,000
4 13/11/2012 2.23
Michael Mendelson 14/11/2007 See 1 below 2,000,000
4 13/11/2012 2.23
Totals
19,000,000
1. The above share options vest on the 2nd anniversary from the date of grant. The options are exercisable at any time after vesting
during the Directors period as an eligible employee until the fifth anniversary of admission.
The fair value of the options and warrants granted during the period ended 30 April 2008
amounted to £0.142 million. The assessed fair value at grant date is determined using the
Black-Scholes Model that takes into account the exercise price, the term of the option, the
share price at grant date, the expected price volatility of the underlying share, the
expected dividend yield and the risk-free interest rate for the term of the option.
The following table lists the inputs to the models used for the period ended 30 April 2008:
14 November 2007 14 November 2007
issue - Options issue - Warrants
Dividend Yield (%) - -
Expected Volatility (%) 60.0 60.0
Risk-free interest rate (%) 4.8 4.8
Share price at grant date (£) 0.04 0.04
The expected volatility reflects the assumption that the historical volatility is indicative
of future trends, which may, not necessarily be the actual outcome.
5. Post balance sheet events
On 6 June 2008, the Company announced it has exercised its option to acquire the first of two additional portfolios of domain names for
a cash consideration of US$734,825 to be financed from existing cash balances. The domain name portfolio comprises mainly of German and
other European parked domain names that receive direct navigation and search traffic which can be monetised through search links to generate
click-through advertising revenues.
6. Publication of Non-Statutory Accounts
The financial information set out in this interim report does not constitute statutory accounts as defined in section 240 of the
Companies Act 1985.
Copies of this report are available from Hecta Media Inc's registered office and from the company\'s website at www.hectamedia.com.
ENDS
Further Information:
Hecta Media Inc
Clark Landry (CEO) Tel: + 1 310 570 3820
Beaumont Cornish Limited
Roland Cornish Tel +44 (0) 20 7628 3396
gth media relations
Toby Hall /Christian Pickel Tel: +44 (0) 20 7153 8039/8036
Or visit the group's website at www.hectamedia.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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