Microcap Equities Share Discussion Threads

[treacle32] 03/8/2009 10:38

O/T CSB at 1p. Q2 Results out next Thursday. NAV was 2.71p at year end and Q2 muted to be stronger than Q1 as sentiment improves. Longer term, muted about RTO with large scale partner. DYOR.

[yohoho] 02/8/2009 09:47

Appears to be stake building going on here. Small sells being packaged into blocks of a million and sold on. Deal imminent? I'll be topping up Monday morning.

[andrbea] 29/7/2009 09:35

illiquid indeed

1 buy today and a 6% rise

[johndee] 28/7/2009 12:23

up well one day..drop like a stone the next.............lol...back to where it was before the rise again............

[johndee] 27/7/2009 21:54

Maybe they are short of stock if the truth be told..........

[comedy] 27/7/2009 17:03

induna123 the 300k is my sell bought from a while back....saw it was up and top sliced to keep the free shares. Broker told me nms is 150k and from the stock available they were looking to sell and not buy ...so said we will be able to sell 150k but dont think 300k likely...came back surprised to say they took the full lot in a oner.

[zitec] 27/7/2009 16:23

Interesting, the chairman Nicolas Greenstone is Corporate Advisor of Mechant Capital, part of Merchant House Group (MHG)

[induna123] 27/7/2009 15:51

Looks like those who bought this morning have dumped.

[johndee] 27/7/2009 14:58

Many think when they do a reverse takeover a share price of 1 pence is highly likely.

[parvez] 27/7/2009 14:46

what's happening here?

[andrbea] 27/7/2009 12:43

71% and still no interest?

[hena79] 04/7/2009 21:00

Hopeful of finalisation of news sooner rather than later. In the meantime, other shell PMA got its news this week as per research and looks good for the next few days with imminent fundraising at 1p vs current price of 0.38p and RTO announced.

[johndee] 29/6/2009 23:06

??????????????????are u sure?????????????

[hena79] 29/6/2009 19:40

Nope still here all the way, didn't take 0.50p and want a whole lot more.. All research slowly coming to fruition as per latest RNS last week. My PMA will also hit the dizzy heights of 1p et al with MEQ over the coming weeks. DYOR.

[jonnyfro] 29/6/2009 12:11

LMAO!!! Has treacle/tomboy dumped yet?!?!

[hena79] 26/6/2009 16:55

Expected news out today, as per research looks like acquisition is also lined up. Will be worth the long wait tomboy. Also, keep an eye on PMA which is truly bottomed out and mkt cap of just 200K when AIM listing is worth 500K.

[tomboyb] 26/6/2009 13:18

TIDMMEQ

26 June 2009

Microcap plc

("Microcap" or the "Company")

Final results for the year ended 31 December 2008

CHAIRMAN'S STATEMENT

I am pleased to report on the results of the Company for the year ended 31
December 2008.

The Company's operating loss was reduced to GBP65,630 (2007: GBP90,363). The loss
before tax increased to GBP144,366 compared to a loss last year of GBP86,432 after
a permanent diminution in value of the Company's investments, amounting to GBP
40,000 (2007: GBP1,482) and after a premium paid of GBP40,000 on conversion of GBP
20,000 nominal convertible unsecured loan notes.

The Company made announcements on 12 May and 1 June 2009 relating to a
potential equity investment in the Company. Negotiations relating to the
investment are now at an advanced stage and the Directors are hopeful that
these negotiations will be concluded shortly. Any such transaction will be
subject to the approval of shareholders at a general meeting and, if
negotiations can be concluded, the Company will send a document to shareholders
explaining and seeking approval for the transaction and containing a notice of
general meeting.

Your Directors continue to investigate ways of increasing shareholder value.

Nicolas Greenstone
Chairman
26 June 2009



FURTHER ENQUIRIES

Microcap plc

Nicolas Greenstone 020 7247 9691
Rakesh Patel 020 8371 3071

John East & Partners Limited, a subsidiary of Merchant Securities Plc

Bidhi Bhoma 020 7628 2200




INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008

Year ended 31 Year ended 31
December December

Note 2008 2007

GBP GBP

Administrative expenses (65,630) (90,363)

Operating loss (65,630) (90,363)

Impairment of investments (40,000) -

Interest receivable and similar income 2 1,264 3,931

Interest payable and similar charges 3 (40,000) -

Loss on ordinary activities before (144,366) (86,432)
taxation

Tax on loss on ordinary activities 4 - -

Loss for the year (144,366) (86,432)

Loss per share (pence)

- Basic 5 (0.13p) (0.08p)

- Diluted (0.13p) (0.08p)


The income statement has been prepared on the basis that all operations are
continuing operations.

STATEMENT OF RECOGNISED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2008

Year ended 31 Year ended 31
December December

2008 2007

GBP GBP

Net loss on available for sale investments (27,731) (1,482)

Net loss recognised directly in equity (27,731) (1,482)

Loss for the period (144,366) (86,432)

Total recognised income and expense for the (172,097) (87,914)
financial period


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2008

Share Share Retained Total
Capital Premium earnings

GBP GBP GBP GBP

At 1 January 2007 1,709,545 3,006,830 (4,511,401) 204,974

Issue of ordinary shares 20,000 - - 20,000

Loss for the year - - (86,432) (86,432)

Net loss on available for sale - - (1,482) (1,482)
investments

As at 31 December 2007 1,729,545 3,006,830 (4,599,315) 137,060

Issue of ordinary shares 60,000 - - 60,000

Loss for the year - - (144,366) (144,366)

Net loss on investments - - (27,731) (27,731)
transferred to equity

Transfer from share premium - (40,000) 40,000 -
account

As at 31 December 2008 1,789,545 2,966,830 (4,731,412) 24,963


BALANCE SHEET AS AT 31 DECEMBER 2008

Notes As at As at
31 December 31 December
2008 2007

GBP GBP
ASSETS

Non-current assets

Investments - available for sale 6 2,069 69,800

Current assets

Trade and other receivables 13,132 10,497

Cash and cash equivalents 8 19,534 85,338

32,666 95,835

LIABILITIES

Current liabilities

Trade and other payables 7 (9,772) (28,575)

Net Current Assets 22,894 67,260

NET ASSETS 24,963 137,060

SHAREHOLDERS' EQUITY

Called up share capital 1,789,545 1,729,545

Share premium account 2,966,830 3,006,830

Retained earnings (4,731,412) (4,599,315)

TOTAL EQUITY 24,963 137,060


CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008

Notes Year ended 31 Year ended 31
December December

2008 2007

GBP'000 GBP'000

Cash flows from operating activities

Cash expended from operations (87,068) (94,634)

Net cash from operating activities (87,068) (94,634)

Cash flows from investing activities

Interest received 1,264 3,931

Interest paid - -

Net cash from investing activities 1,264 3,931

Cash flows from financing activities

Proceeds of share issue 20,000 -

Net cash from financing activities 20,000 -



(Decrease)/Increase in cash and cash (65,804) (90,703)
equivalents

Reconciliation of net cash flow to
movement in net funds

(Decrease)/Increase in cash and cash 8 (65,804) (90,703)
equivalents

Change in net funds (65,804) (90,703)

Net funds at start of period 85,338 176,041

Net funds at end of period 8 19,534 85,338


NOTES TO THE PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008

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.

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2007 and 2008, but is
derived from those accounts. Statutory accounts for 2007 have been delivered to
the Registrar of Companies and those for 2008 will be delivered following the
Company's Annual General Meeting. The Auditors have reported on those accounts;
their reports were unqualified and did not contain statements under the
Companies Act 1985, sections 237(2) or (3).

2. INTEREST RECEIVABLE AND SIMILAR INCOME

2008 2007

GBP GBP

Bank Interest 1,264 3,931


3. INTEREST PAYABLE AND SIMILAR CHARGES
2008 2007

GBP GBP

Premium on redemption of loan notes 40,000 -


Pursuant to the loan stock instrument issued on 17 December 2007, the Company
issued loan notes amounting to GBP20,000, on 12 March 2008. These loan notes were
redeemed on 19 March 2008 giving rise to a premium on redemption of GBP40,000.

4. TAXATION

2008 2007

GBP'000 GBP'000

Current tax charge - -

Factors affecting the tax charge for the period

Loss on ordinary activities before taxation (144,366) (86,432)

Loss on ordinary activities before taxation (40,422) (25,930)
multiplied by standard rate of corporation tax
of 30.0% (2007 - 30.0%)

Effects of:

Non deductible expenses - -

Other tax adjustments 40,422 25,930

Current tax charge - -


As at 31 December 2008 a potential deferred tax asset of GBP433,062 (2007: GBP
414,686) existed due to unrelieved management expenses and interest of GBP
1,546,650 (2007: GBP1,481,020) at a rate of 28 per cent (2007: 28 per cent). No
deferred tax asset has been recognised due to the uncertainty over the
availability of future trading profits to offset against these losses..

5. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss on ordinary
activities after taxation of GBP144,366 (2007: GBP86,432) and on the weighted
average number of shares of 113,773,879 (2007: 108,820,452) ordinary shares in
issue during the year.

There was no dilutive effect from the share options outstanding during the
year.

6. INVESTMENTS - AVAILABLE FOR SALE

Listed Unlisted 2008 2007
investment investment

GBP GBP GBP GBP

Fair value

At 1 January 29,800 40,000 69,800 71,282

Net loss transferred to equity (27,731) - (27,731) (1,482)

Impairment - (40,000) (40,000) -

At 31 December 2,069 - 2,069 69,800


7. TRADE AND OTHER PAYABLES

2008 2007

GBP GBP

Trade payables 2,679 17,486

Taxation and social security 666 -

Directors current account - 5,089

Accruals and deferred income 6,427 6,000

9,772 28,575


8. ANALYSIS OF NET FUNDS

1 January 2008 Cash flow Other non-cash 31 December
changes 2008

GBP GBP GBP GBP

Cash at bank and in 85,338 (65,804) - 19,534
hand

Net funds 85,338 (65,804) - 19,534


9. DIVIDEND

The Directors do not recommend the payment of a dividend.

10. RELATED PARTY TRANSACTIONS

Adler Shine LLP, a firm in which R Patel is a Member, invoiced the company GBP
5,000 (2007: GBP4,167) in respect of Directors remuneration for six months.

The above transaction was on a commercial arm's length basis.

11. COPIES OF THE REPORT & ACCOUNTS

Copies of the Report and Accounts have been posted to shareholders, are
available from the Company's registered office Thames House, Portsmouth Road,
Esher, Surrey KT10 9AD and are available from the Company's website
www.microcapequities.plc.uk.



END

[hena79] 20/6/2009 10:57

Final Results and news should be out possibly next week or at worst by Tuesday the week after.

[hena79] 16/6/2009 18:50

Yep and our PMA is also set fair for some biggie rises imo. The below quoted sums up MEQ's situation perfectly:-

'new board appointments and an injection of new capital. The aim is to realize value for shareholders through the restructuring and provide them with a residual interest in a clean vehicle positioned for a reverse takeover'.

[tomboyb] 16/6/2009 18:39

hena. results out later this month. so shareholders will find out more about what investments there will be.

[hena79] 16/6/2009 18:18

With the Chairman's links and position at Merchant Capital...the below again makes interesting reading.

Quoted Cash Shells

For clients looking to raise capital and achieve a quote:
For certain clients, reversing into a Cash Shell may represent an attractive alternative to an IPO or private equity fundraising. A Cash Shell may allow a transaction to be structured according to the particular requirements of a company or project in a more flexible way. A reversal is suited to situations where certainty of funding and timing is a key factor. Situations where a Cash Shell can work best include:

Roll-ups/Consolidation Strategies

* Acquisition of one or more companies with enlarged group seeking a quote
* Quoted paper as acquisition currency

Management Buy-outs/Buy-ins

* MBI team with quoted paper and cash but target to be identified
* Funding and quoted paper for MBO team

Small or Zero Funding Requirement

* Difficult to attract broker interest in an IPO if less than £5m
* Cash Shell can provide better liquidity than an Introduction

In these situations, a reversal may also provide an effective mechanism to attract and incentivise key personnel and raise the corporate profile in the same way as an IPO.

For failed or failing quoted companies:
Shareholder interests in failed or failing quoted companies can sometimes be best served by re-organising and restructuring the entity to produce a Cash Shell with a strategy to create value for shareholders by identifying an attractive operating business for a reverse takeover.

Merchant Capital advises clients on the restructuring process which may include disposing of any residual businesses or assets, putting the company through a Company Voluntary Arrangement ('CVA'), new board appointments and an injection of new capital. The aim is to realize value for shareholders through the restructuring and provide them with a residual interest in a clean vehicle positioned for a reverse takeover.