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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Microcap (See "LSE:DEO") | LSE:MEQ | London | Ordinary Share | GB0032851270 | 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% | 0.155 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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25 September 2007
Microcap Equities plc
("Microcap" or "the Company")
Interim Results
For the six month period ended 30 June 2007
Chairman's Statement
I am pleased to report the results for the six months ended 30 June 2007.
During the period, the Company incurred a loss of £46,000, compared to a loss
of £30,000 for the six months ended 30 June 2006 and a loss of £473,000 for the
year ended 31 December 2006. The previous year's loss included £297,000 in
respect of a premium paid on redemption of loan notes and an £85,000 write-down
in the value of investments. The loss for the current period includes a write
down of investments of a further £12,000 and an additional premium on
redemption of loan notes of £10,000.
The Company had been in negotiations to acquire an investment company but
terminated discussions earlier this year.
Although the directors continue to review potential opportunities, none is
being pursued at present.
N Greenstone
Chairman
25 September 2007
Further Enquiries:
Microcap Equities Plc
Nicolas Greenstone Tel: 020 7247 9691
John East & Partners
John East/Simon Fox/Bidhi Bhoma Tel: 020 7628 2200
Income Statement
For the six months ended 30 June 2007
Six months Six months Year ended
ended ended
31 December
30 June 30 June 2006 2006
2007 (unaudited) (audited)
(unaudited)
£'000 £'000 £'000
Administrative expenses (26) (30) (92)
Operating loss (26) (30) (92)
Other income 2 - 1
Amounts written off investments (12) - (85)
Interest payable and similar charges (10) - (297)
Loss before income tax (46) (30) (473)
Tax on loss on ordinary activities - - -
Net loss from ordinary activities (46) (30) (473)
Accumulated loss brought forward (4,511) (4,335) (4,335)
Transfer to share premium 10 - 297
Accumulated loss carried forward (4,547) (4,365) (4,511)
Loss per ordinary share (pence)
- Basic and diluted (0.04)p (0.06)p (0.87)p
The income statement has been prepared on the basis that all operations are
continuing operations.
All recognised gains and losses are included in the income statement.
Balance Sheet
As at 30 June 2007
As at As at As at
30 June 30 June 31 December
2006
2007 2006
£'000 £'000 £'000
Assets
Non-current Assets
Fixed asset investments 59 156 71
Current assets
Trade and other receivables 6 52 3
Cash & cash equivalents 145 2 176
151 54 179
Total assets 210 210 250
Equity and liabilities
Share capital and reserves
Issued capital 1,730 1,116 1,710
Share premium account 3,007 3,313 3,017
Retained earnings (4,547) (4,364) (4,511)
Total equity 190 65 216
Creditors: amounts falling due within 20 145 34
one year
Total equity and liabilities 210 210 250
Cash Flow Statement
For the six months ended 30 June 2007
Six months Six months Year
ended ended
ended
30 June 30 June
31 December
2007 2006 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Cash paid to suppliers and employees (33) (13) (147)
Cash absorbed by operations (33) (13) (147)
Interest paid (10) - -
Interest received 2 - 1
Net cash outflow from operating (41) (13) (146)
activities
Cash flows from financing activities
Proceeds from issue of shares 20 - 297
New debenture loan (10) - 307
Repurchase of debenture loan - - (297)
Net cash flows used in financing 10 - 307
activities
Net (decrease)/increase in cash and (31) (13) 161
cash equivalents
Cash and cash equivalents brought 176 15 15
forward
Cash and cash equivalents carried 145 2 176
forward
Notes to the Interim Financial Statements for the six months ended 30 June 2007
1. Basis of preparation
The interim results are unaudited and do not constitute statutory accounts for
the purpose of s240 of the Companies Act 1985. The figures for the year ended
31 December 2006 have been extracted from the statutory accounts filed with the
registrar of companies on which the auditors gave an unqualified report.
From 1 January 2007 the Company is required to prepare statutory financial
statements which comply with accounting standards as adopted for use in the EU.
The accounting policies of the Company in accordance with International
Financial Reporting Standards ("IFRS") will be detailed in its first statutory
accounts filed in accordance with IFRS, for the year to 31 December 2007.
2. Tax
Six months Six months Year
ended ended
ended
30 June 30 June
31 December
2007 2006 2006
UK corporation tax £'000 £'000 £'000
Current tax on income for the period - - -
Factors affecting tax charge for the
year
Loss on ordinary activities before (46) (30) (473)
taxation
Loss on ordinary activities before (14) (9) (142)
taxation multiplied by standard rate of
UK corporation tax of 30 per cent.
(2006: 30 per cent.)
Effects of:
Expenses not deductible for tax - - 33
purposes
Movement in tax losses 14 9 109
Current tax charge - - -
3. Loss per share
The basic loss per share is calculated by dividing the loss attributable to
equity shareholders by the weighted average number of shares in issue. There
are no potential ordinary shares which are dilutive and therefore diluted loss
per share equals basic loss per share.
The weighted average number of ordinary shares during the period was:
Six months Six months Year ended
ended 30 ended 30
June June 31 December
2006
2007 2006
108,696,556 47,623,600 54,400,540
£'000 £'000 £'000
Loss attributable to equity share (46) (30) (473)
holders
Basic loss per share (pence) (0.04)p (0.06)p (0.87)p
4. Dividends
No dividends have been declared for the six months ended 30 June 2007.
5. Comparatives
The comparative figures for the unaudited interim results for the period ended
30 June 2006 are stated as announced on 28 September 2006.
END
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