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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Otium Ventures | LSE:OTV | London | Ordinary Share | GB00B29KF658 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 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 : 4745U
Otium Ventures PLC
15 October 2010
15 October 2010
Otium Ventures Plc
("Otium" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO JUNE 2010
The key event of the first half was the finalising of the CVA which was approved
by creditors and shareholders on 12 May 2010. Until that had occurred the
Directors were constrained from fully exploring any options to enhance
shareholder value. Since then the Directors have reviewed a number of
opportunities however our efforts have been hampered by the Company's weak
balance sheet and the suspension of trading in the Company's shares on AIM.
The directors have operated the Company on a low cost basis since the agreement
of the CVA, however it became clear that the Company needed to raise further
funds in order to implement the investing policy adopted by shareholders. In
particular the Company needed to raise sufficient capital to enable the CVA to
be discharged, without which the Company would be insolvent. The directors
believe that the proposal set out in the circular to be sent to shareholders, as
announced today, represents the best opportunity for the Company to create some
future value for existing shareholders.
Although the CVA has been agreed, because it has not been fully discharged the
interim results have not been adjusted to reflect the agreement reached under
the CVA and as such will be restated once the CVA has been discharged in full.
Of the gross liabilities of GBP2.3m in the balance sheet, approximately GBP1.3m
is the subject of the CVA and will be discharged by a payment of approximately
GBP55,000. Furthermore, Palmdale, who are due to receive approximately
GBP20,000 under the terms of the CVA, have agreed to indemnify the Company for
any liabilities due under the CVA in excess of GBP40,000. Palmdale has also
agreed to the settlement of its outstanding debt of approximately GBP840,000
through the issue of equity and loan notes. Similarly, the Directors have
agreed to waive their accrued fees for an issue of equity. Both arrangements
are as set out in the circular to shareholders today. A further GBP80,000 of
non-current liabilitieshave also been waived by third parties.
Following the passing of the resolutions at the general meeting which has today
been convened for 12 November 2010 and the discharging in full of the CVA, which
is expected to happen shortly thereafter. the Directors believe that the Company
will be debt free, excluding the convertible loan notes, with a cash balance of
approximately GBP150,000.
The Board would also like to thank Len Russell for his support and advice in
recent months.
A copy of the Company's Interim Accounts is available on the Company's website
at http://www.otiumventures.com/financial-reporting
For further information please contact:
Otium Ventures Plc
Paul Seakens Director Tel:
+44 (0) 20 3005 9924
Alex Lubin - Director
Daniel Stewart & Company Plc
Antony Legge Tel
+44 (0) 20 7776 6550
Oliver Rigby
CONSOLIDATED INCOME
STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2010
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| | | | 6 | | 6 | | Year |
| | | | months | | months | | ended |
| | | | to | | to | | 31 |
| | | | 30 | | 30 | | December |
| | | | June | | June | | 2009 |
| | | | 2010 | | 2009 | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| | | | Unaudited | | Unaudited | | Audited |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| | | | GBP | | GBP | | GBP |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Continuing operations | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Revenue | | | - | | 820,810 | | 840,275 |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Cost of sales | | | - | | (47,361) | | (358,427) |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Gross profit | | | - | | 773,449 | | 481,848 |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Administrative | | | 105,898 | | (1,474,370) | | (2,738,869) |
| expenses | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Exceptional costs | | | - | | - | | (1,211,905) |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Operating | | | 105,898 | | (700,921) | | (3,468,926) |
| profit/(loss) | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Investment income | | | - | | 1,000 | | - |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Finance costs | | | (89,365) | | (62,851) | | (156,294) |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Profit/(loss) on | | | 16,533 | | (762,772) | | (3,625,220) |
| ordinary activities | | | | | | | |
| before tax | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Taxation | | | - | | - | | - |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Profit/(loss) for the | | | 16,533 | | (762,772) | | (3,625,220) |
| period | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
| Profit/Loss per share | | | (0.0p) | | (1.8p) | | (7.6) |
| - basic | | | | | | | |
+------------------------+--+----------+-----------------+--+-------------+----------+-------------+
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2010
+-----------------------+-----+----------+-------------+--+-------------+--+----------+--------+----------+
| | | | As at | | As at | | As at |
| | | | 30 | | 30 | | 31 December 2009 |
| | | | June | | June | | |
| | | | 2010 | | 2009 | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | Unaudited | | Unaudited | | Audited |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | GBP | | GBP | | GBP |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Non current assets | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Property, plant and | | | - | | 196,359 | | - |
| equipment | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Intangible assets | | | - | | 4,510,904 | | - |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | - | | 4,707,263 | | - |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Current assets | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Inventories | | | - | | 56,436 | | - |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Trade receivables | | | | | 701,458 | | 6,539 |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Other current assets | | | 7,100 | | 141,674 | | - |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Cash and cash | | | 1,954 | | 431,974 | | 9,632 |
| equivalents | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | 9,054 | | 1,331,542 | | 16,171 |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Current liabilities | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Trade and other | 1&2 | | (390,165) | | (2,964,869) | | (583,815) |
| payables | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Net current | | | (381,111) | | (1,633,327) | | (567,644) |
| liabilities | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+--+-------------------+----------+
| Non-current | | | | | | | |
| liabilities | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Non-current | 3 | | (1,920,000) | | (2,639,051) | | (1,750,000) |
| borrowings | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Net Liabilities | | | (2,301,111) | | 434,885 | | (2,317,644) |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Equity | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Share capital | | | 484,420 | | 484,420 | | 484,420 |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Share premium | | | 2,710,230 | | 2,550,725 | | 2,710,230 |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Retained earnings | | | (5,495,761) | | (2,600,260) | | (5,512,294) |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| Equity attributable | | | (2,301,111) | | 434,885 | | (2,317,644) |
| to equity holders of | | | | | | | |
| the parent | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+
| | | | | | | | | | |
+-----------------------+-----+----------+-------------+--+-------------+--+----------+--------+----------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | 6 | | 6 | | Year |
| | | | months | | months | | ended |
| | | | to | | to | | 31 |
| | | | 30 | | 30 | | December |
| | | | June | | June | | 2009 |
| | | | 2010 | | 2009 | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | Unaudited | | Unaudited | | Audited |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | GBP | | GBP | | GBP |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Cash flows from | | | | | | | |
| operating activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Profit/(oss) before | | | 16,533 | | (762,772) | | (3,625,220) |
| taxation | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Adjustments for : | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Depreciation | | | - | | 60,491 | | 215,312 |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Amortisation | | | - | | - | | 1,566,189 |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Profit on disposal | | | - | | - | | (119,217) |
| | of fixed assets | | | | | | | |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Investment income | | | - | | (1,000) | | - |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Interest expense | | | 89,365 | | 62,851 | | 156,294 |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Share based payment | | - | | 49,586 | | - |
+-+-----------------------+--+-----------------------+-+-----------+----------+-------------+
| | Decrease/(increase) | | (561) | | (401,035) | | 489,080 |
| | in trade and other | | | | | | |
| | receivables | | | | | | |
+-+-----------------------+--+-----------------------+-+-----------+----------+-------------+
| | Decrease in | | | | | 2,903 | | 59,339 |
| | inventories | | | - | | | | |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | Decrease/(increase) | | (193,650) | | 438,812 | | (19,812) |
| | in trade and other | | | | | | |
| | payables | | | | | | |
+-+-----------------------+--+-----------------------+-+-----------+----------+-------------+
| Cash used in | | | (88,313) | | (550,164) | | (1,278,035) |
| operations | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Interest paid | | | (89,365) | | (62,851) | | (156,294) |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Net cash used in | | | (177,678) | | (613,015) | | (1,434,329) |
| operating activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Cash flows from | | | | | | | |
| investing activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Acquisition of | | - | | (832,000) | | (642,000) |
| subsidiaries, net of | | | | | | |
| cash acquired | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Interest received | | - | | 1,000 | | - |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Purchase of intangible | | - | | (25,428) | | - |
| assets | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Purchase of property, | | - | | (1,032) | | (96,942) |
| plant and equipment | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Proceeds from sale of | | - | | - | | - |
| property, plant and | | | | | | |
| equipment | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Net cash from | | | - | | (857,460) | | (738,942) |
| investing activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Cash flows from | | | | | | | |
| financing activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Net new long term | | | 170,000 | | 1,004,808 | | 1,125,757 |
| loans received | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Issue of shares | | | | | 705,545 | | 865,050 |
| | | | - | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Net cash used in | | | 170,000 | | 1,710,353 | | 1,990,807 |
| financing activities | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| | | | | | | | |
+----------------------+--+--+-----------------------+-+-----------+----------+-------------+
| Net increase/(decrease) | | (7,678) | | 239,878 | | (182,464) |
| in cash and cash | | | | | | |
| equivalents | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Cash and cash | | 9,632 | | 192,096 | | 192,096 |
| equivalents at | | | | | | |
| beginning of period | | | | | | |
+-------------------------+--+-----------------------+-+-----------+----------+-------------+
| Cash and cash | | 1,954 | | 431,974 | | 9,632 |
| equivalents at end of | | | | | | |
| period | | | | | | |
+-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
1. Accounting policies
Basis of preparation:
The interim financial information for the six months ended 30 June 2010 has been
prepared in accordance with the accounting policies that will apply for the
period ended 31 December 2010 which will follow International Financial
Reporting Standards (IFRS) and interpretations as endorsed by the European
Union.
Basis of consolidation:
The consolidated financial statements incorporate the results of the company and
its subsidiary undertakings as at 30 June 2010 and exclude all intra-group
transactions and balances. The results of subsidiary undertakings are included
from the date of acquisition. The results of subsidiary undertakings disposed of
are included up to the date of disposal.
Goodwill:
Goodwill represents any excess of the cost of acquisition over the fair value of
the identifiable assets and liabilities acquired. Goodwill is tested annually
for impairment and is carried at cost less accumulated impairment losses.
Property, plant and equipment
Property, plant and equipment are stated at cost net of accumulated depreciation
and any provision for impairment. Depreciation is provided at rates calculated
to write off the cost, less an estimated residual value, of the assets over
their estimated useful lives at the following rates:
Web site development 25% straight line
Office equipment 25% straight line
Motor vehicles 25% straight line
Inventories
Stocks are valued at the lower of cost and net realisable value.
Leased assets
Rentals under operating leases are charged to the income statement on a
straight-line basis over the lease term. All of the group's current leases are
operating leases.
Foreign currency
Foreign currency transactions are recorded at the rate of exchange at the time
of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are reported at the rates of exchange
prevailing at that date. Exchange differences arising on the retranslation of
unsettled monetary assets and liabilities are recognised immediately in the
income statement.
Post Balance Sheet Events
1. The company entered into agreements on 14th October 2010 that, subject to
approval by shareholders at the General Meeting on 1st November 2010, means the
company is able to conclude the Company Voluntary Arrangement (CVA) it entered
into on 12th May 2010. This will result in the Trade and Other Payables figure
being reduced from GBP390,165 to GBP92,285 and the non-current borrowings from
GBP1.92m to GBP0.92m.
2. In the agreements entered into 14th October 2010 the Directors have
agreed to waive accrued fees for the year to date. This will have the effect of
reducing the Trade and Other Payables figure from GBP92,285 to GBP36,161.
3. As a result of the completion of the CVA and other agreements entered
into on the 14th October 2010 the amount of Non-Current Borrowings is reduced to
nil.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFFFSIFSSEDS
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