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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Viridas | LSE:VIR | London | Ordinary Share | GB0001636918 | 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% | 0.275 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMVIR
RNS Number : 7116C
Viridas PLC
04 May 2012
VIRIDAS PLC
("VIRIDAS" OR THE "COMPANY")
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
Viridas, the AIM listed investing company (AIM:VIR), announces its preliminary results for the year, ended 31 December 2011.
For more information please contact:
Viridas Plc: +44 (0) 20 7580 7576
Nicholas Lee, Chairman
Nominated Adviser and Joint Broker: +44 (0) 20 7012 2000
Westhouse Securities
Antonio Bossi/Paul Gillam
Joint Broker: +44 (0) 20 7562 3351
Rivington Street Corporate Finance
Jon Levinson
EXECUTIVE CHAIRMAN'S STATEMENT
INTRODUCTION
During the year ended 31 December 2011, the Company was successfully repositioned as an investment company with a focus on the natural resources sector. Furthermore, significant progress has been made in the pursuit of this strategy.
FINANCIAL
The period under review partially relates to the Company's previous strategy and, accordingly, does not represent a complete period reflecting current operations. The results for this period comprised a loss after taxation of GBP393,726 (2010: loss GBP362,053). This period included overheads relating to the Company's previous operations, including one off costs of GBP226,000 being incurred by the Company prior to me joining the board. This figure is therefore not representative of the current overhead base of the Company.
The net assets of the Company as at 31 December 2011 were GBP2,168,091 (2010: GBP4,044) representing a significant uplift on the prior year figure. The Company's principal investments at the year end comprised holdings in Leed Resources plc and Brady Exploration plc. The year end figure for net assets, however, does not reflect the very substantial additional gain of around GBP1.5 million before costs and taxes achieved from the sale of the majority of the Company's investment in Leed Resources plc in January 2012.
At 31 December 2011, the Company had cash balances of GBP375,659 (2010: GBP42,461). Again, as a result of the sale of the majority of the Company's investment in Leed Resources plc in January 2012, this balance increased very significantly to around GBP3.2 million.
The key performance indicators are set out below.
COMPANY STATISTICS 2011 2010 --------------------------------------- ------------ ---------- Net asset value GBP2,168,091 GBP4,044 Net asset value - fully diluted per share 0.355p 0.012p Closing share price 0.50p 2.0p Share price premium to net asset value 41% N/A Market capitalisation GBP3,054,000 GBP657,000
OUTLOOK
In terms of strategy, we are constantly reviewing new opportunities in the natural resources sector and are seeking situations that offer scope for high returns against the background of a sensible level of risk. The Company is seeking to make relatively significant investments with on-going involvement and influence either by way of board representation or similar, with the principal purpose of monitoring and supporting the investment. Whilst we see many opportunities only a few meet our investment criteria. In the current market environment, cash is particularly valuable and so we are very focused on investing it wisely. Given the success of the Company's strategy to date, we are extremely well placed to take advantage of interesting opportunities as they arise.
I firmly believe that shareholders can look forward to a very exciting and financially rewarding future for their Company.
Nicholas Lee
Executive Chairman
Hot Features
Premium
UNAUDITED GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECMBER 2011
2011 2010
Note GBP GBP
---------------------------------------------- ---- --------- ---------
Continuing operations:
Administrative expenses (166,423) (471,826)
Compensation payments to directors (226,000) -
---------------------------------------------- ---- --------- ---------
Operating loss (392,423) (471,826)
Finance income 876 407
---------------------------------------------- ---- --------- ---------
Loss before taxation (391,547) (471,419)
Taxation 1,391 -
---------------------------------------------- ---- --------- ---------
Loss for the year from continuing operations (390,156) (471,419)
(Loss)/profit for the year from discontinued
operations (3,570) 109,366
Loss for the financial year attributable to
equity holders of the parent (393,726) (362,053)
---------------------------------------------- ---- --------- ---------
(Loss)/earnings per share 2
- Basic and diluted continuing operations (0.11p) (1.43p)
- Basic and diluted discontinued operations 0.00p 0.33p
- Total basic and diluted (0.11p) (1.10p)
---------------------------------------------- ---- --------- ---------
UNAUDITED GROUP STATEMENT OF COMPREHENSIVE EXPENSE
FOR THE YEAR ENDED 31 DECEMBER 2011
2011 2010
GBP GBP
--------------------------------------------- --------- ---------
Loss for the financial year (393,726) (362,053)
Market value adjustment to investments 1,085,573 -
Exchange differences on translating foreign
operations - (10,753)
--------------------------------------------- --------- ---------
Total comprehensive income/(expense) for the
year 691,847 (372,806)
--------------------------------------------- --------- ---------
UNAUDITED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
Called Other
up Share reserves
share premium Investment (note Retained Total
capital account reserve 17) deficit equity
GBP GBP GBP GBP GBP
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Balance at 1 January
2010 3,285,796 1,852,339 - 145,543 (4,799,038) 484,640
Loss for the year - - - - (362,053) (362,053)
Other comprehensive
expense
Exchange differences
on translating foreign
operations - - - (10,753) - (10,753)
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Total comprehensive
expense for the
year - - - (10,753) (362,053) (372,806)
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Recognition of foreign
exchange gains on
discontinued activities
(note 4) - - - (107,790) - (107,790)
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Balance at 31 December
2010 3,285,796 1,852,339 - 27,000 (5,161,091) 4,044
Loss for the year - - - - (393,726) (393,726)
Other comprehensive
income
Market value adjustment
to investments - - 1,085,573 - - 1,085,573
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Total comprehensive
income/(expense)
for the year - - 1,085,573 - (393,726) 691,847
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Issue of share capital 545,000 1,005,000 - - - 1,550,000
Share issue costs - (82,490) - - - (82,490)
Share based payment
costs - - - 4,690 - 4,690
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Transactions with
owners 545,000 922,510 - 4,690 - 1,472,200
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
Balance at 31 December
2011 3,830,796 2,774,849 1,085,573 31,690 (5,554,817) 2,168,091
-------------------------- ---------- ---------- ----------- ----------- ------------ -----------
UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
2011 2010
Note GBP GBP
---------------------------- ---- ----------- -----------
Non-current assets
Investments 1,760,086 -
Current assets
Trade and other receivables 85,170 8,578
Cash and cash equivalents 375,659 42,461
---------------------------- ---- ----------- -----------
460,829 51,039
---------------------------- ---- ----------- -----------
Total Assets 2,220,915 51,039
---------------------------- ---- ----------- -----------
Current liabilities
Trade and other payables 52,824 46,995
52,824 46,995
---------------------------- ---- ----------- -----------
Net assets 2,168,091 4,044
---------------------------- ---- ----------- -----------
Equity
Share capital 3 3,830,796 3,285,796
Share premium account 2,774,849 1,852,339
Capital redemption reserve 27,000 27,000
Investment reserve 1,085,573 -
Share option reserve 4,690 -
Retained losses (5,554,817) (5,161,091)
---------------------------- ---- ----------- -----------
Total equity 2,168,091 4,044
---------------------------- ---- ----------- -----------
UNAUDITED GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2011
2011 2010
GBP GBP
---------------------------------------- --------- ---------
Cash flows from operating activities
Loss before taxation - continuing
operations (391,547) (471,419)
Profit before taxation - discontinued
operations (3,570) 2,306
Share based payment expense 4,690 -
Provision for impairment of investments - -
Dividend from subsidiary - -
Interest receivable (876) (1,323)
Interest payable - -
Decrease in trade and other receivables (76,592) 21,118
Decrease in trade and other payables 5,829 (65,857)
Foreign exchange movement - (10,753)
---------------------------------------- --------- ---------
(462,066) (525,928)
Interest paid - -
Tax received/(paid) 1,391 (90,199)
---------------------------------------- --------- ---------
Net cash used by operating activities (460,675) (616,127)
---------------------------------------- --------- ---------
Cash flows from investing activities
Purchase of investments (674,513)
Dividend from subsidiary - -
Interest received 876 1,323
---------------------------------------- --------- ---------
Net cash from investing activities (673,637) 1,323
---------------------------------------- --------- ---------
Cash flows from financing activities
Issue of shares 1,550,000 -
Share issue expenses (82,490) -
Net cash generated from financing
activities 1,467,510 -
---------------------------------------- --------- ---------
Net (decrease)/increase in cash and
cash equivalents 333,198 (614,804)
Cash and cash equivalents at the
beginning of the year 42,461 657,265
Cash and cash equivalents at the
end of the year 375,659 42,461
---------------------------------------- --------- ---------
NOTES
1 BASIS OF PREPARATION
The financial information set out in this announcement has
not been audited and does not constitute the statutory accounts
of the Group (within the meaning of section 435 of the Companies
Act 2006) for the year ended 31 December 2011. Whilst the
financial information included in this preliminary announcement
has been computed in accordance with International Financial
Reporting Standards (IFRS), this announcement in itself does
not contain sufficient information to comply with IFRS.
GOING CONCERN
The directors have, at the time of approving the financial
statements, a reasonable expectation that the Group has adequate
resources to continue in existence for the foreseeable future.
Thus they continue to adopt the going concern basis of accounting
in preparing the financial statements.
2 LOSS PER SHARE
The basic earnings per share is based on the profit/(loss)
for the year divided by the weighted average number of shares
in issue during the year. The weighted average number of
ordinary shares for the year ended 31 December 2011 assumes
that all shares have been included in the computation based
on the weighted average number of days since issue.
2011 2010
GBP GBP
----------------------------------------------- ----------- ----------
Profit/(loss) attributable to equity holders
of the Group:
Loss from continuing operations (390,156) (471,419)
(Loss)/profit from discontinued operations (3,570) 109,366
---------------------------------------------------- ----------- ----------
Loss for the year attributable to equity
holders of the Group (393,726) (362,053)
---------------------------------------------------- ----------- ----------
Weighted average number of ordinary shares
in issue 350,912,751 32,857,956
---------------------------------------------------- ----------- ----------
Earnings per share attributable to equity
holders of the Group:
Loss per share from continuing operations (0.11p) (1.43p)
(Loss)/profit from discontinued operations 0.00p 0.33p
---------------------------------------------------- ----------- ----------
Loss per share for the year (0.11p) (1.10p)
---------------------------------------------------- ----------- ----------
The share options in issue are anti-dilutive in respect of
the basic loss per share calculation and have therefore not
been included.
3 SHARE CAPITAL
Number of shares Share capital
Deferred Ordinary Deferred Ordinary
GBP GBP
Issued and fully paid
Balance at 1 January
2010 24,357,956 2,435,796
Shares issued for cash 8,500,000 850,000
------------------------------ ------------ ----------- ---------- ----------
Balance at 31 December
2010 - 32,857,956 - 3,285,796
------------------------------ ------------ ----------- ---------- ----------
Share reorganisation:
Deferred shares of 9.9p
each 32,857,956 - 3,252,938 -
Ordinary shares of 0.1p
each - 32,857,956 - 32,858
Shares issued for cash - 545,000,000 - 545,000
Balance at 31 December
2011 32,857,956 577,857,956 3,252,938 577,858
------------------------------ ------------ ----------- ---------- ----------
On 10 May 2011 the shareholders approved a reorganisation
of the Company's share capital, whereby each ordinary share
of 10p was split into one ordinary share of 0.1p and one deferred
share of 9.9p. The deferred shares have restricted rights
such that they have no economic value.
On 31 March 2011 the Company raised additional capital through
the issue of GBP1,050,000 of Convertible Loan Notes. Following
the approval of the reorganisation of the share capital on
10 May 2011 the Convertible Loan Notes were converted at 0.25p
per share into 420,000,000 ordinary shares of 0.1p each.
On 18 July 2011 the Company issued 125,000,000 ordinary shares
for cash at 0.4p per share raising GBP500,000 before expenses.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFIREEIVIIF
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