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RNS Number:6606S Magnum Power PLC 28 November 2003 FOR IMMEDIATE RELEASE 28 NOVEMBER 2003 MAGNUM POWER PLC ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MAY 2003 Enquiries: Edward Adams, Telephone: 020 7209 1324 Chairman, Magnum Power Roland Cornish/Rod Venables Telephone: 020 7628 3396 Beaumont Cornish Limited CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MAY 2003 Results The results for the 12 months to 31 May 2003 for Magnum Power PLC ("Magnum") show a loss on ordinary activities before taxation of # 182,637, which mostly consists of the administrative expenses of running the public company. The period under review also saw the disposal of its subsidiary, that operated in the area of built-in uninterruptible power supplies, and premises to the Pentranic Group culminating in an exceptional loss of #20.06 million. As at 31 May 2003 Magnum, therefore, was a "shell" company with net assets of only # 502 (compared with # 20.5 million as at 31 May 2002). The new board of directors and strategy A circular to shareholders was issued in May 2003, which gave notice of an Extraordinary General Meeting ("EGM") to be held on the 9 June 2003. The ordinary and special resolutions were all passed at the EGM. Inter alia these resolutions approved a capital reorganisation and the allotment and issue of # 200,000 worth of subscription shares to your new Directors - Edward Adams, Nicholas Lebetkin and Laurence Selman. As a result of these measures the issued share capital of 99.9m ordinary shares of 10p nominal each as at 31 May 2003 became 4.99m new ordinary shares of 1p nominal each, after the EGM. Of these 4.99m issued shares Edward Adams beneficially holds 1,000,000 shares (being approximately 20 per cent of the voting rights), and Nicholas Lebetkin and Laurence Selman each hold 1,500,000 shares (being approximately 30 per cent each of the voting rights of the company). In addition the circular set out the Directors' intention to change the strategy of the company to focus on property and leisure investment and development. The first transaction Pursuant to this new strategy, on the 7 August 2003, the Company announced its first transaction with an agreement to buy the Stack Leisure Park in Lochee, Dundee for # 7.05m. This consists of seven units totalling 152,953 square feet of which two that comprise 68,753 square feet are let and are producing rental income of #621,925 per annum. As the completion of this transaction constitutes a "reverse takeover" under the AIM Rules the shares were suspended at the time of this announcement. A circular to shareholders seeking approval to complete the purchase will be released within the next two months. This circular will also give more details of the proposed transaction, the structure of its financing and plans for the unlet space. Edward Adams Chairman 28 November 2003 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MAY 2003 2003 2002 # # Administrative expenses (182,637) (204,691) Operating loss Continuing operations - - Discontinued activities (182,637) (204,691) (182,637) (204,691) Profit on sale of property 12,170 - in discontinued operations Loss on disposal of discontinued (20,071,273) - operations (20,071,273) - Loss on ordinary activities before (20,241,740) (204,691) interest Other interest receivable 644 3,774 and similar income Interest payable and (18,532) (29,331) similar charges Loss on ordinary activities before (20,259,628) (230,248) taxation Tax on loss on ordinary - - activities Loss on ordinary activities (20,259,628) (230,248) after taxation Loss per share Basic and diluted loss per share (20.3p) (0.2p) The profit and loss account has been prepared on the basis that all operations have been discontinued. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 MAY 2003 2003 2002 # # Loss on ordinary activities (20,259,628) (230,248) after taxation Unrealised deficit on revaluation of properties - (231,410) Total recognised gains and losses relating to the year (20,259,628) (461,658) Note of historical cost profits and losses 2003 2002 # # Reported loss on ordinary activities before taxation (20,259,628) (230,248) Difference between an historical cost 747 7,121 depreciation charge and the actual depreciation charge of the year calculated on the revalued amount Historical cost loss on ordinary activities before taxation (20,258,881) (223,127) Historical cost loss for the year retained after taxation, extraordinary items and dividends (20,258,881) (223,127) BALANCE SHEET AS AT 31 MAY 2003 2003 2002 # # # # Fixed assets Tangible assets - 957,455 Investments - 3,618,498 - 4,575,953 Current assets Debtors 4,270 16,341,223 Cash at bank and in hand 18,294 - 22,564 16,341,223 Creditors: amounts falling due within (22,062) (50,384) one year Net current assets 502 16,290,839 Total assets less current liabilities 502 20,866,792 Creditors: amounts falling due after - (393,133) more than one year 502 20,473,659 Capital and reserves Called up share capital 9,993,440 9,993,440 Share premium account 10,793,236 10,793,236 Revaluation reserve - 213,529 Profit and loss account (20,786,174) (526,546) Shareholders' funds - 502 20,473,659 equity interests CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2003 2003 2002 # # # # Net cash inflow/(outflow) from operating activities (158,196) (354,073) Returns on investments and servicing of finance Interest received 644 3,774 Interest paid (18,532) (29,331) Net cash inflow for returns on investments and (17,888) (25,557) servicing of finance Disposal of fixed assets Receipts from sales of tangible assets 744,095 - Net cash inflow/(outflow) for capital expenditure Cost on disposal of subsidiary undertakings (215,636) - Net cash inflow/(outflow) before management of 352,375 (379,630) liquid resources and financing Repayments of loan to subsidiary. 99,352 Increase/(Decrease) in cash in the 451,727 (379,630) year Notes 1 Loss per share Loss per ordinary share is calculated by dividing the loss attributable to shareholders by the weighted average number of shares in issue during the year. 2003 2002 # # Loss attributable to shareholders (20,259,628) (230,248) Weighted average number of shares in issue 99,934,398 99,934,398 Loss per ordinary share - basic and diluted (20.3) (0.2) As a loss has been incurred in the year ended 31 May 2003, the exercise of share options would not have been dilutive. Accordingly, the basic and diluted loss per share are the same. 2 The financial information set out in this document does not constitute statutory group accounts. 3 The consolidated profit and loss account, balance sheet and cash flow statement for the year ended 31 May 2002 shown above have been extracted from the statutory accounts for that year on which the auditors gave an unqualified opinion. The report and accounts for the year to 31 May 2003 will be posted to shareholders and, after being laid before the Annual General Meeting, will be delivered to the Registrar of Companies. 4 The preliminary announcement was approved by the Board of Directors on 28 November 2003. 5 The Board of Directors does not propose to pay a dividend. 6 Copies of the report and accounts for the year ended 31 May 2003 will be sent to shareholders within the next seven days and copies may also be obtained on written request to the Company Secretary, Level 2, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ET. This information is provided by RNS The company news service from the London Stock Exchange END FR EAPFPAFDDFFE
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