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Share Name | Share Symbol | Market | Type |
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Tiscali Spa | BIT:TIS | Italy | Ordinary Share |
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0.00 | 0.00% | 0.00 | - |
RNS Number:8992M Tecc-IS PLC 30 June 2003 Chairman's Statement I am reporting to you as the new Chairman of tecc-IS plc. I was invited to succeed Joseph Riback in this position, following the recently announced purchase of 25% of the equity in tecc-IS by Safeland plc, a listed company of which I am Managing Director. I was pleased to accept this invitation and I am keenly committed to undertake initiatives to enhance shareholder value over the foreseeable future. In the meantime, I wish to express my thanks to Mr Riback, who continues as a director of the company and to those of his former colleagues who recently retired from the board. I would like to advise you that for the year ended 31 December 2002, the company made a loss after tax of #639,000 which is after making a provision of #410,000 in respect of certain of its investment holdings (2001: #713,000 loss) and the resultant loss per share for the year was 1.5p (2001: 1.8p loss). The Board will not be recommending the payment of a dividend. As has been widely reported, the high technology arena worldwide is still in the process of recuperating from the excessive valuations applied to many companies during the latter stages of the stock-market "bubble." In our view this process will take considerable time. It is clear that our investee companies are still at a relatively early stage of their development. In several cases, we are encouraged by the material progress being reported by them which should lead to commercial and revenue success. We look forward to further developments during the next two years. In the statement that accompanied our interim results last September, my predecessor referred to the development of a new strategy for the company having concluded its present programme of investing in early stage high technology companies emanating from Israel. At that juncture we effected material cost savings as will be apparent from our results for the period. This policy will continue in order to conserve shareholder capital whilst we evolve a new strategy for the company. However it is our clear intention to utilise the company's liquidity in an area which offers opportunities for developing a quality revenue stream. Our focus and efforts will now be to produce material gains in shareholder value through involvement in an area of activity where your board is confident that there are opportunities for the achievement of strong growth. Larry Lipman Chairman 30 June 2003 Consolidated Profit and Loss Account for the Year ended 31 December 2002 Note Year ended Period ended 31 31 December 2002 December 2001 #000 #000 Administrative expenses (383) (658) Amount written off investments (410) (345) Operating loss (793) (1,003) Interest receivable 158 298 Loss on ordinary activities before tax (635) (705) Tax on loss on ordinary activities (4) (8) Loss for the financial year (639) (713) Loss per share - basic and diluted 1 (1.5)p (1.8)p There were no recognised gains or losses for the year other than those stated above. The loss for the financial year arises from continuing operations. Consolidated Balance Sheet as at 31 December 2002 2002 2001 #000 #000 Fixed assets Tangible assets - 8 Investments 1,600 1,376 1,600 1,384 Current assets Debtors 79 44 Cash at bank 2,983 3,935 3,062 3,979 Creditors: amounts falling due within one year (101) (163) Net current assets 2,961 3,816 Total assets less current liabilities 4,561 5,200 Capital and reserves Called up share capital 2,169 2,169 Share premium account 3,744 3,744 Profit and loss account (1,352) (713) Shareholders' funds 4,561 5,200 Consolidated Cash Flow Statement for the Year ended 31 December 2002 Year ended Period ended 31 December 2002 31 December 2001 #000 #000 Reconciliation of operating loss to net cash outflow from operating activities: Operating loss (793) (1,003) Amounts written off investments 410 345 Depreciation of tangible fixed assets 3 4 Loss on disposal of tangible fixed assets 5 - Decrease/(increase) in debtors 6 (29) (Increase)/decrease in creditors (54) 155 Net cash outflow from operating activities (423) (528) Returns on investment and servicing of finance Interest received 117 283 Taxation Overseas tax paid (12) - Capital expenditure and financial investment Purchase of tangible fixed assets - (12) Purchase of fixed asset investments (634) (1,721) (634) (1,733) Management of liquid resources Decrease/(increase) in short term deposits 313 (3,217) Net cash outflow before financing (639) (5,195) Financing Issue of ordinary shares - 6,169 Share issue expenses - (256) Net cash inflow from financing - 5,913 (Decrease)/Increase in cash (639) 718 Notes 1. Loss per Share The calculation of loss per share is based on the loss for the financial year of #639,000 (#713,000 for the period ended 31 December 2001) and a weighted average number of ordinary shares in issue during the year of 43,373,000 (38,669,599 for the period ended 31 December 2001). Exercise of the Company's share options or warrants would not result in any dilution in the loss per share. 2. Annual Report The financial information set out in this report does not constitute the Company's statutory accounts for the year ended 31 December 2002 or 31 December 2001 but is derived from those accounts. Statutory accounts for 31 December 2001 have been delivered to the registrar of companies and those for 31 December 2002 will be delivered shortly. The auditors have reported on the statutory accounts for 31 December 2001 and 31 December 2002 and both audit reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 3. Annual General Meeting The Annual General Meeting is to be held on 25th July 2003 at the offices of Berwin Leighton Paisner, Adelaide House, London Bridge, London EC4R 9HA. Copies of the Annual Report and accounts are being posted to shareholders today. This information is provided by RNS The company news service from the London Stock Exchange END FR ILFSERVIDFIV
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