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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Westridge Resources Inc. | CSE:WST | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.60 | 0.01 | 0.62 | 0 | 01:00:00 |
RNS Number:3500Q Westside Acquisitions PLC 30 September 2003 WESTSIDE ACQUISITIONS PLC ("Westside" or "the Company" or "the Group") Interim results for the six months ended 30 June 2003 CHAIRMAN'S STATEMENT AND CHIEF EXECUTIVE'S REVIEW We are pleased to make our interim report in respect of the half year ended 30 June 2003. Operating Results In respect of the half year to 30 June 2003, the Group incurred a loss on ordinary activities before taxation of #266,111 An analysis of the Group loss, is as follows: 2003 2002 # # Parent company 163,725 58,462 The Elms 74,456 120,742 RTI 27,522 - Amortisation of goodwill 3,105 13,938 Other losses (profits) (2,697) 8,273 ------------- ------------- Loss on Ordinary Activities 266,111 201,415 ------------- ------------- It is not the intention to pay a dividend. Review of Operations On 18 March 2003 Westside issued a number of documents setting out various proposals relating to: i. recommended Offers to acquire the entire share capital and warrants of Reverse Take-Over Investments Plc; ii. the cancellation of the Company's Share Premium Account; iii. the Share Tender Offer to purchase Westside shares at 3p; and iv. the Warrant Tender Offer to purchase Westside warrants at 0.5p. The costs incurred in the preparation, despatch and administration of these matters have resulted in an increase in parent company expenses only part of which have been dealt with as extraordinary items or items written off against the Company's share premium account. The Company's trading activities are now divided between four subsidiary companies - Westside Sports, Westside Tech, Westside Investments and Reverse Take-Over Investments Plc. Westside Sports Limited In the half year to 30 June 2003 Football Partners Limited, trading as The Elms, incurred a loss before taxation of some #74,456. We are confident that there will be an improvement in the second half of the year resulting from an increased contribution from corporate events and other seasonal activities. Reverse Take-Over Investments Plc (RTI) At the year end, Westside Investments held 50m ordinary shares and 12.5m warrants in RTI. On 18 March 2003, Westside made a recommended public offer to acquire the entire issued share capital and warrants of RTI. The Offers were declared unconditional on 30 April 2003 and, consequent to the exercise of compulsory acquisition powers, the Company now holds 100% of the share capital of RTI and all of the warrants issued by RTI. Financial Reconstruction, Share Tender and Buy Back On 18 March 2003 the Company made a Share Tender Offer to purchase up to 32,467,723 Westside shares at a price of 3p per share from all shareholders on a pari passu basis. A total of 13,085,898 shares were tendered as a result of this offer and acquired at a cost of #392,577. In addition, under our existing authority granted under Section 166 of the Companies Act 1985 (as amended), the Company has purchased for cancellation a total number of 4,105,287 shares at a cost of #125,767. The final stage of our financial reconstruction involved a Court application for the cancellation of the Company's Share Premium Account in the amount of #4,443,200, and for that amount to be treated as revenue reserves. The approval of the High Court of Justice, Chancery Division was obtained in May 2003 and as a consequence the revenue deficit has now been cleared and at 30 June 2003 the profit and loss account stands at #2,076,709. Financial Position We remain confident that over a three year term our investments, which we carry at book values of some #310,000, will establish significant added value. Conclusion and Future Prospects Market conditions are, we believe, improving and are certainly better than the conditions which ruled over much of the last three years. We believe that the newly consolidated Group incorporating Reverse Take-Over Investments will facilitate a number of positive developments going forward. Richard L. Owen Geoffrey Simmonds 30 September 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2003 Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2003 2002 2002 # # # TURNOVER 317,427 256,632 714,177 Cost of Sales (284,680) (225,581) (675,733) ---------- --------- ---------- GROSS PROFIT 32,747 31,051 38,444 Administrative expenses - (348,456) (292,482) (574,755) other Amounts written off - - (363,606) intangible Amounts written off - - (237,773) investments ---------- --------- ---------- (348,456) (292,482) (1,176,134) ---------- --------- ---------- OPERATING LOSS Continuing operations (315,709) (261,431) (1,137,690) Investment income - - 22,230 Interest receivable 49,598 60,016 111,999 ---------- --------- ---------- 49,598 60,016 134,229 ---------- --------- ---------- LOSS ON ORDINARY (266,111) (201,415) (1,003,461) ACTIVITIES BEFORE TAXATION Taxation - - - ---------- --------- ---------- LOSS ON ORDINARY (266,111) (201,415) (1,003,461) ACTIVITIES AFTER TAXATION EXTRAORDINARY ITEMS Release of Share Premium 4,443,200 - - Account Value of premium on shares (355,078) - - redeemed Creation of Capital (169,184) - - Redemption Reserve Share transaction costs (72,970) - - ---------- --------- ---------- PROFIT (LOSS) FOR THE 3,579,857 (201,415) (1,003,461) FINANCIAL PERIOD ---------- --------- ---------- BASIC LOSS PER SHARE ON (0.320)p (0.275)p (1.284)p ORDINARY ACTIVITIES BASIC PROFIT (LOSS) PER 4.305p (0.275)p (1.284)p SHARE CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2003 Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2003 2002 2002 # # # FIXED ASSETS Intangible assets 339,723 501,748 124,204 Tangible assets 20,811 55,430 38,467 Investments 160,000 857,362 660,000 ---------- --------- ---------- 520,534 1,414,540 822,671 ---------- --------- ---------- CURRENT ASSETS Stock - 2,166 - Debtors 133,188 83,433 38,319 Investments 150,000 - - Deposits and Cash at bank 3,040,434 3,418,905 3,037,847 and in hand ---------- --------- ---------- 3,323,622 3,504,504 3,076,166 ---------- --------- ---------- CREDITORS: amounts falling due within one year Deferred income (280,314) (185,171) (41,664) Other creditors (177,843) (179,396) (104,742) ---------- --------- ---------- (458,157) (364,567) (146,406) ---------- --------- ---------- NET CURRENT ASSETS 2,865,465 3,139,937 2,929,760 ---------- --------- ---------- TOTAL ASSETS LESS CURRENT 3,385,999 4,554,477 3,752,431 LIABILITIES ---------- --------- ---------- CAPITAL AND RESERVES Called up share capital 945,056 812,379 812,379 Share premium account 195,050 4,443,200 4,443,200 Capital Redemption 169,184 - - Reserve Profit and loss account 2,076,709 (701,102) (1,503,148) ---------- --------- ---------- SHAREHOLDERS' FUNDS 3,385,999 4,554,477 3,752,431 ---------- --------- ---------- CONSOLIDATED CASHFLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2003 Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2003 2002 2002 # # # Net cash (outflow) from (77,429) (42,754) (435,384) operating activities Returns on investments and servicing of finance Interest received 49,598 60,016 111,999 Interest paid - - - ---------- --------- ---------- 49,598 60,016 111,999 Taxation - - - Capital expenditure and financial investment Sale of trade investment - 22,230 22,230 Payments to acquire (637) (4,000) (4,000) tangible fixed assets Payments to acquire - (357,362) (397,773) investments ---------- --------- ---------- Net cash outflow from (637) (339,132) (379,543) capital expenditure and ---------- --------- ---------- financial investment activities Acquisitions and disposals Buy back of own shares and warrants Par value (171,912) - - Premium value (355,078) - - Transaction costs (72,970) - - Cash payment to acquired (225,339) - - with subsidiary shares and warrants Net assets acquired with 856,354 - - subsidiary ---------- --------- ---------- Net cash outflow from 31,055 - - acquisitions ---------- --------- ---------- Cash outflow before use of 2,587 (321,870) (702,928) liquid resources and financing Management of liquid resources Cash returned from - 1,000,000 1,000,000 deposit ---------- --------- ---------- Financing Issue of ordinary share - 200,000 200,000 capital Expenses of issue of - - - shares ---------- --------- ---------- Net cash inflow from - 200,000 200,000 financing ---------- --------- ---------- Increase in cash in the 2,587 878,130 497,072 period ---------- --------- ---------- NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 1. FINANCIAL INFORMATION The interim results for the six months ended 30 June 2003 are unaudited and do not constitute accounts within the meaning of section 240 of the Companies Act 1985. The interim results have been drawn up using accounting policies and presentation consistent with those applied in the audited accounts for the year ended 31 December 2002. The comparative information contained in this report for the periods ended 30 June 2002 and 31 December 2002 do not constitute the statutory accounts for that financial period. The accounts to 31 December 2002 have been reported on by the Company's Auditors, Horwath Clark Whitehill, and delivered to the Registrar of Companies. The report of the Auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. Where necessary, the accounts to 30 June 2002 have been restated to reflect the accounting policies and presentation adopted in the accounts to 31 December 2002. 2. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 June 30 June 31 December 2003 2002 2002 # # # Operating loss (315,709) (261,431) (1,137,690) Depreciation of 18,293 16,962 33,925 tangible fixed assets Amortisation of 3,105 13,938 27,876 goodwill Amounts written off - (22,230) 237,773 investments Amounts written off - - 363,606 intangible assets (Increase)/decrease in (94,869) (22,736) 22,378 debtors Decrease/(Increase) in - 2,400 4,566 stocks Increase/(decrease) in 311,751 230,343 12,182 creditors ---------- --------- ---------- Net cash (outflow) (77,429) (42,754) (435,384) from operating ---------- --------- ---------- activities 3. ANALYSIS OF NET FUNDS At 31 December At 2002 Cashflow 30 June 2003 # # # Cash 3,037,847 2,587 3,040,434 Current asset investments - - - ---------- --------- ---------- 3,037,847 2,587 3,040,434 ---------- --------- ---------- 4. INVESTMENTS # Cost or valuation As at 1 January 2003 660,000 RTI investment reclassified (500,000) ---------- As at 30 June 2003 160,000 ---------- 5. PROFIT (LOSS) PER SHARE Basic loss per share has been calculated on the group's loss on ordinary activities after taxation attributable to shareholders of #266,111 and on the weighted average number of shares in issue during the financial period, which was 83,156,801. Basic profit (loss) per share has been calculated on the group's profit after taxation and extraordinary items attributable to shareholders of #3,579,857 and on the weighted average number of shares in issue during the financial period, which was 83,156,801. This information is provided by RNS The company news service from the London Stock Exchange END IR XBLFXXKBLBBV
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