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Name | Symbol | Market | Type |
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CVS Health CDR | NEO:CVS | NEO | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.63 | 4.28% | 15.34 | 15.00 | 16.00 | 15.42 | 14.80 | 14.80 | 14,678 | 22:30:01 |
RNS Number:1510P Corvus Capital Inc 29 August 2003 Date: 29 August 2003 Contacts: Ian Tickler Corvus Capital, Inc. +41 223 108 202 Chris Steele Holborn Public Relations 020 7929 5599 chris.steele@holbornpr.co.uk CORVUS CAPITAL, INC. ("Corvus" or "the Company") Preliminary results This is the third annual report and accounts since the Company joined the Alternative Investment Market ("AIM") in July 2000. There have been considerable changes within the Company during the year including a complete change of all board members, the appointment of new Nominated Advisor and Broker. These changes have taken place so that there can be a shift in the strategic objectives of the Company. In addition, the former agreements with Highland Fund Advisors Limited have been terminated. Historically, the Company has invested seed capital into technology based private company start-ups and participated in the placing of shares in small technology based AIM flotations. The economic climate for these companies has been extremely difficult over the past two years and, as set out in the Company's prospectus, the risk of failure has been high. Whilst a number of these companies continue to trade, several have failed. The Company has undertaken an active disposal programme of many of these investments and this process is nearly complete. It is the opinion of the new Board that the Company should move its focus towards investing in companies with a more predictable cash flow profile and are also able to establish a stable and cash generating businesses. The Company has entered into initial discussions to acquire Fiduciary and Fund Management businesses, which have a proven cash generating capacity. A refundable payment of #250,000 has been made on account in respect of this potential acquisition, and appears within debtors on the balance sheet. RESULTS In the year ended 28 February 2003, the Company incurred a loss before taxation of #787,000 (2002: loss of #1,304,000). The results of the Company reflect net provisions against future losses on investments of #333,000 and the administrative costs of the Company, including contract termination arrangements in respect of the previous directors. The current Board have agreed that no fees will be charged by the directors until the first acquisition under the new strategy is completed. POST BALANCE SHEET EVENT On 18 August 2003, the Company announced that it issued 700,000 new 5p Ordinary shares in the Company at 6.5p per share to raise #45,500 before expenses. OUTLOOK The Board believes that the new strategy will provide a sound basis for future growth of shareholder value. PROFIT AND LOSS ACCOUNT For the year ended 28 February 2003 2003 2002 Notes #000 #000 Administrative expenses (448) (318) ----------- ----------- Operating loss (448) (318) Loss on disposal of fixed asset investments (11) - Provision for loss on disposal of fixed asset investments (333) (1,015) ----------- ----------- LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (792) (1,333) Interest receivable and similar income 6 29 Interest payable and similar charges (1) - ----------- ----------- LOSS ON ORDINARY ACTIVITIES BEFORE AND AFTER TAXATION (787) (1,304) AND RETAINED LOSS FOR THE YEAR Retained loss brought forward (1,950) (646) ----------- ----------- RETAINED LOSS CARRIED FORWARD (2,737) (1,950) =========== =========== Basic and diluted loss per ordinary share (5.51p) (9.13p) There were no recognised gains or losses other than as shown above. All amounts relate to continuing activities. BALANCE SHEET As at 28 February 2003 2003 2002 Notes #000 #000 FIXED ASSETS Investments 4 186 1,131 CURRENT ASSETS Debtors 264 10 Cash at bank and in hand 53 162 ----------- ----------- 317 172 CREDITORS: amounts falling due within one year (86) (99) ----------- ----------- NET CURRENT ASSETS 231 73 ----------- ----------- TOTAL ASSETS LESS CURRENT LIABILITIES 417 1,204 =========== =========== CAPITAL AND RESERVES Called up share capital 714 714 Share premium account 2,440 2,440 Profit and loss account (2,737) (1,950) ----------- ----------- Equity shareholders' funds 417 1,204 =========== =========== CASH FLOW STATEMENT For the year ended 28 February 2003 2003 2002 Notes #000 #000 #000 #000 Net cash movement from operating activities (702) (413) RETURNS ON INVESTMENTS Interest received 6 29 Interest paid (1) - ----------- ----------- NET CASH MOVEMENT FROM RETURNS ON INVESTMENTS 5 29 CAPITAL ENPENDITURE AND FINANCIAL INVESTMENT Proceeds from sale of investments 501 - Proceeds from sale of shares in Silentpoint Plc 87 - Purchase of investments - (298) ----------- ----------- NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES 588 (298) ----------- ----------- MOVEMENT IN CASH (109) (682) =========== =========== NOTES For the year ended 28 February 2003 1. ACCOUNTING POLICIES The Company was incorporated as a corporation in the British Virgin Islands, which does not prescribe the adoption of any particular accounting framework. Accordingly, the Board have resolved that the Company will follow UK Accounting Standards and apply the Companies Act 1985 when preparing its annual financial statements. The principal accounting policies adopted by the Company are as follows: Accounting convention The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. Investments Fixed asset investments are stated at the lower of cost less any permanent diminution in value or, if intended for immediate sale, at net realisable value. These Accounts constitute non-statutory financial statements within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 28 February 2002 has been extracted from the Annual Report and Accounts for that year. The auditor's report on those accounts was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. The directors are unable to declare a dividend. 2. TAXATION The company is not subject to UK Corporation tax. 3. LOSS PER SHARE The calculation of the basic loss per share is based on the loss on ordinary activities after taxation and on the weighted average number of ordinary shares in issue during the period. Earnings and weighted average number of shares used in the calculations are set out below: Weighted Average Loss Loss number per share #'000 of shares (pence) Basic and diluted loss per share - 2003 (787) 14,280,000 (5.51) Basic and diluted loss per share - 2002 (1,304) 14,280,000 (9.13) The effect of all potential ordinary shares is antidilutive. 4. INVESTMENTS The Company has the following fixed asset investments: Listed and Unlisted quoted investments Total #000 #000 #000 Cost: At 1 March 2002 1,661 1,300 2,961 Disposals (644) - (644) ----------- ----------- ----------- At 28 February 2003 1,017 1,300 2,317 ----------- ----------- ----------- Provisions: At 1 March 2002 530 1,300 1,830 Additions 420 - 420 Elimination on disposal (119) - (119) ----------- ----------- ----------- At 28 February 2003 831 1,300 2,131 ----------- ----------- ----------- Net book value: At 28 February 2003 186 - 186 =========== =========== =========== At 1 March 2002 1,131 - 1,131 =========== =========== =========== The market value of the investments as at 28 February 2003 was #410,000 (2002 - #1,131,000). During the year shares with a net book value of #525,000 were disposed of for net proceeds of #514,000 realising a loss on disposal of #11,000. Investments of the sort historically undertaken by the Company can involve a high degree of business and financial risk which can result in substantial losses. Among these are the risks associated with investments in emerging and early-stage companies with little or no history of operations, companies operating at a loss or with substantial variations in operating results from period to period and companies with the need for additional capital to support expansion or to achieve or maintain a competitive position. Additionally the Company has invested in companies in rapidly changing, high-technology fields and such companies may, therefore face special financial and operational risks. Accordingly, there is a possibility that some of the Company's investments in such companies may substantially decline in value. Specific provisions against losses on future disposals of investments are made where considered appropriate. 5. related party transactions The Company has entered into negotiations to acquire Regent Group Holdings Limited ("Regent"), a British Virgin Island company in which I Tickler has an interest in the share capital. A payment of #250,000 was made to the vendors of Regent (the "Vendors") during the year towards the consideration on the eventual acquisition. This amount is included within other debtors. In the event the proposed acquisition is not completed by 28 February 2005 the Vendors have undertaken to repay in full #250,000 to the Company. ENDS This information is provided by RNS The company news service from the London Stock Exchange END FR UWABROORWUAR
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