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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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-0.08 | -0.53% | 14.90 | 13.90 | 15.57 | 15.00 | 14.90 | 14.99 | 13,210 | 22:30:01 |
RNS Number:5455S Corvus Capital Inc 26 November 2003 26 November 2003 Corvus Capital, Inc. ("Corvus" or "the Company") Interim Results for the six-month period ended 31 August, 2003 Chairman's statement I present the results for the six-month period ended 31 August 2003. Results In the six-month period to 31 August 2003, the Company incurred an operating loss of #121,000 (2002: operating loss of #143,000). After interest received of #1,000, amounts written off investments of #39,000 and a loss on disposal of fixed asset investments of #3,000 (2002: interest received of #1,000), the loss before tax was #163,000 (2002: loss of #142,000). On 18 August 2003, the Company announced that it had issued 700,000 new 5p Ordinary shares in the Company at 6.5p per share to raise #45,500 before expenses. At the end of the period, shareholders' funds stood at #299,000. The Company has, where possible, sought to dispose of its investments. At the balance sheet date only two investments were retained, and this remains the case. Both of these investments are in companies whose share trading facility is currently suspended. They may or may not have a future realisable value, but in view of the uncertainty their cost has been written off. The Company has incurred professional costs in relation to advice on the proposed acquisition referred to below but otherwise continues to operate with a low level of overhead. Potential acquisition The Company is at an advanced stage of discussion with a view to the proposed acquisition of an established investment company. The company concerned is based and managed overseas but its investments are principally in the UK. The Directors are confident that this proposed acquisition can be secured, and that the Company will make an appropriate announcement within a matter of weeks. By reason of its size the proposed acquisition is likely to be classified as a ' reverse takeover' under the rules of AIM, and would therefore require the prior approval of shareholders at an EGM. Ian Tickler Chairman 26 November 2003 Profit and Loss Account For the six month period ended 31 August 2003 Six month Six month Year period ended period ended ended 31 August 31 August 28 February 2003 2002 2003 #000 #000 #000 Notes Administrative expenses (121) (143) (448) Operating loss (121) (143) (448) Amounts written off fixed asset (39) - (333) investments Loss on disposal of fixed asset (3) - (11) investments Loss on ordinary activities before (164) (143) (792) interest Interest receivable and similar income 1 1 6 Interest payable and similar charges - - (1) Loss on ordinary activities before and 4 (163) (142) (787) after tax Loss per share (pence) 5 (1.14) (1.00) (5.51) Balance sheet At 31 August 2003 31 August 31 August 28 February 2003 2002 2003 #000 #000 #000 Notes Fixed assets Investments 2 - 643 186 Current assets Debtors 254 10 264 Cash at bank and in hand 121 515 53 375 525 317 Creditors: amounts falling due within one (76) (106) (86) year Net current assets 299 419 231 Total assets less Liabilities 299 1,062 417 Capital and reserves Called up share capital 749 714 714 Share premium account 2,449 2,440 2,440 Profit and loss account (2,899) (2,092) (2,737) Equity shareholders' funds 299 1,062 417 Notes to the Interim Results 1. Basis of preparation 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 interim accounts have been prepared on the basis of accounting policies set out in the Company's 2003 annual report and accounts. The Interim accounts for the six month period ended 31 August 2003 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information for the year ended 28 February 2003 has been extracted from the annual report and accounts. The audit report on these accounts was unqualified and did not contain any statement under section 237 of the Companies Act 1985. 2. Investments Investments are stated at cost less provision for permanent diminution in value. 3. Dividends No dividend is proposed for the six-month period ended 31 August 2003. 4. Taxation The Company is not subject to UK corporation tax. 5. Loss per share The loss per share has been calculated by dividing the loss after taxation for the period of #163,000 (2002: #142,000) by the weighted average number of ordinary shares in issue during the period of 14,321,848 (2002: 14,280,000). 6. Copies of the Interim Results will be sent to shareholders in due course and will be available from Canaccord Capital (Europe) Limited, 27 Upper Brook Street, London, W1K 7QF. This information is provided by RNS The company news service from the London Stock Exchange END IR FEWFMMSDSEIF
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