![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
CNA Financial Corp | TG:CNH | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.40 | -0.94% | 42.00 | 41.60 | 42.20 | 42.20 | 41.80 | 42.20 | 270 | 22:50:15 |
RNS Number:3494Q Clan Homes PLC 30 September 2003 CLAN HOMES PLC ("the Company") FINAL RESULTS FOR THE TWELVE-MONTH PERIOD TO 31 MARCH 2003 CHAIRMAN'S STATEMENT The loss of #51,473 before taxation attributable to members for the year to 31 March 2003 is similar to the loss of #48,538 in the previous year. Turnover fell by 26% to #80,408 from #108,477, mainly due to the void periods as properties were vacated prior to sale, as well as poor rentals in Regent Quay, Aberdeen. Operating costs and administrative expenses were both higher as a result of higher fees from our professional advisors, and the impact of preparing properties for sale and the actual sale costs. The operating loss increased to #106,884, compared to #37,106 the previous year was significantly offset by the gain from the sale of properties of #86,014 compared to #42,165. Interest payable fell to #30,603 from #53,597, which left a loss per share of 5.25p compared to 4.95p the previous year. The Directors do not intend to pay a dividend. During the year the company sold #614,000 worth of properties approximately 35% of the portfolio producing a gain of #86,014 and reduced bank borrowings to #62,134 at the 31 March 2003. Further sales have now been recorded, eliminating bank debt completely and the process of building cash is well advanced. At the EGM held on 27 August 2003 the shareholders passed a resolution to allow Mr A D Thomson to purchase a number of properties at market value before 31 December 2003. The EGM document, in summary, stated that: "The Directors estimate that, should the sale be concluded in full (and any residual properties disposed of), Clan will be effectively left as an AIM-quoted shell with no ongoing business activity, and approximately #1.0 million in cash. Following this, the Directors believe that the two most likely circumstances will be that (i) the Board identifies a suitable acquisition at which point shareholders will have the opportunity to approve the acquisition or (ii) Shareholders will be invited to approve a voluntary solvent liquidation of the Company. The Directors have not as yet set a definitive timescale for these events but expect that, should the Sale proceed (and as any Properties remaining are sold), and in the absence of a suitable alternative, they would be in a position to liquidate the Company shortly thereafter. The Directors continue to review potential alternatives in consultation with their advisers with the paramount objective of maximising Shareholder value". The Annual Report and Accounts for the year to 31 March 2003 will be posted to shareholders today, and full copies can be obtained, free of charge for one month, from the Company's nominated advisor Brewin Dolphin, 48 St Vincent Street, Glasgow G2 5TS. The Annual General Meeting will be held at G.H.A. Rugby Club, Braidholm Road, Glasgow at 12 noon on Monday 27 October 2003. Alan D Thomson Chairman 30 September 2003 PROFIT AND LOSS ACCOUNT for the year ended 31 March 2003 2003 2002 # # (audited) (audited) Turnover 80,408 108,477 Operating costs 56,171 51,173 -------- -------- Gross profit 24,237 57,304 Administrative expenses 131,121 94,410 -------- -------- Operating loss (106,884) (37,106) Gain on sale of properties 86,014 42,165 Bank interest payable (30,603) (53,597) -------- -------- Loss on ordinary activities before taxation (51,473) (48,538) Tax on loss on ordinary activities - - -------- -------- Loss for the financial year (51,473) (48,538) -------- -------- Loss per share - basic (pence) (5.25) (4.95) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 31 March 2003 2003 2002 # # (audited) (audited) Loss for the financial year (51,473) (48,538) Unrealised (deficit)/surplus on revaluation of freehold investment (27,000) 67,500 properties -------- -------- Total recognised gains and losses related to the year (78,473) 18,962 --------- -------- NOTE OF HISTORICAL COST PROFITS AND LOSSES 2003 2002 # # (audited) (audited) Reported loss on ordinary activities before taxation (51,473) (48,538) Realisation of property revaluation gain of previous years 79,812 37,020 -------- -------- Historical cost profit/(loss) on ordinary activities before taxation 28,339 (11,518) -------- -------- Historical cost profit/(loss) on ordinary activities after taxation 28,339 (11,518) -------- -------- BALANCE SHEET at 31 March 2003 2003 2002 # # (audited) (audited) Fixed assets Tangible assets 1,178,763 1,830,974 Current assets Debtors 28,332 96,476 Creditors: amounts falling due within one year 85,766 514,841 -------- -------- Net current liabilities (57,434) (418,365) -------- -------- Total assets less current liabilities 1,121,329 1,412,609 Creditors: amounts falling due after more than one year Loans - 212,807 -------- -------- 1,121,329 1,199,802 -------- -------- Capital and reserves Called up share capital 882,589 882,589 Share premium 44,250 44,250 Revaluation reserve 254,029 360,841 Profit and loss account (59,539) (87,878) -------- -------- Total shareholders' funds - equity interests 1,121,329 1,199,802 -------- -------- Alan D Thomson Director NOTES 1. ACCOUNTING POLICIES The accounts have been prepared in accordance with applicable Accounting Standards and under the Historic convention, modified to include the revaluation of investment properties. 2. AUDITED RESULTS The audited results for the year ending 31 March 2003 are an extract from the latest audited accounts and do not constitute statutory accounts as defined in section 240 of the Companies Act 1985 (as amended). The published audited accounts have been delivered to the Registrar of Companies and included a report of the auditors that was unqualified and does not contain a statement under section 237(2) of the Companies Act 1985. 3. (LOSS) PER ORDINARY SHARE The calculation of the loss per ordinary share of (5.25p) (2002: (4.97p)) is based on a loss of #51,473 (2002: #48,538) and on 980,654 ordinary shares (2002: 980,654) being the weighted average of ordinary shares in issue during the year. 4. COPIES OF THE ACCOUNTS A copy of the audited results for the year ending 31 March 2003 will be sent to all shareholders on or about the 30 September 2003. Copies of this announcement and the audited accounts are available, free of charge, for a period of one month from the Company's Nominated Advisor and Broker: Brewin Dolphin Securities Limited 48 St Vincent Street Glasgow G2 5TS For further information, please contact: Alan Thomson, Clan Homes plc 0141-621-2165 Jonathan Fitzpatrick, Brewin Dolphin Securities Limited 0141-314-8122 This information is provided by RNS The company news service from the London Stock Exchange END FR MGGFLFGKGFZM
1 Year CNA Financial Chart |
1 Month CNA Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions