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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kurita Water Ind | TG:KWI | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.44 | 1.11% | 40.02 | 39.66 | 40.36 | 40.02 | 39.56 | 39.56 | 218 | 21:01:46 |
RNS Number:5479R KeyWorld Investments PLC 31 October 2003 KEYWORLD INVESTMENTS PLC RESULTS FOR THE YEAR ENDED 30 APRIL 2003 The directors of KeyWorld Investments plc announce the results for the year ended 30 April 2003. Accounts are being posted to shareholders today and will be available at the Company's registered office, 46 Crawford Street, London,W1H 1JU until 30 November 2003. CHAIRMAN'S STATEMENT During the year ended 30 April 2003, KeyWorld's new management team commenced the implementation of the company's redefined strategy in preparation for the launch of the KeyWorld Bond which is expected to take place by the end of 2003. The accounts for the year ended 30 April 2003, which show a loss of #507,561, reflect the costs incurred while implementing the redefined strategy and in developing the KeyWorld Bond. There have been no sales during the period under review. RCI Europe - Keyworld Agreement Throughout most of the year ended 30 April 2003, KeyWorld carried on extensive negotiations with RCI Europe (RCI). These negotiations culminated in May 2003 with the signing of an agreement whereby RCI, the leading timeshare exchange and travel services organisation, will provide accommodation exchange and club member services to the purchasers of the KeyWorld Bond. The KeyWorld Bond will be launched as a property-backed debenture that provides the purchaser with an annual allocation of KeyPoints, which are refundable on a one for one basis with RCI Points. In addition to the annual allocation of KeyPoints and membership in the KeyWorld Club, the Bond is intended to return the purchaser's initial investment at the end of 30 years. Distribution Channels During the past year, KeyWorld entered into discussions with various firms of Independent Financial Advisers regarding the possibility of distributing the KeyWorld Bond. These discussions continue and reflect significant interest in the KeyWorld Bond. Funding The KeyWorld management team also focused considerable effort on the raising of funds required to develop and launch the KeyWorld Bond, and the Company has continued to enjoy the support of Ellingham Investments Limited, its majority shareholder. As a result, KeyWorld was able to arrange a convertible loan from Ellingham Investments Limited in the amount of #750,000. A substantial portion of this loan was subsequently converted into KeyWorld shares. In summary, I believe that KeyWorld has successfully recovered from the suspension of its initial life insurance wrapped bond and is now in a position to move forward with the launch of the KeyWorld Bond. I look forward to announcing further developments as the year progresses. Todd Knobel Chairman 30 October 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2003 2003 2002 # # Administrative expenses (457,613) (1,615,296) Operating loss (457,613) (1,615,296) Other operating income 52 1,116 Interest payable and similar charges (50,000) - Loss on ordinary activities before taxation (507,561) (1,614,180) Tax on loss on ordinary activities - - Loss for the financial year absorbed by (507,561) (1,614,180) reserves Loss per share (pence) (0.03) (0.20) There were no recognised gains or losses other than the loss for the year. All operations are continuing. CONSOLIDATED BALANCE SHEET AT 30 APRIL 2003 2003 2003 2002 2002 # # # # Fixed assets Tangible assets 69,419 96,066 Current assets Debtors 24,695 29,855 Cash at bank and in hand 11,547 2,925 36,242 32,780 Creditors: amounts falling due within one year Convertible debt (532,491) - Other (552,453) (1,325,568) (1,084,944) (1,325,568) Net current liabilities (1,048,702) (1,292,788) Total assets less current liabilities (979,283) (1,196,722) Capital and reserves Called up share capital 1,255,839 530,839 Share premium account 1,653,095 1,653,095 Profit and loss account (3,888,217) (3,380,656) Equity shareholders' funds (979,283) (1,196,722) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2003 2003 2002 # # Net cash outflow from operating activities (503,148) (768,606) Interest received 52 1,116 Returns on investments and servicing of 52 1,116 finance Capital expenditure and financial investment Purchase of tangible fixed assets - (799) Financing Receipts from borrowings 530,679 473,175 Net cash inflow from financing 530,679 473,175 Increase/(decrease) in cash 27,583 (295,114) NOTES FINANCIAL INFORMATION The financial information set out in this report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The figures for the year ended 30 April 2003 have been extracted from the statutory financial statements which have been not yet been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. GOING CONCERN The company meets its day to day working capital requirements through the financial support provided by Ellingham Investments Limited ('Ellingham'). This support is in the form of a loan facility and conversion agreement dated 13 May 2002 under which Ellingham Investments Limited advanced funds up to #750,000 bearing interest at 10% and repayable on the anniversary of the agreement unless the loan is converted into ordinary share capital. On 17 June 2002 Ellingham exercised its right to convert #725,000 of debt to ordinary share capital at par value. During the year to 30 April 2003 additional funds were advanced to the group and on 12 May 2003 a further #580,000 of debt was converted to ordinary share capital at 0.0714 pence per share. At 30 April 2003, the loan amount outstanding was #532,491. On 22 August 2003 the company announced that it had arranged an unsecured loan of #419,547 from one of its major shareholders, Lifestyle 2000 Limited. The loan bears no interest and is repayable after three years. Ellingham is a related party to the company by virtue of the fact that one of its major shareholders is connected to a major shareholder in Keyworld Investments PLC. The company expects to operate with this support for the foreseeable future, as continued efforts are made to redesign and relaunch the KeyWorld Bond. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of Ellingham's support. LOSS PER SHARE 2003 Weighted average 2003 Per share 2002 Weighted average 2002 Per share number of shares amount number of shares amount (number) (pence) (number) (pence) Basic loss per 1,678,176,875 (0.03) 796,259,067 (0.20) share The weighted average number of shares is calculated by time apportioning each share issue during the year. The loss per share calculation is based on a loss for the year ended 30 April 2003 of #507,562 (30 April 2002 of #1,614,180). All options were anti-dilutive in 2003 and 2002. This information is provided by RNS The company news service from the London Stock Exchange END FR WUGCGUUPWGWG
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