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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vossloh AG | TG:VOS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.45 | 0.92% | 49.35 | 49.20 | 49.50 | 49.65 | 48.10 | 49.00 | 7,602 | 22:50:02 |
RNS Number:7026R Voss Net PLC 05 November 2003 VOSS NET PLC ("the Group" or "the Company" or "Voss Net") Preliminary Announcement of Results for the Year Ended 31 December 2002 Details of Proposed Company Voluntary Arrangement Chairman's Statement Trading in the Company's shares were suspended on 27 May 2003 at the Company's request, following a major payment dispute with the London College which was responsible for paying the Group for its London Learndirect operations. The Group's training business, carried out through its subsidiary Voss Net Training Limited, accounted for nearly all the Group's income and the vast majority of that derived from its London operations. Issues surrounding payments in London surfaced during May 2003. We were assured by a director of the London College as late as 22 May 2003 that outstanding invoices payments would be honoured, but were then told on 23 May 2003 by Ufi Limited, the Government funded company that operates Learndirect, that they had appointed independent auditors to investigate the situation. Immediately thereafter, we were informed that the College would make no further payment until the conclusion of that investigation, which left us with no alternative but to request suspension of dealings in the Company's shares. All of Voss Net Training's invoices were factored, including those relating to our smaller operation in Surrey. The factors understandably would not release any cash relating to our London or Surrey operations and this meant that the Group had no cash flowing into the business from that time. We had no choice but to make all our training staff redundant shortly thereafter and, as a result, the training business effectively ceased. The factoring company who were owed some #192,000, commenced legal action against the College and in October 2003 received a payment of #142,000 in full and final settlement of their claims which effectively cleared their position. The factoring company is shortly to reassign the remaining outstanding debts back to Voss Net Training Limited. Following the suspension of the Company's shares, your directors ensured that no further payments were made by the Group and decided that the only way forward for the Group would be to seek a new business to be injected into the Group. To that end, efforts were made to identify parties who could provide short term financial assistance to the Group and help in finding a new business for your Company, whilst at the same time providing the best way forward for the Group's employees, creditors and shareholders. The Way Forward As announced on 10 October 2003, your Company entered into an agreement with Leo Knifton and Nigel Weller and their company Great Monument Capital Limited whereby they would provide reasonable financial assistance to the Company to allow the Company and its subsidiaries to enter into Company Voluntary Arrangements ("CVA"). Meetings to approve these CVAs are due to be held on the same day as the Company's Annual General Meeting and if these arrangements are approved, Messrs Knifton and Weller will join the board of the Company. I will be retiring from the board following the Company's Annual General Meeting. It is anticipated that trading in the Company's shares on AIM will be restored as a result of these arrangements. Messrs Knifton and Weller will be seeking a new business activity for Voss Net so as to provide a new future for your Company. In consideration of the assistance of Great Monument Capital in effecting the CVA, Voss Net shall issue such number of new Voss Net shares to Great Monument Capital as will equal, when aggregated with the shares arising on conversion of loans provided by them, to 29.9% of the then issued share capital of the Company. Trading and results Prior to the payment dispute, the Company's training business had continued to show satisfactory progress. Trading results were largely overshadowed by the need to make significant provisions against the recovery of the outstanding debt from the London college and for 2002, the Group reported a pre tax loss of #321,338 on turnover of #1,131,739. Sigma Freight Systems made a small operating profit for 2002. The management of that company have made an offer to buy that company for #21,000, coupled with waiver of a sum of #42,000 due to Sigma from another group company. It is anticipated that the offer will be accepted given the Group's circumstances and, accordingly, the value of the investment in Sigma has been written down to the offer amount in the 2002 accounts. The directors cannot recommend payment of any dividend. We believe that the plans for the CVA and the appointment of new directors is the best way forward for the Company and will provide a more satisfactory future for your company. Barry O'Connell Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 # # TURNOVER 1,131,739 921,368 ---------- ---------- Continuing operations 1,131,739 899,477 Discontinued operations - 21,891 ---------- ---------- Cost of sales (277,184) (556,858) ---------- ---------- GROSS PROFIT 854,555 364,510 Net operating expenses (882,281) (1,449,862) ---------- ---------- OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (27,726) (1,085,352) ---------- ---------- Continuing operations (27,726) (1,099,374) Discontinued operations - 14,022 ---------- ---------- Goodwill written off (162,500) - Hire purchase creditor written off - 62,547 Long-term contract costs overprovision - 40,000 Loss on sale of business and scrapping of - (63,773) defunct computer equipment Provision for doubtful debtors (127,280) - OPERATING LOSS AFTER (317,506) (1,046,578) EXCEPTIONAL ITEMS Interest receivable and similar income 367 - ---------- ---------- (317,139) (1,046,578) Amounts written off investments - (10,000) ---------- ---------- (317,139) (1,056,578) Interest payable and similar charges (4,199) (630) ---------- ---------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (321,338) (1,057,208) Tax on loss on ordinary activities 18,000 18,000 ---------- ---------- LOSS FOR THE FINANCIAL YEAR AFTER TAXATION (303,338) (1,039,208) ---------- ---------- DEFICIT FOR THE YEAR FOR THE GROUP (303,338) (1,039,208) ---------- ---------- Loss per share - basic (note 2) (0.90)p (13.26)p ---------- ---------- CONSOLIDATED BALANCE SHEET 31 DECEMBER 2002 2002 2001 # # FIXED ASSETS Intangible assets - 162,500 Tangible assets 5,541 27,774 ---------- ---------- 5,541 190,274 ---------- ---------- CURRENT ASSETS Debtors 235,635 115,668 Cash at bank and in hand 66,556 68,993 ---------- ---------- 302,191 184,661 CREDITORS Amounts falling due within one year (404,846) (400,135) ---------- ---------- NET CURRENT LIABILITIES (102,655) (215,474) ---------- ---------- TOTAL ASSETS LESS CURRENT LIABILITIES (97,114) (25,200) ---------- ---------- CAPITAL AND RESERVES Called up share capital 657,710 397,960 Share premium 3,803,755 3,832,081 Profit and loss account (4,558,579) (4,255,241) ---------- ---------- SHAREHOLDERS' FUNDS (including non-equity interests) (97,114) (25,200) ---------- ---------- CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 # # Net cash outflow from operating activities (303,274) (141,977) Returns on investments and servicing of finance (3,832) (630) Taxation 18,000 18,000 Capital expenditure (10,775) (78,258) Acquisitions and disposals - 48,000 ---------- ---------- (299,881) (154,865) Financing 297,427 115,413 ---------- ---------- Decrease in cash in the period (2,454) (39,452) ---------- ---------- Reconciliation of net cash flow to movement in net funds Decrease in cash in the period (2,454) (39,452) Cash (inflow)/outflow from (increase)/decrease in debt and lease financing (66,003) 9,586 ---------- ---------- Change in net funds resulting from cash flows (68,457) (29,866) Hire purchase creditor write off - 62,548 ---------- ---------- Movement in net funds in the period (68,457) 32,682 Net funds at 1 January 68,993 36,311 ---------- ---------- Net funds at 31 December 536 68,993 ---------- ---------- NOTES 1. LOSS PER SHARE The basic loss per share is calculated by dividing the loss for the financial year by the weighted average number of ordinary shares in issue during the financial year of 33,758,030 (2001 - 7,837,431) and detailed:- 2002 2001 Basic loss per share (after exceptional items) (0.90p) (13.26p) Goodwill Written Off 0.48p - Hire purchase creditor write off - (0.80p) Long-term contract costs overprovision - (0.51p) Loss on sale of business and scrapping of defunct - 0.81p computer equipment Provision for doubtful debtors 0.38p - --------- -------- Adjusted loss per share (excluding exceptional (0.04p) (13.76p) items) 2. Financial Information The financial information contained in this preliminary announcement of audited results does not constitute the group's statutory accounts for the years ended 31 December 2002 or 31 December 2001. The accounts for the year ended 31 December 2001 have been delivered to the Registrar of Companies. The statutory accounts for the years ended 31 December 2002 and 31 December 2001 have been reported on by the company's auditors. The reports on those accounts were unqualified and they did not contain any statement under section 237 (2) or (3) of the Companies act 1985. The accounts for the year ended 31 December 2002 have been posted to shareholders and will be delivered to the Registrar of Companies after they have been laid before the Company in a general meeting convened for 24 November 2003 at 11.30 am at the offices of Antony Batty & Co, New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY. Copies of the accounts will be available from the offices of Antony Batty at the address metoined above and from the registered office of the Company at 11 Marlborough Place, Brighton, East Sussex BN1 1UB. END This information is provided by RNS The company news service from the London Stock Exchange END FR BELFBXFBEFBK
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