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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Jannock Pptys Ltd | TSXV:JPL.UN | TSX Venture | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
Hot Features
Premium
Jannock Properties Limited (TSX VENTURE:JPL.UN) today reported net earnings for
the year of $423,000 ($0.01 per share) compared with $817,000 ($0.02 per share)
in 2007.
Operating activities for the year ended December 31, 2008 used cash of $12,000
compared with a generation of cash of $4,596,000 for the same period in 2007.
The Corporation will seek shareholder approval at an Annual and Special Meeting
expected to be held on May 14, 2009 for the voluntary dissolution of the
Corporation and delisting from the TSX Venture Exchange.
Revenue
Income in 2008 consisted of interest earned on investments of surplus cash of
$172,000 and interest received on income tax recoveries of $11,000. In the same
period last year, interest earnings of $322,000 included interest earned on cash
surpluses of $169,000 plus interest earned on mortgages receivable of $153,000.
Also in 2007 the Corporation received $178,000 from a recovery of levy credits
on a property that had previously been sold and $1,162,000 under its debt
participation rights related to the sale of its interests in Jancor in 2001.
Jancor Companies, Inc. (Jancor)
In October 30, 2008 Jancor made a voluntary Chapter 11 bankruptcy filing after
it had ceased operations at its manufacturing plants a few days earlier. On
January 22nd, 2009 this bankruptcy filing was converted to Chapter 7 and a
trustee has been appointed to administer the liquidation of Jancor's assets. A
meeting of the trustee with Jancor's creditors is expected to take place in
March. Jannock Properties' debt participation rights are a contractual
arrangement with Jancor's subordinated lender and as a result Jannock Properties
is not a creditor of Jancor.
Jannock Properties believes that the current economic downturn and the closure
of the Jancor operations means that it is highly unlikely that proceeds from the
Jancor assets will exceed Jancor's senior debt. Consequently the Corporation
believes that there will not be any value in either the debt participation
rights or the equity participation rights.
In 2008, Jannock Properties did not receive any amounts relating to proceeds
received by Jancor's subordinated lender (2007 - $1,162,000).
General and Administration Expenses
In 2008 general and administrative expenses were $236,000 which was a reduction
of 24% from the $309,000 incurred in 2007.
Income taxes
In 2007, Jannock Properties filed an objection with the Federal and Ontario tax
authorities on the income tax treatment of the proceeds from the Jancor debt
participation rights that were received in 2006. This objection was resolved in
favour of the Corporation in 2008 and recoveries of $451,000 were received for a
portion of the income taxes that were paid in 2006 and 2007. These recoveries
have been treated as a reversal of previous provisions.
Total income tax recoveries in 2008 including these refunds were $477,000.
Net income
Net income for 2008 was $423,000 ($0.01 per share) compared with $817,000 ($0.02
per share) for the same period in 2007.
Cash Flows
Net operating cash used by operating activities in 2008 amounted to $12,000
compared to cash generated by operating activities of $4,596,000 in 2007.
- Cash receipts in 2008 were $643,000 and included $451,000 of income tax
recoveries, $181,000 of interest received from the investment of cash surpluses
and $11,000 interest on income tax refunds. In 2007 cash receipts were
$5,370,000 and included the collection of mortgages receivable of $3,670,000,
recovery of levy credits of $178,000, interest received on mortgages receivable
and cash surpluses of $360,000 and proceeds from Jancor's subordinated lender of
$1,162,000.
- Cash payments in 2008 were $655,000 and included income tax payments on 2007
income of $443,000 and administrative expenditures of $212,000. In 2007, cash
payments were $774,000 and included income tax payments on 2007 and 2006 income
of $382,000, interest payments of $10,000 and administrative expenditures of
$376,000.
Distributions
There were no distributions to shareholders in 2008. In 2007 the Corporation
made a distribution to shareholders through the redemption of 178,159,660 Class
A Special Shares at $0.01 per Class A Special Share amounting to $1,781,000,
which is equivalent to $0.05 per Class B Common Share.
Capital Structure
The number of Class B Common Shares outstanding is 35,631,932. Currently there
are 65 Class A Special Shares that are associated with each Class B Common
Share. The combination of one Class B Common Share and 65 Class A Special Shares
is listed as a unit on the TSX Venture Exchange (trading symbol: JPL.UN).
Corporate Items
Following the sale of its real estate properties, the Corporation's remaining
assets are its cash balances and the potential recovery of levy credits on a
previously sold property. The cash balances at September 30, 2008 are equivalent
to approximately $0.16 per unit.
Annual General and a Special Meeting
The Corporation expects to hold its Annual General and a Special Meeting at
10.00 a.m. on Thursday May 14, 2009. At this meeting shareholders will be asked
to pass special resolutions approving the voluntary dissolution of the
Corporation and a delisting of the units from the TSX Venture Exchange in order
that the Corporation can ultimately distribute its cash to its shareholders.
Prior to the actual dissolution and distribution of cash by the Corporation
however, clearance certificates and a dissolution consent must be obtained from
the Canada Revenue Agency (CRA). As this process is expected to take some time
beyond the Annual and Special Meeting, the Corporation intends to submit its
request for these approvals from CRA in advance of the Annual General and
Special Meeting.
The Corporation is headquartered in Mississauga, Ontario. The mandate for the
Corporation is to dispose of its assets in a manner that maximizes value and
distributes the net proceeds realized from those assets to shareholders in a
timely fashion.
Forward-looking statements contained in this news release involve risks and
uncertainties that could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such differences
include local real estate markets, zoning applications, changes in interest
rates and general economic conditions. In addition, there are risk factors
described from time to time in the reports and disclosure documents filed by
Jannock Properties Limited with Canadian and U.S. securities regulatory agencies
and commissions.
JANNOCK PROPERTIES LIMITED
Balance Sheet
(in thousands of Canadian dollars)
December 31 December 31
2008 2007
----------- -----------
Assets
Other assets $ 5 $ 21
Future income tax assets 37 34
Cash and cash equivalents 5,813 5,825
----------- -----------
$ 5,855 $ 5,880
----------- -----------
----------- -----------
Liabilities
Accounts payable and accrued liabilities $ 44 $ 27
Income taxes payable 5 470
----------- -----------
----------- -----------
$ 49 $ 497
----------- -----------
Shareholders' Equity
Capital stock $ 23,115 $ 23,115
Contributed surplus 6,868 6,868
Deficit (24,177) (24,600)
----------- -----------
----------- -----------
$ 5,806 $ 5,383
----------- -----------
----------- -----------
----------- -----------
$ 5,855 $ 5,880
----------- -----------
JANNOCK PROPERTIES LIMITED
Statement of Income and Deficit
(in thousands of Canadian dollars, except per share amounts)
Year ended December 31
---------------------------
2008 2007
---------- ----------
Revenue
Interest income $ 183 $ 322
Cost of sales - recovery of prior years' cost
of sales amount - 178
Recovery on Jancor Companies, Inc. - 1,162
---------- ----------
183 1,662
---------- ----------
Expenses
General and administrative expenses 236 309
Interest - 10
Foreign exchange loss 1 54
---------- ----------
237 373
---------- ----------
---------- ----------
Income before income taxes (54) 1,289
Income taxes provided/(recovered) - current (473) 762
- future (4) (290)
---------- ----------
- total (477) 472
---------- ----------
Net income for the year $ 423 $ 817
Deficit - Beginning of year $ (24,600) $ (25,417)
---------- ----------
Deficit - End of year $ (24,177) $ (24,600)
---------- ----------
---------- ----------
Basic income per share $ 0.01 $ 0.02
---------- ----------
---------- ----------
JANNOCK PROPERTIES LIMITED
Statement of Cash Flows
(in thousands of Canadian dollars)
Year ended December 31
---------------------------
2008 2007
---------- ----------
Cash provided by (used in)
Operating activities
Cash receipts
Recovery of prior years' cost of sale amounts $ - $ 178
Collection of mortgages receivable - 3,670
Interest received 192 360
Income taxes recoveries 451 -
Recovery on Jancor Companies, Inc. - 1,162
---------- ----------
643 5,370
---------- ----------
Cash payments
Income taxes paid (443) (382)
Interest payments - (10)
Expenditures on land development - (6)
Other payments (212) (376)
---------- ----------
(655) (774)
---------- ----------
---------- ----------
---------- ----------
(12) 4,596
---------- ----------
Financing activities
Redemption of capital stock - (1,781)
---------- ----------
- (1,781)
---------- ----------
---------- ----------
---------- ----------
Increase/(decrease) in cash and cash equivalents (12) 2,815
Cash and cash equivalents - Beginning of year 5,825 3,010
---------- ----------
---------- ----------
Cash and cash equivalents - End of year $ 5,813 $ 5,825
---------- ----------
---------- ----------
1 Year Jannock Pptys Ltd Chart |
1 Month Jannock Pptys Ltd Chart |
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