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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 a net loss of
$70,000 for the Second Quarter of 2010 under the liquidation accounting
principles that it is now applying.
Net Income
The loss of $70,000 for the three months and six months to June 30, 2010
reflects accruals of $86,000 for additional costs that will be incurred as a
result of the delay in completing the dissolution of the Corporation less an
income tax refund of $16,000 received in August. In the comparable periods in
2009, the Corporation had losses of $61,000 and $116,000 respectively reflecting
general and administrative expenses less income tax provisions.
Cash Flows
Cash used in the Second Quarter of this year amounted to $79,000 compared
with a usage of cash of $93,000 in the same period last year.
-- Cash receipts for the Second Quarter this year were $3,000 for the
recovery of development costs that were accrued at December 31, 2009. In
the Second Quarter of 2009 cash receipts were $9,000 of income tax
recoveries and $3,000 of interest.
-- Cash payments for the Second Quarter this year were $82,000 for
dissolution costs that had previously been accrued. In the same period
last year cash payments were $105,000 for administrative costs.
Cash generated in the six months to June 30, 2010 amounted to $125,000
compared with a usage of cash of $194,000 in the same period last year.
-- Cash receipts for the period were $219,000 for the recovery of
development costs that were accrued at December 31, 2009. In the period
in 2009 cash receipts were $9,000 of income tax recoveries and $16,000
of interest.
-- Cash payments for the period were $94,000 for dissolution costs that had
previously been accrued. In the same period last year cash payments were
$219,000 for administrative costs.
Capital Structure
The number of Class B Common Shares outstanding is 35,631,932. Currently there
are 55 Class A Special Shares that are associated with each Class B Common
Share. The combination of one Class B Common Share and 55 Class A Special Shares
is listed as a unit on the TSX Venture Exchange (trading symbol: JPL.UN).
Voluntary Dissolution
An income tax recovery was received in August 2010 for federal income taxes on
2009 expenditures that were included in the December 31, 2009 results. A
potential recovery of Ontario taxes has not yet been received. The Corporation
is working with the Canada Revenue Agency to resolve issues on income tax
recoveries relating to its 2010 expenditures and to obtaining required income
tax clearances.
Corporate Items
Currently the Corporation's only significant asset is its cash in the bank. The
estimated net cash balance after the payment of remaining liabilities is
equivalent to approximately 5.5 cents per unit.
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.
NOTICE
The accompanying interim unaudited financial statements have not been reviewed
by the Company's auditors.
Interim Balance Sheet
(in thousands of Canadian dollars)
June 30 December 31
2010 2009
----------- -----------
(unaudited)
-----------
Assets
Cash and cash equivalents $ 2,060 $ 1,935
Other assets 16 219
----------- -----------
$ 2,076 $ 2,154
----------- -----------
Liabilities
Accounts payable and accrued liabilities $ 119 $ 127
Shareholders' Equity
Capital stock (note 3) $ 19,551 $ 19,551
Contributed surplus 6,868 6,868
Deficit (24,462) (24,392)
----------- -----------
$ 1,957 $ 2,027
----------- -----------
----------- -----------
$ 2,076 $ 2,154
----------- -----------
Interim Statement of Income, Comprehensive Income and deficit
(in thousands of Canadian dollars, except per share amount)
Three Months Six Months
Ended June 30 Ended June 30
------------------------ ------------------------
2010 2009 2010 2009
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue
Interest income $ - $ 3 $ - $ 16
Expenses
Dissolution costs (86) - (86) -
General and
administrative - (93) - (191)
Foreign exchange gains - 2 - 2
----------- ----------- ----------- -----------
Income/(loss) before
income taxes (86) (88) (86) (173)
Income tax provision
(recovery) (16) (27) (16) (57)
----------- ----------- ----------- -----------
Net income (loss) and
comprehensive income
(loss) for the period $ (70) $ (61) $ (70) $ (116)
----------- ----------- ----------- -----------
Deficit - beginning of
period $ (24,392) $ (24,232) $ (24,392) $ (24,177)
Deficit - end of period $ (24,462) $ (24,293) $ (24,462) $ (24,293)
Basic and diluted
earnings (loss) per
share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Interim Statement of Cash Flows
(in thousands of Canadian dollars)
Three Months Six Months
Ended June 30 Ended June 30
-------------------------- --------------------------
2010 2009 2010 2009
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash provided by
(used in)
Operating activities
Cash receipts
Income tax
recoveries $ 3 $ 9 $ 219 $ 9
Interest received - 3 - 16
Cash payments
Other payments (82) (105) (94) (219)
------------ ------------ ------------ ------------
Total operating
activities (79) (93) 125 (194)
------------ ------------ ------------ ------------
Increase (decrease)
in cash equivalents (79) (93) 125 (194)
------------ ------------ ------------ ------------
Cash and cash
equivalents -
beginning of period $ 2,139 $ 5,712 $ 1,935 $ 5,813
Cash and cash
equivalents - end of
period $ 2,060 $ 5,619 $ 2,060 $ 5,619
NOTES TO INTERIM FINANCIAL STATEMENTS
(unaudited - in thousands of dollars)
1. Summary of significant accounting policies
The Company has presented on a liquidation basis the balance sheet as at June
30, 2010, and the operating income and cash flows for the three months and six
months ended June 30, 2010.
The disclosures contained in these unaudited interim financial statements do not
include all disclosures required for annual financial statements. They have been
prepared using the same accounting policies as set out in Note 2 to the
financial statements for the year ended December 31, 2009 and should be read in
conjunction with those financial statements.
2. Income taxes
The income taxes recovery of $16,000 in the six months to June 30, 2010 was
received in August for federal income taxes on 2009 expenditures that were
included in the December 31, 2009 results. A potential recovery of $6,000 for
Ontario taxes has not yet been received. The Corporation is working with the
Canada Revenue Agency to resolve issues on income tax recoveries relating to
2010 expenditures and to obtaining required income tax clearances.
The provisions in the six months to June 30, 2009 were at the current federal
and provincial tax rates on the losses that had been incurred during that
period.
3. Capital Stock
The Company's capital stock consists of Class A special shares and Class B
common shares. The Class A special shares are transferable with and only with
the associated Class B common shares and trade as one unit (JPL.UN). There have
been no changes to the shares outstanding during the three months to June 30,
2010
Number of shares
-----------------------------------------
Class B Common Class A special Amount
-----------------------------------------
Issued and outstanding at March
31, 2010 35,631,932 1,959,756,260 19,551
4. Capital Management
The Corporation's remaining assets are almost entirely its cash balances.
Shareholders at the Annual General and Special Meeting on May 14, 2009 approved
a voluntary dissolution of the Corporation and its eventual delisting from the
TSX-V exchange. The Corporation is actively working to complete the dissolution
as soon as possible.
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