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| Share Name | Share Symbol | Market | Stock Type |
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| Abingdon Cap | ANC | London | Ordinary Share |
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| 0.00 | 0.00% | - |
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Posted at 08/3/2005 07:20 by topvest Reasonably strong set of results + a name change to Corporate Synergy. They also seem to have old sold their M&P Direct stake after the year-end. Nothing to set pulses racing though apart from a 50% increase in the dividend. This year should be good though if they have raised/committed £19m so far. |
Posted at 03/3/2005 15:04 by optimist at large up 9% and still only £11m market cap - less than half that of DAN and a dividend! The results this month should make very interesting reading. |
Posted at 28/11/2004 11:12 by topvest Mountcashel LLPThe Group holds an equity interest of 25 per cent in Mountcashel LLP, a regulated hedge fund manager. In May of the period under review the Mountcashel Fund was launched, with initial investors committing $16 million. The Mountcashel Fund is listed in Dublin and managed by Mountcashel LLP. Prior to this the Group reduced its exposure to Mountcashel LLP from 50 per cent to 25 per cent allowing management to subscribe for further equity in the LLP so as to have an appropriate exposure to risk as well as to reward. To date the fund, which works on a 'momentum' principle, has, in common with all hedge funds, had a somewhat difficult May and June but losses in each month were limited to under one per cent. In July the fund recorded a profit of over one per cent. In relative terms these results out perform the general hedge fund indices for the period but we are well aware that investors are only interested in absolute, rather than relative, returns. The Mountcashel LLP funds are quoted on the Irish Stock Exchange. NAV c. 100p - anyone know the issue price? Probably a £1 so not going great at the moment, but at least they haven't lost money. What about a flotation of Mountcashel LLP? M&P Direct still hasn't floated - suspect they may have delayed to get the Dec results audited as the results were not great last year. Both of these could be worth a fair bit for ANC shareholders. Getting close to Xmas. Any new issues to be completed by the year-end will need to be announced (through 10 day notice) in the next fortnight. It's been a tad quiet the last few weeks at CS, but I suspect that they have a few deals to close-down in this time period. |
Posted at 23/9/2004 22:13 by topvest not sure how you get to that - CS hold 4%, but the rest was held by ANC. Thought that they had only sold enough to recoup their investment at this stage! |
Posted at 16/8/2004 08:16 by optimist at large Interim 6 month results out, turnover up 132%, makes a profit and cash is still equal to 50% market cap:-RNS Number:9721B Abingdon Capital PLC 16 August 2004 Abingdon Capital plc Interim results for the six months to 30 June 2004 Abingdon Capital plc reports its unaudited interim results for the six months to 30 June 2004 and a return to profitability. Financial and operational highlights: * Group turnover up 132% to #1,722,000 (2003: #742,000) * Group pre-tax profit of #270,000 (2003: pre-tax loss of #228,000) * Proposed interim dividend of 0.125p per share represents 25% increase on last year (2003: 0.1p per share) * Group cash balance of #3,436,000 * Continued strong performance and significant growth from the Group's principal operating subsidiary, Corporate Synergy, now established as a fully integrated securities house servicing smaller companies * Launch of first hedge fund in May for Mountcashel LLP (the Group's 25% owned hedge fund management subsidiary - commitment of $16 million from initial investors * Further strengthening of the Board following the appointment during the period of former Chief Executive of the London Stock Exchange, Gavin Casey Commenting on today's announcement, Oliver Vaughan, Chairman of Abingdon Capital, said: "The Board looks to the rest of the year with confidence. Whilst overall performance for the year may well be affected by market conditions, which remain uncertain, our principal operating subsidiary, Corporate Synergy, continues to attract new clients, greater market recognition and improving levels and quality of business." Enquires, please contact: Oliver Vaughan, Chairman Abingdon Capital 020 7937 4445 Edward Vandyk, Chief Executive Katharine Sharkey/Jenny Leahy Gresham PR Ltd 020 7404 9000 Simon Hayes KBC Peel Hunt Ltd 020 7418 8900 Chairman's Statement I am pleased to be able to report to you that the cautious optimism expressed in my previous statements is beginning to be turned into reality. The results for the six months ended 30 June 2004 show pre-tax profits for the Group as a whole of #270,000. The tax charge in the period is nil leaving profits after tax at the same figure. In the light of the results it is proposed to pay an increased interim dividend of 0.125p per share on 24th September 2004 to holders on the register on 3rd September 2004, compared with 0.1p for the maiden interim dividend paid in 2003. I am delighted to have been able to welcome Gavin Casey, formerly Chief Executive of the London Stock Exchange, to our Board during the period under review. The underlying feature of these results was the strong performance from the Group's principal operating subsidiary, Corporate Synergy. Corporate Synergy plc The turnover of #1.65 million generated by Corporate Synergy for the six months ended 30 June 2004 exceeded that for the whole of the previous year and the profits attributable to Corporate Synergy exceeded #400,000 for the period. 2004 has been a period of significant growth and change at Corporate Synergy with the establishment of the firm as a fully integrated securities house servicing smaller quoted companies. Corporate Synergy now provides corporate finance, research and sales services to a growing list of clients. Compared with this time last year staff numbers at Corporate Synergy have almost doubled and it now acts for 22 retained client companies, compared with 14 at the end of 2003. In addition Corporate Synergy has raised in excess of #20 million for client companies (a service not offered this time last year) and has undertaken 19 transactions in the period (including 4 new issues and a further 7 placings) compared with 16 in the whole of 2003. On 1 July 2004 Corporate Synergy announced a new management structure with Justin Lewis, previously head of broking, being appointed Chief Executive, whilst Edward Vandyk will concentrate on a more client oriented role within Corporate Synergy itself and on taking the Group forward in his role as Chief Executive of Abingdon Capital. Mountcashel LLP The Group holds an equity interest of 25 per cent in Mountcashel LLP, a regulated hedge fund manager. In May of the period under review the Mountcashel Fund was launched, with initial investors committing $16 million. The Mountcashel Fund is listed in Dublin and managed by Mountcashel LLP. Prior to this the Group reduced its exposure to Mountcashel LLP from 50 per cent to 25 per cent allowing management to subscribe for further equity in the LLP so as to have an appropriate exposure to risk as well as to reward. To date the fund, which works on a 'momentum' principle, has, in common with all hedge funds, had a somewhat difficult May and June but losses in each month were limited to under one per cent. In July the fund recorded a profit of over one per cent. In relative terms these results out perform the general hedge fund indices for the period but we are well aware that investors are only interested in absolute, rather than relative, returns. Investments The Group has maintained a strong cash position whilst at the same time investing some of our resources to the Mountcashel Fund where we, as investors, will be looking for enhanced returns. The Group still has a limited number of investments not connected with its core activities including a stake in M&P Direct PLC, which has stated its intentions to seek a quotation on AIM as soon as is practicable. In addition the Group has a 20 per cent stake, costing #75,000, in Formjet PLC which expects to float on AIM shortly. Based on the projected placing price at which funds are proposed to be raised on admission to AIM, this will show a substantial uplift in value of the Group's investment. The Group intends to continue to seek out similar opportunities to act as principal where appropriate. Outlook The Board looks to the rest of the year with confidence. Whilst overall performance for the year may well be affected by uncertain market conditions, our principal operating subsidiary, Corporate Synergy, continues to attract new clients, greater market recognition and improving levels and quality of business. As stated above, as an indication of the Board's confidence in the Group's future prospects, it intends to pay an interim dividend of 0.125p per share, payable to shareholders on the register on 24 September 2004. Oliver Vaughan Chairman 16 August 2004 Consolidated Profit and Loss Account for the six months to 30 June 2004 Unaudited Unaudited Audited Six months to Six months to Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 Turnover 1,722 742 1,759 Cost of sales (1,033) (344) (1,264) ----------- ----------- ---------- Gross profit 689 398 495 Administrative expenses: (859) (714) (1,436) Other operating income 39 - 20 ----------- ----------- ---------- Loss on ordinary activities before interest (131) (316) (921) Profit on disposal of investments 333 176 Investment income - - 2 Interest receivable and similar income 68 88 169 Interest payable and similar charges - - (18) ----------- ----------- ---------- Profit / (loss) on ordinary activities before taxation 270 (228) (592) Taxation - - 14 ----------- ----------- ---------- Profit / (loss) on ordinary activities after taxation 270 (228) (578) Dividends (72) (57) (114) ----------- ----------- ---------- Transfer to / (from) Reserves 198 (285) (692) =========== =========== ========== Earnings/(loss) per ordinary share (pence) - Basic 0.47 (0.40) (1.02) - Diluted 0.43 (0.39) (1.02) =========== =========== ========== Consolidated Balance Sheet Unaudited Unaudited Audited 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 Fixed assets Tangible assets 121 55 121 Investments 265 - 325 ----------- ----------- ---------- 386 55 446 ----------- ----------- ---------- Current assets Investments 2,613 734 446 Debtors 634 664 604 Cash at bank and in hand 3,436 5,312 4,983 ----------- ----------- ---------- 6,683 6,710 6,033 ----------- ----------- ---------- Creditors: Amounts falling due within one year (981) (566) (589) ----------- ----------- ---------- Net current assets 5,702 6,144 5,444 ----------- ----------- ---------- Total assets less current liabilities 6,088 6,199 5,890 =========== =========== ========== Capital and reserves Called up share capital 58 57 58 Share premium 845 748 845 Other reserves 2,708 2,708 2,708 Profit and loss account 2,477 2,686 2,279 ----------- ----------- ---------- Equity shareholders' funds 6,088 6,199 5,890 =========== =========== ========== Consolidated Cash Flow Statement Unaudited Unaudited Audited Six months to Six months to Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 Net cash inflow/(outflow) from operating activities 336 60 (229) ----------- ----------- ---------- Returns on investment and servicing of finance Interest received 68 86 168 Interest paid - - (18) Dividends from fixed asset investments - 1 - ----------- ----------- ---------- 68 87 150 ----------- ----------- ---------- Taxation Paid - - (127) ----------- ----------- ---------- Capital expenditure and financial investments Purchase of tangible fixed assets (33) (6) (107) Purchase of fixed asset investments - - (325) Purchase of current asset investments (2,821) - (172) Sale of current asset investments 986 37 717 (Grant) / repayment of loan (25) 100 - ----------- ----------- ---------- (1,893) 131 113 ----------- ----------- ---------- Equity dividends paid (58) - (56) ----------- ----------- ---------- Cash (outflow) / inflow before management of liquid resources and financing (1,547) 278 (149) =========== =========== ========== Management of liquid resources and financing Decrease / (increase) in short term deposits 1,787 (338) 179 ----------- ----------- ---------- Financing Issue of shares - - 99 ----------- ----------- ---------- Increase/ (decrease) in cash in the period 240 (60) 129 =========== =========== ========== Notes to the Accounts 1 Basis of preparation The unaudited accounts for the six months ended 30 June 2004 do not constitute statutory accounts. The profit and loss account, balance sheet and cash flow statement have been prepared on a basis consistent with the statutory accounts for the year ended 31 December 2003. Results for the year ended 31 December 2003 have been extracted from the statutory accounts which were reported on by the auditors, without qualification or statement under Section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. 2 Taxation There is no tax charge for the period due to the availability of losses brought forward. 3 Profit / (loss) per share The calculation of the basic profit / (loss) per ordinary share is based on profit / (loss) on ordinary activities after tax and on the weighted average number of ordinary shares in issue during the period. The calculation of diluted profit / (loss) per ordinary share is based on the basic profit / (loss) per ordinary share adjusted to allow for the issue of shares on the assumed conversion of all dilutive options. Reconciliations of the profit / (loss) and weighted average number of shares used in the calculations are set out in the table below. 6 months ended 30 June 2004 6 months ended 30 June 2003 Profit Weighted Profit Loss Weighted Loss # Average per # Average per Number of share Number of share shares (pence) Shares (pence) ======== ======== Basic profit / (loss) per ordinary 270,000 57,937,851 0.47 (228,000) 56,529,518 (0.40) Share ======== ======== Dilutive effect of securities - 5,771,957 - 2,624,854 -options and warrants -------------------- Dilutive profit / (loss) per ordinary Share 270,000 63,709,808 0.43 (228,000) 59,154,372 (0.39) ==================== 4 Dividends Six months to Six months to Year Ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 Proposed interim of 0.125p per share 72 57 114 ========== ========== ========== This information is provided by RNS The company news service from the London Stock Exchange END IR QXLFFZVBEBBV |
Posted at 10/5/2004 20:50 by optimist at large The two 100k trades were a 'roll-over'. ANC seems to be holding up well against the market. |
Posted at 04/5/2004 21:47 by ntv interesting agm 7 people attended(5 from anc!) imminent announcement on mountcashel anc will invest £2m they are bullish about the prospects for mountcashel (espcially so oliver vaughan) m&p coming to the market at a price substancially above current valuation in balance sheet current cash balance very similiar to year end |
Posted at 29/4/2004 07:36 by russianlinesman Dear JaberMan,I do not hold ANC. I held Mountcashel for years and lost money on it as having built up a reasonable sized stake it was then very difficult to shift. ANC has cash representing much of the current share price, BUT Few/nil investments remaining - therefore probably of limited value. They have a load of warrants in Bionex but if you want to take Bionex risk, then buy Bionex. Rubbish disclosure - when it was an investment company its disclosure was rubbish, and when it has its investment in the Mountcashel hedge fund it is hardly likely to be better. Corporate Synergy - still appears to be loss-making from most recent results. Not sure why. I imagine with many small caps of this type they pay themselves nice high salaries. Take away the interest earned on the cash pile and they are surely loss-making Hedge fund investment - they are going to put some of their cash in a hedge fund they are managing. Farewell transparency. Also note that the directors end up with quite a lot of outside directorships because they are already on the board of one listed company (i.e. ANC). If ANC was genuine value at this price, then management would take it private. It is after all, hardly expensive, and they could promptly cash in the cashpile so could acquire the company for a million plus. If Corporate Synergy was such a great business, then they would have done this at any time in the last 2 years or more. That's why I share your view not to buy. The ANC bulls would say the reason to buy is cash plus investments plus Corporate Synergy. WElcome to their views but not great deal of evidence to suggest major undervaluation. |
Posted at 28/4/2004 23:05 by the jaberman Judgementso i am not allowed to ask people to convince me, but HUGEPANTS on CFP thread has been posting incessantly asking: - HugePants - 27 Apr'04 - 15:57 View 'HugePants' profile Its battle of the Capitals!! To my mind ANC beats CFP hands down. In fact I cant think of any reason why Id buy CFP instead of ANC. ANC has a smaller market cap and a much stronger balance sheet. If any CFP holders can make a decent case as to why I should sell my ANC shares and buy CFP then please do so! |
Posted at 25/4/2004 20:09 by hugepants Simon, In a previous post you said;".....given £5.4m of net assets and a number of options/warrants (e.g. Multi Group)that are not held in the balance sheet." The recent reallisation of the Multi-Group options should add over 0.5p to Nav based on a strike price of 1p. Do you have a note of the other options/warrants that ANC hold? Ive lost track. |
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