![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Abraxus Inv. | LSE:AXU | London | Ordinary Share | GB0008463787 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9776V Abraxus Investments PLC 22 December 2005 22 December 2005 Abraxus Investments PLC Interim Results for the six months ended 30 September 2005 Chairman's Statement I am pleased to announce the interim results for the six months ended 30 September 2005. All comparatives are for the six months ended 30 September 2004. Financial Results: Turnover for the period was nil (2004 - nil) with a loss on ordinary activities before taxation of #218,389 (6 months ended 30 September 2004 - loss #274,599). The Board is not recommending the payment of a dividend. At 30 September 2005, the Group had net assets of #1,762,967 (30 September 2004: #1,593,876) equivalent to 5p per share (30 September 2004: 6p per share). Development of Budapest Hotel The building at Podmaniczky u. 45in Budapest, 6. is in a busy street on the Pest side, on the corner of Vorosmarty Street and Podmaniczky Street. It is close to the West Railway Station and the biggest Shopping Centre (West End Centre) of Budapest, in the 6th district, with direct connection by the Ferdinand Bridge with the 13th district. It was built at the end of the 19th century for the Hungarian freemasons and has approximately 5,409 m2. It is a listed building, but permission has been obtained to change internal areas, except the staircase and other specific elements. At present, the property has a valid building permit for the planned 80 room hotel. I am delighted to report that all works being carried out are on time and within budget. The hotel is provisionally scheduled to open in December 2006 and the Board is currently reviewing a number of interior design proposals. We are delighted with the development of this prominent building which marks the first step in the transformation and expansion of the Company's development activities. Extraordinary General Meeting An Extraordinary General Meeting of the Company was requisitioned by Langdale Overseas Property Services PLC acting through its nominee Pershing Keen Nominees Limited, which held 18.65% of the issued share capital of the Company. The meeting was held on 4 July 2005 and the resolutions proposed were to remove all the current directors and to appoint three new directors. All resolutions were rejected by shareholders. Whilst I can understand some frustration amongst shareholders at the delay in the implementation of the strategy, I feel that it is vital to spend the necessary time and due diligence in order to invest in the right opportunities. I am pleased to say that the Budapest acquisition is such an opportunity and that a substantial majority of the shareholders supported the Board's composition and existing strategy. At the meeting, it was confirmed that, following the acquisition of the property in Budapest, the Company had entered into an agreement with a company connected with Mr Uri Heller for project management of the proposed development. The Directors, other than Mr Heller, consider, having received an opinion from the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. Strategic Review: The acquisition and development of the hotel detailed above marks the first step in the transformation and expansion of the Company's development activities. The Board remain committed to its strategy of identifying international commercial property development and investment opportunities that show an expectation of higher than average returns. We are currently focusing on Central and Eastern Europe, where opportunities remain attractive and there is strong potential for capital growth. To take advantage of these opportunities the directors are considering raising further equity to strengthen the capital base of your company. Conclusion: Following the first acquisition in Budapest, I look forward to the continued implementation of the Company's strategy with great optimism. I would like to take this opportunity to thank shareholders for their patient support in what has been a transitional time for the Company and to assure them that we aim to reward their patience by delivering increased shareholder value in the coming years. David Sparks Chairman Abraxus Investments PLC Profit and Loss Account for the six months ended 30 September 2005 Unaudited 6 m/e Unaudited 6 m/e Audited Year ended 30-Sep-05 30-Sep-04 31-Mar-05 Turnover - - - Cost of sales - - - Gross profit - - - Administrative expenses (230,395) (47,999) (208,626) Operating Loss (230,395) (47,999) (208,626) Exceptional item - (258,677) (285,551) Interest receivable and similar income 14,165 32,077 62,710 Loss on ordinary activities before taxation (216,230) (274,599) (431,467) Tax on profit on ordinary activities - - - Loss on ordinary activities after taxation (216,230) (274,599) (431,467) Minority interest - - - Retained loss for the period (216,230) (274,599) (431,467) Abraxus Investments PLC Balance Sheet as at 30 September 2005 Unaudited Unaudited Audited 6m/e 6m/e year ended 30-Sept-05 30-Sept-04 31-Mar-05 Fixed assets Tangible fixed assets 966,364 - 929,606 Investments Current assets Debtors 25,250 - 181,194 Cash at bank and in hand 896,284 1,744,519 1,073,472 921,534 1,744,519 1,254,472 Current liabilities (124,931) (150,643) (205,075) Net current assets 796,603 1,593,876 1,049,591 Total assets less current liabilities 1,762,967 1,593,876 1,979,197 Creditors - amounts falling due after one year Loans Deferred rent - - - Provisions for liabilities and charges - - - Net assets 1,762,967 1,593,876 1,979,197 Capital and reserves Called up share capital 1,722,222 1,311,472 1,722,222 Share premium 7,435,193 7,303,754 7,435,193 Profit and loss b/f (7,394,448) (7,021,350) (7,178,218) 1,762,967 1,593,876 1,979,197 Abraxus Investments PLC Unaudited Consolidated Cashflow for the six months ended 30 September 2005 Unaudited Unaudited 6m/e 6m/e 30-Sep-05 30-Sep-03 Net cash inflow/(outflow) from operating activities (156,754) (283,147) Returns on investment and servicing of finance Interest received 14,165 32,077 Cash (outflow)/inflow before financing (142,489) (251,070) Capital expenditure and financial investment (36,758) - Management of liquid resources - - Financing - - Movement in net funds in the period (177,188) (251,070) Net funds at the start of the period 1,073,472 1,995,589 Net funds at the end of the period 896,284 1,744,519 Unaudited Consolidated Cashflow Note for the six months ended 30 September 2005 Reconciliation of operating loss to operating cashflows Operating loss (232,554) (306,676) Depreciation - - Decrease in debtors 155,944 22,041 Increase/(Decrease) in creditors (80,144) 1,488 Net cash outflow from operating activities (156,754) 283,147 The interim results have been prepared in accordance with applicable United Kingdom accounting standards, using the historical cost convention. The financial information for the half year ended 30 September 2005 was approved by the Board on 22 December 2005. The financial information contained in this report does not constitute statutory accounts for the group for the relevant periods. The interim report is not audited, nor has it been reviewed by the auditors. The results for the year ended 31 March 2005 have been extracted from the Annual Report and Accounts which received an unqualified auditor's report that did not contain a statement under section 237(2) or (3) of the Companies Act 1985, and have been delivered to the Register of Companies. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVSFSLIFIE
1 Year Abraxus Chart |
1 Month Abraxus Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions