![](/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 |
---|---|---|---|---|---|
Acquisitor(Ber) | LSE:AOB | London | Ordinary Share | BMG0074J1027 | ORD 1P |
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 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7321F Acquisitor Holdings (Bermuda) Ltd 29 November 2004 FOR IMMEDIATE RELEASE 29 NOVEMBER 2004 ACQUISITOR HOLDINGS (BERMUDA) LTD. ("Acquisitor Holdings" or "the Company") (Ticker: Reuters AOB.L or Bloomberg: AOB LN) FINAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004 The Board of Acquisitor Holdings (Bermuda) Ltd. today announces its Final Results for the year ended 30 September 2004. HIGHLIGHTS: * $12 million raised in March 2004 taking net assets to $29,043,217 (2003: $16,861,683) * Net income of $728,647 (2003: $727,556) * Profitable disposal of holdings in Aldila and Michael Baker Commenting on the results, Chairman John Radziwill said: "The year ended 30 September 2004 was a year of achievement, continuing progress and profitability for our Company. We enlarged our capital base and for the first time applied our acquisition strategy in European markets on a large scale." "I am confident that providing we keep to our analytical discipline we will be able to continue our past record and successfully deploy funds to the benefit of all shareholders. I would like to take this opportunity of thanking our shareholders for their support through this year of expansion, change and success." FULL STATEMENT ATTACHED Enquiries: Bishopsgate Communications Ltd Tel: 0207 430 1600 Maxine Barnes Dominic Barretto Email: maxine@bishopsgatecommunications.com Information on the Company can also be obtained at: www.acquisitorholdings.com CHAIRMAN'S STATEMENT INTRODUCTION The year to September 2004 was a year of achievement, continuing progress and profitability for our Company. We enlarged our capital base and for the first time applied our acquisition strategy in European markets on a large scale. CAPITAL RAISING In March 2004, we raised approximately $12 million, net of expenses, at 32p per share. Approximately $1 million of monies raised were raised from funds associated with Duncan Soukup and myself thereby displaying our continued optimism in the future of the Company and taking our total investment in the Company to more than $5 million. The remainder of the shares were placed both with existing and new institutional shareholders. This was an extremely gratifying vote of confidence from both existing and new shareholders. FINANCIAL HIGHLIGHTS For the year ended 30 September 2004, Acquisitor Holdings reported net income of $728,647 (2003: $727,556) and earnings per share of $0.018 (2003: $0.025). Net assets as of 30 September 2004 were $29,043,217 or $0.59 per share (2003: $16,861,683 or $0.59 per share). Administrative expenses were $2,014,688 for the year (2003: $956,884). Whilst normal operating expenses remained at much the same level as last year, we incurred significant transaction related expenses, mostly legal and advisory fees, in connection with the shareholder action, described below, with Baltimore Technologies Plc. I would, however, like to point out that we are claiming a substantial proportion of these transaction related expenses from one of the firms of lawyers who represented us in this action and whom we believe were negligent. MAJOR ACQUISITIONS Baltimore Technologies Plc * Initially attracted to Baltimore by its discount to net assets, we quickly determined that, in our opinion, Baltimore's management and board did not have a commercially viable plan to maximise shareholder value. We therefore requisitioned an EGM in May 2004 to replace the entire board; our resolutions were defeated by an extremely narrow margin. In July 2004, having tabled resolutions for the AGM and requisitioned a further EGM, we were successful in removing the entire board and appointing a new board including Duncan Soukup and Tim Lovell to represent our interests as the largest shareholder with 26% of Baltimore's equity. Baltimore currently has no operating businesses and a cash balance of approximately #26 million. Net asset value at 30 June 2004, shown in the recent interim statement, was #16.5 million. The new board and management are working to ensure that Baltimore's assets are redeployed effectively. Notwithstanding that our share of Baltimore's stated net assets is below our cost, the Board does not believe that the value of our holding has been permanently impaired. Accordingly the holding is carried at cost in the balance sheet. The Company's auditors KPMG are of the opinion that a write down should be made for an impairment as required by Financial Reporting Standard No. 11 "Impairment of Fixed Assets and Goodwill". The effect of such a write down would have been to reduce the profit on ordinary activities for the year ended September 30, 2004 by approximately $2.8 million and the amount carried for investments at that date by an equivalent amount. * Further information on Baltimore can be found at www.baltimore.com Nettec PLC During the year, we acquired a stake of approximately 26% in Nettec, which has since been increased to 27.4%, a cash shell with cash of approximately #10.5 million and net assets of approximately #10.2 million. Duncan Soukup has joined Nettec's board and the company is seeking an acquisition. MAJOR DISPOSALS Aldila Inc. This holding was sold for a profit of approximately $1.1 million on a cost of $1.8 million. It is worth noting that although the share price reached a level 74% below cost, at no stage did management believe there was a permanent impairment in value. Outcomes such as this vindicate your management's belief that market prices in illiquid stocks are not a reliable guide to their value. Michael Baker Corporation All our holding has now been sold. Most of the holding was sold in the year to 30 September 2004, with a small balance sold in October 2004, resulting in a total gain of $1.8 million on a cost $4.5 million, of which $1.7 million was reflected in the current results. CHANGE IN REPORTING CURRENCY Due to the increasing exposure to the UK stock market and also due to the fact that the Company's stock market quote is denominated in pounds, the board has decided to change the Company's reporting currency from US dollars to pounds with effect from 1 October 2004. COMMENTARY AND OUTLOOK As of 30 September 2004, your company had net assets of some $29 million of which some 94% is represented by investments. However Baltimore and Nettec have combined liquidity amounting to $66 million, at current exchange rates, available for acquisitions. I am confident that providing we keep to our analytical discipline we will be able to continue our past record and successfully assist in the deployment of these funds to the benefit of all shareholders. I would like to take this opportunity of thanking our shareholders for their support through this year of expansion, change and success. John Radziwill Date: 26 November 2004 Chairman PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 $ $ INCOME FROM OPERATIONS - - GROSS PROFIT - - Administrative expenses (2,014,688) (956,884) ------- ------ OPERATING LOSS (2,014,688) (956,884) Profit on disposal of investments 2,839,523 1,431,788 Other interest receivable and similar income 66,278 310,597 Interest payable (162,466) (57,945) PROFIT ON ORDINARY ACTIVITIES AND RETAINED PROFIT FOR THE PERIOD $ 728,647 $ 727,556 Earnings per share 0.0185 0.0255 The Company's income and expenses all relate to continuing operations. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 $ $ PROFIT ON ORDINARY ACTIVITIES 728,647 727,556 Currency translation differences on investments financed by foreign currency borrowings (5,264) - Profit on share capital repurchase 16,029 - TOTAL GAINS AND LOSSES RECOGNISED DURING THE PERIOD $ 739,412 $ 727,556 BALANCE SHEET AS AT 30 SEPTEMBER 2004 2004 2003 $ $ $ $ FIXED ASSETS Investments at cost 27,279,396 9,794,321 CURRENT ASSETS Cash at bank and in hand 4,907,649 8,476,184 Other debtors 13,873 - Prepayments & accrued income 13,172 9,484 4,934,694 8,485,668 CURRENT LIABILITIES Creditors falling due within one year 3,170,873 1,418,306 NET CURRENT ASSETS 1,763,821 7,067,362 NET ASSETS $29,043,217 $16,861,683 CAPITAL AND RESERVES Called-up share capital 826,051 447,115 Share premium account 26,750,198 15,687,012 Foreign exchange reserve (5,264) - Profit and loss account 1,472,232 727,556 $29,043,217 $16,861,683 NET ASSET VALUE PER SHARE $ 0.59 $ 0.59 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 $ $ $ $ Net cash outflow from (1,872,276) (582,760) operating activities Returns on investments and servicing of finance Interest received 86,247 123,980 Interest paid (162,466) (57,945) (76,219) 66,035 Financing Cash proceeds from issuance 12,028,475 of share capital Repurchase of shares (570,324) 3,529,381 11,458,151 3,529,381 Capital expenditure and financial investment Purchase of investments (29,205,627) (7,614,020) Proceeds on disposal of 14,560,075 11,856,233 investments (14,645,552) 4,242,213 (Decrease) increase in cash during the $(5,135,896) $7,254,869 year/period ---ENDS--- This information is provided by RNS The company news service from the London Stock Exchange END FR QKAKPOBDDPDB
1 Year Acquisitor(Ber) Chart |
1 Month Acquisitor(Ber) 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