Final Results

RNS Number:8030U
Acquisitor Holdings Ltd
29 November 2005


FOR IMMEDIATE RELEASE                                           29 NOVEMBER 2005

                            ACQUISITOR HOLDINGS LTD.

                    ("Acquisitor Holdings" or "the Company")
                  (Ticker: Reuters AOB.L or Bloomberg: AOB LN)

                                 FINAL RESULTS
                      FOR THE YEAR ENDED 30 SEPTEMBER 2005

The Board of Acquisitor Holdings today announces its Final Results for the year
ended 30 September 2005. The audited statutory accounts were signed on 28
November 2005.

HIGHLIGHTS:

* Net assets increased to #16,137,181 or 33p per share (2004: #16,028,265
  or 33p per share)
* Mark to Market NAV per share has grown 36% to #19,033,720 or 39p per
  share
* Net income of #110,400 (2004: #402,123)
* Added holdings in CSS Stellar plc, Tinopolis plc and reduced holdings in
  Air Methods Corp.
* Holding in Baltimore plc increased to 29.3%

Commenting on the results, Chairman John Radziwill said: "In the year ended 30
September 2005 the Company has made solid progress. The Board is of the opinion
that the foundations for continued capital growth and future profitability are
well established."

"Whilst the Company's accounting policy dictates that profits are only
recognised on actual disposals, it is worth highlighting that the mark to market
net asset value (with unlisted holdings valued at cost) has grown 36% in the
year, to #19 million (39p per share)".

                                    --ENDS--

Enquiries:

Bishopsgate Communications Ltd                                Tel: [phone]
Maxine Barnes
Dominic Barretto
Email: [e-mail]

Information on the Company can also be obtained at: www.acquisitorholdings.com






CHAIRMAN'S STATEMENT

INTRODUCTION
The Company has made solid progress this year and the Board is of the opinion
that the foundations for continued capital growth and future profitability are
well established. Whilst the Company's accounting policy dictates that profits
are only recognised on actual disposals, it is worth highlighting that the mark
to market net asset value per share (with unlisted holdings valued at cost) has
grown 36% in the year, to #19 million (39p per share). It is also worth noting,
that the mark to market net asset value per share of 0.39p as at 30 September
2005 was 18% above the book value per share of 0.33p for the same period.

FINANCIAL HIGHLIGHTS
For the year ended 30 September 2005, profits were of #110,400 (2004: #402,123)
and earnings per shares of #0.002 (2004: #0.010). Net assets as of 30 September
2005 were #16,137,181 or #0.33 per share (2004: 16,028,265 or #0.33 per share).
Profits of #156,943 (2004: #1,567,065) were recognised on asset sales while
reimbursements of #514,123 were recovered in respect of transaction related
expenses, in connection with the shareholder action with Baltimore plc.

Administrative expenses were #670,499 for the year (2004: #1,111,859). Operating
expenses for the year fell significantly as last year's figure included #514,123
of transaction related expenses, noted above.

HOLDINGS

Air Methods Corporation
We have a reported holding of 7.6% (after sales following year end, as noted
below) in Air Methods Corporation ("Air Methods"). Air Methods is a leader in
emergency aeromedical transportation and medical services in the US. The Air
Medical Services division is the largest provider of air medical services for
hospitals. The LifeNet division is the largest community-based provider of air
medical services. The products division specialises in the design and
manufacture of aeromedical and aerospace technology. The company's fleet of
owned, leased or maintained aircraft features over 190 helicopters and fixed
wing aircraft.

Air Methods announced positive 3rd Quarter results in November 2005. As a
result, Air Methods' share price has risen, becoming a larger portion of our
holdings. Accordingly, we sold shares to reduce our exposure to market risk,
realising profits of approximately #700,000 from these sales, which are not
reflected in the profits for the year ended 30th September 2005.

Articon Integralis AG
During the year we increased our stake in Articon to 10.3%. Articon is a
European market leader in security software systems integration. The company has
17 offices worldwide and 403 employees. Duncan Soukup joined the supervisory
board in September 2005.

Baltimore plc
We increased our stake in Baltimore plc to 29.3% thereby further consolidating
our position. Baltimore was de-listed from the London Stock Exchange on 14
February 2005 and also successfully terminated its registration with the SEC in
the US. Baltimore is now a cash shell with net assets reported at 31st December
2004 of #16,691,187. Some legacy issues remain unresolved and there are off
balance sheet assets that may or may not have significant value.

Our investment in Baltimore plc is currently held at cost. The Board do not
believe there has been a permanent impairment in value. The auditors have
qualified their opinion on the statutory accounts, as they have been unable to
obtain independent evidence that an impairment provision is not required.

CSS Stellar plc
During the year, we acquired an 11.7% stake in CSS Stellar plc, which has
subsequent to year end increased to 15.8%. CSS Stellar plc is a global sports
and entertainment marketing group with turnover in 2004 of #68 million and a
client list that includes Juan Pablo Montoya, Michael Parkinson, Anne Robinson,
Ewan McGregor, Keira Knightly, French and Saunders, Sir Bobby Robson and the
young Swiss Arsenal soccer star Philippe Sendaros.

Nettec Plc
During the year we increased our stake in Nettec plc to 28.1%. The company is a
cash shell with cash of approximately #10.6 million and net assets of
approximately #10.4 million and is currently seeking an acquisition. Duncan
Soukup is a director.

Tinopolis Plc
We acquired a 4.4% stake in Tinopolis plc following its listing on Alternative
Investment Market, as a result of a reverse merger with Acquisitor Plc in
February 2005. The company is one of the UK's largest independent media
producers of TV, animation and new media. Its head-quarters are based in
Llanelli, South Wales and it is a major producer of content for S4C, the Welsh
language channel..

Other
We have an undisclosed holding in an AIM listed company whose trading in its
shares was suspended in early October 2005 pending independent verification of
certain of its assets. The company made a further announcement on the 25
November 2005 that advisers appointed to verify the company's assets reported to
its board that it appears the company has been subject to serious fraud. The
total cost of our investment is #335,703 of which #188,385 was held at 30
September 2005. No provision has been made in the financial statements for the
year ended 30 September 2005, as there are sufficient unrealised gains in the
listed portfolio to cover any expected losses on this investment.

CHANGE IN REPORTING CURRENCY
As reported in last year's annual report, the Company has changed its reporting
currency with effect from 1st October 2004 from US Dollars to British Pounds in
response to the increasing importance of the UK Stock market to the Company's
activities.

COMMENTARY AND OUTLOOK
As at 30 September 2005, the Company reported net assets of some #16.1 million.
Valuing the listed holdings at their market values and the unlisted investments
at cost gives a net asset value of #19 million or 39p per share (2004: #14.0
million or 29p per share). The Company remains fully invested although through
both Nettec plc and Baltimore plc the exposure to cash is equivalent to #7.9
million or 16.1p per share. We will continue to work with the managements of the
various companies in which we have holdings, to enhance value further and will
seek to realise profits when, in your board's opinion, valuations reach fair
value.

Chairman
John Radziwill


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
30 SEPTEMBER 2005

                                                          2005            2004
                                                             #               #
INCOME FROM OPERATIONS                                 156,943       1,567,065

GROSS PROFIT                                           156,943       1,567,065
Reimbursement of transaction related expenses          514,123               -
Administrative expenses                               (670,499)     (1,111,859)
                                                     -----------

OPERATING Profit                                           567         455,206
Other interest receivable and similar income           187,874          36,577
Interest payable                                       (78,041)        (89,660)

PROFIT ON ORDINARY ACTIVITIES AND
RETAINED PROFIT FOR THE PERIOD                       # 110,400       # 402,123

Earnings per share                                       0.002           0.010


The Company's income and expenses all relate to continuing operations.


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED
30 SEPTEMBER 2005

                                                            2005          2004
                                                               #             #

PROFIT ON ORDINARY ACTIVITIES                            110,400       402,123
Currency translation differences on investments
financed by foreign currency borrowings                   (1,484)       (2,905)
Profit on share capital repurchase                             -         8,846

TOTAL GAINS AND LOSSES RECOGNISED
DURING THE PERIOD                                      # 108,916     # 408,064





BALANCE SHEET AS AT 30 SEPTEMBER 2005

                                           2005                      2004
                                     #             #           #             #
FIXED ASSETS
Investments at cost                       17,674,239                15,054,854

CURRENT ASSETS
Cash at bank and in hand     1,743,080                 2,708,416
Other debtors                   17,997                     7,656
Prepayments & accrued income     6,187                     7,269
                             1,767,264                 2,723,341

CURRENT LIABILITIES
Creditors falling due 
within one year              3,304,322                 1,749,930

NET CURRENT ASSETS                        (1,537,058)                  973,411

NET ASSETS                               #16,137,181               #16,028,265

CAPITAL AND RESERVES
Called-up share capital                      490,796                   490,796
Share premium account                     14,762,802                14,762,802
Foreign exchange reserve                     (39,307)                  (37,823)
Profit and loss account                      922,890                   812,490
                                         #16,137,181               #16,028,265

NET ASSET VALUE PER SHARE                     # 0.33                    # 0.33
                                                                      



CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005

                                           2005                       2004
                                     #            #             #            #

Net cash outflow from                    (308, 491)                 (1,033,265)
operating activities

Returns on investments and
servicing of finance
Interest received               84,504                     47,597
Interest paid                  (78,041)                   (89,661)
                                              6,463                    (42,064)

Financing
Cash proceeds from issuance
of share capital                     -                  6,638,231
Repurchase of shares                 -                   (314,748)
                                                  -                  6,323,483

Capital expenditure and
financial investment
Purchase of investments     (3,809,076)               (16,117,896)
Proceeds on disposal of      1,351,658                  8,035,361
investments
                                         (2,457,418)                (8,082,535)

(Decrease) in cash during                #(2,759,446)               #(2,834,381)
the year





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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