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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Acquisitor Hld | LSE:AQH | 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 |
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RNS Number:0299M
Acquisitor Holdings Ltd
09 May 2005
9 May 2005
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
INTERIM RESULTS FOR THE SIX MONTH PERIOD
ENDED 31 MARCH 2005
The Board of Acquisitor Holdings Ltd. is pleased to announce the Interim Results
for the six month period ended 31 March 2005.
HIGHLIGHTS:
*Profit of #406,055 (2004: loss #339,029)
*NAV per share #0.34 (2004: #0.31 ) up 10%
*Acquired holdings in CSS Stellar plc (11.4%) and Tinopolis plc (4.4%)
*Holding in Baltimore plc increased
Commenting on today's announcement, John Radziwill, Chairman, stated: "We enter
the second half of the year more fully invested than at any time in the
Company's history, having consolidated our position in our largest holdings and
remain confident in the potential for significant returns in the future."
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 first half of the year was a period of steady progress and consolidation for
the Company. As reported in the 2004 Annual Report, the Company changed its
reporting currency from US Dollars to Pounds Sterling with effect from 1 October
2004.
Financial Highlights
I am pleased to report that for the 6 month period ending 31 March 2005 the
Company made a profit of #406,055 (2004 loss #339,029). This included foreign
exchange gains of #157,126 and reimbursement of expenses incurred in relation to
Baltimore plc of #493,781.
As of 31 March 2005, stated net asset value increased 9.1% to #16.4 million from
#15.1 million. Net asset value per share increased by 10% to 34 pence per share
from 31 pence per share as of 31 March 2004.
Acquisitions and Disposals
The Company acquired 11.4% of CSS Stellar plc and 4.4% of Tinopolis plc.
CSS is a global sports and entertainment marketing group with turnover in 2004
of #68 million, and a star studied client list that includes Juan Pablo Montoya,
Michael Parkinson, Anne Robinson, Ewan McGregor (the young Obi-Wan Kenobi in
Star Wars 1, 2 and 3 (soon to be released), French and Saunders, Sir Bobby
Robson and the young Swiss born Arsenal soccer star, Philippe Sendaros.
Tinopolis is one of the UK's largest independent Media producers of TV,
animation and New Media and was acquired by Acquisitor Plc in a reverse merger
transaction. The company is headquartered in Llanelli, South Wales, and is a
major producer of content for S4C, the Welsh language channel. Duncan Soukup has
remained on the board as a non-executive director.
We also significantly increased our shareholding in Baltimore plc, thereby
further consolidating our position in that company. Baltimore is now a cash
shell with some significant legacy issues that remain unresolved but also with
off balance sheet assets that could be substantial, although their precise value
is uncertain.
During the period, we completed our disposal of our positions in Michael Baker
Corporation, Investinmedia plc, Avanti Capital plc and API Group plc, all at a
profit.
Conclusion
We enter the second half of the year more fully invested than at any time in the
Company's history, having consolidated our position in our largest holdings and
remain confident in the potential for significant returns in the future.
John Radziwill
Chairman
Approved by the Board
6 May 2005
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Profit and loss account
For the six months ended 31 March 2005
(Expressed in Pounds Sterling)
6 months 12 months 6 months 7.10.02*1
to to 30.09.04 to to
31.03.05 31.03.04 30.09.03
as restated as as
*2 restated restated
*2 *2
Reimbursement of 493,781 - - -
transaction related
expenses (Note 3)
Administrative expenses (429,199) (1,111,859) (344,717) (575,742)
Operating income (loss) 64,582 (1,111,859) (344,717) (575,742)
Profit on disposal of 140,515 1,567,065 34,396 861,485
investments
Other interest receivable 68,186 36,577 9,769 186,881
and similar income
Realized gain on forward 157,126 - - -
foreign currency contract
(Note 9)
Interest payable (24,354) (89,660) (38,477) (34,865)
PROFIT (LOSS) transferred 406,055 402,123 (339,029) 437,759
to reserves
Earnings (Loss) per share #0.008 #0.010 (#0.011) #0.015
Shares outstanding 49,079,575 49,079,575 49,079,575 28,571,450
*1 Commencement of business
*2 Restated from Pounds Sterling to US Dollar
The Company's income and expenses all relate to continuing operations.
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Balance sheet
As at 31 March 2005
(Expressed in Pounds Sterling)
31.03.05 30.09.04 31.03.04 30.09.03
Note as as as
restated restated restated
Fixed assets
Investments at cost 4 16,579,682 15,054,854 7,380,141 5,893,093
Current assets
Cash at bank and in hand 2,115,548 2,708,416 9,325,116 5,099,990
Other debtors 73,256 7,656 7,540 -
Prepayments & accrued income 10,720 7,269 7,849 5,707
2,199,524 2,723,341 9,340,505 5,105,697
Creditors: Falling due within one
year
Bank overdraft 2,154,241 1,449,940 900,121 622,562
Trade creditors 20,914 104,752 353,258 162,108
Accruals 169,880 195,238 64,283 68,703
2,345,035 1,749,930 1,317,662 853,373
Net current (liabilities) assets (145,511) 973,411 8,022,843 4,252,324
Deferred gain on sale of investment - - (341,307) -
Net assets 16,434,171 16,028,265 15,061,677 10,145,417
Capital and reserves
Called up share capital 490,796 490,796 490,796 285,715
Share premium account 14,762,802 14,762,802 14,538,151 9,438,635
Foreign exchange reserve (37,972) (37,823) (32,364) (16,692)
Profit & loss account 1,218,545 812,490 65,094 437,759
16,434,171 16,028,265 15,061,677 10,145,417
Net asset value per share #0.34 #0.33 #0.31 #0.36
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Cash flow statement
For the six months ended 31 March 2005
(Expressed in Pounds Sterling)
6 months to 30.09.04 6 months to 7.10.02* to
31.03.05 31.03.04 30.09.03
Note as restated as restated as restated
Cash outflow from operating 5 (113,665) (1,033,265) (149,260) (350,638)
activities
Returns on investments and servicing
of finance
Interest received 46,515 47,597 14,769 74,597
Interest paid (24,925) (89,661) (35,059) (34,865)
21,590 (42,064) (20,290) 39,732
Capital expenditure and financial
investment
Purchase of investments (2,668,849) (16,117,896) (4,336,340) (4,581,239)
Proceeds on disposal of investments 1,295,475 8,035,361 2,654,903 7,133,714
(1,373,374) (8,082,535) (1,681,437) 2,552,475
Cash (outflow) inflow before use of (1,465,449) (9,157,864) (1,850,987) 2,241,569
liquid
resources and financing
Financing
Cash proceeds from issuance of share
capital - 6,638,231 6,537,215 2,123,575
Repurchase of shares - (314,748) (309,959) -
- 6,323,483 6,227,256 2,123,575
(Decrease) Increase in cash 6 (1,465,449) (2,834,381) 4,376,269 4,365,144
during the period
*Commencement of business
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Notes to the accounts
1. General
Acquisitor Holdings Ltd. (the "Company"), formerly known as Acquisitor Holdings
(Bermuda) Ltd., was incorporated under the Companies Act 1981 of Bermuda on 12
July 2002. The ordinary shares of the Company are listed on the London Stock
Exchange Alternative Investment Market ("AIM"). The Company maintains its
registered office in Bermuda.
The Company's objective is to achieve a high rate of capital growth by investing
in companies which the Directors deem to be undervalued.
The report was approved by the board of directors on 6 May 2005.
2. Accounting policies
The financial statements have been prepared in accordance with accounting
principles and standards generally accepted in the United Kingdom.
(a) Basis of accounting
The financial statements are prepared under the historical cost convention.
(b) Investments
The Company's investments are stated at historic cost and accounted for on an
average cost basis. Provisions made for any permanent diminution in value are
written off through the profit and loss account for the period. Gains or losses
on disposal of investments are included in the profit and loss account in the
period in which they occur.
(c) Foreign currency translation
As at October 1, 2004, the Board of Directors of the Company approved to change
its functional currency from US dollars to Pounds Sterling. The comparative
figures disclosed in the interim financial statements have been restated in
Pounds Sterling at the closing rate for each of the periods reported. The
difference arising between the translated share capital value and the par value
of the shares in Pound Sterling was taken to the foreign exchange reserve.
Transactions in foreign currencies are translated at the exchange rate ruling on
the date the transaction occurs. At the balance sheet date, monetary assets and
liabilities denominated in foreign currencies are translated using the closing
rate. Non-monetary assets are stated at the rate of ruling on the date that the
holding was acquired. Exchange differences are taken to the profit and loss
account for the period.
Effective October 1, 2003, foreign equity investments financed by foreign
currency borrowings are translated at the closing rate at the balance sheet date
in accordance with SSAP 20 Foreign Currency Translation (the special case of
equity investment financed by foreign borrowings). Exchange differences are
taken to reserves. Prior to that, holdings were stated at the historical rate at
the date it was acquired and exchange differences were taken to the profit and
loss account for the period. This change in accounting policy did not have a
material effect on the Company's financial statements.
(d) Interest income and expense
Interest income and expense is recorded on an accrual basis.
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Notes to the accounts (continued)
3. Recovery of Administration expenses
The Company incurred significant direct costs in connection with a corporate
action involving Baltimore Technologies Plc which resulted in Baltimore's board
of directors being replaced on 6 July 2004. These costs amounted to #493,781 and
were reimbursed by Baltimore in March 2005.
4. Investments
6 months to 30.09.04 6 months to 7.10.02* to
31.03.05 31.03.04 30.09.03
as restated as restated as restated
COST
Opening 15,054,854 5,893,093 5,893,093 -
Additions 2,668,849 16,117,896 4,336,340 12,165,323
Disposals (1,144,021) (6,468,296) (2,279,199) (6,272,230)
Translation - (487,839) (570,093) -
differences arising on
retranslation of
investments
Closing 16,579,682 15,054,854 7,380,141 5,893,093
During the current period, Baltimore Technologies plc was delisted and changed
its name to Baltimore plc. At 31 March 2005, the Company's unlisted 28.77%
holding in Baltimore plc was held at a cost of #5,890,420. The Company's share
of Baltimore's net assets, based on information provided by Baltimore, was
#4,315,500 which is #1,574,920 less than the carrying value of the Company's
holding. No provision has been made against the carrying value as the directors
do not consider that there has been any permanent impairment in the holding.
At 31 March 2005, listed holdings were held at a cost of #10,689,262. The market
value of the listed holdings was #10,041,350 (2004 - #8,440,278). All the listed
holdings are listed on recognised stock exchanges in the United States or
Europe. Included in the listed investments is a 27.4% stake in Nettec plc.
5. Reconciliation of operating loss to operating cash flows
6 months 30.09.04 6 months 7.10.02*
to to to
31.03.05 31.03.04 30.09.03
as restated as as
restated restated
Operating income (loss) 64,582 (1,111,859) (344,717) (575,742)
Increase in debtors & (69,051) (9,691) (10,183) (5,706)
prepayments & accrued
income
(Decrease) increase in (109,196) 88,285 205,640 230,810
creditors
(113,665) (1,033,265) (149,260) (350,638)
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Notes to the accounts (continued)
6. Reconciliation of net cash flow to movement in net funds
6 months to 30.09.04 6 months 7.10.02*
31.03.05 to to
31.03.04 30.09.03
as restated as as
restated restated
Net cash brought forward:
Cash at bank 2,708,416 5,099,990 5,099,990 -
Translation differences - (370,648) (433,141) -
arising on retranslation of
cash
Bank overdraft (1,449,940) (622,562) (622,562) -
1,258,476 4,106,780 4,044,287 -
Net movement in the period:
Net cash (outflow) inflow (1,465,449) (2,834,381) 4,376,269 4,365,144
Exchange movement 168,280 (13,923) 4,439 112,284
(1,297,169) (2,848,304) 4,380,708 4,477,428
Net cash carried forward:
Cash at bank 2,115,548 2,708,416 9,325,116 5,099,990
Bank overdraft (2,154,241) (1,449,940) (900,121) (622,562)
(38,693) 1,258,476 8,424,995 4,477,428
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Notes to the accounts (continued)
7. Reconciliation of movement in shareholders' funds
6 months 30.09.04 6 months 7.10.02*
to to to
31.03.05 31.03.04 30.09.03
as as as
restated restated restated
Share capital:
Brought forward 490,796 285,715 285,715 -
Capital issued - 215,466 215,466 285,715
Capital redeemed - (10,385) (10,385) -
490,796 490,796 490,796 285,715
Share premium:
Brought forward 14,762,802 9,438,635 9,438,635 -
Translation differences - (688,434) (913,085) -
arising on retranslation of
share premium
Capital issued - 6,322,439 6,322,439 9,438,635
Share premium redeemed - (309,838) (309,838) -
14,762,802 14,762,802 14,538,151 9,438,635
Foreign exchange reserve:
Brought forward (37,823) (16,692) (16,692) -
Translation differences on - (18,226) (25,163) -
foreign currency translation
Translation differences on (149) (2,905) 9,491 (16,692)
foreign currency investments
(37,972) (37,823) (32,364) (16,692)
Profit & loss account:
Brought forward 812,490 437,759 437,759 -
Translation differences on - (36,238) (42,347) -
foreign currency translation
Realised gain on repurchase - 8,846 8,711 -
of shares
Profit (loss) for the period 406,055 402,123 (339,029) 437,759
Carried forward 1,218,545 812,490 65,094 437,759
Total:
Brought forward 16,028,265 10,145,417 10,145,417 -
Foreign exchange reserve (149) (21,131) (15,672) (16,692)
Realised gain on repurchase - 8,846 8,711 -
of shares
Translation differences - (688,434) (913,085) -
arising on retranslation of
share premium
Translation differences - (36,238) (42,347) -
arising on retranslation of
opening P & L
Profit (loss) for period 406,055 402,123 (339,029) 437,759
Capital issued - 6,537,905 6,537,905 9,724,350
Capital redeemed - (320,223) (320,223) -
Carried forward 16,434,171 16,028,265 15,061,677 10,145,417
ACQUISITOR HOLDINGS LTD.
("Acquisitor Holdings" or "the Company")
(Ticker: Reuters AQH.L or Bloomberg: AQH LN)
Notes to the accounts (continued)
8. Statement of total recognised gains (losses)
6 months 30.09.04 6 months 7.10.02*
to to to
31.03.05 31.03.04 30.09.03
as as as
restated restated restated
Profit (loss) for the 406,055 402,123 (339,029) 437,759
financial period/year
Realised gain on - 8,846 8,711 -
repurchase of shares
(149) (2,905) 9,491 -
Translation differences
on foreign currency
investments
Total recognised gains 405,906 408,064 (320,827) 437,759
(losses)
relating to the period/
year
*Commencement of business
9. Gain on forward foreign exchange currency contract
On October 7, 2004, the Company entered into a forward foreign exchange currency
contract whereby the company agreed to purchase #4,503,490 and sell $8,000,000
on November 12, 2004. At the maturity date, the net foreign exchange gain on the
contract was #157,126 which was reported in the profit and loss account.
Forward contracts expose the company to credit risk and market risk. Credit risk
arises from the potential inability of counterparties to perform under the terms
of the contract. The Company is exposed to market risk to the extent that
adverse changes occur in the exchange rate of the underlying foreign currency.
This market risk is in excess of any amount recognised in the balance sheet.
As at March 31, 2005, the Company did not have any open forward contracts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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