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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0480T Advance Visual Communications PLC 16 March 2007 Regulatory Announcement Company Advance Visual Communications plc TIDM ACV Headline Interim Results ADVANCE VISUAL COMMUNICATIONS PLC INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2006 Chairman's Statement In the six months to 31 December 2006, the Company incurred a loss of #31,304 (equivalent to 0.01 pence per share) compared to a loss of #36,471 for the prior year comparable period. The cash balances at the end of the period were #96,696 (30 June 2006 - #25,431). On 28 September 2006, the Company raised #100,000 by the issue of #100,000 of Convertible Unsecured Loan Notes 2010 together with Warrants in order to raise working capital for the Company. In accordance with the AIM rules, as the Company had not made an acquisition in the twelve months following the adoption of its investment strategy, trading in the Company's shares was suspended on 29 December 2006. The Directors continue to seek out appropriate acquisition opportunities in line with the Investing Strategy adopted by the Company in General Meeting: to acquire a single company or business which will benefit from being listed on AIM, which has experienced management and which has the potential to develop into a substantial company within the business services sector within Europe. In the meantime costs are being kept to a minimum to conserve cash. Stephen Barclay Non-Executive Chairman 16 March 2007 ADVANCE VISUAL COMMUNICATIONS PLC UNAUDITED PROFIT AND LOSS ACCOUNT For the six month period ended 31 December 2006 Note Six months Six months ended ended Year ended 31 December 31 December 30 June 2006 2005 2006 # # # TURNOVER - - - Administration expenses (14,434) (37,530) (70,850) OPERATING LOSS (14,434) (37,530) (70,850) Profit on disposal and liquidation of - - 8 subsidiaries Interest receivable (bank interest) 755 1,059 1,342 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (13,679) (36,471) (69,500) Tax on loss on ordinary activities - - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE FINANCIAL YEAR (13,679) (36,471) (69,500) LOSS PER ORDINARY SHARE 2 (0.01)p (0.02)p (0.03)p ADVANCE VISUAL COMMUNICATIONS PLC UNAUDITED CONSOLIDATED BALANCE SHEET As at 31 December 2006 31 December 31 December 30 June 2006 2005 2006 # # # Fixed Assets Tangible assets - - - Current assets Cash at bank 96,696 63,769 25,431 Debtors and prepayments 1,840 1,662 4,193 98,536 65,431 29,624 Creditors: amounts falling due within one (9,410) (29,597) (26,819) year Net current assets 89,126 35,834 2,805 Convertible Loan notes 3 (100,000) - - Net assets (10,874) 35,834 2,805 Capital and reserves Called up share capital 4 1,684,672 1,684,672 1,684,672 Share premium account 6,640,976 6,640,976 6,640,976 Profit and loss account 5 (8,336,522) (8,289,814) (8,322,843) Shareholders' funds (10,874) 35,834 2,805 Reconciliation of movements in shareholders' funds for the period ended 31 December 2006 Profit & Total Share Share Loss Shareholders' Capital Premium Account Funds # # # # Balance at 30 June 2006 1,684,672 6,640,976 (8,322,843) 2,805 Profit/(loss) for the period - - (13,679) (13,679) Balance at 31 December 2006 1,684,672 6,640,976 (8,336,522) (10,874) NOTES TO THE UNAUDITED FINANCIAL STATEMENTS 1 The financial information for the period ended 31 December 2006 is unaudited and has been prepared on the basis of the Company's adopted accounting policies. This financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 30 June 2006 has been extracted from the company's statutory accounts, which have been delivered to the Registrar of Companies. The audit report on the accounts for the year ended 30 June 2006 was unqualified. 2 Loss per share The loss per share has been calculated by dividing the loss after taxation of #31,304 by the weighted average number of Ordinary Shares in issue of 230,492,847. 3 Convertible Loan Notes The Convertible Loan Notes were issued on 28 September 2006. These Loan Notes convert into new ordinary shares in the Company at par at any time from the first anniversary to the fifth anniversary of issue. The Company may require conversion of the Loan Notes at any time in certain circumstances, including the acquisition of a company or business by the issue of new ordinary shares in the Company in excess of 30% of the then enlarged share capital of the Company. 4 Share capital At 31 December 2006 the Company had 230,492,847 Ordinary Shares of 0.1p each in issue. 5 Related party transactions The Company has contracted with Chatsford Corporate Finance Limited, a company of which John Shaw is a director, and in which John Shaw and Stephen Barclay are shareholders, for the provision of administrative support for a fee accruing at #12,000 per annum of which #6,135 had become payable and accrued for in the period to 31 December 2006. Press Enquiries: Advance Visual Communications plc Stephen Barclay 020 7743 6372 Shore Capital & Corporate Ltd Alex Borrelli 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange END IR ZELFFDXBEBBQ
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