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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5457M Advance Visual Communications PLC 22 November 2006 Advance Visual Communications PLC 22 November 2006 Preliminary results for the year ended 30 June 2006 Chairman's Statement Introduction At the Annual General Meeting of the Company held on 30 December 2005, the Company adopted the investing strategy 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. The Company has now completed the process of disposing of all its interests in the subsidiaries formerly held. Results Losses before and after taxation for the period were #69,500. The cash balances at the period end were #25,431. We are endeavouring to minimize the cash outflow. Post balance sheet event On 18 September 2006 the Company raised a further #100,000 of capital by way of a placing of convertible loan stock together with warrants so as to provide working capital to enable the Company to meet the costs of continuing as a public company whilst it evaluates investment opportunities. Prospects The Board is presently evaluating a number of investment opportunities and looks forward to reporting to you further with a positive proposal. Stephen Barclay Chairman 22 November 2006 Consolidated Profit and Loss Account for the year ended 30 June 2006 30 June 30 June 2006 2005 # # Turnover - - Operating expenses 70,850 61,267 Operating loss (70,850) (61,267) Interest income 1,342 2,065 Gain on disposal of subsidiaries 8 - Loss on ordinary activities before taxation (69,500) (59,202) Taxation - - Retained loss for the year (69,500) (59,202) Loss per share - basic and diluted (0.03) p (0.03) p The Company's turnover and expenses all relate to continuing operations. The Company has no recognised gains or losses other than the profit for the year, which has been calculated on the historical cost basis. Consolidated Balance Sheet at 30 June 2006 30 June 30 June 30 June 30 June 2006 2006 2005 2005 # # # # Current assets Debtors 4,193 5,819 Cash at bank 25,431 95,842 29,624 101,661 Creditors: amounts falling due within one year (26,819) (29,356) Net current assets 2,805 72,305 Total assets less current liabilities 2,805 72,305 Capital and reserves Called up share capital 1,684,672 1,684,672 Share premium account 6,640,976 6,640,976 Profit and loss account (8,322,843) (8,253,343) Shareholders' funds 2,805 72,305 These financial statements were approved by the board of directors on 22 November 2006 and were signed on its behalf by: S J Barclay Chairman Consolidated Reconciliation of Movements in Shareholders' Funds for the year ended 30 June 2006 Group and Company Profit Total Share Share & Loss Shareholders' Capital Premium Account Funds # # # # Balance at 1 July 2005 1,684,672 6,640,976 (8,253,343) (72,305) Loss for the year - - (69,500) (69,500) Balance at 30 June 2006 1,684,672 6,640,976 (8,322,843) 2,805 Consolidated Cash Flow Statement for the year ended 30 June 2006 30 June 30 June 2006 2005 # # Cash flow statement Net cash outflow from operating activities (71,761) (69,222) Returns on investment and servicing of finance: Interest received 1,342 2,065 Acquisitions and disposals: Sale of subsidiaries 8 - Net cash outflow before financing (70,411) (67,157) Financing: Issue of shares - 75,000 (Decrease)/increase in cash (70,411) 7,843 Notes to the Consolidated Cash Flow Statement for the year ended 30 June 2006 30 June 30 June 2006 2005 # # Analysis of changes in net funds Cash at bank At beginning of year 95,842 87,999 Cashflows (70,411) 7,843 At year end 25,431 95,842 Reconciliation of operating loss to net cash (outflow) from operating activities Operating loss (70,850) (61,267) Decrease/(increase) in debtors 1,626 (5,819) Decrease in creditors (2,537) (2,136) Net cash outflow from operating activities (71,761) (69,222) Reconciliation of net cash outflow to movement in net funds (Decrease)/Increase in cash in the year (70,411) 7,843 Change in net funds resulting from cash flows (70,411) 7,843 Movement in net funds for the year (70,411) 7,843 Net funds at 1 July 2005 95,842 87,999 Net funds at 30 June 2006 25,431 95,842 Sale of subsidiaries Net assets disposed of - - Gain on disposal 8 - 8 - Satisfied by Cash 8 0 Notes to the Financial Statements 1 The financial information incorporated in this announcement does not constitute full statutory accounts within the meaning of the Companies Act 1985 but is derived from those accounts. Full accounts for the year ended 30 June 2006, upon which CLB Littlejohn Frazer have given an unqualified audit report will be filed with the Registrar of Companies in due course. This report did not contain statements under Section 237(2) or (3) of the Companies Act 1985. 2 Loss per Share The calculation of basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 230,492,847 (2005: 180,834,584) during the year. As the Company has incurred a loss for the year, no option or warrant is potentially dilutive, and hence basic and diluted loss per share are the same. 3 Fixed asset investments Shares in Subsidiary undertakings # Cost At 1 July 2005 11,292 Disposals (11,292) At 30 June 2006 - Provisions At 1 July 2005 11,292 Disposals (11,292) At 30 June 2006 - Net book value At 30 June 2006 - At 30 June 2005 - 4 Called up share capital Group and Company 30 June 2006 30 June 2005 No. # No. # Authorised Ordinary shares of 0.1p each 845,820,626 845,821 845,820,626 845,821 Deferred shares of 0.9p each 161,575,486 1,454,179 161,575,486 1,454,179 2,300,000 2,300,000 Allotted, issued and fully paid Ordinary shares of 0.1p each 230,492,847 230,493 230,492,847 230,493 Deferred shares of 0.9p each 161,575,486 1,454,179 161,575,486 1,454,179 1,684,672 1,684,672 Significant shareholders are as disclosed in the Directors' report. There is no overall controlling party. The Deferred Shares are non-voting and are not entitled to receive a dividend. The Deferred Shares shall on a return of assets on a winding up entitle holders only to a repayment of the amount paid up on each share after payment of the capital paid up on the Ordinary Shares plus the payment of #10,000,000 per Ordinary Share. 5 Post balance sheet events On 28 September 2006 the Company raised #100,000 by the issue of #100,000 of Convertible Unsecured Loan Notes 2010 ("Loan Notes") together with Warrants in order to raise working capital for the Company. The Loan Notes convert into new ordinary shares of the Company at par, 0.1p, at any time from year one following issue to the fourth anniversary of issue. The Company may convert the Loan Notes at any time in certain circumstances, including the acquisition of a company or business by the issue of new ordinary shares of the Company representing in excess of 30% of the then enlarged share capital of the Company. The Warrants entitle the holder to subscribe for 3 new ordinary shares of the Company at par for every new ordinary share to be issued under conversion of the Loan Note and may be exercised at any time from year one following issue to the fifth anniversary of issue or in certain other circumstances, including the acquisition of a company or business by the issue of new ordinary shares of the Company representing in excess of 30% of the then enlarged share capital of the Company. 6 The Registered Office of the Company is 44 Southampton Buildings, London WC2A 1AP. Copies of the Annual Report and Accounts may be obtained from the Company Secretary at this address. 7 The Company's Annual General Meeting will be held at 1 Cornhill, London EC3V 3ND on 18 December 2006 at 11.00 am. Enquiries: Shore Capital: Alex Borrelli 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange END FR EAKFAAFDKFFE
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