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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alpha Strategic | LSE:APS | London | Ordinary Share | GB00B0CZZR45 | 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% | 24.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAPS
RNS Number : 4792R
Alpha Strategic PLC
28 October 2013
28 October 2013
Alpha Strategic PLC ("Alpha Strategic" or "the Company")
Interim results for the period ended 30 September 2013
Alpha Strategic PLC, the specialist investment group, announces its unaudited interim results for the 6 months ended 30 September 2013
Highlights
-- Revenue GBP26,000 (6 months to 30 September 2012: GBP247,000) -- Operating loss of GBP994,000 (6 months to 30 September 2012: loss GBP1.85 million) -- Net assets GBP2.10 million (31 March 2013: GBP3.10 million) -- Cash balance GBP1.93 million (31 March 2013: GBP2.39 million)
Enquiries:
Alpha Strategic PLC +44 (0)20 7222 3005
Alistair McKay, Chief Executive Officer
Kit Malthouse, Finance Director
Westhouse Securities Limited +44 (0)20 7601 6100
Tom Griffiths
Chairman's statement
Last month, at the time of announcing Alpha Strategic's full year results to 31st March 2013, I reported the progress we have made in building a strong pipeline of potential acquisition opportunities. As previously mentioned, Northill Capital, as majority shareholder, remains committed to enabling the Company to capture and capitalise on these opportunities.
However, despite Northill's backing, the Company has been continually challenged with the burden of being quoted on AIM, which along with the size of our market capitalisation constrains access to capital through debt and equity markets. On 26 September 2013, we announced that the Company had been approached by Northill which was considering making an offer to buy the shares in the Company they did not already own at 25p per share in cash. In light of the challenges mentioned above, the Independent Directors (being all members of the Board other than Jonathan Little) concluded that Northill's offer is the best outcome for all shareholders and, as separately announced on 18 October 2013, are recommending that shareholders accept the offer.
For the six months ended 30 September 2013, we are reporting a pre-tax loss of GBP990,000 (2012: loss of GBP1.85 million). The Group's cash position as at 30 September 2013 was GBP1.93 million. Income has fallen significantly and this is mainly due to the termination of the revenue sharing agreement with IKOS Asset Management.
Colin Barrow
Chairman
28 October 2013
Alpha Strategic PLC
Consolidated statement of comprehensive income
for the six months ended 30 September 2013
Six months Six months Year ended ended ended 30 September 30 September 31 March 2013 2012 2013 Unaudited Unaudited Audited Notes GBP000 GBP000 GBP000 Revenue 26 247 493 Other administrative expenses (825) (415) (965) Corporate restructuring expenses (95) - - Costs incurred in respect of potential acquisition (100) - - Expenses relating to the resignation of the Chief Executive - (247) (250) Impairment of goodwill - (1,439) (1,439) Total administrative expenses (1,020) (2,101) (2,654) Operating loss (994) (1,854) (2,161) Finance income Interest receivable and similar income 4 3 8 Loss before tax (990) (1,851) (2,153) Taxation - - - Loss and total comprehensive income for the period attributable to shareholders (990) (1,851) (2,153) Basic and diluted loss per share 4 (10.7) p (20.1) p (23.3) p
Alpha Strategic PLC
Consolidated statement of financial position
as at 30 September 2013
30 September 30 September 31 March 2013 2012 2013 Unaudited Unaudited Audited GBP000 GBP000 GBP000 Assets Non-current assets Goodwill 414 414 414 Plant and equipment 5 7 6 419 421 420 Current assets Trade and other receivables 94 149 400 Cash and cash equivalents 1,932 2,910 2,388 2,026 3,059 2,788 Total assets 2,445 3,480 3,208 Equity and liabilities Capital and reserves attributable to the equity holders of the parent Share capital 127 127 127 Share premium 4,948 4,948 4,948 Merger reserve 1,341 1,341 1,341 Capital redemption reserve 15 15 15 Accumulated deficit (4,330) (3,038) (3,340) 2,101 3,393 3,091 Current liabilities Trade and other payables 344 87 117 Total liabilities 344 87 117 Total equity and liabilities 2,445 3,480 3,208
Alpha Strategic PLC
Consolidated statement of changes in equity
for the six months ended 30 September 2013
Share Capital Share Capital Share Merger redemption Accumulated Total Capital 'A' shares premium reserve reserve deficit equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 April 2012 92 50 4,948 1,341 - (1,187) 5,244 Purchase of own shares (note 4) - (15) - - 15 - - Loss and total comprehensive income for the period attributable to shareholders - - - - - (1,851) (1,851) At 30 September 2012 92 35 4,948 1,341 15 (3,038) 3,393 Loss and total comprehensive income for the period attributable to shareholders - - - - - (302) (302) At 31 March 2013 92 35 4,948 1,341 15 (3,340) 3,091 Loss and total comprehensive income for the period attributable to shareholders - - - - - (990) (990) At 30 September 2013 92 35 4,948 1,341 15 (4,330) 2,201
Share Capital is the amount subscribed for ordinary shares at nominal value. Share Capital 'A' shares is the amount subscribed for 'A' ordinary shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.
The merger reserve comprises the excess of the amount subscribed for share capital over the nominal value of ordinary shares issued in respect of the acquisition of subsidiaries in accordance with the merger relief provisions of the Companies Act 1985 and the Companies Act 2006.
The capital redemption reserve comprises the nominal value of share capital purchased back by or returned to the company and subsequently cancelled. The reserve forms part of the company's capital equity.
Accumulated deficit represent cumulative losses of the Group attributable to equity holders.
Alpha Strategic PLC
Consolidated statement of cash flows
for the six months ended 30 September 2013
Six months Six months Year ended ended ended 30 September 30 September 31 March 2013 2012 2013 Unaudited Unaudited Audited GBP000 GBP000 GBP000 Cash flow from operating activities Loss before taxation (990) (1,851) (2,153) Finance income (4) (3) (8) Depreciation 1 2 4 Impairment of goodwill - 1,439 1,439 Cash flow from operating activities before changes in working capital (993) (413) (718) Decrease/(increase) in trade and other receivables 306 19 (232) Increase/(decrease) in trade and other payables 227 (6) 24 Net cash flow from operations (460) (400) (926) Investing activities Purchases of plant and equipment - (2) (3) Interest received 4 3 8 Net cash flow from investing activities 4 1 5 Net decrease in cash and cash equivalents in the period (456) (399) (921) Cash and cash equivalents at beginning of the period 2,388 3,309 3,309 Cash and cash equivalents at end of the period 1,932 2,910 2,388 Cash and cash equivalents comprise: Cash 1,932 2,910 2,388 Cash and cash equivalents at end of the period 1,932 2,910 2,388
Alpha Strategic PLC
Notes to the interim results
for the six months ended 30 September 2013
1 The Group
The principal activity of the Group is to acquire shares in, or enter into joint ventures with, or provide services to, hedge fund management businesses, so as to acquire high quality diversified revenue streams. The Company has its listing on the Alternative Investment Market ("AIM") of the London Stock Exchange.
2 Basis of preparation
These unaudited consolidated interim financial statements are for the six-month period to 30 September 2013. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2013, which were prepared under International Financial reporting Standards ("IFRS") as adopted by the European Union ("EU").
These interim consolidated financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group's financial statements for the year ended 31 March 2013 and are consistent with the accounting policies the Group will use to prepare its financial statements for the year ending 31 March 2014. This half-yearly report is not prepared under IAS34.
The financial information for the year ended 31 March 2013 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2013 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2013 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under S 498(2) or S 498(3) of the Companies act 2006.
3 Segmental analysis
The Group's entire revenue is generated in the UK from a single business segment; that of providing services to hedge fund management businesses within Europe. Management and financial reports received by the Board are prepared on the basis of the single business unit.
4 Loss per share
The calculation of the basic loss per share is based upon the loss after tax attributable to ordinary shareholders of GBP990,000 (six months to 30 September 2012: loss of GBP1,851,000; year to 31 March 2013: loss of GBP2,153,000) and a weighted average number of shares in issue for the period of 9,225,758 (six months to 30 September 2012: 9,225,758; year to 31 March 2013: 9,225,758).
Diluted earnings per share for the six months to 30 September 2013, the six months to 30 September 2012 and the year to 31 March 2013 is the same as the basic loss per share because the inclusion of conversion rights and warrants have an anti-dilutive effect on the calculation.
5 Events after the reporting period
On 26 September 2013, Alpha Strategic announced the Company had been approached by its majority shareholder, Northill Europe Holdings ("Northill") which was considering making an offer to buy the shares in the Company they did not already own at 25p per share in cash.
On 18 October 2013 the Company published a rule 2.7 announcement recommending the Acquisition to shareholders. The Acquisition is being implemented by way of a Court-sanctioned scheme of arrangement. Full details of the Scheme, the Court Meetings and the General Meeting are set out in the Scheme Document which was posted to shareholders on 28 October 2013 and can also be viewed at www.alphastrategic.com.
Subject to Court and Shareholder approval, the cancellation of admission of the Ordinary Shares to trading on AIM will occur on the day after all approvals and regulatory requirements have been satisfied which is expected to be around year-end.
Advisory and legal costs in relation to the Scheme of Arrangement, amounting to GBP95,000, have been provided for in these interim statements.
6 Dividends
The directors have not paid nor do they declare a dividend in the period (six months to 30 September 2012: nil; year to 31 March 2013: nil).
7 Copies of the financial statements
To obtain a copy of this report, and for information on the company and its Directors, please visit our website at www.alphastrategic.com. Alternatively, the report can be obtained by contacting the Company Secretary at 15-17 Grosvenor Gardens, London SW1W 0BD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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