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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bidtimes | LSE:BDT | London | Ordinary Share | GB0007773046 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 1198J
Bidtimes PLC
28 November 2008
BIDTIMES PLC
("Bidtimes" or "the Company")
Interim Results for six months ended
31 August 2008
Chairman's statement
I am pleased to present the interim results for the Group for the six months ended 31 August 2008.
Over the period the Company decided to review and subsequently change its investment strategy in order to find the best way to build
value for its Shareholders. As part of this review I was appointed as Executive Chairman on 1 July 2008, along with Julian Moore as a non
executive director, in order to assist the Company implement its new investment strategy of focusing on opportunities in the minerals and
energy resource sectors.
On 1 July 2008 the Company successfully placed 80 million new ordinary shares with new investors to raise £440,000 for working capital
purposes to pursue the new investment strategy and the shares were re-admitted to trading on AIM, having been temporarily suspended on 10
December 2007.
I am pleased to report that at the same time the Company entered into a joint venture exploration agreement with Burey Gold Limited, a
company listed on the Australian Stock Exchange, with regard to three tenements located in South Australia. The Company has committed to
fund certain expenditure with regard to these tenements and is in the process of reviewing them further to confirm their geological
potential. Consistent with normal practice we would expect that some tenements may be dropped and others acquired in their place with the
expenditure commitment then being allocated to these new tenements. The Company will continue to identify other attractive investment
opportunities in the minerals and energy sectors in line with its investment strategy.
As part of the fund raising and change of investment strategy it was agreed that Richard Griffiths, a non executive director, would
settle the liabilities of the Company as at 30 June 2008, excluding the costs of the fund raising, and that the Company would dispose of the
assets held at that date. To the extent that these assets are realised, the proceeds would be paid to Richard Griffiths in repayment of the
liabilities that he had settled, and to the extent that there were any surplus proceeds, 75 per cent. of this surplus would be paid to
Richard Griffiths in consideration of his entering into the agreement.
Over the interim period the Company has made a loss for the period of £87,802, before taxation and amounts written off investments,
compared with a loss of £44,135 in the corresponding six month period in 2007. The non-core assets held by the Company, those being the
assets held prior to the fund raising and which the Company is seeking to dispose of, have been written down to zero in the interim
accounts.
While market conditions are extremely challenging at the moment your board believes that there remain many attractive investment
opportunities and we look forward to pursuing the Company's new investment strategy and generating value for shareholders.
Anthony Brennan
Executive Chairman
28 November 2008
Income Statement
for the six months ended 31 August 2008
Six months Six months Year
ended ended ended
31 August 31 August 29 February
2008 2007 2008
(unaudited) (unaudited) (audited)
£ £ £
Note
Revenue - 1,600 1,000
Administrative expenses
Amounts written off (4,136) (9,342) (18,324)
investments
Other administration expenses (89,417) (48,415) (96,579)
Operating loss (93,553) (56,157) (113,903)
Loss on disposal of fixed - (683) (684)
assets
Loss on ordinary activities
before taxation and finance (93,553) (56,840) (114,587)
costs
Finance income 1,615 4,512 (3,540)
Finance costs - (1,149) (1,149)
Loss before taxation (91,938) (53,477) (119,276)
Taxation - - -
Loss after taxation (91,938) (53,477) (119,276)
Attributable to:
Equity shareholders of the (91,938) (53,477) (119,276)
Company
Loss transferred to reserves (91,938) (53,477) (119,276)
Basic loss per share (pence) 5 (0.21) (0.31) (0.69)
All activities relate to continuing operations
Balance Sheet
as at 31 August 2008
As at As at As at
31 August 31 August 29 February 2008
2008 2007 (audited)
(unaudited) (unaudited) £
£ £
Note
Non-current assets
Held for sale investments 6 - 13,118 4,136
Current assets
Trade and other receivables 7,063 77,303 59,708
Cash and cash equivalents 367,644 35,775 3,123
374,707 113,078 62,831
Total assets 374,707 126,196 66,967
Current liabilities
Trade and other payables (31,449) (25,201) (31,771)
Total liabilities (31,449) (25,201) (31,771)
Net assets 343,258 100,995 35,196
Shareholders funds
Issued capital 1,268,676 868,676 868,676
Share premium account 714,948 714,948 714,948
Retained earnings (1,640,366) (1,482,629) (1,548,428)
Total equity 7 343,258 100,995 35,196
Cash Flow Statement
for the six months ended 31 August 2008
Six months Six months Year
ended ended ended
31 August 31 August 29 February 2008
2008 2007 (audited)
(unaudited) (unaudited) £
£ £
Note
Cash outflow from operating 8 (37,094) (113,804) (137,803)
activities
Cash inflow/(outflow) from
investing activities
Net rental income - 1,600 1,000
Finance income received 1,615 4,512 (3,540)
Proceeds from disposal of - 158,017 158,016
freehold investments
Net cash inflow from investing 1,615 164,129 155,476
activities
Cash inflow/(outflow) from
financing activities
Finance cost paid - (1,149) (1,149)
Repayment of borrowings - (13,707) (13,707)
Issue of ordinary shares for 400,000 - -
cash
Net cash inflow/(outflow) from 400,000 (14,856) (14,856)
financing activities
Net increase in cash and cash 364,521 35,469 2,817
equivalents
Cash and cash equivalents at 3,123 306 306
beginning of period
Cash and cash equivalents at 9 367,644 35,775 3,123
end of period
Other primary statements the six months ended 31 August 2008
Statement of total recognised gains and losses
Six months ended Six months ended Year
31 August 31 August ended
2008 2007 29 February 2008
(unaudited) (unaudited) (audited)
£ £ £
Note
Loss for the financial year (91,938) (53,477) (119,276)
Total losses recognised for (91,938) (53,477) (119,276)
the period
Notes to the interim results
for the six months ended 31 August 2008
1. Accounting policies
The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost
convention. The principal accounting policies of Bidtimes have remained unchanged from those set out in Bidtimes' 2008 annual report and
financial statements.
2. Basis of preparation
The financial information set out in this report does not constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The figures for the year ended 29 February 2008, have been extracted from the statutory financial statements, which have been filed
with the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a statement under
Section 237(2) of the Companies Act 1985.
3. Dividends
No dividend is proposed for the six months ended 31 August 2008.
4. Taxation
On the grounds that year to date losses have been made there is no taxation charged to the profit and loss account in this period.
5. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of
shares in issue during the period. The impact of the share options is anti-dilutive. The loss and weighted average number of shares used in
the calculations are set out below
Loss Weighted average Loss per share
£ number of (pence)
shares
Basic Loss per share
6 months ended 31 August 2008 (91,938) 44,330,045 (0.21)
6 months ended 31 August 2007 (53,477) 17,373,523 (0.31)
12 months ended 29 February (119,276) 17,373,523 (0.69)
2008
6. Held for sale investments
Six months ended Six months Year
31 August ended ended
2008 31 August 29 February 2008
(unaudited) 2007 (audited)
£ (unaudited) £
£
Equity investments
- Trochus Plc (see note a - 3,718 -
below)
- Innobox Plc (see note b - 9,400 4,136
below)
- Blue Chip Casinos Plc (see - - -
note c below)
Total - 13,118 4,136
a) On 30 April 2008 Trochus' trading facility on the AIM Market of the London Stock Exchange was cancelled due to the
company's shares having been suspended from trading on AIM for a period of six months. The carrying value of the investment
was written down to £Nil as at the balance sheet date on the 29 February 2008 and whilst the investment is still held by the
company it continues to be carried in the balance sheet at a value of £Nil as at 31 August 2008. It is unclear if this company
will continue for the foreseeable future.
b) On 19 May 2008 Innobox's trading facility on the AIM Market of the London Stock Exchange was cancelled due to the
company not appointing a replacement nominated advisor within the timescale governed by AIM Rule 1. The carrying value of
the investment was written down to £4,136 as at the balance sheet date on the 29 February 2008 and whilst the investment is
still held by the company it has been impaired in the current period to a value of £Nil as at 31 August 2008. It is unclear if this
company will continue for the foreseeable future.
c) The current carrying value of this investment was written down to £Nil in the year ended 28 February 2007, due to latest
published accounts for Blue Chip Casinos Plc, being those at 30 April 2007, showing an insolvent consolidated position.
7. Reconciliation of movements in shareholders' funds
Six months ended Six months ended Year
31 August 31 August ended
2008 2007 29 February 2008
(unaudited) (unaudited) (audited)
£ £ £
Loss on ordinary activities (91,938) (53,477) (119,276)
Share subscription 440,000 - -
Restricted share subscription (40,000) - -
costs
Net increase/(decrease) in
shareholders' funds 308,062 (53,477) (119,276)
Shareholders' funds brought 35,196 154,472 154,472
forward
Shareholders' funds at the end
of the period 343,258 100,995 35,196
8. Reconciliation of operating loss with net cash flow from operating activities
Six months ended Six months ended Year
31 August 31 August ended
2008 2007 29 February 2008
(unaudited) (unaudited) (audited)
£ £ £
Operating loss (89,417) (48,415) (96,579)
Decrease/(increase) in debtors 52,645 (10,447) 7,148
(Decrease)/increase in (322) (54,942) (48,372)
creditors
Net cash outflow from (37,094) (113,804) (137,803)
operating activities
9. Analysis of charges in net funds
As at Cash As at
1 March Flow 31 August
2008 £ 2008
(audited) Non-Cash (unaudited)
£ Movement £
£
Cash at bank and in hand 3,123 364,521 - 367,644
3,123 364,521 - 367,644
10. Copies of the Interim Results are available for download from the Company's website at www.bidtimes.com
or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West
Midlands B63 3AB.
Enquiries:
Tim Cofman-Nicoresti +44 (0) 121 265 6330
W. H. Ireland Limited
Brent Fitzpatrick +44 (0) 113 290 8766
Bidtimes Plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FGMZMVNDGRZM
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