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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bolton Grp(Int) | LSE:BOL | London | Ordinary Share | BMG1218K1045 | COM SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7833U Bolton Group (International) Ld 29 January 2004 Bolton Group (International) Limited 29 January 2004 Bolton Group (International) Limited Interim Results Chairman's Statement The Board of Bolton Group (International) Limited announces the unaudited, consolidated results for the six month period ended 31 October 2003. Results The Group has made a loss before tax of #188,000. (2002: loss before tax #121,000). The Directors do not recommend the payment of a dividend. Review of operations As stated in the Company's release dated 27 January 2004, there have been resignations of all the Board of Directors other than Joseph Vure and Israel Librowski. These resignations occurred contemporaneously to the alleged unlawful and undervalued sale of the Company's major asset, (held in a subsidiary), which was sold to a company controlled by a personal friend to the former Company Director. Naturally the Company has moved to protect its position and has obtained a High Court Freezing Injunction preventing the transfer or removal of the value of the Company's former principal asset pending resolution of the Company's legal attempt to retain title to the aforesaid asset. In the interim, the Company continues to seek an undertaking of merit, away from property investment, which will offer maximum commercial advantage by utilising the Company's asset position for investing in the new undertaking. On this basis, the Company is receiving a number of opportunities within the natural resource sector which management has been advised may enhance shareholder value. Undoubtedly the current uncertainty arising from the unlawful and undervalued sale of the Company's principal asset will handicap the Company in its search and choice of a new undertaking. However, at the time of writing, the Company has taken steps to refine its search and while this will likely occasion the need of a share placing to raise working capital, management feels that the opportunities currently being reviewed may represent an opportunity to maximise shareholder value. This is in spite of any diluting consequence arising from any share placing for fund raising or share consideration being made for any proposed acquisition. Israel Librowski Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 31 October 2003 6 months to 6 months to Year ended 31 October 31 October 30 April 2003 2002 2003 (Unaudited) (Unaudited) (Audited) Note #000 #000 #000 Turnover - 113 219 Administrative expenses (261) (180) (437) Other operating income - 7 - ------ ------ ------ Operating (loss)/profit (261) (60) (218) Proceeds from disposal of shares 73 - - Interest receivable - - - Interest payable - (61) (120) ------ ------ ------ (Loss)/profit on ordinary activities before taxation (188) (121) (338) Taxation - - - ------ ------ ------ Retained (loss)/profit on ordinary activities after taxation (188) (121) (338) Extraordinary Item 5 263 - - ====== ====== ====== ------ ------ ------ Retained profit/(loss) after extraordinary item 75 (121) (338) (Loss)/earnings per share 3 0.11p (0.20)p (0.56)p ====== ====== ====== Diluted (loss)/earnings per share 3 0.11p (0.20)p (0.56)p ====== ====== ====== CONSOLIDATED BALANCE SHEET At 31 October 2003 As at As at As at 31 October 31 October 30 April 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Fixed assets Tangible assets 140 4,593 2,660 ------ ------ ------ Current assets Debtors 10 50 139 Cash at bank and in hand 7 61 24 ------ ------ ------ 17 111 163 Creditors: amounts falling due within one year (278) (2,452) (2,713) ------ ------ ------ Net current liabilities (261) (2,341) (2,550) ------ ------ ------ Total assets less current liabilities (121) 2,252 110 Creditors: amounts falling due after more than one year - - - ------ ------ ------ Net assets/(Liabilities) (121) 2,252 110 ====== ====== ====== Capital and reserves Called up share capital 645 606 606 Share premium account 1,534 1,534 1,534 Revaluation reserve - 562 (1,363) Other reserves - 5,724 5,724 Profit and loss account (2,300) (6,174) (6,391) ------ ------ ------ Shareholders' funds - equity (121) 2,252 110 ====== ====== ====== CONSOLIDATED CASH FLOW STATEMENT For the six months ended 31 October 2003 6 months to 6 months to Year ended 31 October 31 October 30 April 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Net cash (outflow)/inflow from operating activities (328) (443) (361) ====== ====== ====== Returns on investments and servicing of finance Interest received - - - Interest paid - (61) (120) ------ ------ ------ Net cash outflow from returns on investments and servicing of finance - (61) (120) Capital expenditure and financial investments Purchase/disposal of tangible fixed assets 2,520 (5) (5) Recovered proceeds from the sale of shares 73 - - ------ ------ ------ Net cash (outflow)/inflow from capital expenditure and financial investments 2,593 (5) (5) ====== ====== ====== Net cash (outflow)/inflow before financing 2,265 (509) (486) ====== ====== ====== Financing Repayment of borrowings (2,257) (60) (120) Receipt from borrowings - - - ------ ------ ------ Net cash outflow from financing (2,257) (60) (120) ====== ====== ====== (Decrease)/increase in cash 8 (569) (606) ====== ====== ====== NOTES TO THE INTERIM REPORT 1. The interim report has been prepared using accounting policies consistent with those set out in the statutory accounts of the group for the year ended 30 April 2003. 2. The financial information for the six month periods to 31 October 2002 and 31 October 2003 is unaudited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures relating to the year ended 30 April 2003 are an extract from statutory accounts within the meaning of Section 240 of the Companies Act 1985 which have been delivered to the Registrar of Companies and on which the auditors gave an unqualified audit report including the following paragraph on going concern: 3. The calculation of the (loss)/earnings per share and diluted (loss)/ earnings per share are based on the following (losses)/profits after taxation and weighted average numbers of shares: 6 months to 6 months to Year ended 31 October 31 October 30 April 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 (Loss)/earnings per share (Loss)/profit after tax (#000) 75 (121) (338) Number of shares 63,610,355 60,580,355 60,580,355 Diluted (loss)/earnings per share (Loss)/profit after tax (#000) 75 (121) (338) Number of shares 63,610,355 60,580,355 60,580,355 4. Copies of this interim report are being sent to all shareholders and will be available to the public from the group's registered office. 5. Extraordinary Item represents the amount owed to the previous subsidiary companies which is no longer payable. A copy of the Company's 2003 Audited Accounts has been lodged with the Document Viewing Facility of the UK Listing Authority at 25, The North Colannade, Canary Wharf, London E14 5HS. This information is provided by RNS The company news service from the London Stock Exchange END IR LKLFLZFBZBBL
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