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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:5070Q Bolton Group (International) Ld 26 August 2005 Bolton Group (International) Limited 26 August 2005 Preliminary Results The Board of Bolton Group (International) Limited ('Group') real estate holding and development group, announces its preliminary unaudited results for the year ended 30 April 2005. Chairman's Statement The Directors, who were appointed on 29 November 2004 following the return of the Group's two subsidiaries (Urania Securities Limited and Bolton Group Plc) to the Group have been involved in resolving various disputes and liabilities relating to the Group and its subsidiaries. This has been time consuming due to the lack of documentation. The Group has agreed equity for debt with a number of creditors which has substantially reduced the Group's liabilities. Richards Butler, (Solicitors in Hong Kong), have obtained a judgement in Hong Kong for a disputed debt together with an order for costs. This relates to transactions purportedly undertaken on behalf of China Strategic/Bolton Group some eight years ago. Group did not defend the action for this purported debt at trial in Hong Kong due to the costs involved. In addition, Group's defence to the claim required the co-operation of the previous Directors of Bolton Group (International) Limited, who were at the time the alleged debt was incurred Directors of China Strategic and their co-operation was not forthcoming. Richards Butler Hong Kong have been offered equity in lieu of debt and we are awaiting their response. Following the return of the Group's subsidiaries in November 2004 the financial situation of Urania Securities Limited was considered and after taking advice, there was no alternative other than to put Urania into administration. The Board is continuing to pursue its endeavours to move the Company forward into areas in which shareholders value will be maximised. Michael Goletka Chairman Consolidated profit and loss account Year Ended 30 April 2005 NOTES 12 months to RESTATED Year ended Year ended 30 April 2005 30 April 2004 (Unaudited) (Audited) #000 #000 Turnover 570 124 Administrative expenses (1,288) (1,141) Other operating income - 25 Operating profit / (loss) (718) (992) Proceeds from disposal of shares - (Loss)/profit on ordinary activities before interest and taxation (718) (992) Interest receivable 1 - Interest payable (228) (166) (Loss)/profit on ordinary activities before taxation (945) (1,158) Tax on (loss)/profit on ordinary - - activities (Loss)/profit on ordinary activities after taxation (945) (1,158) Exceptional item 5 3,227 (510) Retained (loss)/profit for the year 2,282 (1,668) Prior year adjustment 6 (12,209) - Retained (loss) / profit (9,927) (1,668) (Loss)/earnings per share 3 2.6p (2.5)p Diluted (loss)/earnings per share 3 2.6p (2.5)p All transactions arose from continuing operations during the current and previous year. Consolidated balance sheet at 30 April 2005 12 months to RESTATED 30 April As at 2005 30 April 2004 (Unaudited) (Audited) #000 #000 Fixed assets Tangible assets 3,598 3,858 Current assets Debtors 16 22 Cash at bank and in hand 38 15 54 37 Creditors: amounts falling due within one (1,238) (4,175) year Net current liabilities (1,184) (4,138) Total assets less current liabilities 2,414 (280) Creditors: amounts falling due after more than one year 7 (3,102) - Net (liabilities) / assets (688) (280) Capital and reserves Called up share capital 861 656 Share premium account 1,534 1,547 Revaluation reserve (100) (150) Other reserves 5,724 5,724 Profit and loss account (8,707) (8,057) Shareholders' funds - equity (688) (280) Consolidated Cash Flow Statement for the year ended 30 April 2005 Note 12 months to RESTATED Year ended Year ended 30 April 30 April 2004 2005 (Unaudited) (Audited) #000 #000 Net cash (outflow) / inflow from operating activities (2,796) 328 Exceptional items - (510) Returns on investments and servicing of finance Interest received 1 - Interest paid (228) (166) Net cash (outflow) from returns on (227) (166) investments and servicing of finance Capital expenditure and financial investments Purchase / disposal of tangible fixed (542) - assets Recovered proceeds from the sale of - 62 shares Net cash (outflow) / inflow from capital expenditure and financial investments (542) 62 Net cash (outflow) / inflow before (3,565) (286) financing Financing Repayment of borrowings (172) (120) Receipt from borrowings 3,845 397 Net cash inflow / (outflow) from 3,673 277 financing (Decrease) / increase in cash 108 (9) Preliminary Results 1. The preliminary results 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 2005. 2. The financial information for the year to 30 April 2005 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 2004 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. 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: Year ended 30 April 2005 Year ended 30 April 2004 (Unaudited) (Audited) #'000 #'000 (Loss)/earnings per share (Loss)/profit after tax (#'000) 2,282 (1,668) Number of shares 86,138,238 65,638,238 Diluted (loss)/earnings per share (Loss)/profit after tax (#'000) 2,282 (1,668) Number of shares 86,138,238 65,638,237 4. Copies of this interim report will be available to the shareholders and the public from the group's registered office. 5. Extraordinary items 12 monthes to RESTATED Year ended 30 April Year ended 2005 30 April 2004 (Unaudited) (Audited) #000 #000 Group company loan reinstated after being written off in previous years 3,227 Group company loan written off Net charge relating as a result of mediation agreement in order to return investments to the company 510 6. The prior year adjustment represents the re-instatement of the subsidiary companies as a result the mediation settlement. Bolton Group (International) Limited - re-statement of year ended 30 April 2004 : #000 #000 Write back of gain on disposal of investments (72) Write back group company loans previously written off (262) Compensation payable : Proceeds from sale of subsidiary companies shares 160 Cost of mediation settlement (670) (510) Re-instatement of Bolton Group Plc retained losses as at 30/4/04 (7,106) Re-instatement of Urania Securities Ltd retained losses as at 30/4/04 (4,259) (12,209) 7. Creditors falling due within one year include deferred income of #98,000. This information is provided by RNS The company news service from the London Stock Exchange END FR EAKPSALSSEFE
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