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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Carador Eur | LSE:CDO | London | Ordinary Share | IE00B10RXS64 | ORD NPV (EUR) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.435 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+ NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2009 11. STATEMENT OF PORTFOLIO MOVEMENTS An unaudited statement of changes in the schedule of investments is disclosed on pages 81 and 82. 12. BUSINESS COMBINATIONS AND GOODWILL The 'Busines Combinations and Goodwill' note is included for comparative purposes. On 9 December 2008 the Company's wholly-owned subsidiary, Carador Guernsey Limited, amalgamated with Abingdon Investment Limited ("Abingdon"), an unlisted closed-ended investment company, following the approval of the shareholders of Carador plc and Abingdon at separate EGMs held on 27 October 2008. As a result, Carador was considered to have obtained the power to govern the financial and operating policies of Abingdon, and was therefore the acquiring entity in this transaction. At the date of the amalgamation Abingdon had a wholly owned subsidiary, Abingdon Finance Limited. The amalgamation was effected by the transfer of the business, assets and liabilities of Abingdon Investment Limited into Carador Guernsey Limited and subsequently into the Company. The fair value and corresponding carrying amount of the identifiable assets and liabilities of Abingdon and its subsidiary at the date of acquisition and immediately before acquisition were: +------------------------------------+--------------------+----------------------------+ | Balance Sheet | Fair | Carrying | | | value | amount at | | | | acquisition | +------------------------------------+--------------------+----------------------------+ | Assets | EUR | EUR | +------------------------------------+--------------------+----------------------------+ | Cash and cash equivalents | 15,862,109 | 16,666,084 | +------------------------------------+--------------------+----------------------------+ | Receivables | 208,120 | 414,798 | +------------------------------------+--------------------+----------------------------+ | Prepaid expenses | | 75,160 | | | - | | +------------------------------------+--------------------+----------------------------+ | Investments - available for sale | 17,525,168 | 23,157,484 | | securities | | | +------------------------------------+--------------------+----------------------------+ | Investment in subsidiary | 14,017,031 | 21,624,195 | +------------------------------------+--------------------+----------------------------+ | | | | +------------------------------------+--------------------+----------------------------+ | Total Assets | 47,612,428 | 61,937,722 | +------------------------------------+--------------------+----------------------------+ | | | | +------------------------------------+--------------------+----------------------------+ | Liabilities | | | +------------------------------------+--------------------+----------------------------+ | Current Liabilities | 34,307 | 125,480 | +------------------------------------+--------------------+----------------------------+ | Other Liabilities | 591,498 | | | | | - | +------------------------------------+--------------------+----------------------------+ | Total Liabilities | 625,805 | 125,480 | +------------------------------------+--------------------+----------------------------+ | | | | +------------------------------------+--------------------+----------------------------+ | Net Assets | 46,986,623 | 61,812,243 | +------------------------------------+--------------------+----------------------------+ | Goodwill arising on acquisition | 406,160 | | +------------------------------------+--------------------+----------------------------+ | Total consideration | 47,392,783 | | +------------------------------------+--------------------+----------------------------+ | | | | +------------------------------------+--------------------+----------------------------+ | Cost | EUR | | +------------------------------------+--------------------+----------------------------+ | Shares issued, at fair value | 46,654,913 | | +------------------------------------+--------------------+----------------------------+ | Costs associated with the | 737,870 | | | acquisition | | | +------------------------------------+--------------------+----------------------------+ | Total | 47,392,783 | | +------------------------------------+--------------------+----------------------------+ | | | | +------------------------------------+--------------------+----------------------------+ The total cost of the combination was EUR47,392,783 and comprised of the value of the issue of 6,159,881 euro shares and 83,799,318 US dollar shares in Carador plc to the previous shareholders of Abingdon and costs directly attributable to the combination. An amalgamation ratio, based on a formula asset value (as defined in the prospectus) at 31 October 2008, was used to calculate the number of Carador shares that Abingdon shareholders were entitled to. The amalgamation ratio was 7.4966. The fair value of these shares at the date of issue was determined by reference to the published NAV of the Company at 30 November 2008. NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 31 December 2009 12. BUSINESS COMBINATIONS AND GOODWILL (continued) +------------------------------------+-------------------+ | Cash outflow on acquisition | EUR | +------------------------------------+-------------------+ | Net cash acquired with the | 15,862,109 | | subsidiary | | +------------------------------------+-------------------+ | Cash paid | (76,756) | +------------------------------------+-------------------+ | Net cash inflow on acquisition | 15,785,353 | +------------------------------------+-------------------+ | | | +------------------------------------+-------------------+ | Cash inflow on consolidation of | 4,746,021 | | Gale Force 4 | | +------------------------------------+-------------------+ | Total cash inflow | 20,531,374 | +------------------------------------+-------------------+ | | | +------------------------------------+-------------------+ The goodwill acquired on amalgamation with Abingdon was allocated to one cash-generating unit, being the investment in debt securities business segment, for impairment testing. The recoverable amount of this cash-generating unit was determined based on fair value calculations. Key assumptions were those as set out in the accounting policies. The carrying amount of the unit exceeded the recoverable amount by the value of the goodwill, and therefore the goodwill of EUR406,160 was written-off. Assets previously owned by Abingdon, but upon acquisition were owned by the Company, contributed EUR50,353 in revenue in the prior period. It was impracticable to disclose the revenue and profit or loss in the prior period as though the acquisition had been at the beginning of the period for the following reasons: o the books and records of Abingdon and Abingdon Finance Limited for the period prior to the amalgamation are held with another administrator; o the accounting period differs from that of Carador plc; and o the assets and liabilities on the books of the previous administrator were not carried using accounting policies consistent with those applied by Carador plc. 13. INVESTMENT IN SUBSIDIARIES The Company's results are consolidated with those of its subsidiary, namely Gale Force 4. Gale Force 4 The Company owns 70.98% of the income notes of Gale Force 4. By virtue of the provisions of SIC Interpretation 12 - 'Consolidation - Special Purpose Entities' ("SIC 12") the Company is deemed to control Gale Force 4 as it holds the majority of the residual risk in Gale Force 4. At 31 December 2009 the non-controlling interest in the net assets of Gale Force 4 on the consolidated
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