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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cake Box Holdings Plc | LSE:CBOX | London | Ordinary Share | GB00BDZWB751 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -1.21% | 163.00 | 160.00 | 165.00 | 165.00 | 162.50 | 165.00 | 26,862 | 16:35:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Bread, Bakery Pds, Ex Cookie | 34.8M | 4.24M | 0.1059 | 15.34 | 65M |
Date | Subject | Author | Discuss |
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24/4/2007 15:45 | So if the equity raise is not successful we are talking zero pence here, I wouldn't blame investors for cutting their losses. | blackbear | |
18/4/2007 14:35 | Sell at 18, buy at 15? | blackbear | |
17/4/2007 15:36 | Can someone tell me how this distressed company can be possibly worth 12million. answers here or on a postcard please. Cashbox Issue of Equity & EGM Notice RNS Number:0221V Cashbox PLC 17 April 2007 Cashbox plc Proposed Issue of Equity, Notice of EGM and Further re Directorate The Board is pleased to announce a proposal to issue 21,762,618 new ordinary shares of 1 penny each ("New Ordinary Shares") at 15p per share to raise approximately #3.26 million as part of proposals for Cashbox plc ("the Company") to obtain new banking facilities, to repay existing loans and raise additional working capital (the "Proposals"). The Company is seeking shareholder approval to grant the Directors the requisite authority to issue the New Ordinary Shares and to renew the authorities granted to the Directors under the Companies Act 1985 ("the Act") to issue new shares in the Company. The Company will today post a circular to shareholders to explain the reasons for the issue of the New Ordinary Shares and to seek shareholders' approval of the resolutions to be proposed at an Extraordinary General Meeting ("EGM") on 11 May 2007 ("Resolutions"), notice of which is set out in the circular to shareholders. Background to and reasons for the Proposals As a direct result of the difficulties experienced with the current lease provider, General Capital Venture Finance Limited ("GCVF"), and as stated in the Company's interim results for the six months to 31 December 2006 published on 30 March 2007, the Board decided to seek alternative financing for the business. The Company has secured loans of #2.8 million as an interim measure, while discussions are taking place with Bank of Scotland to provide new lending facilities. These discussions are at an advanced stage, credit approval has been received, and the Company is working towards completion in the near future. The Company has also secured commitments for additional equity investment of #585,000 from certain directors and other investors. The Company has repaid #130,000 (plus accrued interest) of these loans and is proposing to settle the balance of #2,670,000 (plus accrued interest (although one group of lenders, being clients of UK investment bank Fairfax I.S. plc, has waived its entitlement to accrued interest)) and raise #585,000 of additional working capital through the issue of 21,762,618 New Ordinary Shares at 15p per share to the outstanding lenders and other investors, conditional on approval of the Resolutions at the EGM and admission of the New Ordinary Shares to AIM. Part of the new equity is required to satisfy a pre-condition of the proposed new lending facilities that the Company raises at least #2 million in new equity capital. The new facility is expected to comprise #8 million of debt finance, #500,000 of vehicle finance and a #750,000 overdraft facility. The Company currently has 1,264 ATMs in operation with its customers and continues to see strong demand for more ATMs to be installed both with existing customers and potential new customers. The Bank of Scotland facilities, together with additional capital that will be made available to the Company on completion of the fundraising, will enable the Company to resolve matters with GCVF and will enable a faster roll-out of ATMs to meet such demand than would otherwise be the case and enable the Company to aggressively pursue new sites. As part of the equity issue, the following Directors are investing in the business and will be issued New Ordinary Shares at the same price of 15p per share as follows (conditional on approval of the Resolutions at the EGM and admission to AIM of the New Ordinary Shares): New Total shareholding Approx. % of enlarged Ordinary after the issued share capital Shares equity issue after the equity issue Anthony Sharp (via Annenberg Investment Management S.A.) 1,666,666 24,004,666 28.84 Ciaran Morton 200,000 200,000 0.24 Robin Saunders 676,334 676,334 0.81 John Maples 135,184 135,184 0.16 David Auger 133,333 133,333 0.16 Admission to AIM The Company will make application for the New Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 14 May 2007. The New Ordinary Shares will rank pari passu with the existing ordinary shares of 1 penny each in the capital of the Company, including the rights to all dividends and other distributions declared, paid or made after the date of issue. Extraordinary General Meeting At the Extraordinary General Meeting on 11 May 2007 shareholders will be asked to consider and if thought fit to pass the following resolutions: 1. an ordinary resolution to give the directors authority under section 80 of the Act to allot the 21,762,618 New Ordinary Shares and to allot new ordinary shares of 1 penny each up to an aggregate nominal amount of #415,858, such authority to expire at the conclusion of the next AGM of the Company; and 2. a special resolution to authorise the Directors to allot the New Ordinary Shares, to allot new ordinary shares of 1 penny each up to an aggregate nominal amount of #124,757 and to allot ordinary shares of 1 penny each pursuant to a rights issue, as if Section 89 (1) of the Act did not apply, such authority expiring at the conclusion of the next AGM of the Company. As an explanation of Resolution 2, Section 95 of the Act concerns the dis-application of statutory preemption rights pursuant to Section 89 of the Act. Section 89 of the Act provides that, if the directors wish to issue new securities for cash, they must be first be offered to current holders of shares in proportion to the number of shares they each hold at that time. By Section 95 of the Act, shareholders can resolve by special resolution, as proposed above, to dis-apply Section 89 of the Act for a specified nominal amount of shares. Recommendation The Directors consider that the passing of the Resolutions is in the best interests of the Company and its shareholders as a whole. Accordingly, the Board unanimously recommends shareholders to vote in favour of the Resolutions to be proposed at the EGM as they intend to do in respect of their own beneficial holdings of, in aggregate, 25,494,000 Ordinary Shares, representing approximately 41.5 per cent. of the Company's existing issued share capital. The independent Directors consider, having consulted with Seymour Pierce Limited as nominated adviser, that the Proposals are fair and reasonable insofar as shareholders are concerned. Further copies of the circular to shareholders and notice of EGM will be available from the offices of Seymour Pierce Limited, Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL. Further re Directorate Further to the announcement on 30 March 2007 regarding the appointment of William Hughes, Mr Hughes was also a director of Medicsight Inc. and Tactica Fund plc within the last five years. William Hughes was also a director of Megap Limited when a receiver (Scottish Companies) was appointed on 4 September 1987 and net liabilities were estimated at being less than #500,000. William Hughes was also a director of Caledonian Golf and Leisure Limited until 1 December 1997 which later, on 25 September 1998, had a receiver (Scottish Companies) appointed. | blackbear | |
10/4/2007 15:26 | Cashbox said it has secured a 2.0 mln loan through the clients of UK investment bank Fairfax IS PLC and that talks are on with a major prime lender to provide asset financing. It added that is also considering seeking additional equity financing. Cashbox PLC (AIM: CBOX), the AIM listed independent Automated Teller Machine ("ATM") deployer and operator, is pleased to announce that it has strengthened its Board of Directors with the appointment of William Hughes CBE as a Non Executive Director. William is currently the Chairman of Fairfax I.S. PLC, an investment bank and Member of the London Stock Exchange. | blackbear | |
06/4/2007 12:33 | badlad, I totally agree. It's an absolute disgrace. This model just doesn't work & we're going to see some well respected business people looking a tad foolish when this finally goes belly up. You're giving it the benefit of the doubt at 3 months ! | the atm kid | |
30/3/2007 19:31 | bankrupt with 3 months! | badlad21 | |
30/3/2007 19:30 | bankrupt with 3 months! | badlad21 | |
30/3/2007 08:32 | YUCK! gg | greengiant | |
30/3/2007 07:41 | RNS Number:0563U Cashbox PLC 30 March 2007 Cashbox Public Limited Company ("Cashbox" or "the Company") Interim Results for the six months ended 31st December 2006 Cashbox (AIM:CBOX), the independent Automated Teller Machine ("ATM") deployer and operator, announces its interim results for the six months ended 31 December 2006 (H1 06/07). Anthony Sharp, Executive Chairman said: "Our sales force has continued its momentum but lack of timely funds from our lease provider delayed our ability to roll out ATMs as quickly as we would have liked, however the foundations remain in place to drive this business forward". -------------------- as restated H1 06/07 H2 05/06 H1 05/06 ended Dec 06 ended Jun 06 ended Dec 05 unaudited unaudited unaudited # 000 # 000 # 000 Machines installed at period end 1,245 1,058 848 Turnover 2,243 1,730 1,429 Gross Margin % 26% 25% 34% EBITDA* (1,311) (1,313) (735) Loss on ordinary activities* (1,625) (1,531) (927) Earnings per share* (2.6)p (3.0)p (2.7)p Net debt 312 315 8 -------------------- * before exceptional items of #1,175,000 in H2 05/06 relating to listing and share option costs. Highlights * Merchant contract wins increases potential ATM sites to over 80,000 * Installed estate increased to 1,245 despite difficulties with lease provider * Turnover up 30% from preceding six months and 57% from the same period last year * Gross margin up slightly from H2 05/06 but lower than the comparable period H1 05/06 which benefited from higher service income * Net debt at period end #0.3m, unchanged from H2 05/06 * New #2.8m loan facilities signed in 2007 CHAIRMAN'S STATEMENT While the steps that the Board had put in place, as reported in the Annual Report, put us in an excellent position to grow the business, the period to 31 December 2006 and the last couple of months have proved frustrating as our lease provider, General Capital Venture Finance Ltd ("GCVF"), did not provide funds on a timely basis. As a consequence our ability to roll out our ATMs across Merchant Sites at the rate we would have liked was fundamentally prejudiced, and our ability to reach a critical mass impeded. This has delayed our stated ambition of achieving profitability. Clearly this is disappointing, however arrangements for alternative ATM financing are being made and the foundations remain in place to drive this business forward once we have access to necessary capital. In February 2007 we arranged a series of short term loans totaling #0.8m from directors and some existing shareholders as the arrangements with GCVF deteriorated. This is testament to the continuing support of a number of key individuals. The Board also resolved to seek alternative asset financing to facilitate the growth of the business and is in the final stages of negotiating an #8.0m asset financing arrangement together with a #0.75m overdraft facility. While this progresses, the Company has arranged a #2.0m loan facility in March to enable the rollout of ATMs to continue. At an operational level the existing estate of ATMs has performed well. During this difficult time we have been able, through careful cash management, to install a further 187 machines and the sales force have worked hard and continued to sign a number of key agreements with major customers. The number of sites owned or managed by Cashbox's customers (including those with an associated membership network) has increased to in excess of 80,000. Operationally we therefore believe the business is well placed to execute the business plan once the asset financing arrangements are finalised. Financial Review Turnover for the first half of the year was #2.2m, up 30% from the second half of last year and 57% over the first half of last year, the comparable period, with growth due to higher transaction income as more ATMs are installed. Gross margin for the period was 26%, up slightly from the second half of 05/06, but down from the first half 05/06 which benefited from service income derived from relocating a number of a customer's ATMs. Administration costs were up significantly from the comparable period last year, mainly salary costs including share-based payments, as the business continues to put in place the infrastructure to grow, but only 15% up on the preceding six months as the growth has been slowed while the financing of new ATM installations is resolved. Interest costs are lower following the restructuring of the debt prior to the flotation of the Company in March 2006 and the interest for the six months ended 31 December 2006 relates principally to the lease facility. Consequently the loss on ordinary activities for the period was #1.6m compared to #0.9m for the comparable period with higher gross profit being more than offset by the higher administration costs. Careful cash management and negotiation of payment terms resulted in a net cash inflow from operating activities of #0.9m, with cash collection from debtors and increased creditors. This was utilised servicing the lease facilities and purchasing fixed assets with an overall increase in cash for the period of #0.6m. Net debt was unchanged at #0.3m at the period end with the net cash inflow from operating activities covering the continued investment in ATMs. Board update As we announced on 21 March 2007, Carl Thomas, previously CEO, was dismissed without notice after a disciplinary process. Carl Thomas has notified the Company he is appealing this decision. I have assumed executive responsibilities while the company is without a Chief Executive and while holding an executive position I have stepped down from the Audit Committee. David Auger has also joined the Board to take over as Chief Financial Officer, effective 2nd April 2007, from Darren Woolsgrove who will be working in a more operational role assisting me. We are delighted to have been able to appoint someone of David's calibre as CFO. The expertise he brings with him from high profile organisations such as PricewaterhouseCoope benefit to Cashbox as we continue to grow. Darren has indicated a desire to ultimately seek a new challenge after the Company's successful IPO and is seeing through his commitments made at that time last year. He will be stepping down as a Director once a CEO is in place. Hanco Litigation update The litigation between inter alia, Cashbox ATM Systems Limited (the Company's Subsidiary), Carl Thomas (previously Cashbox CEO), and other former employees of the Company and Hanco ATM Systems Limited ("Hanco") is continuing. At a hearing on 21st February 2007, and as announced on 23rd February 2007, the court made an order for the Company's Subsidiary and Carl Thomas to pay 60% of Hanco's costs of the summary judgment application together with an interim payment on account of those costs of #150,000. The Company's Subsidiary and Carl Thomas have applied for permission to appeal the summary judgment decision and a stay of the interim payment on account of costs has been granted pending determination of the application for permission to appeal. The Company and the Company's Subsidiary have obtained a joint and several indemnity from both Carl Thomas and Anthony Sharp against any liability of the Company or the Company's Subsidiary arising from or in connection with this litigation to pay any sum for damages awarded in respect thereof by a court of competent jurisdiction (including all sums payable to the legal advisers of Hanco) or for any agreed settlement in respect thereof. Hanco's application for an interim payment in relation to quantum was adjourned to a further hearing. The position of the Company's Subsidiary remains that Hanco would not be entitled to anything other than nominal recovery because Hanco would not have secured Phase II of the Threshers contract in any event; and Phase II of the Threshers contract was not profitable for the Company's subsidiary. Financing As a direct result of the difficulties experienced with the current lease provider GCVF, the Board decided to seek alternative financing for the business. The Company has secured a #2.0m loan through the clients of UK investment bank, Fairfax I.S. plc, while discussions are taking place with a major, reputable prime lender to provide asset financing. These discussions are at an advanced stage, credit approval has been received, and we are working towards completion in the near future. The Board is considering seeking additional equity financing to maintain an appropriate level of financial gearing and, if necessary, will hold an Extraordinary General Meeting to seek shareholder approval for this. Discussions are taking place with GCVF for the termination of their lease facility and release of their debenture security. It is the Company's view that GCVF are in breach of the terms of the facility and that the significant contractual penalties GCVF is currently relying on are not payable. The ongoing without prejudice negotiations have been protracted and the outcome is uncertain. The Board is of the view that the termination of this facility is in the long term interests of the business and expects matters to be resolved in the near future. Outlook Whilst the last few months have been a difficult and frustrating period for the Company and our staff, we are confident that good progress will be made in growing the business over the next few months and that we will be reporting significant progress with our full year results to be announced in the autumn. Anthony Sharp Executive Chairman 30 March 2007 For further information: Cashbox plc Anthony Sharp, Executive Chairman Tel: +44 (0) 870 126 2274 asharp@cashboxplc.co Seymour Pierce Limited Jeremy Porter, Corporate Finance Tel: +44 (0) 20 7107 8000 www.seymourpierce.co Media enquiries: Threadneedle Communications Josh Royston / Graham Herring Tel: +44 (0) 20 7936 9606 www.threadneedlepr.c CASHBOX PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 as unaudited unaudited restated Notes 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Turnover 2,243 1,429 3,159 Cost of sales (1,655) (947) (2,245) --------- --------- --------- Gross profit 588 482 914 --------- --------- --------- Administrative expenses (2,146) (1,265) (3,131) Exceptional items: Share based remuneration (options) - - (574) charge Listing costs - - (605) --------- --------- --------- Total exceptional costs - - (1,179) --------- --------- --------- Total administrative expenses (2,146) (1,265) (4,310) --------- --------- --------- Operating loss (1,558) (783) (3,396) Interest receivable and similar income 11 6 13 Interest payable and similar charges 2 (78) (150) (254) --------- --------- --------- Loss on ordinary activities before and after taxation (1,625) (927) (3,637) --------- --------- --------- Loss per ordinary share (pence) 3 Basic (2.6)p (2.7)p (8.4)p Diluted (2.6)p (2.7)p (8.4)p Loss on ordinary activities excluding exceptional costs and before and after taxation (1,625) (927) (2,458) All amounts relate to continuing activities CASHBOX PLC CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 unaudited unaudited as restated Notes 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Loss for the period (1,625) (927) (3,637) --------- --------- Prior period adjustments 1 (75) - share based payments --------- Total gains and losses recognised since last financial statements (1,700) --------- CASHBOX PLC CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 unaudited unaudited Notes 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Fixed assets Tangible assets 1,167 234 674 Current assets Stocks 27 48 22 Debtors 822 634 1,492 Cash at bank and in hand 1,161 625 536 --------- --------- --------- 2,010 1,307 2,050 Creditors: amounts falling due within one year 4 (4,865) (3,807) (2,225) --------- --------- --------- Net current liabilities (1,688) (2,500) (175) --------- --------- --------- Total assets less current liabilities (521) (2,266) 499 Creditors: amounts falling due after more than one year 4 - - (679) --------- --------- --------- Net liabilities (1,688) (2,266) (180) --------- --------- --------- Capital and reserves Called up share capital 614 380 614 Share premium account 3,880 - 3,880 Merger reserve 2,180 2,180 2,180 Warrants reserve 37 - 37 Profit and loss account (8,399) (4,826) (6,891) --------- --------- --------- Shareholders' deficit 5 (1,688) (2,266) (180) --------- --------- --------- CASHBOX PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 unaudited unaudited Notes 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Net cash inflow /(outflow) from operating activities 6 852 (742) (4,327) ---------- ---------- ---------- Returns on investments and servicing of finance Interest received 11 6 13 Interest paid (41) (117) (254) ---------- ---------- ---------- Net cash outflow from returns on investment and servicing of finance (30) (111) (241) ---------- ---------- ---------- Capital expenditure and financial investment Purchase of tangible fixed assets (623) (154) (44) ---------- ---------- ---------- Net cash outflow from capital expenditure and financial investment (623) (154) (44) ---------- ---------- ---------- Cash inflow / (outflow) before use of liquid resources and financing 3 (1,007) (4,612) ---------- ---------- ---------- Financing Issue of ordinary shares for cash - 1,596 5,339 (net of issue costs) Loans taken and repaid - (15) (457) Cash advances from Lease 500 - - Provider Capital element of finance leases (74) - - repaid Sale and leaseback of tangible - - 215 fixed assets ---------- ---------- ---------- Net cash inflow from financing 426 1,581 5,097 ---------- ---------- ---------- Increase / (decrease) in cash 625 574 485 ---------- ---------- ---------- CASHBOX PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006 1. Accounting policies and basis of presentation of financial information These financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards on a going concern basis and should be read in conjunction with the Group's Annual Accounts for the year ended 30 June 2006. The results for the six months ended 31 December 2006 and the comparative figures for the six months ended 31 December 2005 are unaudited. The interim report for the six months ended 31 December 2006 was approved by the Board on 29 March 2007. This interim financial information does not constitute the Company's statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 30 June 2006 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The auditors' report in those accounts was unqualified but included an emphasis of matter regarding Going Concern. The auditors' report did not contain a statement under s237 (2) or (3) Companies Act 1985. Change of accounting policy The Company has applied the requirements of Financial Reporting Standard No 20 Share-based payment, which it has adopted for the first time with effect from 1 July 2006 as its application is obligatory for accounting periods commencing on or after 1 January 2006. The Group issues equity-settled share-based payments including share options and warrants to certain Directors and employees. Equity-settled share-based payments are measured at fair value at the date of grant using an appropriate option pricing model. The fair value determined at the date of grant is expensed to the profit and loss account on a straight line basis over the vesting period. At the balance sheet date the cumulative change in respect of each award is adjusted to reflect the actual levels of options vesting or expected to vest. The effect of this is to increase costs for the six months ended 31 December 2006 by #117,000. The prior period comparatives have been restated resulting in an increase in costs for both the six months and year ended 30 June 2006 of #75,000 being #71,000 of ordinary and #4,000 exceptional costs. There was no impact on opening reserves at 1 July 2005 as no equity-settled share-based payments were made prior to March 2006. 2. Interest payable and similar charges unaudited unaudited 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Bank loans and overdrafts - 126 203 Supplier interest - 23 46 Other loans 5 1 5 Finance lease interest and other charges 73 - - --------- --------- --------- 78 150 254 --------- --------- --------- 3. Loss per Share Basic and diluted loss per share has been calculated on the basis of losses after taxation of #1,625,000 (2005: #927,000) and 61,409,143 1p ordinary shares (2005: 34,068,000 equivalent 1p ordinary shares) being the weighted average number of shares in issue during the six month period. The exercise of share options would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of Financial Reporting Standard 22. 4. Creditors falling due within and after one year unaudited unaudited 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Within one year Director loans - 600 - Trade creditors 924 1,435 592 Taxation and social security 307 97 45 Amounts due under finance leases 973 - 172 Advances from lease provider 500 - - Other creditors 473 462 469 Accruals and deferred income 1,688 1,213 947 --------- --------- --------- 4,865 3,807 2,225 --------- --------- --------- After one year Amounts due under finance leases - - 679 --------- --------- --------- - - 679 --------- --------- --------- The finance lease is provided by GCVF and is for a period of five years from the date of execution, 30 June 2006, and as per a facility letter dated 23 March 2006 for a total facility of #6.1m. On 13 November and 18 December 2006, two cash advances were received but no accompanying documentation has been provided or executed and accordingly these balances are treated as Cash Advances rather than finance leases. Following GCVF's failure to provide funds on a timely basis, and in accordance with the facility letter of 23 March 2006, it is expected that the finance leases and cash advances will be repaid within the next 12 months and accordingly balances previously due after one year have been reclassified. 5. Reconciliation of movements in shareholders' funds unaudited unaudited as restated 6m ended 6m ended Year ended 31-12-06 31-12-05 30-06-06 #'000 #'000 #'000 Loss for the period (1,625) (927) (3,637) Share based payments - credit to reserves 117 - 645 ---------- ---------- ---------- Profit and loss account (1,508) (927) (2,992) Issue of shares - - 234 Premium on shares issued - - 3,880 Capital (merger) reserve - 1,706 1,706 Warrants reserve - - 37 ---------- ---------- ---------- Net (decrease) / increase in shareholders' funds (1,508) 779 2,865 ---------- ---------- ---------- Shareholders' deficit at beginning of the period as previously stated (180) (3,045) (3,045) Prior period adjustments: Share based remuneration charge 75 - - Share based payments - credit to reserves (75) - - ---------- ---------- --------- Shareholders' deficit at beginning of the period as restated (180) (3,045) (3,045) ---------- ---------- --------- Shareholders' (deficit)/funds at end of period (1,688) (2,266) (180) --------- --------- --------- 6. Reconciliation of operating loss to net cash outflow from operating activities unaudited unaudited as restated 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Operating loss (1,558) (783) (3,396) Share based remuneration charge 117 - 645 Depreciation 130 48 98 (Increase) /Decrease / in stock (5) 163 189 Decrease / (Increase) in debtors 834 (325) (1,294) Increase / (Decrease) in creditors 1,334 155 (569) ---------- ---------- ---------- Net cash outflow from operating activities 852 (742) (4,327) ---------- ---------- ---------- 7. Analysis of changes in net debt unaudited unaudited unaudited unaudited unaudited unaudited Cash in Bank Total cash Debt due Debt due Total net hand and overdraft and within one after one debt at bank overdraft year year #'000 #'000 #'000 #'000 #'000 #'000 At 30 June 2006 536 - 536 (172) (679) (315) Cash flows 625 - 625 625 Cash advances from lease provider (500) - (500) Funds due from lease provider (192) (192) Finance lease repayments 74 - 74 Non cash items (4) (4) Reclassificati ons - - - (679) 679 - -------- -------- -------- -------- -------- -------- At 31 December 2006 1,161 - 1,161 (1,473) - (312) -------- -------- -------- -------- -------- -------- The funds due from lease provider relate to amounts invoiced to the lease provider as part of the sale and leaseback of ATMs. A corresponding amount is included in Debtors. 8. Dividend The Directors are not able to declare a dividend. 9. Subsequent events On 8 February 2007 the Company arranged a series of short term loans from directors and a number of existing shareholders totalling #0.8m repayable on 28 days notice with interest payable at base rate plus 0.5%. On 26 March 2007 the company signed a #2.0m 15% loan note repayable in three years time with interest payable quarterly in arrears with Finsbury Nominees Limited, a client of Fairfax I.S. plc, a UK investment bank. 10. Contingencies The Company's Subsidiary has entered into a finance leasing agreement with GCVF. The liabilities of the Company's Subsidiary pursuant to such agreement are secured by fixed and floating charges and guarantees given by the Company and Company's Subsidiary. Under the terms of the agreement, penalty clauses up to a maximum of the outstanding charges discounted at 3% are payable on early termination. 10. Contingencies (continued) In December 2003 Hanco ATM Systems Limited ("Hanco") made significant claims against Carl Thomas and Cashbox ATM Systems Limited ("Subsidiary") including an allegation that Carl Thomas diverted a business opportunity from Hanco to Cashbox, namely a contract for the installation of ATMs with the Thresher Group. Both the Company's Subsidiary and Carl Thomas vigorously denied these claims. The Company and the Company's Subsidiary have obtained a joint and several indemnity from both Carl Thomas and Anthony Sharp against any liability of the Company or the Company's Subsidiary arising from or in connection with this litigation to pay any sum for damages awarded in respect thereof by a court of competent jurisdiction (including all sums payable to the legal advisers of Hanco) or for any agreed settlement in respect thereof. 11. Non-GAAP terms EBITDA is earnings before interest, tax, depreciation, amortization, exceptional items and minority interests and equals operating income before exceptional items plus depreciation and amortization. EBITDA, which we consider to be a meaningful measure of operating performance, particularly the ability to generate cash, does not have a standard meaning under UK GAAP and may not be comparable with similar measures used by others. unaudited unaudited as restated 6m ended 6m ended Year ended 31-12-06 31-12-05 30-6-06 #'000 #'000 #'000 Operating loss (1,558) (783) (3,396) Add back: Exceptional items - - 1,179 Share based payments charge 117 - 71 Depreciation 130 48 98 --------- --------- --------- EBITDA (1,311) (735) (2,048) --------- --------- --------- | blackbear | |
30/3/2007 07:04 | Where are they? The Company expects to be able to provide further details of the above with the Company's Interim Results for the 6 month period ended 31 December 2006, which will be released on Friday 30th March 2007. Sack the courier! gg | greengiant | |
29/3/2007 10:07 | GG: A question I often ask myself! | sandbank | |
28/3/2007 12:40 | Sandbank - Out of interest WHY? TIA gg | greengiant | |
28/3/2007 12:25 | GG: I am long | sandbank | |
28/3/2007 10:06 | PS - Tried to log on to their website - down. Decision made - keep shorting gg | greengiant | |
28/3/2007 10:03 | Interesting rise today for no apparent reason, does someone know something before results. Not optimistic about this one and have been shorting since 22p. Do I close my short? Expecting a fundraising announcement with the results. Decisions Decisions gg | greengiant | |
27/3/2007 13:22 | pathetic volume, very suprised. | blackbear | |
26/3/2007 21:51 | RNS Number:7535T Cashbox PLC 26 March 2007 Cashbox PLC ("Cashbox" or "the Company") New Loan Facility and Notice of Interim Results Cashbox is pleased to announce that the Company has secured #2M of debt funding from the clients of Fairfax I.S. plc, a UK investment bank. In addition, the Board is considering an equity issuance as part of the long term financing strategy of the business. The Company expects to be able to provide further details of the above with the Company's Interim Results for the 6 month period ended 31 December 2006, which will be released on Friday 30th March 2007. | blackbear | |
26/3/2007 15:07 | Cashbox says ceased talks on possible offers for co LMAO..... LONDON (AFX) - Cashbox PLC, the independent supplier and operator of ATMs, said it has terminated discussions with parties regarding possible offers for the company. It said none of the discussions were proceeding as rapidly as it would have liked and that it was not aware of any potential "bona fide offerors". On Feb 2, Cashbox said it had received expressions of interest which may have led to an offer being made to acquire the company. | blackbear | |
21/3/2007 21:10 | Ah yes the fall guy...... everyone else is clean RIGHT? | blackbear | |
21/3/2007 17:32 | Just in case your reading this Carl, here's a URL that you might find useful; Cashbox PLC 21 March 2007 Cashbox plc Directorate Change Further to the announcement on 13 February 2007, the Board appointed a Non-Executive Director to complete an investigative review of the circumstances surrounding the share dealings by Carl Thomas. On 20 March 2007, Carl Thomas was dismissed without notice as CEO, director and employee of Cashbox plc and all its subsidiaries with immediate effect after a full disciplinary process. Carl Thomas has a right to appeal against this decision, however at the present time no appeal has been received. Chairman Anthony Sharp has executive responsibility for an interim period until a new Chief Executive is appointed and a search will commence shortly. Enquiries: Cashbox PLC 0870 126 2274 Anthony Sharp, Executive Chairman Threadneedle Communications 020 7936 9606 Josh Royston/Graham Herring Seymour Pierce Ltd 020 7107 8000 Jeremy Porter | ron manager | |
15/3/2007 23:58 | The Cashbox model relies on the host of the ATM to make it work ie - fill it with cash, we all know what tight cash regimes some of the smaller store outlets run on so i am not surprised to see them at the bottom of the tables. A bidder at 4 x revenue i think not i remain short. | blackbear | |
15/3/2007 21:30 | Hillbrown - you are probably right that the deal is still on. In my view the only people who could be thinking about buying this lot is Note Machine. It would add to their portfolio of poor performing sites! See web site Notemachine.com - they have made two acquistions this year and seem to be well funded. Questions and problems may arise when people start asking why they have bought companies at the bottom end of the market. My access to the LINK stats show that Note Machine, Scot Tod,TRM and Cashbox are the 4 worst IADs (Independent ATM Deployers) for transactions. The big boys like Cardpoint,Travelex and Bank Machine have 5 x more transactions that some of these! | badlad21 | |
11/3/2007 17:52 | Having announced that they were in discussions if they have now finished discussions they would have to publish a termination of discussions statement. As that has not happened despite the bad publicity its safe to assume that the deal is going ahead. The fundementals have not changed but if I was the buyer I would certainly be trying to get the price reduced. I still expect it to happen probably in about 6-8 weeks time after full due diligence, which may have started. | hillbrown | |
09/3/2007 16:33 | Another 2p rise or so would be very welcome on this lame deal announced yesterday. | blackbear |
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