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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chariot (UK) | LSE:CRT | London | Ordinary Share | GB00B0P0XQ12 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.48 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3639F Chariot (UK) PLC 09 October 2007 Embargoed for release at 7 a.m. 9 October 2007 Chariot (UK) plc ("Chariot" or the "Company") Audited results for the year ended 30 April 2007 Chairman's statement Chariot was launched in October 2005 as a new venture to market and retail weekly lotteries on behalf of a diverse range of Charity Partners. The Company subsequently launched "monday- the charities lottery" on 20 April 2006 and the first draw took place on 8 May 2006. Initial sales were, however, disappointing with receipts from ticket sales for the first five draws falling significantly below the Board's expectations. The Company responded by implementing a revised business plan for the Company which focused on a reorganisation of the business and a reduction in operating costs and, on 6 July 2006, the Company raised #2.65 million (before expenses) at 5p per share which included subscriptions totalling #500,000 from existing directors of Chariot. Unfortunately sales levels continued to decline month on month following the launch of the game, in spite of strategic initiatives undertaken by the Company. Whilst continuing to reduce costs and simplify operations in order to break even, the Company undertook an exercise to find a strategic partner or investor to acquire the Company, to make further investment into the Company or to purchase some or all of the Company's assets. Despite a substantial effort by the Company and its advisers, it was not possible to secure a transaction that would either allow the operations to continue or realise significant value for shareholders. On 19 January 2007, the Company agreed the sale of the 'monday' lottery game and its other principal operating assets, including the entire player database, to NetPlay TV plc for a total cash consideration of #140,500. NetPlay TV plc are continuing to operate the game allowing Chariot's charity partners and player base to continue to benefit from the game. The effect of the sale of the game was to divest Chariot of all of its trading business and activities and, with effect from 31 January 2007, Chariot has been treated as an investing company pursuant to Rule 15 of the AIM Rules. Chariot is required, in accordance with its investment strategy, to make a suitable investment or acquisition which constitutes a reverse takeover by 31 January 2008. As at 30 April 2007, the Company has positive net assets of approximately #0.63 million (including #0.83 million of cash resources) which will assist the Company in implementing its investment strategy. If an acquisition or investment, which would constitute a reverse takeover, is not completed by 31 January 2008, dealings in the shares of the Company would be suspended. In these circumstances the Company anticipate giving shareholders the opportunity to consider the future of the Company at a duly convened extraordinary general meeting. The audited results for the twelve months ended 30 April 2007 showed that the Company generated turnover of #1.132 million and incurred a loss of #9.398 million. These results include the period up until the disposal of the Company's trading operations. As outlined above the Company does not at present conduct any business and is a cash shell. The cash resources as at 30 April 2007 stand at #0.832 million and it is intended that these resources will be applied in pursuance of the investing strategy of the Company. The Board also announces that with effect from today Philip Evans, Non-Executive Director, has resigned from the Board of Chariot. The Board of the Company would like to thank Philip for all of his hard work since he joined Chariot in October 2003 shortly after its inception. Philip was Charities Director of the Company from August 2005 through to January and responsible for representing Chariot to the Company's Charity Partners. The Company's stated investment strategy is to acquire a company or companies whose business is in the broader leisure or consumer sectors. Such a business will not necessarily be a lottery operation. The attributes which Chariot are looking for in a prospective investment or acquisition include an experienced management team with a strong track record, an ability to generate revenue streams and strong growth prospects with the ability to generate shareholder value. As outlined in the announcement of the interim results on 31 January 2007, Chariot has reviewed potential investment and acquisition opportunities within the leisure and consumer sectors in line with its investment strategy. Chariot has not yet carried out any detailed due diligence or entered into any firm commitment in connection with any acquisitions or investments. However Chariot is continuing discussions with a number of parties with a view to creating shareholder value for the Company and is working together with FBI Media Investments Limited, the Company's largest shareholder, in evaluating potential investment and acquisition opportunities. At the time when a suitable investment or acquisition reaches a sufficiently advanced stage, Chariot will, in line with the requirements of reverse takeovers under the AIM Rules, make the acquisition conditional on consent of its shareholders. Peter Jones Chairman 9 October 2007 CHARIOT (UK) PLC PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2007 2007 2006 Notes #'000 #'000 Turnover Discontinued operations 1,132 - Administrative expenses (9,763) (7,983) Operating loss 2 Discontinued operations (8,631) (7,983) Exceptional item - loss on disposal of fixed assets (844) - Loss on ordinary activities before interest (9,475) (7,983) Other interest receivable and similar income 77 126 Interest payable and similar charges - (1) Loss on ordinary activities before taxation (9,398) (7,858) Tax on loss on ordinary activities - - Loss for the year (9,398) (7,858) (Loss)/earnings per share - basic and diluted Continuing and discontinued operations 3 (15.3)p (103.9)p Continuing operations 3 0.13p 1.67p There are no recognised gains and losses other than those passing through the profit and loss account. CHARIOT (UK) PLC BALANCE SHEET AS AT 30 APRIL 2007 2007 2006 Notes #'000 #'000 #'000 #'000 Fixed assets Intangible assets - 223 Tangible assets - 901 - 1,124 Current assets Debtors 110 3,402 Cash at bank and in hand 832 2,788 942 6,190 Creditors: amounts falling due (310) (1,860) within one year Net current assets 632 4,330 Net assets and total assets less current liabilities 632 5,454 Capital and reserves Share capital 710 160 Share premium account 10,615 8,583 Special reserve 2,186 2,186 Profit and loss account (12,879) (5,475) Shareholders' funds 632 5,454 CHARIOT (UK) PLC CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2007 2007 2006 #'000 #'000 #'000 #'000 Net cash outflow from (4,626) (9,144) operating activities Returns on investments and servicing of finance Interest received 77 126 Interest paid - (1) Net cash inflow from returns on investments 77 125 and servicing of finance Capital expenditure Payments to acquire - (250) intangible assets Payments to acquire (181) (928) tangible assets Receipts from sale of 155 - fixed assets Net cash outflow for (26) (1,178) capital expenditure Net cash outflow before management of liquid (4,575) (10,197) resources and financing Management of liquid resources Transfers from/(to) bank 1,391 (1,788) deposits 1,391 (1,788) Financing Issue of ordinary share 2,650 14,024 capital Expenses of share issue (68) (936) Repayment of other short - (106) term loans Net cash outflow from 2,582 12,982 financing (Decrease)/increase in (602) 997 cash in the year Abridged notes to the results statement 1. Basis of preparation (a) The financial information for the years ended 30 April 2007 and 30 April 2006 does not constitute the Company's statutory financial statements but is extracted from the audited accounts for those years. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. The audited accounts for the year ended 30 April 2006 did however include reference to uncertainty over going concern which the auditors drew attention to by way of emphasis without qualifying their report. (b) The audited accounts for the year ended 30 April 2006 have been delivered to the Registrar of Companies. The Annual Report and Financial Statements for the year ended 30 April 2007 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. (c) The financial information for the year ended 30 April 2007 has been prepared on the basis of the accounting policies set out in the audited financial statements for the year ended 30 April 2006, with the addition of the turnover policy as outlined below: Turnover Turnover represents the commission receivable in relation to the Company's role as an on-line retailer of society lottery tickets 2. Operating loss 2007 2006 #'000 #'000 Operating loss is stated after charging: Amortisation of intangible assets 63 27 Depreciation of tangible assets 243 29 Operating lease rentals - Plant and machinery 5 2 - Land and buildings - 71 Auditors' remuneration - audit work 15 36 Remuneration of current auditors for non-audit work - - 17 VAT advice Remuneration of previous auditors for non-audit work - - 47 accounting and taxation advice and after crediting: Profit on foreign exchange transactions (7) - In the year ended 30 April 2006, fees of #68,000 were paid to the current auditors in connection with the IPO, which were charged to the share premium reserve. 3. Loss per share Loss per share 2007 2006 #'000 #'000 Numerator Loss used for calculation of basic and diluted loss per share: Continuing and discontinued operations (9,398) (7,858) Continuing operations 77 126 Denominator Weighted average number of shares used in basic and diluted loss per share calculation 61,471,099 7,561,473 None of the potentially ordinary shares are considered to be dilutive. Potentially dilutive shares comprise those that would arise from the exercise of outstanding share options. 4. Reconciliation of operating loss to net cash outflow from operating activities Reconciliation of operating loss to net cash outflow from operating activities 2007 2006 #'000 #'000 Operating loss (8,631) (7,983) Depreciation of tangible assets 243 29 Amortisation of intangible assets 63 27 Share based payment 1,994 833 Decrease/(increase) in debtors 3,292 (3,392) (Decrease)/increase in creditors within one year (1,587) 1,342 Net cash outflow from operating activities (4,626) (9,144) 5. Reconciliation of net cash flow to movement in net funds Reconciliation of net cash flow to movement in net funds 2007 2006 #'000 #'000 (Decrease)/increase in cash in the year (602) 997 Cash (outflow)/inflow from (increase)/decrease in (1,391) 1,788 liquid resources Cash outflow from decrease in debt - 106 Movement in net funds in the year (1,993) 2,891 Opening net funds/(debt) 2,788 (103) Closing net funds 795 2,788 6. Circulation to shareholders Copies of the Company's Annual Report will be sent to shareholders shortly with further copies available from the Company's nominated adviser and broker, Noble & Company Limited, 120 Old Broad Street, London, EC2N 1AR. Enquiries: Peter Jones, Chariot (UK) plc Tel: 0207 763 2200 Nick Naylor, Noble & Company Limited Tel: 0207 763 2200 This information is provided by RNS The company news service from the London Stock Exchange END FR EAPEPEEKXFFE
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