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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clerkenwell | LSE:CRK | London | Ordinary Share | GB00B3L0Q676 | 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% | 28.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:3918U
Clerkenwell Ventures PLC
21 November 2005
Clerkenwell Ventures PLC - Unaudited Preliminary Results
Unaudited Preliminary Results
for the period ended 30 September 2005
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its
preliminary results for the period ended 30 September 2005. These relate to the
period from incorporation on 13 May 2004 to 30 September 2005.
Highlights :
*Placing and admission to AIM on 29 October 2004, raising #3.9m (before
flotation expenses of #0.2m) at 7p per share
*Net cash as at 30 September 2005 of #4.3 million
*Profit before taxation for the period ended 30 September 2005 of #77,000
David Page, Chairman, commented:
"We are currently evaluating several interesting investment opportunities in
businesses with high growth or consolidation potential."
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman Telephone: 07836 346934
Seymour Pierce Limited
Richard Feigen/Catherine Bond Telephone: 020 7107 8000
Gainsborough Communications
Julian Walker Telephone: 020 7190 1705
Clerkenwell Ventures PLC
Unaudited Preliminary Results
for the period ended 30 September 2005
Chairman's Statement
It gives me great pleasure to report the preliminary results of Clerkenwell
Ventures for the period from incorporation to 30 September 2005.
Acquisition strategy
The Company's acquisition strategy, as described in the Company's AIM admission
document dated 25 October 2004, is guided by the following criteria:
*The businesses should have the potential for rapid growth and/or above
average cashflow and dividend yield;
*Strong operational management, capable of forming the executive board of
the Company; and
*A proven business model and attractive returns on capital invested.
The Directors, with their experience and contacts in the corporate finance and
leisure sectors, have identified and investigated a number of businesses which
could be reversed into the Company. One of these businesses was Intelligent
Energy Holdings plc, although on 9 November 2005 we announced that we had
terminated discussions with its board. However we are continuing discussions
with several other parties.
Following changes to the AIM rules, with effect from 1 April 2005, where an AIM
company is an investing company, shareholder approval for its investing strategy
will need to be sought on an annual basis. The Board therefore proposes to seek
shareholder approval for the Company to continue its current acquisition
strategy at the forthcoming annual general meeting in December 2005. The Board
unanimously recommends that shareholders approve the resolution.
Results
The Company announced on 17 June 2005 that the first accounting period had been
extended from ending on 31 May 2005 to ending on 30 September 2005.
The Company was incorporated on 13 May 2004 and these preliminary results cover
the period from that date to 30 September 2005. Clerkenwell Ventures completed a
placing and admission to AIM on 29 October 2004, raising #3.9 million (before
flotation expenses) at 7p per share. Flotation expenses of #0.2 million have
been charged to the Company's share premium account.
Profit before taxation for the period ended 30 September 2005 was #77,000. As at
30 September 2005, Clerkenwell Ventures' net cash balances amounted to #4.3
million.
Dividends
As described in the Company's AIM admission document dated 25 October 2004, it
is the Board's policy that prior to making the first acquisition, no dividends
will be paid. Following the first acquisition, subject to the availability of
distributable reserves, dividends will be paid to shareholders when the
Directors believe it is appropriate and prudent to do so. However, the main
focus of the Company will be in delivering capital growth for shareholders.
Outlook
We are currently evaluating several interesting investment opportunities in
businesses with high growth or consolidation potential and will update the
market when appropriate.
David Page
Non-executive Chairman
21 November 2005
Clerkenwell Ventures PLC
Unaudited Profit and Loss Account
for the period ended 30 September 2005
Notes Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Administrative expenses (105)
Operating loss (105)
Net interest receivable 182
Profit on ordinary activities before taxation 77
Taxation 2 (16)
Profit for the period 61
Earnings per share
Basic 3 0.13p
Diluted 3 0.12p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 30 September 2005
Notes As at
30 September 2005
Unaudited
#'000
Current Assets
Debtors 9
Cash at bank and in hand 4,320
4,329
Current Liabilities
Creditors: amounts falling due within one year (80)
Net assets 4,249
Capital and Reserves
Called up share capital 689
Share premium account 3,499
Profit and loss account 61
Equity shareholders' funds 4 4,249
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the period ended 30 September 2005
Notes Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Net cash outflow from operating activities 5a (46)
Returns on investment and servicing of finance 178
Cash inflow before use of liquid resources and
financing 132
Management of liquid resources 5b (4,156)
Financing 5c 4,188
Increase in cash in the period 164
Reconciliation of net cash flow to movement in net funds
Notes Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Increase in cash in the period 164
Cash flow from increase in liquid resources 4,156
Change in net fund 4,320
Net funds at beginning of period -
Net funds at end of period 5d 4,320
Clerkenwell Ventures PLC
Notes to the Unaudited Preliminary Results
for the period ended 30 September 2005
1.Basis of preparation
The preliminary results have been prepared under the historical cost convention
and in accordance with applicable United Kingdom accounting standards.
2.Taxation
Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Based on the result for the period:
UK Corporation tax at 19% 16
Total current tax 16
Deferred taxation:
Origination and reversal of timing differences -
Taxation payable 16
3.Earnings per share
Basic earnings per share is based on the profit for the period of #61,000 and on
47,815,224 ordinary shares of 1p each being the weighted average number of
ordinary shares in issue during the period.
Diluted earnings per share is based on the profit for the period of #61,000 and
on 50,227,106 shares of 1p each being the weighted average number of shares in
issue during the period after allowing for the dilutive effect of the conversion
into ordinary shares of options outstanding during the period.
4.Reconciliation of movements in equity shareholders' funds
Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Shares issued (net of flotation expenses) 4,188
Profit for the period 61
Closing equity shareholders' funds 4,249
5.Notes to the cash flow statement
a.Reconciliation of operating loss to net cash flow from operating
activities
Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Operating loss (105)
Increase in debtors (5)
Increase in creditors 64
Net cash outflow from operating activities (46)
b.Management of liquid resources
Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Increase in short term deposits 4,156
c.Financing
Period from
13 May 2004
to
30 September 2005
Unaudited
#'000
Gross proceeds of ordinary shares issued 4,373
Issue costs (185)
Net cash inflow from financing 4,188
d. Analysis of net funds
As at Cash flow As at
13 May Unaudited 30 September
2004 #'000 2005
Unaudited Unaudited
#'000 #'000
Cash in hand and at bank - 164 164
Short term deposit - 4,156 4,156
Net funds - 4,320 4,320
Cash at bank and in hand of #4,320,000 on the company's balance sheet includes
short term deposits of #4,156,000 which are not classified as cash under FRS1
for the purposes of the cash flow statement.
6.Report and accounts
The financial information set out in this preliminary announcement, which was
approved by the Board on 21 November 2005, is unaudited and does not constitute
the Company's statutory accounts for the period ended 30 September 2005, but is
derived from those accounts.
The statutory accounts for the period ended 30 September 2005 will be finalised
on the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's annual general meeting.
7.Further copies
The statutory accounts for the period will be posted to shareholders in due
course and further copies will be available, free of charge, for a period of one
month following posting to shareholders from the registered office of the
Company or the Company's Nominated Adviser and Broker, Seymour Pierce Limited,
Bucklersbury House, 3 Queen Victoria Street, London, EC4N 8EL, Telephone: 020
7107 8000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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