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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eco City | LSE:ECV | London | Ordinary Share | GB00BW1YYP78 | 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% | 2.875 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMECV
RNS Number : 9255Z
Eco City Vehicles PLC
23 September 2015
23 September 2015
Eco City Vehicles PLC
("Eco City", "ECV" or the "Company")
Results for the six months ended 30 June 2015
Eco City announces its results for the six months ended 30 June 2015. The results reflect the position post ECV entering and subsequently exiting administration on the 22 December 2014 by way of a Company Voluntary Arrangement (the "CVA"), following approval by both ECV's creditors and shareholders.
On 24 December 2014 the Company issued a circular and a notice of General Meeting to its shareholders setting out proposals to raise funds totalling of GBP250,000 by means of a private placing of convertible loan notes ("CLNs"). GBP143,000 of the proceeds of the subscription has been applied to fund the CVA. The proposals also included resolutions for the reorganisation and consolidation of the Company's shares. All resolutions were approved at the General Meeting, and the CVA was subsequently completed.
The placing of the CLNs was successful and the share reorganisation was implemented on 24(th) February 2015 and the share suspension was lifted on 3(rd) March 2015.
Outlook
The Company is classified as an investing Company, as defined under Rule 15 of the AIM Rules for Companies. The Company's Investing Policy is to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders. Details of the Investing Policy were set out in the circular sent to shareholders on 24 December 2014 and were approved by shareholders at the General Meeting held on 20 January 2015.
Financial highlights to 30 June 2015
-- Operating loss before non-recurring items decreased by GBP0.28m to a loss of GBP82,000 (H1 2014: GBP0.36m loss)
Commenting on the results, John Swingewood, Chairman, said: "The Board is pleased to confirm that it continues to make progress in identifying meaningful acquisition opportunities in our chosen areas of technology, media and communications. Whilst there can be no guarantee that one or more investment opportunities can be concluded successfully, the Board remains confident of creating shareholder value through ECV and looks forward to providing further updates in due course."
Enquiries:
Eco City Vehicles plc
John Swingewood, Director +44 1444 440 359
Allenby Capital Limited (Nomad and Broker)
Nick Harris/Nick Naylor +44 20 3328 5656
Overview
Following the completion of the CVA, as described above, the Company is looking to invest and/or acquire companies and/or assets in the telecommunications, media and technology sectors where the Board believes there are opportunities for growth which, if achieved, will be earnings enhancing for shareholders.
Non-recurring items
The Group has incurred one-off non-recurring items of GBP0.14m (H1 2014: GBP81,000) due to legal, and restructuring costs associated with the CVA.
Cash balances and funding
Cash balances at 30 June 2015 were GBP56,000 (H1 2014: GBP0.7m)
John Swingewood
Chairman
Consolidated Statement of Comprehensive Income
For the period ended 30 June 2015
Hot Features
Premium
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
Restated
Notes GBP000 GBP000 GBP000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administrative expenses (225) (468) (2,854)
Other income - 26 42
Loss from operations before non-recurring
items (82) (361) (467)
Non-recurring items 4 (143) (81) (2,345)
------------------------------------------- ------ ---------- ---------- ------------
Loss from continuing operations (225) (442) (2,812)
Finance costs - (22) (22)
Loss before taxation from continuing
operations (225) (464) (2,834)
Loss from discontinued operations - (1,490) (910)
Loss for the period and total
comprehensive loss (225) (1,954) (3,744)
Loss for year attributable to
owners of parent (225) (1,916) (3,660)
Non-controlling interest - (38) (84)
(225) (1,954) (3,744)
========== ========== ============
Loss per share 3 Pence Pence Pence
Continuing operations (0.05) (0.08) (0.10)
Non-recurring items (pre-tax) (0.08) (0.02) (0.50)
Discontinued operations - (0.32) (0.19)
Basic and diluted losses per
share : (0.13) (0.41) (0.79)
eco city vehicles plc
Consolidated statement of financial position
As at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
Assets Notes GBP000 GBP000 GBP000
Non-current
Property, plant and equipment - 2,548 -
Intangible assets - 131 -
Total non-current assets - 2,679 -
Current
Inventories - 5,132 -
Trade and other receivables 13 2,168 -
Cash and cash equivalents 56 695 -
Total current assets 69 7,995 -
Total assets 69 10,674 -
Equity and liabilities
Equity
Equity attributable to owners
of the parent:
Share capital 288 4,713 4,713
Share premium - 3,190 3,190
Reverse acquisition reserve - (1,709) -
Retained deficit (278) (6,639) (7,918)
10 (445) (15)
Non-controlling interest - 46 -
Total equity 10 (399) (15)
Current liabilities
Borrowings - 422 -
Trade and other payables 59 7,705 15
Provisions - 355 -
Total current liabilities 59 8,482 15
Non-current liabilities
Borrowings - 2,337 -
Trade and other payables - 254 -
Total non-current liabilities - 2,591 -
Total liabilities 59 11,073 15
Total equity and liabilities 69 10,674 -
eco city vehicles plc
Consolidated statement of changes in equity - unaudited
As at 30 June 2015
Total
attributable
Reverse Shares to equity Non-
Share Share acquisition to be Retained holders Controlling Total
capital premium reserve issued deficit of Parent Equity Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January
2014 4,692 3,177 (1,709) - (4,723) 1,437 84 1,521
Total
comprehensive
loss - - - - (1,916) (1,916) (38) (1,954)
Issue of share
capital 21 13 - - - 34 - 34
At 30 June
2014 4,713 3,190 (1,709) - (6,639) (445) 46 (399)
Total
comprehensive
loss for the
period - - 1,709 - (1,828) (119) (46) (165)
Disposal of
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 04:31 ET (08:31 GMT)
assets - - - - 549 549 - 549 At 31 December 2014 4,713 3,190 - - (7,918) (15) - (15) Total comprehensive loss for the period - - - - (225) (225) - (225) Restructuring of share capital (4,425) (3,190) - - 7,865 250 - 250 At 30 June 2015 288 - - - (278) 10 - 10
eco city vehicles plc
Consolidated statement of cash flows
For the period ended 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP000 GBP000 GBP000
Net cash inflow from
Operating activities
Loss for the year (225) (1,954) (3,744)
Adjustments for:
Depreciation and Amortisation - 480 -
Impairment - 991 2,080
Loss from Discontinued Operations - 1,490 910
Transfer to administrators - - (506)
Finance cost - 194 22
Income tax expense - (6) -
(225) 1,195 (1,238)
(Increase)/decrease in debtors (13) 4,049 6,217
Increase/(decrease) in creditors 44 (97) (7,943)
(Increase)/decrease in stocks - (2,200) 2,932
Cash generated from operations (194) 2,947 (32)
Income taxes received - 6 -
Net cashflows from operating activities (194) 2,953 (32)
Investing activities
Payments to acquire tangible fixed
assets - 160 -
Sale of assets - (523) -
Purchase of intangibles - 23 -
Net Cash used in investing activities - (340) -
Financing activities
Net cash generated from share
issue 250 34 34
Interest paid - (194) (22)
Repayments of pension loans - (1,166) -
Loss from Discontinued Operations - (1,490) (910)
Income from related party VAT
claim - 600 -
Movement in stock financing - (632) -
Net cash used in financing activities 250 (2,848) (898)
Increase/(decrease) in cash 56 (235) (930)
Cash and cash equivalents at beginning
of the year - 930 930
Cash and cash equivalents at end
of the year 56 695 -
1. General Information
Eco City Vehicles PLC is a company incorporated in the United Kingdom and quoted on AIM. The address of the registered office is 60 Cannon Street, London, EC4 6NP.
This unaudited consolidated interim report is presented in British Pounds Sterling, the currency of the primary economic environment in which the Company operates.
The unaudited consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.
The financial information for the year ended 31 December 2014 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The Independent Auditors' Report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2. Basis of preparation
The unaudited consolidated interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Union.
The same accounting policies, presentation and method of computation are followed in this financial information as was applied in the company's latest annual audited financial statements and using accounting policies that are expected to be applied for the financial year ending 31 December 2015. Practice is continuing to evolve on the application and interpretations of IFRS. Further standards may be issued by the International Accounting Standards (IASB) and standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC.
3. Non-recurring items
Unaudited Unaudited Audited
30 June 30 June 31 December
2014 2014 2014
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Professional fees
- Restructuring 143 31 61
143 31 61
Impairment charges - - 2,080
- - 2,080
Administration costs - - 114
- - 114
Compensation for loss of office - 49 49
- 49 49
Other - 1 41
- 1 41
143 81 2,345
4. Loss per share
Unaudited Unaudited Audited
30 June 30 June 30 December
2015 2014 2014
GBP000 GBP000 GBP000
Losses
Total Comprehensive Loss for the period, used
in the calculation of total basic earnings
per share (225) (1,954) (3,744)
Loss for the year used in the calculation
of total basic earnings per share from continuing
operations (82) (361) (467)
Non-recurring items (143) (81) (2,345)
Adjusted loss for the period (225) (442) (2,812)
Discontinued operations - (1,490) (910)
Weighted average number of ordinary shares
for the purpose of basic and adjusted loss
per share 178,751,496 471,302,000 471,337,000
Loss per share
Continuing operations (pence) (0.05) (0.08) (0.10)
Non-recurring items (pre-tax) (pence) (0.08) (0.02) (0.50)
Discontinued operations (pence) - (0.32) (0.19)
Basic and diluted loss per share (0.13) (0.41) (0.79)
On 20 January 2015 in general meeting the issue of GBP250,000 of convertible loan notes and a three stage capital restructuring of the Company, certain aspects of which were also approved at a class meeting of the Company's deferred shareholders held immediately following the general meeting. Under the terms of the capital restructuring:
Stage 1
With effect from 29 January2015 each existing ordinary share of 0.1 pence each ("Old Ordinary Shares") were be subdivided into one ordinary share of 0.008 pence each ("Stage 1 Ordinary Shares") and one deferred class B share of 0.092 pence each ("B Deferred"). In addition, the existing deferred shares of 0.9 pence each were reclassified as class B deferred shares and their rights varied ("Deferred"). Following Stage 1, the Company had the following shares in issue:
-- 471,336,521 Stage 1 Ordinary Shares; -- 471,336,521 Deferred; and -- 471,336,521 B Deferred.
Stage 2
With effect from 24 February 2015, all the Deferred and B Deferred were cancelled under s662 of the Companies Act 2006.
Stage 3
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 04:31 ET (08:31 GMT)
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