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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emerging Uk | LSE:EUI | London | Ordinary Share | GB00B03KMJ93 | 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% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4911T Emerging UK Investments Plc 01 November 2005 For immediate Release 1 November 2005 Emerging UK Investments Plc ("EUKI" or "the Company") Chairman's Statement Preliminary Financial Results for the period from incorporation to 31st May 2005 I am pleased to be able to announce the results for the period ended 31 May 2005. The Board are broadly pleased with the progress of the Company. EUKI's investment strategy is to exit if a profit is achievable. A successful disposal at a profit has been made by disposing of the major part of the holding in Skin Health Spa plc, though this is a post balance sheet event. We are currently working on the disposal of two other investments. Unless a partial disposal of an investment is imminent, your Board has taken the decision to write down many of the Company's investments. This reflects the fact that EUKI holds assets in early stage, unquoted companies which are currently loss making, and are therefore, difficult to value. Consequently, your Board has written down the book value of EUKI's investments by #504,000. At year-end the overall carrying value of investments was #725,000 and the Company recorded a loss of #616,000. Unfortunately, one investee company, Charolais Investment Company Limited, has been placed into Administration. The current position on other investee companies is as follows : Aerodeon Limited - this company is trading in line with expectation and the company intends to seek a quotation on OFEX in the near future. This may enable EUKI to make a partial disposal of its holding should this prove to be an attractive opportunity. @Cost Building Limited - this company has recently made an acquisition of another building contractor. However losses to date have led your Board to write down this investment. Valley Schools Group plc - these shares have recently been purchased by third party investors using the trading platform 535x at a premium to the current book value. However, the company continues to make losses and a provision has been made against this investment. Jumbo Sites Limited - this company is dormant and therefore a full provision has been made. Charolais Investment Company Limited - the company is in Administration and therefore a full provision has been made. The Treatment Centre Company plc - in your Board's view, the company is making good progress and EUKI intends to maintain its holding at present. Skin Health Spa plc - the company obtained an Ofex quotation in February 2005. EUKI has disposed of the majority of its investment, making a profit on disposal after the year end. Business Golf Corporation Limited - this company has experienced difficult trading and your Board decided to make a provision against this investment. Swilken Holdings Limited - the company is now dormant and it was decided to make a full provision against this investment. Warmways Healthcare Holdings plc - the company has recently focussed on licensing its technology to blue chip clients and in order to fund this development a new investment has been made at a lower valuation than the previous book value. It was decided to make a provision against the book value to reflect this lower valuation. Drug Treatment Holdings plc - The Company is in the process of disposing of its stake in this investment. Post Balance Sheet activity: The Company has completed three new investments since the year end: Bfresh Limited - an expanding vending machine operator with agreements with a number of leading health clubs such as Fitness First. The Company has invested #70,000 in Bfresh. Forknall Limited - The Company has invested #22,000 into Forknall to acquire an equity interest of 13%. Forknall is a Leicester-based manufacturer, supplier and installer of fencing, balconies, internal balustrades and gates made from timber, steel and concrete. Skin Health Spa plc - an additional investment has been made into this company. The Company is in the process of making an investment in Viatrade plc, an Ofex quoted investment company which holds a number of unquoted investments. I am generally pleased with progress at Emerging UK Investments plc, the balance sheet is strong and the cash balance on 31 October 2005 has increased from the year end. Your Board continues to look for investment opportunities which will enhance shareholder value in the medium term. In addition we are constantly reviewing the exit strategy of our investments so that we can maximise our cash gains. I hope to be able to report to you shortly further progress made by your Company. For more information : Renwick Haddow, Chairman 07966 130182 Andy Moore, Director 07836 722840 Roland Cornish or Noelle Greenaway 020 7628 3396 Beaumont Cornish Limited, Nominated Advisor Mark Sheppard 0161 228 1709 Midas Investment Management Limited EMERGING UK INVESTMENTS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD FROM 27 MAY 2004 TO 31 MAY 2005 Period Ended 31 May 2005 #'000 Administrative expenses (36) -------- Operating loss (36) Exceptional items (580) -------- Loss on ordinary activities before taxation (616) Taxation - -------- Retained loss for the period (616) ======== Loss per share (basic and diluted) (6.95p) ======== All results derive from continuing operations of the Company. None of the Company's activities were acquired or discontinued during the period. There are no gains or losses recognised in the period other than those reflected in the profit and loss account above. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Period Ended 31 May 2005 #'000 Loss for the period (616) Unrealised surplus on revaluation of investments 80 -------- Total recognised gains and losses relating to the period (536) ======== EMERGING UK INVESTMENTS PLC CONSOLIDATED BALANCE SHEET AS AT 31 MAY 2005 As at 31 May 2005 #'000 Fixed Assets Investments 497 -------- 497 Current assets Debtors 15 Investments held as current assets 228 Cash at bank and in hand 60 -------- 303 Creditors: amounts falling due within one year (11) -------- Net current assets 292 -------- Net assets 789 ======== Capital and reserves Called up share capital 89 Share premium 164 Revaluation reserve 80 Merger reserve 1,072 Profit and loss account (616) -------- Equity shareholders' funds 789 ======== EMERGING UK INVESTMENTS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD FROM 27 MAY 2004 TO 31 MAY 2005 Period Ended 31 May 2005 #'000 Net cash (outflow) from operating activities (116) -------- Cash (outflow) before financing (116) Financing Issue of ordinary share capital 176 -------- Net cash inflow from financing 60 -------- Increase in cash in the period 60 ======== Reconciliation of net cash flow to movement in net funds Increase in cash in the period 60 -------- Change in net debt resulting from cashflows 60 Acquisition of current asset investments in exchange for issue of shares 228 Opening net funds - -------- Closing net funds 288 ======== NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE PERIOD FROM 27 MAY 2004 TO 31 MAY 2005 1. Loss per share The calculation of loss per share is based on the following loss and number of shares. Period ended 31 May 2005 Loss for the financial period (#'000) 616 -------- Weighted average number of shares (basic and diluted) 8,860,000 -------- Loss per share (basic and diluted) 6.95p ======== 2. Dividend No dividend is proposed in respect of the period 3. Accounts The results set out above are not full accounts within the meaning of s240 of the Companies Act 1985 and have not been reported on but have been agreed with the Company's auditors. The Annual Report and Accounts for the period ended 31 May 2005 will be filed at the Registrar of Companies following the annual general meeting and will be posted to shareholders shortly. 4. Announcement A copy of this announcement will be available at the offices of the Company for 14 days from the date of this announcement. This preliminary announcement is not being posted to shareholders. Ends This information is provided by RNS The company news service from the London Stock Exchange END FR PKDKQFBDDPDK
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