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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energypathways Plc | LSE:EPP | London | Ordinary Share | GB00BM9M0884 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.70 | 1.60 | 1.80 | 1.70 | 1.65 | 1.70 | 1,741,007 | 08:06:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.86M | -0.0701 | -0.24 | 451.35k |
RNS Number:4380R Eurocity Properties PLC 25 September 2000 Eurocity Properties PLC CHAIRMAN'S STATEMENT for the year ended 31 March 2000 Dear Shareholder, I am writing to you for the first time since my appointment as Chairman and have to report a loss of #318,229 (1999: #269,285), This includes an exceptional provision of #224,400 ' relating to Directors bonus shares. It has been a period of considerable activity culminating with the introduction of the company's shares to dealing on the Alternative Investment Market in March. One of the reasons for seeking a public quotation was to enable existing shareholders who have been locked in since 1992, to dispose of their shares. Some shareholders have disposed of their shares which has inevitably resulted in a drop in the share price. The company is now in sound financial condition and my colleagues and I are looking forward to further expanding the company with the benefit of a public quotation. During the year we have continued to acquire retail properties located in good positions and with good covenants. The vast majority of our properties are let on long term leases, thereby providing the company with secure long term rental income. We are continuing to pursue a strategy involving the issue of shares in part payment for property acquisitions and we are now concentrating on larger transactions. The company's rental income exceeds the cost of servicing the debt, which is an important milestone for a property investment company to have achieved. Consequently, I view the coming year with confidence. Yours sincerely, N Jeffrey LLB Chairman Eurocity Properties PLC OPERATIONAL AND FINANCIAL REVIEW for the year ended 31 March 2000 During the year we have completed the purchase of two retail investments, located in Main Street, Barrhead, Glasgow and High Street, Dumbarton. The property at Barrhead is let to William Hill Organisation Limited and Farm Foods Limited on leases expiring in March 2018 and December 2017 respectively at passing rents of #20,000 and #38,000. The investment in Dumbarton is let to Stead and Simpson Limited with a lease expiring December 2016 at a current rent of #29,500. There are no breaks clauses. In addition we have secured rental uplifts on rent reviews settled during the period under review at properties at King Street, Stirling where the rent rose from #20,000 to #25,000 per annum and the investment at George Street, Oban where the rent increased from #25,000 to #26,000. Since the year end we have successfully purchased a further retail unit in High Street Elgin, that was funded by part cash and part shares and exchanged contracts for the sale of two retail property investments held by Eurocity (Seaside) Limited. The company's main strategy is primarily to purchase properties that are let to good covenants, with long unexpired lease terms thereby providing high quality rental income. Our aim is to issue further shares as part payment for property purchases, which will allow us to expand our equity base without fully utilising our cash resources. We are seeking to purchase good secondary to prime properties located outside of Central London, as higher yields are achievable. Our existing property portfolio is approximately 94% let and we are optimistic of securing tenants for the vacant retail units in Norwich during the current year. The new year has started with promise and a number of transactions are currently being evaluated for the benefit of the company. BA Bloom Managing Director Eurocity Properties PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 March 2000 2000 2000 1999 # # # INCOME FROM PROPERTIES Continuing operations 411,302 Acquisitions 70,647 481,949 237,581 Direct property expenses (16,216) (15,664) Operating expenses (322,446) (293,772) Exceptional item (224,400) Loss on sale of properties - (92,277) OPERATING (LOSS)/PROFIT Continuing operations (142,232) Acquisitions 61,119 (81,113) (164,132) Investment income 170 18,832 Interest payable (237,286) (123,985) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (318,229) (269,285) Taxation - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (318,229) (269,285) LOSS PER SHARE Basic 13.9p 14.7p Fully diluted 13.9p 14.7p Eurocity Properties PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 31 March 2000 2000 1999 # # Loss for the financial year (318,229) (269,285) Unrealised surplus on revaluation of investment properties 85,074 412,105 Total recognised gains and losses relating to the year (233,155) 142,820 Eurocity Properties PLC BALANCE SHEET 31 March 2000 Group Company 2000 1999 2000 1999 # # # # FIXED ASSETS Tangible assets 5,330,000 3,225,000 1,375,000 1,325,000 Investments - - 307,001 1 5,330,000 3,225,000 1,682,001 1,325,001 CURRENT ASSETS Debtors 29,064 13,760 564,040 348,820 Cash at bank and in hand 641,101 382,986 641,101 382,986 670,165 396,746 1,205,141 731,806 CREDITORS: Amounts falling due within one year (535,756) (130,640) (417,798) (48,703) NET CURRENT ASSETS 134,409 266,106 787,343 683,103 TOTAL ASSETS LESS CURRENT LIABILITIES 5,464,409 3,491,106 2,469,344 2,008,104 CREDITORS: Amounts falling due after more than one year (3,244,283) (1,923,500) (568,000) 638,083) 2,220,126 1,567,606 1,901,344 1,370,021 CAPITAL AND RESERVES Called up share capital 1,757,670 918,159 1,757,670 918,159 Share premium account 678,581 686,128 678,581 686,128 Other reserve 53,711 - 53,711 - Revaluation reserve 497,179 412,105 279,448 229,448 Profit and loss account (767,015) (448,786) (868,066) (463,714) SHAREHOLDERS= FUNDS 2,220,126 1,567,606 1,901,344 1,370,021 Approved by the board on 22 September 2000 N Jeffrey Chairman BA Bloom Managing Director
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