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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -2.63% | 1.85 | 1.80 | 1.90 | 1.90 | 1.85 | 1.90 | 150,000 | 14:00:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.86M | -0.0701 | -0.26 | 504.45k |
RNS Number:7862B Eurocity Properties PLC 30 September 2002 ANNOUNCEMENT Eurocity Properties PLC ("Eurocity" or "the Company") Eurocity announces its results for the year ended 31 March 2002. Chairman's Statement Results I am very sorry to have to report a loss before tax for the year ended 31 March 2002 of #1,005,000, last year #432,000. This loss includes an exceptional loss of #419,000, last year nil, which related to costs incurred in an abortive transaction. The net asset value has fallen to 38.8p per share from 57.7p per share. Review During the year the group sold all but one of the properties held as trading stock. It also sold three investment properties and acquired five investment properties increasing the value of the investment portfolio to #10,730,815. As has been previously stated the company strategy was to look for transactions that would significantly increase the group's size. This was not successful, it did not have the support of shareholders, and has resulted in significant costs being incurred. Since the year end Baron Bloom and Desmond Bloom have resigned. They were replaced by Andrew Perloff and Peter Rowson, of Panther Securities PLC, our largest shareholder. Danny Glasner resigned as a non-executive director, and I am grateful to him for his support during a most difficult period. The new directors have rationalised the creditor situation and Panther Securities PLC have provided financial support to the company. They have also provided managerial and administrative support free of charge for which I am most grateful. These actions have enabled the financial situation to be stabilised. The group is currently trading at a small profit. Future It is my belief that the company is too small to prosper as a quoted company and that a corporate solution should be sought for its future. Nicholas Jeffrey LLB Chairman Chief Executive's Statement "Never in the field of small property companies has so much been expended by so few for such little benefit to so many shareholders." Shareholders will be aware that Peter Rowson and myself were appointed directors at an EGM requisitioned by Panther Securities PLC of which I am Chairman and Chief Executive and Peter Rowson is Finance Director. Panther Securities PLC holds approximately 29% of Eurocity's share capital which makes it the largest shareholder. The EGM held on 2 May 2002 was requisitioned because I was dissatisfied with the excessive costs of managing a small property company such as Eurocity. I am sorry to say my concerns were fully justified. The loss for the year ending 31 March 2002 amounts to #1,005,000 of which #419,000 is directly related to the costs appertaining to the abortive proposal to acquire Hong Kong companies indirectly owning large development properties in Central China. This acquisition was effectively blocked by Panther's opposition to it. Even allowing for this costly fiasco, there are further losses of #600,000, a large part of which are the massive management expenses of Desmond and Baron Bloom. During the year, nine properties were sold. The group disposed of six of its seven trading properties for a profit on book valuation of #99,000. The group also sold three commercial properties in Norwich, Aberystwyth and Kirkintilloch which produced rental income in excess of the mortgage interest. These three properties were sold for a loss on book valuation of #160,000. Shortly after Peter Rowson and myself were appointed to the Board, we were informed that Eurocity (Crawley) Ltd had been seized by the former owner of that company for failure to pay the deferred consideration of #300,000. We therefore arranged for Panther Securities PLC to make a secured loan to Eurocity to enable it to repay its debts and reclaim its assets, such loan being on the same terms as those agreed by the Vendor, Netcentric PLC, and thus allowing friendly hands to stand in the stead of Netcentric PLC at no additional cost to Eurocity. Since taking management control we have looked at every overhead and, where possible, cut them out so much so that it is anticipated that the next half yearly figures should show a small profit. However, whilst we are currently profitable, all properties are mortgaged with repayment loans and with the mountain of old debt there is a negative cash flow which we are seeking to address. Whilst we have managed to negotiate reductions and deferred payments, the debts still have to be paid. We hope we will be helped in this regard by recovering from the Blooms a substantial sum which was spent on what the Board considers to be personal expenses. This sum is in addition to the #55,000 which has just been recovered from Baron Bloom. The Company will need extra funds if it is to grow and you may be assured that your Directors are currently examining available options. AS Perloff Managing Director GROUP PROFIT AND LOSS ACCOUNT For the year ended 31 March 2002 2002 2001 # # TURNOVER 2,891,324 531,878 Cost of trading properties sold (1,664,864) - Direct property expenses (83,986) (39,696) Administrative expenses: - Exceptional (418,518) - - Other (818,918) (591,801) OPERATING LOSS (94,962) (99,619) Amounts written off investments - (5,188) (Loss)/profit on sale of investment properties (160,177) 31,924 Interest receivable 5,983 15,735 Interest payable (756,336) (374,913) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (1,005,492) (432,061) Taxation - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (1,005,492) (432,061) LOSS PER SHARE Basic 18.1p 10.9p Fully diluted 18.1p 10.9p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 31 March 2002 2002 2001 # # Loss for the financial year (1,005,492) (432,061) Unrealised (deficit)/surplus on revaluation of investment properties (46,237) 385,508 Total recognised gains and losses relating to the year (1,051,729) (46,553) NOTE OF HISTORICAL COST PROFITS AND LOSSES for the year ended 31 March 2002 2002 2001 # # Loss on ordinary activities before taxation (1,005,492) (432,061) Realisation of property revaluation gains/(losses) of previous years 337,520 (66,376) Historical cost loss on ordinary activities before taxation (667,972) (498,437) Historical cost loss for the year retained after taxation (667,972) (498,437) RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS 2002 2001 # # Loss for the financial period (1,005,492) (432,061) Other recognised gains and losses relating to the year (46,237) 385,508 New share capital subscribed 300,000 855,000 Share issue expenses - (15,000) Net (reduction in)/addition to equity shareholders' funds (751,729) 793,447 Opening equity shareholders' funds 3,013,573 2,220,126 Closing equity shareholders' funds 2,261,844 3,013,573 GROUP BALANCE SHEET 31 March 2002 2002 2001 # # FIXED ASSETS Tangible assets 10,732,144 9,194,962 CURRENT ASSETS Stock 229,988 1,842,418 Debtors 320,179 36,560 Investments - 119,442 Cash at bank and in hand 309,651 115,992 859,818 2,114,412 CREDITORS: Amounts falling due within one year (1,853,446) (2,101,746) NET CURRENT (LIABILITIES)/ASSETS (993,628) 12,666 TOTAL ASSETS LESS CURRENT LIABILITIES 9,738,516 9,207,628 CREDITORS: Amounts falling due after more than one year (7,476,672) (6,194,055) NET ASSETS 2,261,844 3,013,573 CAPITAL AND RESERVES Called up share capital 2,912,670 2,612,670 Share premium account 663,581 663,581 Other reserve 53,711 53,711 Revaluation reserve 565,306 949,063 Profit and loss account (1,933,424) (1,265,452) EQUITY SHAREHOLDERS' FUNDS 2,261,844 3,013,573 NET ASSET VALUE PER SHARE 38.8p 57.7p GROUP CASH FLOW STATEMENT For the year ended 31 March 2002 2002 2001 # (restated) # Cash flow from operating activities 2,013,472 (58,993) Returns on investments and servicing of finance (725,929) (359,178) Taxation - - Capital expenditure and financial investment (1,297,840) 44,390 Acquisitions (27,110) (1,760,420) CASH OUTFLOW BEFORE FINANCING (37,407) (2,134,201) Financing 1,476,261 1,552,816 INCREASE/(DECREASE) IN CASH IN THE PERIOD 1,438,854 (581,385) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2002 2001 # # Increase/(decrease) in cash in the year 1,438,854 (581,385) Cash inflow from increase in debt (1,476,261) (4,247,121) Change in net debt resulting from cash flows (37,407) (4,828,506) Amortisation of finance costs (24,424) - MOVEMENT IN NET DEBT IN PERIOD (61,831) (4,828,506) NET DEBT AT 1 APRIL 2001 (7,551,592) (2,723,086) NET DEBT AT 31 MARCH 2002 (7,613,423) (7,551,592) 2002 2001 # (restated) # Reconciliation of operating loss to net cash flow from operating activities Operating loss (94,962) (99,619) Depreciation 796 4,549 Decrease in stocks 1,612,430 - Increase in debtors (283,619) (720) Increase in creditors 778,827 36,797 Net cash flow from operating activities 2,013,472 (58,993) NOTES 1 The financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The figures for the year ended 31 March 2002 have been extracted from the audited annual accounts which received an unqualified auditors' report that did not contain a statement under section 237 (2) or (3) Companies Act 1985. The audited statutory accounts will be delivered to the Registrar of Companies in due course. The figures for the year ended 31 March 2001 have been extracted from the audited statutory accounts for that year which have been filed with the Registrar of Companies and received an unqualified auditors' report which did not contain a statement under section 237 (2) or (3) Companies Act 1985. Some of the comparative figures in the cashflow statement and related notes have been restated to correct an error in the 2001 accounts in connection with the acquisition of a subsidiary. The effect on the cashflow statement is to reduce the net cashflow from operating activities and the cash outflow from acquisitions by #300,000. 2 The Board cannot recommend the payment of a dividend. 3 The accounting policies adopted are consistent with those in previous years, except with regard to deferred taxation. This change in policy to adopt FRS 19 "Deferred Taxation" is to comply with accounting best practice. There is no effect on the current year or prior year figures. 4 The calculation of loss per ordinary share is based upon the loss after taxation of #1,005,492 and on 5,553,011 being the weighted number of ordinary shares in issue during the period (2001: loss #432,061 and 3,971,492 being the number of ordinary shares). The warrants have an exercise price above the fair value of the company's shares and hence are non dilutive. 5 In August 2001, the company issued 600,000 50p ordinary shares at par as part consideration for the purchase of investment properties by CJV Properties Limited, a wholly owned subsidiary. In both these cases, the fair value of the shares was based on independent valuations of the acquired properties and a report was produced in accordance with section 108 of the Companies Act 1985. 6 This preliminary announcement was approved by the board on 30 September 2002. Copies of this announcement are available at the office of the company's nominated adviser, Nabarro Wells & Co Limited (Saddlers House, Gutter Lane, Cheapside, London EC2V 6BR). The Report and Accounts will be posted to shareholders today, and copies are available at Panther House 38 Mount Pleasant,London, WC1X 0AP The Annual General Meeting will be held at the offices of SJ Berwin & Co, 222 Grays Inn Road, London WC1X 8HB at 12 pm on 27 November 2002. Enquiries to: Andrew Perloff, Managing Director Tel: 020 7278 8011 Robert Lo/Keith Smith Tel: 020 7710 7400 Nabarro Wells & Co. Limited - Nominated Adviser This information is provided by RNS The company news service from the London Stock Exchange END FR BKOKBABKDBCB
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