We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Equable Prop | LSE:EQU | London | Ordinary Share | GB00B1PJFT25 | 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% | 0.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:5023K
Equable Properties PLC
21 December 2007
EQUABLE PROPERTIES PLC
UNAUDITED INTERIM RESULTS
FOR THE 6 MONTH PERIOD FROM 1 APRIL 2007 TO 30 SEPTEMBER 2007
CHAIRMAN'S STATEMENT
In the six months period the company has recorded a loss £885,843.
This includes a provision of £855,000 (15%) for loss in value of the pubs
portfolio which was acquired at the time of admission to AIM, since which time,
the property markets have reversed. Accordingly, the directors feel it is
prudent to make an early provision in respect of the impaired values. The pubs
have generally performed poorly resulting in the company having to invoke the
rental guarantees negotiated with the vendors. The pubs are not viewed as a core
investment holding.
Due to the high prices that prevailed in the commercial property sector earlier
in the year the company has not been active in acquiring properties. However, as
values are now becoming more realistic, it is anticipated that acquisition
opportunities will become available to the company.
The amount of £50,000 remains outstanding from the subscription monies dating
back to 31st March when the company was admitted to AIM. The subscriber is based
overseas and notification has been received from his bank advising that
technical difficulties have caused the delay but that it is envisaged that the
payment will be completed shortly.
It was announced on 19 November 2007 that JM Finn Capital Markets Ltd has been
appointed as Nominated Advisor and Broker and we are looking forward to working
with them in the future.
Nicholas Jeffrey
Chairman
21 December 2007
Enquiries
Desmond Bloom, Chief Executive Officer
Tel- 07793 125 625
Clive Carver, JM Finn Capital Markets Ltd
Tel- 020 7600 1658
UNAUDITED INCOME STATEMENT
For the period 1 April 2007 to 30 September2007
6 months 6 months Period 23
ended 30 ended 30 December 2005
September September to 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Audited)
Continuing Operations £ £ £
Revenue 161,928 - 2,096
Net property and related income 161,928 - 2,096
Administrative expenses (261,756) - (15,002)
Share option charge - - (22,400)
Net operating loss before financing costs (99,828) - (35,306)
Fair value adjustment (855,000) - 691,357
Investment income 3,502 - 532
Financial costs (141,924) - (2,227)
(Loss)/profit before taxation (1,093,250) - 654,356
Taxation 207,407 - (207,407)
(Loss)/profit for period after taxation from continuing (885,843) - 446,949
activities
Earnings per share (pence) from continuing operations
Basic (0.68) - 10.16
Diluted (0.68) - 9.95
UNAUDITED BALANCE SHEET AS AT 30 SEPTEMBER 2007
30 September 30 September 31 March
2007 2006 2007
(unaudited) (unaudited) (Audited)
£ £ £
ASSETS
Non-current assets
Investment properties 4,845,000 - 5,700,000
Current assets
Other receivables 127,912 50,000 1,585,401
Cash and cash equivalents 365,690 - 41
493,602 50,000 1,585,442
TOTAL ASSETS 5,338,602 50,000 7,285,442
LIABILITIES
Current liabilities
Bank loan (76,000) - (76,000)
Other payables (107,217) - (796,778)
(183,217) - (872,778)
Non-current liabilities
Bank loan (3,850,270) - (3,864,299)
Other loans (350,000) - (500,000)
Deferred tax liabilities - - (207,407)
(4,200,270) - (4,571,706)
Net assets 955,115 50,000 1,840,958
CAPITAL AND RESERVES
Share capital 1,298,500 50,000 1,298,500
Share premium account 39,359 - 39,359
Retained earnings (382,744) - 503,099
SHAREHOLDERS' FUNDS 955,115 50,000 1,840,958
COMPANY STATEMENT OF CHANGES IN EQUITY
For the period 1 April 2007 to 30 September 2007
Share Capital Share Premium Retained Total
Earnings
£ £ £ £
1 April 2007 1,298,500 39,359 503,099 1,840,958
Loss for the period - - (885,843) (885,843)
Total recognised income and expense for the period - - (885,843) (885,843)
Total shareholders' equity carried forward 1,298,500 39,359 (382,744) 955,115
For the period 1 April 2006 to 30 September 2006
Share Capital Share Premium Retained Total
Earnings
£ £ £ £
1 April 2006 50,000 - - 50,000
Loss for the period - - - -
Total recognised income and expense for the period - - - -
Total shareholders' equity carried forward 50,000 - - 50,000
For the period 23 December 2005 to 31 March 2007
Share Capital Share Premium Retained Total
Earnings
£ £ £ £
23 December 2005 - - - -
Profit for the period - - 446,949 446,949
Total recognised income and expense for the period - - 446,949 446,949
Share option charge - - 56,150 56,150
Equity issued during period 1,298,500 - - 1,298,500
Share premium - 39,359 - 39,359
Total shareholders' equity carried forward 1,298,500 39,359 (503,099) 1,840,958
STATEMENT OF CASH FLOWS
For the period 1 April 2007 to 30 September 2007
6 months Period 23
ended 30 December 2005 to
September 6 months 31 March 2007
2007 ended 30
September
2006
(Unaudited) (Unaudited) (Audited)
£ £ £
Net cash inflow/(outflow)from operating activities 668,100 - (351,229)
Investing Activities
Interest received 3,502 - 532
Purchase of investment properties - - (5,008,643)
Net cash from investing activities 3,502 - (5,008,111)
Financing Activities
Proceeds of issue of new share capital - - 1,371,608
New bank loans (repaid)/raised (14,029) - 3,990,000
Other loans repaid (150,000) - -
Interest paid (141,924) - (2,227)
Net cash raised from financing activities (305,953) - 5,359,381
Net increase in cash and cash equivalents 365,649 - 41
Represented by:
Cash and cash equivalents at 31 March 2007 365,690 - 41
NOTES TO THE RESULTS
1. PRESENTATION OF INTERIM RESULTS
This interim report has been prepared in accordance with the accounting policies
set out in the Company's Annual Report for the period ended 31 March 2007 and
are expected to be used in the Annual Report for the year ended 31 March 2008.
The results for the six months ended 30 September 2007 have not been audited. The financial information contained in
this report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 31 March 2007 are based on the audited accounts (which received an unqualified audit report).
Full accounts have been delivered to the Registrar of Companies and are available on request.
2. LOSS PER SHARE
The calculation of the basic and diluted earnings per share is based on the following data:
6 month period ended 30
September 2007
Earnings:
Earnings for the purposes of basic earnings per share net loss for the (885,843)
period attributable to equity holders of the parent
Number of shares:
Weighted average number of ordinary shares for the purposes of basic 129,850,000
earnings per share
Due to the loss incurred in the period, there is no dilution effect resulting from share options.
The following calculation would be used for diluted eps.
Weighted average number of ordinary shares for the purposes of basic eps 129,850,000
Dilutive effect of share options 94,107
Weighted average number of ordinary shares for the purposes of diluted eps 129,944,107
3. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFOW) FROM OPERATING ACTIVITIES
6 months 6 months Period 23
ended 30 ended 30 December 2005
September September to 31 March
2007 2006 2007
(Unaudited) (Unaudited) (Audited)
Net operating loss before financing costs (99,828) - (35,306)
Decrease/(increase) in receivables 1,457,489 - (1,635,101)
(Decrease)/increase in payables (689,561) - 1,296,778
Share option charge - - 22,400
Net cash inflow/(outflow)from operating activities 668,100 - (351,229)
4. A copy of this half year report will be distributed to all shareholders and will also be available
shortly on the company's website
www.equablepropertiesplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEAFFFSWSEDE
1 Year Equable Prop Chart |
1 Month Equable Prop Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
