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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Equity Special | LSE:EQS | London | Ordinary Share | GB00B02GPB12 | 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% | 237.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6646R Equity Special Situations Limited 23 September 2005 For release 23 September 2005 EQUITY SPECIAL SITUATIONS LIMITED UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005 Equity Special Situations Limited ("ESS"), the AIM-quoted strategic investment company, is pleased to announce its unaudited results for the six month period from 1 January 2005 to 30 June 2005. Additional information is also provided for the period up to the 23 September 2005. Highlights * Significant rise in NAV to 250 pence per share as at 23 September 2005 * Successful spin off of Syndicate Asset Management plc into an independent company quoted on AIM * #680,000 raised from the issue of new shares * Investments currently held in seven companies * A healthy pipeline of new investment proposals is in place Peter Griffin, a Director of ESS, commented: "Our overall aim with ESS is to identify and invest in exciting investment opportunities. Most investments are actively managed in their early stages with the intention that they will become independent and self supporting over time. This investment strategy is now beginning to create value for ESS which is reflected in the increase in our NAV. We are very excited both by the investments now held by ESS and by a number of potential investment opportunities that we are currently working on. I look forward to giving further updates on our progress with these opportunities in due course." -ends- For further information: Peter Griffin, +44 (0) 1481 751000 Director, Equity Special Situations Limited Justin Griffiths +44 (0) 20 7638 9571 Citigate Dewe Rogerson Alasdair Robinson +44 (0) 131 225 9677 Noble & Company EQUITY SPECIAL SITUATIONS LIMITED UNAUDITED INTERIM RESULTS FOR THE PERIOD FROM 1 JANUARY 2005 TO 30 JUNE 2005 Directors Review We are delighted to present this interim report to shareholders. The following pages show the financial performance of the Company for the period 1 January 2005 to 30 June 2005. In addition we have included information for the period up to the 23 September 2005. During the course of this year we have devoted considerable time to the creation of a new company called Syndicate Asset Management plc ("SAM"). An outline of the strategy to be pursued by SAM was provided in an RNS announcement on 10th June 2005 and an update on progress made by SAM was provided on 9th September 2005. We are now delighted to be able to report that SAM's ordinary shares were today admitted to trading on AIM, with the opening share price for SAM being 113.5 pence per share. We now regard SAM as an independently managed company in which ESS is a passive shareholder and owns 20 million shares. On 1 January 2005 our Net Asset Value ("NAV") per share was 17.49 pence. We have now begun to profit from investments made with the result that, as of 30 June 2005, the NAV was 22.05 pence per share and as of 31 August 2005 it had risen to 81.53 pence per share. Due to the fact that ESS owns 20 million shares in SAM the NAV as of 23 September 2005 is 250 pence per share. This increase in the NAV represents a rise of approximately 1329% over the nearly nine month period from 1 January 2005. Funding We have raised 3 tranches of equity finance during the first six months of this year totalling approximately #680,000. In addition we have, when necessary, used short term debt finance facilities. We have tended to operate with a low cash balance in order that our funds are concentrated on investments. This does, however, mean that there are often potential investments that we would like to make but which we decline because of a lack of uncommitted cash resources. The Directors continue to monitor the funding of ESS and intend to seek to provide access to a larger pool of funding in the future. Investments Our investment strategy is to seek out ideas and companies which will provide a material uplift in valuation to an investment made by ESS. We often combine an investment into a company with management and infrastructure assistance, particularly when we are helping in the creation of a start up. A good example of this strategy, and the rewards that can be generated from it, is Syndicate Asset Management plc. This was originally an idea that was developed and supported by ESS. That idea turned into a business plan and was then formalised by the creation of a wholly owned subsidiary company in March 2005. ESS provided the initial funding for SAM and continued to provide its directors and consultants to SAM in order to generate the necessary momentum for the project. SAM has now raised its own finance (#33 million) from third party investors, appointed its own board of directors and has successfully floated on to AIM, having made a recommended cash offer for Ashcourt Holdings plc. We believe that the work carried out by ESS in relation to the creation of SAM is now complete and ESS will therefore be a passive shareholder of SAM going forward. This effort by ESS is being repeated for a number of other projects, some of which have included the purchase of shares and others which are, at this stage, the provision of consultants paid for by ESS. As at 23rd September 2005 ESS held investments in seven companies. The best performing investment is SAM with the unrealised return being considerable. Of the remaining six investments 2 are privately held companies and four are quoted on AIM. We are very pleased with the commercial progress of all these companies but have not re-valued the privately held companies as no third party investment into these companies has occurred since ESS invested. All our investments have achieved considerable commercial progress over the last few months and we are expecting their valuations to rise further and so provide ESS with further returns on investment. We continue to receive a variety of high quality potential investments that meet with ESS's investment criteria and to work hard on a number of projects. We are therefore very excited about the future for ESS for both our existing investments and our future potential investments. Peter Griffin Michael Cahill 23 September 2005 EQUITY SPECIAL SITUATIONS LIMITED UNAUDITED STATEMENT OF TOTAL RETURN FOR THE PERIOD 1 JANUARY 2005 TO 30 JUNE 2005 For the period 16 July 2004 to 31 December 2004 Note Revenue Capital Total Revenue Capital Total # # # # # # GAINS ON INVESTMENTS Net realised gains/(losses) - 10,067 10,067 - (68,624) (68,624) Net unrealised gains - 118,912 118,912 - 43,567 43,567 128,979 128,979 (25,057) (25,057) INCOME Investment income - - - - - - Bank interest 1,534 - 1,534 841 - 841 1,534 - 1,534 841 - 841 EXPENDITURE 1 Directors' fees 2,000 - 2,000 1,667 - 1,667 Administration fees - 28,567 28,567 - 28,398 28,398 Professional fees 33,879 - 33,879 29,033 114,437 143,470 AIM admission expenses - - - 213,857 - 213,857 Consultancy fees - 39,683 39,683 - 8,500 8,500 Audit fee 2,500 - 2,500 5,000 - 5,000 Bank charges and interest 994 - 994 15,361 - 15,361 Loan interest payable 4,525 - 4,525 5,973 - 5,973 Loss/(profit) on exchange 534 - 534 (712) - (712) 44,432 68,250 112,682 270,179 151,335 421,514 NET RETURN ON ORDINARY (42,898) 60,729 17,831 (269,338) (176,392) (445,730) ACTIVITIES FOR THE FINANCIAL PERIOD Return per share - basic 4 (0.48)p 0.68p 0.20p (3.6p) (2.3p) (5.9p) and diluted EQUITY SPECIAL SITUATIONS LIMITED UNAUDITED BALANCE SHEET 30 JUNE 2005 Note 31 December 2004 FIXED ASSETS Quoted investments 3 1,714,737 1,217,862 Unquoted investments 147,500 - 1,862,237 1,217,862 CURRENT ASSETS Cash at bank and broker 339,004 49,465 Sundry debtors 6 - 426,358 339,004 475,823 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors 22,000 14,747 Loan payable 7 - 174,668 22,000 189,415 NET CURRENT ASSETS 317,004 286,408 TOTAL ASSETS LESS CURRENT LIABILITES # 2,179,241 # 1,504,270 CAPITAL AND RESERVES CALLED UP SHARE CAPITAL 9 98,839 86,000 SHARE PREMIUM ACCOUNT 10 2,508,301 1,864,000 CAPITAL RESERVE REALISED 11 (278,142) (219,959) UNREALISED 11 162,479 43,567 REVENUE RESERVE 11 (312,236) (269,338) SHAREHOLDERS' FUNDS 12 # 2,179,241 # 1,504,270 Net asset value per share 5 22.05p 17.49p EQUITY SPECIAL SITUATIONS LIMITED UNAUDITED CASH FLOW STATEMENT FOR THE PERIOD 1 JANUARY 2005 TO 30 JUNE 2005 16 July 2004 to Notes 31 December 2004 Net cash outflow from operating 8 (23,005) (486,816) activites Investing activities: Purchase of listed securities 8 (99,141) (1,280,060) Purchase of unlisted securities (202,575) - Proceeds from disposals of listed 87,208 1,323,311 securities Proceeds from disposals of unlisted 62,000 - securities Net cash flow from financial investment (175,513) (443,565) Financing: Loan received/(repaid) (174,668) 174,668 Issue of own shares 8 658,387 318,362 Forestdale commission (18,667) - # 289,539 # 49,465 Increase in cash resources # 289,539 # 49,465 EQUITY SPECIAL SITUATIONS LIMITED NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS 30 JUNE 2005 1. ACCOUNTING POLICIES (a) CONVENTION The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued by The Association of Investment Trust Companies in January 2003. The principal accounting policies which the directors have adopted within that convention are set out below. (b) INCOME Dividends receivable from quoted equity investments are recognised on the ex-dividend date. Dividends receivable from equity investments where no ex-dividend date is quoted are recognised when the company's right to receive payment is established. Interest receivable on cash deposits is accounted for on an accruals basis. (c) FOREIGN CURRENCY TRANSLATION Assets and liabilities denominated in foreign currencies other than sterling have been translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions during the period have been translated at the rates of exchange ruling at the date of the transaction. (d) VALUATION OF INVESTMENTS Quoted investments are valued at middle market prices. Unquoted investments are valued by the Board according to the valuation principles of the British Venture Capital Association. Realised gains or losses on the disposal of investments are taken to the capital reserve - realised. Unrealised gains or losses on revaluation of investments are taken to the capital reserve - unrealised. (e) EXPENDITURE All expenses are accounted for on an accruals basis. Expenses are charged through the revenue account except where the expense is incidental to the acquisition or disposal of an investment in which case the expense is added to the cost of the investment or deducted from the sale proceeds. Expenses that are directly attributable to the management of investments are charged directly to the capital account. With the Directors' long term target for returns on investments being entirely capital gain there is no requirement to apportion these expenses between the revenue and capital account. 2. TAXATION The company has been granted exempt status under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989, and is therefore subject to the payment of an annual fee which is currently #600. 3. QUOTED INVESTMENTS 31 December 2004 At cost # 1,552,258 # 1,174,295 At market value # 1,714,737 # 1,217,862 4. The calculation of basic earnings per share is based on the loss on ordinary activities after tax for the period and on 8,915,180 shares being the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the loss on ordinary activities after tax for the period and on 8,915,180 shares being the weighted average number of shares in issue during the period adjusted for dilutive effect of the share options mentioned in note 8. 5. The calculation of net asset value is based on the net assets of #2,179,241 and on the ordinary shares in issue of 9,883,888 at the balance sheet date. 6. SUNDRY DEBTORS 31 December 2004 Unpaid share subscriptions (690,936 shares at 50 - 345,468 pence) Amount due from broker - 80,890 # - # 426,358 7. LOAN PAYABLE Loan payable # - # 174,668 The loan payable is unsecured repayable on demand and bears interest at 3% above the base rate of Barclays Bank plc. The loan was repaid in full with accrued interest on 3 May 2005. 8. RECONCILIATION OF REVENUE RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION TO NET CASH FLOW FROM OPERATING ACTIVITIES 31 December 2004 Net return on ordinary (42,898) (269,338) activities for the financial period before taxation Expenses charged to capital (68,250) (151,335) (Increase)/decrease in debtors 80,890 (80,890) Increase in creditors 7,253 14,747 Net cash outflow from operating # (23,005) # (486,816) activities (b) Significant non-cash transactions During the period the company accepted equities in lieu of share subscriptions totalling #362,888. 9. CALLED UP SHARE CAPITAL 31 December 2004 Authorised 50,000,000 ordinary shares of # 500,000 # 500,000 #0.01 each Allotted and fully paid 9,883,888 ordinary shares of #0.01 # 98,839 # 79,091 each Allotted and unpaid 690,936 ordinary shares of #0.01 # # 6,909 each - On 12 April 2005 46,921 ordinary shares of #0.01 each were issued at a premium of #0.54 each ranking pari passu with the existing shares in issue. On 6 May 2005 777,831 ordinary shares of #0.01 each were issued at a premium of #0.50425 each ranking pari passu with the existing shares in issue. On 7 June 2005 459,136 ordinary shares of #0.01 each were issued at a premium of #0.5345 each ranking pari passu with the existing shares in issue. 10. SHARE PREMIUM ACCOUNT Balance at 1 January 2005 1,864,000 Premium on new share issues 662,968 Commission on new issues (18,667) # 2,508,301 11. RESERVES Capital Capital Revenue Reserve Reserve Reserve Total - Realised - Unrealised Balance at 1 January 2005 (219,959) 43,567 (269,338) (445,730) Net Return for the financial period (68,250) - (42,898) (111,148) Net realised gains/(losses) 10,067 - - 10,067 Net unrealised gains - 118,912 - 118,912 Balance at 30 June 2005 # (278,142) 162,479 (312,236) (427,899) 12. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 31 December 2004 Net Return for the financial period 17,831 (445,730) Dividends paid (net) - - 17,831 (445,730) New share capital subscribed 675,807 1,950,000 Commission on new subscriptions (18,667) - Net addition to shareholders' 674,971 1,504,270 funds Opening shareholders' funds 1,504,270 - Closing shareholders' funds # 2,179,241 # 1,504,270 This information is provided by RNS The company news service from the London Stock Exchange END IR EAPNDAFKSEEE
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