Eurovestech Share Discussion Threads

[jdschwartz] 12/9/2002 21:24

I agree, they need an exit for more cash to encourage fresh money in and should push to get shot of one of the less involved firms . They must have had offers. If I were RB I would lose a couple of them if poss.

[urpo] 10/9/2002 11:21

clearly an example of 'one man's meat is another man's poison'... I don't see what's so good about the results other than the cash in the bank and that is disappearing rapidly.

if I read it correctly, their operating costs last year were somewhere in the region of 700k (I did wonder if I had double counted something because that seems ridiculous for a 5 man operation but that is what the accounts say too!).

The more they invest, the less interest income they have, the more they need an exit. Without that they run the risk of becoming just another investment shell.

[jdschwartz] 06/9/2002 19:57

Great results IMHO.

Cash alone worth 1p per share.
Boxmind worth 1.6p per share based on recent investment valuation.
NAV of 4.2p per share.

Enough said.
Sentiment will be the driving force behind these shares in the supposed late 2002/early 2003 bull market!

I may top up soon.

Fingers crossed for some decent press.

[craigm] 06/9/2002 07:56

EMBARGOED - NOT TO BE RELEASED UNTIL 07.00 A.M.

6th September, 2002


EUROVESTECH PLC ("Eurovestech" or "the Company")

Preliminary Results
for the year ended 31st March, 2002


Summary of Results

* Strong growth in consulting income with turnover of #230,000 against
#91,000 in previous period.

* Loss after tax #330,000, an improvement against budget.

* Net asset value #9.3 million (4.2p per share) with cash and liquid funds in
excess of #2.6 million. Net asset value reflects #3.6 million write-down in
carrying value of investment portfolio.

* Boxmind received #300,000 third party funding in August 2002 from an
existing shareholder at a post-money value of #10 million. Eurovestech
currently holds 41 per cent of Boxmind's fully diluted share capital. At
31st March 2002, the Company's investment in Boxmind had a carrying value
of #3.6 million.

Richard Bernstein, Chief Executive of Eurovestech plc, commenting on the
results, said:

"Despite a progressively tougher business and funding environment, we have
continued to make progress in developing a portfolio of businesses operating in
high growth markets. Our continuing sound financial position also allows us to
take advantage of selective investment opportunities at lower price levels."


Enquiries:

Eurovestech plc

Richard Bernstein, Chief Executive Tel: [phone]


Chairman's Statement

I write to you at a difficult time, in an extraordinary investment climate.
General market values have fallen to five year lows and technology market
indices have fallen as much as 85 per cent from the peak.

Investors have become significantly more risk averse. Their appetite for
investment in innovative technology businesses has been dramatically reduced. As
a result, the previous uplift in the value of our investment portfolio has been
eroded as we have revalued our holdings to take account of the savage reduction
in values seen in the TMT sectors and the general decline in business
conditions.

The development capital business is cyclical by nature, of course: whilst
portfolios are built and developed over a long period of time, there is a
shorter period towards the end of the cycle when the benefits can be reaped.
The negative investor sentiment that we see today is an inherent part of this
cycle, and springs from the complex interaction of over-investment and
heightened expectations.

Since Eurovestech was admitted to AIM in March 2000, the Techmark 100 has
slumped by more than 85 per cent. Against this backdrop, we see our five per
cent reduction in net asset value over the same period as a creditable
performance, given that it includes all costs of running the fund and ongoing
listing expenses.


Portfolio Review

The period under review was particularly difficult. A progressively tougher
business and funding environment continued to bear heavily on investor
sentiment. We have reduced the carrying value of our investment portfolio to
reflect declining valuations of quoted peer companies.

We have reduced the carrying value of five of our investee companies: ITM
Communications Ltd, Lynx Photonic Networks Inc., Cjudge Ltd, Easy Business Ltd
and mykindaplace.com. We have written down the value of our holding in Easy
Business by 50 per cent to reflect the decline in value of software enterprises.
We have reduced the carrying value of our holding in mykindaplace.com by 57 per
cent to reflect the decline in values in the media sector. This is despite
mykindaplace.com having achieved profitability. In the case of ITM, Lynx and
Cjudge, we have reduced the carrying values of our holdings by between 80 per
cent and 90 per cent to reflect the very severe declines in values in the
telecoms and market research sectors. The Directors have been mindful of the
general decline in business conditions in making their assessment.

Our overall write-down of the investment portfolio for the year was #3.6m,
leaving audited net assets at #9.3 million. This compares with an initial #9.8
million available for investment following Eurovestech's AIM listing in March
2000.

Our cash position remains sound, with in excess of #2.6 million in cash and
liquid funds at 31 March.

The loss after tax for the year was #330,000, which was an improvement against
budget and was achieved as a result of strong growth in our advisory income,
which rose to #230,000 against #91,000 in the previous period.

We are pleased to announce that in August 2002, Boxmind received third-party
funding from an existing investor of #300,000 at a post-money value of #10
million. Following this investment, in which Eurovestech also invested #260,000,
the Company holds 41 per cent of Boxmind's fully diluted share capital. Boxmind
has continued to develop its product range and market positioning as well as
strengthening its salesforce in order to meet its anticipated demand. At 31st
March 2002, the Company's investment in Boxmind had a carrying value of #3.6
million.

Overall, despite the current business and funding climate and the difficulty of
young companies to deliver revenue growth regardless of the quality of their
products, many of our investee companies achieved significant operational and
funding milestones.


Charitable donations

Eurovestech made a commitment in its prospectus issued in March 2000 to donate
4,000,000 shares to charitable organisations. An initial 600,000 shares were
issued in March 2001, 1,600,000 shares were then issued in September 2001 and in
December 2001, a further 1,000,000 shares were issued.

The Company announces that it has today issued 800,000 new ordinary shares
divided equally between eight benevolent organisations, pursuant to the
authority granted by a resolution dated 21 February 2000. The nominated
charities are:

Vaccine Research Trust
Motor Neurone Disease Association
The Life Neurological Research Trust
Cancer Research UK
The Good Rock Foundation
University College London Hospitals Charity
The Richard House Children's Hospice
The Samara Orphanage

The Company hopes its policies and actions will encourage other companies to
support charities in this way.

Application has been made for 800,000 new ordinary shares of the Company to be
admitted to AIM and it is expected that dealings in these shares will commence
on 16 September 2002. Richard Bernstein, Chief Executive of the Company, has
paid the #8,000 nominal value of the ordinary shares to facilitate their issue.

In addition, following his own commitment in the prospectus, Richard Bernstein
has gifted 800,000 existing ordinary shares from his personal shareholding
divided equally between the same charitable organisations. As a result, he now
owns 57,350,000 ordinary shares, representing 25.4 per cent of the issued share
capital of the Company.


Prospects

Our objective is to build a maturing portfolio of quality investments, of
exceptional value. They will be characterised by the quality of their
technology, their management and their market position. Therefore we remain
focussed on adding value to our investee companies, so that as many of them will
demonstrate these characteristics and be ready to benefit from the ultimate and
inevitable recovery in stock markets and business conditions.


Richard Grogan
Chairman


Profit and Loss Account
for the year ended 31 March 2002

Note Year ended Period ended 31
31 March March
2002 2001
# #

Turnover 230,063 90,585
-------- --------
Gross profit 230,063 90,585


Net operating expenses (729,718) (538,248)
-------- --------
Operating loss (499,655) (447,663)

Net interest 170,035 350,271
-------- --------
Loss on ordinary activities after taxation
transferred to reserves (329,620) (97,392)
======== ========
Loss per Ordinary Share 2 (0.147p) (0.044p)


There were no recognised gains or losses other than the loss for the financial
year.


Balance Sheet
as at 31 March 2002
Year ended Period ended 31
31 March March
2002 2001
# #
Fixed assets
Tangible assets 26,463 46,333
Investments 6,533,189 8,463,652
-------- --------
Current assets
Debtors 580,714 157,824
Investments 309,422 960,335
Cash at bank and in hand 2,312,468 3,930,671
-------- --------
3,202,604 5,048,830

Creditors: amounts falling due within one year (422,628) (348,205)
-------- --------
Net current assets 2,779,976 4,700,625
-------- --------
Total assets less current liabilities 9,339,628 13,210,610
======== ========

Capital and reserves
Called up share capital 2,241,887 2,213,000
Share premium account 7,622,412 7,614,799
Revaluation reserve 5,654 3,480,203
Profit and loss account (530,325) (97,392)
-------- --------
Shareholders' funds 9,339,628 13,210,610
======== ========


Cash Flow Statement
for the year ended 31 March 2002
Note Year ended Period ended 31
31 March March
2002 2001
# #

Net cash outflow from operating activities i (885,146) (242,456)

Returns on investments and servicing of finance
Interest received and similar income 172,066 353,059
Interest paid (2,031) (2,788)
-------- --------
Net cash inflow from returns on investments and
servicing of finance 170,035 350,271
-------- --------
Capital expenditure and financial investment
Purchase of tangible fixed assets (15,925) (61,159)
Purchase of fixed asset investments (1,843,605) (4,983,449)
Receipts from sale of fixed asset investments 269,025 -
-------- --------
Net cash outflow from capital expenditure and
and financial investment (1,590,505) (4,055,608)
-------- --------
Management of liquid resources
Sale of current asset investments 5,308,372 5,046,597
Purchase of current asset investments (4,497,201) (5,797,214)
Gain on disposal of current asset investments (160,258) (209,718)
-------- --------
(1,654,703) (5,897,128)
======== ========
Financing
Issue of shares 36,500 10,220,992
Expenses paid in connection with share issue - (393,193)
-------- --------
Net cash inflow from financing 36,500 9,827,799
-------- --------
(Decrease)/increase in cash ii & iii (1,618,203) 3,930,671
======== ========



i. RECONCILIATION OF OPERATING LOSS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Year ended 31 Period ended
March 31 March
2002 2001
# #

Operating loss (499,655) (447,663)
Depreciation 20,454 14,826
Loss on sale of tangible fixed assets 15,341 -
Gain on disposal of fixed asset investments (72,819) -
Increase in debtors (422,890) (157,824)
Increase in creditors 74,423 348,205
-------- --------
Net cash outflow from operating activities (885,146) (242,456)
======== ========



ii. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Year ended 31 Period ended
March 31 March
2002 2001
# #

(Decrease)/Increase in cash in the year / period (1,618,203) 3,930,671
Cash (outflow) / inflow from decrease/increase in liquid (650,913) 960,335
resources
Net funds at 1 April 2001 4,891,006 -
-------- --------
Net funds at 21 March 2002 2,621,890 4,891,006
======== ========


iii. ANALYSIS OF CHANGE IN NET FUNDS

At At
1 April 31 March
2001 Cash flow 2002
# # #

Cash in hand 3,930,671 (1,618,203) 2,312,468
Liquid resources 960,335 (650,913) 309,422
-------- -------- --------
4,891,006 (2,269,116) 2,621,890
======== ======== ========

Notes to the financial statements

1. Taxation

There is no tax on the loss for the year
Year ended Period ended
31 March 31 March
2002 2001
# #

Potential deferred tax asset based on loss made in 98,886 29,218
Year/period at 30 per cent.
======== ========

2. Loss per share

The calculations of loss per share are based on the following results and
numbers of shares:

2002 2001
# #

Loss for the financial year/period (329,620) (97,392)
======== ========

Weighted average number of shares
Number of Number of
shares shares

For basic earnings per share 222,403,632 220,701,639


The options and warrants do not give rise to any material dilution.


3. Dividends

No dividends were paid or proposed during either 2002 or 2001.

4. The results for the year ended 31 March, 2002 and the balance sheet at that
date have been extracted from the statutory accounts of the Group for that
year, upon which the Group's auditors, Grant Thornton, have confirmed they
will issue an unqualified audit report under Section 235 of the Companies
Act 1985. The accounts for the year ended 31 March, 2002 will be filed
with the Registrar of Companies following the Annual General Meeting. The
financial information for the year ended 31 March, 2002 has been prepared
on the basis of the accounting policies set out in the accounts for the
year ended 31 March, 2002.

The comparative figures for the period ended 31 March, 2001 have been
extracted from the statutory accounts for the Group for the period, filed
with the Registrar of Companies, which carried an unqualified audit report.

5. A copy of the Annual Report and Accounts will be sent to all shareholders
shortly and will be available from the Company's registered office, 29
Curzon Street, London W1Y 7AE.


This information is provided by RNS
The company news service from the London Stock Exchange
END

[agnes] 05/9/2002 23:48

I phoned the compamy today re the release of the full year results. I think they may be out as early as Friday morning.

[aghumra] 07/8/2002 00:50

more sellers or are the results coming (either bad or MMs accumulating)...

[jdschwartz] 06/8/2002 21:10

Hardly an accumulation. Extremely low volume. Ridiculous standard deviation.

Hi Bull and Bear, fancy seeing you here.
Not many people have bought sub 2p. This is a golden opportunity to join club EVT. Diversification to the tune of 12 investments with a reasonable spread of sectors covered. Posibility of huge gains from just one investment fruition. Do some research and you will see. Cash underpinning the shareprice.

[bullandbear] 05/8/2002 19:13

hi jdschwartz, so whats the story on this stock, apart from its the same price as EPO.. LOL.. and probably oversold...

[aghumra] 02/8/2002 14:33

only 143k this time!

[aghumra] 02/8/2002 13:50

price dropped again, the last time this happened it was only a 200k sell, seems MMs are quite nervy on this one...

[aghumra] 30/7/2002 07:55

Seems like we've picked up some KSS shares on the cheap while the Pru were dumping and depressing the price...

I see that the bid is up to 2p, come on results where are you?

[jdschwartz] 29/7/2002 21:08

CANT WAIT FOR THE RESULTS AND NEWS

[jdschwartz] 24/7/2002 21:46

Massive rally in the indices imminent. I wonder if this is a good time to release news? Of course...probably the best time IMHO .Loads of fresh air above.

[aghumra] 24/7/2002 07:40

only after ticking down, the MM must have fallen asleep over the keyboard waiting for a trade and accidentally dropped the price...

[jdschwartz] 23/7/2002 19:20

sod knows. price ticked up today though. maybe they know something

[aghumra] 23/7/2002 07:51

so where are the blinking results then?

[burbelly] 15/7/2002 20:45

Bottom draw jd I think for a few more months/years

[jdschwartz] 30/6/2002 09:36

tell me what you know about einstein. how long have you followed them?

[megadealer] 29/6/2002 20:41

jdschwartz, any view on EIC?

[jdschwartz] 29/6/2002 18:41

I also spoke to the company the other week, they said that officially they didn't have to release the results till september but they are likely to be released in the next couple of weeks. We are now at the end of the second week. I guess this week wouldn't have been the best week to release with the circumstances. I reckon they have been put off until this week or the next. Lets hope for a bounce in the indices, that should bring them forward.

Aghuma, do you follow mobile future or did you just spot them in the biggest fallers column?

[aghumra] 29/6/2002 12:06

you've been telling porkies...

[burbelly] 29/6/2002 11:51

I've talked to the company and they have untill September to get them out, so I'd think we will not see them in the near future.

[aghumra] 29/6/2002 00:59

when? hopefully not a MobileFuture job at 16:24!!!

[jdschwartz] 28/6/2002 18:31

maybe not this week then.

hopefully no news is good news!!