Future Internet Share Discussion Threads

[seangwhite] 24/11/2005 12:17

I told you all


seangwhite - 21 Nov'05 - 18:33 - 105 of 110 edit

Expect some news in the next two weeks,should jump again then.

seangwhite - 22 Nov'05 - 17:41 - 106 of 110 edit

The kettles coming to the boil soon.

[bluedolphine] 24/11/2005 10:30

CFE... check it out all buys and going up strong, dont take offence, this is a nice little rocket

[chippy2] 23/11/2005 18:14

Final Results

RNS Number:5906U
Future Internet Technologies PLC
23 November 2005


Future Internet Technologies plc

Preliminary Announcement

CHAIRMAN'S REPORT
FOR THE YEAR ENDED 30 JUNE 2005

As shareholders are aware, the Company was admitted to trading on AIM in
February 2000. By the end of its financial year to 30 June 2002, it had acquired
and disposed of a trading business and had become an investment company with a
residual holding in Magically Inc, a private Hong Kong based internet company.
During the period under review the Company had no trading business and the loss
of #5,630 reported for the twelve months to 30 June 2005 reflects some modest
consultancy income and interest receivable offset by the costs associated with
being a company quoted on AIM and a #15,000 provision against its investment in
Magically, which has now been fully provided for and the carrying value written
down to nil.

It has been the Directors intention to find an acquisition that would return
value to shareholders and would offer them the potential of future returns. The
Company has today announced the placing of 160,000,000 ordinary shares of 1p
each (Ordinary Shares") at 5p per share. The gross proceeds of the placing of #8
million will be used to enable the Board to further its investment strategy,
which is described more fully below. The terms of the placing also include the
issue, subject to shareholder approval, of 1 warrant for every 2 Ordinary Shares
subscribed for. The number of shares that would be issued on full exercise of
the warrants exceeds the level of disapplication granted by shareholders to the
Board, so the issue of these warrants requires a further disapplication of
statutory pre-emption rights and a resolution to effect this is included in the
notice of the Annual General Meeting. Each warrant entitles the holder to
acquire one Ordinary Share at any time until 31 December 2007 at 12p per share.
The terms of these warrants includes the ability of the Company to shorten the
exercise period in certain circumstances. The Directors, Richard Armstrong and
Peter Redmond, are participating in the placing as to 1,000,000 and 200,000
Placing Shares respectively and will receive, subject to shareholder approval,
the associated warrants.

The Company is also issuing 20 million warrants, in this instance exercisable at
15p per share at any time until 31 December 2007, to each of Cold Investments
Limited and Indigo Capital LLC in recognition of their role in the placing and
in order to provide them with an incentive to work with the Board in identifying
acquisition targets.

The Directors, who did not receive any salary or other remuneration in the last
financial year, are proposing that they be each granted, subject to shareholder
approval as part of the warrant issue, warrants to subscribe for up to 1 million
Ordinary Shares at 15p per share at any time until 31 December 2007 by way
recompense for their services to the Company.

Insinger de Beaufort consider that the terms of the participation of the
Directors in the placing and the issue to them of the 2 million warrants are
fair and reasonable insofar as the Company shareholders are concerned.

The AIM Rules now require a company that has become a cash shell by divesting
itself of its business interests to seek shareholder approval for its investment
strategy going forward at its next annual general meeting. Thus, one of the
resolutions to be put to shareholders at the forthcoming Annual General Meeting
to be held on 22 December 2005 will seek approval for the Board's investment
strategy, as described below.

The Directors will be actively seeking to acquire companies or businesses that
are well positioned in business areas with above average growth potential.
These may include communications technologies and services addressing the
consumer and business markets. The Directors will focus their search in the UK
and the US, but will be prepared to consider an acquisition outside these
regions if a strong candidate is identified. Any such opportunities are
expected to have an established footprint with a proven track record and strong
existing sales and management.

The Directors consider that their broad collective experience in corporate
finance and corporate broking will assist them in the identification and
evaluation of acquisition targets. Where necessary, they will engage external
professionals to assist in this process and subsequent due diligence. The
Directors also believe that their relationship with Cold Investments Limited and
Indigo Capital LLC, together with the much greater attractiveness of the Company
following the placing, will provide enhanced access to suitable acquisition
candidates.

R Armstrong
Chairman


23 November 2005


PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2005


2005 2004
Notes # #
TURNOVER
- -
Administrative expenses 30,880 66,111
(30,880) (66,111)
Other operating income 15,000 4,238
OPERATING LOSS (15,880) (61,873)
Amounts written off Investments (15,000) -
LOSS ON ORDINARY ACTIVITIES (30,880) (61,873)

BEFORE FINANCE CHARGES
Finance charges (net) 25,250 19,444
LOSS ON ORDINARY ACTIVITIES (5,630) (42,429)

BEFORE TAXATION
Tax on loss on ordinary activities - -
LOSS FOR THE FINANCIAL YEAR (5,630) (42,429)

AFTER TAXATION
RETAINED LOSS FOR THE YEAR (5,630) (42,429)
LOSS PER SHARE IN PENCE 1 ( 0.03) (0.26)



CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the
current and previous years.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the profit for the
current year and the loss for the previous year.

BALANCE SHEET
30 JUNE 2005

2005 2004
# #
FIXED ASSETS
Investments 17,500 32,500
CURRENT ASSETS
Debtors 4,996 6,596
Cash at bank 552,870 550,417
557,866 557,013
CREDITORS
Amounts falling due within one year 15,696 24,213
NET CURRENT ASSETS 542,170 532,800
TOTAL ASSETS LESS CURRENT LIABILITIES 559,670 565,300
CAPITAL AND RESERVES
Called up share capital 4,653,731 4,653,731
Share premium 2,595,822 2,595,822
Profit and loss account (6,689,883) (6,684,253)
SHAREHOLDERS' FUNDS 559,670 565,300

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2005




2005 2004
Notes # #
Net cash outflow
from operating activities 1 (22,797) (65,108)

Returns on investments and servicing of finance 2 25,250 19,444
2,453 (45,664)

Payments to acquire Investments - (17,500)

Net cash outflow before management of
Liquid resources and financing 2,453 (63,164)

Management of liquid resources
Funds (placed on)/ taken off deposit (25,432) 57,965

Financing -- -
(22,979) (5,199)
Decrease in cash in the period


Reconciliation of net cash flow
to movement in net funds
Decrease in cash in the period (22,979) (5,199)
Cash inflow/(outflow) from decrease/(increase) In liquid funds 25,432 (57,965)

Movement in net funds in the period 2,453 (63,164)
Net funds at 1 July 550,417 613,581
Net funds at 30 June 552,870 550,417


NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 JUNE 2005

1. LOSS PER SHARE

Loss per ordinary share has been calculated using the weighted average number of
shares in issue during the relevant financial years. The weighted average number
of shares in issue was 2005: 16,050,006 (2004 16,050,006) and the earnings
attributable to shareholders, being losses before tax, were #5,630 (2004:
#42,429)

2. STATUS

The financial information set out above does not comprise the Company's
statutory accounts. The figures for the year ended 30 June 2004 are extracted
from the statutory accounts which have been filed with the Registrar of
Companies. The auditors report on these accounts was unqualified and did not
contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The
figures for the year to 30 June 2005 have been audited and the statutory
accounts for that period will be mailed to shareholders shortly.

3. POSTING OF ACCOUNTS

The accounts are being sent to shareholders and further copies will be available
from Morrison & Foerster, City Point, One Ropemaker Street, London EC2Y 9AW


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

[powwow] 23/11/2005 12:19

so whats going on here.. I take this is a cash shell and nothing more. whats their balance sheet like and for those who know, can you provide any further uselful info, historical , current?

[seangwhite] 22/11/2005 17:41

The kettles coming to the boil soon.

[seangwhite] 21/11/2005 18:33

Expect some news in the next two weeks,should jump again then.

[seangwhite] 11/11/2005 08:49

We can all go back to sleep again, dont wake me up till next year now

[seangwhite] 24/10/2005 10:03

Lets wait and see, if the deal looks promising or 'good' the
SP will pop out of proportion as there is not much of a free
float for PIs to get into these shares.

[grahamcm] 22/10/2005 15:13

Vuelands - you think worth jumping aboard when reqouted?

[vuelands] 22/10/2005 00:47

I did say in july "sit tight this might come right" cant say more except be patiant,dont sell when requoted waite more to come.

[johnyee7] 21/10/2005 16:29

suspended!

[seangwhite] 21/10/2005 13:08

Richard Armstrong and Peter Redmond are with Fiske and have a record of 'reviving' cashshells.I think that there may have been some link with FTI shareholdings and the Simon Eagle affair, this may have delayed any deals, but dont know details or if correct.

[grahamcm] 21/10/2005 12:33

I see from the past news list that there have been a few changes in the directors/board over the last few years. Just wondering what kind of experience the board have got in buying/running other types of comapnies. Do you know if they are looking to buy something along the lines of the previous business or something completely different?. Not sure where this rise is going and I hope I have not missed the boat.My experience on Oak Holdings saw some large rises that came to nothing. Even now with news pending and an increase in business activity (probably not hard to do from no activity!!?) there is no unusual movement (getting planning permission for the new project should be a trigger!). Guess these may be different if they buy an existing business as it could be a fairly immediate rise? - where as Oak have been building up a new business so its been gradual and slow and they have yet to prove there worth.

[seangwhite] 21/10/2005 09:11

Something seems to be in the wind.
I looked at Anglo Welsh some years back and had a similar view to yours but did not buy.
FTI is just a cash shell and until recently had virtually no premium to its cash in the bank, the only link between both shares seems to be Fiske as brokers.
I have been holding this one since 02/2003 and hope a well received deal will correct the 'no premium' situation.

[grahamcm] 20/10/2005 14:51

Maybe I should have bought this morning, up 21% now!! I see they have been up there before though, so guess they may drop back again?

[grahamcm] 20/10/2005 11:58

Not sure how much patients you will need as I have been holding a cash shell called Oak Holdings(OAH), formerley Anglo-Welsh for 5 years now!!! I think they are just about to start coming good very soon. Used to be a narrow boat company and in its day was upto 140p, now it looks like becoming a succesful property developement/management company with their flagship being a £300M leisure developement - planning being finalised any day/month now. It has some big and reputable names on the board and is a brand new company, with the top man having a reputation for turning companies around (Stephen Thomson). I feel sure they are going to make my wait worthwhile.

This one looks interesting but dont know much background information. Could be another long wait? Though if they buy an existing company then at least there will be something to evaluate straight away, whether good or bad! Just depends how long it will take them to find one - I think thats the worst part.

[seangwhite] 05/9/2005 10:23

Winters coming better batten down the hatches while still patiently waiting for FTI to make a move.

[seangwhite] 20/8/2005 17:46

I was told patience was a virtue but I did not realise how much would be needed to be a stalwart long time FTI shareholder.

[seangwhite] 10/8/2005 01:09

Yes try RA at Fiske
No website as just a cash shell

Cheers