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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Greenhouse | LSE:GHF | London | Ordinary Share | GB00B0T2CP59 | PARTCIPATING SHS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 8791V
Greenhouse Fund Limited (The)
04 June 2008
The Greenhouse Fund Limited
("Greenhouse" or "the Fund")
Preliminary Announcement of Unaudited Results for the year ended 31 December 2007
The Greenhouse Fund Limited (AIM:GHF), the Jersey domiciled closed-ended investment company, today reports its unaudited results for the
year ended 31 December 2007.
Highlights:
* Additional investment, post period end, brings Greenhouse's stake in Molectra to 64.3 per cent.
* Post period end, Molectra announces first commercial contract
* Significant additional pipeline of potential sales at Molectra
* Net Asset Value of 9.32 p per share
* Cash of £6.03m
Roger Maddock, Non-executive Director commented, "I am delighted that Molectra has achieved commercial production since the period end,
which is a key step for the company. It validates the technology and can act as a stepping-stone to further commercial success. Development
of the process and technology will continue, but Molectra has now made the difficult and significant transition from an award winning
technology with potential to a real commercial entity.
The continuing global move towards more stringent green regulation and companies' desire to obtain green credentials underwrite the
commercial progress made by Molectra. The recent contract win and a very encouraging pipeline of potential future orders, from differing
sectors and geographies, give great cause for optimism. As a result, we are actively considering additional funding routes to further
capitalise upon Molectra's potential that I hope will lead to significant shareholder value in the future."
For further information please contact:
Greenhouse Advisor Limited
Rodger Sargent +44 20 7355 7660
Paul Gazzard +44 20 7355 7660
Matrix Corporate Capital LLP
Stephen Mischler +44 20 7925 3393
Tim Graham +44 20 7925 7852
Threadneedle Communications Ltd.
Graham Herring +44 20 7936 9605
CHAIRMAN'S STATEMENT
These unaudited results for The Greenhouse Fund Limited ("Greenhouse") cover the year to 31 December 2007. Greenhouse is a Jersey
domiciled closed-ended investment company, established to invest principally in sustainable environmental technologies to create a portfolio
of investment holdings in the Environmental Sector.
Greenhouse has, to date, made a number of investments in Molectra Australia Pty Ltd, the Australian based business that re-cycles and
recovers materials including crumb rubber, oil and carbon from used vehicle tyres and has also acquired five technology sub-licences and
certain intellectual property assets from Virotec International Ltd.
Financial Performance
As at 31 December 2007, Greenhouse had net assets of £14.47m (2006: £13.81m), including cash of £6.03m (2006: £8.17m) and investments of
£7.64m (2006: £5.66m). The loss for the period was £0.7m (2006: £0.3m) and the period end Net Asset Value was 9.3p per share (2006: 8.9p).
The loss increased due to additional due diligence costs, largely on uncompleted transactions, compared to the previous period.
Portfolio Update
Molectra Australia Pty Ltd ("Molectra")
Molectra has developed a sustainable process that re-cycles and recovers materials including crumb rubber, oil and carbon from used
vehicle tyres. The technology has been developed over the last 10 years and has won many international awards and prizes during this time,
including the 2007 DaimlerChrysler Australian Environmental Research Award.
In March 2007, Greenhouse provided additional funding of £1,200,000 by way of a further convertible loan note. In July 2007, Greenhouse
converted both this loan note and another convertible loan note of £750,000, following which it held 57.5 per cent of Molectra. Accordingly,
Molectra became a subsidiary and its results have been consolidated into the Fund's results for the first time.
In addition to these investments, on 2 August 2007, Greenhouse agreed to provide Molectra with a drawdown facility of up to
AUD$4,500,000 (£1,888,000).
Greenhouse's investments have enabled Molectra's pilot plant to be scaled up so that it now has the capacity to process up to 250,000
tyres per year and has provided the infrastructure required to enable the implementation of the process on a larger scale.
On 15 April 2008, following the period covered by these accounts, Greenhouse announced that it had converted all outstanding loans that
it had provided to Molectra into ordinary shares of Molectra. This included the conversion of AUD$1,700,000 (£795,000), the amount drawn
down by Molectra under the AUD$4,500,000 loan facility.
As a result, following this conversion, Greenhouse's stake in Molectra rose to 64.3 per cent.
Also following the period covered by these accounts, the Board was pleased to see commercial production commencing at Molectra's
production facility in Brisbane, Australia and was delighted that the first commercial shipment of anti-cast strips, made from recycled
rebounded crumb rubber, was delivered to the HorseFabulous Products & Equipment company for distribution across Australasia. These anti-cast
strips weigh about 4kg each and are produced for the equine market to protect horses in their stables. They are often a requirement under
equine insurance contracts. The shipment is pursuant to the contract win, announced on 10 March 2008, which should take Molectra to
breakeven.
A number of other contracts are at various stages of negotiation. Any contract wins may require additional capital expenditure to meet
demand, so a number of funding options are currently being considered.
Other Investments
On 29 June 2006 Greenhouse acquired five Bauxsol technology sub-licences and certain intellectual property assets from Virotec
International Ltd. Greenhouse is currently considering the strategic options available to maximise shareholder value including the possible
disposal of the Bauxsol technology sub-licences.
Cash
Retained cash and equivalents was £6.03m at 31 December 2007.
The Future
We are delighted that Molectra has achieved commercial production since the period end, which is a key step for the company. It
validates the technology and can act as a stepping-stone to further commercial success. Development of the process and technology will
continue, but Molectra has now made the difficult and significant transition from a company with an award winning technology with potential
to a real commercial entity.
The continuing global move towards more stringent green regulation and companies' desire to obtain green credentials underwrite the
commercial progress made by Molectra. The recent contract win and a very encouraging pipeline of potential future orders, from differing
sectors and geographies, give great cause for optimism. As a result, we are actively considering additional funding routes to further
capitalise upon Molectra's potential that I hope will lead to the creation of significant shareholder value in the future.
Roger Maddock
Non-Executive Director
The Greenhouse Fund Limited
THE GREENHOUSE FUND LIMITED
UNAUDITED SUMMARISED CONSOLIDATED INCOME STATEMENT
For the year ended 31 DECEMBER 2007
Year Period
ended 31 ended 31
December December
Note 2007 2006
£ £
Revenue
Deposit interest income 364,607 372,948
Bank interest income 15,874 14,110
Other income 12,704 -
Total revenue 393,185 387,058
Operating expenses
Management fees (196,000) (190,093)
Other operating expenses (1,132,602) (375,042)
Amortisation of intangible assets (388,982) (126,738)
Depreciation of property, plant and (57,990) -
equipment
Total operating expenses (1,775,574) (691,873)
Gains on re-measurement of investment loans 658,436 -
carried at fair value through profit and
loss
Net loss for the year (723,953) (304,815)
Attributable to:
Equity holders of the company (474,840) (304,815)
Minority interest (249,113) -
(723,953) (304,815)
Basic and diluted loss per share (pence) (0.31) (0.22)
All transactions arise from continuing operations.
THE GREENHOUSE FUND LIMITED
UNAUDITED SUMMARISED CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2007
Note 2007 2006
£ £
Non-current assets
Intangible assets 9,419,800 4,942,801
Property, plant and equipment 588,400 -
Investments held at fair value through profit - 718,874
and loss
10,008,200 5,661,675
Current assets
Other receivables 222,975 38,181
Cash and cash equivalents 6,031,970 8,169,101
6,254,945 8,207,282
Total assets 16,263,145 13,868,957
Current liabilities
Trade and other payables (623,015) (56,795)
(623,015) (56,795)
Non-current liabilities
Deferred income tax liabilities (1,168,979) -
Net assets 14,471,151 13,812,162
Capital and reserves
Share capital 14,116,977 14,116,977
Translation reserve 15,219 -
Retained earnings (779,655) (304,815)
Minority interests 1,118,610 -
Shareholders' funds 14,471,151 13,812,162
Net asset value per Ordinary share (pence) 9.32 8.90
THE GREENHOUSE FUND LIMITED
UNAUDITED SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 DECEMBER 2007
2007 2006
£ £
Cash inflow from operating activities
Net loss for period the year (723,953) (304,815)
Amortisation 388,982 126,738
Depreciation 57,990 -
Non-cash movement: gains on re-measurement of (658,436) -
investment loans carried at fair value through
profit and loss
Decrease/(Increase) in other receivables 9,897 (38,181)
Increase in other payables 511,570 56,795
Net cash outflow from operating activities (413,950) (159,463)
Cash flow from investing activities
Purchase of property, plant and equipment (261,270) -
Purchase of unlisted investments - (718,873)
Purchase of intangibles (269,028) (569,540)
Purchase of subsidiary net of cash acquired (1,105,192) -
Loans to subsidiary undertakings (87,691) -
Net cash outflow from investing activities (1,723,181) (1,288,413)
Cash flow from financing activities
Issue of Ordinary shares - 10,072,250
Sales commission and formation costs paid - (455,273)
Net cash outflow from financial activities - 9,616,977
Net (decrease)/increase in cash and cash (2,137,131) 8,169,101
equivalents
Cash and cash equivalents at 1 January 2007 8,169,101 -
Cash and cash equivalent at 31 December 2007 6,031,970 8,169,101
THE GREENHOUSE FUND LIMITED
UNAUDITED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 DECEMBER 2007
Share Translation Retained Total equity Minority Total
capital reserve earnings equity
attributable Interests
to equity
holders
£ £ £ £ £ £
Balance at 13 December 2005 - - - - - -
Total recognised income and - - (304,815) (304,815) - (304,815)
expenditure for the period
(loss for the year)
Issue of ordinary shares 14,572,250 - - 14,572,250 - 14,572,250
Less: admission costs (455,273) - - (455,273) - (455,273)
At 31 December 2006 14,116,977 - (304,815) 13,812,162 - 13,812,162
Net income recognised directly - 15,219 - 15,219 - 15,219
to equity (exchange difference
on translation of foreign
subsidiary)
Loss for the year - - (474,840) (474,840) (249,113) (723,953)
Total recognised income and - 15,219 (474,840) (459,621) (249,113) (708,734)
expense for the year
Share of minority interests on - - - - 1,367,723 1,367,723
acquisition
Balance at 31 December 2007 14,116,977 15,219 (779,655) 13,352,541 1,118,610 14,471,151
THE GREENHOUSE FUND LIMITED
NOTES TO THE UNAUDITED PRELIMINARY ANNOUNCEMENT
For the year ended 31 DECEMBER 2007
1 Earnings per share
The earnings per Ordinary share is based on the net loss for the year of £474,840 (2006: £304,815) and on 155,225,000 (2006:
137,341,906) weighted average Ordinary shares in issue during the year.
The diluted return per Ordinary share is based on the net loss for the year and 155,225,000 (2006: 137,341,906) shares.
2 Net asset value per share
The asset value per ordinary share is based on the net assets attributable to equity shareholders of £14,471,151 and on 155,225,000
ordinary shares in issue at the year end.
3 Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of
the Companies Act 1985.
The summarised consolidated balance sheet at 31 December 2007 and the summarised consolidated income statement, summarised consolidated
cash flow statement and associated notes for the year then ended have been extracted from the 2007 financial statements.
Those financial statements have not yet been delivered to the registrar of companies, nor have the auditors reported on them.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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