We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Highway Capital Plc | LSE:HWC | London | Ordinary Share | GB0008579384 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 0 | -543k | -0.0566 | -2.74 | 1.49M |
From Apr 2021 to Apr 2024
TIDMHWC
RNS Number : 0662U
Highway Capital PLC
01 December 2021
HIGHWAY CAPITAL PLC
INTERIM REPORT 2021
Chairman's Statement
Dear Fellow Shareholders
The first half of 2021 was very optimistic for the Company. The Board has continued its dialogue with both the regulator and potential target company. As a results, Highway Capital Plc has entered into Heads of Terms with Guinevere Capital Esports & Entertainment, as per the announcement made on 11 October 2021 and is currently working on the listing particulars. I hope that the Board will soon be able to update the shareholders on the progress of the Reverse Takeover transaction.
The results for the six months ended 31 August 2021 showed a loss before tax of GBP136,000 (six months ended 31 August 2020: GBP148,000 loss; year ended 28 February 2021: GBP135,000 loss).
No dividend has been declared.
Dr L Sobolewski
Chairman
30 November 2021
Update on Capital Structure
The Board of Highway Capital Plc ("HWC" or "Company") announces the following update on its share capital and convertible loans.
Shares in issue
There are currently 11,490,201 ordinary shares of 2p each.
Convertible Loan Notes - Current Financial Year
Between 13 July 2021 and 30 November 2021, the Company completed a placing of GBP278,000 Convertible Loan Notes for working capital purposes. The notes have a term of 5 years and are convertible into new shares in the Company.
The Convertible Loan Note issued 13 July 2021 for the amount of GBP200,000 to an unconnected investor has a conversion price of 5p per new ordinary share and has base interest of 10% for the remainder of 2021 moving to 12% interest per annum from 1 January 2022.
The Convertible Loan Note issued 5 October 2021 for the amount of GBP3,000 to an unconnected investor has a conversion price of 5p per new ordinary share and 5% interest per annum.
The Convertible Loan Note issued 24 November 2021 for the amount of GBP75,000 to an unconnected investor has a conversion price of 5p per new ordinary share and 5% interest per annum.
Key Risks and Uncertainties
Foreign currencies : The company deals in a variety of foreign currencies: Continual review of foreign currency movements to ensure company undertakes transactions in the most financially beneficial currency and ensuring the company is not overly exposed in one currency.
Brexit : Changing legislative environment between post Brexit UK and EU may place additional regularity burdens on the company which make it more difficult to operate with EU based companies to investments with Europe: Reviewing strategies to monitor and address the Brexit negotiations and outcomes.
Covid-19 : The Pandemic may impact the Company's ability to execute an acquisition. However, the Directors will review, on an ongoing basis, the options for the Company, including raising additional funds.
Hot Features
Premium
Statement of comprehensive 6 months ended 6 months ended Year ended
income
31 August 31 August 28 February
2021 2020 2021
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Management fees - - 165
Administrative expenses (136) (148) (299)
--------------------------------- ------- --------------- --------------- -------------
Operating loss 2 (136) (148) (135)
Interest receivable - - -
Amounts written back/(off)
investments and loans - - -
--------------------------------- ------- --------------- --------------- -------------
Profit/(loss) on ordinary
activities before taxation (136) (148) (135)
Tax on profit or loss - - -
on ordinary activities
Profit/(loss) for financial
period and total comprehensive
income (136) (148) (135)
Basic profit/(loss) per
share 3 (1.19)p (1.29)p (1.17)p
Diluted profit/(loss)
per share 3 (1.19)p (1.29)p (1.17)p
Basic profit/(loss) per
share from continuing
operations 3 (1.19)p (1.29)p (1.17)p
Diluted profit/(loss)
per share from continuing
operations 3 (1.19)p (1.29)p (1.17)p
================================= ======= =============== =============== =============
Statement of financial Notes 31 August 31 August 28 February
position 2021 2020 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Fixed assets - - -
Investments - - -
---------------------------------- ------- ------------- ------------- ------------
Current assets
Debtors 28 11 17
Cash at bank and in hand 157 75 41
---------------------------------- ------- ------------- ------------- ------------
185 86 58
Creditors: amounts falling
due within one year (781) (759) (718)
Net current assets/(liabilities) (596) (673) (660)
---------------------------------- ------- ------------- ------------- ------------
Total assets less current
liabilities (596) (673) (660)
Creditors: amounts falling
due after more than one
year 5 (666) (466) (466)
Net assets/(liabilities) (1,262) (1,139) (1,126)
================================== ======= ============= ============= ============
Capital and reserves
Share capital 6 230 230 230
Share premium 475 475 475
Profit and loss account (1,967) (1,844) (1,831)
---------------------------------- ------- ------------- ------------- ------------
Total equity shareholders'
funds/(deficit) (1,262) (1,139) (1,126)
================================== ======= ============= ============= ============
Statement of changes 6 months ended 6 months ended Year ended
in equity
31 August 31 August 28 February 2021
2021 2020
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit/(loss) attributable
to ordinary shareholders (136) (148) (135)
Issue of new ordinary shares - - -
less costs
------------------------------------------ --------------- --------------- -----------------
Net increase/(decrease)
in shareholders' funds (136) (148) (135)
Opening Shareholders' funds/(deficit) (1,126) (991) (991)
------------------------------------------ --------------- --------------- -----------------
Closing Shareholders' funds/(deficit) (1,262) (1,139) (1,126)
========================================== =============== =============== =================
Statement of cash 6 months ended 6 months ended Year ended
flows
31 August 31 August 28 February
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) for
the period (136) (148) (135)
Adjustments for:
Interest receivable - - -
Amounts written back
on investments and - - -
loans
Amounts written off
investments and loans - - -
Changes in:
Trade and other debtors (11) (4) (11)
Trade and other creditors 62 (4) 4
-------------------------------------- --------------- --------------- -------------
Net cash from operating
activities (85) (156) (142)
-------------------------------------- --------------- --------------- ------------- Cash flows from investing activities Interest received - - - Net cash used in investing - - - activities Cash flows from financing activities Issue of new equity - - - (net of costs) Proceeds from loans to company 200 294 409 Repayment and conversion of loans to company - (63) (228) -------------------------------------- --------------- --------------- ------------- Net cash from financing activities 200 231 181 -------------------------------------- --------------- --------------- ------------- Net increase/(decrease) in cash and cash equivalents 115 75 39 Cash and cash equivalents at beginning of period 37 (3) (2) -------------------------------------- --------------- --------------- ------------- Cash and cash equivalents at end of period 152 72 37 -------------------------------------- --------------- --------------- -------------
Notes to the Interim Report
1. Basis of preparation of the interim report
The condensed set of financial statements for the six months ended 31 August 2021 has been prepared on a basis consistent with the financial statements for the year ended 28 February 2021.
The condensed set of financial statements for the six months ended 31 August 2021 has not been audited or reviewed by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The comparative financial information for the year ended 28 February 2021 has been extracted from the audited financial statements, on which the auditors issued an unqualified audit report, and which have been delivered to the Registrar of Companies.
The financial information contained in the interim statement does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
There are no acquired or discontinued operations in the relevant financial periods.
There are no recognized gains or losses other than the profit or loss for the relevant financial periods.
Highway Capital plc is a stand-alone company and does not prepare consolidated accounts. It has therefore continued to prepare its accounts in accordance with UK rather than international accounting standards.
2. Operating loss
This is stated after
charging:
6 months ended 6 months ended Year ended
31 August 31 August 28 February
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Directors' remuneration
- salaries and fees 48 48 96
Auditors' remuneration
- audit services 10 6 15
- other services - - -
=============== =============== =============
3. Profit/(loss) per share
The profit/(loss) per ordinary share calculation has been based on the loss attributable to ordinary shareholders of GBP136,000 (August 2020: loss GBP148,000; February 2021: loss GBP135,000), divided by 11,490,201 (August 2020: 11,490,201; February 2021: 11,490,201) being the weighted average number of ordinary shares in issue during the period. There is no difference between the basic and the diluted loss per ordinary share, as any adjustment would be anti-dilutive.
There are no discontinued operations in the periods and, therefore the basic and the diluted profit/(loss) per ordinary share from continuing operations are the same as the basic and the diluted profit/(loss) per ordinary share.
4. 2021 interim dividend
No interim dividend has been declared.
5. Creditors: due after more than one year
The creditor due after more than one year of GBP666,000 (August 2020: GBP466,000; February 2021: GBP466,000), is made up of the following: (a) GBP4,000 from B Patnaik, a director, and GBP1,000 from institutional investors (these loans are unsecured, repayable after two years, and bearing interest at a rate of 5% per annum); and (b) GBP27,000 from B Patnaik, a director, GBP70,000 from D Zych, a shareholder and former director, GBP564,000 from institutional investors (these loans are unsecured, repayable after five years, convertible at the holder's request into new ordinary shares in the company at a price of 5 or 10 pence per share; in the event that the loan is not repaid or converted prior to its maturity date then it will attract accrued interest at a rate of 5% per annum); and GBP200,000 from an institutional investor which is unsecured, repayable after five years, convertible at the holder's request into new ordinary shares in the company at a price of 5 pence per share; and accrues interest of GBP20,000 up to 31 December 2021 and at a rate of 12% per annum thereafter.
6. Share capital
31 August 31 August 28 February
2021 2020 2021
(unaudited) (unaudited) (audited)
Ordinary shares of
2p each
Allotted, called-up,
fully paid
Number of shares 11,490,201 11,490,201 11,490,201
Nominal value GBP229,804 GBP229,804 GBP229,804
============= ============= ============
7. Related party transactions
As at the balance sheet date, there are loans to the company of GBP31,000 from B Patnaik, a director of the company, and GBP255,000 from N Mayster, a director and shareholder of the company . The terms of the loans are interest at 5% and this is considered reasonable.
No other related party transactions were undertaken as such that are required to be disclosed under FRS 102.
8. Responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in accordance with FRS 104 Interim Financial Reporting issued by the Financial Reporting Council;
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and their impact on the financial statements and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Dr L Sobolewski M Szytko Chairman Non-Executive Director 9. Publication
Copies of this statement will be available on the company's website at www.highwaycapital.co.uk .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR XBLFXFFLZFBZ
(END) Dow Jones Newswires
December 01, 2021 01:59 ET (06:59 GMT)
1 Year Highway Capital Chart |
1 Month Highway Capital 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
