Final Results

 

TIDMIQH 
 
RNS Number : 5723O 
IQ Holdings plc 
30 June 2010 
 

                                                                    30 June 2010 
 
                                IQ Holdings plc 
                            ('IQ' or the 'Company') 
 
                                    AIM: IQH 
 
                                  Final Results 
 
 
IQ Holdings plc is pleased to announce its Final Results for the 18 month period 
which ended on 31st March 2010. 
 
The results will be posted on the Company's website 
http://www.iqholdings.co.uk/ 
 
 
For further information please contact: 
 
IQ Holdings plc 
David Marks - Tel: [phone] 
 
Nominated Adviser 
Grant Thornton Corporate Finance - Gerry Beaney: 020 7383 5100 
 
 
 
 
 
CHAIRMAN'S REPORT 
 
Following my recent appointment as your Chairman, it is with pleasure that I am 
able to announce the results of IQ Holdings plc ("IQH") or ("the Company") for 
the 18 months' period ended on 31st March 2010.  The results reflect the 
significant events which have taken place during the period including the 
acquisition of Viewpoint Field and Viewpoint Studios from Media Square plc and 
the subsequent sale of Rosslyn Research Limited ("Rosslyn") and Viewpoint Field 
Services Limited ("Viewpoint") to Rivington Street Holdings plc ("Rivington"). 
In addition, subsequent to the disposal of Rosslyn and Viewpoint, the Company 
has reorganised and reduced its share capital and then distributed the majority 
of shares in Rivington which it received as the consideration for the sale of 
Rosslyn and Viewpoint.  Full details of these transactions are contained in the 
Financial Statements which accompany this Statement. 
The figures for the period under review reflect all the events to which I have 
referred above.  Subsequent to the year end the Company raised GBP150,000 by way 
of a share placing and raised a further GBP100,000 by the issue of a Convertible 
Unsecured Loan Notes.  Thus IQH is now a cash shell and it is the intention of 
your Board to find a suitable company to reverse into IQH.  Hopefully this will 
be to the benefit of all shareholders of IQH, especially when viewed in 
conjunction with the shares in Rivington which have already been distributed to 
shareholders. 
Immediately following the disposal of Rosslyn and Viewpoint, Gale Blears and 
Julian Green resigned from the Board so as to pursue their full-time 
responsibilities for Rivington in the management of the businesses of Rosslyn 
and Viewpoint.  At the same time, Neil McGowan, Joe Seydel and Peter Parkinson 
also resigned from the Board.  I would like to thank all these persons for the 
support they have given to the Company over the years and especially to Julian 
Green who has been our Chief Executive ever since the original listing of the 
Company on OFEX. 
Subsequent to the year end Julian Green was re-appointed to the Board as a 
Non-Executive Director and Russell Darvill was also appointed a Director.  Both 
of these appointments were made with a view to facilitating the reversal of a 
suitable business into IQH.  Subsequently, as you will have seen from the recent 
announcement, Tim Hearley resigned as Chairman so as to devote his time to other 
business activities.  I would like to extend the thanks and appreciation of the 
Company and especially its Board to the contribution made by Tim Hearley to the 
development of IQH since its original listing on OFEX.  The last period of 18 
months has been a time of considerable development and change.  We look forward 
to the future with keen anticipation. 
 
David Marks 
Chairman 
30 June 2010 
 
Consolidated Income Statement 
+------------------------------------------------+------------+-------------+ 
|                                                |   18months |        Year | 
|                                                |         to |       Ended | 
|                                                | 31/03/2010 |  30/09/2008 | 
+------------------------------------------------+------------+-------------+ 
|                                                |        GBP |         GBP | 
+------------------------------------------------+------------+-------------+ 
|                                                |            |             | 
+------------------------------------------------+------------+-------------+ 
| Operating income                               |          - |           - | 
+------------------------------------------------+------------+-------------+ 
 
+--------------------------------------------+---+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Income tax expense                         |   |                                          - |                                - | 
+--------------------------------------------+---+--------------------------------------------+----------------------------------+ 
|                                                |           -------------------------------- |          ----------------------- | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Profit for the Period/Year from Continuing     |                                          - |                                - | 
| Operations                                     |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Discontinued Operations                        |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Loss for the period/year from discontinued |   |                                  (156,448) |                        (439,827) | 
| operations, net of tax                     |   |                                            |                                  | 
+--------------------------------------------+---+--------------------------------------------+----------------------------------+ 
|                                                |   ---------------------------------------- | -------------------------------- | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Loss for the Period/Year                       |                                  (156,448) |                        (439,827) | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                | ========================================== | ================================ | 
+--------------------------------------------+---+--------------------------------------------+----------------------------------+ 
 
 
 
Consolidated Statement of Comprehensive Income 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                   18months |                             Year | 
|                                                |                                         to |                            Ended | 
|                                                |                                 31/03/2010 |                       30/09/2008 | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                        GBP |                              GBP | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Loss for the Period/Year                       |                                  (156,448) |                        (439,827) | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Other Comprehensive Income                     |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Loss on fair value adjustments taken to equity |                                    (5,000) |                                - | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |   ---------------------------------------- | -------------------------------- | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Other Comprehensive Income for the Year, Net   |                                    (5,000) |                                - | 
| of Income Tax                                  |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |   ---------------------------------------- | -------------------------------- | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Total Comprehensive Expense for the            |                                  (161,448) |                        (439,827) | 
| Period/Year                                    |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                | ========================================== | ================================ | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Attributable to:                               |                                            |                                  | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
| Equity holders of the parent                   |                                  (161,448) |                        (439,827) | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
|                                                | ========================================== | ================================ | 
+------------------------------------------------+--------------------------------------------+----------------------------------+ 
 
Consolidated Statement of Changes in Equity 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
|                    |                                                            Attributable to equity holders of the                                                              |                                            | 
|                    |                                                                            parent                                                                             |                                            | 
+--------------------+---------------------------------------------------------------------------------------------------------------------------------------------------------------+--------------------------------------------+ 
|                    |                           Issued |                                      Share |                            Other |                                   Retained |                                      Total | 
|                    |                          capital |                                    premium |                         reserves |                                   earnings |                                     equity | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
|                    |                              GBP |                                        GBP |                              GBP |                                        GBP |                                        GBP | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Balance at 1       |                          345,707 |                                    984,240 |                                - |                                  (897,827) |                                    432,120 | 
| October 2008       |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Losses on fair     |                                - |                                          - |                          (5,000) |                                          - |                                    (5,000) | 
| value adjustments  |                                  |                                            |                                  |                                            |                                            | 
| recognised in      |                                  |                                            |                                  |                                            |                                            | 
| equity             |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Loss for the       |                                - |                                          - |                                - |                                  (156,448) |                                  (156,448) | 
| period             |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Issue of share     |                          120,077 |                                  1,155,218 |                                - |                                          - |                                  1,275,295 | 
| capital            |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Share issue costs  |                                - |                                  (189,524) |                                - |                                          - |                                  (189,524) | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Capital reduction  |                        (339,657) |                                          - |                          337,064 |                                      2,593 |                                          - | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Share premium and  |                                - |                                (1,949,934) |                        (337,064) |                                  2,286,998 |                                          - | 
| capital redemption |                                  |                                            |                                  |                                            |                                            | 
| reserve cancelled  |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Issuance of        |                         (74,639) |                                          - |                                - |                                (1,162,861) |                                (1,237,500) | 
| non-cash dividends |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
|                    | -------------------------------- |   ---------------------------------------- | -------------------------------- |   ---------------------------------------- |   ---------------------------------------- | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
| Balance at 31      |                           51,488 |                                          - |                          (5,000) |                                     72,455 |                                    118,943 | 
| March 2010         |                                  |                                            |                                  |                                            |                                            | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
|                    | ================================ | ========================================== | ================================ | ========================================== | ========================================== | 
+--------------------+----------------------------------+--------------------------------------------+----------------------------------+--------------------------------------------+--------------------------------------------+ 
 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             |                                        Attributable to equity                                          |                                            | 
|                             |                                         holders of the parent                                          |                                            | 
+-----------------------------+--------------------------------------------------------------------------------------------------------+--------------------------------------------+ 
|                             |                           Issued |                            Share |                         Retained |                                      Total | 
|                             |                          capital |                          premium |                         earnings |                                     equity | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             |                              GBP |                              GBP |                              GBP |                                        GBP | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
| Balance at 1 October 2007   |                           99,427 |                          194,093 |                        (458,000) |                                  (164,480) | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             |                                  |                                  |                                  |                                            | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
| Loss for the period         |                                - |                                - |                        (439,827) |                                  (439,827) | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             |                                  |                                  |                                  |                                            | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
| Issue of share capital      |                          246,280 |                          790,147 |                                - |                                  1,036,427 | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             | -------------------------------- | -------------------------------- | -------------------------------- |   ---------------------------------------- | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
| Balance at 30 September     |                          345,707 |                          984,240 |                        (897,827) |                                    432,120 | 
| 2008                        |                                  |                                  |                                  |                                            | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
|                             | ================================ | ================================ | ================================ | ========================================== | 
+-----------------------------+----------------------------------+----------------------------------+----------------------------------+--------------------------------------------+ 
Consolidated Statement of Financial Position 
+--+--+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|                                                    |            31/03/2010            |                                 30/09/2008 | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|                                                    |                              GBP |                                        GBP | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
| Assets                                             |                                  |                                            | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Non Current Assets                              |                                  |                                            | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|     | Goodwill                                |    |                                - |                                  1,122,149 | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     | Available-for-sale financial assets     |    |                          132,500 |                                          - | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     |                                              | -------------------------------- |   ---------------------------------------- | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|     |                                              |                          132,500 |                                  1,122,149 | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Current Assets                                  |                                  |                                            | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|     | Trade and other receivables             |    |                            3,265 |                                    140,795 | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     | Prepayments                             |    |                                - |                                     84,495 | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     | Cash and cash equivalents               |    |                            5,033 |                                     13,310 | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     |                                              | -------------------------------- |           -------------------------------- | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|     |                                              |                            8,298 |                                    238,600 | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|  |                                                 | -------------------------------- |   ---------------------------------------- | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Total Assets                                    |                          140,798 |                                  1,360,749 | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  |                                                 | ================================ | ========================================== | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  |                                                 |                                  |                                            | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
| Equity                                             |                                  |                                            | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Issued Capital and Reserves                     |                                  |                                            | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|     | Issued share capital                    |    |                           51,488 |                                    345,707 | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     | Share premium                                |                                - |                                    984,240 | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|     | Reserves                                |    |                          (5,000) |                                          - | 
+-----+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
|     | Retained earnings                            |                           72,455 |                                  (897,827) | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|     |                                              | -------------------------------- |           -------------------------------- | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
|     | Total Equity                                 |                          118,943 |                                    432,120 | 
+-----+----------------------------------------------+----------------------------------+--------------------------------------------+ 
| Non Current Liabilities                            |                                  |                                            | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Interest bearing borrowings                |    |                                - |                                     13,651 | 
+--+--------------------------------------------+----+----------------------------------+--------------------------------------------+ 
| Current Liabilities                                |                                  |                                            | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  | Interest bearing borrowings                |    |                                - |                                    168,223 | 
+--+--------------------------------------------+----+----------------------------------+--------------------------------------------+ 
|  | Trade and other payables                   |    |                           21,855 |                                    746,755 | 
+--+--------------------------------------------+----+----------------------------------+--------------------------------------------+ 
|  |                                                 | -------------------------------- |           -------------------------------- | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  |                                                 |                           21,855 |                                    914,978 | 
+--+-------------------------------------------------+----------------------------------+--------------------------------------------+ 
|                                                    | -------------------------------- |   ---------------------------------------- | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
| Total Equity and Liabilities                       |                          140,798 |                                  1,360,749 | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|                                                    | ================================ | ========================================== | 
+----------------------------------------------------+----------------------------------+--------------------------------------------+ 
|  |  |                                         |    |                                  |                                            | 
+--+--+-----------------------------------------+----+----------------------------------+--------------------------------------------+ 
 
 
Approved by the Board on 30 June 2010 and signed on its behalf by 
 
 
 
...................................... 
Mr J E Green, Director 
 
 
 
Consolidated Statement of Cash Flows 
+--+--+--------------------------------------------+----------------------------------+----------------------------------+ 
|                                                  |                         18months |                             Year | 
|                                                  |                               to |                            Ended | 
|                                                  |                       31/03/2010 |                       30/09/2008 | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|                                                  |                              GBP |                              GBP | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
| Cash Flows from Operating Activities             |                                  |                                  | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|     | Loss for the year - discontinued           |                        (804,287) |                        (430,187) | 
|     | operations                                 |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Finance costs - discontinued operations    |                        (115,310) |                         (11,209) | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Other income                               |                                - |                            1,569 | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  | Non-Cash Adjustments                          |                                  |                                  | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     | Depreciation on property, plant and        |                            6,918 |                            6,072 | 
|     | equipment                                  |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Share based payments                       |                           96,432 |                                - | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Non-Cash Adjustments                          |                          103,350 |                            6,072 | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Cash Flows Before Changes in Working Capital  |                        (816,247) |                        (433,755) | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  | Decrease in Working Capital                   |                                  |                                  | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     | (Increase) / decrease in trade and other   |                        (117,445) |                          128,000 | 
|     | receivables                                |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Increase in trade and other payables       |                        1,197,293 |                           98,000 | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Decrease in Working Capital                   |                        1,079,848 |                          226,000 | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Cash Flows Used in Operating Activities       |                          263,601 |                        (207,755) | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
| Cash Flows from Investing Activities             |                                  |                                  | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|     | Payments to acquire subsidiaries           |                      (1,089,661) |                        (625,000) | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Net Cash Flows Used in Investing Activities   |                      (1,089,661) |                        (625,000) | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Net Cash Flows Used in Operating and          |                        (826,060) |                        (832,755) | 
|  | Investing Activities                          |                                  |                                  | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
| Cash Flows from Financing Activities             |                                  |                                  | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|     | Gross proceeds from issue of equity share  |                          789,000 |                          966,000 | 
|     | capital                                    |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Transactions costs on issue of equity      |                        (189,000) |                        (130,000) | 
|     | share capital                              |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | New bank loans                             |                          368,966 |                                - | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Repayment of bank loans                    |                                - |                         (12,000) | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Repayment of other borrowings              |                                - |                          (4,000) | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Other cash inflows from financing          |                                - |                        (129,000) | 
|     | activities                                 |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Net Cash Flows from Financing Activities      |                          968,966 |                          691,000 | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  |                                               | -------------------------------- | -------------------------------- | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|  | Net Cash Flow                                 |                          142,906 |                        (141,755) | 
+--+-----------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     | Cash and cash equivalents as at 1 October  |                        (137,873) |                            3,882 | 
|     | 2008                                       |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|     |                                            |                                  |                                  | 
+-----+--------------------------------------------+----------------------------------+----------------------------------+ 
|                                                  | -------------------------------- | -------------------------------- | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
| Cash and Cash Equivalents as at 31 March 2010    |                            5,033 |                        (137,873) | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|                                                  | ================================ | ================================ | 
+--------------------------------------------------+----------------------------------+----------------------------------+ 
|  |  |                                            |                                  |                                  | 
+--+--+--------------------------------------------+----------------------------------+----------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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