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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Meriden Grp | LSE:MRD | London | Ordinary Share | GB0032888470 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 5216D Meriden Group PLC 16 September 2008 MERIDEN GROUP PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008 CHAIRMAN'S STATEMENT Introduction I am pleased to present my Chairman's report for Meriden Group plc for the six months ended 30 June 2008. Results During the period the Company made pre-tax losses of £18,857 (2007 - loss of £54,673). Events during the year On 9 June 2008 the Company announced that it was in detailed negotiations regarding an acquisition which, if consummated, would constitute a reverse takeover under the AIM Rules. The acquisition would be subject to the approval of shareholders and the granting by the Takeover Panel of a waiver of the obligation on the Company to make a general offer under Rule 9 of the City Code on Takeovers and Mergers. Since the Company had been unable to complete a reverse takeover prior to 9 June 2008, being 12 months after the Company became an investing company pursuant to the AIM Rules, trading in the Company's shares on AIM was suspended on that date. I am please to be able to advise shareholders that negotiations with the target company are continuing. Restoration of trading will occur upon publication of the Company's circular and AIM admission document relating to the acquisition. Richard Payne 15 September 2008 INCOME STATEMENT 6 months ended30 6 months ended30 Year ended31 June 2008Unaudited June 2007Unaudited December 2007Audited £ £ £ Administrative expenses - Continuing- (19,204)- (54,693)- (207,197)(353) Exceptional Operating loss (19,204) (54,693) (207,550) Finance income 347 20 123 Loss on ordinary activities before and after (18,857) (54,673) (207,427) taxation and loss for the year Loss per share *basic and diluted (0.01)p (0.02)p (0.06)p There were no recognised gains or losses other than the loss or profit for the period. Continuing operations None of the Companies activities were acquired or discontinued during the current period. BALANCE SHEET As at30 June As at 30 June As at 31 December 2008Unaudited 2007Unaudited 2007Audited ASSETSCurrent assets Trade and other receivablesCash and cash equivalents 4,67326,256 11,74988 2,36230,317 Total current assets 30,929 11,837 32,679 Total assets 30,929 11,837 32,679 EQUITY AND LIABILITIESCapital and reserves attributable to the equity holders Share capital 345,000 345,000 345,000 Share premium account 1,110,263 1,110,263 1,110,263 Retained losses (1,742,114) (1,557,141) (1,709,895) Total equity (286,851) (101,878) (254,632) Current liabilitiesTrade and other payables 317,780 113,715 287,311 Total equity and liabilities 30,929 11,837 32,679 The financial statements were approved by the Board of Directors on 15 September 2008. Richard Payne Chairman CASH FLOW STATEMENT 6 months ended30 6 months ended30 Year ended31 June 2008Unaudited June 2007Unaudited December 2007Audited Cash flows from operating activities Cash generated from operations (4,401) (2,653) 27,584 Finance income 347 20 123 Net cash used in operating (4,054) (2,633) 27,707 activities Cash flows from financing activities Dividends paid (7) (4) (115) Net cash used in financing (7) (4) (115) activities Net increase/(decrease) in (4,061) (2,637) 27,592 cash and cash equivalents Cash and cash equivalents at 30,317 2,725 2,725 the beginning of the period Cash and cash equivalents at 26,256 88 30,317 the end of the year NOTES TO THE INTERIM RESULTS 1 Basis of preparation This interim report does not represent statutory accounts within the meaning of section 240 Companies Act 1985. The interim report has not been audited or reviewed but was approved by the Board on 15 September 2008. The principal accounting policies used in preparing the interim results are those the company expects to apply in its financial statement for the year ended 31 December 2008 and are unchanged from those disclosed in the Annual Report for the year ended 31 December 2007. 2 Loss per share The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of ordinary shares in issue during the year. Loss Weighted average number of shares Basic loss per share £ pence Basic and diluted loss per share Year ended 31 December 2007 (207,427) 345,000,000 (0.06) Six months ended 30 June 2007 (54,673) 345,000,000 (0.02) Six months ended 30 June 2008 (18,857) 345,000,000 (0.01) 3 Reconciliation of operating profit with net cash outflow from operating activities 6 months ended30 6 months ended30 Year ended31 June 2008Unaudited June 2007Unaudited December 2007Audited £ £ Operating loss (19,204) (54,693) (207,550) Decrease/(increase) in debtors (2,113) (10,585) (1,198) Increase in creditors 16,916 62,625 236,332 Net cash inflow/(outflow) from (4,401) (2,653) 27,584 operating activities 4. Interim dividend The directors do not recommend payment of an interim dividend. 5. Availability of interims Copies of this interim statement are available from the Company's Registered Office at St George's Court, Winnington Avenue, Northwich, Cheshire, CW8 4EE. This information is provided by RNS The company news service from the London Stock Exchange END IR FKAKPFBKKQCD
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