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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Morses Club Plc | LSE:MCL | London | Ordinary Share | GB00BZ6C4F71 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.21 | 0.20 | 0.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 1838n MOUNTCASHEL PLC 5th February 1999 MOUNTCASHEL PLC Preliminary announcement of audited results for the year ended 31 December 1998 Chairman's Statement In a rather similar vein to last year, the second half of 1998 proved to be less satisfactory than the first half. Net assets at 31 December 1998 (including unrealised gains and losses) were 71.4 pence per share. This figure compares with 112.5 pence at 31 December 1997, a decrease of 36.5%. This decline in the net asset value is attributable to the general decline in the smaller quoted company market place and some very specific problems with some of our stocks. The general malaise, or perhaps more accurately slump, in the smaller quoted company sector is well documented and my own views are that over time this will change. The specific problems of companies in our portfolio resulted in further provisions being made totalling #2,111,800. These are made up as follows: Rackwood Mineral Holdings plc, a provision of #748,440. Following a profit warning and change of management in December the company then announced in January of this year that the shares were being suspended "pending clarification of the financial position". We have therefore fully provided against our cost. Xenova Group plc, a provision of #411,849. Xenova Group plc in common with almost all quoted biotechnology companies has suffered from a lack of investor confidence and/or interest. In addition Xenova was in the unfortunate situation of running short of cash. The result was a fundraising that was only partly successful and a very much larger level of dilution to existing shareholders than might have otherwise been possible. It was considered that it would be prudent for us to recognise all of this and make a provision. Solvera plc, a provision of #607,073. Solvera is a small group of businesses in engineering design, software and related services. The group has consistently under-performed and failed to achieve market expectations. Following a suspension of Solvera's shares "pending clarification of the financial position" in late January we have fully provided against our cost. Utility Cable plc, a further provision of #347,961. Utility Cable was an investment that featured in last year's provisions. Following the change of management mentioned last year and additional research undertaken this year we committed further funds to this company. Shortly thereafter the company hit a funding crisis and the banks called in the receiver. We have fully provided for the cost of this investment. In addition there was another small provision, offset by a partial write back against our 1997 provision on ERA Group plc. This follows improved performance and a clear indication of the beginning of a turnaround. A number of other stocks in the portfolio have experienced significant falls in value since 30 June 1998, but in the opinion of the Board, none of these constitutes a permanent situation. Overall 1998 could certainly be considered to be a bad year and not one we wish to repeat in 1999. The overall investment strategy remains unchanged but with even greater emphasis on understanding from management how clearly they can predict their cash flow movements. Once again I should like to emphasise that there are significant risks in investing in smaller companies, particularly those with a chequered past or a high technology business yet to be profitable. This is the area in which we operate and whilst high returns may be achieved, the high risks may not always generate returns. Finally, I would like to draw your attention to the date for the AGM, which is Thursday, 11th March 1999. This is your opportunity to come along and quiz the Board on all aspects of the Company. I trust you will make use of this opportunity. Thomas Vaughan Chairman 5 February 1999 Consolidated Profit and Loss Account Year ended 31 December 1998 Year ended Year ended 31 December 31 December 1998 1997 #'000 #'000 Profit on sale of investments 1,034.8 158.0 Investment income 81.1 80.6 ________ ________ Total income 1,115.9 238.6 Provision for permanent diminution in value of fixed asset investments (2,111.8) (1,034.2) Management expenses (223.0) (191.0) ________ ________ Loss on ordinary activities before interest (1,218.9) (986.6) Interest receivable 37.3 - Interest payable (5.0) (25.3) ________ ________ Loss profit on ordinary activities before taxation Taxation (1,186.6) (1,011.9) - - ________ ________ Loss for the financial year (1,186.6) (1,011.9) ======= ======= Loss per share - pence (15.67) (13.37) ======= ======= There were no recognised gains or losses other than the loss for the year. Balance Sheets Year ended 31 December 1998 Group Company 31 31 31 31 December December December December 1998 1997 1998 1997 Fixed assets Tangible assets 1.0 2.5 1.0 2.5 Investments 4,668.8 6,512.6 7,182.4 9,026.2 _______ ________ _______ _______ 4,669.8 6,515.1 7,183.4 9,028.7 _______ ________ _______ _______ Current assets Debtors 103.6 98.3 103.6 98.3 Cash at bank and in 392.9 - 392.9 - hand _______ _______ _______ _______ 496.5 98.3 496.5 98.3 Creditors: Amounts falling due within (65.2) (325.8) (2,576.8)(2,837.4) one year _______ ________ _______ _______ Net current assets 431.3 (227.5) (2,080.3)(2,739.1) /(liabilities) _______ ________ _______ _______ 5,101.1 6,287.6 5,103.1 6,289.6 ======= ======= ======= ======= Capital and reserves (equity and non-equity) Called up share 3,785.6 3,785.5 3,785.6 3,785.5 capital Share premium 757.8 757.8 757.8 757.8 Other reserves 2,743.5 2,743.5 2,743.5 2,743.5 Profit and loss account (2,185.8) (999.2)(2,183.8) (997.2) -------- ------- --------- -------- Shareholders' funds 5,101.1 6,287.6 5,103.1 6,289.6 ======= ======= ======= ======= Net assets per 67.4 83.1 share - pence ======= ======= Shareholders funds - as above 5,101.1 6,287.6 Net unrealised gains on investments 306.1 2,230.7 ------- ------- 5,407.2 8,518.3 ======= ======= Net assets per share - pence 71.4 112.5 (incorporating net ======= ======= unrealised gains) Consolidated Cash Flow Statement Year ended 31 December 1998 Year ended Year ended 31 December 31 December 1998 1997 #'000 #'000 Net cash outflow from operating (225.7) (193.1) activities ________ ________ Returns on investment and servicing finance Interest received 37.3 - Interest paid (8.9) (23.9) Dividends received from fixed 81.1 75.5 asset investments _______ _______ 109.5 51.6 ________ ________ Capital expenditure and financial investments Purchase of tangible fixed assets - (1.9) Purchase of fixed asset investments (2,584.4) (2,195.8) Sale of fixed asset investments 3,351.2 2,442.4 ________ ________ 766.8 244.7 ________ ________ Cash inflow before management of liquid resources and financing 650.6 103.2 ________ ________ Management of liquid resources Increase in short term deposits (350.0) - ________ ________ (350.0) - ________ ________ Financing Issue of shares 0.1 - ________ ________ 0.1 - ________ ________ Increase in cash in the year 300.7 103.2 ======== ======== Notes: 1. The financial information set out in the preliminary results for the year ended 31 December 1998 does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The statutory accounts for the year ended 31 December 1998 have not yet been delivered to the Registrar of Companies. The auditors have made a report under Section 235 of the Companies Act 1985, as amended, in respect of such accounts, which was unqualified and did not contain a statement under Sections 237(2) or (3) of the Act. 2. The earnings per share is based on the loss which amounted to #1,186,600 (31 December 1997: loss #1,011,900) and on the average number of 7,570,800 shares in issue (31 December 1997: 7,570,700). Net assets per share is based on the consolidated net assets of #5,101,100 (31 December 1997: #6,287,600) and the average number of shares in issue, as stated above. 3. Copies of the audited financial statements are being posted to shareholders today and may be obtained from the Company Secretary at the Company's registered office: 223a Kensington High Street, London W8 6SG. END FR UBUAAPBGBGMC
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