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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 |
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0 | 0 | N/A | 0 |
RNS No 0072p MOUNTCASHEL PLC 30th July 1998 INTERIM REPORT Six months to 30 June 1998 Chairman's Statement I am able to report that the first half of 1998 proved to be a varied six months with some positive performance in the portfolio. Our investment strategy, as explained in the Investment Review in the 1997 Annual Report, remains constant and, as stated, we have monitored much more closely prevailing market valuations of our investments which, in some cases, has caused us to realise some profits. Net assets at 30 June 1998, including net unrealised gains, were 129.5 pence per share. This is an increase of 17 pence per share or 15% on the net asset position at 31 December 1997. The result for the six months to 30 June 1998 was a profit of #800,800 or 10.5 pence per share. In terms of changes in the portfolio there has been, what we consider to be, a fairly high level of activity. Firstly Cantab Pharmaceuticals plc, where 18% of our holding was sold in the period under review, and the balance disposed of earlier this month. Whilst there are no particular concerns over the ability of Cantab to develop revenue generating products, we have disposed of this holding as we believe that the funds may be able to show better returns invested elsewhere. Wiggins continued to perform well and enabled us to realise some profits, again for reinvestment elsewhere. We remain firm holders in Wiggins who have some potentially interesting projects at varying stages of negotiation. Xaar, the inkjet technology business, which floated towards the end of 1997, performed well, but we believe has much more potential both in terms of the office printer market and in the more varied industrial and commercial market. The business will soon be housed in purpose built accommodation with its own state of the art manufacturing facility. We have taken a small amount of profit on Xaar merely to provide the necessary funds for other opportunities. Finally, on the disposals side, we have sold our holding in Innovative Technologies. Following the previously mentioned management changes we concluded that the business was unlikely to achieve the demanding levels of return we are looking for and that the funds might better be utilised elsewhere. With the funds realised from the above we have added to our Key Investments an interest in Internet Technology Group plc which, as the name suggests, provides Internet related services. These include the dial up business of Global Internet, the corporate internet and intra-networking business of G X Networks and recent joint venture with a US based company called Wave. We believe this company has substantial growth ahead of it. As well as this newcomer we have raised our holdings in Rackwood Mineral Holdings plc, Redstone Telecom plc and Utility Cable plc. Rackwood is a relatively low volume coal producer, with interests in both the UK and USA. We doubled our stake in the business in the belief that the management will be able to generate good returns out of its existing assets in the UK and abroad. Redstone Telecom, currently our only unquoted investment, successfully raised additional capital at a 70% premium to our original cost and is continuing to develop its range of services and infrastructure. We were able to acquire a further 695,000 shares from an existing investor at the fundraising price. Utility Cable was one of the businesses that experienced a major problem last year. We have now had an opportunity to meet with the new management and understand their strategy moving forward. This led us to believe that not only should we hold our existing stake but also that we should use this opportunity to acquire a further stake at depressed prices. We purchased a further 4,500,000 shares. In the rest of the portfolio there have been few changes worthy of note except for the continued decline in confidence and therefore values in the biotechnology sector and a very disappointing performance from Solvera (formerly OMI International). Solvera has taken longer than expected to restructure and reposition, but we believe there is now light at the end of the tunnel. Xenova, the subject of our in depth example in the 1997 Annual Report has gone down in value and is now at 55% of our original cost. We will present an in depth review of our valuation of this in the 1998 Annual Report. The first six months of 1998 has been a period of recovery for the portfolio, after the disappointing performance in the second half of 1997. This must however be viewed with a healthy degree of caution, particularly in the light of recent performance of small companies in the stock market. The risks of investing in smaller and less liquid shares are ever present. Thomas Vaughan Chairman 30 July 1998 Consolidated Profit and Loss Account Unaudited Unaudited Audited Six Year Six months to ended months 30 June 31 to 1997 December 30 June #'000 1997 1998 #'000 #'000 Profit/(loss) on sale of 878.7 (34.3) 158.0 investments Investment income 34.9 51.2 80.6 ________ ________ ________ Total income 913.6 16.9 238.6 Provision for permanent diminution in value of fixed - - (1,034.2) asset investments Management expenses (126.0) (86.4) (191.0) _______ ________ ________ Profit/(loss) on ordinary activities before interest Interest receivable 787.6 (69.5) (986.6) Interest payable 15.6 - - (2.4) (16.0) (25.3) ________ ________ ________ Profit/(loss) on ordinary activities before and after 800.8 (85.5) (1,011.9) taxation ======= ======= ======= Earnings/(loss) per share - 10.58 (1.13) (13.37) pence ======= ======= ======== Balance Sheet Unaudited Unaudited Audited Six Year Six months to ended months 30 June 31 to 1997 December 30 June #'000 1997 1998 #'000 #'000 Fixed assets Tangible assets 1.7 3.2 2.5 Investments 7,046.9 7,962.2 6,512.6 _______ ________ ________ 7,048.6 7,965.4 6,515.1 _______ ________ ________ Current assets Debtors 544.5 355.5 98.3 Creditors: Amounts falling due within (504.6) (1,106.9) (325.8) one year _______ ________ ________ Net current 39.9 (751.4) (227.5) assets/(liabilities) _______ ________ ________ 7,088.5 7,214.0 6,287.6 ======= ======= ======= Capital and reserves (equity and non-equity) Called up share capital 3,785.5 3,785.5 3,785.5 Share premium 757.9 757.8 757.8 Other reserves 2,743.5 2,743.5 2,743.5 Profit and loss account (198.4) (72.8) (999.2) ------- ------- ------- Shareholders' funds 7,088.5 7,214.0 6,287.6 ======= ======= ======= Net assets per 93.6 95.3 83.1 share - pence ======= ======= ======= Shareholders funds (incorporating net unrealised gains on investments) #'000 #'000 #'000 Shareholders funds - as above 7,088.5 7,214.0 6,287.6 Net unrealised gains on 2,714.5 2,455.0 2,230.7 investments ________ ________ ______ 9,803.0 9,669.0 8,518.3 ======= ======= ====== Net assets per share - pence (incorporating net unrealised 129.5 127.7 112.5 gains) ====== ======= ======= Consolidated Cash Flow Statement Unaudited Unaudited Audited Six Six months Year months to to ended 30 June 30 June 31 1998 1997 December #'000 #'000 1997 #'000 Net cash outflow from (564.5) (119.9) (193.1) operating activities ________ ________ ________ Returns on investment and servicing of finance Interest received 15.6 - - Interest paid (6.3) (16.0) (23.9) Income from fixed asset 34.9 41.0 75.5 investments ________ ________ ________ 44.2 25.0 51.6 ________ ________ ________ Capital expenditure and financial investments Purchase of tangible fixed - (1.9) (1.9) assets Purchase of fixed asset investments (2,452.5) (986.5) (2,195.8) Sale of fixed asset investments 2,852.5 971.7 2,442.4 ________ ________ ________ 400.0 (16.7) 244.7 ________ ________ ________ Cash (outflow)/inflow before management of liquid resources (120.3) (111.6) 103.2 and financing ________ ________ ________ Financing Issue of shares 0.1 - - ________ ________ ________ 0.1 - - ________ ________ ________ (Decrease)/Increase in cash in (120.2) (111.6) 103.2 the year ======= ======== ======== Notes to the Accounts 1 Basis of preparation The unaudited accounts for the six months ended 30 June 1998 do not constitute statutory accounts. The profit and loss account, balance sheet and cash flow statement have been prepared on a basis consistent with the statutory accounts for the year ended 31 December 1997. Results for the year ended 31 December 1997 have been extracted from the statutory accounts which were reported on by the auditors, without qualification or statement under Section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. 2 Taxation There is no corporation tax charge due to the availability of losses within the Group. 3 Earnings per share The earnings per share has been calculated on the consolidated profit on ordinary activities after taxation of #800,800 and on the weighted average number of ordinary shares in issue of 7,570,800. 4 Investments Listed Unlisted Total #'000 #'000 #'000 Cost At 1 January 1998 6,692.9 853.9 7,546.8 Additions 1,366.8 1,141.3 2,508.1 Disposals (2,149.5) (249.9) (2,399.4) ________ ________ ________ At 30 June 1998 5,910.2 1,745.3 7,655.5 ======= ======= ======= Provisions At 1 January 1998 784.3 249.9 1,034.2 Released on disposal (175.7) (249.9) (425.6) ________ ________ ________ At 30 June 1998 608.6 - 608.6 ======= ======= ======= Net Book Value At 30 June 1998 5,301.6 1,745.3 7,046.9 ======= ======= ======= At 31 December 1997 5,908.6 604.0 6,512.6 ======= ======= ======= Aggregate market value At 30 June 1998 7,313.4 2,448.0 9,761.4 ======= ======= ======= Further details of the Key Investments are shown on page 7 of this interim report. 5 Other Information The interim statement was approved by the Directors on 30 July 1998. A copy of the interim statement will be posted to shareholders and made available to the public at the company's registered office, 223a Kensington High Street, London W8 6SG. Key Investments Company name Number Class Percentage Cost Market of of of at value at shares ordinary issued 30-06-98 30-06-98 Held shares ordinary #'000 #'000 share capital Cantab Pharmaceuticals 162,550 5p 0.98 219 393 plc* ERA Group Plc 5,345,000 5p 4.25 458 214 Internet Technology 775,000 20p 1.86 636 1,352 Group plc Linx Printing Technologies plc 320,000 5p 2.17 507 446 Rackwood Mineral Holdings plc 2,000,000 10p 4.72 748 470 Redstone Telecom plc * 2,618,887 10p 8.35 1,069 1,069 Solvera plc 3,725,000 5p 5.01 607 363 Tepnel Life Sciences 700,000 1p 1.43 316 228 plc Utility Cable plc 7,025,000 1p 4.80 625 386 Wiggins Group plc 8,365,000 1p 1.43 432 1,255 Xaar plc 1,933,330 10p 3.75 928 2,803 Xenova Group plc 242,500 10p 1.04 594 315 * Denotes unquoted investment * Denotes not key investment as defined in 1 below but disclosed in 1997 Annual Report Notes: 1 A "Key investment" is defined as being any holding which accounts for 5 per cent, or more, by reference to original cost or market value, of the total portfolio at the end of the period. 2 Unquoted investments are valued at cost, or net realisable value if, in the opinion of the Directors, this is below cost. 3 All of the investments noted above are in undertakings which are registered in England and Wales. END IR RLMPBLLATBIP
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