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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nbnk Invest | LSE:NBNK | London | Ordinary Share | GB00B58GVN47 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMNBNK
RNS Number : 5920G
NBNK Investments PLC
08 May 2014
NBNK Investments plc
("NBNK" or "the Company")
Audited results for the period ending 31 December 2013
NBNK Investments plc (AIM: NBNK) announces its audited results for the period ending 31 December 2013.
The following is an extract from the Company's financial statements which will be posted to shareholders on or around 16 May 2014.
Chairman's review
As you will recall, in the second half of 2012, funds within the WL Ross & Co Group made an offer to inject new capital into the Company by taking a sizeable stake, with a view to maintaining NBNK as an AIM listed company so that it could continue its search for suitable potential acquisition targets. Accordingly, on 13 December 2012, a proposed share subscription and tender offer was circulated. The tender offer was structured to enable those shareholders that wished to exit the Company to do so on broadly the same financial terms as would have applied had the Company been wound up.
At a meeting of ordinary shareholders on 8 January 2013, the Company resolved to allot shares to certain funds in the WL Ross & Co Group and to accept tender offers from those shareholders who wished to sell shares at that time.
Our policy is to maintain the Company at minimal cost while we seek appropriate opportunities to make an acquisition in the financial services sector. We have not identified any opportunities at this time that we felt would represent good value for shareholders, but the search continues. Shareholders will be kept advised as and when there are developments to report.
Wilbur L. Ross, Jr.
Chairman
Business review
The Company was incorporated on 2 July 2010 as De Facto 9999 Plc. On 2 August 2010, it changed its name to NBNK Investments plc. The directors of the Company are:
Wilbur L. Ross, Jr.
Lord Brennan of Bibury QC;
The Company was established to try and launch a new UK retail and SME banking and savings operation.
The board has maintained the Company at the lowest possible cost base during the year while other potential acquisition targets are sought. All commitments (including the lease at One Angel Court, which expired in June 2013) have been disposed of and the directors retain only those advisory services necessary to maintain the Company's legal and regulatory status during this time that appropriate acquisition targets are sought. Shareholders will be kept informed of any progress on potential acquisitions through the usual channels. If no successful acquisition has been achieved by 11 January 2016, the directors will review the position at that time and consider if it is appropriate to return unused funds to shareholders and/or to wind up the Company.
Financial results
Income statement
for the year ended 31 December 2013
Hot Features
Premium
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
---------------------------------------- -------------- --------------
Interest income 77 166
Administrative expenses 78 (3,773)
Loss on disposal of property, plant
and equipment - (155)
Loss on disposal of intangible assets - (5)
---------------------------------------- -------------- --------------
Operating gain / (loss) 155 (3,767)
(Increase) / decrease in fair value
of derivative financial liabilities (19) 82
Gain / (loss) before taxation 136 (3,685)
Taxation - -
---------------------------------------- -------------- --------------
Gain / (loss) for the year 136 (3,685)
---------------------------------------- -------------- --------------
Gain / (loss) per share (pence)
basic 0.003 (7.361)
---------------------------------------- -------------- --------------
Gain / (loss) per share (pence) 0.003 -
diluted
---------------------------------------- -------------- --------------
Statement of financial position
as at 31 December 2013
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
----------------------------------- -------------- --------------
Current assets
Other accrued income and prepaid
expenses 11 150
Cash and cash equivalents 20,207 19,511
----------------------------------- -------------- --------------
Total current assets 20,218 19,661
----------------------------------- -------------- --------------
Total assets 20,218 19,661
----------------------------------- -------------- --------------
Current liabilities
Trade and other payables 42 272
Other taxation including social - -
security
Derivative financial liabilities 19 -
Total current liabilities 61 272
----------------------------------- -------------- --------------
Total net assets 20,157 19,389
----------------------------------- -------------- --------------
Equity
Called up share capital 5,377 5,005
Share premium 43,129 42,595
Capital redemption 45 45
Retained losses (28,394) (28,256)
----------------------------------- -------------- --------------
Total equity 20,157 19,389
----------------------------------- -------------- --------------
Statement of cash flows
for the year ended 31 December 2013
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
--------------------------------------- -------------- --------------
Operating activities
Operating profit / (loss) before
taxation 136 (3,685)
Depreciation of property, plant
and equipment - 59
Amortisation of intangible assets - 2
Loss on disposal of property, plant
and equipment - 155
Loss on disposal of intangible
assets - 5
Share based payments (274) (608)
Increase / (decrease) in fair value
of derivative financial instruments 19 (82)
Decrease in receivables 139 25
Decrease in payables (230) (2,781)
Cash flow from operating activities (210) (6,910)
--------------------------------------- -------------- --------------
Investing activities
Proceeds on disposal of fixed assets - 9
Cash flow from investing activities - 9
--------------------------------------- -------------- --------------
Financing activities
Net proceeds of increase in share 906 -
capital
--------------------------------------- -------------- --------------
Cash flow from financing activities 906 -
Net increase / (decrease) in cash
and cash equivalents 696 (6,901)
--------------------------------------- -------------- --------------
Cash and cash equivalents at 1
January 19,511 26,412
--------------------------------------- -------------- --------------
Cash and cash equivalents at 31
December 20,207 19,511
--------------------------------------- -------------- --------------
Statement of changes in equity
for the year ended 31 December 2013
Share Share Capital Retained
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- ---------- ---------- ------------- ---------- ----------
Total equity as at
1 January 2013 5,005 42,595 45 (28,256) 19,389
Net profit and total
comprehensive gain
for the year - - - 136 136
Share based payments - - - (274) (274)
Issue of shares (net
proceeds) 372 534 - - 906
Total equity as at
31 December 2013 5,377 43,129 45 (28,394) 20,157
----------------------- ---------- ---------- ------------- ---------- ----------
Annual General Meeting
The Annual General Meeting of the Company will be held on Monday 23 June 2014 at 2.00 p.m. at Fifth Floor, 100 Wood Street, London, EC2V 7EX.
Status of the information contained in this announcement
The financial information set out above does not constitute the Company's statutory accounts for 2013. Statutory accounts for the period ended 31 December 2013 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statements for 2013 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The statutory accounts for the period ended 31 December 2013 will be circulated to shareholders on or around 16 May 2014 and will be published on the Company's website. They will be delivered to the Registrar in due course.
The financial information in this announcement has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The accounting policies adopted in this announcement have been consistently applied and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 December 2013.
- Ends -
For further information contact:
Cenkos Securities plc (Nominated adviser and broker) Ian Soanes Ivonne Cantu +44 207 397 8900 Law Debenture Corporate Services Limited (Company Secretary) Ian Bowden +22 207 696 5285
This information is provided by RNS
The company news service from the London Stock Exchange
END
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