NBNK Investments PLC Final Results (5463M)

TIDMNBNK

RNS Number : 5463M

NBNK Investments PLC

07 May 2015

NBNK Investments plc

("NBNK" or "the Company")

Audited results for the period ending 31 December 2014

NBNK Investments plc (AIM: NBNK) announces its audited results for the period ending 31 December 2014.

The following is an extract from the Company's financial statements which will be posted to shareholders on or around 14 May 2015.

Chairman's review

Our policy is to maintain the Company at minimal cost while we seek appropriate opportunities to make an acquisition in the European 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.

During the year, Wilbur Ross stood down as a director and chairman in order to comply with regulatory requirements arising from his appointment to another company's board. I took over from Wilbur, being well placed to do so having worked closely with him since the W L Ross & Co LLC first made the offer to inject new capital into the Company.

The well-known investor Crystal Amber quickly built a significant stake in the Company during the year and now holds some 28% of the ordinary shares. I, and Wilbur Ross before me, have been in regular contact with the leading shareholders, including Crystal Amber.

The board is mindful of the statement made at the capital raising in 2013. That is, if no acquisition is made by 11 January 2016, the directors will consider whether it is appropriate to return unused share capital to shareholders and/or wind-up the Company. Meanwhile, the board will again seek approval at the forthcoming AGM to continue to pursue the Company's investing policy.

Stephen L. Johnson

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:

Stephen L. Johnson

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 potential acquisition targets are sought. 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

 
                                               2014       2013 
 
                                             GBP000     GBP000 
---------------------------------------   ---------  --------- 
  Interest income                                50         77 
  Administrative expenses                     (251)         78 
  Operating (loss) / profit                   (201)        155 
  Decrease / (increase) in fair value 
   of derivative financial liabilities           19       (19) 
  (Loss) / profit before taxation             (182)        136 
  Taxation                                        -          - 
---------------------------------------   ---------  --------- 
  (Loss) / profit for the year                (182)        136 
----------------------------------------  ---------  --------- 
  Earnings per share (pence) basic          (0.004)      0.003 
----------------------------------------  ---------  --------- 
  Earnings per share (pence) diluted              -      0.003 
----------------------------------------  ---------  --------- 
 

Statement of financial position

as at 31 December

 
                                               2014        2013 
 
                                             GBP000      GBP000 
--------------------------------------   ----------  ---------- 
  Current assets 
  Accrued income and prepaid expenses             9          11 
  Cash and cash equivalents                  20,013      20,207 
---------------------------------------  ----------  ---------- 
  Total current assets                       20,022      20,218 
---------------------------------------  ----------  ---------- 
  Total assets                               20,022      20,218 
---------------------------------------  ----------  ---------- 
  Current liabilities 
  Trade and other payables                       47          42 
  Other taxation including social                 -           - 
   security 
  Derivative financial liabilities                -          19 
  Total current liabilities                      47          61 
---------------------------------------  ----------  ---------- 
  Total net assets                           19,975      20,157 
---------------------------------------  ----------  ---------- 
  Equity 
  Called up share capital                     5,377       5,377 
  Share premium                              43,129      43,129 
  Capital redemption                             45          45 
  Accumulated losses                       (28,576)    (28,394) 
---------------------------------------  ----------  ---------- 
  Total equity                               19,975      20,157 
---------------------------------------  ----------  ---------- 
 

Statement of cash flows

for the year ended 31 December

 
                                               2014       2013 
 
                                             GBP000     GBP000 
---------------------------------------   ---------  --------- 
  Operating activities 
  Operating (loss) / profit before 
   taxation                                   (182)        136 
  Share based payments                            -      (274) 
  (Decrease) / increase in fair value 
   of derivative financial instruments         (19)         19 
  Decrease in receivables                         2        139 
  Increase / (decrease) in payables               5      (230) 
  Cash flow from operating activities         (194)      (210) 
----------------------------------------  ---------  --------- 
 
  Financing activities 
  Net proceeds of increase in share 
   capital                                        -        906 
----------------------------------------  ---------  --------- 
  Cash flow from financing activities             -        906 
 
    Net (decrease)/increase in cash 
    and cash equivalents                      (194)        696 
----------------------------------------  ---------  --------- 
 
  Cash and cash equivalents at 1 
   January                                   20,207     19,511 
----------------------------------------  ---------  --------- 
  Cash and cash equivalents at 31 
   December                                  20,013     20,207 
----------------------------------------  ---------  --------- 
 

Statement of changes in equity

for the year ended 31 December 2014

 
                             Share       Share        Capital    Accumulated 
                           capital     premium     redemption         losses       Total 
 
                            GBP000      GBP000         GBP000         GBP000      GBP000 
----------------------  ----------  ----------  -------------  -------------  ---------- 
  Total equity as at 
   1 January 2014            5,377      43,129             45       (28,394)      20,157 
  Net loss and total 
   comprehensive loss 
   for the year                  -           -              -          (182)       (182) 
  Total equity as at 
   31 December 2014          5,377      43,129             45       (28,576)      19,975 
----------------------  ----------  ----------  -------------  -------------  ---------- 
 

Annual General Meeting

The Annual General Meeting of the Company will be held on Tuesday 9 June 2015 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 2014. 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 2014 will be circulated to shareholders on or around 14 May 2015 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                                [phone] 
  Law Debenture Corporate Services Limited 
   (Company Secretary) 
   Ian Bowden                                  [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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