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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oakgate | LSE:OKG | London | Ordinary Share | GB0031738247 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4985D
Oakgate PLC
29 September 2004
OAKGATE PLC (the "Company")
CHAIRMAN'S STATEMENT
To accompany the accounts for the six months ended 30 June 2004
OVERVIEW
I reported on the current state of the Company's activities in my Chairman's
statement of 29 June 2004 in the Annual Report. We are maintaining a tight
control of the company's resources which are adequate to maintain and support
the current levels of expenditure.
We continue to seek new opportunities to enhance shareholder value and will
report to shareholders when firm proposals can be made.
FINANCIAL RESULTS
The unaudited financial results for the six months to 30 June 2004 show an
operating loss of #25,000. In addition, there are final costs of #29,000
relating to the Creditors' Voluntary Arrangement, concluded on 21 January 2004
and the share capital reorganisation. Earnings per share have reverted to a
small loss; basic is 0.6p per share, fully diluted 0.5p per share.
No dividend is proposed, but the overall capital structure remains under review,
so that once profitability returns, a return to the dividend list can be
considered.
CASH FLOW AND FUNDING
The existing cash resources will remain adequate for the current routine
transactions (quote maintenance, administration etc) but will be reviewed once
opportunities to return to profitability present themselves.
OUTLOOK
The Board continues to seek ways, by acquisition, to enhance shareholder value.
L E V Knifton
Chairman
29 September 2004
OAKGATE PLC
Consolidated Profit & Loss Account
for the six months ended 30 June 2004
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 2004 30 June 2003
2003
Note #'000 #'000 #'000
Turnover - - -
Operating expenses (25) - (16)
__________ ________ _________
Operating loss (25) - (16)
Exceptional item (29) - 5,814
__________ ________ _________
Profit/(Loss) on ordinary activities
before taxation (54) - 5,798
Taxation - - -
__________ ________ _________
Profit/(Loss) on ordinary activities
after taxation (54) - 5,798
Dividends - - -
__________ ________ _________
Retained Profit/(Loss) for the period #(54) - #5,798
__________ ________ _________
Earnings per ordinary share: Basic 2 (0.6p) - 283.1p.
Diluted 2 (0.5p) - 283.1p.
There were no recognised gains or losses other than those recognised in the
profit and loss account above.
The exceptional item relates to the write-off of creditors and final expenses
related to the Creditor's Voluntary Arrangement.
OAKGATE PLC
Balance Sheet as at 30 June 2004
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 2004 30 June 2003
2003
Note #'000 #'000 #'000
CURRENT ASSETS
Debtors 58 38 58
Cash at bank and in hand 22 1 -
__________ ________ _________
80 39 58
Creditors: amounts failing due
within one year (97) (3,242) (21)
__________ ________ _________
NET CURRENT ASSETS/(LIABILITIES) (17) (3,203) 37
Creditors: amounts failing due
after more than one year - (2,729) -
__________ ________ _________
NET ASSETS/(LIABILITIES) #(17) #(5,932) #37
__________ ________ _________
CAPITAL AND RESERVES
Called up share capital 9,774 9,642 9,774
Share premium account 8,549 8,510 8,549
Other reserves 1,567 1,567 1,567
Profit and loss account (19,907) (25,651) (19,853)
__________ ________ _________
Equity shareholders' (deficit)/funds #(17) #(5,932) #37
__________ ________ _________
OAKGATE PLC
Consolidated Cash Flow Statement
for the six months ended 30 June 2004
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 2004 30 June 2003
2003
Note #'000 #'000 #'000
Cash inflow/(outflow) from
operating activities 3 22 (14) 68
Financing- Issue of shares - - 100
__________ ________ _________
Cash increase/(decrease) in the
period #22 #(14) 168
__________ ________ _________
Reconciliation of Net Cash Flow to Movement in Net Funds
6 months 6 months Year ended
ended ended 31 December
30 June 2004 30 June 2003 2003
#'000 #'000 #'000
Increase/(Decrease) in cash
in the period 22 (14) 168
Repayments of long term loans - - (183)
__________ ________ _________
22 (14) (15)
Net funds as at the start of the period - 15 15
__________ ________ _________
Net funds as at the end of the period #22 #1 -
__________ ________ _________
OAKGATE PLC
Reconciliation of movements in Shareholders' (deficit)/ funds
for the six months ended 30 June 2004
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 2004 30 June 2003
2003
Note #'000 #'000 #'000
Profit/(Loss) for the period (54) - 5,798
New share capital issued - - 171
__________ ________ _________
(54) - 5,969
Opening Shareholders' funds 37 (5,932) (5,932)
__________ ________ _________
Closing Shareholders' (deficit) funds #(17) #(5,932) #37
__________ ________ _________
OAKGATE PLC
NOTES TO THE INTERIM REPORT
1. Accounting Policies
The interim report has been prepared using accounting policies consistent with
those set out in the Company's Annual Report & Accounts for the year ended 31
December 2003.
The interim report for the six months to 30 June 2004 was approved by the Board
on 29 September 2004.
2. Loss per Share
Six Six Year
months months ended
ended ended 31 December
30 June 2004 30 June 2003 2003
pence pence pence
Earnings per shares: basic (0.6p) - 283.1p
diluted (0.5p) - 283.1p
__________ __________ __________
Loss per ordinary share is based on the Group's loss for the financial period of
#54,000 (December 2003 - profit #5,798,000; June 2003 - profit #nil).
The weighted average number of shares used in the calculation is: basic -
9,209,316; diluted - 10,409,316 (December 2003: basic and diluted - 2,048,214;
June 2003: basic and diluted - 16,070,073).
3. Reconciliation of operating loss to net outflow from operating activities
Unaudited Unaudited Audited
6 months 6 months year ended
ended ended 31 December
30 June 2004 30 June 2003 2003
#'000 #'000 #'000
Operating loss (25) - (16)
Net increase/(decrease) in
working capital 47 (14) 84
__________ __________ ___________
Net inflow/(outflow) from
operating activities 22 (14) 68
__________ __________ ___________
OAKGATE PLC
NOTES TO THE INTERIM REPORT
continued
4. Convertible Loan
The expiry date for the right to convert the convertible loan note of
#50,000,dated 29th December 2003, between the Company and Xerius Limited,
Clarion Finance AG and Atun Select Fund Limited, which will convert to 5,000,000
ordinary shares of 1p each at the option of the holders has been extended to the
29th May 2005.
5. Warrants
In addition to the total allotment of 5,000,000 shares on full conversion of the
convertible loan note, described in paragraph 4 above, the Company has issued
5,000,000 warrants to subscribe for ordinary shares at an exercise price of 2p,
the option to expire on 29 May 2005.
The Board has also agreed to issue to La Rochevillers and Coria Limited 500,000
warrants each to subscribe for ordinary shares at an exercise price of 2p, for a
period of fourteen months, restricted from exercise for a period of one year,
for services provided to the Company.
Mr Rudolf Irminger resigned from the Board on 27 May 2004 and the Board issued
200,000 warrants to him, on the same terms as the warrants described above.
6. The information for the year ended 31 December 2003 has been extracted from
the audited accounts for that period which have been delivered to the Registrar
of Companies and received an unqualified audit opinion. The unaudited results
for the six months have been prepared on a basis consistent with the accounting
policies disclosed in the Company's 2003 accounts and do not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
7. Copies of this interim statement are available from the Company at its
registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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