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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ocean Res. | LSE:OCE | London | Ordinary Share | GB0033595496 | 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% | 13.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7770Y Ocean Resources Capital HoldingsPLC 21 June 2007 OCEAN RESOURCES CAPITAL HOLDINGS PLC Preliminary Results for the year ended 31 December 2006 The Directors of Ocean Resources Capital Holdings Plc announce the preliminary results for the year ended 31 December 2006. Investment Policy and Objective Following the approval by shareholders of the reduction in the life of the Company, the investment policy and objective is now to reduce its gearing through realisation of the existing investments and to seek to have a portfolio capable of rapid realisation to reflect the limited life of the Company. In general, no new investments will be made. Net Asset Value The net asset value attributable to the Ordinary shares on 31 December 2006 was 20.89p. The share price of the Ordinary shares on 31 December 2006 was 21.0p indicating a premium to net asset value of 0.53%. Chairman's Statement During the year there has been a nominal decline in the net asset value of the Company's investment portfolio from 21.92p per share to 20.89p per share. While disappointing, it does include two write downs totalling 4.37p per share, and covering the carrying values of Picobello Andalucita SL and OreVest plc. The first write down of 2.42p per share, of which 1.4p per share was taken at the interim stage, reflected our uncertainty over the carrying value of our investment in the unquoted company, Picobello Andalucita SL, following the denial of crucial planning and environmental permits required to commence project development. While the Manager's Report includes an update on the company's current situation, the Board remains of the opinion that the nil valuation remains the prudent option. In light of the winding up vote due later this year, the Board has also taken the decision to write down the carrying value of the Company's investment in OreVest plc to nil. This represents 1.95p per share. Once again, the Board views this as the prudent option, particularly since there has been no improvement in the political situation in Bulgaria since the last report, and thus there has been no improvement with OreVest's operational position in the country. During the year a number of investments were sold, and the proceeds used to repay, in full, the HSBC overdraft facility, while the Company's 8% convertible unsecured loan stock was also repaid in full at the year end. Following the various sales during the course of the year, the concentration of the investment portfolio has increased significantly, and the two AIM listed companies, Archipelago Resources plc and Rheochem plc, now represent around 90% of the Company's net asset value. As shareholders are already aware, this year's Annual General Meeting will see a winding up proposal put to shareholders and, at that point, we would expect to have sold the remaining smaller investments, but continue to hold our significant stakes in Archipelago and Rheochem. Thus our final net asset value will be determined largely by the performance of these two companies over the coming months. I intend to write to you again shortly to confirm details of the proposed liquidation and ultimate delisting of the Company, for which shareholder approval will be sought at the Annual General Meeting to be held on 6 September 2007. Peter Seabrook Chairman Consolidated Profit and Loss Account For the year ended 31 December 2006 2006 2005 # '000 #'000 Income from investments Unlisted securities 61 1,091 61 1,091 (Loss)/surplus on disposal of investments Listed securities (150) (294) Unlisted securities 328 789 Interest receivable and similar income 39 28 Fees and commission - 230 Administrative expenses (841) (666) Operating(loss)/profit - pre write downs and provisions (563) 1,178 Write down of investments and provisions (1,802) (8,500) Write down of loans and income (540) (1,820) Operating loss (2,905) (9,142) Interest payable (289) (404) Loss for year before and after taxation (3,194) (9,546) Loss per share Basic loss per share (3.75p) (11.20p) Diluted loss per share (3.75p) (11.20p) The Group's results shown above are derived entirely from continuing activities. Consolidated Statement of Total Recognised Gains and Losses For the year ended 31 December 2006 2006 2005 # '000 # '000 Loss for the financial period (3,194) (9,546) Increase in value of investments 2,317 32 Net total recognised losses (877) (9,514) Consolidated Note of Historical Cost Profits and Losses For the year ended 31 December 2006 2006 2005 # '000 # '000 Reported loss on ordinary activities before taxation (3,194) (9,546) Transfer of realised profit 2,000 1,075 Historical cost retained loss at beginning of year (23,646) (15,175) Historical cost retained loss at end of year (24,840) (23,646) Balance Sheets of the Group and Company As at 31 December 2006 Group Company Group Company 2006 2006 2005 2005 # '000 # '000 # '000 # '000 Fixed asset investments Group undertakings - - - - Other investments 18,165 18,165 23,953 23,953 18,165 18,165 23,953 23,953 Current assets Debtors 438 438 466 466 Cash at bank and in hand - - 171 171 438 438 637 637 Creditors: amounts falling due within one year (792) (792) (5,902) (5,902) Net current liabilities (354) (354) (5,265) (5,265) Total assets less current liabilities 17,811 17,811 18,688 18,688 Creditors: amounts falling due after more than one year - - - - Net assets 17,811 17,811 18,688 18,688 Capital and reserves Called up share capital 852 852 852 852 Share premium account 39,311 39,311 38,202 38,202 Warrant reserve - - 1,109 1,109 Revaluation reserve 2,488 2,488 2,171 2,171 Profit and loss account (24,840) (24,840) (23,646) (23,646) Equity shareholders' funds 17,811 17,811 18,688 18,688 Net asset value per share 20.89p 21.92p Consolidated Cash Flow Statement For the year ended 31 December 2006 2006 2005 # '000 # '000 Net cash outflow from operating activities (638) (1,047) Interest paid on loan (239) (311) Redemption of 8% Convertible Unsecured Loan Stock 2006 (1,014) - Interest paid on 8% Convertible Unsecured Loan Stock 2006 (97) (81) Net cash outflow from servicing of finance (1,350) (392) Taxation paid - - Investing activities Purchase of fixed asset investments (500) (3,355) Proceeds of disposal of fixed asset investments 6,859 5,482 Net cash inflow from capital expenditure and financial investment 6,359 2,127 Net cash inflow before financing 4,371 688 Loan repaid - (2,200) Proceeds from loan receipts 7 - Loans granted to investee companies (111) (352) Net cash outflow from financing (104) (2,552) Increase/(decrease) in cash 4,267 (1,864) Reconciliation of net cash inflow/(outflow) to movement in net debt Increase/(decrease) in cash 4,267 (1,864) Net repayment of loan facility - 2,200 Net repayment of 8% Convertible Unsecured Loan Stock 2006 1,014 - Debt costs due on 8% Convertible Unsecured Loan Stock 2006 (8) (7) Movement in net debt in year 5,273 329 Net debt at beginning of year (5,599) (5,928) Net debt at year end (326) (5,599) Major non-cash transactions Interest and commissions received in the form of shares - 210 Notes: This preliminary statement is not the Company's statutory accounts. The statutory accounts for the year ended 31 December 2005 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain statements under s237(2) and (3) of the Companies Act 1985. The Report and Accounts will be posted to shareholders shortly. Copies may be obtained during normal business hours from the Company's registered office, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. By order of the Board Capita Company Secretarial Services Limited, Secretary 21 June 2007 This information is provided by RNS The company news service from the London Stock Exchange END FR OKDKBDBKDQAB
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