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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Otium Ventures | LSE:OTV | London | Ordinary Share | GB00B29KF658 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOTV RNS Number : 4745U Otium Ventures PLC 15 October 2010 15 October 2010 Otium Ventures Plc ("Otium" or the "Company") INTERIM RESULTS FOR THE SIX MONTHS TO JUNE 2010 The key event of the first half was the finalising of the CVA which was approved by creditors and shareholders on 12 May 2010. Until that had occurred the Directors were constrained from fully exploring any options to enhance shareholder value. Since then the Directors have reviewed a number of opportunities however our efforts have been hampered by the Company's weak balance sheet and the suspension of trading in the Company's shares on AIM. The directors have operated the Company on a low cost basis since the agreement of the CVA, however it became clear that the Company needed to raise further funds in order to implement the investing policy adopted by shareholders. In particular the Company needed to raise sufficient capital to enable the CVA to be discharged, without which the Company would be insolvent. The directors believe that the proposal set out in the circular to be sent to shareholders, as announced today, represents the best opportunity for the Company to create some future value for existing shareholders. Although the CVA has been agreed, because it has not been fully discharged the interim results have not been adjusted to reflect the agreement reached under the CVA and as such will be restated once the CVA has been discharged in full. Of the gross liabilities of GBP2.3m in the balance sheet, approximately GBP1.3m is the subject of the CVA and will be discharged by a payment of approximately GBP55,000. Furthermore, Palmdale, who are due to receive approximately GBP20,000 under the terms of the CVA, have agreed to indemnify the Company for any liabilities due under the CVA in excess of GBP40,000. Palmdale has also agreed to the settlement of its outstanding debt of approximately GBP840,000 through the issue of equity and loan notes. Similarly, the Directors have agreed to waive their accrued fees for an issue of equity. Both arrangements are as set out in the circular to shareholders today. A further GBP80,000 of non-current liabilitieshave also been waived by third parties. Following the passing of the resolutions at the general meeting which has today been convened for 12 November 2010 and the discharging in full of the CVA, which is expected to happen shortly thereafter. the Directors believe that the Company will be debt free, excluding the convertible loan notes, with a cash balance of approximately GBP150,000. The Board would also like to thank Len Russell for his support and advice in recent months. A copy of the Company's Interim Accounts is available on the Company's website at http://www.otiumventures.com/financial-reporting For further information please contact: Otium Ventures Plc Paul Seakens Director Tel: +44 (0) 20 3005 9924 Alex Lubin - Director Daniel Stewart & Company Plc Antony Legge Tel +44 (0) 20 7776 6550 Oliver Rigby CONSOLIDATED INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2010 +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | | | | 6 | | 6 | | Year | | | | | months | | months | | ended | | | | | to | | to | | 31 | | | | | 30 | | 30 | | December | | | | | June | | June | | 2009 | | | | | 2010 | | 2009 | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | | | | Unaudited | | Unaudited | | Audited | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | | | | GBP | | GBP | | GBP | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Continuing operations | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Revenue | | | - | | 820,810 | | 840,275 | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Cost of sales | | | - | | (47,361) | | (358,427) | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Gross profit | | | - | | 773,449 | | 481,848 | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Administrative | | | 105,898 | | (1,474,370) | | (2,738,869) | | expenses | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Exceptional costs | | | - | | - | | (1,211,905) | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Operating | | | 105,898 | | (700,921) | | (3,468,926) | | profit/(loss) | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Investment income | | | - | | 1,000 | | - | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Finance costs | | | (89,365) | | (62,851) | | (156,294) | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Profit/(loss) on | | | 16,533 | | (762,772) | | (3,625,220) | | ordinary activities | | | | | | | | | before tax | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Taxation | | | - | | - | | - | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Profit/(loss) for the | | | 16,533 | | (762,772) | | (3,625,220) | | period | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ | Profit/Loss per share | | | (0.0p) | | (1.8p) | | (7.6) | | - basic | | | | | | | | +------------------------+--+----------+-----------------+--+-------------+----------+-------------+ CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2010 +-----------------------+-----+----------+-------------+--+-------------+--+----------+--------+----------+ | | | | As at | | As at | | As at | | | | | 30 | | 30 | | 31 December 2009 | | | | | June | | June | | | | | | | 2010 | | 2009 | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | Unaudited | | Unaudited | | Audited | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | GBP | | GBP | | GBP | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Non current assets | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Property, plant and | | | - | | 196,359 | | - | | equipment | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Intangible assets | | | - | | 4,510,904 | | - | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | - | | 4,707,263 | | - | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Current assets | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Inventories | | | - | | 56,436 | | - | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Trade receivables | | | | | 701,458 | | 6,539 | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Other current assets | | | 7,100 | | 141,674 | | - | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Cash and cash | | | 1,954 | | 431,974 | | 9,632 | | equivalents | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | 9,054 | | 1,331,542 | | 16,171 | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Current liabilities | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Trade and other | 1&2 | | (390,165) | | (2,964,869) | | (583,815) | | payables | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Net current | | | (381,111) | | (1,633,327) | | (567,644) | | liabilities | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+--+-------------------+----------+ | Non-current | | | | | | | | | liabilities | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Non-current | 3 | | (1,920,000) | | (2,639,051) | | (1,750,000) | | borrowings | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Net Liabilities | | | (2,301,111) | | 434,885 | | (2,317,644) | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Equity | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Share capital | | | 484,420 | | 484,420 | | 484,420 | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Share premium | | | 2,710,230 | | 2,550,725 | | 2,710,230 | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Retained earnings | | | (5,495,761) | | (2,600,260) | | (5,512,294) | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | Equity attributable | | | (2,301,111) | | 434,885 | | (2,317,644) | | to equity holders of | | | | | | | | | the parent | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+-------------+-------------------+ | | | | | | | | | | | +-----------------------+-----+----------+-------------+--+-------------+--+----------+--------+----------+ CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2010 +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | 6 | | 6 | | Year | | | | | months | | months | | ended | | | | | to | | to | | 31 | | | | | 30 | | 30 | | December | | | | | June | | June | | 2009 | | | | | 2010 | | 2009 | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | Unaudited | | Unaudited | | Audited | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | GBP | | GBP | | GBP | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Cash flows from | | | | | | | | | operating activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Profit/(oss) before | | | 16,533 | | (762,772) | | (3,625,220) | | taxation | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Adjustments for : | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Depreciation | | | - | | 60,491 | | 215,312 | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Amortisation | | | - | | - | | 1,566,189 | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Profit on disposal | | | - | | - | | (119,217) | | | of fixed assets | | | | | | | | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Investment income | | | - | | (1,000) | | - | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Interest expense | | | 89,365 | | 62,851 | | 156,294 | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Share based payment | | - | | 49,586 | | - | +-+-----------------------+--+-----------------------+-+-----------+----------+-------------+ | | Decrease/(increase) | | (561) | | (401,035) | | 489,080 | | | in trade and other | | | | | | | | | receivables | | | | | | | +-+-----------------------+--+-----------------------+-+-----------+----------+-------------+ | | Decrease in | | | | | 2,903 | | 59,339 | | | inventories | | | - | | | | | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | Decrease/(increase) | | (193,650) | | 438,812 | | (19,812) | | | in trade and other | | | | | | | | | payables | | | | | | | +-+-----------------------+--+-----------------------+-+-----------+----------+-------------+ | Cash used in | | | (88,313) | | (550,164) | | (1,278,035) | | operations | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Interest paid | | | (89,365) | | (62,851) | | (156,294) | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Net cash used in | | | (177,678) | | (613,015) | | (1,434,329) | | operating activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Cash flows from | | | | | | | | | investing activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Acquisition of | | - | | (832,000) | | (642,000) | | subsidiaries, net of | | | | | | | | cash acquired | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Interest received | | - | | 1,000 | | - | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Purchase of intangible | | - | | (25,428) | | - | | assets | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Purchase of property, | | - | | (1,032) | | (96,942) | | plant and equipment | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Proceeds from sale of | | - | | - | | - | | property, plant and | | | | | | | | equipment | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Net cash from | | | - | | (857,460) | | (738,942) | | investing activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Cash flows from | | | | | | | | | financing activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Net new long term | | | 170,000 | | 1,004,808 | | 1,125,757 | | loans received | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Issue of shares | | | | | 705,545 | | 865,050 | | | | | - | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Net cash used in | | | 170,000 | | 1,710,353 | | 1,990,807 | | financing activities | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | | | | | | | | | +----------------------+--+--+-----------------------+-+-----------+----------+-------------+ | Net increase/(decrease) | | (7,678) | | 239,878 | | (182,464) | | in cash and cash | | | | | | | | equivalents | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Cash and cash | | 9,632 | | 192,096 | | 192,096 | | equivalents at | | | | | | | | beginning of period | | | | | | | +-------------------------+--+-----------------------+-+-----------+----------+-------------+ | Cash and cash | | 1,954 | | 431,974 | | 9,632 | | equivalents at end of | | | | | | | | period | | | | | | | +-+--------------------+--+--+-----------------------+-+-----------+----------+-------------+ NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2010 1. Accounting policies Basis of preparation: The interim financial information for the six months ended 30 June 2010 has been prepared in accordance with the accounting policies that will apply for the period ended 31 December 2010 which will follow International Financial Reporting Standards (IFRS) and interpretations as endorsed by the European Union. Basis of consolidation: The consolidated financial statements incorporate the results of the company and its subsidiary undertakings as at 30 June 2010 and exclude all intra-group transactions and balances. The results of subsidiary undertakings are included from the date of acquisition. The results of subsidiary undertakings disposed of are included up to the date of disposal. Goodwill: Goodwill represents any excess of the cost of acquisition over the fair value of the identifiable assets and liabilities acquired. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. Property, plant and equipment Property, plant and equipment are stated at cost net of accumulated depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost, less an estimated residual value, of the assets over their estimated useful lives at the following rates: Web site development 25% straight line Office equipment 25% straight line Motor vehicles 25% straight line Inventories Stocks are valued at the lower of cost and net realisable value. Leased assets Rentals under operating leases are charged to the income statement on a straight-line basis over the lease term. All of the group's current leases are operating leases. Foreign currency Foreign currency transactions are recorded at the rate of exchange at the time of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in the income statement. Post Balance Sheet Events 1. The company entered into agreements on 14th October 2010 that, subject to approval by shareholders at the General Meeting on 1st November 2010, means the company is able to conclude the Company Voluntary Arrangement (CVA) it entered into on 12th May 2010. This will result in the Trade and Other Payables figure being reduced from GBP390,165 to GBP92,285 and the non-current borrowings from GBP1.92m to GBP0.92m. 2. In the agreements entered into 14th October 2010 the Directors have agreed to waive accrued fees for the year to date. This will have the effect of reducing the Trade and Other Payables figure from GBP92,285 to GBP36,161. 3. As a result of the completion of the CVA and other agreements entered into on the 14th October 2010 the amount of Non-Current Borrowings is reduced to nil. This information is provided by RNS The company news service from the London Stock Exchange END IR FFFFSIFSSEDS
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