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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Palmaris Cap. | LSE:PMS | London | Ordinary Share | GB0009443358 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPMS
RNS Number : 5869W
Palmaris Capital PLC
23 November 2010
23 November 2010
Palmaris Capital Plc
("Palmaris" or the "Company")
Results for year ended 30 June 2010
and Notice of AGM
The Board of Palmaris, the investment company with a 16.1% holding in Scottish Resources Group Limited ("SRG"), which is the largest surface mining coal producer in the UK and is the Company's sole remaining investment, is pleased to present its audited results for the year ended 30 June 2010.
Key points include:
-- A loss on ordinary activities before tax of GBP167,458 (2009: GBP136 163).
-- Net assets increased 7.5% to 10p per share (2009: 9.3p), primarily relating to an unrealised gain on the investment in SRG.
-- Directors' valuation of Palmaris's 16.1% holding in Scottish Resources Group held at GBP2.40 per SRG share (96p per new SRG share after SRG 5:2 stock split on 8 July 2010) (31 December 2009 interim results increased from GBP2.20 to GBP2.40).
-- Excellent SRG results for the year ended 27 March 2010, with revenues up by 59% to GBP229.9 million (2009: GBP144.6 million), generating a profit after tax of GBP21.2 million (2009: loss after tax of GBP9.1 million).
-- Palmaris has been informed that SRG continues to monitor stock market conditions, as an IPO remains a potentially attractive option. Palmaris will update the market further as and when appropriate.
For further information contact: Palmaris Capital plc Greg Melgaard (Managing Director) +44 7799 657 553 Execution Noble & Company Limited Harry Stockdale John Llewellyn-Lloyd +44 20 7763 2200
Chairman's Statement
Results
The company recorded a loss for the year of GBP167,000 against a previous year loss of GBP136,000. Interest receivable fell by a further GBP13,000 and professional fees arising from the planned stock exchange listing (IPO) of Scottish Resources Group Ltd (SRG) accounted for a further GBP17,000.
The only remaining investment held by the company is in SRG where we have a 16.1% holding. On 8 July, after our year end, SRG completed a 5:2 stock split. This means we now have 16,100,000 shares instead of 6,440 000 shares, still representing 16.1% of SRG. The directors have decided to leave the valuation of this investment at GBP2.40 per SRG share (96p per new share) having taken into account the effect of the postponed IPO. This leaves net assets at 30 June 2010 of GBP15.6M or 10.0p per Palmaris share.
Scottish Resources Group
The SRG audited accounts for the year to 27 March 2010 were announced in June 2010 to coincide with the launch of a pathfinder prospectus proposing an IPO in July 2010.
The results for the year were excellent, with the revenue up by 59% to GBP229.9M. Operating profit was GBP33.1M compared to an operating loss of GBP6.2M in the previous year, and the profit after tax was GBP21.2M as against a loss after tax of GBP9.1M.
In addition to the above, the profit before interest and depreciation was GBP48.2M - an increase from GBP16.5M the previous year.
On 28 June 2010 SRG released an announcement of its intention to seek admission of its ordinary shares to the Official List and to trading on the main market of the London Stock Exchange by way of an IPO to institutional investors. At the same time we made an announcement to the market to alert our shareholders to the implications of SRG's decision.
An extensive marketing process was carried out by Panmure Gordon on behalf of SRG. However, although interest in SRG was considerable (particularly in the coal business), due to unfavourable market conditions which had previously resulted in several other high profile IPOs being aborted or postponed investors were unwilling to attribute sufficient value to SRG's property and renewable energy activities to make an IPO an attractive exit for SRG's shareholders at that time. It was decided that SRG shareholders would be better served by postponing the IPO.
It was obviously a disappointment that market conditions were not suitable for the IPO of SRG to be successfully implemented. However, given the positive results of the company for the year to 27 March 2010 we remain optimistic about long term value prospects.
At the time of the proposed IPO in June we announced that the directors of SRG were looking for a valuation of GBP220M for the listed business. Whilst the board of SRG continues to target a value of GBP220M, we have, in line with a more conservative accounting practice suitable for a private investment, maintained the valuation at GBP2.40 per SRG share, which is equivalent to a total value of GBP96M for SRG.
We will continue to review the valuation of SRG every six months, based on trading results.
Conclusion
The SRG results to March 2010 were very good and if this can be continued in subsequent years, the outlook for a successful realisation of value for shareholders in the future looks good.
Timothy Noble
Chairman
22 November 2010
PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2010
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Premium
2010 2009
NOTES GBP GBP
---------------------------------------------- ------ ---------- ----------
Turnover - -
---------------------------------------------- ------ ---------- ----------
Cost of Sales - -
---------------------------------------------- ------ ---------- ----------
Gross Profit - -
---------------------------------------------- ------ ---------- ----------
Administrative expenses (183,961) (165,332)
---------------------------------------------- ------ ---------- ----------
Operating loss 4 (183,961) (165,332)
---------------------------------------------- ------ ---------- ----------
Investment and other income 3 16,503 29,169
---------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities before interest
payable (167,458) (136,163)
---------------------------------------------- ------ ---------- ----------
Interest payable - -
---------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities before taxation 2 (167,458) (136,163)
---------------------------------------------- ------ ---------- ----------
Taxation on (loss) on ordinary activities 6 - -
---------------------------------------------- ------ ---------- ----------
(Loss) on ordinary activities after taxation (167,458) (136,163)
---------------------------------------------- ------ ---------- ----------
(Loss) for the financial year 12 (167,458) (136,163)
---------------------------------------------- ------ ---------- ----------
The reported (loss) on ordinary activities before taxation equates to the historical cost (loss) on ordinary activities before taxation. None of the company's activities were acquired or discontinued during the above two financial years.
Earnings per ordinary share ------------------------------- -------- -------- (Loss) per ordinary share 7 (0.11)p (0.09)p ------------------------------- -------- -------- Net assets per share ------------------------------- -------- -------- Net assets per ordinary share 10.0p 9.3p ------------------------------- -------- --------
The notes form part of these financial statements.
BALANCE SHEET
As at 30 June 2010
2010 2009
NOTES GBP GBP
------------------------------------- ------ ------------ ------------
Fixed assets
------------------------------------- ------ ------------ ------------
Investments 8 15,456,000 14,168,000
------------------------------------- ------ ------------ ------------
15,456,000 14,168,000
------------------------------------- ------ ------------ ------------
Current assets
------------------------------------- ------ ------------ ------------
Debtors 9 19,578 16,284
------------------------------------- ------ ------------ ------------
Cash 179,137 339,551
------------------------------------- ------ ------------ ------------
198,715 355,835
------------------------------------- ------ ------------ ------------
Creditors
------------------------------------- ------ ------------ ------------
Amounts falling due within one year
------------------------------------- ------ ------------ ------------
Other 10 (33,948) (23,610)
------------------------------------- ------ ------------ ------------
(33,948) (23,610)
------------------------------------- ------ ------------ ------------
Net current assets 164,767 332,225
------------------------------------- ------ ------------ ------------
Net Assets 15,620,767 14,500,225
------------------------------------- ------ ------------ ------------
Capital and reserves
------------------------------------- ------ ------------ ------------
Called up equity share capital 11 7,796,665 7,796,665
------------------------------------- ------ ------------ ------------
Unrealised appreciation reserve 12 9,016,000 7,728,000
------------------------------------- ------ ------------ ------------
Capital reserve 12 (1,217,356) (1,217,356)
------------------------------------- ------ ------------ ------------
Share Premium 12 351,500 351,500
------------------------------------- ------ ------------ ------------
Profit and loss account 12 (326,042) (158,584)
------------------------------------- ------ ------------ ------------
Shareholders' funds 13 15,620,767 14,500,225
------------------------------------- ------ ------------ ------------
The notes form part of these financial statements.
T. P. Noble (Director)
22 November 2010
Registered Company Number: SC108429
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2010
2010 2009
GBP GBP
---------------------------------------------- ---------- ----------
(Loss) for the financial year (167,458) (136,163)
---------------------------------------------- ---------- ----------
Unrealised gains on investments 1,288,000 1,288,000
---------------------------------------------- ---------- ----------
Total recognised gains (losses) for the year 1,120,542 1,151,837
---------------------------------------------- ---------- ----------
The notes form part of these financial statements.
NOTE OF HISTORICAL COST PROFITS AND LOSSES
2010 2009
GBP GBP
------------------------------------------------------ ---------- ----------
Reported (loss) on ordinary activities before
taxation (167,458) (136,163)
------------------------------------------------------ ---------- ----------
Historical cost (loss) on ordinary activities before
taxation (167,458) (136,163)
------------------------------------------------------ ---------- ----------
Historical cost (loss) for the year after taxation (167,458) (136,163)
------------------------------------------------------ ---------- ----------
The notes form part of these financial statements.
CASH FLOW STATEMENT
for the year ended 30 June 2010
2010 2009
NOTES GBP GBP
--------------------------------------------- ------- ---------- ----------
Net cash (outflow) from operating activities A (176,917) (162,227)
--------------------------------------------- ------- ---------- ----------
Returns on investments and servicing of
finance B 16,503 29,169
--------------------------------------------- ------- ---------- ----------
Cash (outflow) before financing (160,414) (133,058)
------------------------------------------------------ ---------- ----------
(Decrease) in cash in the year (160,414) (133,058)
------------------------------------------------------ ---------- ----------
The notes form part of these financial statements.
NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 June 2010
A. Reconciliation of operating loss to operating cash
flows
----------------------------------------------------------------------
2010 2009
GBP GBP
---------------------------------------------- ---------- ----------
Operating loss (183,961) (165,332)
---------------------------------------------- ---------- ----------
(Increase)/Decrease in debtors (3,294) 992
---------------------------------------------- ---------- ----------
Increase in creditors 10,338 2,113
---------------------------------------------- ---------- ----------
Net cash (outflow) from operating activities (176,917) (162,227)
---------------------------------------------- ---------- ----------
B. Analysis of cash flows
-------------------------------------------------------------------
2010 2009
GBP GBP
------------------------------------------------- ------- -------
Returns on investments and servicing of finance
------------------------------------------------- ------- -------
Interest received 1,503 14,118
------------------------------------------------- ------- -------
Fees and commissions received 15,000 15,051
------------------------------------------------- ------- -------
Net cash inflow 16,503 29,169
------------------------------------------------- ------- -------
C. Analysis and reconciliation of net funds
-------------------------------------------------------------
1 JULY 2009 CASH FLOW 30 JUNE 2010
GBP GBP GBP
---------------- ---------------- ---------- -------------
Cash 339,551 (160,414) 179,137
---------------- ---------------- ---------- -------------
Net Funds 339,951 (160,414) 179,137
---------------- ---------------- ---------- -------------
2010 2009
GBP GBP
---------------------------------- ---------- -------------
(Decrease) in cash in the year (160,414) (133,058)
---------------------------------- ---------- -------------
Net funds at beginning of year 339,551 472,609
---------------------------------- ---------- -------------
Net funds at end of year 179,137 339,551
---------------------------------- ---------- -------------
NOTES TO THE ACCOUNTS
1. Accounting policies
A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, are as follows:
Basis of accounting:
The accounts have been prepared in accordance with applicable accounting standards. At 30 June 2010 the company had no subsidiaries and therefore its results are not consolidated. In accordance with Rule 19 of the AIM rules the company's accounts are prepared under UK GAAP rather than IFRS. The financial statements have been prepared on the going concern basis.
Turnover:
Turnover represented amounts receivable for goods and services provided in the normal course of business, net of trade discounts and VAT.
Income and expenses from investments:
Income from securities is credited to the profit and loss account when the securities are listed ex-dividend. Interest receivable, interest payable and other expenses of management are dealt with on an accruals basis.
Foreign currency transactions:
Overseas income is converted to sterling at the rates of exchange ruling on the date of the transaction.
Assets and liabilities denominated in foreign currencies are translated to sterling at the rates of exchange ruling at the balance sheet date.
Investments:
Fixed Assets: Listed investments are stated at values based on market prices at the balance sheet date. Unlisted investments are valued by the directors at cost less amounts written-off or on an earnings multiple basis. Provisions are made for permanent diminutions in value.
Unrealised appreciation reserve:
The unrealised appreciation reserve represents the difference between the book cost and the market value of fixed asset investments, held at the balance sheet date. This reserve is non-distributable.
Realised gains and losses on investment transactions:
Gains and losses on realisation of fixed asset investments and realised exchange differences thereon are transferred from the unrealised appreciation reserve to the capital reserve at the time of the realisation of the investment. The capital reserve is a distributable reserve.
Taxation:
The charge for taxation is based on the profit or loss for the year and takes into account deferred taxation arising on short term timing differences between the treatment of certain income for taxation and accounting purposes. Deferred taxation is provided for at anticipated tax rates on differences arising from the inclusion of items of income and expenditure in taxation computations in periods that differ from those in which they are included in the financial statements. Deferred tax assets and liabilities are recorded only where it is expected that an asset or liability will crystallise in the foreseeable future.
2. Segmental analysis
2010 2009
GBP GBP
----------------------------------------------- ----------- -----------
(Loss) on ordinary activities before taxation
----------------------------------------------- ----------- -----------
United Kingdom (167,458) (136,163)
----------------------------------------------- ----------- -----------
Investments
----------------------------------------------- ----------- -----------
United Kingdom 15,456,000 14,168,000
----------------------------------------------- ----------- -----------
Net current assets 164,767 332,225
----------------------------------------------- ----------- -----------
Net assets 15,620,767 14,500,225
----------------------------------------------- ----------- -----------
3. Investment and other income
2010 2009
GBP GBP
-------------------------------- ------- -------
Fees and commission receivable 15,000 15,051
-------------------------------- ------- -------
Interest receivable 1,503 14,118
-------------------------------- ------- -------
16,503 29,169
-------------------------------- ------- -------
4. Operating loss
2010 2009
GBP GBP
------------------------------------------ ------ ------
Operating loss is stated after charging:
------------------------------------------ ------ ------
Auditors' remuneration:
------------------------------------------ ------ ------
Audit of these financial statements 6,000 5,635
------------------------------------------ ------ ------
Consultation and taxation services 7,410 5,722
------------------------------------------ ------ ------
5. Staff costs
2010 2009
GBP GBP
----------------------------------------- -------- --------
Wages and salaries 88,000 88,000
----------------------------------------- -------- --------
Social security costs 4,682 3,757
----------------------------------------- -------- --------
92,682 91,757
----------------------------------------- -------- --------
2010 2009
Number Number
----------------------------------------- -------- --------
The average monthly number of employees
----------------------------------------- -------- --------
(including executive directors) was:
----------------------------------------- -------- --------
Administration staff 2 2
----------------------------------------- -------- --------
Directors' remuneration
-------------------------------------------------------------
2010 2009
GBP GBP
----------------------------------------- -------- --------
Directors' emoluments
----------------------------------------- -------- --------
Name of director
----------------------------------------- -------- --------
Executive
----------------------------------------- -------- --------
R. G. Melgaard 36,000 36,000
----------------------------------------- -------- --------
J. Richardson 12,000 12,000
----------------------------------------- -------- --------
Non-executive
----------------------------------------- -------- --------
T. P. Noble 16,000 16,000
----------------------------------------- -------- --------
P. M. B. Bucher 12,000 12,000
----------------------------------------- -------- --------
W. Paterson 12,000 12,000
----------------------------------------- -------- --------
Aggregate emoluments 88,000 88,000
----------------------------------------- -------- --------
The fees due to T. P. Noble were paid to Noble House and the fees due to W. Paterson and J. Richardson were paid to Patersons Quarries Ltd under arrangements in which the services of these directors were provided by the businesses concerned.
No directors had accrued entitlements under defined benefit schemes.
Directors' share options
No director holds options to acquire shares in the company.
6. Taxation on (loss) on ordinary activities
No taxation charge arises as a result of the tax losses incurred and brought forward (2009 - nil).
The difference between this nil charge and that which would arise from applying the relevant standard rate of tax to the loss on ordinary activities before tax is as follows:
2010 2009
GBP GBP
------------------------------------------------------ ---------- ----------
(Loss) on ordinary activities before tax (167,458) (136,163)
------------------------------------------------------ ---------- ----------
Standard rate of corporate tax at 28% 46,888 38,126
------------------------------------------------------ ---------- ----------
Adjustments - (losses) for which no relief currently
available (46,888) (38,126)
------------------------------------------------------ ---------- ----------
Tax charge for the year - -
------------------------------------------------------ ---------- ----------
7. (Loss) per ordinary share
2010 2009
GBP GBP
------------------------------------------------------ ---------- ----------
(Loss) attributable to ordinary shareholders (167,458) (136,163)
------------------------------------------------------ ---------- ----------
(Loss) per ordinary 5p share based on the weighted
average number of shares in issue in the year to 30
June 2010 which totalled 155,933,304 (2009 -
155,933,304) (0.11)p (0.09)p
------------------------------------------------------ ---------- ----------
8. Fixed asset investments
2010 2009
GBP GBP
---------------------------------- ----------- -----------
Equity Holdings
---------------------------------- ----------- -----------
Unlisted at directors' valuation 15,456,000 14,168,000
---------------------------------- ----------- -----------
The unlisted shares were valued at the year end by the directors.
2010 2009
GBP GBP
---------------------------------------------------- ----------- -----------
Market value of investments held at beginning of
year 14,168,000 12,880,000
---------------------------------------------------- ----------- -----------
Unrealised appreciation at beginning of year 7,728,000 6,440,000
---------------------------------------------------- ----------- -----------
Cost of investments held at beginning of year 6,440,000 6,440,000
---------------------------------------------------- ----------- -----------
Disposals at cost - -
---------------------------------------------------- ----------- -----------
Cost of investments held at end of year 6,440,000 6,440,000
---------------------------------------------------- ----------- -----------
Unrealised appreciation at end of year 9,016,000 7,728,000
---------------------------------------------------- ----------- -----------
Market value of investments held at end of year 15,456,000 14,168,000
---------------------------------------------------- ----------- -----------
Listed investments
The company held no listed investments at 30 June 2010.
Investments
Details of the significant investments of the company at 30 June 2010 are as follows:
CLASS YEAR PRINCIPAL
OF SHARES END ACTIVITIES
HELD
----------------------------------------- ---------- --------- ------------
Operating mainly in the UK -
unlisted
--------------------------------- ------ ---------- --------- ------------
Scottish Resources Group Limited 16.1% Ordinary 27 March Coal mining
--------------------------------- ------ ---------- --------- ------------
Information on significant investments
SCOTTISH
RESOURCES
GROUP LIMITED
SCOTTISH RESOURCES GROUP 29 MARCH 2009
LIMITED 27 MARCH 2010 YEAR YEAR END
END GBP000 GBP000
------------------------------ ----------------------------- ---------------
Turnover 229,891 144,597
------------------------------ ----------------------------- ---------------
Profit/(loss) before tax 28,489 (12,247)
------------------------------ ----------------------------- ---------------
Taxation (charge)/credit (7,252) 3,127
------------------------------ ----------------------------- ---------------
Profit/(loss) after tax 21,237 (9,120)
------------------------------ ----------------------------- ---------------
Fixed assets 183,694 161,761
------------------------------ ----------------------------- ---------------
Current assets 27,936 19,419
------------------------------ ----------------------------- ---------------
Liabilities due within one
year (50,019) (65,428)
------------------------------ ----------------------------- ---------------
Liabilities due after one
year (134,252) (102,169)
------------------------------ ----------------------------- ---------------
Net assets 27,359 13,583
------------------------------ ----------------------------- ---------------
9. Debtors
Amounts falling due within one year
2010 2009
GBP GBP
-------------------------------- ------- -------
Trade debtors 4,406 2,875
-------------------------------- ------- -------
Prepayments and accrued income 10,523 10,639
-------------------------------- ------- -------
VAT 4,649 2,770
-------------------------------- ------- -------
19,578 16,284
-------------------------------- ------- -------
10. Creditors
Amounts falling due within one year
----------------------------------------------------------
2010 2009
GBP GBP
---------------------------------------- ------- -------
Other
---------------------------------------- ------- -------
VAT, payroll taxes and social security 6,376 4,252
---------------------------------------- ------- -------
Accruals and deferred income 24,500 16,500
---------------------------------------- ------- -------
Trade and sundry creditors 3,072 2,858
---------------------------------------- ------- -------
33,948 23,610
---------------------------------------- ------- -------
11. Called up equity share capital
2010 2009
GBP GBP
--------------------------------- ---------- ----------
Authorised
--------------------------------- ---------- ----------
190,000,000 (2009 - 190,000,000)
--------------------------------- ---------- ----------
Ordinary shares of 5p each 9,500,000 9,500,000
--------------------------------- ---------- ----------
Issued and fully paid
--------------------------------- ---------- ----------
155,933,304 (2009 - 155,933,304)
--------------------------------- ---------- ----------
Ordinary shares of 5p each 7,796,665 7,796,665
--------------------------------- ---------- ----------
The Directors have the power to allot up to a further 16,500,000 Ordinary Shares on a non pre-emptive basis without reverting to shareholders.
12. Reserves
The movements on reserves are as follows:
UNREALISED PROFIT AND
APPRECIATION CAPITAL SHARE LOSS
RESERVE RESERVE PREMIUM ACCOUNT
GBP GBP GBP GBP
------------------------ -------------- ------------ --------- -----------
Beginning of year 7,728,000 (1,217,356) 351,500 (158,584)
------------------------ -------------- ------------ --------- -----------
Unrealised gains on
investments 1,288,000
------------------------ -------------- ------------ --------- -----------
Loss for the financial
year (167,458)
------------------------ -------------- ------------ --------- -----------
End of year 9,016,000 (1,217,356) 351,500 (326,042)
------------------------ -------------- ------------ --------- -----------
2010 2009
-------------------------------------------------- ------------ ------------
GBP GBP
-------------------------------------------------- ------------ ------------
Total distributable reserves
-------------------------------------------------- ------------ ------------
are as follows:
-------------------------------------------------- ------------ ------------
Profit and loss account
-------------------------------------------------- ------------ ------------
(Deficit) (326,042) (158,584)
-------------------------------------------------- ------------ ------------
Capital reserve (1,217,356) (1,217,356)
-------------------------------------------------- ------------ ------------
(1,543,398) (1,375,940)
-------------------------------------------------- ------------ ------------
Total non distributable reserves are as follows:
-------------------------------------------------- --------------------------
Unrealised appreciation reserve 9,016,000 7,728,000
-------------------------------------------------- ------------ ------------
Share premium 351,500 351,500
-------------------------------------------------- ------------ ------------
9,367,500 8,079,500
-------------------------------------------------- ------------ ------------
13. Reconciliation of movements in shareholders' funds
2010 2009
GBP GBP
--------------------------------------------- ----------- -----------
(Loss) for the financial year (167,458) (136,163)
--------------------------------------------- ----------- -----------
Movement in unrealised appreciation reserve 1,288,000 1,288,000
--------------------------------------------- ----------- -----------
Movement in capital reserve - -
--------------------------------------------- ----------- -----------
Net addition to shareholders' funds 1,120,542 1,151,837
--------------------------------------------- ----------- -----------
Opening shareholders' funds 14,500,225 13,348,388
--------------------------------------------- ----------- -----------
Closing shareholders' funds 15,620,767 14,500,225
--------------------------------------------- ----------- -----------
14. Related party transactions
During the year there were a number of transactions with related parties all of which arose in the normal course of business. These transactions and the related balances outstanding as at 30 June are summarised below:
VALUE OF TRANSACTIONS
IN THE YEAR OUTSTANDING BALANCE AS AT 30 JUNE
---------------- ------------------------ ----------------------------------
2010 2009 2010 2009
GBP GBP GBP GBP
---------------- ----------- ----------- ---------------- ----------------
Services
rendered:
---------------- ----------- ----------- ---------------- ----------------
Scottish
Resources
Group Ltd 15,000 15,000 4,406 2,875
---------------- ----------- ----------- ---------------- ----------------
Purchase of
goods and
services:
---------------- ----------- ----------- ---------------- ----------------
Patersons
Quarries Ltd 24,000 24,000 - -
---------------- ----------- ----------- ---------------- ----------------
Noble House 16,000 16,000 - -
---------------- ----------- ----------- ---------------- ----------------
Semper Holdings - 9,000 - -
Ltd.
---------------- ----------- ----------- ---------------- ----------------
Scottish Resources Group Ltd is an associated company. Patersons Quarries Ltd hold 33.90% of the share capital of Palmaris Capital Plc and T.P Noble, chairman of Palmaris Capital plc, is a partner in Noble House. R.G. Melgaard is a director of Semper Holdings Ltd.
Extraction
The above results have been extracted from the audited accounts of Palmaris Capital Plc for the year ended 30 June 2010 which received an unqualified auditor's report and will be filed with the Registrars of Companies. The above extract does not represent statutory accounts as defined by section 240 of the Companies Act. The statutory accounts were adopted by the Board of Directors on 22 November 2010.
Annual Report
A copy of the audited Report and Accounts will be sent to the Shareholders on or about 23 November 2010 and additional copies will be available free of charge for a period of one month from the offices of the Company's nominated adviser, Execution Noble & Company Limited, 10 Paternoster Square, London, EC4M 7AL.
AGM
The Annual General Meeting of Palmaris Capital plc is to be held at 76 George Street, Edinburgh, on 16 December 2010 at 11am. A notice convening this meeting will be sent to shareholders on or about 23 November 2010.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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