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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pine Ventures | LSE:PVS | London | Ordinary Share | GB00B0CHGH75 | 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% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Pine Ventures plc (the "Company" or together with its subsidiaries "the Group") Preliminary Results for the year ended 31 December 2006 Chairman's Statement Further to various announcements made by the Company in the last six months, shareholders will be aware that the year under review has been a disappointment which ultimately led to the departure of the Chief Executive in October 2006 and the strategic review by the Board. This review concluded that the passing of the Safe Port Act in the United States of America would have a detrimental effect on the ability of the Company to successfully implement its growth strategy in the online gaming sector. Consequently the Company announced on 9 May 2007 the liquidation of its principal trading subsidiary which left the Company as an investing company under Rule 15 of the AIM Rules. At an EGM of the Company held on 6 June 2007 shareholders approved the Company's investment strategy and the change of name from CheekyMoon Entertainment plc to Pine Ventures plc. During the year ended 31 December 2006 the Group generated nil turnover (2005 - nil) and generated a loss of £3,206,000 (2005 - £112,000) which included an amount of £2,248,000 (2005 - nil) for goodwill impairment. The Company has announced today the details of a Placing and Open Offer to raise a minimum of £400,000 (the "Fundraising"). Pursuant to the Fundraising the Company has conditionally placed 400,000,000 Ordinary Shares with investors at 0.1p per share. In addition, shareholders will have an entitlement under an open offer to subscribe for two ordinary shares for every Ordinary Share held at 0.1p per share. Shareholders may make excess applications up to a maximum additional amount equal to their pro rata entitlement. The funds raised by the Company pursuant to the Fundraising will be used to fund due diligence of potential acquisitions trading in the software sector in the UK, Europe and North America as outlined in its investing strategy approved by shareholders on 6 June 2007. A document relating to the Placing and Open Offer which includes a Notice of EGM will be posted to shareholders today. Lord Beaverbrook 12 June 2007 Consolidated Income Statement for the year ended 31 December 2006 Note Year ended Period ended 31 December 31 December 2006 2005 £'000 £'000 Goodwill impairment (2,248) - Administrative expenses (978) (130) Operating Loss (3,226) (130) Finance income 20 18 Loss on ordinary activities before and (3,206) (112) after tax and loss for the financial year Loss per share - basic and diluted (1.16p) (0.19p) Consolidated Balance Sheet as at 31 December 2006 2006 2005 £'000 £'000 Assets Non-current assets Goodwill - - Property, plant & equipment - - Total non-current assets - - Current assets Trade and other receivables 1 10 Cash and cash equivalents 91 1,239 Total current assets 92 1,249 Total assets 92 1,249 Equity and liabilities Equity attributable to equity holders of the parent Share capital 296 215 Share premium account 1,147 1,114 Other reserves - - Retained losses (1,542) (112) Total (deficit)/equity (99) 1,217 Current liabilities Trade and other payables 191 32 Total equity and liabilities 92 1,249 Consolidated Cash flow statement for the year ended 31 December 2006 Year ended Period ended 31 December 31 December 2006 2005 £'000 £'000 Cash flows from operating activities Loss before tax (3,206) (112) Adjustments for : Depreciation 209 - Goodwill impairment 2,248 - Finance income (20) (18) Decrease/(increase) in trade and other 9 (10) receivables Increase in trade and other payables 94 32 Net cash outflow from operating (666) (108) activities Cash flows from investing activities Acquisition of and loans to (289) - subsidiary, net of cash acquired Finance income received 20 18 Purchase of property, plant and (103) - equipment Net cash (used in)/generated from (372) 18 investing activities Cash flows from financing activities Proceeds from issue of ordinary share 34 1,385 capital Expense of share issues (144) (56) Net cash (used in)/generated from (110) 1,329 financing activities Net (decrease)/increase in cash and (1,148) 1,239 cash equivalents Cash and cash equivalents at the 1,239 - beginning of the year Cash and cash equivalents at the end 91 1,239 of the year Notes to the Financial Statements 1. Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the period ended 31 December 2006 has been extracted from the Company's financial statements to that date which have received an unqualified auditors' report but have not yet been delivered to the Registrar of Companies. 2. Loss per share Year ended Period ended 31 December 31 December 2006 2005 Loss for the year (£'000) 3,206 112 Weighted average number of 275,844,279 59,035,488 ordinary shares Loss per share - basic and (1.16p) (0.19p) diluted 3. Dividends No dividends were paid or are proposed in respect of the period ended 31 December 2006. 4. A copy of the Annual Report and Accounts will be sent to all shareholders today and will be available from the Company's registered office, Number 14, The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire SK4 3GN. Enquiries: Lord Beaverbrook, Chairman 020 7235 3131 Pine Ventures plc Simon Clements/David Worlidge 020 7628 2200 John East & Partners Limited Trevor Phillips 020 7929 5599 Holborn Public Relations END
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