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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 |
21 September 2007 PINE VENTURES PLC ("Pine Ventures" or "the Company") Interim Report for the six months ended 30 June 2007 Chairman's statement Introduction I am pleased to present your Company's interim results for the six month period ended 30 June 2007. Results and dividends The loss on ordinary activities after taxation for the six month period amounted to £144,000. The loss per share is 0.05 pence and no dividend is recommended. Events during the period On 9 May 2007, the Company announced 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 on 6 June 2007 Shareholders approved the Company's investment strategy and the change of name from CheekyMoon Entertainment plc to Pine Ventures Plc. The Company's investment strategy is to acquire another company or business operating in the software sector in the UK, Europe or Northern America. Outlook On 12 June 2007, the Company announced a Placing and Open Offer which was completed on 5 July 2007 raising approximately £423,000 before expenses. The Directors intend to use the funds raised, net of costs, to fund the due diligence relating to potential acquisition targets and working capital generally. The Directors are actively pursuing potential acquisitions, none of which are at an advanced stage. It has been an eventful year for the Company and the Board are now concentrating on identifying a suitable acquisition to enhance shareholder value. Lord Beaverbrook Chairman 21 September 2007 Enquiries: Lord Beaverbrook, Chairman 020 7235 3131 Pine Ventures plc Simon Clements/David Worlidge 020 7628 2200 John East & Partners Limited Trevor Phillips/David Bick 020 7929 5599 Square1 Consulting Limited INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Investment written off - - (2,795) Administrative expenses (145) (80) (311) Operating loss (145) (80) (3,106) Finance Income 1 16 20 Loss on ordinary activities before and after tax and loss for the (144) (64) (3,086) financial period Loss per share - basic and diluted (0.05)p (0.03)p (1.12)p COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Total equity at beginning of 21 1,217 1,217 period Issue of equity share capital - 1,890 1,890 Loss for the financial period (144) (64) (3,086) Total equity at end of period (123) 3,043 21 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 ASSETS Non-current assets Investment in subsidiary - 2,668 - Current assets Trade and other receivables 68 5 1 Cash and cash equivalents 89 387 90 157 392 91 Total assets 157 3,060 91 EQUITY AND LIABILITIES Equity Share capital 296 296 296 Share premium account 1,147 1,147 1,147 Other reserves - 1,776 - Retained losses (1,566) (176) (1,422) Total equity (123) 3,043 21 Current liabilities Trade and other payables 280 17 70 Total equity and liabilities 157 3,060 91 CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Cash flows from operating activities Loss before tax (144) (64) (3,086) Adjustments for: Investment written off - - 2,795 Finance income (1) (16) (20) (Increase)/decrease in trade and (67) 5 9 other receivables Increase/(decrease) in trade and 160 (15) 38 other payables Net cash outflow from operating (52) (90) (264) activities Cash flows from investing activities Acquisition of subsidiary - (668) (795) Finance income 1 16 20 Cash inflow/(outflow) from investing 1 (652) (775) activities Cash inflow/(outflow) from financing activities Proceeds from issue of ordinary share - 34 34 capital Expenses of share issues - (144) (144) Loans advanced 50 - - Cash flows from financing activities 50 (110) (110) Net decrease in cash and cash (1) (852) (1,149) equivalents Cash and cash equivalents at the 90 1,239 1,239 beginning of the period Cash and cash equivalents at the end 89 387 90 of the period NOTES TO THE INTERIM REPORT 1. The interim financial statements have not been audited and they do not constitute full financial statements within the meaning of s240 of the Companies Act 1985. The statutory accounts for the year ended 31 December 2006 have been delivered to the Registrar of Companies. The auditors' opinion on these accounts was unqualified and did not contain a statement under s237(2) or s237(3) of the Companies Act 1985. 2. The interim financial information has been presented in accordance with International Reporting Standards (IFRS) as required by European Law and presents financial information on the Company only. The comparative figures shown are those of the Company and are not those previously reported on as a Group. This is necessary because the Company had no trading subsidiaries at 30 June 2007. 3. Basic loss per share has been calculated using a loss for the financial period of £144,000 (£64,000 loss for the period ended 30 June 2006 and £ 3,086,000 loss for the year ended 31 December 2006) and a weighted average number of ordinary shares in issue during the period 1 January 2007 to 30 June 2007 of 296,349,251 (254,999,446 for the period ended 30 June 2006 and 275,844,279 for the year ended 31 December 2006). Diluted loss per share is calculated by adjusting the weighted average number of shares in issue assuming conversion of all potentially dilutive ordinary shares. The Company's potential ordinary shares consist of share options and warrants. Due to the loss for the current and comparative periods there are no dilutive ordinary shares. 4. No dividend is proposed for the six month period ended 30 June 2007. 5. Copies of this interim report can be obtained by writing to The Company Secretary, Pine Ventures plc, Number 14, The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire, SK4 3GN. Copies can also be obtained from the Company's website, www.pine-ventures.co.uk. END
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