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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Office | LSE:REAL | London | Ordinary Share | GB00B23FXY03 | 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% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMREAL RNS Number : 4134G Real Office Group PLC 01 February 2010 Real Office Group plc ("ROG", the "Group or "the Company") Trading Statement, Disposal of ISIS Projects and Funding Commitment Trading update The Board of ROG is pleased to set out below a trading update for the Group. The Board views the current financial performance as satisfactory when set against the challenging global economy and specific local issues and is working towards improving the position further. It is confident in the strong current order book and is particularly pleased with the trading position of Pacific Interiors Limited and the move into profit for Pacific India. The Board looks forward to updating investors on its results for the interim period ended 31 January 2010 in due course. · The Group's financial performance for the period has been impacted by losses incurred in ISIS Projects Limited ("ISIS") due to some unexpected contract delays in late 2009. ISIS has now been sold to Leander Group Limited meaning these losses will no longer impact Group results. · It is expected that, excluding the results of ISIS, the Group will still have incurred a modest loss mainly due to continued difficulty in trading in its subsidiary Pacific Middle East LLC ("PME") in Qatar. · PME has suffered delays in the commencement of certain key projects and continued difficulties in executing its existing projects. Further its cash position has been stretched by the non-settlement of its invoices by a major customer. · Pacific Interiors Limited ("PIL") continues to trade ahead of management's expectations and has secured a number of large projects which underpin its future trading to 31 July 2010. · Pacific Turnkey Middle East LLC ("PTME") our subsidiaries in the UAE are trading positively and although they receive support from PME are starting to build their own presence. They are currently in detailed discussions over a AED 40m (GBP6.7m) project which would underpin our financial performance in the region. · Pacific Interiors India Pvt. Limited ("Pacific India") continues to gain momentum and has moved into a profitable trading position on a monthly basis. Therefore, it is starting to reduce the set up losses incurred in the period to date. Further our partner in India has invested for a 49% equity stake in the Pacific India displaying his belief in the future potential of India as a design and build market place. · The Company remains in early stage discussions with a bank regarding a working capital facility and the Chairman has committed to subscribing for GBP1 million of ROG shares on refinancing of property assets. Disposal of ISIS The Board of ROG announces that on 28th January 2010 the Company disposed of its shareholding in ISIS Projects Limited back to CFC Holdings Limited, a wholly owned subsidiary of Leander Group Limited ("Leander"), a company controlled by Roger Smee who is also Chairman and Chief Executive Officer and majority shareholder of the Company with 78% of the ordinary share capital. Under the terms of the original sale agreement the purchase was based upon the net assets of ISIS plus an earnout. Leander has waived its right to more shares under the earnout and as such Leander received GBP71k of shares for the sale of ISIS. The terms of sale were as follows:- The independent directors took into account the following factors in considering the sale of ISIS: · Waiver by Leander of deferred consideration of GBP1,505k for the original sale of its shares in ISIS to ROG. · The commitment by Roger Smee to invest a further GBP1m in ROG from the sale or refinance of property. · Losses incurred by ISIS for the year to date and the prospects to the end of the financial year. · Liquidity and burden of the working capital requirements of ISIS on the rest of the Group. · Low margins and lack of contribution by ISIS to group results. · Risk of failure based on past performance to achieve growth targets and projections for revenue and margins · No loss on sale, final settlement of a liability of GBP986k without any cash loss to the group. · Limited exposure to loss going forwards. · Concentration of management focus on Pacific Interiors, Pacific Middle East, Pacific India and Pacific UAE which follow a design and build business model. The audited profits attributable to ISIS for the year ended 31 July 2009 were GBP308k and the net assets were GBP1,280k. The sale of ISIS is expected to materially reduce the revenue for the Group in the 2010 financial year and compared with the prior year. However, ISIS was not expected to contribute to profitability during 2010 and accordingly it is expected that the sale should strengthen the remaining Group's financial position. The Directors of the Company, with the exclusion of Roger Smee and Paddy Greenwood who are not considered independent for the purposes of this transaction, having consulted with the Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. Irrevocable commitment to subscribe for shares in ROG if required by the Board The Board is pleased to announce that, on 28th January 2010, Roger Smee irrevocably undertook to subscribe for GBP1 million of ROG shares at the higher of 10p per share or the 10 day rolling average share price prior to the date of subscription should the Board of ROG deem that the Company require additional cash resources. Mr Smee has undertaken to refinance or sell property assets to fund this subscription and the Company will update the market in due course. The commitment has been entered into as a show of support for Real Office Group during a time where financial resources are limited. Roger Smee commented "I am pleased with the continued progress of the Real Office Group companies towards consolidating their position as an international design and fit out Group during very difficult trading conditions. Whilst trading has been satisfactory, the one off costs associated with the reverse acquisition last year placed pressure on resources and my commitment to invest GBP1 million in the Company should help to ensure our strategy implementation is not in any way delayed." Enquiries Real Office Group plc Roger Smee, Chairman Philip Brady, Finance Director 0207 822 0989 Cenkos, Nominated Advisor to the Company Nick Wells/Elizabeth Bowman 0207 397 8900 Smithfield Reg Hoare 020 7360 4900 This information is provided by RNS The company news service from the London Stock Exchange END MSCFFLLXBFFZBBV
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