![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9854M StartIT.com PLC 28 June 2000 Final Results for year ended 31st December 1999 Following the admission to AIM and the two private placements, funds available for investment amounted to approximately #3.3m. Your Company has at the date of this announcement completed four investments: GLS Software Limited; Convex Software Limited; enterpriseAsia.com plc; and Metalsonline Limited. StartIT has launched a shareholder information section on its website (www.startit.com). Report and Accounts will be posted to shareholders on 28th June 2000. Copies are available for collection from the Company's head office: Parklands Business Centre, Greengates, Bradford, West Yorkshire BD10 9TQ and English Trust Company Limited, 12a Charterhouse Square, London EC1M 6NA for a period of 14 days from Wednesday 28th June 2000. FULL STATEMENT ATTACHED Enquiries: Phillip Brown StartIT.com plc 01274 623 478 John Simpson English Trust Company Limited 020 7608 0888 Richard Armstrong Fiske & Co Ltd 020 7448 4700 Chairman's Statement The Starting Point I have pleasure in presenting my report for the financial period to 31st December 1999, your Company's first reporting period. We were pleased with the success of our flotation in August of 1999 not least because, at that time, there were very few companies in the UK seeking to provide seed capital for start-up businesses in the IT and internet sectors. Looking back even over this short space of time, this now seems difficult to believe! Funds Available to Invest We were encouraged that, in December 1999, we were able to secure shareholders' approval for a private placing of 6,000,000 Ordinary Shares at 14.5p which raised #870,000 (before expenses) for the Company. In January 2000 shareholders approved a further placing of 5,000,000 Ordinary Shares at 17.5p raising #875,000 (before expenses) for the Company. Following flotation and the two private placements, funds available for investment amounted to approximately #3.3m. Marketing When we launched the Company, we regarded marketing as a key component of our strategy so as to attract a sufficient number of investment proposals. In retrospect, our main task in terms of "deal flow" has been to separate the wheat from the chaff within the half dozen proposals we receive in a typical day. Investments to Date In the period to 31st December 1999, we made an investment of #100,000 in GLS Software Limited, a company which specialises in the development and marketing of booking and invoicing systems in the healthcare and hotel markets. Your Company owns 45% of the equity of GLS. Current Trading Since 31st December 1999 we have made three further investments. In January, we invested #70,000 in RTBS (now Convex Software Limited), a company which specialises in developing and marketing resource management systems in the local authority and leisure sectors. Your Company owns 30% of the equity in Convex. In February, we were instrumental in the formation and successful flotation (raising approx #12m) of enterpriseAsia.com plc whose focus is on start-up businesses in Asia and the Far East. We invested #500,000 in enterpriseAsia.com and your Company owns 4.2% of the equity. In May we invested #150,000 in Metalsonline Limited, a company which offers directory and e-commerce services to the ferrous and non-ferrous metals market in the UK. Your Company owns 35% of the equity in Metalsonline. Results For the period to 31st December 1999 the Company incurred an operating loss of #31,622 (0.105p loss per share). Future Investments Not unnaturally, shareholders are always keen to hear news of further investments. Your Company is bound by the provisions of confidentiality agreements with potential investee companies until such time as deals are completed. Shareholders will also be aware that your Company must adhere to Stock Exchange regulations so that we give no indication of investments prior to an announcement in an approved manner. Turning to the business proposals which we receive, we do not have a formulaic approach to appraisal nor do we believe that the best-presented business plans are necessarily the best proposals; consequently, we focus on trying to understand the key idea in any proposal which we are asked to consider. This takes time and sometimes leads us down blind alleys. Nevertheless, I believe it is worth the effort if we are to secure the best returns for our shareholders. What it does mean, however, is that our investment programme will not consist of investments spaced at precise and regular intervals. There will be months when we make no investments and, equally, months where we make more than one. There has been considerable adverse publicity recently about the market conditions for the sector in which we operate. We believe, however, that high interest rates coupled with a more realistic view of valuation of IT and Internet projects offer a good opportunity to be highly selective when considering candidates for investment. Shareholder Information At the request of a number of our shareholders we have launched a shareholder information section on our web site (www.startit.com) which will be updated whenever there is any news. I would ask shareholders, however, to bear in mind the comments made earlier in my report about the need to respect confidentiality and regulatory provisions. Share Price No report from a "dot.com" company would be complete at this time without some mention of the volatility of share prices. Naturally, I am disappointed when our share price falls and I have every sympathy for any shareholders who bought on the rise and who see the short term value of their holding decline. From the very start, however, your Company has stressed the values of sound business principles and has aimed to communicate those values to investee companies (as our section on our web site entitled "oh, no, not another dot com" clearly shows). We have never made any apology for believing in the virtues of sustainable growth and profitability because it is adherence to these principles which will deliver long term value to our shareholders. Despite the recent volatility in the markets we firmly believe that the sector in which we operate continues to offer enormous potential. I am very encouraged by the proposals which we receive and, whilst there will be those who do not prove to be suitable candidates for investment by us, I have no doubt about the pipeline of opportunity available. I look forward to exploiting those opportunities for the benefit of your Company. Valuation of Unlisted Investments Valuation of the Company's unlisted investments has been carried out by the Directors in accordance with the guidelines as set out by the British Venture Capital Association. Operations We have a very firm belief that as little as possible should be spent on administrative overheads so as to maximise the proportion of shareholders' funds which is available for investment. We operate our business with two full time staff only (our Chief Executive and his PA) with considerable part time support from our IT Director. I am grateful to them for their hard work and the contribution they have made to the development of the company so far. Dividend The Directors do not recommend the payment of a dividend for the period under review. Peter So Chairman Profit and Loss Account For the period ended 31st December 1999 Period Ended 31 December 1999 # Administrative expenses (65,541) ---------- Operating loss (65,541) Other interest receivable and similar income 33,919 ---------- Loss on ordinary activities before taxation (31,622) Tax on loss on ordinary activities - ---------- Loss on ordinary activities after taxation (31,622) ---------- 1999 pence Basic loss per share 0.106 ========== Diluted loss per share 0.105 ========== The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account. Balance Sheet As at 31st December 1999 As at 31 December 1999 # # Fixed assets Tangible assets 1,842 Investments 20,000 ---------- 21,842 Current assets Debtors 89,135 Cash at bank and in hand 2,396,062 ---------- 2,485,197 Creditors: amounts falling due within one year (15,470) ---------- Net current assets 2,469,727 ---------- Total assets less current liabilities 2,491,569 ========== Capital and reserves Called up share capital 420,000 Share premium account 2,103,191 Profit and loss account (31,622) ---------- Shareholders' funds - equity interests 2,491,569 ========== The financial statements were approved by the Board on 14th June 2000 Cash Flow Statement For the period ended 31st December 1999 Period Ended 31 December 1999 # Net cash outflow from operating activities (130,355) Returns on investments and servicing of finance Interest received 25,918 ---------- Net cash inflow/(outflow) for returns on investments and servicing of finance 25,918 Capital expenditure and financial investment Payments to acquire tangible assets (2,692) Payments to acquire investments (20,000) ---------- Net cash outflow for capital expenditure (22,692) ---------- Net cash outflow before management of liquid resources and financing (127,129) Financing Issue of ordinary share capital 2,670,000 Cost of share issue (146,809) ---------- Issue of shares 2,523,191 ---------- Decrease in debt - ---------- Net cash inflow/(outflow) from financing 2,523,191 ---------- Increase/(decrease) in cash in the period 2,396,062 ========== Notes to the Financial Statements for the year ended 31st December 1999 1. The Directors are not recommending the payment of a dividend. 2. Earnings per share 1999 # Loss before taxation 31,622 ========== 1999 Weighted average number of shares in issue 29,641,304 Dilution effect of share options 316,177 ---------- Diluted effect of share options 29,957,481 ========== Basic loss per share (pence) 0.106 ========== Diluted loss per share (pence) 0.105 ========== 3. Reconciliation of operating loss to net cash outflow from operating activities 1999 # Operating (loss)/profit (65,541) Depreciation of tangible assets 850 Increase in debtors (81,134) Increase in creditors within one year 15,470 ---------- Net cash outflow from operating activities (130,355) ========== 4. Post balance sheet events In January 2000, the Company purchased 3000 'B' shares of Convex Software Limited, an unlisted company, for #70,000. This represented a 30% equity holding. On 1st February 2000, the Company issued 5,000,000 ordinary shares of #0.01 each, which were allotted and fully paid for at 17.5p each, for cash consideration of #875,000. In February 2000, the Company invested #500,000 in the ordinary share capital of enterpriseAsia.com plc, a company listed on the Alternative Investment Market. This represents a 4.2% holding in the ordinary share capital of enterpriseAsia.com plc. In May 2000, an investment of #150,000 was made by the Company to purchase 35% of the ordinary share capital of Metalsonline Limited, an unlisted company. 5. Results for the year ended 31st December 1999 are abridged from the 1999 Annual Report and Accounts, which received an unqualified auditor's report which will be filed with the Registrar of Companies following the Annual General Meeting. 6. The Annual Report will be posted to shareholders on 28th June 2000. Copies are available from the Company's head office: Parklands Business Centre, Greengates, Bradford, West Yorkshire BD10 9TQ. 7. The Annual General Meeting will be held at Taylor Joynson Garrett, Carmelite, 50 Victoria Embankment, Blackfriars, London EC4Y 0DY on 31st July 2000 at 11.00 a.m. Notices will be posted to shareholders on 30th June 2000. END FR PUUUWQUPUGCR
1 Year Straight Plc Chart |
1 Month Straight Plc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions