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| Name | Symbol | Market | Type |
|---|---|---|---|
| Ubs Etc Livst G | LSE:LIVP | London | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.14 | -0.17% | 81.00 | 80.79 | 81.21 | 0 | 16:35:02 |
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2 April 2008 GB00B1G49D82
LIVEWAVE MEDIA PLC ("Livewave" or the "Company")
Preliminary Results for the six months to 31 December 2007
CHAIRMAN'S STATEMENT
The six months to 31 December 2007 has been a period of positive development for Livewave.
The Company made its first acquisition in November 2007 when it bought the entire share capital of
Wavefinder Ltd, a publisher of quality information consumer books covering the ski and surfing
industries. Wavefinder is recognised as one of the leading brands in its area of business and is
expanding its exploitation of its intellectual properties into the internet and other media.
Turnover for the 6 months to 31 December 2007 was £30,504 (£nil) and the loss for the half year was
£38,015 (6 months to 31 December 2006: £71,421 loss) equivalent to 0.56 pence per share (1.27 pence
loss per share).
The Board's strategy is to grow the business in the area of action sports and live music events and we
currently are in advanced stages of negotiations with a view to acquiring a business in this area. The
Board believes that there are considerable growth prospects in this area and by combining the two
elements will attract a loyal and core following aimed at the 16-30 age range.
I look forward to reporting further progress in due course
Chris Akers
Chairman
CONSOLIDATED BALANCE SHEET
HALF YEAR ENDED 31 DECEMBER 2007
As at 31/12/07 As at 31/12/06 As at 30/6/07
£ £ £
Non-current assets
Goodwill 365,986 - -
Current Assets
Stock 14,508 - -
Trade and other receivables 90,225 137,762 2,326
Cash and cash equivalents 44,466 119,385 103,093
149,199 257,147 105,419
Total assets 515,185 257,147 105,419
Equity and liabilities
Equity attributable to equity holders of the parent
Share capital 83,750 65,000 65,000
Share premium 561,000 234,750 234,750
Merger reserve 190,000 190,000 190,000
Retained earnings (406,122) (244,137) (395,744)
428,628 245,613 94,006
Current liabilities
Trade and other payables 86,557 11,534 11,413
Total liabilities 86,557 11,534 11,413
Total equity and liabilities 515,185 257,147 105,419
CONSOLIDATED PROFIT AND LOSS ACCOUNT
HALF YEAR TO 31 DECEMBER 2007
6 months ended 6 months ended 12 months ended
31/12/07 31/12/06 30/06/07
£ £ £
Revenue 30,504 - -
Cost of Sales 16,732 - -
Gross Profit 13,772 - -
Administration costs (33,480) (68,073) (88,213)
Staff costs (18,229) (4,500) (25,614)
Exceptional item (112,000)
Operating loss (37,937) (72,573) (225,827)
Income from Investments 1,398 1,152 2,799
Loss before tax (36,539) (71,421) (223,028)
Corporation Tax 1,476 - -
Loss for the year from continuing operations (38,015) (71,421) (223,028)
Earnings per share
Basic (0.56 pence) (1.27 pence) (3.68 pence)
Diluted (0.32 pence) (0.93 pence) (3.38 pence)
NOTES TO THE ACCOUNTS
1. Accounting policies
The preparation of financial statements in conformity with generally accepted accounting principles
requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Although these estimates are based on management's best knowledge of the amount, event or actions,
actual results ultimately may differ from those estimates.
The principal accounting policies adopted are set out below.
Operating loss
Operating loss is stated after charging administrative costs, but before interest receivable and other
gains and losses.
Trade receivables
Trade and other receivables are measured at initial recognition at fair value, and are subsequently
measured at amortised cost using the effective interest rate method. A provision is established when there
is objective evidence that the Company will not be able to collect all amounts due. The amount of any
provision is recognised in the income statement. The directors consider that the carrying amount of these
assets approximates to their fair value.
Cash and Cash equivalents
Cash and cash equivalents includes cash in hand, call deposits held with banks, and other short-term highly
liquid investments with original maturities of three months or less. The directors consider that the
carrying amount of these assets approximates to their fair value.
Trade and other payables
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised
cost, using the effective interest rate method. The directors consider that the carrying amount of these
liabilities approximates to their fair value.
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction from the proceeds, net of tax.
2. Status of financial information
The interim results for the six months ended 31 December 2007 have not been audited or reviewed by the
Company's auditors and do not constitute statutory accounts within the meaning of section 240 Companies Act
1985. The figures for the twelve months to 30 June 2007 have been extracted from the audited annual
accounts.
3. Earnings per share
Earnings 6 months 6 months 12 months
ended ended ended
31/12/07 31/12/06 30/06/07
£ £ £
Earnings for the purpose of basic earnings
per share (net loss for the year) (38,015) (71,421) (223,028)
Earnings for the purpose of diluted earnings per share (38,015) (71,421) (223,028)
Number of shares 6 months 10 months 12 months
ended ended ended
31/12/07 31/12/06 30/06/07
Weighted average number of ordinary shares for
the purposes of basic earnings per share 6,741,438 5,640,164 6,061,233
Weighted average number of ordinary shares for
the purposes of diluted earnings per share 11,934,589 5,640,164 6,061,233
4. Share capital
6 months 6 months 12 months
ended ended ended
31/12/07 31/12/06 30/06/07
£ £ £
Authorised:
Ordinary shares of £0.01 each 200,000 200,000 200,000
Issued and fully paid:
Ordinary shares of £0.01 each 83,750 65,000 65,000
Reported at beginning of period 65,000 52,000 52,000
Cancellation of shares (4,500) (4,500)
Issue of shares 18,750 17,500 17,500
Reported at period end 83,750 65,000 65,000
On 14 November 2007, the Company acquired Wavefinder Limited on a share for share exchange basis. The Company issued 1,875,000 new Ordinary
Shares to acquire 100% of the share capital of Wavefinder Limited.
On the same date, warrants to subscribe for 1,500,000 Ordinary Shares were granted to shareholders in Wavefinder Limited. The exercise
price of the warrants is 20p per Ordinary Share. The warrants may be exercised at any time or times between 14 November 2007 and 17 October
2009
At 31 December 2007, warrants over 6,500,000 ordinary shares were outstanding.
Date of At 1 July Granted Exercised/vested Forfeits At 31 Dec Exercise/ Exercise Period
grant 2007 2007 Share price From To
Warrants
17.10.06 5,000,000 - - - 5,000,000 17.0p 17.10.07 17.10.09
14.11.07 1,500,000 1,500,000 20.0p 14.11.07 17.10.09
5. Share premium
6 months 6 months 12 months
ended ended ended
31/12/07 31/12/06 30/06/07
£ £ £
Reported at beginning of period 234,750 - -
Issue of shares 356,250 267,500 267,500
Expenses of issue (30,000) (32,750) (32,750)
Reported at period end 561,000 234,750 234,750
The Directors of the issuer accept responsibility for this announcement.
Contact
Chris Akers, Chairman. 07767775888
Gary Smith, Director 07834965323
Livewave Media plc
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