Interim Results - Amended
March 16 2007 - 4:53AM
UK Regulatory
RNS Number:0923T
Advance Visual Communications PLC
16 March 2007
ADVANCE VISUAL COMMUNICATIONS PLC
INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2006
Amended statement: The following announcement of interim results replaces the
earlier announcement correcting the reference in the first line of the
Chairman's statement to the loss being #13,679 for the period, as disclosed in
the profit and loss account, previously stated as #31,304 for the period.
Chairman's Statement
In the six months to 31 December 2006, the Company incurred a loss of #13,679
(equivalent to 0.01 pence per share) compared to a loss of #36,471 for the prior
year comparable period.
The cash balances at the end of the period were #96,696 (30 June 2006 -
#25,431). On 28 September 2006, the Company raised #100,000 by the issue of
#100,000 of Convertible Unsecured Loan Notes 2010 together with Warrants in
order to raise working capital for the Company. In accordance with the AIM
rules, as the Company had not made an acquisition in the twelve months following
the adoption of its investment strategy, trading in the Company's shares was
suspended on 29 December 2006.
The Directors continue to seek out appropriate acquisition opportunities in line
with the Investing Strategy adopted by the Company in General Meeting: to
acquire a single company or business which will benefit from being listed on
AIM, which has experienced management and which has the potential to develop
into a substantial company within the business services sector within Europe. In
the meantime costs are being kept to a minimum to conserve cash.
Stephen Barclay Non-Executive Chairman
16 March 2007
ADVANCE VISUAL COMMUNICATIONS PLC
UNAUDITED PROFIT AND LOSS ACCOUNT
For the six month period ended 31 December 2006
Note Six months Six months
ended ended Year ended
31 December 31 December 30 June
2006 2005 2006
# # #
TURNOVER - - -
Administration expenses (14,434) (37,530) (70,850)
OPERATING LOSS (14,434) (37,530) (70,850)
Profit on disposal and liquidation of - - 8
subsidiaries
Interest receivable (bank interest) 755 1,059 1,342
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (13,679) (36,471) (69,500)
Tax on loss on ordinary activities - - -
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR
THE FINANCIAL YEAR (13,679) (36,471) (69,500)
LOSS PER ORDINARY SHARE 2 (0.01)p (0.02)p (0.03)p
ADVANCE VISUAL COMMUNICATIONS PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 31 December 2006
31 December 31 December 30 June
2006 2005 2006
# # #
Fixed Assets
Tangible assets - - -
Current assets
Cash at bank 96,696 63,769 25,431
Debtors and prepayments 1,840 1,662 4,193
98,536 65,431 29,624
Creditors: amounts falling due within one (9,410) (29,597) (26,819)
year
Net current assets 89,126 35,834 2,805
Convertible Loan notes 3 (100,000) - -
Net assets (10,874) 35,834 2,805
Capital and reserves
Called up share capital 4 1,684,672 1,684,672 1,684,672
Share premium account 6,640,976 6,640,976 6,640,976
Profit and loss account 5 (8,336,522) (8,289,814) (8,322,843)
Shareholders' funds (10,874) 35,834 2,805
Reconciliation of movements in shareholders' funds
for the period ended 31 December 2006
Profit & Total
Share Share Loss Shareholders'
Capital Premium Account Funds
# # # #
Balance at 30 June 2006 1,684,672 6,640,976 (8,322,843) 2,805
Profit/(loss) for the period - - (13,679) (13,679)
Balance at 31 December 2006 1,684,672 6,640,976 (8,336,522) (10,874)
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 The financial information for the period ended 31 December 2006 is unaudited and has been prepared on
the basis of the Company's adopted accounting policies. This financial information does not
constitute statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial information for the year ended 30 June 2006 has been extracted from the company's
statutory accounts, which have been delivered to the Registrar of Companies. The audit report on the
accounts for the year ended 30 June 2006 was unqualified.
2 Loss per share
The loss per share has been calculated by dividing the loss after taxation of #31,304 by the weighted
average number of Ordinary Shares in issue of 230,492,847.
3 Convertible Loan Notes
The Convertible Loan Notes were issued on 28 September 2006. These Loan Notes convert into new
ordinary shares in the Company at par at any time from the first anniversary to the fifth anniversary
of issue. The Company may require conversion of the Loan Notes at any time in certain circumstances,
including the acquisition of a company or business by the issue of new ordinary shares in the Company
in excess of 30% of the then enlarged share capital of the Company.
4 Share capital
At 31 December 2006 the Company had 230,492,847 Ordinary Shares of 0.1p each in issue.
5 Related party transactions
The Company has contracted with Chatsford Corporate Finance Limited, a company of which John Shaw is
a director, and in which John Shaw and Stephen Barclay are shareholders, for the provision of
administrative support for a fee accruing at #12,000 per annum of which #6,135 had become payable and
accrued for in the period to 31 December 2006.
Press Enquiries:
Advance Visual Communications plc
Stephen Barclay 020 7743 6372
Shore Capital & Corporate Ltd
Alex Borrelli 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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