RNS Number:8324I
Caplay PLC
30 November 2007
For immediate release
30 November 2007
Caplay Plc
("Caplay" or the "Company")
Audited Results for the Year Ended 31 May 2007
The Board of Caplay announces its results for the year ended 31 May 2007. The
Report and Accounts are being posted to shareholders today.
Chairman's report
The Board of Caplay is pleased to announce its audited results for the year
ended 31 May 2007. As highlighted in the interim statement, having rationalised
the business, the Board is now focussing on identifying opportunities to
increase shareholder value. Although the Board reviewed a number of potential
transactions in the second half of the year, we were unable to conclude any
transaction. However, with financial markets showing increased volatility over
recent months the Board believes the number and quality of opportunities that it
receives will improve.
As previously indicated, in order to minimise ongoing costs, the Directors have
waived any rights to remuneration and general overheads of the Company in the
year were #168,737 (2006: #638,325). The current years expenses include #101,000
of legal and accounting fees in respect of an abortive acquisition.
There were important developments during the second half of the year with the
Company's major investment in Private Trading Systems Plc (formerly Private
Treaty Markets Inc) ("PTS"). As announced on 14 June 2007, the listing of PTS's
shares was moved from the NASDAQ 'pink sheets' to the PLUS market in the UK.
Following this move, the Company is hopeful that it will prove easier to realise
its investment at the appropriate time. The current share price of PTS is 2.5p
per share, which values the Company's investment in PTS at #180,000. As at 31
October 2007, the Company's cash balances amounted to #820,000.
The board has continued to search for investment opportunities which will
realise value for shareholders. Although we were unable to identify any suitable
transactions during the year, we believe the more uncertain conditions affecting
financial markets will be helpful in identifying interesting opportunities and
we therefore remain hopeful of carrying out a transaction in the current year.
The Company is now regarded as an investing company under the AIM Rules and our
strategy is set out below. As an investing company we will annually seek
shareholder approval regarding the Company's investment status.
Company strategy
The Company has a generalist investment strategy to focus on opportunities in
the European Union. The Company's equity interest in any proposed investment may
either be a controlling or minority interest. The proposed investments may
either be quoted or unquoted companies, partnerships or joint ventures or
business assets. The Company has no sector focus and will consider investments
across all sectors and stages of business development.
The Directors are experienced in evaluating acquisition and investment
prospects, quoted and unquoted in the European Union and believe that their
broad collective experience in acquisitions, accounting, corporate and financial
management together with their wide industry contacts and where necessary,
consultant experts mean that the Company will be able to achieve its objectives.
The Directors will conduct initial due diligence appraisals of potential
projects, and where they believe further investigation is warranted, they will
appoint suitably qualified, and where appropriate, independent advisers and
consultants.
The Company intends to be an involved and active investor. Accordingly, the
Company is likely to seek participation in the management of the board of
directors of a company in which the Company invests with a view to improving the
performance and use of its assets or properly protecting the intellectual
property therein, in such ways as should result in an increase in the value of
such a company. The Company hopes that the resulting benefit would provide a
satisfactory return to the Shareholders.
The Directors will seek the consent of shareholders for its investment strategy
on an annual basis (at the Annual General Meeting) in order to comply with the
guidance to Rule 8 of the AIM Rules. In the event that no substantial investment
is made within 18 months, it is the intention of the Directors to convene a
general meeting of the Shareholders to consider whether to continue ongoing
research into investment opportunities or to wind up the Company and distribute
any surplus cash back to the Shareholders.
Anthony Fabrizi
Group profit and loss account
For the year ended 31 May 2007
2007 2006
# #
Turnover - 45,927
Administrative expenses
Write down in value of investments (745,871) -
Other expenses (168,735) (638,325)
----------- -----------
Operating loss (914,606) (592,398)
Investment income - (669,826)
Other interest receivable and similar
income 41,094 30,173
Interest payable and similar charges (39) (3,000)
----------- -----------
Loss on ordinary activities before
taxation (873,551) (1,235,051)
Tax on loss on ordinary activities - -
----------- -----------
Loss for the year (873,551) (1,235,051)
========= ===========
Loss per share - basic and diluted (0.31)p (0.53)p
========= ===========
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Statement of total recognised gains and losses
For the year ended 31 May 2007
2007 2006
# #
Loss for the financial year (873,551) (1,235,051)
Unrealised (deficit)/surplus on trade
investment (1,667,631) 1,687,631
------------- -------------
Total gains and losses recognised since last
financial statements (2,541,182) 452,580
=========== ==========
Group balance sheet
As at 31 May 2007
2007 2006
# #
Fixed assets
Tangible assets 594 1,737
Investments 277,145 2,710,647
------------- -------------
277,739 2,712,384
------------- -------------
Current assets
Debtors 16,132 96,103
Cash at bank and in hand 846,658 876,559
------------- -------------
862,790 972,662
Creditors: amounts falling due within one year (78,179) (61,514)
------------- -------------
Net current assets 784,611 911,148
------------- -------------
Total assets less current liabilities 1,062,350 3,623,532
========== ==========
Capital and reserves
Called up share capital 6,800,000 6,800,000
Share premium account 6,112,612 6,112,612
Revaluation reserve - 1,687,631
Profit and loss accounts (11,850,262) (10,976,711)
------------- -------------
1,062,350 3,623,532
=========== ==========
Group cash flow statement
for the year ended 31 May 2007
2007 2006
# #
Net cash outflow from operating activities (70,956) (1,305,546)
------------- -------------
Returns on investments and servicing of
finance
Interest received 41,094 30,173
Interest paid (39) (3,000)
------------- -------------
Net cash inflow for returns on investments and
servicing of finance 41,055 27,173
------------- -------------
Capital expenditure and financial investment
Payments to acquire investments - (24,227)
Receipts from sale of investments - 361,689
------------- -------------
Net cash inflow for capital expenditure - 337,462
------------- -------------
Net cash outflow before management of liquid
resources and financing (29,901) (940,911)
------------- -------------
Management of liquid resources
Bank deposits - 584,980
------------- -------------
Financing
Issue of ordinary share capital - 1,000,000
Cost of share issue - (85,351)
------------- -------------
Net cash inflow from financing - 914,649
------------- -------------
(Decrease)/increase in cash in the year (29,901) 558,718
========= =========
Reconciliation of operating loss to net cash outflow from operating activities
2007 2006
# #
Operating loss (914,606) (592,398)
Depreciation of tangible assets 1,143 1,143
Amortisation of intangible assets - 44,115
Loss on disposal of tangible assets - 2,412
Decrease in debtors 79,971 24,438
Increase/(decrease) in creditors
within one year 16,665 (135,256)
Write down of investment 745,871 -
Decrease in provision - (650,000)
------------- -------------
Net cash outflow from operating
activities (70,956) (1,305,546)
========== ===========
Analysis of net funds
1 June 2006 Cash flow 31 May 2007
# # #
Net cash:
Cash at bank and in hand 876,559 (29,901) 846,658
======== ========= ========
Reconciliation of net cash flow to movement in net funds
2007 2006
# #
(Decrease)/increase in cash in the year (29,901) 558,718
Cash outflow from decrease in liquid
resources - (584,980)
----------- -----------
Movement in net funds in year (29,901) (26,262)
Opening net funds 876,559 902,821
----------- -----------
Closing net funds 846,658 876,559
========== ========
Notes to the preliminary announcement
1 The financial information set out above does not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985 ('the Act'). Full
accounts for the Group for the year, which received an unqualified auditors'
report within the meaning of Section 235 of the Act and which will not contain a
statement under Section 237 (2) or (3) of the Act, are being posted to
shareholders today.
2 The directors of the Company do not propose the payment of a dividend.
3 Earnings per ordinary share
The earnings and number of shares used in the calculation of earnings per
ordinary share are set out below:
2007 2006
Basic:
Loss for the financial year 873,551 1,235,051
Weighted average of ordinary shares 280,000,000 234,246,575
Loss per share 0.31p 0.53p
======== =======
There was no dilutive effect from the warrants or options outstanding during the
year.
4 Copies of this announcement and the Annual Report and Accounts are available
from the Company Secretary at 25 Manchester Square, London W1U 3PY and from
Caplay's website, www.caplay-plc.co.uk.
5 For further information please contact:
Enquires:
Caplay PLC +44 20 375 9060
Tony Fabrizi, Chairman
Nominated Advisor + 44 20 7628 3396
Roland Cornish, Beaumont Cornish Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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