Interim Results
January 24 2008 - 1:02AM
UK Regulatory
RNS Number:4307M
Chariot (UK) PLC
24 January 2008
Chariot (UK) plc
("Chariot" or the "Company")
Unaudited results for the six months ended 31 October 2007
Highlights
* Investment strategy to acquire company or companies whose business is in
the broader leisure or consumer sectors
* Positive net assets of �0.58 million (as at 31 October 2007) to apply to
the implementation of an acquisition in line with the Company's investment
strategy
* The Board has continued to review potential investment and acquisition
opportunities however no firm commitment has been entered into with any
acquisitions or investments
* The Board continues to discuss potential investment and acquisition
opportunities with a number of parties with a view to generating shareholder
value
* Appointment of Peter Townsend and Martin Eberhardt to the board as
non-executive directors with effect from 16 January 2008
* Under rule 15 of the AIM Rules, and on the basis of the status of current
discussions between the Company and various parties, the Board anticipates
that the Company's shares will be suspended from trading on AIM on 31
January 2008
* The Board remain confident of delivering a transaction for shareholders by
31 July 2008
Chairman's statement
I am pleased to present to you Chariot's interim financial information for the
six month ended 31 October 2007.
Chariot is treated under the AIM Rules for Companies ("AIM Rules") as an
investing company and for the six month period to 31 October 2007 did not trade.
This was as a result of the sale in January 2007 of the 'monday' lottery game
and other principal operating assets, including the entire player database, to
Netplay TV plc. The effect of the sale of the game was to divest Chariot of all
of its trading business and activities.
For the six month period to 31 October 2007 the Company generated turnover of
�nil million (six months to 31 October 2006: �0.91 million) and an operating
loss of �0.06 million (six months to 31 October 2006: operating loss of �8.0
million). As at 31 October 2007, the Company had cash balances of �0.69 million
(31 October 2006: �1.83 million) and net assets of �0.58 million (31 October
2006: �1.40 million).
As announced previously by the Company, the investment strategy of the Company
is to acquire a company or companies whose business is in the broader leisure or
consumer sectors. Such an acquisition or investment would constitute a reverse
takeover under the AIM Rules. The attributes which Chariot are looking for in a
prospective investment or acquisition include an experienced management team
with a strong record, an ability to generate revenue streams and strong growth
prospects with the ability to generate shareholder value. The Company will apply
its existing cash balances to the implementation of an acquisition in line with
rule 15 of the AIM Rules.
Chariot has continued to review potential investment and acquisition
opportunities in line with its investment strategy. However as yet Chariot has
not entered into any firm commitment in connection with any acquisitions or
investments. Chariot continues to discuss potential investment and acquisition
opportunities with a number of parties with a view to creating shareholder value
for Chariot.
As outlined in the Company's 2006 interim results announcement of 31 January
2007 should the Company not complete an acquisition or investment by 31 January
2008, dealings in the ordinary shares of the Company will be suspended from
trading on AIM. On the basis of the status of the current discussions between
the Company and the various parties the Board anticipate that the Company's
shares will be suspended from trading on AIM on 31 January 2008. Under rule 41
of the AIM Rules, Chariot will have until 31 July 2008 to complete a transaction
otherwise the ordinary shares of Chariot will be cancelled from trading on AIM.
The Board is confident an acquisition or investment in Chariot can be
consummated by 31 July 2008.
On 16 January 2008, the Company were pleased to announce the appointments of
Peter Townsend and Martin Eberhardt as non-executive directors of the Company.
Peter is a major shareholder and director of FBI Media Investments, a major
shareholder of Chariot. Martin is currently Chief Executive and acting Finance
Director of Hollywood Media Services plc, an AIM-listed company, and a
non-executive director of a number of unlisted companies. I look forward to
working closely with the new Board members as the Board looks to deliver a
transaction to shareholders that will generate value.
The Board looks forward to updating shareholders in due course as appropriate.
Peter Jones
Non-Executive Chairman
24 January 2008
For further information please contact:
Peter Jones, Chariot (UK) plc Tel: 0207 763 2200
Nick Naylor/Nick Athanas, Noble & Company Limited Tel: 0207 763 2200
Chariot (UK) plc
Profit & Loss account for the 6 months ended 31 October 2007
6 months ended Year ended 30 6 months ended
Note 31 October 2007 April 2007 31 October 2006
(Unaudited) (Audited) (Unaudited)
�'000 �'000 �'000
Turnover - 1,132 908
Cost of sales - - (182)
Gross Profit - 1,132 726
Administrative Expenses (62) (9,763) (8,714)
Exceptional item - loss on disposal of fixed assets - (844) -
Operating Loss (62) (9,475) (7,988)
Interest receivable and similar income 9 77 49
Interest payable and similar charges - - -
Loss on ordinary activities before and after 2 (53) (9,398) (7,939)
taxation
Loss per share
- Basic and diluted (pence) 3 (0.07)p (15.30)p (15.23)p
All amounts relate to discontinued activities.
There are no recognised gains and losses for the periods other than those shown
in the profit and loss account above.
Chariot (UK) plc
Balance sheet at 31 October 2007
31 October 2007 30 April 2007 31 October 2006
Note (Unaudited) (Audited) (Unaudited)
�'000 �'000 �'000
Fixed assets
Intangible assets - - 100
Tangible assets - - 10
- - 110
Current assets
Debtors 5 110 265
Cash at bank and in hand 691 832 1,830
696 942 2,095
Creditors: amounts falling due within one year
Creditors (117) (310) (807)
Net current assets 579 632 1,288
Total Assets 579 632 1,398
Capital and reserves
Share capital 3 710 710 710
Share premium reserve 3 10,615 10,615 10,615
Special reserve 3 2,186 2,186 2,186
Profit and loss reserve 3 (12,932) (12,879) (12,113)
Shareholders' funds 579 632 1,398
Chariot (UK) plc
Cash flow statement for the 6 months ended 31 October 2007
6 months ended Year ended 6 months ended
Note 31 October 2007 30 April 2007 31 October 2006
(Unaudited) (Audited) (Unaudited)
�'000 �'000 �'000
Net cash outflow from operating activities 4 (113) (4,626) (3,399)
Returns on investment and servicing of finance 5 9 77 49
Capital expenditure and financial investment 5 - (26) (190)
Cash outflow before use of liquid resources and (104) (4,575) (3,540)
financing
Management of liquid resources 5 - 1,391 1,226
Financing 5 - 2,582 2,582
Increase in cash (104) 602 268
Chariot (UK) plc
Notes forming part of the financial information for the 6 months ended 31
October 2007
1 Interim Financial Information
The unaudited interim financial information for the 6 months period ended
31 October 2007 does not constitute statutory accounts within the meaning of
section 240 of the Companies Act 1985. The interim financial information has
been prepared on the basis of the accounting policies set out in the audited
financial statements for the year ended 30 April 2007, with the addition of:
Turnover
Turnover represents the commission receivable in relation to the Company's
role as on-line retailer of society lottery tickets.
Basis of preparation
The comparatives in this report for the year ended 30 April 2007 and the 6
month period ended 31 October 2006 are not the full statutory accounts for those
periods. Copies of the statutory accounts for the year ended 30 April 2007 have
been delivered to the Registrar of Companies. The Auditors' report on those
accounts was unqualified, but did contain an emphasis of matter concerning the
uncertainty as to the ability of the Company to continue as a going concern.
The auditors' report did not contain a statement under Section 237(2) - (3) of
the Companies Act 1985.
2 Loss per share
Note 6 months ended Year ended 6 months ended
31 October 2007 30 April 2007 31 October 2006
(Unaudited) (Audited) (Unaudited)
�'000 �'000 �'000
Numerator
Loss used for calculation of basic and diluted loss
per share (53) (9,398) (7,939)
Denominator
Weighted average number of shares used in basic
and diluted loss per share calculation 70,964,250 61,471,099 52,132,728
None of the potential ordinary shares are considered to be dilutive
There were no dividends paid or declared during the period.
3 Share capital and reserves
Share capital Share premium Special Profit and
reserve reserve loss reserve
�'000 �'000 �'000 �'000
As at 1 May 2005 - 85 - (694)
Shares issued in October 2005 - 4,421 - -
Loss for the period - - - (955)
At 31 October 2005 (audited) - 4,506 - (1,649)
Bonus issue of shares in November 2005 76 (76) - -
Reduction of share capital - (4,430) 2,186 2,244
Shares issued in February 2006 84 9,519 - -
Costs of share issue - (936) - -
Share based payment expense - - - 833
Loss for the period - - - (6,903)
At 30 April 2006 (audited) 160 8,583 2,186 (5,475)
Shares issued in July 2006 550 2,200 - -
Costs of share issue - (168) - -
Share based payment expense - - - 1,301
Loss for period - - - (7,939)
At 31 0ctober 2006 (Unaudited) 710 10,615 2,186 (12,113)
Loss for period - - - (766)
At 30 April 2007 (Audited) 710 10,615 2,186 (12,879)
Loss for period - - - (53)
At 31 October 2007 (Unaudited) 710 10,615 2,186 (12,932)
On 3 July 2006 the company raised additional shareholders' equity of 53 million
shares at 5p per share by means of a private placing. Funds of �2,650,000 before
costs were received.
In addition, there was further subscription for 2 million shares in
consideration of the release of the Company's obligations to pay certain fees
for advice received from the Company's nominated adviser in connection with the
private placing.
4 Reconciliation of operating loss to net cash outflow in the cash flow
statement
6 months Year ended 30 6 months
ended 31 April 2007 ended 31
October 2007 (Audited) October 2006
(Unaudited) (Unaudited)
�'000 �'000 �'000
Operating loss (62) (8,631) (7,988)
Adjustments for:
Depreciation and impairment of tangible fixed assets - 243 1,074
Loss on disposal of fixed assets - - 7
Amortisation and impairment of intangible fixed assets - 63 123
Share based payment expense - 1,994 1,301
Decrease/ (increase) in debtors 105 3,292 3,137
(Decrease)/ increase in creditors (156) (1,587) (1,053)
Net cash outflow from operating activities (113) (4,626) (3,399)
5 Analysis of cash flows for headings netted in the cash flow statement
6 months ended Year ended 30 6 months ended
31 October 2007 April 2007 31 October 2006
(Unaudited) (Audited) (Unaudited)
�'000 �'000 �'000
Returns on investment and servicing of finance
Interest received 9 77 49
Interest paid - - -
9 77 49
Capital expenditure
Payments to acquire intangible fixed assets - - -
Payments to acquire tangible fixed assets - (181) (190)
Receipts from sale of fixed assets - 155
- (26) (190)
Management of liquid resources
Cash placed on short-term deposit - 1,391 1,226
Financing
Issue of ordinary shares (net of issue costs) - 2,582 2,582
Proceeds from short- term loans - - -
Repayment of short- term loans - - -
- 2,582 2,582
6 Copies of the announcement will be available, free of charge, for
a period of one month from the Company's nominated adviser, Noble & Company
Limited, 120 Old Broad Street, London, EC2N 1AR. The interim report will also be
available on the Company's website (www.chariot.org.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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