TIDMNBNK
RNS Number : 5463M
NBNK Investments PLC
07 May 2015
NBNK Investments plc
("NBNK" or "the Company")
Audited results for the period ending 31 December 2014
NBNK Investments plc (AIM: NBNK) announces its audited results
for the period ending 31 December 2014.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 14 May
2015.
Chairman's review
Our policy is to maintain the Company at minimal cost while we
seek appropriate opportunities to make an acquisition in the
European financial services sector. We have not identified any
opportunities at this time that we felt would represent good value
for shareholders, but the search continues. Shareholders will be
kept advised as and when there are developments to report.
During the year, Wilbur Ross stood down as a director and
chairman in order to comply with regulatory requirements arising
from his appointment to another company's board. I took over from
Wilbur, being well placed to do so having worked closely with him
since the W L Ross & Co LLC first made the offer to inject new
capital into the Company.
The well-known investor Crystal Amber quickly built a
significant stake in the Company during the year and now holds some
28% of the ordinary shares. I, and Wilbur Ross before me, have been
in regular contact with the leading shareholders, including Crystal
Amber.
The board is mindful of the statement made at the capital
raising in 2013. That is, if no acquisition is made by 11 January
2016, the directors will consider whether it is appropriate to
return unused share capital to shareholders and/or wind-up the
Company. Meanwhile, the board will again seek approval at the
forthcoming AGM to continue to pursue the Company's investing
policy.
Stephen L. Johnson
Chairman
Business review
The Company was incorporated on 2 July 2010 as De Facto 9999
Plc. On 2 August 2010, it changed its name to NBNK Investments plc.
The directors of the Company are:
Stephen L. Johnson
Lord Brennan of Bibury QC;
The Company was established to try and launch a new UK retail
and SME banking and savings operation.
The board has maintained the Company at the lowest possible cost
base during the year while potential acquisition targets are
sought. The directors retain only those advisory services necessary
to maintain the Company's legal and regulatory status during this
time that appropriate acquisition targets are sought. Shareholders
will be kept informed of any progress on potential acquisitions
through the usual channels. If no successful acquisition has been
achieved by 11 January 2016, the directors will review the position
at that time and consider if it is appropriate to return unused
funds to shareholders and/or to wind up the Company.
Financial results
Income statement
for the year ended 31 December
2014 2013
GBP000 GBP000
--------------------------------------- --------- ---------
Interest income 50 77
Administrative expenses (251) 78
Operating (loss) / profit (201) 155
Decrease / (increase) in fair value
of derivative financial liabilities 19 (19)
(Loss) / profit before taxation (182) 136
Taxation - -
--------------------------------------- --------- ---------
(Loss) / profit for the year (182) 136
---------------------------------------- --------- ---------
Earnings per share (pence) basic (0.004) 0.003
---------------------------------------- --------- ---------
Earnings per share (pence) diluted - 0.003
---------------------------------------- --------- ---------
Statement of financial position
as at 31 December
2014 2013
GBP000 GBP000
-------------------------------------- ---------- ----------
Current assets
Accrued income and prepaid expenses 9 11
Cash and cash equivalents 20,013 20,207
--------------------------------------- ---------- ----------
Total current assets 20,022 20,218
--------------------------------------- ---------- ----------
Total assets 20,022 20,218
--------------------------------------- ---------- ----------
Current liabilities
Trade and other payables 47 42
Other taxation including social - -
security
Derivative financial liabilities - 19
Total current liabilities 47 61
--------------------------------------- ---------- ----------
Total net assets 19,975 20,157
--------------------------------------- ---------- ----------
Equity
Called up share capital 5,377 5,377
Share premium 43,129 43,129
Capital redemption 45 45
Accumulated losses (28,576) (28,394)
--------------------------------------- ---------- ----------
Total equity 19,975 20,157
--------------------------------------- ---------- ----------
Statement of cash flows
for the year ended 31 December
2014 2013
GBP000 GBP000
--------------------------------------- --------- ---------
Operating activities
Operating (loss) / profit before
taxation (182) 136
Share based payments - (274)
(Decrease) / increase in fair value
of derivative financial instruments (19) 19
Decrease in receivables 2 139
Increase / (decrease) in payables 5 (230)
Cash flow from operating activities (194) (210)
---------------------------------------- --------- ---------
Financing activities
Net proceeds of increase in share
capital - 906
---------------------------------------- --------- ---------
Cash flow from financing activities - 906
Net (decrease)/increase in cash
and cash equivalents (194) 696
---------------------------------------- --------- ---------
Cash and cash equivalents at 1
January 20,207 19,511
---------------------------------------- --------- ---------
Cash and cash equivalents at 31
December 20,013 20,207
---------------------------------------- --------- ---------
Statement of changes in equity
for the year ended 31 December 2014
Share Share Capital Accumulated
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- ---------- ---------- ------------- ------------- ----------
Total equity as at
1 January 2014 5,377 43,129 45 (28,394) 20,157
Net loss and total
comprehensive loss
for the year - - - (182) (182)
Total equity as at
31 December 2014 5,377 43,129 45 (28,576) 19,975
---------------------- ---------- ---------- ------------- ------------- ----------
Annual General Meeting
The Annual General Meeting of the Company will be held on
Tuesday 9 June 2015 at 2.00 p.m. at Fifth Floor, 100 Wood Street,
London, EC2V 7EX.
Status of the information contained in this announcement
The financial information set out above does not constitute the
Company's statutory accounts for 2014. Statutory accounts for the
period ended 31 December 2013 have been reported on by the
Independent Auditors. The Independent Auditors' Report on the
Annual Report and Financial Statements for 2013 was unqualified,
did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act
2006.
The statutory accounts for the period ended 31 December 2014
will be circulated to shareholders on or around 14 May 2015 and
will be published on the Company's website. They will be delivered
to the Registrar in due course.
The financial information in this announcement has been prepared
using the recognition and measurement principles of International
Accounting Standards, International Financial Reporting Standards
and Interpretations adopted for use in the European Union
(collectively Adopted IFRSs). The accounting policies adopted in
this announcement have been consistently applied and are consistent
with the policies used in the preparation of the statutory accounts
for the period ended 31 December 2013
- Ends -
For further information contact:
Cenkos Securities plc
(Nominated adviser and broker)
Ian Soanes
Ivonne Cantu +44 207 397 8900
Law Debenture Corporate Services Limited
(Company Secretary)
Ian Bowden +44 207 696 5285
This information is provided by RNS
The company news service from the London Stock Exchange
END
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