TIDMCOO
RNS Number : 5278O
Coolabi PLC
20 September 2011
20 September 2011
Coolabi plc
('Coolabi' or 'the Company')
Interim results for the six months ended 30 June 2011
Coolabi plc (AIM: COO), the media company focused on the
ownership and creative management of high quality intellectual
property assets, announces unaudited interim results for the six
months ended 30 June 2011.
Financial Highlights
-- Revenue of GBP0.61m (H1 10: GBP0.96m).
- H1 10 Revenue benefitted from material one-off catalogue and
literary estate sales.
- As in 2010, forecast sales significantly weighted towards the
second half.
-- Adjusted EBITDA loss of GBP0.3m (H1 10: EBITDA of
GBP0.02m).
-- Net Debt of GBP1.35m (30 June 2010: GBP0.73m).
Operational Highlights
-- Poppy Cat - Successful TV launch of animated pre-school
series. US Broadcast partner secured and further broadcast deals
completed. Series to air in more than 75 countries. Licensing and
Merchandising deals now being concluded.
-- Purple Ronnie - Income through greeting cards (via Hallmark)
continues as an important source of cashflow. Successful
development of the brand's digital strategy.
-- Scarlett & Crimson - Four new licences signed in H1.
-- Bagpuss, Clangers & Ivor the Engine - Classic IP assets
continue to be attractive to consumers following on from their
retail success last Christmas.
Chairman of Coolabi, William Harris, said:
"As in 2010, we expect the results to be heavily weighted
towards the second half. There is still much to do in order to
realise management's expectations for the full year, particularly
in the light of current trading conditions. Successful attendance
at important trade fairs over the next couple of months will be
crucial to their achievement."
Enquiries:
Coolabi plc Tel: 020 7004 0980
Jeremy Banks, Chief Executive
Tim Ricketts, Finance
Director
Evolution Securities Tel: 020 7071 4300
Jeremy Ellis / Chris Clarke
Walbrook PR Ltd Tel: 020 7933 8780
Paul McManus Mob: 07980 541 893 or
paul.mcmanus@walbrookpr.com
Chairman's Statement
I am pleased to present the Company's unaudited interim results
for the six months to 30 June 2011 and to report on progress since
the time of our preliminary results announcement in March this
year.
The first half of 2011 has seen a period of intense activity
across the business with the principal focus being the continued
roll-out of our pre-school animated TV property, Poppy Cat. We are
pleased with the progress made to date. Important strategic
deliverables, such as the broadcast premiere on Nick Jr in the UK
and the contracting of Sprout as our US broadcast partner, have
been achieved. In addition, key value-driving initiatives such as
the securing of ten UK licences, including a Master Toy Partner
have also been concluded in the first half. However, all of this
has taken longer to achieve than it might have done in better
economic times.
We have also been working hard to maximise the value delivered
from the overall portfolio - with progress made on Purple Ronnie,
Scarlett & Crimson and Bagpuss - as well as maintaining a keen
focus on development.
EBITDA for the first half of 2011 amounted to a loss of GBP0.3m
(H1 2010 EBITDA: GBP0.02m). As in 2010, we expect the results to be
heavily weighted towards the second half. There is still much to do
in order to realise management's expectations for the full year,
particularly in the light of current trading conditions. Successful
attendance at important trade fairs over the next couple of months
will be crucial to their achievement.
Strategy
Our strategy is to build a diversified portfolio of
cash-generative intellectual property ("IP") assets that have
international appeal across a broad range of media platforms.
Accordingly, our current portfolio of assets is diversified in
terms of both genre and media of exploitation, and maturity - from
established properties to those in their infancy and others in
development.
This strategy is intended to deliver a stream of highly visible
and consistent revenue, underwritten by financial guarantees from
our licensees. We believe that, in the long term, this will make
Coolabi increasingly attractive to investors.
However, we are currently facing challenging market conditions
that are adversely affecting the sectors in which we operate. These
have been particularly felt in the licensing and merchandising
industry, where agreements with potential licensees are taking
longer than usual to conclude. This, in turn, has had an impact our
on working capital requirements.
Convertible Loan Notes
On 17 June, we announced that Edge Performance VCT had agreed to
subscribe for GBP562,114 of convertible loan notes to be issued by
the Company ("CLNs"). The CLNs are unsecured and repayable on 17
June 2016 or, at the option of the Company, at any time following
17 December 2012. The CLNs are interest bearing at a fixed rate of
7% per annum and are convertible at a price of 6.75p per share,
which represented a premium of over 17% to the mid-market share
price of 5.75p on 16 June 2011, being the latest practicable date
prior to the announcement.
The CLNs were issued so as to allow the Company to invest in the
further development of its existing assets and for general working
capital purposes.
Approach
On 15 August, Coolabi announced that it had received an approach
from North Promotions Limited ("North"), a company funded by Edge
Performance VCT plc ("Edge"), which may or may not lead to an offer
being made for the Company. Edge, managed by Edge Investment
Management Limited, is the Company's largest shareholder.
The Company further announced on 20 September 2011 that the
independent directors of Coolabi had reached an understanding, in
principle, with North regarding its potential offer for the
Company, which is 7.75p per share in cash with a share alternative
in North (the "Potential Offer"). North attaches great importance
to the skills and experience of the existing Coolabi management
and, accordingly it is intended that any offer, if made, will
include management incentivisation arrangements which will be
subject to the requirements of Rule 16.2 of the Takeover Code.
Any offer remains subject to a number of pre-conditions,
including the satisfactory completion of confirmatory due
diligence. North reserves the right to waive any of the
pre-conditions which apply to it. North reserves the right to make
an offer at any time at a value below 7.75p per Coolabi share with
the agreement and recommendation of the independent directors of
Coolabi.
In arriving at this position, the independent directors, having
consulted with the major shareholders of the Company, considered
alternative options available to the Company including, inter alia,
continuing its current strategy of organic growth and an equity
fundraising. As a result, the independent directors have concluded
that the Potential Offer is the best option presently available to
the Company.
The above-mentioned announcement made on 20 September 2011 was
made with the agreement and approval of North. There can be no
certainty that a firm offer will be made.
Operational Highlights
Highlights from the development of our portfolio in the first
half can be summarised as follows:
(i) Poppy Cat
Poppy Cat is our new 52 x 11 minute animated pre-school
television series and licensing property.
The launch of Poppy Cat has been a major focus for the business
in the first half of 2011, with its broadcast premiere, UK
licensing successes and continued international broadcast sales,
including in the all-important US market.
The series was first broadcast in May on Nick Jr in the UK, and
has been shown not less than twice a day since launch. Our
supporting website, www.poppycat.com, was also successfully
launched at the same time. Initial ratings information has been
most encouraging, with Nickelodeon informing us that the series is
already in their top five rated shows.
The UK licensing programme is well underway. Here, we secured a
leading toy manufacturer, Golden Bear, as our strategically
important Master Toy licensing partner in May. A brand new toy
line, covering plush, plastics, electronic and mechanical devices
and arts and crafts is expected to launch across the UK and the
Republic of Ireland from Autumn 2012. In the first half of 2011, we
have announced a further nine licensing partners for Poppy Cat in
the UK.
In March, we were delighted to announce the very exciting news
that the series had secured a broadcast partner in the US. Our
partner, Sprout, is a 24-hour pre-school channel available on air,
on demand and online and is a partnership between NBC Universal and
PBS, amongst others, currently broadcasting to over 50 million
homes in the US. In June, we were pleased to announce a number of
further important broadcast deals had been concluded, including
with Disney Junior in both Spain and Latin America.
As a result of these announcements, deals have now been
concluded for Poppy Cat to be broadcast in more than 75 countries -
and each territory represents an opportunity to generate ancillary
revenues through licensing and merchandising activity.
A further important step in the international monetisation of
Poppy Cat was achieved with the appointment of The Joester Loria
Group ("JLG") as our US agent in May. JLG are the biggest
independent agency by retail turnover in North America. With
broadcast on Sprout in the US recently confirmed to commence in
November of this year, we would expect an initial contribution to
licensing and merchandising revenues from that territory in 2012,
with earnings building from 2013.
All this has been extremely encouraging, and I remain confident
that the series will be licensed to leading broadcast partners in
most, if not all, the major media markets internationally. The
challenge we face as a company is to manage the timetables of our
prospective partners so as to be able to secure a final commitment
from them in accordance with our own timetable - a task that is
increasingly challenging in the current trading environment and not
one that is entirely within our control.
Accordingly, there remains much to do in the second half of
2011.
(ii) Purple Ronnie
Income from our wholly owned property Purple Ronnie continues to
be an important source of cashflow for the Company, most notably
through greetings cards, where Hallmark is our partner. Whilst
trading conditions remain challenging, we have been focussing with
our partners to ensure Purple Ronnie products continue to meet the
demands of its core audience, in particular with greetings cards
but also, increasingly, into new areas. Hallmark is a key partner
in this process and we are pleased to announce that they will be
launching 58 new cards at retail from September - evidence of their
continued investment in the property.
In addition, we have previously announced our Facebook App, as
part of our digital strategy for the brand alongside our iPhone App
and website, and I am pleased to report that this has now achieved
over 40,000 Facebook users.
(iii) Scarlett & Crimson
Four new licences have been signed in the first half of the year
- Grace Cole (bath and body), Beauty Works (electric goods), Rudolf
Stein (fashion accessories) and Urban Species (t-shirts). The key
for this property is to now gain traction at retail in order for
these licenses to deliver value to the Company. In that regard, it
is important that Boots has placed an order for cosmetics gifting
for the third consecutive year.
(iv) Other Properties
As set out in the preliminary results announcement earlier this
year, it remains the case that retailers and consumers are often
drawn to established, classic IP assets during difficult financial
times.
Bagpuss, in common with Purple Ronnie, continues to perform
comparatively well in the current market. For example, Bagpuss
licensees have been reporting increased orders from retail,
following on from the successes enjoyed last Christmas.
In addition, we continue to license our catalogue of classic
television series, such as the Famous Five, and our library of
classic literary estates.
(v) Development
Our BBC/ABC Australia children's live-action co-production, Dead
Gorgeous proved a ratings success both in the UK and Australia.
Series 1 was nominated for two Australian television awards,
including for a LOGI, the Australian equivalent of an Emmy, and was
BAFTA nominated in the UK. We are in active discussions with our
series partners with regard to a second series.
We also continue to invest in the development of what we believe
will become future classics. In March, we announced that we had
entered into a co-development deal with Walker Productions, the
production arm of leading independent children's book publisher,
Walker Books, for their book series, Scream Street.
Financial Review of the Period
The results for the six months to 30 June 2011 are affected by
the absence of one-off (non-seasonal) revenue compared with the
same period last year. In 2010, the results reflected the benefit
from one-off sales relating to the literary estates and other
rights whereas there were no such sales in the first half of
2011.
Accordingly the Revenue for the half year amounted to GBP605,514
which was GBP356,156 lower than in 2010 (GBP961,670). Cost of
sales, which includes amortisation of Television productions, was
GBP141,910 (2010: 286,966). Gross profit of GBP463,604 was
GBP211,100 lower than in the comparative period (GBP674,704).
The Earnings before interest, tax, depreciation, amortisation,
share-based payments and exceptional items ("EBITDA") was
GBP315,643 lower than the previous year at a loss of GBP299,196
(2010: profit of GBP16,447) with Operating expenses being
GBP104,543 higher than 2010 (2010: GBP658,257) at GBP762,800
largely due to marketing and other support costs related to Poppy
Cat. The Loss before income tax for the period was GBP604,720 (2010
Loss: GBP374,030).
Net debt (the net of Cash and cash equivalents, Current portion
of long term borrowings and Long term borrowings) at 30 June 2011
was GBP1,353,623, an increase of GBP622,724 from GBP730,899 as at
30 June 2010.
Consolidated Interim Statement of Comprehensive Income
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2011 2010 2010
unaudited unaudited audited
GBP GBP GBP
Revenue 605,514 961,670 2,855,595
Cost of sales (141,910) (286,966) (859,784)
Gross profit 463,604 674,704 1,995,811
Operating expenses (762,800) (658,257) (1,460,701)
Earnings before interest, tax,
depreciation, amortisation,
share-based payment costs and
exceptional items (299,196) 16,447 535,110
------------------------------------ ------------ ------------ ------------
Depreciation (16,498) (9,176) (23,703)
Share-based payment costs - - (3,574)
Exceptional items - - -
Amortisation of intangible assets (252,489) (348,989) (639,919)
------------------------------------ ------------ ------------ ------------
Total administrative costs (1,031,787) (1,016,422) (2,127,897)
------------------------------------ ------------ ------------ ------------
Operating loss (568,183) (341,718) (132,086)
Interest charged (36,557) (32,405) (64,587)
Interest received 20 93 153
Loss before income tax (604,720) (374,030) (196,520)
Income tax credit 53,728 87,236 473,575
------------ ------------ ------------
Profit/(loss) after tax (550,992) (286,794) 277,055
Other comprehensive income - - -
------------ ------------ ------------
Total comprehensive profit/(loss)
for the period (550,992) (286,794) 277,055
------------ ------------ ------------
Profit attributable to minority
interests 8,756 46,094 56,360
Profit/(loss) attributable to
parent's equity holders (559,747) (332,888) 220,695
Basic profit/(loss) per share
total and continuing (1.0) (0.7) 0.4
Diluted profit/(loss) per share
total and continuing (0.9) (0.7) 0.4
Consolidated Interim Statement of Financial Position
as at as at as at
30 June 30 June 31 Dec
2011 2010 2010
unaudited unaudited audited
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 107,901 36,823 124,400
Intangible assets
Television productions 2,225,024 490,893 2,263,223
Goodwill 1,331,528 1,300,425 1,331,528
Other intangible assets 4,148,519 4,596,150 4,327,791
7,812,972 6,424,291 8,046,942
------------ ------------ ------------
Current assets
Inventories 226,775 998,651 188,161
Trade and other receivables 1,414,621 925,206 2,013,313
Cash and cash equivalents 75,275 524,622 48,605
1,716,671 2,448,479 2,250,079
------------ ------------ ------------
Total assets 9,529,643 8,872,770 10,297,021
------------ ------------ ------------
LIABILITIES
Current liabilities
Trade and other payables (512,304) (1,044,592) (1,022,848)
Production financing borrowings (914,802) (695,000) (1,353,310)
Current portion of long term
borrowings (427,112) (325,220) (341,442)
(1,854,218) (2,064,812) (2,717,600)
------------ ------------ ------------
Non-current liabilities
Deferred consideration (17,000) (34,000) (34,000)
Deferred tax liabilities (1,070,183) (1,233,230) (1,123,911)
Long term borrowings (1,001,786) (930,301) (836,176)
Loan note (552,114) - -
------------ ------------ ------------
(2,641,083) (2,197,531) (1,994,087)
------------ ------------ ------------
Total liabilities (4,495,301) (4,262,343) (4,711,687)
Net Assets 5,034,342 4,610,427 5,585,334
============ ============ ============
EQUITY
Attributable to the equity holders
of the Company
Share capital 5,215,122 5,142,708 5,215,122
Share premium account 5,854,116 5,519,046 5,854,116
Profit and loss account (6,074,498) (6,071,908) (5,514,751)
------------ ------------ ------------
Total shareholders equity 4,994,740 4,589,846 5,554,487
Minority interest in equity 39,602 20,581 30,847
Total equity 5,034,342 4,610,427 5,585,334
============ ============ ============
Consolidated Statement of Changes in Equity
Share Profit
Share premium Minority & loss Total
capital account Interest account Equity
GBP GBP GBP GBP GBP
Balance at 31
December 2009 5,142,708 5,519,046 (25,513) (5,739,020) 4,897,221
Transactions
with owners - - - - -
Loss and total
comprehensive
loss for the
period - - 46,094 (332,888) (286,794)
Balance at 30
June 2010 5,142,708 5,519,046 20,581 (6,071,908) 4,610,427
Transactions
with owners
Issue of share
capital 72,414 362,070 - - 434,484
Share-based
payment
costs - (27,000) - - (27,000)
Minority
interest
acquired - - - 3,574 3,574
---------- ---------- --------- ------------ ----------
72,414 335,070 - 3,574 411,058
Profit and
total
comprehensive
profit for
the period - - 10,266 553,583 563,849
Balance at 31
December 2010 5,215,122 5,854,116 30,847 (5,514,751) 5,585,334
Transactions
with owners
Loss and total
comprehensive
loss for the
period - - 8,756 (559,747) (550,992)
Balance at 30
June 2011 5,215,122 5,854,116 39,603 (6,074,498) 5,034,342
========== ========== ========= ============ ==========
Consolidated Interim Statement of Cash Flows
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2011 2010 2010
unaudited unaudited audited
GBP GBP GBP
Cash flows from operating activities
Loss before taxation (604,720) (374,030) (196,520)
Adjustments for:
Depreciation 16,498 9,176 23,703
Amortisation of intangible
assets 252,489 348,989 1,116,999
Share-based payment costs - - 3,574
Interest expense 36,537 32,312 64,434
Increase in inventories 350,459 (50,247) (83,202)
Decrease/(Increase) in trade
and other receivables 609,091 10,388 (800,700)
Increase/(Decrease) in trade
payables (493,049) 260,896 (258,976)
---------- ---------- ------------
Cash generated/(absorbed) by
operations 167,305 237,484 (130,688)
Interest paid (4,251) (18,707) (9,092)
Income taxes paid - - -
Net cash generated/(absorbed)
by operating activities 163,054 218,777 (139,780)
---------- ---------- ------------
Cash flows from investing activities
Acquisition of subsidiaries, net
of cash acquired (39,000) (17,000) (17,000)
Purchase of property, plant and
equipment 1 (2,595) (105,139)
Purchase of other intangible assets (73,218) (38,542) (61,109)
Television production (389,073) (871,309) (1,832,902)
Interest received 20 93 153
Net cash absorbed by investing
activities (501,270) (929,353) (2,015,997)
---------- ---------- ------------
Cash flows from financing activities
Proceeds from issue of share capital - - 434,484
Share issue costs - - (27,000)
Issue of loan note 552,114 - -
Preference shares redeemed - - 1,353,310
Bank facility utilisation (187,228) 614,463 (177,147)
Net cash generated by financing
activities 364,886 614,463 1,583,647
---------- ---------- ------------
Net (decrease)/increase in cash
and cash equivalents 26,670 (96,113) (572,130)
Cash and cash equivalents at
beginning of period 48,605 620,735 620,735
Cash and cash equivalents at end
of period 75,275 524,622 48,605
========== ========== ============
Notes to the Consolidated Interim Financial Statements
1. General information
Coolabi plc is the Group's ultimate parent company. It is
incorporated and domiciled in England and its registered address is
1(st) Floor Watergate House, 13-15 York Buildings, London WC2N 6JU.
Its shares are listed on AIM, a market of the London Stock Exchange
plc.
The interim results for the six months ended 30 June 2011 are
unaudited and do not constitute statutory accounts within the
meaning of the Companies Act 2006. The financial information in
respect of the period ended 31 December 2010 has been extracted
from the company's statutory accounts for that financial year which
have been delivered to the Registrar of Companies. The auditors
have reported on the statutory accounts for that financial year.
That report was unqualified and did not contain a statement under
section 498(2) or (3) of the Companies Act 2006.
The Group financial statements consolidate those of the Company
and all of its subsidiary undertakings. All balances held between
Group companies are eliminated upon consolidation. Unrealised gains
on transactions between the Group and its subsidiaries are
eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure
consistency with the accounting policies adopted by the Group.
Coolabi plc's consolidated interim financial statements are
presented in Pounds Sterling (GBP), which is also the functional
currency of the parent company.
These consolidated interim financial statements have been
approved for issue by the Board of Directors on 20 September 2011.
A complete list of the directors of the company can be found on the
company's website www.coolabi.com.
2. Accounting policies and basis of preparation
These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
(IAS) 34. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
period ended 31 December 2010.
The condensed consolidated interim financial statements have
been prepared in accordance with the accounting policies adopted in
the last annual financial statement for the year ended 31 December
2010.
Additionally, in the period the Group acquired a convertible
loan note and the related accounting policy is as follows:-
Accounting policy - Convertible loan notes Convertible loan
notes are regarded as compound instruments, consisting of a
liability component and an equity component. At the date of issue,
the fair value of the liability component is estimated using the
prevailing market interest rate for similar non-convertible debt.
Any difference between the proceeds of issue and the convertible
loan notes and the fair value assigned to the liability component,
representing the embedded option to convert the liability into
equity of the Group, is included in equity. The interest expense on
the liability component is calculated by applying the prevailing
market rate for similar non-convertible debt to the instrument. The
difference between this amount and the interest paid is added to
the carrying value of the convertible loan note. The accounting
policies have been applied consistently throughout the Group for
the purposes of preparation of these condensed consolidated interim
financial statements.
3. Seasonal fluctuations
The licensing & merchandising market overall is subject to
certain seasonal fluctuations with a weighting to the second half
of the calendar year. The film & television market has no
particular seasonal trend.
4. Segmental analysis
The Group's internal reporting is by business segment for
revenue and cost of sales. No other costs are allocated to
segments, as the operating structure of the Group means it is not
possible to allocate them on any other than an arbitrary basis. The
Group's performance by its primary (and sole) segmental split is as
follows:
6 months to 30 June 2011
unaudited
GBP GBP GBP GBP
Licensing & Film &
Merchandising Television Unallocated Group
Revenue 470,045 135,469 - 605,514
Cost of sales (102,932) (38,978) - (141,910)
Gross profit 367,113 96,491 - 463,604
--------------- --------------- ------------ ------------
Non current
assets 5,037,634 2,714,954 60,384 7,812,972
Current assets 475,468 1,016,004 225,199 1,716,671
Current
liabilities (177,002) (1,054,121) (623,095) (1,854,218)
Non current
liabilities (1,037,417) (49,768) (1,553,898) (2,641,083)
Net assets 4,298,683 2,627,069 (1,891,410) 5,034,342
--------------- --------------- ------------ ------------
6 months to 30 June 2010
unaudited
GBP GBP GBP GBP
Licensing & Film &
Merchandising Television Unallocated Group
Revenue 920,235 41,435 - 961,670
Cost of sales (281,108) (5,858) - (286,966)
Gross profit 639,127 35,577 - 674,704
--------------- --------------- ------------ ------------
Non current
assets 5,443,178 973,816 7,297 6,424,291
Current assets 587,797 1,864,158 (3,476) 2,448,479
Current
liabilities (323,245) (1,151,834) (589,733) (2,064,812)
Non current
liabilities (1,207,017) (60,215) (930,299) (2,197,531)
Net assets 4,500,713 1,625,925 (1,516,211) 4,610,427
--------------- --------------- ------------ ------------
12 months to 31 Dec 2010
audited
GBP GBP GBP GBP
Licensing & Film &
Merchandising Television Unallocated Group
Revenue 1,382,931 1,472,664 - 2,855,595
Cost of sales (376,292) (483,492) - (859,784)
Gross profit 1,006,639 989,172 - 1,995,811
--------------- --------------- ------------ ------------
Non current
assets 5,259,222 2,732,163 55,557 8,046,942
Current assets 722,893 1,462,809 64,377 2,250,079
Current
liabilities (262,440) (1,887,859) (567,301) (2,717,600)
Non current
liabilities (1,103,995) (53,916) (836,176) (1,994,087)
Net assets 4,615,680 2,253,197 (1,283,543) 5,585,334
--------------- --------------- ------------ ------------
The amortisation of Intangible assets arising from television
production is included in Cost of sales and the amortisation of all
other intangible assets is included in administrative costs.
Due to the size and nature of the Group the directors do not
consider there to be a meaningful alternative segmental split.
5. Earnings per share
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year. The
calculation of diluted earnings per share is based on the basic
earnings per share, adjusted to allow for the issue of shares and
the post tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Reconciliations of the earnings and weighted average number of
shares used in the calculations are set out below:
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2011 2010 2010
Loss for the year attributable
to the parent's equity holders,
basic and diluted (559,747) (332,888) 220,695
Weighted average number of
ordinary shares in issue
during the period 55,517,449 48,276,043 49,784,670
Basic EPS (pence) (1.0p) (0.7p) 0.4p
Weighted average number of
shares under option during
the period 3,907,077 162,509 1,728,141
Weighted average number of
ordinary shares in issue
or under option during the
period 59,424,526 48,438,552 51,512,811
Fully diluted EPS (pence) (0.9p) (0.7p) 0.4p
6. Bank facilities
As at 30 June 2011 the Group was utilising GBP1.4m of a bank
facility with Coutts & Co. The total facility package of GBP2m
is secured by way of a debenture and cross guarantee across Coolabi
plc and its subsidiaries and is repayable in instalments out to
2015.
The Production finance borrowings represent an additional
facility secured through Coutts & Co to cashflow the production
of the Poppy Cat television series, in advance of the receipt of
contracted payments.
7. Transactions with Directors and related party disclosures
William Harris, who is Chairman of the Company, and Tim
Ricketts, who is Finance Director, are both directors of Avonglen
Limited. During the period fees and expenses of GBP98,608 (2010:
GBP98,142) were paid to Avonglen Limited for their services as
directors and consultants - of which GBP50,625 related to
consultancy work (2010: GBP51,142). The balance owing to Avonglen
Limited at 30 June 2011 was GBP30,523 (2010: GBP60,211). The fees
paid during the year ended 31 December 2010 were GBP197,600.
8. Responsibility statement
We confirm to the best of our knowledge; a) the condensed set of
financial statements has been prepared in accordance with IAS 34
'Interim Financial Reporting; b) the interim management report
includes a fair review of the information required by DTR 4.2.7 R
(indication of important events during the first six months and
description of principal risks and uncertainties for the remaining
six months of the year); and c) the interim management report
includes a fair review of the information required by DTR 4.2.8 R
(disclosure of related party transactions and changes therein).
Signed on behalf of the Board on 20 September 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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