Interim Results
21 Dezember 2001 - 1:13PM
UK Regulatory
RNS Number:1166P
Galleon Holdings PLC
21 December 2001
GALLEON HOLDINGS PLC (FORMERLY ANDAMAN RESOURCES P.L.C.)
Interim results for the six months ended 30 September 2001
Chairman's statement
I am delighted to report that on the 3 December we successfully completed the
reversal of The Galleon Group plc into Andaman Resources p.l.c. and I welcome
you to the enlarged Group that is now known as Galleon Holdings plc.
I am making this report to you, but the enclosed Profit and Loss Account,
Balance Sheet and Cash Flow Statement covers the period prior to the reversal.
Although the economic climate and stock market seem somewhat depressed, we at
Galleon are looking forward to 2002 as a year for further expansion and
growth.
Galleon continues to operate as a multimedia content provider across a number
of platforms including television, licensing, merchandising, animation,
software, database marketing PR and publishing. We are developing, acquiring
and growing a significant intellectual property rights portfolio that will
underpin our business and our valuation as we move forward.
There have been some very exciting developments over the last few months that
will further enhance our reputation, credibility and potential earnings. I
anticipate making announcements in January 2002.
The New Year arrives with exciting prospects. I, and the rest of the Board of
Directors, wish you a peaceful and successful 2002.
James Driscoll MBE
Chairman
GALLEON HOLDINGS PLC (FORMERLY ANDAMAN RESOURCES P.L.C.)
Profit and Loss Account
For the six months ended 30 September 2001
Six months Ended Six months Year ended
30 September 2001 31 March
Ended 30 2001
September
2000
Unaudited Audited Audited
#'000 #'000 #'000
Turnover - - -
Administrative expenses (62) (58) (153)
Operating loss (62) (58) (153)
Interest receivable and similar 10 5 17
income
Loss on sale of and amounts (3) (3) (33)
provided against investments
Loss on ordinary activities
before taxation (55) (56) (169)
Taxation - - -
Loss for the financial period (55) (56) (169)
Loss per share (0.1p) (0.2p) (0.3p)
There were no recognised gains or losses other than the loss for the period.
BALANCE SHEET
At 30 September 2001
At 30 At 3 At 31 March
September 2001 September 2000 2001
Unaudited Audited Audited
#'000 #'000 #'000
Current assets
Debtors 3 8 12
Investments 28 41 31
Cash at bank 605 203 668
636 252 711
Creditors: amounts falling due (80) (72) (100)
within one year
Net current assets 556 180 611
Capital and reserves
Called up share capital 820 236 820
Share premium account 1,165 1,205 1,165
Profit and loss account (1,429) (1,261) (1,374)
Shareholders' funds 556 180 611
CASH FLOW STATEMENT
For the six months ended 30 September 2001
Note Six months Ended Six months Year ended 31
30 September March 2001
2001 Ended 30 Audited
September 2000
Unaudited Audited
#'000 #'000 #'000
Net cash outflow from 6 (73) (62) (133)
operating activities
Returns on investments
and servicing of finance
Interest and dividends 10 5 17
received
Investing activities
Payments to acquire - - (20)
current asset
investments
Cash outflow before (63) (57) (136)
financing
Financing activities
Net proceeds of share - - 544
issues
(Decrease)/increase in (63) (57) 408
cash and cash
equivalents
1 RESULTS
The results for the 6 months ended 30 September 2001 are neither audited nor
reviewed and do not constitute statutory accounts within the meaning of the
Companies (Northern Ireland) Order 1986. They have been prepared on the basis
of accounting policies consistent with those used in the annual accounts for
the year ended 31 March 2001. The statutory accounts for the year ended 31
March 2001 have been given an unqualified audit report and have been filed
with the Registrar of Companies. The interim accounts for the 6 months to 30
September 2000 were also audited and given an unqualified audit report.
2 TAXATION
In view of the Company's tax losses carried forward, there is no tax charge
included in the 6 months under review.
3 LOSS PER SHARE
Loss per share has been calculated in accordance with FRS14 based on
41,007,505 ordinary shares of 1 pence each being the weighted average of those
in issue during the 6 months ended 30 September 2001.
4 DIVIDENDS
The Company will not be declaring an interim dividend.
5 CONTINGENT LIABILITY
The Company has been involved jointly with Glencar Mining plc in civil
litigations in the Irish courts against Mayo County Council. The Company has
withdrawn its action, although Glencar Mining plc has decided to proceed with
an appeal to the Supreme Court. Under an agreement reached between the Company
and Glencar Mining plc dated 23 May 2000, the Company will still be liable for
the legal costs, should the appeal be rejected, but restricted to a maximum of
Irish #60,000. This amount has been provided in the accounts as at 30
September 2001. As this agreement is between the Company and Glencar Mining
plc, the Company has joint and several liability regarding legal costs in the
event, considered unlikely by the Directors, that there is a shortfall unpaid
by Glencar Mining plc.
6 note to the caSH flow statement
Reconciliation of operating loss to net cash outflow from operating
activities:-
Six months Ended 30 Six months Year ended 31
September 2001 March 2001 Audited
Ended 30 September
Unaudited 2000 Audited
#'000 #'000 #'000
Operating loss (62) (58) (153)
Decrease/ 9 (8) (12)
(Increase) in
debtors
(Decrease)/ (20) 4 32
Increase in
creditors
(73) (62) (133)
7 Post Balance Sheet Events
i On 6 November 2001 the Company made a
recommended offer to acquire the whole of the issued share capital of The
Galleon Group plc, and proposed the following; a public offer of up to
100,000,000 ordinary shares; changing the name to Galleon Holdings plc; making
an admission to trade on the Alternative Investment Market and the adoption of
the new share option schemes.
ii On 3 December 2001 the authorised share capital
of the Company was increased from #3,000,000 to #12,000,000 by the creation of
900,000,000 New Ordinary Shares of 1p each in the capital of the Company
having the rights and subject to the restrictions set out in the Articles of
Association of the Company and ranking pari passu with the existing ordinary
shares of 1p each in the capital of the Company.
iii On 3 December 2001 the Company acquired the
entire share capital of The Galleon Group plc as set out in the recommended
offer document dated 6 November 2001.
iv On 3 December 2001 the Company changed its name
to Galleon Holdings plc and adopted the new Unapproved and Approved Share
Option Schemes.
v On the 11 December 2001 the offer for
subscription was closed and the total amount subscribed for was #962,322.
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