Interim Results
16 September 2008 - 11:07AM
UK Regulatory
RNS Number : 5216D
Meriden Group PLC
16 September 2008
MERIDEN GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present my Chairman's report for Meriden Group plc for the six months ended 30 June 2008.
Results
During the period the Company made pre-tax losses of �18,857 (2007 - loss of �54,673).
Events during the year
On 9 June 2008 the Company announced that it was in detailed negotiations regarding an acquisition which, if consummated, would
constitute a reverse takeover under the AIM Rules. The acquisition would be subject to the approval of shareholders and the granting by the
Takeover Panel of a waiver of the obligation on the Company to make a general offer under Rule 9 of the City Code on Takeovers and Mergers.
Since the Company had been unable to complete a reverse takeover prior to 9 June 2008, being 12 months after the Company became an
investing company pursuant to the AIM Rules, trading in the Company's shares on AIM was suspended on that date.
I am please to be able to advise shareholders that negotiations with the target company are continuing. Restoration of trading will
occur upon publication of the Company's circular and AIM admission document relating to the acquisition.
Richard Payne
15 September 2008
INCOME STATEMENT
6 months ended30 6 months ended30 Year ended31
June 2008Unaudited June 2007Unaudited December 2007Audited
� � �
Administrative expenses - Continuing- (19,204)- (54,693)- (207,197)(353)
Exceptional
Operating loss (19,204) (54,693) (207,550)
Finance income 347 20 123
Loss on ordinary activities before and after (18,857) (54,673) (207,427)
taxation and loss for the year
Loss per share *basic and diluted (0.01)p (0.02)p (0.06)p
There were no recognised gains or losses other than the loss or profit for the period.
Continuing operations
None of the Companies activities were acquired or discontinued during the current period.
BALANCE SHEET
As at30 June As at 30 June As at 31 December
2008Unaudited 2007Unaudited 2007Audited
ASSETSCurrent assets
Trade and other receivablesCash and cash equivalents 4,67326,256 11,74988 2,36230,317
Total current assets 30,929 11,837 32,679
Total assets 30,929 11,837 32,679
EQUITY AND LIABILITIESCapital and reserves
attributable to the equity holders
Share capital 345,000 345,000 345,000
Share premium account 1,110,263 1,110,263 1,110,263
Retained losses (1,742,114) (1,557,141) (1,709,895)
Total equity (286,851) (101,878) (254,632)
Current liabilitiesTrade and other payables 317,780 113,715 287,311
Total equity and liabilities 30,929 11,837 32,679
The financial statements were approved by the Board of Directors on 15 September 2008.
Richard Payne
Chairman
CASH FLOW STATEMENT
6 months ended30 6 months ended30 Year ended31
June 2008Unaudited June 2007Unaudited December 2007Audited
Cash flows from operating
activities
Cash generated from operations (4,401) (2,653) 27,584
Finance income 347 20 123
Net cash used in operating (4,054) (2,633) 27,707
activities
Cash flows from financing
activities
Dividends paid (7) (4) (115)
Net cash used in financing (7) (4) (115)
activities
Net increase/(decrease) in (4,061) (2,637) 27,592
cash and cash equivalents
Cash and cash equivalents at 30,317 2,725 2,725
the beginning of the period
Cash and cash equivalents at 26,256 88 30,317
the end of the year
NOTES TO THE INTERIM RESULTS
1 Basis of preparation
This interim report does not represent statutory accounts within the meaning of section 240 Companies Act 1985. The interim report has
not been audited or reviewed but was approved by the Board on 15 September 2008.
The principal accounting policies used in preparing the interim results are those the company expects to apply in its financial
statement for the year ended 31 December 2008 and are unchanged from those disclosed in the Annual Report for the year ended 31 December
2007.
2 Loss per share
The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of
ordinary shares in issue during the year.
Loss Weighted average number of shares Basic loss per share
� pence
Basic and diluted loss per
share
Year ended 31 December 2007 (207,427) 345,000,000 (0.06)
Six months ended 30 June 2007 (54,673) 345,000,000 (0.02)
Six months ended 30 June 2008 (18,857) 345,000,000 (0.01)
3 Reconciliation of operating profit with net cash outflow from operating activities
6 months ended30 6 months ended30 Year ended31
June 2008Unaudited June 2007Unaudited December 2007Audited
� �
Operating loss (19,204) (54,693) (207,550)
Decrease/(increase) in debtors (2,113) (10,585) (1,198)
Increase in creditors 16,916 62,625 236,332
Net cash inflow/(outflow) from (4,401) (2,653) 27,584
operating activities
4. Interim dividend
The directors do not recommend payment of an interim dividend.
5. Availability of interims
Copies of this interim statement are available from the Company's Registered Office at St George's Court, Winnington Avenue, Northwich,
Cheshire, CW8 4EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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