TIDMRCAP
RNS Number : 2283F
Ricmore Capital PLC
08 January 2010
For immediate release8 January 2010
Ricmore Capital Plc
( or the "Company")
Unaudited Second Interim Results for the Nine Months Ended 31 December 2009
Chairman's statement
Introduction
The Company is presenting an additional set of unaudited results for the nine
months ended 31 December 2009. Throughout this interim nine month period the
Company has been an Investing Company under the AIM Rules. This follows the
disposal by the Company, on 9 January 2009, of the entire issued share capital
of Energy Assets Limited, a wholly owned subsidiary of the Company and its
principal trading entity. The key issue in this third quarter is that the
Company has received the second tranche of deferred consideration arising out of
the sale on Energy Assets Limited. The amount received was greater than that
accrued for at 31 March 2009 and thus the extra funds received amounting to
GBP75,714 are reported as a gain in these nine month accounts to 31 December
2009
Period covered
The Company changed its accounting reference date from 31 December to 31 March
and issued statutory accounts for the period to 31 March 2009 in order to better
inform shareholders by presenting audited Financial Statements made up to a
period after the sale of its trading subsidiary. Accordingly, these condensed
financial statements present the financial results for the nine months to
December 2009. Comparative information reflects the fifteen month period to 31
March 2009 and the first nine months of that extended financial period to 30
September 2008.
Financial Results
In the 9 months to 31 December 2009 the Company made a loss after taxation of
GBP31,636 (2008 - loss GBP97,725) representing a loss per share of 0.01p (2008 -
loss 0.03p per share).
Following receipt of the initial and deferred consideration arising from the
sale of Energy Assets Limited in January 2009, and after subsequent operating
costs paid, cash balances amounted to some GBP943,000 at the end of December
2009.
AIM
The Company disposed of its principal trading entity on 9 January 2009. Under
the AIM Rules, a company's securities are suspended from trading if it has
failed to make an acquisition which constitutes a reverse takeover under Rule 14
or has otherwise implemented its investing policy within 12 months of such an
event. Accordingly the Company's securities will be suspended from trading from
07.00 on Monday 11 January, 2010.
The Future
Your board is seeking out a suitable acquisition following which it intends to
apply for re-admission to trading on AIM.
Contact: John Shaw, Ricmore Capital Plc on 07973 826613
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
+-------------------------+------+------------+-------------+-------------+
| Ricmore Capital Plc |
+-------------------------------------------------------------------------+
| Statement of Comprehensive Income |
+-------------------------------------------------------------------------+
| for the nine month period ended 31 December 2009 |
+-------------------------------------------------------------------------+
| | Note | Nine | Nine months | 15 Month |
| | | months to | to | Period to |
| | | 31 | 30 | 31 March |
| | | December | September | 2009 |
| | | 2009 | 2008 | |
+-------------------------+------+------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-------------------------+------+------------+-------------+-------------+
| | | GBP | GBP | GBP |
+-------------------------+------+------------+-------------+-------------+
| Revenue | | - | - | - |
+-------------------------+------+------------+-------------+-------------+
| Cost of sales | | - | - | - |
+-------------------------+------+------------+-------------+-------------+
| Gross Profit | | - | - | - |
+-------------------------+------+------------+-------------+-------------+
| | | | | |
+-------------------------+------+------------+-------------+-------------+
| Operating expenses | | (108,550) | (100,503) | (377,582) |
+-------------------------+------+------------+-------------+-------------+
| Operating loss | | (108,550) | (100,503) | (377,582) |
+-------------------------+------+------------+-------------+-------------+
| | | | | |
+-------------------------+------+------------+-------------+-------------+
| Finance Income | | 1,200 | 2,778 | 5,041 |
+-------------------------+------+------------+-------------+-------------+
| Profit/(loss) on | | 75,714 | - | (2,917,095) |
| disposal of subsidiary | | | | |
| undertakings | | | | |
+-------------------------+------+------------+-------------+-------------+
| Loss before taxation | | (31,636) | (97,725) | (3,289,636) |
+-------------------------+------+------------+-------------+-------------+
| Taxation | | - | - | - |
+-------------------------+------+------------+-------------+-------------+
| | | | | |
+-------------------------+------+------------+-------------+-------------+
| Loss after taxation | | (31,636) | (97,725) | (3,289,636) |
+-------------------------+------+------------+-------------+-------------+
| | | | | |
+-------------------------+------+------------+-------------+-------------+
| Total comprehensive | | (31,636) | (97,725) | (3,289,636) |
| income attributable to | | | | |
| equity shareholders | | | | |
+-------------------------+------+------------+-------------+-------------+
| | | | | |
+-------------------------+------+------------+-------------+-------------+
| Loss per share basic | 2 | (0.01) | (0.03) | (0.99) |
| and diluted (p) | | | | |
+-------------------------+------+------------+-------------+-------------+
+------------------------+------+-------------+-------------+-------------+
| Ricmore Capital Plc |
+-------------------------------------------------------------------------+
| Balance Sheet |
+-------------------------------------------------------------------------+
| As at 31 December 2009 |
+-------------------------------------------------------------------------+
| | | 31 | 30 | 31 March |
| | | December | September | |
+------------------------+------+-------------+-------------+-------------+
| | | 2009 | 2008 | 2009 |
+------------------------+------+-------------+-------------+-------------+
| | | Unaudited | Unaudited | Audited |
+------------------------+------+-------------+-------------+-------------+
| |Note | GBP | GBP | GBP |
+------------------------+------+-------------+-------------+-------------+
| Assets | | | | |
+------------------------+------+-------------+-------------+-------------+
| Non current assets | | | | |
+------------------------+------+-------------+-------------+-------------+
| Investments | | - | 2,382,690 | - |
+------------------------+------+-------------+-------------+-------------+
| Total non current | | - | 2,382,690 | - |
| assets | | | | |
+------------------------+------+-------------+-------------+-------------+
| Current assets | | | | |
+------------------------+------+-------------+-------------+-------------+
| Trade and other | 4 | - | 1,688,290 | 515,239 |
| receivables | | | | |
+------------------------+------+-------------+-------------+-------------+
| Cash and cash | | 943,118 | 91,706 | 451,855 |
| equivalents | | | | |
+------------------------+------+-------------+-------------+-------------+
| Total current assets | | 943,118 | 1,779,996 | 967,094 |
+------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------+------+-------------+-------------+-------------+
| Total Assets | | 943,118 | 4,162,686 | 967,094 |
+------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------+------+-------------+-------------+-------------+
| Equity and liabilities | | | |
| attributable to equity | | | |
| holders of the Company | | | |
+-------------------------------+-------------+-------------+-------------+
| Share capital and | | | | |
| reserves | | | | |
+------------------------+------+-------------+-------------+-------------+
| Issued capital | 5 | 3,327,684 | 3,327,684 | 3,327,684 |
+------------------------+------+-------------+-------------+-------------+
| Share premium account | | 1,145,899 | 1,145,899 | 1,145,899 |
+------------------------+------+-------------+-------------+-------------+
| Reserves | | (3,572,043) | (405,069) | (3,540,407) |
+------------------------+------+-------------+-------------+-------------+
| Total Equity | | 901,540 | 4,068,514 | 933,176 |
+------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------+------+-------------+-------------+-------------+
| Current liabilities | | | | |
+------------------------+------+-------------+-------------+-------------+
| Trade and other | | 41,578 | 94,172 | 33,918 |
| payables | | | | |
+------------------------+------+-------------+-------------+-------------+
| Total current | | 41,578 | 94,172 | 33,918 |
| liabilities | | | | |
+------------------------+------+-------------+-------------+-------------+
| | | | | |
+------------------------+------+-------------+-------------+-------------+
| Total Equity and | | 943,118 | 4,162,686 | 967,094 |
| Liabilities | | | | |
+------------------------+------+-------------+-------------+-------------+
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Ricmore Capital Plc |
+---------------------------------------------------------------------------------------------+
| Statement in Changes in Equity |
+---------------------------------------------------------------------------------------------+
| for the nine month period ended 31 December 2009 |
+---------------------------------------------------------------------------------------------+
| | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | Share | Share | Retained | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | Capital | Premium | Earnings | Total |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | GBP | GBP | GBP | GBP |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 1 April 2009 | | 3,327,684 | 1,145,899 | (3,540,407) | 933,176 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Total comprehensive income | | - | - | (31,636) | (31,636) |
| attributable to equity | | | | | |
| shareholders | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 31 December 2009 | | 3,327,684 | 1,145,899 | (3,572,043) | 901,540 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 1 January 2008 | | 2,787,684 | 1,163,929 | (363,917) | 3,587,696 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Total comprehensive income | | - | - | (97,725) | (97,725) |
| attributable to equity | | | | | |
| shareholders | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Share based payments | | - | - | 56,573 | 56,573 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Shares issued | | 540,000 | - | - | 540,000 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Share issue costs | | - | (18,030) | - | (18,030) |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 30 September 2008 | | 3,327,684 | 1,145,899 | (405,069) | 4,068,514 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 1 January 2008 | | 2,787,684 | 1,163,929 | (363,917) | 3,587,696 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Total comprehensive income | | - | - | (3,289,636) | (3,289,636) |
| attributable to equity | | | | | |
| shareholders | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Share based payments | | - | - | 113,146 | 113,146 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Shares issued | | 540,000 | - | - | 540,000 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Share issue costs | | - | (18,030) | - | (18,030) |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| Balance at 31 March 2009 | | 3,327,684 | 1,145,899 | (3,540,407) | 933,176 |
+------------------------------+----------+-----------+-----------+-------------+-------------+
| | | | | | |
+------------------------------+----------+-----------+-----------+-------------+-------------+
+---------------------------------+------+-------------+-----------+-------------+
| Ricmore Capital Plc |
+--------------------------------------------------------------------------------+
| Cash Flow Statement |
+--------------------------------------------------------------------------------+
| for the nine months ended 31 December 2009 |
+--------------------------------------------------------------------------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | 31 | 30 | 31 |
| | | December | September | March |
+---------------------------------+------+-------------+-----------+-------------+
| | | 2009 | 2008 | 2009 |
+---------------------------------+------+-------------+-----------+-------------+
| | | GBP | GBP | GBP |
+---------------------------------+------+-------------+-----------+-------------+
| | | Unaudited | Unaudited | Audited |
+---------------------------------+------+-------------+-----------+-------------+
| Cash flows from operating | | | | |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Operating loss for the year as | | (108,550) | (100,503) | (377,582) |
| per income statement | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Share based payments | | - | 56,573 | 113,146 |
+---------------------------------+------+-------------+-----------+-------------+
| | | (108,550) | (43,930) | (264,436) |
+---------------------------------+------+-------------+-----------+-------------+
| Movements in working capital | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Increase in trade and other | | | (453,207) | (847,770) |
| receivables | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Decrease in trade and other | | 7,660 | 42,126 | (18,128) |
| payables | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net cash generated from | | (100,890) | (455,011) | (1,130,334) |
| operations | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash flows from financing | | | | |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net proceeds from issue of | | - | 521,970 | 521,970 |
| equity shares | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net cash flows from financing | | - | 521,970 | 521,970 |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash flows from investing | | | | |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Interest received | | 1,200 | 2,778 | 5,041 |
+---------------------------------+------+-------------+-----------+-------------+
| Net proceeds of sale of | | 590,953 | - | 1,033,208 |
| subsidiary | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net cash flows from investing | | 592,153 | 2,778 | 1,038,249 |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net (decrease)/increase in cash | | 491,263 | 69,737 | 429,885 |
| and cash equivalents | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash and cash equivalents at | | 451,855 | 21,970 | 21,970 |
| the beginning of period | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash and cash equivalents at | | 943,118 | 91,707 | 451,855 |
| end of period | | | | |
+---------------------------------+------+-------------+-----------+-------------+
Notes to the unaudited financial statements
1. Basis of Preparation
The financial information contained in this interim financial report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The financial information for the nine month periods to 31 December 2009
and 30 September 2008 has been neither audited nor reviewed by the auditors.
The figures and financial information for the period ended 31 March 2009 are
extracted from the latest published audited financial statements of the Company
and do not constitute the statutory financial statements for that period. The
audited financial statements for the period ended 31 March 2009 have been filed
with the Registrar of Companies. The report of the independent auditors on those
financial statements contained no qualification or statement under section
498(2) or section 498(3) of the Companies Act 2006.
The financial information has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting Standards (IFRS)
as adopted by the European Union and IFRIC interpretations. The financial
information has been prepared under the historical cost convention. The
statutory financial statements are prepared in accordance with IFRSs as adopted
by the European Union.
Except as described below, the Company has applied consistent accounting
policies in preparing the interim financial statements for the nine months ended
31 December 2009, the comparative information for the nine months ended 30
September 2008, and the financial statements for the period ended 31 March 2009.
The Company applies revised IAS 1 Presentation of Financial Statements, which
became effective as of 1 January 2009. As a result, the Company presents in the
statement of changes in equity all owner changes in equity, whereas all
non-owner changes in equity are presented in the statement of comprehensive
income. This standard is concerned with presentation only and does not have any
impact on the results or net assets of the Company. Comparative information has
been re-presented where applicable so that it also is in conformity with the
revised standard.
As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial
Statements" in preparing this interim financial information.
2. Loss per share
The loss per share has been calculated by dividing the loss after taxation of
GBP31,636 by the weighted average number of Ordinary Shares in issue for the
period of 332,768,383 (2008: 329,603,548). The diluted loss per share is the
same as the basic loss per share as the options that were in existence have an
anti-dilutive effect on the loss per share and therefore have not been taken
into account.
3. Dividend
No dividend is recommended.
4. Trade and other receivables
Other receivables of GBP515,239 at 31 March 2009 represented deferred
consideration arising on the sale of Energy Assets Limited which has
subsequently been received.
5. Share capital
At 31 December 2009 the Company had 332,768,383 Ordinary shares of 1p each in
issue. There have been no issues of shares during the period.
6. Principal Risks and Uncertainties
The Company's financial instruments comprise cash balances and debtors and
creditors that arise directly from its operations. The principal risks and
uncertainties facing the Company relate to the activity of establishing,
investing in or acquiring assets, businesses or companies in accordance with the
Company's investment strategy. Despite the opportunities that arise, there is
the risk that the Company may not find a suitable or profitable investment. A
further risk is that the Company may not be able to raise the necessary funding
for such an investment or, if necessary, for further working capital whilst
investment opportunities are explored.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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