Warthog plc (the "Company"), today announces its interim results for the 6
months ended 30th September 2005.
Chairman's Statement
As I reported on 16 November 2005, Warthog plc has now received the #150,000
that was held in escrow pursuant to the Sale & Purchase Agreement dated 3rd
November 2004 when all the Company's subsidiaries at that date were sold to
Tiger Telematics Inc ("TGTL"). Since that time we have also received a share
certificate for 497,866 shares of common stock in TGTL, which had also been held
in escrow up to 4th November 2005 as security for any claims arising pursuant to
the Sale and Purchase Agreement. We have received no notice of any such claims.
Unfortunately the company will only be able to trade these shares on the earlier
of TGTL being up to date with the filing of its quarterly financial statements
and the second anniversary of completion when the shares cease to be restricted
(in accordance with US securities laws). At today's date TGTL has not filed its
quarterly statement for the quarter ended 30 September 2005 and currently we
remain unable to trade these shares.
At today's date the mid price of the TGTL stock was $5.005 which places a value
on the shares we own of #1,413,237 (assuming an exchange rate of $1.7632 to the
#GBP). As we are not able to trade our TGTL stock it is not possible to predict
what its value will be when we are in a position to deal in that stock.
However, the recent performance of the TGTL stock is not encouraging and
accordingly the accounts for the six months to 30 September 2005 reflect a
diminution in value of #2,475,648.
The Directors continue to pursue acquisition opportunities. Any such
discussions are difficult as the value of the TGTL stock cannot be reliably
ascertained. There is no certainty that a satisfactory deal can be completed
within the foreseeable future.
The un-audited loss for the 6 months ended 30 September 2005 is therefore
#2,531,554 of which #37,906 represents ongoing administrative and listing costs.
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