TIDMAPS
RNS Number : 4792R
Alpha Strategic PLC
28 October 2013
28 October 2013
Alpha Strategic PLC ("Alpha Strategic" or "the Company")
Interim results for the period ended 30 September 2013
Alpha Strategic PLC, the specialist investment group, announces
its unaudited interim results for the 6 months ended 30 September
2013
Highlights
-- Revenue GBP26,000 (6 months to 30 September 2012: GBP247,000)
-- Operating loss of GBP994,000 (6 months to 30 September 2012: loss GBP1.85 million)
-- Net assets GBP2.10 million (31 March 2013: GBP3.10 million)
-- Cash balance GBP1.93 million (31 March 2013: GBP2.39 million)
Enquiries:
Alpha Strategic PLC +44 (0)20 7222 3005
Alistair McKay, Chief Executive Officer
Kit Malthouse, Finance Director
Westhouse Securities Limited +44 (0)20 7601 6100
Tom Griffiths
Chairman's statement
Last month, at the time of announcing Alpha Strategic's full
year results to 31st March 2013, I reported the progress we have
made in building a strong pipeline of potential acquisition
opportunities. As previously mentioned, Northill Capital, as
majority shareholder, remains committed to enabling the Company to
capture and capitalise on these opportunities.
However, despite Northill's backing, the Company has been
continually challenged with the burden of being quoted on AIM,
which along with the size of our market capitalisation constrains
access to capital through debt and equity markets. On 26 September
2013, we announced that the Company had been approached by Northill
which was considering making an offer to buy the shares in the
Company they did not already own at 25p per share in cash. In light
of the challenges mentioned above, the Independent Directors (being
all members of the Board other than Jonathan Little) concluded that
Northill's offer is the best outcome for all shareholders and, as
separately announced on 18 October 2013, are recommending that
shareholders accept the offer.
For the six months ended 30 September 2013, we are reporting a
pre-tax loss of GBP990,000 (2012: loss of GBP1.85 million). The
Group's cash position as at 30 September 2013 was GBP1.93 million.
Income has fallen significantly and this is mainly due to the
termination of the revenue sharing agreement with IKOS Asset
Management.
Colin Barrow
Chairman
28 October 2013
Alpha Strategic PLC
Consolidated statement of comprehensive income
for the six months ended 30 September 2013
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
Notes GBP000 GBP000 GBP000
Revenue 26 247 493
Other administrative expenses (825) (415) (965)
Corporate restructuring
expenses (95) - -
Costs incurred in respect
of potential acquisition (100) - -
Expenses relating to the
resignation of the Chief
Executive - (247) (250)
Impairment of goodwill - (1,439) (1,439)
Total administrative expenses (1,020) (2,101) (2,654)
Operating loss (994) (1,854) (2,161)
Finance income
Interest receivable and
similar income 4 3 8
Loss before tax (990) (1,851) (2,153)
Taxation - - -
Loss and total comprehensive
income for the period
attributable to shareholders (990) (1,851) (2,153)
Basic and diluted loss
per share 4 (10.7) p (20.1) p (23.3) p
Alpha Strategic PLC
Consolidated statement of financial position
as at 30 September 2013
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Assets
Non-current assets
Goodwill 414 414 414
Plant and equipment 5 7 6
419 421 420
Current assets
Trade and other receivables 94 149 400
Cash and cash equivalents 1,932 2,910 2,388
2,026 3,059 2,788
Total assets 2,445 3,480 3,208
Equity and liabilities
Capital and reserves attributable
to the equity holders of the
parent
Share capital 127 127 127
Share premium 4,948 4,948 4,948
Merger reserve 1,341 1,341 1,341
Capital redemption reserve 15 15 15
Accumulated deficit (4,330) (3,038) (3,340)
2,101 3,393 3,091
Current liabilities
Trade and other payables 344 87 117
Total liabilities 344 87 117
Total equity and liabilities 2,445 3,480 3,208
Alpha Strategic PLC
Consolidated statement of changes in equity
for the six months ended 30 September 2013
Share Capital
Share Capital Share Merger redemption Accumulated Total
Capital 'A' shares premium reserve reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2012 92 50 4,948 1,341 - (1,187) 5,244
Purchase of own
shares (note 4) - (15) - - 15 - -
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - - (1,851) (1,851)
At 30 September
2012 92 35 4,948 1,341 15 (3,038) 3,393
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - - (302) (302)
At 31 March 2013 92 35 4,948 1,341 15 (3,340) 3,091
Loss and total
comprehensive
income for the
period attributable
to shareholders - - - - - (990) (990)
At 30 September
2013 92 35 4,948 1,341 15 (4,330) 2,201
Share Capital is the amount subscribed for ordinary shares at
nominal value. Share Capital 'A' shares is the amount subscribed
for 'A' ordinary shares at nominal value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of these shares net of share
issue expenses.
The merger reserve comprises the excess of the amount subscribed
for share capital over the nominal value of ordinary shares issued
in respect of the acquisition of subsidiaries in accordance with
the merger relief provisions of the Companies Act 1985 and the
Companies Act 2006.
The capital redemption reserve comprises the nominal value of
share capital purchased back by or returned to the company and
subsequently cancelled. The reserve forms part of the company's
capital equity.
Accumulated deficit represent cumulative losses of the Group
attributable to equity holders.
Alpha Strategic PLC
Consolidated statement of cash flows
for the six months ended 30 September 2013
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flow from operating activities
Loss before taxation (990) (1,851) (2,153)
Finance income (4) (3) (8)
Depreciation 1 2 4
Impairment of goodwill - 1,439 1,439
Cash flow from operating activities
before changes in working capital (993) (413) (718)
Decrease/(increase) in trade
and other receivables 306 19 (232)
Increase/(decrease) in trade
and other payables 227 (6) 24
Net cash flow from operations (460) (400) (926)
Investing activities
Purchases of plant and equipment - (2) (3)
Interest received 4 3 8
Net cash flow from investing
activities 4 1 5
Net decrease in cash and cash
equivalents in the period (456) (399) (921)
Cash and cash equivalents at
beginning of the period 2,388 3,309 3,309
Cash and cash equivalents at
end of the period 1,932 2,910 2,388
Cash and cash equivalents comprise:
Cash 1,932 2,910 2,388
Cash and cash equivalents at
end of the period 1,932 2,910 2,388
Alpha Strategic PLC
Notes to the interim results
for the six months ended 30 September 2013
1 The Group
The principal activity of the Group is to acquire shares in, or
enter into joint ventures with, or provide services to, hedge fund
management businesses, so as to acquire high quality diversified
revenue streams. The Company has its listing on the Alternative
Investment Market ("AIM") of the London Stock Exchange.
2 Basis of preparation
These unaudited consolidated interim financial statements are
for the six-month period to 30 September 2013. They do not include
all the information required for full annual financial statements
and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 March 2013, which
were prepared under International Financial reporting Standards
("IFRS") as adopted by the European Union ("EU").
These interim consolidated financial statements have been
prepared in accordance with accounting policies consistent with
those set out in the Group's financial statements for the year
ended 31 March 2013 and are consistent with the accounting policies
the Group will use to prepare its financial statements for the year
ending 31 March 2014. This half-yearly report is not prepared under
IAS34.
The financial information for the year ended 31 March 2013 does
not constitute the full statutory accounts for that period. The
Annual Report and Financial Statements for 2013 have been filed
with the Registrar of Companies. The Independent Auditors' Report
on the Annual Report and Financial Statements for 2013 was
unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under S 498(2) or S
498(3) of the Companies act 2006.
3 Segmental analysis
The Group's entire revenue is generated in the UK from a single
business segment; that of providing services to hedge fund
management businesses within Europe. Management and financial
reports received by the Board are prepared on the basis of the
single business unit.
4 Loss per share
The calculation of the basic loss per share is based upon the
loss after tax attributable to ordinary shareholders of GBP990,000
(six months to 30 September 2012: loss of GBP1,851,000; year to 31
March 2013: loss of GBP2,153,000) and a weighted average number of
shares in issue for the period of 9,225,758 (six months to 30
September 2012: 9,225,758; year to 31 March 2013: 9,225,758).
Diluted earnings per share for the six months to 30 September
2013, the six months to 30 September 2012 and the year to 31 March
2013 is the same as the basic loss per share because the inclusion
of conversion rights and warrants have an anti-dilutive effect on
the calculation.
5 Events after the reporting period
On 26 September 2013, Alpha Strategic announced the Company had
been approached by its majority shareholder, Northill Europe
Holdings ("Northill") which was considering making an offer to buy
the shares in the Company they did not already own at 25p per share
in cash.
On 18 October 2013 the Company published a rule 2.7 announcement
recommending the Acquisition to shareholders. The Acquisition is
being implemented by way of a Court-sanctioned scheme of
arrangement. Full details of the Scheme, the Court Meetings and the
General Meeting are set out in the Scheme Document which was posted
to shareholders on 28 October 2013 and can also be viewed at
www.alphastrategic.com.
Subject to Court and Shareholder approval, the cancellation of
admission of the Ordinary Shares to trading on AIM will occur on
the day after all approvals and regulatory requirements have been
satisfied which is expected to be around year-end.
Advisory and legal costs in relation to the Scheme of
Arrangement, amounting to GBP95,000, have been provided for in
these interim statements.
6 Dividends
The directors have not paid nor do they declare a dividend in
the period (six months to 30 September 2012: nil; year to 31 March
2013: nil).
7 Copies of the financial statements
To obtain a copy of this report, and for information on the
company and its Directors, please visit our website at
www.alphastrategic.com. Alternatively, the report can be obtained
by contacting the Company Secretary at 15-17 Grosvenor Gardens,
London SW1W 0BD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMMZGNKNGFZM
Alpha Strategic (LSE:APS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alpha Strategic (LSE:APS)
Historical Stock Chart
From Apr 2023 to Apr 2024
