RNS Number:0261N
Caplay PLC
30 November 2006
FOR IMMEDIATE RELEASE 30 NOVEMBER 2006
Caplay Plc
Results for the Year Ended 31 May 2006
Chairman's report
The Company has continued to pursue its strategy of disposing of underperforming
assets and repositioning itself to take advantage of future growth opportunities
in the last financial year. The results for the year reflect this strategy and
include an exceptional loss of #669,826 following the disposal of the company's
investment in Catalyst Investment Corp.
As notified in last year's chairman's statement as post balance sheet
disclosures, in August 2005 the Company restructured its convertible loan to
Private Trading Systems Inc (PVTM). PVTM is a publicly traded securities trading
platform that provides an order book matching system. In October the Company
settled all outstanding litigation issues with its former Chief Executive, Ken
Murray. Later that month the company sold its interest in Catalyst Investment
Corp back to its major shareholder. In November 2005 the company successfully
raised #1,000,000 by the issue of ordinary share capital before expenses to
provide working capital and to enable the Board to identify and implement its
strategy for growth. Finally, in February 2006, the Company announced that a
subsidiary, Baden Associates Limited, was to be wound up. This completed the
disposal of the Company's interests in public houses.
As a result of the above transactions the Company has significantly simplified
its business which now consists primarily of an investment in PVTM, where the
Company owns 722,900 shares of restricted stock. Based on the closing price of
PVTM on 28th November of $5 per share the Company's shareholding has a value of
$3.61 million (#1.87m based on an exchange rate of $1.93 to #1). In addition, as
at the same date the Company has cash reserves of approximately #950,000, with
no significant liabilities and limited ongoing running costs.
Following the rationalisation of the Company's assets, the directors have waived
their entitlement to remuneration and the costs associated with the running of
the Company have been kept to professional fees and those costs required to
maintain the AIM listing.
Your board continues to pursue opportunities aimed at realising value for
shareholders and looks forward to updating shareholders in due course.
Anthony Fabrizi
Consolidated profit and loss account
For the year ended 31 May 2006
2006 2005
# #
Turnover 45,927 151,325
Administrative expenses (638,325) (1,434,748)
Operating loss (592,398) (1,283,423)
Investment income (669,826) -
Other interest receivable 30,173 78,679
and similar income
Interest payable and similar (3,000) (820)
charges
Loss on ordinary activities (1,235,051) (1,205,564)
before taxation
Tax on loss on ordinary - -
activities
Loss on ordinary activities (1,235,051) (1,205,564)
after taxation
Loss per share - basic and (0.53p) (0.72p)
diluted
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
Statement of total recognised gains and losses
For the year ended 31 May 2006
2006 2005
# #
Loss for the financial year (1,235,051) (1,205,564)
Unrealised surplus on fixed asset 1,687,631 -
investment
Total recognised gains and losses relating to 452,580 (1,205,564)
the year
Consolidated balance sheet
As at 31 May 2006
2006 2005
# # # #
Fixed assets
Tangible assets 1,737 5,292
Investments 2,710,647 1,074,419
2,712,384 1,079,711
Current assets
Debtors 96,103 1,120,541
Cash at bank and in hand 876,559 902,821
972,662 2,023,362
Creditors: amounts falling due (61,514) (196,770)
within one year
Net current assets 911,148 1,826,592
Total assets less current liabilities 3,623,532 2,906,303
Provisions for liabilities - (650,000)
3,623,532 2,256,303
Capital and reserves
Called up share capital 6,800,000 5,800,000
Share premium account 6,112,612 6,197,963
Revaluation reserve 1,687,631 -
Profit and loss account (10,976,711) (9,741,660)
Shareholders' funds 3,623,532 2,256,303
Equity interests (376,468) (1,743,697)
Non-equity interests 4,000,000 4,000,000
3,623,532 2,256,303
Consolidated cash flow statement
for the year ended 31 May 2006
2006 2005
# # # #
Net cash outflow from operating activities (1,305,546) (2,965,256)
Returns on investments and
servicing of finance
Interest received 30,173 78,679
Interest paid (3,000) (820)
Net cash inflow for returns on 27,173 77,859
investments and servicing of
finance
Capital expenditure and financial investment
Payments to acquire tangible - (3,428)
assets
Payments to acquire investments (24,227) (1,075,242)
Receipts from sales of investments 361,689 -
Net cash inflow/(outflow) for 337,462 (1,078,670)
capital expenditure
Net cash outflow before management (940,911) (3,966,067)
of liquid resources and financing
Management of liquid resources
Bank deposits 584,980 265,000
Net cash outflow from decrease in 584,980 265,000
liquid resources
Financing
Issue of ordinary share capital 1,000,000 2,400,000
Cost of share issue (85,351) -
Net cash inflow from financing 914,649 2,400,000
Increase/(decrease) in cash in the 558,718 (1,301,067)
year
Reconciliation of operating loss to net cash 2006 2005
outflow from operating activities
# #
Operating loss (592,398) (1,283,423)
Depreciation of tangible assets 1,143 1,253
Amortisation of intangible assets 44,115 -
Loss on disposal of tangible assets 2,412 -
Decrease/(increase) in debtors 24,438 (1,016,908)
Decrease in creditors within one year (135,256) (667,001)
Decrease in provision (650,000) -
Write down of investments - 823
Net cash outflow from operating activities (1,305,546) (2,965,256)
Analysis of net funds 1 June Cash flow 31 May 2006
2005
# # #
Net cash:
Cash at bank and in hand 317,841 558,718 876,559
Liquid resources:
Bank deposits 584,980 (584,980) -
Net funds 902,821 (26,262) 876,559
Notes to the preliminary announcement
1 The financial information set out above does not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985 ('the Act'). Full
accounts for the Group for the year, which received an unqualified auditors'
report within the meaning of Section 235 of the Act and which will not contain a
statement under Section 237 (2) or (3) of the Act, will be posted to
shareholders as soon as is practicable.
2 The directors of the Company do not propose the payment of a dividend.
3 Earnings per ordinary share
The earnings and number of shares used in the calculation of earnings per
ordinary share are set out below:
2006 2005
Basic:
Loss for the financial year 1,235,051 1,205,564
Weighted average of ordinary shares 234,246,575 166,666,668
Loss per share 0.53p 0.72p
There was no dilutive effect from the warrants or options outstanding
during the year.
4 Copies of this announcement are available from the Company Secretary at 25
Manchester Square, London W1U 3PY and copies of the Annual Report and Accounts
will also be available.
5 For further information please contact:
Patrick Claridge - 07793 555224
Anthony Fabrizi - 07771 782434
This information is provided by RNS
The company news service from the London Stock Exchange
END
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