Final Results
June 12 2007 - 3:00AM
UK Regulatory
Pine Ventures plc
(the "Company" or together with its subsidiaries "the Group")
Preliminary Results
for the year ended 31 December 2006
Chairman's Statement
Further to various announcements made by the Company in the last six months,
shareholders will be aware that the year under review has been a disappointment
which ultimately led to the departure of the Chief Executive in October 2006
and the strategic review by the Board. This review concluded that the passing
of the Safe Port Act in the United States of America would have a detrimental
effect on the ability of the Company to successfully implement its growth
strategy in the online gaming sector. Consequently the Company announced on 9
May 2007 the liquidation of its principal trading subsidiary which left the
Company as an investing company under Rule 15 of the AIM Rules.
At an EGM of the Company held on 6 June 2007 shareholders approved the
Company's investment strategy and the change of name from CheekyMoon
Entertainment plc to Pine Ventures plc.
During the year ended 31 December 2006 the Group generated nil turnover (2005 -
nil) and generated a loss of �3,206,000 (2005 - �112,000) which included an
amount of �2,248,000 (2005 - nil) for goodwill impairment.
The Company has announced today the details of a Placing and Open Offer to
raise a minimum of �400,000 (the "Fundraising"). Pursuant to the Fundraising
the Company has conditionally placed 400,000,000 Ordinary Shares with investors
at 0.1p per share. In addition, shareholders will have an entitlement under an
open offer to subscribe for two ordinary shares for every Ordinary Share held
at 0.1p per share. Shareholders may make excess applications up to a maximum
additional amount equal to their pro rata entitlement. The funds raised by the
Company pursuant to the Fundraising will be used to fund due diligence of
potential acquisitions trading in the software sector in the UK, Europe and
North America as outlined in its investing strategy approved by shareholders on
6 June 2007.
A document relating to the Placing and Open Offer which includes a Notice of
EGM will be posted to shareholders today.
Lord Beaverbrook
12 June 2007
Consolidated Income Statement
for the year ended 31 December 2006
Note Year ended Period ended
31 December 31 December
2006 2005
�'000 �'000
Goodwill impairment (2,248) -
Administrative expenses (978) (130)
Operating Loss (3,226) (130)
Finance income 20 18
Loss on ordinary activities before and (3,206) (112)
after tax and loss for the financial
year
Loss per share - basic and diluted (1.16p) (0.19p)
Consolidated Balance Sheet
as at 31 December 2006
2006 2005
�'000 �'000
Assets
Non-current assets
Goodwill - -
Property, plant & equipment - -
Total non-current assets - -
Current assets
Trade and other receivables 1 10
Cash and cash equivalents 91 1,239
Total current assets 92 1,249
Total assets 92 1,249
Equity and liabilities
Equity attributable to equity holders of the
parent
Share capital 296 215
Share premium account 1,147 1,114
Other reserves - -
Retained losses (1,542) (112)
Total (deficit)/equity (99) 1,217
Current liabilities
Trade and other payables 191 32
Total equity and liabilities 92 1,249
Consolidated Cash flow statement
for the year ended 31 December 2006
Year ended Period ended
31 December 31 December
2006 2005
�'000 �'000
Cash flows from operating activities
Loss before tax (3,206) (112)
Adjustments for :
Depreciation 209 -
Goodwill impairment 2,248 -
Finance income (20) (18)
Decrease/(increase) in trade and other 9 (10)
receivables
Increase in trade and other payables 94 32
Net cash outflow from operating (666) (108)
activities
Cash flows from investing activities
Acquisition of and loans to (289) -
subsidiary, net of cash acquired
Finance income received 20 18
Purchase of property, plant and (103) -
equipment
Net cash (used in)/generated from (372) 18
investing activities
Cash flows from financing activities
Proceeds from issue of ordinary share 34 1,385
capital
Expense of share issues (144) (56)
Net cash (used in)/generated from (110) 1,329
financing activities
Net (decrease)/increase in cash and (1,148) 1,239
cash equivalents
Cash and cash equivalents at the 1,239 -
beginning of the year
Cash and cash equivalents at the end 91 1,239
of the year
Notes to the Financial Statements
1. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The financial information for the period ended 31 December 2006 has been
extracted from the Company's financial statements to that date which have
received an unqualified auditors' report but have not yet been delivered to the
Registrar of Companies.
2. Loss per share
Year ended Period ended
31 December 31 December
2006 2005
Loss for the year (�'000) 3,206 112
Weighted average number of 275,844,279 59,035,488
ordinary shares
Loss per share - basic and (1.16p) (0.19p)
diluted
3. Dividends
No dividends were paid or are proposed in respect of the period ended 31
December 2006.
4. A copy of the Annual Report and Accounts will be sent to all shareholders
today and will be available from the Company's registered office, Number 14,
The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire SK4 3GN.
Enquiries:
Lord Beaverbrook, Chairman 020 7235 3131
Pine Ventures plc
Simon Clements/David Worlidge 020 7628 2200
John East & Partners Limited
Trevor Phillips 020 7929 5599
Holborn Public Relations
END
Pine Ventures (LSE:PVS)
Historical Stock Chart
From Apr 2024 to May 2024
Pine Ventures (LSE:PVS)
Historical Stock Chart
From May 2023 to May 2024
