Final Results
March 14 2008 - 3:00AM
UK Regulatory
14 March 2008
Pine Ventures plc
(the "Company")
Final Results
for the year ended 31 December 2007
Chairman's Statement
Introduction
I am pleased to present your Company's results for the year ended 31 December
2007.
Results
The loss on ordinary activities before taxation for the year amounted to �
322,000 (2006: loss �3,086,000) representing a loss per share of 0.06 pence
(2006: loss 1.12 pence).
Events during the year
On 9 May 2007 the Company announced the liquidation of its principal trading
subsidiary resulting in the Company becoming an investing company under Rule 15
of the AIM Rules.
At an EGM on 6 June 2007 shareholders approved the Company's investment
strategy and the change of name from CheekyMoon Entertainment plc to Pine
Ventures plc. The Company's investment strategy is to acquire another company
or business in the software sector in the UK, Europe or North America.
On 12 June 2007 the Company announced a Placing and Open Offer whereby the
funds raised would be used to fund due diligence on potential acquisition
targets and to fund working capital generally. This was completed on 5 July
2007 and raised approximately �423,000 before expenses.
The directors are actively pursuing potential acquisitions but none are at an
advanced stage at this time. Under the AIM Rules the Company's shares will be
suspended from trading on AIM if a suitable acquisition has not been made in
accordance with the stated investment strategy by 6 June 2008. The directors
will keep shareholders fully informed of developments over the coming months.
Lord Beaverbrook
Chairman
14 March 2008
Income Statement
for the year ended 31 December 2007
2007 2006
�'000 �'000
Investment written off - (2,795)
Administrative expenses (328) (311)
Operating loss (328) (3,106)
Finance Income 6 20
Loss on ordinary activities before and after tax (322) (3,086)
and loss for the financial year
Loss per share - basic and diluted (0.06)p (1.12)p
Statement of Changes in Equity
for the year ended 31 December 2007
Share Share Other Retained Total
capital premium losses
reserves �'000
�'000 �'000 �'000
�'000
At 31 December 2005 215 1,114 - (112) 1,217
Issue of equity share 81 33 1,776 - 1,890
capital
Loss for the financial year - - - (3,086) (3,086)
Transfer between reserves - - (1,776) 1,776 -
At 31 December 2006 296 1,147 - (1,422) 21
Issue of equity share 423 - - - 423
capital
Loss for the financial year - - - (322) (322)
At 31 December 2007 719 1,147 - (1,744) 122
Balance Sheet
as at 31 December 2007
2007 2006
�'000 �'000
Current assets
Trade and other receivables 17 1
Cash and cash equivalents 140 90
Total current assets 157 91
Total assets 157 91
Equity and liabilities
Equity attributable to equity holders of the
parent
Share capital 719 296
Share premium account 1,147 1,147
Retained losses (1,744) (1,422)
Total equity 122 21
Current liabilities
Trade and other payables 35 70
Total equity and liabilities 157 91
Cash flow statement
for the year ended 31 December 2007
2007 2006
�'000 �'000
Cash flows from operating activities
Loss before tax (322) (3,086)
Adjustments for :
Investment written off - 2,795
Finance income (6) (20)
Expense of share issues 57 -
(Increase)/decrease in trade and other (16) 9
receivables
(Decrease)/increase in trade and other (35) 38
payables
Net cash used in operating activities (322) (264)
Cash flows from investing activities
Acquisition of subsidiary - (795)
Finance income 6 20
Net cash from/(used in) investing 6 (775)
activities
Cash flows from financing activities
Proceeds from issue of ordinary share 423 34
capital
Expense of share issues (57) (144)
Net cash from/(used in) financing 366 (110)
activities
Net increase/(decrease) in cash and 50 (1,149)
cash equivalents
Cash and cash equivalents at the 90 1,239
beginning of the year
Cash and cash equivalents at the end of 140 90
the year
Notes to the Financial Statements
1. Publication of non-statutory accounts
The financial information set out in this announcement does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2007 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.
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union, applied
in accordance with the provisions of the Companies Act 1985 and present
financial information on the Company only. The comparative figures shown are
those of the Company and are not those previously reported on as a group. This
is necessary because the Company has no trading subsidiary at 31 December 2007.
2. Loss per share
2007 2006
Loss for the year (�'000) (322) (3,086)
Weighted average number of 503,815,581 275,844,279
ordinary shares
Loss per share - basic and (0.06)p (1.12)p
diluted
3. Dividends
No dividends were paid or are proposed in respect of the year ended 31 December
2007.
4. A copy of the Annual Report and Accounts will be sent to all shareholders
shortly 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
END
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