RNS Number:2795Q
Abraxus Investments PLC
29 September 2003
Abraxus Investments Plc ('Abraxus' or 'the Company')
29 September 2003
ABRAXUS INVESTMENTS PLC
YEAR END RESULTS
Abraxus Investments, the AIM listed company that specialises in identifying
international and UK commercial property related investment opportunities, is
announcing its results for the year ended 31 March 2003.
Chairman's Statement
Financial Results
Turnover for the year was nil (2002 - #77,906) with a loss on ordinary
activities before taxation of #221,298 (2002 - loss #1,806,458). The loss in the
prior year incorporated #1,522,270 relating to the 08004homes.com Limited
business, now discontinued. The Board has minimised overheads and substantially
reduced the levels of remuneration set by the previous Board. From January 2003,
the Directors have deferred all remuneration until such time as is merited by
the Company's activities.
The Board is not recommending the payment of a dividend.
At 31 March 2003 the Group had strong cash balances of #1,938,871 (2002:
#1,700,963).
Operational Review
On 22 May 2002, Grosvenor Land Holdings plc took a 29.26% interest in the
Company and subsequently Neil McClure, Andrew Simon, Alan Frame, Jennifer Wicks,
Adrian Cosenza and Jon Hale all resigned from the main Board. John Anthony,
Simon Blausten, Douglas Blausten and myself were appointed to the Board and the
name of the Company was changed to Abraxus Investments PLC.
During the year, the Company issued 7,350,000 Ordinary 5p Shares at a price of
9.6p raising #705,600 before issue costs. Uri Heller, Alon Liberman and Michael
Kevehazi were appointed to the Board post year end.
Strategic Review
Following the restructuring, the Company adopted a new strategy aimed at
restoring shareholder value through identifying international and UK commercial
property related investment opportunities that show an expectation of higher
than average yields. The new venture aims to establish a reputation of investing
in high yielding international and UK property ventures.
As part of this we are currently considering a number of international
commercial property deals and we have now established a group of advisors and
affiliates who are currently advising us to select the right opportunity.
Osterreichische Volksbanken-Aktiengesellschaft ("the OVAG Bank") one of
Austria's leading commercial banks, has taken a 6.98% interest in the Company
via its wholly owned subsidiary Immoconsult Leasing Gesellschaft GmbH. This
investment, together with the investment by a group of Israeli investors
referred to above leaves the Company ideally positioned to take advantage of the
high returns available on the continent. We welcome their support and with their
representatives on the Board, the Company has identified a number of commercial
real estate investment opportunities in Central Europe, which we hope to be able
to announce in the near future.
Conclusion
The Board would like to take this opportunity to thank shareholders for their
patient support through this period of change and we look forward to announcing
further developments shortly which will return substantial value in the coming
years.
P Edmonds
Chairman
Consolidated Profit and Loss Account
Year ended 31 March 2003
2003 2002
# # # #
--------------------- -------- -------- -------- --------
TURNOVER
Continuing operations - -
Discontinued operations - 77,906
--------------------- -------- -------- -------- --------
- 77,906
Cost of sales - -
GROSS PROFIT from
discontinued
operations - 77,906
Administrative expenses:
Continuing operations (279,309) (380,434) -
--------------------- -------- -------- -------- --------
Discontinued operations:
Other administrative - (1,600,176)
expenses
--------------------- -------- -------- -------- --------
TOTAL ADMINISTRATIVE (279,309) (1,980,610)
EXPENSES
--------------------- -------- -------- -------- --------
OPERATING LOSS
Continuing (279,309) (380,434)
operations
Discontinued - (1,522,270)
operations
--------------------- -------- -------- -------- --------
LOSS ON ORDINARY (279,309) (1,902,704)
ACTIVITIES BEFORE INTEREST
--------------------- -------- -------- -------- --------
Interest receivable 58,011 96,246
and similar income
--------------------- -------- -------- -------- --------
LOSS ON ORDINARY ACTIVITIES
BEFORE AND AFTER TAXATION AND
RETAINED FOR THE FINANCIAL YEAR,
TRANSFERRED TO RESERVES (221,298) (1,806,458)
--------------------- -------- -------- -------- --------
Basic and diluted (1.11p) (9.57p)
loss per ordinary
share
--------------------- -------- -------- -------- --------
Consolidated Balance Sheet
31 March 2003
2003 2002
# #
-------------------------- ------------ ------------
FIXED ASSETS
Intangible fixed assets - -
Tangible fixed assets - -
-------------------------- ------------ ------------
CURRENT ASSETS
Debtors 224,834 10,664
Cash at bank and in hand 1,938,871 1,700,963
-------------------------- ------------ ------------
2,163,705 1,711,627
CREDITORS: amounts falling due within one (46,290) (37,229)
year ------------ ------------
--------------------------
NET CURRENT ASSETS 2,117,415 1,674,398
-------------------------- ------------ ------------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,117,415 1,674,398
-------------------------- ------------ ------------
NET ASSETS 2,117,415 1,674,398
-------------------------- ------------ ------------
CAPITAL AND RESERVES
Called up share capital 1,311,472 943,972
Share premium account 7,303,754 7,006,939
Profit and loss account (6,497,811) (6,276,513)
-------------------------- ------------ ------------
TOTAL EQUITY SHAREHOLDERS' FUNDS 2,117,415 1,674,398
-------------------------- ------------ ------------
Company Balance Sheet
31 March 2003
2003 2002
# #
-------------------------- ------------ ------------
FIXED ASSETS
Tangible fixed assets - -
Investments - -
-------------------------- ------------ ------------
- -
-------------------------- ------------ ------------
CURRENT ASSETS
Debtors 236,598 10,664
Cash at bank and in hand 1,927,107 1,663,095
-------------------------- ------------ ------------
2,163,705 1,673,759
CREDITORS: amounts falling due within one (80,543) (37,229)
year ------------ ------------
--------------------------
NET CURRENT ASSETS 2,083,162 1,636,530
-------------------------- ------------ ------------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,083,162 1,636,530
-------------------------- ------------ ------------
NET ASSETS 2,083,162 1,636,530
-------------------------- ------------ ------------
CAPITAL AND RESERVES
Called up share capital 1,311,472 943,972
Share premium account 7,303,754 7,006,939
Profit and loss account (6,532,064)) (6,314,381
-------------------------- ------------ ------------
TOTAL EQUITY SHAREHOLDERS' FUNDS 2,083,162 1,636,530
Contacts:
Phil Edmonds Abraxus Investments Plc Tel: 020 7224 2522
John Depasquale Seymour Pierce Tel: 020 7107 8110
Hugo de Salis St Brides Media & Finance Tel: 020 7242 4477
This information is provided by RNS
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