Final Results
February 07 2002 - 7:57AM
UK Regulatory
RNS Number:1359R
Advance Capital Invest PLC
7 February 2002
7 February 2002
Advance Capital Invest plc
Preliminary Results for Year ended 31st October 2001
Chairman's statement
Results
Advance Capital Invest, the investment vehicle, was incorporated on 20 October
2000. In conjunction with its admission to AIM on 1 December 2001, the Company
raised a total of approximately £2 million cash. During the period under review,
ACI has not undertaken any trading activities, but incurred certain staff and
operational costs associated with reviewing a number of acquisitions.
Terminated acquisition
As reported in August the Company ended discussions to acquire IAC Holdings
Limited ("IAC"), a film and television development, finance and sales agency
business, for the acquisition of the entire issued share capital of IAC. The
Company undertook extensive due diligence on IAC with the intention of
completing the proposed acquisition. In light of the stock market conditions at
the time, the Board no longer believed that it was in the best interests of ACI
shareholders to complete the acquisition of IAC, due in part to the fact that it
required a simultaneous fundraising.
Outlook
The Board continues to actively review potential acquisitions. ACI remains an
attractive investment vehicle and if necessary, one capable of providing
additional managerial and capital input into a suitable opportunity, once
identified. The Company continues to have a strong balance sheet with net
assets per share of approximately 17.6p, consisting predominantly of cash at
bank and in hand.
Nigel Whittaker
Chairman
7 February 2002
For further information, please contact:
Nigel Whittaker, Chairman Tel: 020 7796 4133
Charles Fairbairn, Finance Director
Advance Capital Invest
Alistair Mackinnon-Musson / Philip Dennis Tel: 020 7796 4133
Hudson Sandler Email: aci@hspr.co.uk
Profit and loss accounts for the period from incorporation to 31 October 2001
Period Ended
Notes 31 October
2001
£'000
Administrative expenses (110)
Operating loss (110)
Costs re terminated transaction (460)
Other income 83
Loss on ordinary activities before taxation (487)
Tax on profit on ordinary activities -
Loss on ordinary activities after taxation (487)
Retained profit brought forward -
Losses carried forward (487)
Loss per share - Diluted 3 (6.01p)
Loss per share - Basic 3 (6.01p)
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
Balance sheets at 31 October 2001
As at
31 October
Notes 2001
£'000
Current assets
Prepayments 4
Cash at bank and in hand 1,695
1,699
Creditors: amounts falling due within one year (274)
Net Assets 1,425
Capital and reserves
Called up share capital 5 810
Share premium account 1,102
Profit and loss account (487)
Shareholder's Funds - all equity interests 1,425
Cash flow statement at 31 October 2001
As at
31 October
Notes 2001
£'000
Net cash outflow from operating activities (300)
Return on investments and servicing of finance
Interest received 83
Net Cash outflow before financing (217)
Financing
Placing 1,912
Increase in cash in the period 1,695
Notes to the Cash Flow Statement
As at
31 October
2001
£'000
(1) Reconciliation of operating loss to operating cash outflow
Operating loss (110)
Cost re aborted transaction incurred (201)
Increase in debtors (4)
Increase in other creditors 15
Net cash outflow from operating activities (300)
(2) Reconciliation of net cash flow to movement in net funds
Placing proceeds 2,025
Cost of Placing (113)
Movement in net funds in period 1,912
(3) Costs re aborted transaction
Period to date 201
Paid since 31 October 2001 259
460
Notes to the financial statements
1. Basis of preparation of the financial statements
The profit and loss account, balance sheet and cashflow statement which are
unaudited have been prepared in accordance with relevant accounting standards.
The financial information contained in the financial statements does not
constitute statutory accounts within the meaning of section 240 of the Act.
The Company was incorporated on 20 October 2000 and admitted to the Alternative
Investment Market on 1 December 2000, from which date it became active. The
Company is a cash shell with the stated intention of acquiring a significant
stake in a single company that has the potential for rapid growth. There have
been few transactions during the period.
2. Costs re: terminated acquisition
The costs incurred in connection with the now terminated acquisition of IAC,
have been written off to the profit and loss account.
3. Loss per share
The loss per Ordinary share for the period ended 31 October 2001 has been based
on the loss attributable to Shareholders of £487,000 divided by 8,100,000
shares, being the entire issued share capital of the Company throughout the
period from 1 December 2000 when the Company became active.
There is no difference between the basic and fully diluted earnings per Ordinary
Share, as no Ordinary Shares are issuable under the Share Options until the
completion by the Company of a business acquisition, and this condition had not
been met at the end of the reporting period.
4. Ordinary dividend
The Board has not declared an interim dividend in respect of this period.
5. Called up share capital
As at
31 October
2001
£'000
Authorised
Equity: 10,000,000 ordinary shares of 10p each 1,000
Allotted and fully paid:
Equity: 8,100,000 ordinary shares of 10p each 810
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