Interim Results
September 06 2005 - 7:03AM
UK Regulatory
RNS Number:8834Q
Commoditrade Inc.
06 September 2005
6 September 2005
Commoditrade Inc ("Commoditrade")
Interim Results
for the period ended 30 June 2005
Chairman's Statement
I am pleased to present the first results of Commoditrade covering the period
from incorporation on 6 January 2005 to 30 June 2005. The Company was admitted
to AIM on 8 March 2005 through an initial placing of 10.3 million ordinary
shares that generated net funds for the Company of #365,000. The Company was
created to build, through investment and acquisition, a group specialising in
the commodities sector.
The Company did not trade in the period covered by these interim results and the
only activity during this period has been the investigation of various potential
acquisition opportunities and the related due diligence undertaken thus far.
On 12 July 2005 your Board, having noted speculation regarding a possible
acquisition by the Company, requested that the London Stock Exchange plc
temporarily suspend trading of the Company's securities on AIM. The directors
expect to announce an acquisition shortly which will be treated as a reverse
for the purposes of AIM.
The Board is pleased with the progress made to date and looks forward to the
future with confidence.
Graham Butt
Chairman
5 September 2005
Enquiries: John Bick Tel: 020 7651 6999
Commoditrade Inc
Profit and loss account
for the period ended 30 June 2005
Period from
incorporation
to
30 June
2005
(Unaudited)
#000
Notes
Administrative expenses (60)
--------
Operating loss (60)
Interest receivable and similar income -
--------
Loss on ordinary activities before and after tax 3 (60)
--------
Loss per share (pence) 2 (0.08) p
Balance sheet
As at 30 June 2005
30 June
2005
(Unaudited)
#000
Current assets
Debtors 410
Creditors: amounts falling due within one year (8)
--------
Net current assets, and net assets 402
--------
Capital and reserves
Called up share capital 103
Share premium account 359
Profit and loss account (60)
--------
Equity shareholders' funds 402
--------
Reconciliation of movement in equity shareholders' funds
Period from
incorporation to
30 June 2005
(Unaudited)
#000
Total recognised loss for the period (60)
Issue of shares 462
--------
Net movement in equity shareholders' funds 402
Equity shareholders' funds at start of period -
--------
Equity shareholders' funds at end of period 402
--------
Cash flow statement
for the period ended 30 June 2005
Period from
incorporation to
30 June
2005
(Unaudited)
#000
Net cash outflow from operating activities (462)
--------
Net cash outflow before financing (462)
Financing
Issue of shares 627
Share issue costs (165)
--------
462
--------
--------
Increase in cash -
--------
Reconciliation of net cash flow to movement in net cash
Period from
incorporation to
30 June
2005
(Unaudited)
#000
Increase in cash -
--------
Change in net cash from cash flows -
Opening net cash -
--------
Closing net cash -
--------
Notes to the Interim Results
for the period ended 30 June 2005
1. Basis of preparation
The Interim Results were approved by the Directors on 5 September 2005. The
Company was incorporated in the Cayman Islands which does not prescribe the
adoption of any particular accounting framework. Accordingly, the Board have
resolved that the Company will use accounting policies consistent with UK
generally accepted accounting practice, full details of which will be set out in
the Company's annual report and accounts for the period ending 31 December 2005.
The Interim Results are unaudited and do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
2. Loss per share
The loss per share is calculated on the loss on ordinary activities after
taxation of #60,000 and on the weighted average number of ordinary shares in
issue during the period of 75,156,003.
There were no potentially dilutive shares in issue at 30 June 2005.
3. Share capital and reserves
Share Share Profit & loss
capital premium account
#000 #000 #000
On incorporation - - -
Issue of shares to founders 92 - -
Placing on admission to AIM 11 524 -
Costs of Admission - (165) -
Result for the period - - (60)
-------- -------- --------
At 30 June 2005 103 359 (60)
-------- -------- --------
4. Reconciliation of operating loss to cash flows
Period from
incorporation to
30 June
2005
(Unaudited)
#000
Operating loss (60)
Movement in debtors (410)
Movement in creditors 8
--------
Net cash outflow from operating activities (462)
--------
5. Copies of the results
Copies of the Interim Results will be sent to shareholders in due course and
will be available on request from the offices of the Company's assistant
secretary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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