Interim Results
September 28 2007 - 6:57AM
UK Regulatory
RNS Number:7214E
Drury Lane Capital PLC
28 September 2007
28 September 2007
Drury Lane Capital Plc
Interim Results for the period ended 30 June 2007
Drury Lane Capital Plc ("the Company") was established in October 2006 to
acquire and manage companies and businesses in sectors where the Directors
believe there are opportunities for consolidation, with particular focus on
those sectors undergoing structural, technological and/or regulatory change such
as natural resources, energy and media services. From a geographical
perspective, the Company will focus on businesses based in the UK, Europe and
North America.
The operating loss for the period from incorporation on 12 October 2006 to 30
June 2007 was #109,000 resulting from interest income on the Company's cash
balances, less administrative expenses, including those expenses related to the
Company's IPO in October 2006. At the balance sheet date the Company had cash
balances of #4,377,000.
Outlook
The Company continues to pursue its stated acquisition strategy.
For further information, please call:
Finsbury 020 7251 3801
Don Hunter / Peter Russell
Collins Stewart Europe Limited
Seema Paterson / Stewart Wallace 020 7523 8350
Drury Lane Capital Plc
Profit and loss account
for the period from incorporation on 12 October 2006 to 30 June 2007
2007
(unaudited)
#'000
Administrative expenses (232)
_______
Operating loss (232)
Other interest receivable and
similar income 123
_______
Loss on ordinary
activities before taxation (109)
Tax on loss on ordinary activities -
_______
Loss on ordinary
activities after taxation (109)
_______
Loss for the period (109)
_______
(Loss) per share
Basic (0.2)p
All recognised gains and losses are shown in the profit and loss account
Balance sheet
as at 30 June 2007
2007
(unaudited)
Notes #'000 #'000
Current assets
Debtors 2 15
Cash at bank and in hand 4,377
_______
4,392
_______
Creditors: amounts falling
due within one year 3 (1)
_______
_______
Net assets 4,391
_______
Capital and reserves
Called up share capital 5 4,500
Profit and loss account 4 (109)
_______
Shareholders' funds 4,391
_______
Cash flow statement
for the period ended 30 June 2007
2007
(unaudited)
#'000 #'000
Cash generated from operations
Operating loss (232)
Reconciliation to cash generated from operations:
Increase in debtors (15)
Increase in trade creditors 1
_______
Net cash (outflow) from operations (246)
Cash inflow from returns on investment for servicing of finance
Interest received 123
Financing
Issue of shares for cash 4,500
_______
Net increase in cash in the period 4,377
_______
Consisting of:
Cash at bank and in hand 4,377
_______
Notes to the financial statements
for the period ended 30 June 2007
1. Basis of preparation
The Company was incorporated on 12 October 2006. The interim report covers the
period from date of incorporation to 30 June 2007 and has been prepared in
accordance with applicable United Kingdom law and United Kingdom Generally
Accepted Accounting Policies, using accounting policies consistent with those
set out in the admission document of the Company dated 25 October 2006.
2. Debtors 2007
(unaudited)
#
Prepayments and accrued income 15
_______
3. Creditors: amounts falling due 2007
within one year (unaudited)
#
Trade creditors 1
_______
4. Reserves Profit
and loss
account
(unaudited)
#
Loss for the period (109)
_______
At 30 June 2007 (109)
_______
5. Share capital
2007
(unaudited)
#'000
Authorised
100,000,000 ordinary shares of 10p each 10,000
==========
Allotted and fully paid
50,000,000 ordinary shares of 10p each 5,000
==========
The Company was incorporated on 12 October 2006 when it issued (at par) 2
Ordinary Shares of #1 each. These shares were unpaid. On 13 October 2006, each
of the Ordinary Shares (both issued and unissued) were sub-divided into 10
Ordinary Shares of 10 pence. The two Ordinary Shares of #1 each that were issued
on incorporation (subdivided into 10 Ordinary Shares of 10 pence each) were
subsequently transferred in equal amounts to Mark Watts and James Corsellis,
partners of Marwyn Capital LLP.
On the same day, the Company's authorised share capital was increased to
100,000,000 Ordinary Shares of 10 pence each, and to 50,000 Redeemable
Preference Shares of #1 each. Also on the same day, the 50,000 Redeemable
Preference Shares of #1 each were issued (at par) to Marwyn Capital LLP, who
undertook to pay in cash one quarter of the par value of the Redeemable
Preference Shares applied for.
On admission the 50,000 Redeemable Preference Shares of #1 each were redeemed at
par.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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