TIDMIMJ
RNS Number : 3784O
imJack PLC
29 June 2010
ImJack plc
('imjack' or the 'Company')
Interim Results for the six months ended 31 March 2010
Chairman's statement
imJack, the provider of digital educational networking and media business,
announces its interim results for the six months ended 31 March 2010.
Results
Revenue in the six months to 31 March 2010 amounted to GBP5,692 (2009:
GBP172,585) and the loss before and after tax was GBP1,848,569 (2009:
GBP969,419). As stated in the financial statements for the year ended 30
September 2009 these results do not reflect any of the progress made in the last
three months, in particular with regard to cost reduction.
People
During the past year we appointed Len Sanderson and Richard Addis to the Board
in January 2009 and Anthony Lilley in October 2009. These directors have all
since left the Board. On 20 May 2010 we appointed Jeffrey Morris, the founder
and a major shareholder in the business to the position of interim CEO. At the
same time David Lynde resigned from the Board but continues as Company
Secretary. The directors also plan to appoint an additional Non-Executive
Director in the near future.
Post balance sheet events
As announced on 20 May 2010 and 8 June 2010, the Company has entered into a
number of agreements with both related and third parties including, inter alia,
the acquisition of Tellbrook Ltd (the Company which owned the intellectual
property licensed by the Company); the acquisition of JD Connect, the exclusive
reseller of the ImJack technology platform; the conversion of GBP1,065,000 of
loans from Jeffrey Morris and connected parties into equity through the issue of
71,000,000 shares; and the conversion of GBP61,113 of loans from Michael
Abrahams into equity through the issue of 4,074,176 shares. A copy of the
circular is available on the Company's website www.imjack.com.
On 7 June 2010, the Company raised GBP0.9m (net of expenses) through the placing
of 71,333,333 shares at 1.5p (of which 4,666,667 shares had been prepaid).
International Financial Reporting Standards ("IFRS")
As an AIM listed company imJack complies with IFRS.
Outlook
The funding for the Company's business model which involved matched funding for
re-designating schools was withdrawn by the government on 10 June 2010. Since
then the Company has been developing a new business model along with the
schools. Further information will be announced at the appropriate time.
Going concern
The Directors acknowledge that in light of the recent withdrawal of government
funding relating to imJack's project and continuing difficult credit market
conditions, additional diligence on the part of preparers of accounts and
members of audit committees is required and, in particular, the need for clarity
as to the basis on which judgements have been exercised.
A placing of ordinary shares was completed during June 2010 when the parent
company raised GBP0.9m (net of issue costs) which is forecast to provide working
capital to pay off CVA creditors, and to enable the Company to trade until
revenues are generated from the sale of the imJack product. This is dependent
upon the Company achieving its forecasts. In addition, the Directors have
capitalised loans owing to them from the Company of GBP1,126,113.
In addition, Jeffrey Morris has agreed to provide up to an additional GBP500,000
drawdown facility for the purposes of working capital if required by the Company
in the future. The Company will be required to give one month's notice of its
intention to drawdown sums under the facility. Interest will be charged on any
sums drawn down on the facility at the Bank of England base rate plus 3 per
cent.
The Directors have prepared a forecast to December 2011, which assumes certain
service level agreement revenue being achieved. However, the directors have
concluded that there are the following material uncertainties being:
· Securing the forecast service level agreement revenues since the government
has withdrawn the matched funding programme although the Company is actively
pursuing alternative models with the schools; and
· The commitment to provide financial support of up to GBP500,000, by Jeffrey
Morris, if required by the Company.
The existence of these material uncertaintiesmay cast significant doubt on the
entity's ability to continue as a going concern and, therefore, that it may be
unable to realise its assets and discharge its liabilities in the normal course
of business.
Nevertheless, having successfully completed the placing and after making
enquiries and considering the uncertainties described above, the Directors have
concluded that the going concern basis is appropriate and that the Company will
continue in operational existence for the foreseeable future.
Further details are set out in note 1 to the interim report.
Michael Abrahams CBE DL
Chairman
29 June 2010
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 March 2010
+----------------------------+-----+------+-------------+-------------+-------------+
| | | Note | Unaudited | Unaudited | Audited |
| | | | 31 March | 31 March | 30 |
| | | | 2010 | 2009 | September |
| | | | (6 | (6 | 2009 |
| | | | months) | months) | (12 |
| | | | GBP | GBP | months) |
| | | | | | GBP |
+----------------------------+-----+------+-------------+-------------+-------------+
| Continuing operations | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| Revenue | | 2 | 5,692 | 172,585 | 257,414 |
+----------------------------+-----+------+-------------+-------------+-------------+
| Cost of sales | | | 10,522 | (122,331) | (445,184) |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| Gross profit/(loss) | | | 16,214 | 50,254 | (187,770) |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| Administrative expenses | | | (1,863,348) | (1,015,348) | (3,048,703) |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| OPERATING LOSS | | | (1,847,134) | (965,094) | (3,236,473) |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| Investment revenue | | | - | 48 | - |
+----------------------------+-----+------+-------------+-------------+-------------+
| Finance costs | | | (1,435) | (4,373) | (61,696) |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| LOSS BEFORE TAXATION | (1,848,569) | (969,419) | (3,298,169) |
+-----------------------------------------+-------------+-------------+-------------+
| Tax | 3 | - | - | 309,147 |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| LOSS FOR THE PERIOD FROM | | (1,848,569) | (969,419) | (2,989,022) |
| CONTINUING OPERATIONS | | | | |
| ATTRIBUTABLE TO EQUITY HOLDERS | | | | |
| OF THE PARENT COMPANY | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
| | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| Loss per share | 4 | (1.7p) | (1.7p) | (4.0p) |
| - basic and diluted | | | | |
+----------------------------------+------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-----+------+-------------+-------------+-------------+
STATEMENT OF RECOGNISED INCOME AND EXPENSE
There is no recognised income or expense for the financial period other than
those shown in the condensed consolidated income statement above and
consequently no separate statement of recognised income and expense has been
presented.
CONDENSED CONSOLIDATED BALANCE SHEET
31 March 2010
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | Unaudited | Unaudited | Audited |
| | | | 31 March | 31 March | 30 |
| | | | 2010 | 2009 | September |
| | | | GBP | GBP | 2009 |
| | | | | | GBP |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| NON-CURRENT ASSETS | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Intangible assets | | | 225,587 | 35,551 | 288,804 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Property, plant and | | | 55,164 | 56,329 | 68,567 |
| equipment | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | 280,751 | 91,880 | 357,371 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| CURRENT ASSETS | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Inventories | | | - | 189,591 | - |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Trade and other | | | 92,220 | 479,756 | 366,451 |
| receivables | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Cash and cash equivalents | | | 17,958 | 2,234 | 122 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | 110,178 | 671,581 | 366,573 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| TOTAL ASSETS | | 390,929 | 763,461 | 723,944 |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| CURRENT LIABILITIES | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| Trade and other payables | | (2,717,639) | (2,114,990) | (1,224,156) |
+----------------------------------+-----+--------------+--------------+--------------+
| Obligations under finance leases | | (3,621) | (10,468) | (10,147) |
+----------------------------------+-----+--------------+--------------+--------------+
| Bank overdraft | | (5) | - | (66,766) |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| | | (2,721,265) | (2,125,458) | (1,301,069) |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| NET CURRENT LIABILITIES | | | (2,611,087) | (1,453,877) | (934,496) |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| NON-CURRENT LIABILITIES | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| Obligations under finance leases | | - | (5,355) | - |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+----------------------------------+-----+--------------+--------------+--------------+
| TOTAL LIABILITIES | | (2,721,265) | (2,130,813) | (934,496) |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| NET LIABILITIES | | | (2,330,695) | (1,367,352) | (577,125) |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| EQUITY | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Share capital | | | 1,114,636 | 6,126,333 | 1,099,636 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Deferred shares | | | 5,513,699 | - | 5,513,699 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Share premium | | | 8,151,152 | 6,289,936 | 8,071,152 |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Share based payment | | | 1,122,067 | 580,455 | 1,122,067 |
| reserve | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| Retained earnings | | | (18,232,249) | (14,364,076) | (16,383,679) |
+----------------------------+-----+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
| TOTAL EQUITY | | (2,330,695) | (1,367,352) | (577,125) |
+----------------------------------+-----+--------------+--------------+--------------+
| | | | | | |
+----------------------------+-----+-----+--------------+--------------+--------------+
MD Abrahams CBE DL
Director
28 June 2010
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2010
+---------------------------+-----+------+-------------+-----------+-------------+
| | | Note | Unaudited | Unaudited | Audited |
| | | | 31 March | 31 March | 30 |
| | | | 2010 | 2009 | September |
| | | | (6 | (6 | 2009 |
| | | | months) | months) | (12 |
| | | | GBP | GBP | months) |
| | | | | | GBP |
+---------------------------+-----+------+-------------+-----------+-------------+
| | | | | | |
+---------------------------+-----+------+-------------+-----------+-------------+
| Net cash from operating | | 5 | (1,030,452) | (644,561) | (2,196,520) |
| activities | | | | | |
+---------------------------+-----+------+-------------+-----------+-------------+
| | | | | | |
+---------------------------+-----+------+-------------+-----------+-------------+
| INVESTING ACTIVITIES | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Interest received | | - | 48 | - |
+---------------------------------+------+-------------+-----------+-------------+
| Proceeds on disposal of | | - | - | - |
| property, plant and equipment | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Purchase of property, plant and | | - | (10,530) | (353,303) |
| equipment and intangibles | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net cash used in investing | | - | (10,482) | (353,303) |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| FINANCING ACTIVITIES | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Finance cost | | (1,435) | (4,373) | (61,696) |
+---------------------------------+------+-------------+-----------+-------------+
| Proceeds on issue of shares | | 95,000 | 719,750 | 2,652,700 |
+---------------------------------+------+-------------+-----------+-------------+
| Repayments of obligations under | | (6,526) | (4,936) | (10,612) |
| finance leases | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| (Repayment)/receipt of related | | 1,028,010 | (42,941) | (86,990) |
| party loans | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net cash used in financing | | 1,115,049 | 667,500 | 2,493,402 |
| activities | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Net increase/(decrease) in cash and | 84,597 | 12,457 | (56,421) |
| cash equivalents | | | |
+----------------------------------------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash and cash equivalents at | | (66,644) | (10,223) | (10,223) |
| beginning of period | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| Cash and cash equivalents at | | 17,953 | 2,234 | (66,644) |
| end of period | | | | |
+---------------------------------+------+-------------+-----------+-------------+
| | | | | | |
+---------------------------+-----+------+-------------+-----------+-------------+
1. BASIS OF PREPARATION
As imJack plc is listed on the Alternative Investment Market ("AIM") the
consolidated financial statements are required to be presented in accordance
with International Financial Reporting Standards ("IFRS"). The interim financial
statements have been prepared in accordance with accounting policies consistent
with IFRS. The same accounting policies, presentation and methods of computation
are followed in the interim financial statements as applied in the Group's
latest annual audited financial statements.
The results for the year ended 30 September 2009 are not statutory accounts. A
copy of the statutory accounts for that year has been delivered to the Registrar
of Companies. The auditors reported on those accounts: their report was
unqualified and did not contain a statement under s498(2) or (3) of the
Companies Act 2006.
The auditors have included an emphasis of matter paragraph in their audit
report, for the year ended 30 September 2009, to draw attention to the material
uncertainties associated with the dependency on the forecast service level
agreement revenues being achieved and the continuing availability of matched
funding for schools from the government and the availability of funds to support
the commitment to provide financial support of up to GBP500,000, by Jeffrey
Morris, if required by the Company.
The existence of these material uncertainties may cast significant doubt about
the Company's ability to continue as a going concern.
Going concern
The interim financial statements have been prepared on the going concern basis,
which assumes that the Group will continue in operational existence for the
foreseeable future.
The Directors acknowledge that in light of the recent withdrawal of government
funding relating to imJack's project and continuing difficult credit market
conditions, additional diligence on the part of preparers of accounts and
members of audit committees is required and, in particular, the need for clarity
as to the basis on which judgements have been exercised.red and, in particular,
the need for clarity as to the basis on which judgements have been exercised.
A placing of ordinary shares was completed during June 2010 when the parent
company raised GBP0.9m (net of issue costs) which is forecast to provide working
capital to pay off CVA creditors, and to enable the Company to trade until
revenues are generated from the sale of the imJack product. This is dependent
upon the Company achieving its forecasts. In addition, the Directors have
capitalised loans owing to them from the Company of GBP1,126,113.
imJack Secure Communications Limited, the Company's trading subsidiary had
significant liabilities which were greater than its assets and is therefore
technically insolvent and has entered into aCVA. The Directors believe that the
CVA is in the best interests of the Shareholders and creditors. A meeting of the
imJack Secure Communications Limited's creditors was held on 27 May 2010 and
approval was granted to extinguish debts of GBP653,000 for GBP100,000, which
will be divided between creditorswho make a claim within three months of the
date of the CVA being approved.
On 20 May 2010 the Company announced it had agreed with Jeffrey Morris that he
would exchange up to GBP200,000 of loans made by him to the Company into
convertible unsecured loan stock to provide longer term capital for the Company.
The convertible loan stock is convertible at 1.5p into 13,333,333 ordinary
shares of the Company. Under the terms of the convertible loanstock, repayment
in cash will only be made prior to the first anniversary of 17 May 2010 in the
event that the Board considers the Company to have sufficient working capital.
In addition, Jeffrey Morris has agreed to provide up to an additional GBP500,000
drawdown facility for the purposes of working capital if required by the Company
in the future. The Company will be required to give one month's notice of its
intention to drawdown sums under the facility. Interest will be charged on any
sums drawn down on the facility at the Bank of England base rate plus 3 per
cent.
The Directors have prepared a forecast to December 2011, which assumes certain
service level agreement revenue being achieved.
The directors have concluded that there are the following material uncertainties
being:
· Securing the forecast service level agreement revenues since the government
has withdrawn the matched funding programme although the Company is actively
pursuing alternative models with the schools; and
· The commitment to provide financial support of up to GBP500,000, by Jeffrey
Morris, if required by the Company.
The existence of these material uncertainties may cast significant doubt on the
entity's ability to continue as a going concern and, therefore, that it may be
unable to realise its assets and discharge its liabilities in the normal course
of business.
Nevertheless, having successfully completed the placing and after making
enquiries and considering the uncertainties described above, the Directors have
concluded that the going concern basis is appropriate and that the Company will
continue in operational existence for the foreseeable future.
2. segment information
Analysis between activities is not presented as the Group's operations comprise
a single class of business. The Group's operations are located in Great Britain.
3. tax on loss on ordinary activities
There is no tax charge for the period.
4. LOSS PER SHARE
Loss per share is calculated by dividing the loss after taxation by the weighted
average number of ordinary shares in issue of 111,463,622 (31 March 2009:
57,760,576 shares and 30 September 2009: 74,822,570 shares).
NET CASH FROM OPERATING aCTIVITIES
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | Unaudited | Unaudited | Audited |
| | | | 31 March | 31 March | 30 |
| | | | 2010 | 2009 | September |
| | | | (6 | (6 | 2009 |
| | | | months) | months) | (12 |
| | | | GBP | GBP | months) |
| | | | | | GBP |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Loss for the period | | | (1,848,569) | (969,419) | (2,989,022) |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Adjustments for: | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Investment revenue | | | - | (48) | - |
+----------------------------+--------+--+-------------+-----------+-------------+
| Finance costs | | | 1,435 | 4,373 | 61,696 |
+----------------------------+--------+--+-------------+-----------+-------------+
| Tax credit | | | - | | (309,147) |
+----------------------------+--------+--+-------------+-----------+-------------+
| (Profit)/loss on disposal of | | | | |
| property, plant and equipment | | - | - | - |
+-------------------------------------+--+-------------+-----------+-------------+
| Amortisation of intangible assets | | 63,217 | 19,636 | 63,072 |
+-------------------------------------+--+-------------+-----------+-------------+
| Impairment of goodwill | | - | - | 245,000 |
+-------------------------------------+--+-------------+-----------+-------------+
| Impairment of intangible fixed | | - | - | 120,000 |
| assets | | | | |
+-------------------------------------+--+-------------+-----------+-------------+
| Depreciation of property, plant and | | 13,403 | 12,554 | 46,400 |
| equipment | | | | |
+-------------------------------------+--+-------------+-----------+-------------+
| Share based payment | | | - | 90,540 | 722,420 |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Operating cash flows | | | | | |
| before movements in | | | (1,770,514) | (842,364) | (2,159,581) |
| working capital | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Decrease in inventories | | | - | 9 | 189,600 |
+----------------------------+--------+--+-------------+-----------+-------------+
| (Increase)/decrease in | | | (8,623) | (2,957) | 125,117 |
| receivables | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Increase/(decrease) in | | | 748,685 | 200,751 | (351,656) |
| payables | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| Net cash from operating | | | (1,030,452) | (644,561) | (2,196,520) |
| activities | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
| | | | | | |
+----------------------------+--------+--+-------------+-----------+-------------+
5. DIVIDENDS
No dividends are proposed for the six months ended 31 March 2010 (six months
ended 31 March 2009: GBPnil, year ended 30 September 2008: GBPnil).
6. DISTRIBUTION OF INTERIM REPORT TO SHAREHOLDERS
The interim report will be available for inspection by the public at the
registered office of the Company during normal business hours on any weekday and
from the Company's website www.imjack.com. Further
7. POST BALANCE SHEET EVENTS
On 7 June 2010, the Company raised GBP0.9m (after issue costs) through the
placing of 71,333,333 shares (4,666,667 of which had been prepaid), which were
admitted to trading on AIM on 8 June 2010. In addition, the Company settled
amounts due to certain 3rd party creditors of GBP30,000 by the issue of
2,000,000 new ordinary shares of 1p each.
The Company has agreed with Jeffrey Morris that the GBP200,000 due to him at the
date of the placing has been settled for convertible, unsecured loan stock to
provide longer term funding for the company. The convertible loan stock is
convertible into 13,333,333 ordinary shares at any time.
On 7 June 2010 the Company acquired the entire issued share capital of JD
Connect Ltd for consideration of GBP150,000 satisfied by the issue of 10,000,000
ordinary shares. JD Connect Ltd, the exclusive re-seller of the imJack
technology platform, recorded a loss of GBP45,671 for the period to 31 December
2009.
On 7 June 2010 the Company acquired the entire issued share capital of Tellbrook
Ltd, which owns the core underlying IP of the business, for consideration of
GBP500,000 satisfied by the issue of 33,333,333 ordinary shares. Tellbrook Ltd
recorded a profit of GBP3,362 in the accounts for the period to 30 April 2010.
On 7 June 2010 Jeffrey Morris and connected parties converted GBP1,065,000 of
loans into equity through the issue of 71,000,000 shares.
On 7 June 2010 M D Abrahams converted GBP61,113 of loans into equity through the
issue of 4,074,176 shares.
imjack Secure Communications Ltd, the main trading subsidiary of the company,
had significant liabilities which are greater than its assets and was therefore
technically insolvent. This subsidiary entered into a CVA to extinguish its
debts. On 27 May 2010 imJack Secure Communications Ltd extinguished debts of
GBP653,000 for payment of GBP100,000 which will result in a credit of GBP553,000
(net of issue costs) to the income statement.
For further information, please contact:
+----------------------------------------+----------------------------------------+
| imJack Plc | Tel: 01653 618 016 |
+----------------------------------------+----------------------------------------+
| Michael Abrahams, Chairman | |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
| Daniel Stewart & Company plc | Tel: 020 7776 6550 |
+----------------------------------------+----------------------------------------+
| Emma Earl | |
+----------------------------------------+----------------------------------------+
| Simon Leathers | |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
| Rawlings Financial PR Limited | Tel: 01653 618 016 |
+----------------------------------------+----------------------------------------+
| Catriona Valentine | |
+----------------------------------------+----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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