TIDMLZM TIDMLONR
RNS Number : 4731O
LonZim PLC
06 March 2009
6 March 2009
LONZIM PLC
("LonZim" or the "Company")
LonZim Annual Report and Accounts for the period ended 31 August 2008
Restoration of Trading
LonZim (AIM: LZM), which was established for the principal purpose of making
investments in Zimbabwe and the Beira corridor in Mozambique, announces its
unqualified audited annual report and accounts for the period 25 October 2007 to
31 August 2008. A full copy of the annual report is available from the Company's
website, www.lonzim.co.uk, and copies are being posted to Shareholders today.
In conjunction with this announcement the Company announces that trading in its
AIM listed securities has recommenced with immediate effect.
Financial Review
The results for the year, as expected, reflect the fact that the businesses
invested in were either new start-up ventures or established businesses which
required resource in the form of cash and management. For the period to 25
October 2007 to 31 August 2008 the Company has:
* Listed on the AIM market of the London Stock Exchange on 11 December 2007 after
raising GBP29.16 million.
* Incurred a loss for the period of GBP1.2 million. This was expected given the
current economic climate in Zimbabwe and is after charging amortisation of
intangible assets of GBP1.0 million.
* Acquired 59,682,817 ordinary shares in Lonrho Plc ("Lonrho"). In aggregate, as
at 26 February 2009, LonZim owned 7.81 per cent. of Lonrho. The total
consideration was approximately GBP2.95 million which was funded out of LonZim's
cash resources.
* Cash held at the end of the period was GBP20.3 million.
Operational Highlights
LonZim has acquired and established a portfolio of assets focused on key
strategic sectors. During the period to 31 August 2008, the Company entered into
the following transactions:
Blueberry International Services Limited ("Blueberry") (100% holding)
* 100% interest in Blueberry purchased for US$7.2 million (GBP3.6 million)
inclusive of costs.
* Blueberry owns a 60% interest in Celsys Limited ("Celsys"), a Zimbabwean
publicly listed company active in the telecommunications and security printing
markets in Zimbabwe.
* Blueberry also owns a 100% stake in Gardoserve (Private) Limited, an industrial
chemical and solvent manufacturer and supplier to industry in Zimbabwe.
Hotels and development
* Purchase of an 80% stake in Aldeamento Turistico de Macuti SARL ("ATdM"), for a
cash consideration of US$4.25 million (GBP2.1 million),
* ATdM owns a development site on the coast in central Beira, which is described
as the 'coast of Zimbabwe', a location of significant strategic importance not
just in terms of trade but also tourism.
* Plans for the development of the site are advanced and will be completed in
March 2009.
LonZim has also made the following significant trading acquisitions after 31
August 2008:
Paynet Limited ("Paynet")
* Acquisition of 100% of Paynet in October 2008 for US$3.19 million (GBP1.85
million). Paynet provides an electronic funds transfer system for sixteen banks
in Zimbabwe and over one thousand of the largest Zimbabwean corporate clients.
* The purchase included a newly built commercial property valued provisionally at
US$1.0 million (GBP0.5 million).
ForgetMeNot Africa Limited ("FMN Africa")
* Acquired a 51% stake of FMN Africa which provides a 'message optimiser'
application for mobile phones.
* This system provides a unique two-way SMS - SMS Instant messaging and email
technology platform whereby emails and interactive messages can be received and
sent on a basic mobile phone.
Fly540 Airline
* LonZim will aim to launch the Lonrho Plc aviation subsidiary Fly540 in Zimbabwe
and has allocated funds of GBP1.85 million for this purpose.
* In October 2008 the acquisition was completed of two aircraft for GBP1.128
million of the allocated GBP1.85 million.
Property acquisition
* LonZim entered into an agreement in January 2009 to acquire the total issued
equity of Medalspot (Private) Ltd from the Zimbabwean banking group, Kingdom
Bank. Medalspot owns a 6,600m² industrial site with 2,650m² of offices and
factory space in Harare. The acquisition price was US$0.95 million (GBP0.658
million).
* This acquisition will provide additional flexibility for Celsys to execute its
growth strategy.
David Lenigas, Executive Chairman of LonZim commented:
"We are pleased with LonZim's progress since listing on AIM in December 2007 and
we believe that the acquisitions made to date will play a significant role in a
potential economic recovery in Zimbabwe and contribute to the future growth of
the Zimbabwean economy.
"We remain confident that Zimbabwe will reemerge as a major economic hub in Sub
Saharan Africa. We also believe that looking ahead the investment potential for
Zimbabwe is considerable, and are positive that we will identify further
investment opportunities to create value for our shareholders."
ENQUIRIES
+------------------------------------+------------------------------------+
| LonZim Plc | +44 (0)20 7016 5105 |
| | |
+------------------------------------+------------------------------------+
| David Lenigas, Executive Chairman | +44 (0)7881 825 378 |
+------------------------------------+------------------------------------+
| Geoffrey White, Chief Executive | +44 (0)7717 307 308 |
| Officer | |
+------------------------------------+------------------------------------+
| Emma Priestley, Executive Director | +44 (0)7867 785 177 |
| | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Beaumont Cornish: NOMAD | |
+------------------------------------+------------------------------------+
| Roland Cornish | +44 (0) 207 628 3396 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Pelham Public Relations | |
+------------------------------------+------------------------------------+
| Charles Vivian | +44 (0) 20 7337 1538 |
| | +44 (0) 7977 297903 |
+------------------------------------+------------------------------------+
| James MacFarlane | +44 (0) 20 7337 1527 |
| | +44 (0) 7841 672831 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
Extracts from the Annual Report and Accounts for 2008:
Chief Executive's Review
LonZim Plc continues to follow its very specific mandate to invest in companies
and projects in Zimbabwe and the region of Mozambique known as the Beira
Corridor. This mandate remains focused on acquiring or establishing companies
that demonstrate high growth potential with the ability to become market leaders
in their respective fields as and when the Zimbabwean economy normalises. LonZim
is committed to supporting these companies in the interim period.
The Board of LonZim maintains its view that Zimbabwe will re-emerge as a central
economic and geographic platform in Africa in the event of an economic recovery
and is confident that over time Zimbabwe will return to being one of the
economic powerhouses of the continent.
The current commercial position in Zimbabwe poses a significant challenge for
all areas of business in the country and day to day activities can be
considerably influenced by the current situation placing strain on the health of
industry in general. The socio-economic environment is also dire. However,
LonZim remains clear that it is important to support jobs in this time of crisis
and provide companies in which it invests with a reliable platform from which to
continue operations and 'keep the doors open' throughout this challenging
period.
The LonZim focus is on retaining quality staff in its operations, where possible
maintaining a positive cash flow and developing strategic and clear plans to
rapidly build the businesses once the economy shows sign of recovery.
Since listing on the London Stock Exchange's AIM market in December 2007, LonZim
has acquired and established a portfolio of assets focused on key strategic
sectors that the Board believe will position the company to play a significant
role in a potential economic recovery in Zimbabwe and contribute to the future
growth of the Zimbabwean economy.
Transactions entered into during the period ended 31 August 2008:
Blueberry International Services Limited ("Blueberry")
LonZim purchased a 100% interest in Blueberry for US$7.2 million (GBP3.6
million) inclusive of costs. Blueberry owns a 60% interest in Celsys Limited
("Celsys"), a Zimbabwean publicly listed company active in the
telecommunications and security printing markets in Zimbabwe. Celsys is the
market leader in security printing in Zimbabwe (cell phone recharge cards,
cheque books, share certificates, securities etc), is the distributor for the
internationally recognised SOPHOS anti-virus security software and operates a
network of ATMs throughout the country. Celsys is also a Nokia mobile phone
sales and service franchise.
LonZim has installed a new mobile phone recharge card printing line in Celsys
since the acquisition. Celsys has since become the market leader in this sector
and is now actively seeking export opportunities to Angola, Mozambique and Mali.
Blueberry also owns a 100% stake in Gardoserve (Private) Limited, which trades
as "Millpal", an industrial chemical and solvent manufacturer and supplier to
industry in Zimbabwe. With central chemical storage facilities in Harare, this
business is being expanded into export markets and has become a Sasol chemical
distributor for Zimbabwe.
Millpal is the largest manufacturer of solvents in Zimbabwe and a market leader
in the production and distribution of industrial chemicals for industry.
Despite the continuing difficult economic conditions in Zimbabwe, since
acquisition, both businesses have maintained their market positions and continue
to trade.
Hotels and development
LonZim purchased an 80% stake in Aldeamento Turistico de Macuti SARL ("ATdM"),
for a cash consideration of US$4.25 million (GBP2.1 million), the other
shareholders of ATdM being the Mozambican Government investment fund IGEPE and
Beira Municipality.
Beira is described as the 'coast of Zimbabwe' and is the principal and nearest
supply route from the sea to Zimbabwe, making its location of significant
strategic importance not just in terms of trade but also tourism.
ATdM owns a development site on the coast in central Beira, Mozambique, around
the Macuti lighthouse where the derelict Don Carlos and Estoril Hotels are
located. The site consists of a 300,000m² plot of land, including 1.5km of beach
front, which LonZim plans to develop.
LonZim has undertaken and designed a masterplan for the development of the site,
and proposes to develop a 200 room four star hotel, a 60 room boutique luxury
hotel and a significant regional shopping and office complex. There are also
plans to develop one kilometre of beach front housing on the site.
The masterplan will be completed in March 2009 and demonstrates a phased
development, where elements that have an immediate market appeal can be
developed initially, and thereafter stimulate the development of other aspects
of the project.
Significant trading acquisitions after 31st August 2008:
Paynet Limited ("Paynet")
LonZim completed the acquisition of 100% of Paynet in October 2008, announced in
March 2008, for US$3.19 million (GBP1.85 million). The purchase included a newly
built commercial property valued provisionally at US$1.0 million (GBP0.5
million). Paynet provides an electronic funds transfer (EFT) system for sixteen
banks in Zimbabwe and over one thousand of the largest Zimbabwean corporate
clients.
Paynet also automates company bulk payment transactions to corresponding banks
and includes the largest private sector outsourced salary bureau utilised by the
majority of large corporations in Zimbabwe for payments of electronic payrolls.
ForgetMeNot Africa Limited ("FMN Africa")
LonZim has taken up an option to acquire a 51% stake of FMN Africa which
provides a 'message optimiser' application for mobile phones for the sum of
US$0.58 million (GBP0.35 million), with a further payment related to the growth
of the business of US$1.0 million (GBP0.66 million). This system provides a
unique two-way SMS - SMS Instant messaging and email technology platform whereby
emails and interactive messages can be received and sent on a basic mobile
phone. The system does not require a G3 capability.
Telecom company Econet Lesotho has already instigated a trial for the service
and negotiations continue to launch this exciting product across a range of
telecom users in Zimbabwe and the surrounding countries.
Fly540 Airline
LonZim has announced that it will launch the Lonrho Plc aviation subsidiary
Fly540 in Zimbabwe. The company has allocated US$3.3 million (GBP1.85 million)
from existing resources for the deployment and establishment of the company and
its operations at Harare airport, and to serve as a regional freight and
passenger operation as and when the market develops.
In October 2008 LonZim completed the acquisition of two aircraft for GBP1.128
million of the allocated GBP1.85 million. These aircraft have been leased to
Fly540 Uganda, a subsidiary of Lonrho Plc, whilst the Air Operator Certificate
for Zimbabwe is obtained.
Property acquisition
In January 2009, LonZim entered into an agreement to acquire the total issued
equity of Medalspot (Private) Ltd from the Zimbabwean banking group, Kingdom
Bank. Medalspot owns a 6,600m² industrial site with 2,650m² of offices and
factory space. The acquisition price was US$0.95 million (GBP0.658 million).
Non Executive Director
LonZim was pleased to announce in June 2008 that Paul Turner had been appointed
to the Board of Directors of the company with effect from 1 July 2008. Paul
Turner has unprecedented experience of commerce and the structure and operation
of businesses in Zimbabwe, having previously been a partner at Ernst & Young
Zimbabwe for thirty years.
Results for the period
The loss for the period of GBP1.2 million is as expected given the current
economic climate in Zimbabwe after charging amortisation of intangible assets of
GBP1.0 million. The cash held at the end of the period was GBP20.3 million. The
company continues to undertake detailed due diligence on a range of potential
acquisitions where it can identify real opportunities for growth in value in a
normalised economic environment.
Despite the ongoing uncertainty in Zimbabwe the Directors welcome the recent
announcements in relation to the Government of National Unity and remain
positive for the eventual recovery of the economy. LonZim continues to undertake
extensive due diligence on potential investments which are appropriate and
demonstrate a strong fit with the Company's business model and investment focus.
On 26 February 2009, LonZim announced that it had acquired 59,682,817 ordinary
shares in Lonrho Plc ("Lonrho") (a related party within the meaning of the AIM
Rules for Companies). The Lonrho shares were acquired over a period of
approximately three months and included the acquisition of 55,000,000 ordinary
shares in a private placement by Lonrho at a price of 5p per share announced on
11 November 2008. In aggregate, as at 26 February 2009, LonZim owned 7.81 per
cent. of Lonrho. The total consideration was approximately GBP2.95 million which
was funded out of LonZim's cash resources. The company's independent
non-executive directors (being Paul Heber and Paul Turner) have consulted with
the company's nominated adviser, Beaumont Cornish Limited, and have confirmed
that the terms of the purchases in the placing are fair and reasonable insofar
as the company's shareholders are concerned.
Geoffrey White
Director & Chief Executive Officer
6 March 2009
Note:
All US$ to GBPGBP conversions are at exchange rates at the time of the relevant
transaction.
Report of the directors
For the period ended 31 August 2008
The directors present their first report on the affairs of the group, together
with their financial statements and auditors' report, for the period from 25
October 2007 to 31 August 2008 (the "period").
Principal activities
The company was incorporated on 25 October 2007 and was admitted to AIM on 11
December 2007. The group is establishing itself as an investment company with a
diverse portfolio of investments in Zimbabwe and the Beira Corridor in
Mozambique. The company's investment objective is to provide shareholders with
long term capital opportunities through the investment of its capital in
Zimbabwe and the Beira Corridor.
Results
A consolidated loss on operations of GBP1,193,000 after minority interests has
been made by the group during the period and has been transferred to reserves.
This is after charging amortisation of intangible assets of GBP994,000.
Business Review and Development
The Chief Executive's review contains information on developments during the
period and key potential future developments.
Post Balance Sheet Events
Details of significant events since the balance sheet date are contained in note
34 to the financial statements.
Dividends
The directors do not recommend the payment of a dividend.
Declared substantial shareholdings
The Directors have been advised of the following shareholdings at 5 March 2009
in 3 per cent. or more of the company's issued share capital:
+-----------------------------------------------------+--+-----------+--+------------+--+
| | | Number | | Percentage | |
| | | of | | of the | |
| | | shares | | issued | |
| | | | | capital | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| | | | | | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Lonrho Plc | | 8,840,000 | | 24.25% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Morgan Stanley | | 7,166,548 | | 19.66% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| MKM Longboat Multi-Strategy Master Fund | | 4,860,000 | | 13.33% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Emerging Markets Management, LLC | | 2,916,000 | | 8.00% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Deutsche Asset Management Americas | | 2,886,762 | | 7.92% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| HSBC Bank Plc | | 2,556,000 | | 7.01% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Enso Capital Management, LLC | | 1,409,000 | | 3.87% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
| Renaissance Investment Management (UK) Ltd | | 1,215,000 | | 3.33% | |
+-----------------------------------------------------+--+-----------+--+------------+--+
Directors
David Anthony Lenigas (Executive Director) Appointed 7
November 2007
Emma Kinder Priestley (Executive Director) Appointed 7
November 2007
Geoffrey Trevor White (Executive Director) Appointed 7
November 2007
Jean Mckay Ellis(Finance Director) Appointed 7 November
2007
Paul David Heber(Independent Non-Executive Director) Appointed 7 November 2007
Paul Turner (Independent Non-Executive Director) Appointed 1
July 2008
The directors' interests in the shares of the company at the beginning or, where
relevant, the date of appointment, and end of the period were as follows:
+-----------------------------------------------------+------+---------+--------------+
| | | | Number of |
| | | | Ordinary |
| | | | Shares |
+-----------------------------------------------------+------+---------+--------------+
| David Lenigas | | | 200,000 |
+-----------------------------------------------------+------+---------+--------------+
| Emma Priestley | | | - |
+-----------------------------------------------------+------+---------+--------------+
| Geoffrey White | | | 100,000 |
+-----------------------------------------------------+------+---------+--------------+
| Jean Ellis | | | - |
+-----------------------------------------------------+------+---------+--------------+
| Paul Heber | | | 50,000 |
+-----------------------------------------------------+------+---------+--------------+
| Paul Turner | | | - |
+-----------------------------------------------------+------+---------+--------------+
Share options held by the directors are detailed in note 21 of the financial
statements.
Annual General Meeting
The Annual General Meeting will be held at 10.00am on Friday, 24th April 2009 at
The Oak Room, Le Meridien Piccadilly, 21 Piccadilly, London W1J 0BH.
The notice of meeting, together with a form of proxy, will be sent out
separately at a later date.
Auditors
During the period, KPMG Audit LLC were appointed as auditors. KPMG Audit LLC,
being eligible, have indicated their willingness to continue in office.
By order of the Board
D. Lenigas
Chairman
6 March 2009
Consolidated Income Statement
For the period from incorporation on 25 October 2007 to 31 August 2008
+----------------------------------------+------------------------+---------+------------+
| | | | 2008 |
| | | | Total |
+----------------------------------------+------------------------+---------+------------+
| | | | GBP000 |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Revenue | | | 188 |
+----------------------------------------+------------------------+---------+------------+
| Cost of sales | | | (66) |
+----------------------------------------+------------------------+---------+------------+
| Gross profit | | | 122 |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Monetary adjustment | | | (1) |
+----------------------------------------+------------------------+---------+------------+
| Operating costs | | | (2,056) |
+----------------------------------------+------------------------+---------+------------+
| Operating loss before financing income | | | (1,935) |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Finance income | | | 974 |
+----------------------------------------+------------------------+---------+------------+
| Finance costs | | | (129) |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Loss before tax | | | (1,090) |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Income tax expense | | | (142) |
+----------------------------------------+------------------------+---------+------------+
| Loss for the period | | | (1,232) |
+----------------------------------------+------------------------+---------+------------+
| Attributable to: | | | |
+----------------------------------------+------------------------+---------+------------+
| Equity holders of the parent | | | (1,193) |
+----------------------------------------+------------------------+---------+------------+
| Minority interest | | | (39) |
+----------------------------------------+------------------------+---------+------------+
| Loss for the period | | | (1,232) |
+----------------------------------------+------------------------+---------+------------+
| | | | |
+----------------------------------------+------------------------+---------+------------+
| Basic loss per share (pence) | | | 3.4 |
+----------------------------------------+------------------------+---------+------------+
| Diluted loss per share (pence) | | | 3.4 |
+----------------------------------------+------------------------+---------+------------+
Consolidated statement of recognised income and expense
For the period from incorporation on 25 October 2007 to 31 August 2008
+--------------------------------------------------------------+------+----+----------+
| | | | 2008 |
+--------------------------------------------------------------+------+----+----------+
| | | | GBP000 |
+--------------------------------------------------------------+------+----+----------+
| | | | |
+--------------------------------------------------------------+------+----+----------+
| Foreign currency translation differences for foreign | | | 26 |
| operations | | | |
+--------------------------------------------------------------+------+----+----------+
| Revaluation of property, plant and equipment | | | 232 |
+--------------------------------------------------------------+------+----+----------+
| Loss for the period | | | (1,232) |
+--------------------------------------------------------------+------+----+----------+
| Total recognised income and expense for the period | | | (974) |
+--------------------------------------------------------------+------+----+----------+
| | | | |
+--------------------------------------------------------------+------+----+----------+
| Attributable to: | | | |
+--------------------------------------------------------------+------+----+----------+
| Equity holders of the parent | | | (1,034) |
+--------------------------------------------------------------+------+----+----------+
| Minority interest | | | 60 |
+--------------------------------------------------------------+------+----+----------+
| Total recognised income and expense for the period | | | (974) |
+--------------------------------------------------------------+------+----+----------+
Consolidated and Company balance sheets
As at 31 August 2008
+--------------------------------------------------+------+----+----------+----------+
| | | | Group | Company |
| | | | 2008 | 2008 |
+--------------------------------------------------+------+----+----------+----------+
| | | | GBP000 | GBP000 |
+--------------------------------------------------+------+----+----------+----------+
| | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Assets | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Property, plant and equipment | | | 4,284 | - |
+--------------------------------------------------+------+----+----------+----------+
| Goodwill | | | 3,450 | - |
+--------------------------------------------------+------+----+----------+----------+
| Other intangible assets | | | 6,296 | 6,296 |
+--------------------------------------------------+------+----+----------+----------+
| Investment in subsidaries | | | - | 2,962 |
+--------------------------------------------------+------+----+----------+----------+
| Total non-current assets | | | 14,030 | 9,258 |
+--------------------------------------------------+------+----+----------+----------+
| | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Financial assets | | | 213 | - |
+--------------------------------------------------+------+----+----------+----------+
| Inventories | | | 21 | - |
+--------------------------------------------------+------+----+----------+----------+
| Trade and other receivables | | | 1,277 | 4,352 |
+--------------------------------------------------+------+----+----------+----------+
| Cash and cash equivalents | | | 20,282 | 20,270 |
+--------------------------------------------------+------+----+----------+----------+
| Total current assets | | | 21,793 | 24,622 |
+--------------------------------------------------+------+----+----------+----------+
| Total assets | | | 35,823 | 33,880 |
+--------------------------------------------------+------+----+----------+----------+
| | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Equity | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Issued share capital | | | 4 | 4 |
+--------------------------------------------------+------+----+----------+----------+
| Share premium account | | | 33,697 | 33,697 |
+--------------------------------------------------+------+----+----------+----------+
| Revaluation reserve | | | 148 | - |
+--------------------------------------------------+------+----+----------+----------+
| Share option reserve | | | 165 | 165 |
+--------------------------------------------------+------+----+----------+----------+
| Retained earnings | | | (1,182) | (1,079) |
+--------------------------------------------------+------+----+----------+----------+
| Total equity attributable to equity holders of | | | 32,832 | 32,787 |
| the Company | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Minority interest | | | 904 | - |
+--------------------------------------------------+------+----+----------+----------+
| Total equity | | | 33,736 | 32,787 |
+--------------------------------------------------+------+----+----------+----------+
| Liabilities | | | | |
+--------------------------------------------------+------+----+----------+----------+
| | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Provisions | | | 759 | 759 |
+--------------------------------------------------+------+----+----------+----------+
| Deferred tax liabilities | | | 107 | - |
+--------------------------------------------------+------+----+----------+----------+
| Total non-current liabilities | | | 866 | 759 |
+--------------------------------------------------+------+----+----------+----------+
| | | | | |
+--------------------------------------------------+------+----+----------+----------+
| Bank overdrafts | | | 2 | - |
+--------------------------------------------------+------+----+----------+----------+
| Current tax liabilities | | | 41 | 35 |
+--------------------------------------------------+------+----+----------+----------+
| Trade and other payables | | | 1,178 | 299 |
+--------------------------------------------------+------+----+----------+----------+
| Total current liabilities | | | 1,221 | 334 |
+--------------------------------------------------+------+----+----------+----------+
| Total liabilities | | | 2,087 | 1,093 |
+--------------------------------------------------+------+----+----------+----------+
| Total equity and liabilities | | | 35,823 | 33,880 |
+--------------------------------------------------+------+----+----------+----------+
These financial statements were approved by the Board of Directors and
authorised for issue on 6 March 2009. They were signed on its behalf by:
G White
Director & Chief Executive Officer
Consolidated cash flow statement
For the period from incorporation on 25 October 2007 to 31 August 2008
+--------------------------------------------------------------+--------+----+----------+
| | | | Group |
| | | | 2008 |
+--------------------------------------------------------------+--------+----+----------+
| | | | GBP000 |
+--------------------------------------------------------------+--------+----+----------+
| | | | |
+--------------------------------------------------------------+--------+----+----------+
| Cash flows generated from operating activities | | | (903) |
+--------------------------------------------------------------+--------+----+----------+
| Cash received for inventories | | | 1 |
+--------------------------------------------------------------+--------+----+----------+
| Increased cash due from customers | | | (601) |
+--------------------------------------------------------------+--------+----+----------+
| Increased cash due to suppliers | | | 351 |
+--------------------------------------------------------------+--------+----+----------+
| Cash generated from operations | | | (1,152) |
+--------------------------------------------------------------+--------+----+----------+
| Interest received | | | 832 |
+--------------------------------------------------------------+--------+----+----------+
| Net cash from operating activities | | | (320) |
+--------------------------------------------------------------+--------+----+----------+
| | | | |
+--------------------------------------------------------------+--------+----+----------+
| Cash flows from investing activities | | | |
+--------------------------------------------------------------+--------+----+----------+
| Acquisition of subsidiaries, net of expenses | | | (5,811) |
+--------------------------------------------------------------+--------+----+----------+
| Net cash from investing activities | | | (5,811) |
+--------------------------------------------------------------+--------+----+----------+
| | | | |
+--------------------------------------------------------------+--------+----+----------+
| Cash flows from financing activities | | | |
+--------------------------------------------------------------+--------+----+----------+
| Proceeds from the issue of share capital | | | 26,411 |
+--------------------------------------------------------------+--------+----+----------+
| Net cash from financing activities | | | 26,411 |
+--------------------------------------------------------------+--------+----+----------+
| | | | |
+--------------------------------------------------------------+--------+----+----------+
| Net increase in cash and cash equivalents | | | 20,280 |
+--------------------------------------------------------------+--------+----+----------+
| Cash and cash equivalents at 25 October 2007 | | | - |
+--------------------------------------------------------------+--------+----+----------+
| Cash and cash equivalents at 31 August 2008 | | | 20,280 |
+--------------------------------------------------------------+--------+----+----------+
Statutory Information
The financial information set out above does not constitute the Company's
statutory accounts for the period ended 31 August 2008 but is derived from those
accounts. The auditors have reported on those accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BSGDXRSGGGCL
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