Interim Results
May 23 2008 - 2:37AM
UK Regulatory
RNS Number : 1016V
Ninety PLC
22 May 2008
Ninety Plc (the 'Company')
(AIM: NINE)
Unaudited Interim Results to 29 February 2008
Ninety Plc, a company established in order to acquire a controlling interest in a company, partnership or joint venture which will be
located in the UK or Asia, is pleased to announce its unaudited interim results to 29 February 2008.
Website and contacts:
www.ninetyplc.co.uk
Angus Irens, Executive Director Tel: 020 3178 4506
Geoff Nash, FinnCap Tel: 020 7600 1658
Executive Director's Statement
I am pleased to be able to report on the Company's first trading period from incorporation on 15 June 2007 to 29 February 2008 (eight
and a half months).
On 24 October 2007, the Company successfully placed 319,500,000 ordinary shares raising £3.1 million after issue expenses and was
admitted to trading on AIM.
The issued share capital as at 29 February 2008 is 374,500,020 ordinary shares of 0.1p each.
Trading
As stated in the AIM admission document dated 19 October 2007, the Company has been established in order to acquire a controlling
interest in a company, partnership or joint venture, still to be identified, located in the UK or Asia.
In this first period since incorporation, the Company has made a small loss after taxation of £17,152, which equates to a loss of 0.008
pence per share, and at 29 February 2008 holds cash balances of £3.06 million.
Investment Strategy and Progress to Date
Ninety Plc is the second investment vehicle listed by Albany Capital Plc. The first, Vestpa Plc, successfully completed the acquisition
by way of reverse takeover of the China Food Company Plc in December 2007.
The Directors of Ninety Plc continue to evaluate a number of potential acquisitions, as outlined in the Company's admission document
with the aim of completing a similar transaction to the one completed by Vestpa Plc.
I hope to be reporting to you shortly regarding developments.
Angus Irens
Executive Director
23 May 2008
Unaudited condensed income statement for the period ended 29 February 2008
UnauditedEight and a half months period to29
February2008£*000
Income -
Administrative expenses (70)
Operating loss (70)
Interest receivable 53
Loss on ordinary (17)
activitiesbefore taxation
Taxation -
Loss attributable to (17)
equityShareholders of the
Company
Loss per ordinary share
(pence)
- Basic (0.008)
- Diluted (0.008)
Unaudited condensed balance sheet as at 29 February 2008
Note Unaudited29 February2008£*000
ASSETS
Current assets
Trade and other receivables 31
Cash and cash equivalents 3,057
Total assets 3,088
LIABILITIES
Current liabilitiesTrade and other payables 39
Total liabilities 39
EQUITY
Called up share capital 4 375
Share premium 2,659
Share-based payment reserve 5 32
Accumulated loss (17)
Company*s shareholders* equity 3,049
Total equity and liabilities 3,088
Unaudited condensed statement of changes in shareholders' equity for the period ended 29 February 2008
Sharecapital Sharepremium Accumulatedloss Share-based payment Total
reserve
£*000 £*000 £*000 £*000 £*000
Loss for the period - - (17) - (17)
Issue of share capital 375 2,875 - - 3,250
Share issue costs - (216) - 32 (184)
At 29 February 2008 375 2,659 (17) 32 3,049
Unaudited condensed cash flow statement for the period ended 29 February 2008
UnauditedEight and a half months period to29
February2008£*000
Net cash used in operating (62)
activities
Investing activities
Interest received 53
Net cash from investing 53
activities
Financing activities
Proceeds from issue of 3,250
ordinary share capital
Share issue costs (184)
Net cash from financing 3,066
activities
Net increase in cash and cash 3,057
equivalents
Cash and cash equivalents at -
beginning of period
Cash and cash equivalents at 3,057
end of period
Notes to the interim financial statements for the period ended 29 February 2008
1. Basis of preparation
The interim financial statements for the eight and a half months ended 29 February 2008 has been prepared using accounting policies
consistent with International Financial Reporting Standards and those set out in the Company's AIM Admission Document dated 19 October 2007,
and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.
2. Significant accounting policies
The interim financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are
set out below.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and balances with banks and other financial institutions and investments in money
market instruments.
Financial instruments
Initial recognition and measurement
Financial instruments are recognised when the Company becomes party to the transaction. Initial measurement is at cost, which includes
transaction cost, or fair value. Subsequent to initial recognition, these instruments are measured as follows:
Trade and other receivables
Trade and other receivables are measured at amortised cost using the effective interest rate method.
Trade and other payables
Trade and other payables are recognised at fair value, which is the agreed market price at the time the goods and services are provided.
The Company accrues for all goods and services consumed but as yet unbilled at amounts representing management's best estimate of fair
value.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
3. Loss per share
The calculation of the loss per ordinary share is based on the loss on ordinary activities after taxation for the period and on the
weighted average number of ordinary shares in issue during the period.
A reconciliation of the loss and weighted average number of shares used in the calculation are set out in the table below.
8.5 months ended 29 February 2008
Weighted Loss
Average per
Number of share
Loss Shares (pence)
£
Basic and diluted loss per ordinary share (17,152) 205,639,016 (0.008)
4. Share capital
The Company was incorporated on 15 June 2007 with an authorised share capital of £50,000 divided into 5,000,000 ordinary shares of 1p
each.
Following written resolutions dated 26 July 2007, the authorised share capital of the Company was increased to £500,000 and sub-divided
so that the authorised share capital was 500,000,000 ordinary shares of 0.1p each.
On incorporation, the Company allotted and issued 20 ordinary shares of 0.1p each at par.
On 26 July 2007, the Company allotted and issued 55,000,000 ordinary shares of 0.1p each for a total cash consideration of £55,000.
On 24 October 2007, the Company allotted and issued 319,500,000 ordinary shares of 0.1p each for a total cash consideration after
expenses of £3,066,000.
5. Share-based Payments
On the 19 October 2007, the Company entered into an option agreement with JM Finn Capital Markets Limited ("FinnCap") whereby the
Company agreed to grant FinnCap an option to subscribe for shares in the Company as part consideration for corporate finance fees relating
to the Company's admission to AIM. The option entitles FinnCap to subscribe for 5,500,000 Ordinary Shares of 0.1 pence at an exercise price
of 1.0 pence per share. The Company has recognised a charge to the share premium account of £32,450 in respect of the share options granted
to FinnCap in accordance with IFRS 2, Share-based Payment.
6. Ultimate Parent Undertaking
The Company's ultimate parent undertaking is Albany Capital Plc, a company incorporated in the United Kingdom. Albany Capital Plc owns
71.99 per cent of the Company's issued ordinary share capital.
7. Other information
The interim financial statements for the eight and a half months ended 29 February 2008 does not constitute statutory financial
statements, and has not been audited by the Company's auditors.
The interim financial statements were approved by the Directors on 22 May 2008.
A copy of the interim financial statements will not be posted to shareholders but will be made available to the public at the Company's
registered office, 17 Hanover Square, London W1S 1HU and on the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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