RNS Number:0025P
RAM Investment Group PLC
18 July 2005
FOR IMMEDIATE RELEASE 18 July 2005
RAM Investment Group PLC
"RAM"
Preliminary results for the Year Ending 31 May 2005
Ram Investment Group PLC (RAM) has today (date) announced its full-year, audited
results for the year ending 31 May 2005.
Following a year in which the company has incurred exceptional and non-recurring
costs following its investments in the FIFPro and Divedome projects, RAM has
recorded a pre-tax loss of #712,549.
Chairman, Edward Adams, said, "In the last 12 months the company has made
significant investments in its future.
"The FIFPro World XI Player Awards - due to be held in September - are set to
become a major part of the world football calendar. With guaranteed minimum net
income of #300,000 for the next five years, this is a very exciting project for
RAM."
The inaugural FIFPro awards will be held on 19 September in front of a global
television audience of 650 million people.
RAM Investment Group PLC
Edward Adams, Chairman Tel: 020 8349 2001
Nick Lebtkin, Director
Laurence Selman, Director
Beattie Communications
Tim Blythe / Loic Echaubard Tel: 020 7053 6000
1. RAM Investment Group is an AIM listed investment company that focuses on
investment opportunities in the property, leisure and media sectors.
RAM INVESTMENT GROUP PLC
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MAY 2005
Results
The results for the 12 months to 31 May 2005 for RAM Investment Group PLC
('RAM') show a loss on ordinary activities before taxation of #712,549,
comprising the normal administrative operating costs of the company of #163,535
(2004 - #150,920) and non-recurring exceptional costs of #562,568. Of these
exceptional costs, #282,164 relates to obtaining the rights to the FIFPro World
XI Player Awards and #280,404 relates to the Divedome project. As at 31 May
2005, RAM had net assets of #216,710 (2004 - #424,756).
RAM MEDIA LIMITED
Federation Internationale des Associations de Footballeurs Professionnels
("FIFPro")
The Company's wholly owned subsidiary, RAM Media Limited ('RAM Media'), entered
into a 50/50 joint venture on 4 October 2004 with FIFPro (Federation
Internationale des Associations de Footballeurs Professionnels) to host the
FIFPro World XI Player Awards, the world's first international football awards
event, where the nominees are voted for by professional football players from
around the globe.
The FIFPro World XI Player Awards was formally launched at an international
press conference in London on 2 March 2005 in partnership with FIFPro and
Celador, the television and events production company. The first event will be
held on 19 September 2005 at the Wembley Conference Centre where around 1,500
guests and internationally renowned stars from the worlds of sport, music and
film are expected to attend. The show will be broadcast to a worldwide audience
in excess of 650 million viewers.
RAM Media has acquired, for Euro400,000 per annum, the exclusive rights to the
event for a five-year period with an option to extend the rights after the first
five events. The acquisition of the rights allows RAM Media, in partnership with
FIFPro, to exploit all media, broadcast, production, promotion and commercial
sales opportunities including sponsorship, merchandising, licensing, SMS and all
telephone and other rights during the period. RAM Media also plans to include
music performances at the event from some of the world's premier music
artists.
RAM Media has also entered into a commercial partnership with Celador Music &
Events Limited, a subsidiary of Celador International, which will enable Celador
to produce the event. Celador International is a company which specialises in
the development, distribution and licensing of some of the world's most
successful television shows including Who Wants To Be A Millionaire? Under these
commercial arrangements RAM will receive from Celador a minimum guaranteed fee
of #300,000 per annum.
Celador International represents all licensing and commercial rights connected
to the FIFPro World XI Player Awards including international television sales
distribution, products and interactive media. The company has already had a very
high level of response from networks in over 25 territories around the world and
has now secured agreements with broadcasters in China, Africa and
Hispanic-speaking US - with a total potential audience of 650m people - for the
broadcasting rights for the event. The broadcasters include:
* Sky One, which has signed the exclusive UK rights
* Telemundo for the Hispanic USA audience
* Shanghai Media Group have acquired the rights for Dragon TV in China
* Canal + Nordic for Sweden, Finland, Denmark and Norway
* R.T.P. for Portugal
* SuperSports for the entire African continent
* Antenna 1 in Romania
* Channel 2 in Iceland
Celador continues to be in negotiations with other international broadcast
partners, further expanding the global reach for the show.
DIVEDOME LIMITED
The Company's executives have invested time and resources in the period under
review in developing Divedome Limited, a subsidiary of RAM.
Divedome is a unique project to design, build and operate the first indoor
sub-aqua leisure centre in the UK. RAM is in detailed discussions with a number
of corporate partners with a view to investment, construction and operation of
the centre. The third party due diligence report has now been completed and the
Directors are of the view that this innovative leisure project would best be
developed in conjunction with experienced leisure operators who are expanding
and developing their leisure assets.
Whilst this project is still under consideration the Board believes it prudent
to write off all costs incurred to date.
TIGER GAMBLING
On 11 January 2005 the Company announced that it had agreed heads of terms to
form a joint venture with Tiger Telematics (NASDAQ: TGTL) to exploit the
technology and design behind Tiger's mobile gaming console 'Gizmondo'
specifically for applications in the areas of gambling.
These heads of terms have not progressed to binding legal agreements and the
Directors feel it is appropriate to concentrate on other opportunities. The
costs in relation to these heads of terms and negotiations have not been
material.
Placings
On 11 January 2005 the Company placed 70,000 new Ordinary Shares of 1p each, at
a price of 60p per share, fully paid and on 4 February 2005 completed a placing
of 608,556 new Ordinary Shares at 76p per share, fully paid.
These new Ordinary Shares rank pari passu with the existing shares in issue and
represent 10.71 per cent of the Company's enlarged issued share capital. The net
proceeds of the placings, being approximately #502,000 have been applied in
supporting the Company's projects and providing working capital for the Group as
a whole. The 678,556 new Ordinary Shares were admitted to trading on AIM on 10
February 2005.
Future Prospects
The past 12 months have been a period of investment and development for the
company and the Directors believe that the FIFPro World XI Awards are set to
become a major revenue producing asset for the group over the next four years.
Although certain projects have not been progressed, the Directors continue to
work on other proposals that they believe have the potential to create
shareholder value.
Edward Adams
Chairman
RAM INVESTMENT GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2005
2005 2004
# #
Turnover - 8,159,116
Cost of sales - (7,681,701)
Gross profit - 477,415
Administrative expenses (163,535) (150,920)
Exceptional items
FIFPro contract set up (282,164) -
costs
Divedome project costs (280,404) -
Operating profit/(loss) (726,103) 326,495
Profit/(loss) on ordinary
activities before (726,103) 326,495
interest
Other interest receivable 14,569 2,676
and similar income
Interest payable and (1,015) -
similar charges
Profit/(loss) on ordinary activities
before (712,549) 329,171
taxation
Tax on profit/(loss) on - (26,109)
ordinary activities
Profit/(loss) on ordinary
activities after (712,549) 303,062
taxation
Profit/(loss) per share
Basic and diluted profit/
(loss) per share (13.6)p 6.1p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
RAM INVESTMENT GROUP PLC
BALANCE SHEET
AS AT 31 MAY 2005
--------------------------------------------------
Group Company
2005 2004 2005 2004
# # # #
Fixed assets
Investments - - 102 101
--------- --------- -------- ---------
- - 102 101
Current assets
Debtors 279,591 8,883,302 842,157 296,052
Cash at bank
in hand 284,324 49,304 284,324 49,304
--------- --------- -------- ---------
563,915 8,932,606 1,126,481 345,356
Creditors: amounts
falling due
within one
year (347,205) (8,507,850) (457,611) (32,007)
--------- --------- -------- ---------
Net current
assets 216,710 424,756 668,870 313,349
--------- --------- -------- ---------
Net assets 216,710 424,756 668,972 313,450
========= ========= ======== =========
Capital and
reserves
Called up
share capital 10,040,226 10,033,440 10,040,226 10,033,440
Share premium
account 11,372,145 10,874,428 11,372,145 10,874,428
Profit and
loss account (21,195,661) (20,483,112) (20,743,399) (20,594,418)
--------- --------- -------- ---------
Equity
shareholders'
funds 216,710 424,756 668,972 313,450
========= ========= ======== =========
RAM INVESTMENT GROUP PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2005
--------------------------------------------------
2005 2004
# # # #
Net cash inflow/(outflow) from operating
activities 559,441 (934,992)
Returns on investments and servicing
of finance
Interest received 14,569 2,676
Interest paid (1,015) -
Net cash inflow/(outflow) for returns
on 13,554 2,676
investments and servicing of finance
Taxation
UK corporation tax paid (26,109) -
(26,109) -
Net cash inflow/(outflow) before 546,886 (932,316)
financing
Financing
Issue of ordinary share capital 504,503 121,192
Other new short term loans 25,765 842,134
Repayment of other short term loans (842,134) -
Net cash inflow/(outflow) from (311,866) 963,326
financing
Increase in cash in the year 235,020 31,010
The audited financial statements, from which the figures contained in this
statement have been extracted, are being delivered to the Registrar of Companies
and sent to shareholders. They will be available from 2nd Floor, Supreme House,
300 Regents Park Road, Finchley, London N3 2TL, free of charge, for 30 days from
posting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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