TIDMRLH
RNS Number : 1310N
Red Leopard Holdings PLC
26 September 2012
RED LEOPARD HOLDINGS PLC
Interim Accounts for Red Leopard Holdings Plc ("Red Leopard",
the "Company" or the "Group") for the six months ended 30 June
2012
Red Leopard presents the unaudited interim accounts for the six
months ended 30(th) June 2012.
In its trading update of 14 June 2012 the Company announced that
the progression of the proposed purchase of a site in the South
West of England for GBP1.85 million was no longer expected to
complete by the end of the end of the quarter.
At that time, the board remained hopeful that the deal would
still complete but given the prevailing economic climate and its
effect on the property and hospitality sector, and the banks'
reluctance to fund anything property related, the Board was
undertaking a broader strategic review of the options available for
the group's future development.
The Directors believed it was in the interest of the
shareholders to consider other opportunities outside of the
property and hospitality sector and specifically in the natural
resources sector, pursuing projects which could fulfil the criteria
of near term production with further exploration potential. The
Company announced it would update shareholders as and when
appropriate, and in any event, following completion of the
strategic review, expected to be by the end of the third quarter
2012.
That review is still taking place. The Directors are making
their final assessment as to whether projects in the South West of
England are viable and a decision is expected in the next few
weeks. Alongside this, the Company continues to evaluate other
property and hospitality opportunities whilst also investigating
natural resource opportunities which are near production.. In the
event that the Company did formally change its strategy and invest
in, or acquire an interest in, a natural resources project or
company it would likely require shareholder approval under the AIM
rules.
The Board expect to confirm to shareholders in the near term a
preferred strategy for the company going forward.
A copy of the interim results will be available on the Company's
website www.redleopardholdings.com
For further information, please contact:
John May, Red Leopard Holdings Plc, Tel: 020 7766 0086
Luke Cairns and Gavin Burnell, Northland Capital Partners
Limited, Tel: 020 7796 8800
Consolidated statement of comprehensive income
(unaudited) (unaudited) Audited
6 months 6 months Year to 31
to to
30 June 30 June December
Note 2012 2011 2011
GBP GBP GBP
Overheads
Administrative expenses (92,096) (87,329) (369,728)
----------- ----------- -----------
Operating loss (92,096) (87,329) (369,728)
Finance income - - 3
Finance cost - - (13)
----------- ----------- -----------
Profit/(loss) from continuing activities
before taxation (92,096) (87,329) (369,738)
Tax expense - - -
Profit/(loss) for the year attributable
to the equity holders of the parent (92,096) (87,329) (369,738)
=========== =========== ===========
Earnings per share:
Basic 3 (0.02) (0.019) (0.09)
Diluted (0.02) - (0.09)
Consolidated statement of financial position
(unaudited) (unaudited) Audited
30 June 30 June 31 December
Notes 2012 2011 2011
GBP GBP GBP
Non current assets
Property, plant and equipment - 17,276 -
------------------------- ------------------------- -------------------------
- 17,276 -
Current assets
Held for trading financial assets 35,000 - 35,000
Trade and other receivables 23,623 2,501 27,920
Cash and cash equivalents 934 24,235 10,129
------------------------- ------------------------- -------------------------
Total assets 59,557 44,012 73,049
========================= ========================= =========================
EQUITY
Share capital 5 1,368,334 886,917 1,350,334
Share premium account 3,097,263 3,097,263 3,097,263
Share based payment reserve 60,002 60,002 60,002
Retained earnings (4,678,037) (4,303,533) (4,585,941)
------------------------- ------------------------- -------------------------
Total equity (152,438) (259,350) (78,342)
========================= ========================= =========================
Current liabilities
Trade and other payables 4 211,995 303,362 151,391
------------------------- ------------------------- -------------------------
Total current liabilities 211,995 303,362 151,391
------------------------- ------------------------- -------------------------
Total liabilities 211,995 303,362 151,391
------------------------- ------------------------- -------------------------
Total equity and liabilities 59,557 44,012 73,049
========================= ========================= =========================
Consolidated statement of changes in equity
Share Share Profit
Share premium options and loss Total
capital account reserve account equity
Unaudited GBP GBP GBP GBP GBP
At 1 January 2012 1,350,334 3,097,263 60,002 (4,585,941) (78,342)
Loss for the period - - - (92,096) (92,096)
--------- --------- --------- ----------- ---------
Total comprehensive
income for the
period - - - (92,096) (92,096)
--------- --------- --------- ----------- ---------
Transactions with
owners:
Issue of share
capital 18,000 - - - 18,000
--------- --------- --------- ----------- ---------
Total transactions
with owners
--------- --------- --------- ----------- ---------
Balance at 30 June
2012 1,368,334 3,097,263 60,002 (4,678,037) (152,438)
--------- --------- --------- ----------- ---------
Share Share Profit
Share premium options and loss Total
capital account reserve account equity
Unaudited GBP GBP GBP GBP GBP
At 1 January 2011 886,918 3,097,263 60,002 (4,216,203) (172,020)
Loss for the period - - - (87,329) (87,329)
--------- --------- --------- ----------- ---------
Total comprehensive
income for the
period - - - (87,329) (87,329)
--------- --------- --------- ----------- ---------
Transactions with
owners:
Issue of share
capital - - - - -
--------- --------- --------- ----------- ---------
Total transactions
with owners - - - - -
--------- --------- --------- ----------- ---------
Balance at 30 June
2011 886,918 3,097,263 60,002 (4,303,533) (259,350)
--------- --------- --------- ----------- ---------
Share Share Profit
Share premium options and loss Total
capital account reserve account equity
Audited GBP GBP GBP GBP GBP
At 1 January 2011 886,918 3,097,263 60,002 (4,216,203) (172,020)
Loss for the period - - - (369,738) (369,738)
--------- --------- --------- ----------- ---------
Total comprehensive
income for the
period - - - (369,738) (369,738)
--------- --------- --------- ----------- ---------
Transactions with
owners:
Issue of share
capital 463,416 - - - 463,416
--------- --------- --------- ----------- ---------
Total transactions
with owners 463,416 - - - 463,416
--------- --------- --------- ----------- ---------
Balance at 31 December
2011 1,350,334 3,097,263 60,002 (4,585,941) (78,342)
--------- --------- --------- ----------- ---------
Consolidated statement of cash flows
(unaudited) (unaudited) Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2012 2011 2011
GBP GBP GBP
Cash flows used in operating
activities
Operating loss (92,096) (87,329) (369,728)
Adjustments for:
Decrease/(Increase) in trade
and
other receivables 4,296 2,992 (7,427)
Increase/(Decrease) in trade
payables 55,772 95,274 (71,696)
------------------------- ------------------------- -------------------------
Net cash flows from operating
activities (32,028) 10,936 (448,851)
------------------------- ------------------------- -------------------------
Cash flows from investing activities
Purchase of held for sale financial
assets - - (35,000)
Purchase of property, plant and
equipment -(17,276) -
Interest received - - 3
Interest paid on loans - - (13)
------------------------- ------------------------- -------------------------
Net cash used in investing activities - (17,276) (35,010)
------------------------- ------------------------- -------------------------
Cash flows from financing activities
Issue of share capital - -229,415
Proceeds from issue of convertible
loan note 13,000 154,000
Proceeds from issue of short term
loans 9,833 80,000
------------------------- ------------------------- -------------------------
Net cash used in financing activities 22,833 - 463,415
------------------------- ------------------------- -------------------------
Net decrease in cash and cash equivalents (9,195) (6,340) (20,446)
Cash and cash equivalents brought
forward 10,129 30,575 30,575
------------------------- ------------------------- -------------------------
Cash and cash equivalents carried
forward 934 24,235 10,129
========================= ========================= =========================
Notes to the consolidated financial statements
1 Nature of operations and general information
The principal activity of Red Leopard Holdings plc and its
subsidiaries (the "Group") during the period was looking for
opportunities in the property, leisure and hospitality sectors.
Red Leopard Holdings plc is the Group's ultimate parent company.
It is incorporated and domiciled in Great Britain. The address of
Red Leopard Holdings plc's registered office is 233-237 Old
Marylebone Road, London, NW1 5QT. Red Leopard Holdings plc's shares
are listed on the Alternative Investment Market of the London Stock
Exchange.
2 Basis of preparation
The financial information presented in this half-yearly report
constitutes the condensed consolidated financial statements (the
interim financial statements) of Red Leopard Holdings plc for the
six months ended 30 June 2012.
The interim financial statements should be read in conjunction
with the Annual Report and Accounts for the year ended 31 December
2011 which have been prepared in accordance with International
Financial Reporting Standards as adopted for use in the EU. The
financial information in this half yearly report, which has been
approved by the Board and authorised for issue is unaudited. The
financial information set out in this interim report does not
constitute statutory accounts as defined in Section 434 (3) of the
Companies Act 2006. The comparative financial information presented
herein for the year ended 31 December 2011 has been extracted from
the Group's Annual Report and Accounts for the year ended 31
December 2011 which have been delivered to the Registrar of
Companies.
These financial statements have been prepared under the
historical cost convention.
These consolidated interim financial statements have been
prepared in accordance with the accounting policies adopted in the
last annual financial statements for the year to 31 December
2011.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
consolidated interim financial statements. The consolidated
financial information includes the accounts of the Company and its
subsidiaries, after the elimination of inter-company transactions
and balances.
3 Earnings per share
The calculation of the basic loss per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year.
The calculation of diluted loss per share is based on the basic
loss per share, adjusted to allow for the issue of shares and the
post tax effect of dividends and/or interest, on the assumed
conversion of all dilutive options and other dilutive potential
ordinary shares.
Reconciliations of the loss and weighted average number of
shares used in the calculations are set out below.
Weighted
average number Per share
Loss of shares amount
6 months to 30 June 2012 GBP Pence
Loss attributable to ordinary shareholders 92,096
Weighted average number of shares
(used for basic earnings per share) 90,476,059
Basic loss per share 0.10
=========================
6 months to 30 June 2011
Loss attributable to ordinary shareholders 87,329
Weighted average number of shares
(used for basic earnings per share) 443,458,630
Basic loss per share 0.019
=========================
Year to 31 December 2011
Loss attributable to ordinary shareholders 369,738
Weighted average number of shares
(used for basic earnings per share) 414,215,286
Basic loss per share 0.09
=========================
For diluted loss per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potential dilutive ordinary shares. Items to be included in the
calculation are:
- Options for ordinary shares
- Convertible loan notes for ordinary shares
The effect of conversion of all potential dilutive ordinary
shares would have an anti-dilutive effect on loss per share and
therefore they have not been incorporated in the diluted loss per
share calculation.
4 Liabilities
(unaudited) (unaudited) Audited
6 months 6 months Year to
to 30 June to 30 June 31 December
2012 2011 2011
GBP GBP GBP
Trade payables 107,345 114,990 53,186
Short term loans 82,495 - 80,000
Convertible Loan Note - - 5,000
Accruals and deferred income 22,155 188,372 13,205
------------ ------------ -------------
211,995 303,362 151,391
------------ ------------ -------------
The Company received unsecured short term loans in the period to
31 December 2011 amounting to GBP80,000 repayable on demand. Of
these, GBP50,000 was received from John May, Chairman. GBP20,000
was received by City & Westminster Corporate Finance LLP, in
which John May is a partner. A further GBP10,000 was received from
a family member of Robert Coe, the Company Secretary. During the
six months to 30 June 2012, the Company received a further GBP9,833
in unsecured short term loans from City & Westminster Corporate
Finance LLP and an additional GBP1000 following the period end.
Following the 30(th) June 2012 the company has received a further
loan of GBP20,000 from a family member of John May. The directors
continue to support the company to ensure it is in a position to
meet its short term working capital requirements.
Under a loan note instrument issued in September 2011 a further
GBP5,000 was received which was converted into ordinary shares of
1pence in the six months to June 2012.
5 Share Capital
Shares issued and authorised for the period to 30 June 2012 are
summarised as follows:
6 months to 30 June 2012
Number GBP
Ordinary shares 1 pence 90,687,529 906,875
Issue of ordinary shares 1 pence 1,800,000 18,000
Deferred shares 0.01 pence 443,458,630 443,459
---------
At 30 June 2012 1,368,334
---------
6 months to 30 June 2011
Number GBP
Ordinary shares 0.01 pence 443,458,630 886,917
-------
At 30 June 2011 886,917
-------
Year to 31 December 2011
Number GBP
Ordinary shares 1 pence 90,687,529 906,875
Deferred shares 0.01 pence 443,458,630 443,459
---------
At 31 December 2011 1,350,334
---------
5. Share Capital (continued)
In December 2011 the Company held a General Meeting at which it
was approved that there would be a capital re-organisation. Each
Ordinary Share in issue was subdivided into one New Ordinary Share
of GBP0.001 (0.1 pence) in the capital of the Company and one
Deferred Share of GBP0.001 (0.1 pence). The purpose of the issue of
Deferred Shares was to ensure that the reduction in the nominal
value of the Existing Ordinary Shares did not result in a reduction
in the capital of the Company. Each Shareholder's proportionate
interest in the Company's issued ordinary share capital remained
unchanged as a result of the Subdivision. Aside from the change in
nominal value, the New Ordinary Shares (including the voting and
dividend rights and rights on a return of capital attaching to
them) are identical in all respects to the Existing Ordinary
Shares. The Deferred Shares created pursuant to the Subdivision
have no voting or dividend rights and, on a return of capital or on
a winding up of the Company, will have the right to receive the
amount paid up thereon only after Ordinary shareholders have
received, in aggregate, any amounts paid up thereon plus GBP10
million per ordinary share.
Following the subdivision, the company consolidated the issue of
1 New Ordinary Share of 1pence for every 10 new ordinary shares of
0.1 pence. The New Consolidated Ordinary Shares have the same
voting rights as to voting, dividends and return on capital as the
Existing Ordinary Shares. The Deferred Shares created subject to
the Subdivision were not be consolidated The resulting issued share
capital of the company following the subdivision and consolidation
was 44,345,863 shares.
A further 21,441,666 shares in the year to 31 December 2011 were
issued to Directors and former Directors in lieu of fees accrued
since 2007; and 10,000,000 shares were issued to external third
party in lieu of fees.
In September 2011, the Company entered into a convertible loan
note instrument of up to GBP300,000, at an interest rate of 8%
secured against the Company's assets, repayable in 2012 unless
otherwise converted, pursuant to which it raised GBP154,000. Loan
Notes for GBP149,000 were automatically converted into new ordinary
shares in the Company upon the capital reorganisation of the share
capital of the Company and immediately following the capital
reorganisation, 14,900,000 shares were issued in satisfaction of
these loan notes in the year to 31 December 2011. The remaining
GBP5,000 Loan Note was converted into 500,000 shares in the six
months to 30 June 2012. The Company received in the six months to
30 June 2012, an additional GBP13,000 under the Loan Note
instrument which were converted into 1,300,000 shares in the
period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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