TIDMCRO
For immediate release: 8 July 2010
Creon Corporation plc
Audited results for the year ended 31 January 2010
Creon Corporation plc (AIM: CRO) today announces its audited results for the
year ended 31 January 2010.
CHAIRMAN'S STATEMENT
I am pleased to present this annual report of Creon Corporation plc ("Creon" or
the "Company") and its subsidiaries ("the Group") to shareholders for the year
ended 31 January 2010.
Introduction
The Company was set up in 2004 as a provider of mezzanine finance to small and
medium sized UK residential property developers and successfully floated on AIM
in November 2004. During the next few years, the Company made a number of
successful loans and recorded material returns in respect of some of these. For
the year ended 31 January 2007, the Group recorded a profit of GBP265,295 and had
net assets in excess of GBP3.0 million, albeit, the vast majority of which was in
loan advances. However, the swift onset of the credit crunch in early 2007,
coupled with the general fall in property prices meant that most of the loans
that the Company had outstanding became overdue and, as a consequence of the
lack of available finance and bank tightening, all of the outstanding
residential related mezzanine loans were written off during the year ended 31
January 2009. For the year ended 31 January 2009, the Group recorded a loss of
approximately GBP3.7 million for the year. The loss in that financial year was so
great due, in part, to the Directors decision to provide against all of the
Group's accrued loans and fees totaling approximately GBP2.4 million and partly
due to the loss associated with the sale of Pinnacle Plus Limited in October
2008 of approximately GBP1.1 million.
Creon's Operations
During the financial year under review, the Company underwent some significant
changes. These included the need to realise assets quickly in order to repay
its own bank lending, a change in the directors and a broadening in the
Company's investment strategy, enabling it to make investments in other
businesses, as well as being able to continue to make loans. The Company's
management has continued to make assessments of suitable investment
opportunities during the year, although none have yet to come to fruition. Any
investments or loans made would require the support of the Company's
shareholders and the need to raise further equity funds.
Financial Review
Income during the year represented the rental income received by the Company
from the two residential properties that it had received in lieu of loan
repayments from an earlier mezzanine loan. Both of these properties were sold
in the summer of 2009 for their approximate carrying value of GBP335,000. The
Company incurred sale costs of approximately GBP15,000 in connection with their
sale. Administrative expenses of GBP152,337 (2009: GBP282,437) were significantly
down on the previous year, a direct reflection of the lower activity than in
2009.
At the beginning of the 2009/10 financial year, the Company made one loan of GBP
200,000, of which GBP110,000 remained outstanding at the year end, and recorded
loan interest income of GBP17,633 for the year. The Company's retained loss for
the year was GBP146,940 (2009: GBP3,700,267 loss) resulting in a loss per share of
0.33 pence (2009: 24.9 pence loss).
The Group ended the year with net assets of GBP495,775 (2009: GBP642,715). The
assets were primarily made up of the GBP400,000 investment in unquoted preference
shares that the Company invested in during the previous financial year and the
loan receivable of GBP110,000. Group cash at 31 January 2010 was GBP15,862 (2009: GBP
1,925). The key other changes to the Group's balance sheet was that it ended
the year with zero debt (2009: GBP250,000 bank loan) and with only GBP58,036 of
trade and other payables outstanding (2009: GBP104,615). There were no changes in
the Company's share capital during the year under review.
The GBP110,000 of loan receivable ("Loan") has been, and is to continue to be,
used by the Company to pay the ongoing running costs associated with being a
public company until suitable investments have been indentified and further
equity funds raised. The Loan can be called by the Company at any time up until
its repayment date of 31 July 2011. The Directors estimate that the total
annual running costs of the Company are approximately GBP90,000 and therefore the
Loan and its repayment (including interest due) provides the Directors with
sufficient comfort as to the Group's ability to meet its ongoing obligations as
they fall due for at least the next 12 months.
Investment Policy
The Board remains committed to continue to provide mezzanine finance that can
provide a suitable return with an acceptable risk profile when the market for
such finance returns. However, the Board believes that it is in the best
interests of shareholders to broaden Creon's investment strategy to enable the
Group to provide finance to, and make investments in, other industry sectors
rather than being confined to the UK property sector. The Directors will be
seeking approval of, inter alia, the broader investment policy as set out below
at the Annual General Meeting of shareholders, which is to be held on 30 July
2010.
The Group will broaden its investment policy to also include investments in
private companies, publicly quoted companies and partnerships. The Group will
not focus on any particular industry sector but will seek investments in
sectors where there is potential for suitable returns. This is expected to
include sectors such as financial services and property, where values largely
remain subdued. The Company will primarily focus on European based businesses
but will also consider investments in other geographical areas if appropriate.
The Group will not seek to limit the size of the investment or the size of the
entities in which it invests.
The Group will not be limited to a fixed number of investments or seek to
diversify the investments over particular sectors or particular indexes,
however it is envisaged that the total number of investments at any given time
will not exceed 50 investments. The Group does not envisage at this stage
gearing its investments but may consider doing so in the future. The Board is
currently reviewing a number of investment opportunities and anticipates making
an investment during the course of next year.
The Company will generally be a passive investor in the entities in which it
invests but if the Board or the Group's consultants are able to add value to
the investee entities then the Group may take a more activist stance.
The Group plans to identify its non-property related investments through the
extensive network of contacts of the Board and the Group's financial advisers
and consultants. Once potential investments have been identified, the Board
will evaluate them on the basis of research prepared and presented to the Board
by its financial advisers and consultants. The Board believes that this
investment policy will help maintain the Group's low cost base whilst having
the potential to deliver improved returns for shareholders.
Director changes
The Company is pleased to welcome Robert Albertus Franscisco Eijkelhof onto the
Board of the Company as a non-executive director with immediate effect. Robert,
aged 48, is an experienced non-executive director which will be important in
evaluating the proposed broadened investment strategy. Robert currently runs
Recoin Capital Trading Services, a financial services consultancy firm. Robert
does not have a shareholding in Creon and there is no further information
required to be disclosed under Schedule 2, Paragraph (g) of the AIM Rules for
Companies, pursuant to Robert's appointment.
Robert will be replacing Jonathan Freeman on the Company's board as Jonathan
has today tendered his resignation from the board of the Company to take effect
immediately after the 2010 annual general meeting. The board of Creon would
like to wish Jonathan all the very best for the future and to record its thanks
for his effort and commitment to the Company over the last five years since its
flotation in 2004.
Annual General Meeting
You will find set out at the end of this document a notice convening an Annual
General Meeting of the Company ("AGM") to be held at its registered office,
being 11 Grosvenor Crescent, Belgravia, London SW1X 7EE at 11.00 a.m. on 30
July 2010 which includes, inter alia, the following resolutions:
* Directors' powers to allot securities;
* Directors' powers to disapply pre-emption rights;
* Approving the Group's ongoing Investment Strategy;
* Receiving of the accounts;
* Appointment of Robert Eijkelhof as a director of the Company;
* Re-appointment of Guus Berting, who retires by rotation, as a director of
the Company; and
* Re-appointment of the Company's auditor
The notice of AGM, together with a form of proxy for use at the AGM, has today
been sent to shareholders.
Current position and outlook
Overall trading conditions continue to be challenging across the wider economy
and the renewed fears of a double-dip recession mean that confidence levels of
an imminent upswing amongst investors remain low. However the Directors and
their advisers are continuing to assess investment projects that appear to
demonstrate significant return opportunities and are hopeful of being able to
complete on one of these transactions during the course of the current
financial year. Any transaction would require the need to raise further equity
for investment from existing and potentially new shareholders.
CREON CORPORATION PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 January 2010
2010 2009
Note GBP GBP
Revenue 2 4,138 9,275
Cost of sales (14,559) 16,172
Exceptional item: loans impairment - (2,328,493)
_______ _________
Gross profit (10,421) (2,303,046)
Administrative expenses 3 (152,337) (282,437)
Exceptional item: profit/(loss) on sale 47 (1,100,034)
of investment
________ _________
Loss from operations (162,711) (3,685,517)
Finance income 5 17,633 4,635
Finance costs 5 (1,862) (18,634)
________ _________
Loss on ordinary activities before (146,940) (3,699,516)
taxation
Taxation 6 - (751)
________ _________
Retained loss for the year (146,940) (3,700,267)
Basic and diluted loss per share 7 (0.33)p (24.9)p
All of the Group's activities are classed as continuing and there were no
recognised gains or losses in either year other than those included above.
The Company has elected to take exemption under section 408 of the Companies
Act 2006 from presenting the Company statement of comprehensive income. The
loss for the Company for the year was GBP241,496 (2009: GBP3,611,397).
STATEMENTS OF CHANGES IN EQUITY
Group
Share Share premium Retained Total equity
capital account earnings attributable to
equity holders of
parent
GBP GBP GBP GBP
At 1 February 2008 100,361 2,774,949 87,190 2,926,500
Issue of shares 339,543 1,040,939 - 1,380,482
Loss for the year - - (3,700,267) (3,700,267)
______ ________ _________ _________
At 31 January 2009 439,904 3,815,888 (3,613,077) 642,715
Loss for the year - - (146,940) (146,940)
______ ________ _________ ________
At 31 January 2010 439,904 3,815,888 (3,760,017) 495,775
______ ________ _________ ________
Company
Share Share premium Retained Total equity
capital account earnings attributable to
equity holders of
parent
GBP GBP GBP GBP
At 1 February 2008 100,361 2,774,949 87,190 2,962,500
Issue of shares 339,543 1,040,939 - 1,380,482
Loss for the year - - (3,611,397) (3,611,397)
______ ________ _________ ________
At 31 January 2009 439,904 3,815,888 (3,524,207) 731,585
Loss for the year - - (241,496) (241,496)
______ ________ _________ ________
At 31 January 2010 439,904 3,815,888 (3,765,703) 490,089
______ ________ _________ ________
STATEMENTS OF FINANCIAL POSITION
as at 31 January 2010
Group Company
Assets Note 2010 2009 2010 2009
Non-current assets GBP GBP GBP GBP
Investment property 8 - 335,000 - -
Amounts owed by 9 - - - 443,021
subsidiaries
Investment in subsidiaries 10 - - 4 6
Investment in unquoted 11 400,000 400,000 400,000 400,000
preference shares
______ ______ ______ ______
400,000 735,000 400,004 843,027
______ ______ ______ ______
Current assets
Loan receivables 4 110,000 - 110,000 -
Investments in quoted 12 5,690 19,151 - -
shares
Other receivables 13 22,259 241,254 22,259 241,254
Cash and cash equivalents 15,862 1,925 15,862 1,925
______ ______ ______ ______
153,811 262,330 148,121 243,179
Total assets 553,811 997,330 548,125 1,086,206
Liabilities
Current liabilities
Trade and other payables 14 (58,036) (104,615) (58,036) (104,621)
Interest bearing loan 15 - (250,000) - (250,000)
________ ________ ________ ________
Total liabilities (58,036) (354,615) (58,036) (354,621)
________ ________ ________ ________
Net assets 495,775 642,715 490,089 731,585
Equity
Called up share capital 16 439,904 439,904 439,904 439,904
Share premium account 3,815,888 3,815,888 3,815,888 3,815,888
Retained earnings (3,760,017) (3,613,077) (3,765,703) (3,524,207)
_______ _______ _______ ________
Total equity 495,775 642,715 490,089 731,585
STATEMENTS OF CASH FLOWS
Group Company
Note 2010 2009 2010 2009
GBP GBP GBP GBP
Reconciliation of operating
profit to net cash flow from
operating activities
Loss for the year before tax (146,940) (3,699,516) (241,496) (3,610,646)
Adjustments for:
Finance cost 1,862 18,634 1,862 18,634
Finance income (17,633) (4,635) (17,633) (4,635)
(Profit)/loss on disposal of (47) 1,100,034 - 1,100,034
investment
Impairment of properties - 65,000 - -
Impairment of investment 13,461 23,870 2 -
Loans impairment - 2,230,907 - 2,230,907
Property accepted in lieu of - (400,000) - (400,000)
cash settlement
Change in receivables 218,995 139,361 218,995 139,361
Change in payables (46,579) (30,581) (46,585) (30,581)
Change in loans to subsidiaries - - 443,021 (43,021)
_______ _______ _______ _______
Cash flows from operating 23,119 (556,926) 358,166 (599,947)
activities
Interest received 17,633 4,635 17,633 4,635
Taxation refunded/(paid) - 33,191 - 33,191
______ ______ ______ ______
Net cash from operating 17,633 37,826 17,633 37,826
activities
Investing activities
Purchase of investments - (43,021) - -
Purchase costs of acquisition 17 - (105,187) - (105,187)
of Pinnacle
Loans made net of repayments (110,000) (403,500) (110,000) (403,500)
Interest paid (1,862) (18,634) (1,862) (18,634)
_______ _______ _______ _______
Net cash used in investing (111,862) (570,342) (111,862) (527,321)
activities
Financing activities
Issue of ordinary shares - 359,618 - 359,618
(Repayment of)/proceeds from (250,000) 250,000 (250,000) 250,000
bank borrowings
Sale of investment properties 335,047 - - -
_______ _______ _______ _______
Net cash from financing 85,047 609,618 (250,000) 609,618
activities
Net increase/(decrease) in cash 13,937 (479,824) 13,937 (479,824)
and equivalents
Cash and equivalents at 1,925 481,749 1,925 481,749
beginning of year
Cash and equivalents at end of 15,862 1,925 15,862 1,925
year
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been
applied consistently throughout the year and the preceding year unless stated.
Basis of accounting
The financial statements of the Group and the Company have been prepared in
accordance with International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued by the
International Accounting Standards Board (IASB) as adopted by European Union.
The financial statements have been prepared on the historical cost basis,
except where IFRS requires an alternative treatment. The principal variations
from historical cost relate to financial instruments (IAS 39).
At the date of authorisation of the financial statements there were Standards
and Interpretations, which have not been applied in the financial information,
that were in issue but not yet effective. The Directors anticipate that the
adoption of these Standards and Interpretations in future periods will have no
material impact on the financial statements of the Group or the Company, except
for additional disclosures when the relevant Standards and Interpretations come
into effect.
Going concern
The Directors have reviewed the current budgets and cash flow projections for a
period of more than 12 months from the date of this report. The forecasts take
into account the current cash balances and assume repayment of the outstanding
short-term mezzanine loan of GBP110,000 outstanding at 31 January 2010 due to be
repaid in July 2011.
Various sources of additional financing have been considered by the board to
strengthen the balance sheet, including injecting additional fresh equity,
although a final decision regarding the source of financing has not yet been
made.
Accordingly the Directors have prepared the financial statements on the going
concern basis.
Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern the
financial and operating policies of another entity or business so as to obtain
benefits from its activities, it is classified as a subsidiary. The
consolidated financial statements present the results of the Company and its
two active subsidiary undertakings, Creon Investments Limited ("Investments")
and Creon Estates Limited ("Estates") ("the group") as if they formed a single
entity. Intercompany transactions and balances between group companies are
therefore eliminated in full.
Revenue
Turnover represents arrangement fees due in respect of mezzanine finance
advances and additional fees arising from the extension of loans beyond their
original repayment date. These are spread on a straight-line basis over the
loan terms.
Rental income
Rent income is spread on a straight-line basis over the period of the lease.
Investment property
The Group applies the fair value model in accounting for investment property.
The Group's investment property was revalued annually to open market value,
with changes in the carrying value recognised in the consolidated statement of
comprehensive income. The Group's investment property was sold during the year
under revew.
Investments in subsidiaries
Investment in subsidiary companies is stated at cost less provision for any
impairment in value. Subsequent measurement of all investments is at fair
value.
Investments in unquoted and quoted shares
Investments in unquoted and quoted shares are initially measured at cost,
including transaction costs. Subsequent measurement of all investments is at
fair value. The fair values of listed investments are based on bid prices at
the financial year end date.
Assets held by the Group at the year end include unlisted redeemable preference
shares and listed investments received in lieu of repayment of a mezzanine
loan.
When managing its investments, the Group aims to profit from changes in the
fair value of equity investments. Accordingly, all quoted equity investments
are designated as "at fair value through the profit and loss" and are
subsequently recorded in the statement of financial position at fair value.
Loans receivable
Loans receivable are valued at nominal amount less provisions against
recoverability. The maximum exposure of the Company in respect of the loan
portfolio at the year end is the amount receivable shown in note 4. No hedging
transactions have been entered into with respect to the loan portfolio.
Impairment
At each financial year end date, the Group reviews the carrying amounts of its
property and equipment and intangible assets with finite lives to determine
whether there is any indication that those assets have suffered an impairment
loss. In any such indication exists, the recoverable amounts of the asset is
estimated in order to determine the extent of the impairment loss. Where it is
not possible to estimate the recoverable amount of the individual asset, the
Group estimates that recoverable amount of the cash-generating unit to which
the asset belongs.
Cash
Cash and cash equivalents comprise cash at bank and in hand.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of
the financial instrument's contractual obligations rather than the financial
instrument's legal form. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of its
liabilities.
Trade payables
Trade payables are not interest bearing and are stated at their nominal value.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.
Current and deferred tax
The charge for current tax is based on the results for the year as adjusted for
items which are non-assessable or disallowed. It is calculated using rates that
have been enacted or substantively enacted by the financial year end date.
2. Revenue
Revenue in the year ended 31 January 2010 represents rental income received by
Creon Estates Ltd from two investment properties, both of which were sold
during the year under review.
3. Administrative expenses
Expenses included in administrative expenses (net) are analysed below
2010 2009
GBP GBP
Premises costs - 10,543
Administration costs 38,442 54,262
Other legal, professional and financial 64,670 87,933
costs
Employment costs and directors fees 35,764 40,799
Impairment of assets 13,461 88,870
Sundry - 30
______ ______
152,337 282,437
______ ______
The auditor's fees in the year ended 31 January 2010 were GBP14,000
4. Loans impairment
2010 2009
GBP GBP
Balance brought forward - 2,230,907
New loans advanced in the year 200,000 282,881
Loans repaid (90,000) (165,017)
Property accepted in lieu of cash settlement - (400,000)
Loans written off - (1,948,771)
______ ______
Balance carried forward 110,000 -
______ ______
As at 8 July 2010, the amount of the new loan advanced in the year that
remained receivable by the Company had been reduced to GBP97,500 through
repayments in accordance with the terms of the loan.
5. Finance income and finance costs
2010 2009
GBP GBP
Finance income - interest income on - 4,635
short-term deposits
- interest income on commercial loan 17,633 -
_____ _____
17,633 4,635
_____ _____
Finance costs - Interest expense on bank loan 1,862 18,634
_____ _____
6. Taxation
2010 2009
GBP GBP
UK Corporation tax
Current tax on loss for the year - -
Underprovision in prior year - 751
______ _______
- 751
______ _______
Factors affecting tax charge in the year
Loss on ordinary activities before tax (146,940) (3,700,267)
Loss on ordinary activities at the effective (30,857) (746,220)
rate of corporation tax in the UK of 21%
(2009: 20.17%)
Unrelieved losses 30,857 746,220
Underprovision in prior year - 751
______ _______
Tax charge for the year - 751
______ _______
7. Loss per share
The basic and diluted loss per share for the year ended 31 January 2010 was
0.33p. The calculation of loss per share is based on the loss of GBP146,940 for
the year ended 31 January 2010 and the number of shares in issue during the
year of 43,990,400. No options or warrants remain outstanding as of 31 January
2010 and no further shares have been issued since 31 January 2010.
The basic and diluted loss per share for the period to 31 January 2009 was
24.9p. The calculation of loss per share for that period was based on loss of GBP
3,700,267 for the year to 31 January 2009 and the weighted average number of
shares in issue during the year of 14,852,682. The Company issued 33,954,435
new ordinary shares during the year ended 31 January 2009.
8. Investment property
Freehold 2010 2009
Cost or valuation GBP GBP
At 1 February 335,000 -
Additions - 400,000
(Deficit) on revaluation - (65,000)
Disposals (335,000) -
_______ _______
At 31 January - 335,000
_______ _______
Both investment properties held were let on assured short-term tenancies for
the first part of the year under review until their disposals were completed in
August 2009 and September 2009.
9. Amounts owed by subsidiaries
Company
2010 2009
GBP GBP
Creon Estates Limited - 400,000
Creon Investments Limited - 43,021
______ _______
- 443,021
______ _______
Amounts owed to the Company from its wholly owned subsidiaries, Creon Estates
Limited and Creon Investments Limited were provided for in full at 31 January
2010.
10. Investment in subsidiaries
Company
2010 2009
Cost or valuation GBP GBP
At 1 February 6
Additions - 776,942
Disposals (2) (776,936)
_______ _______
At 31 January 4 6
_______ _______
Creon's subsidiaries, all of which have been included in these consolidated
financial statements, were as follows:
Name Country of Proportion of ownership interest at
incorporation 31 January
2010 2009
Creon Investments England 100% 100%
Ltd
Creon Estates Ltd England 100% 100%
Creon Properties England 100% 100%
Ltd
The principal activity of Creon Investments Ltd is that of making
non-controlling investments in quoted and unquoted companies. Creon Estates
Ltd's principal activity was that of holding residential property for resale.
Creon Properties Ltd was dormant and was dissolved on 24 April 2010.
11. Investment in unquoted preference shares
Group and Company
2010 2009
Cost or valuation GBP GBP
At 1 February 400,000 -
Additions - 400,000
_______ _______
At 31 January 400,000 400,000
_______ _______
The investment in unquoted preference shares represents 400,000 GBP1 non-voting
redeemable preference share held in Pinnacle Plus Limited. The preference
shares accrue interest at a rate of 7.0 per cent. per annum, payable on the
date of redemption, with redemption being at Pinnacle's discretion at any time
up to September 2013, upon which date the preference shares will be
automatically redeemed.
12. Investments in quoted shares
Group
2010 2009
Cost or valuation GBP GBP
At 1 February 19,151 -
Additions - 43,021
Impairment provision (13,461) (23,870)
____ _____
At 31 January 5,690 19,151
13. Other receivables
Group & Company
2010 2009
GBP GBP
Proceeds due from exercise of share warrants - 232,299
Prepayments and sundry debtors 8,923 8,955
Accrued income and interest 13,336 -
_____ ______
22,259 241,254
All amounts fall due for payment within one year.
14. Trade and other payables
Group
2010 2009
GBP GBP
Accruals and deferred income 58,036 104,615
_____ ______
58.036 104,615
Company
2010 2009
GBP GBP
Accruals and deferred income 58,036 104,621
_____ ______
58.036 104,621
15. Interest bearing loan
As at 31 January 2009, the Company had a GBP250,000 fixed bank loan secured
against the Company's assets and charged at base rate plus 2%. Repayment was
made in September 2009 following the sale of the investment properties.
16. Share capital
2010 2009
GBP GBP
Authorised
100,000,000 ordinary shares of 1p each 1,000,000 1.000,000
Allotted, called up and fully paid
43,990,545 ordinary shares of 1p each 439,904 439,904
No warrants or options were issued during the financial year or remained
outstanding for exercise post 31 January 2010.
17. Asset value per share
The net asset value per share at 31 January 2010 was GBP0.01 (31 January 2009; GBP
0.01). Net asset value is based on the net assets as at 31 January 2010 of GBP
495,775 (31 January 2009: GBP642,715) and on the number of Ordinary Shares in
issue at 31 January 2010 being 43,990,545 Ordinary Shares (31 January 2009:
43,990,545).
18. Staff numbers and costs
The average monthly number of employees of the Group, including directors,
during the year was 2 (2009: 2). The aggregate remuneration and associated
costs were:
2010 2009
GBP GBP
Wages and salaries 3,000 12,000
Social security costs 204 681
_____ _____
3,204 12,681
Directors' emoluments
2010 2009
GBP GBP
Amounts paid to third parties in respect of 61,982 52,828
directors' services including expense
Emoluments paid to a director 3,000 12,000
_____ _____
64,982 64,828
19. Capital commitments
There were no capital commitments at the year end (2009 - GBPnil).
20. Related party transactions
The following information discloses the significant related-party transactions
during the year
Name of related party and nature of Transaction Amount paid Balance
relation type outstanding at
year end
2010 2009 2010 2009
GBP GBP GBP GBP
Jonathan Freeman, director of Creon Directors 16,950 15,463 5,640 13,160
is a 50% shareholder of Combined fees
Management Services Limited ("CMS")
Jonathan Freeman, director of Creon Admin & 16,920 15,526 5,640 13,160
is a 50% shareholder of CMS support
services
Jonathan Freeman, director of Creon Accountancy 15,000 16,113 5,000 15,630
is a 50% shareholder of CMS services
Jonathan Freeman, director of Creon Provision - 9,400 - 3,493
is a 50% shareholder of CMS of Office
space
Jonathan Freeman is a director of Syndicate Asset Management Plc, a company in
which the Group has an investment valued at GBP5,690 at 31 January 2010 (2009: GBP
19,151). In addition, Guus Berting is a non-executive director of Pasha
Investments V B.V. ("Pasha"), a business to whom the Company made a loan
("Loan") during the year and which GBP110,000 remained outstanding as at 31
January 2010. As at 8 July 2010, the balance outstanding on the Loan was GBP
97,500 which is due to be repaid to the Company on or before 30 July 2011,
together with interest due thereon.
Related party balances outstanding at the year end attract zero interest and
are payable on demand.
21. Analysis of cash and cash equivalents
2010 2009
GBP GBP
Cash at bank and in hand 15,862 1,925
Interest bearing loan - (250,000)
_______ ______
15,862 (248,075)
The Company's Report and Accounts for the year ended 31 January 2010 will be
posted to shareholders today and the full report is available to view and
download from the Company's website at www.creoncorporation.com.
For further information please contact:
Creon Corporation Plc Guus Berting +44 (0)20 7752 0215
Daniel Stewart & Company Plc Oliver Rigby +44 (0)207 776 6550
GTH Media Relations Toby Hall +44 (0)20 3 103 3903
Christian Pickel +44 (0)20 3 103 3902
END
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