TIDMBKWD
RNS Number : 6601O
Brookwell Limited
21 September 2011
BROOKWELL LIMITED
Announcement of final results for the year ended 30 June
2011
HIGHLIGHTS
A Shares B Shares D Shares
------------------------------------------ --------- --------- ---------
Amount raised in placing GBP25.5m GBP13.0m GBP16.4m
------------------------------------------ --------- --------- ---------
Amount returned to shareholders
in the year to 30 June 2011 GBP0.9m GBP3.6m GBP2.5m
------------------------------------------ --------- --------- ---------
Amount returned to shareholders
in the period from admission of
shares to trading on AIM ("Admission")*
to 30 June 2011 GBP11.6m GBP14.3m GBP2.5m
------------------------------------------ --------- --------- ---------
Number of securities acquired in
the placing* 84 62 76
------------------------------------------ --------- --------- ---------
Number of securities at 30 June
2011 Nil Nil 39
------------------------------------------ --------- --------- ---------
Net asset value per Share at Admission** 97.00p 96.60p 96.80p
------------------------------------------ --------- --------- ---------
Net asset value per Share at 30 n/a n/a 96.17p
June 2011
------------------------------------------ --------- --------- ---------
Weighted average net asset value*** n/a n/a 96.20p
at 30 June 2011
------------------------------------------ --------- --------- ---------
* The A Shares were admitted to trading on AIM on 26 June 2008.
The B Shares were admitted to trading on AIM on 19 February 2009.
The D Shares were admitted to trading on AIM on 24 February
2011.
** after share issue expenses
*** net assets and cash returned to shareholders
shares issued in placing
CHAIRMAN'S STATEMENT
The D Class Fund was successfully launched in February/March
2011 with the acquisition of a portfolio with an initial aggregate
valuation of GBP16.4m. The D Class Fund has had an excellent start,
returning GBP2.5m on 30 June 2011, only three months after stocks
were acquired. During the year the Company also completed the
realisation of the remaining investments in the A Class Fund and in
the B Class Fund, and returned the proceeds to Shareholders.
The net asset value ('NAV') per D Share, as at 30 June 2011, was
96.17p, and the number of holdings was reduced from 76 to 39.
Subsequently, the NAV per D share, at 16 September, 2011, was
82.15p, and the number of holdings has been further reduced to 32.
Despite the recent deteriorating market conditions, progress has
continued to be made, and the D Share Class Fund held cash of
GBP1.1m on that date.
Further details on disposals are provided in the Investment
Manager's report, which also covers examples of engagement with
investee company boards and summary profiles of the key
holdings.
On 30 December 2010 the Company returned GBP0.9m to A
shareholders, in the final pro-rata redemption of 2,380,891 A
Shares at a price of 36.2278p per A Share. In total GBP11.6m was
returned to A Class Fund shareholders, representing approximately
45% of the placing value of GBP25.5m.
On 30 December 2010 the Company returned GBP3.2m to B
shareholders, in a pro-rata redemption of 2,888,862 B Shares at a
price of 110.77p per B Share. On 31 March 2011 the Company returned
GBP0.4m to B shareholders, being the final pro-rata redemption of
418,858 B Shares at a price of 94.0853p per B Share. In total
GBP14.3m was returned to B Class Fund shareholders, representing
approximately 110% of the placing value of GBP13.0m. This was
undertaken in a record time of 25 months, compared with previous
funds.
It is perhaps not fully appreciated just what the processes are
by which your Investment Manager extracts the maximum value they
can from the holdings in our portfolio.
Basically, they have been devoting their time and energies to a
collection of stocks where underperformance and difficult
marketability would require too great a resource of time and effort
for our subscribing institutions to manage effectively themselves.
This is because these stocks have become small distractions within
the very much larger portfolios.
The realisation process of Brookwell is multi-faceted. It
comprises attending formal and informal company meetings, engaging
with management and sometimes invoking due legal and governance
processes, introducing new director candidates, or helping with
corporate value-enhancing activity. Inevitably, these actions often
involve many hours of engagement, including travel to offices and
factories, meetings, emails, telephone calls and document
processing. It is not uncommon for a particular stock situation to
generate 30 or 40 telephone calls before realisation can be
achieved.
Nor should our Investment Manager's understanding of stock
market investor and dealing processes be underestimated. This has
been demonstrated in many instances where the ability to trade in
very narrow markets has often looked an impossible situation, but
our team has, nevertheless, completed a sale of a difficult
holding, quite often on advantageous terms.
In the year to 30 June 2011, the Company has reported a net loss
of GBP0.4m and therefore the Board will not be declaring a
dividend.
The global recovery has not been sufficient for the UK to
demonstrate the normal post recession economic bounce-back. The
coalition Government is not finding easy the task of bringing order
to the chaos of the public finances. The developing sovereign debt
crisis in Europe and the last minute 'compromise' deal which only
just enabled the US Government to avoid the embarrassment of
defaulting, further demonstrates why the UK has to reassure
international investors that the public finances can be brought
under control. However, anaemic economic growth trends have
resulted in the IMF casting doubt on the Chancellor's deficit
reduction plan, warning that the margin of error is slim and
therefore raising the risk of further spending cuts and/or tax
increases.
Against this backdrop, we remain cautious about the outlook for
the UK economy and therefore profitability trends of companies
which are highly dependent on it. We believe UK small caps will
continue to be highly illiquid and the current economic and market
outlook suggests this trend is likely to remain the case for some
time. It does, however, reinforce our belief that a flexible and
pro-active approach is the best way to continue to realise the
remaining investments in an orderly fashion.
The AGM will be held at 11 New Street, St Peter Port, Guernsey
at 11:00 am on 6 December 2011.
Christopher Clark
21 September 2011
INVESTMENT MANAGER'S REPORT
Brookwell was launched in June 2008 with one class of shares
which, following the launch of the B shares in February 2009, were
re-designated as A shares. Following approval at the Extraordinary
General Meeting on 7 February 2011, a further class of shares,
named D shares, was also created.
A Share Portfolio
When last year's Annual Report was published, the original
portfolio of 84 stocks had been reduced to just 4. As flagged in
the half-yearly report, all of these remaining holdings were sold
by the end of December 2010. All the remaining A Shares were
redeemed on 30 December 2010 and the final proceeds returned to A
shareholders.
B Share Portfolio
At 30 June 2010 the B portfolio had been reduced from an initial
62 investments to just 12. When the half-yearly report was
published, all of the remaining holdings, apart from Sanderson
Group, had been realised. On 15 March, following the sale of this
holding, Brookwell informed shareholders of the redemption of the
remaining B shares, which was completed on 31 March 2011.
D Share Portfolio
In February 2011 Brookwell established a D class of shares
which, combined with a small supplemental placing in March,
resulted in the Company taking on a further 76 holdings. By 30 June
2011, the end of the Company's financial year, these initial
holdings had been reduced to 39 as a result of our pro-active
programme of engagement and GBP2.5m was returned to D
shareholders.
As with previous work-out funds, the initial months of a new
portfolio are particularly active as we try to understand and
evaluate investments we have not seen before and re-open dialogue
with familiar stocks that have appeared in our previous work-out
funds. It is our policy to attend, where practical, all annual
general meetings, to engage with the boards of investee companies
and, where appropriate, to seek to identify potential buyers.
One early success was Burst Media, where we supported a paper
offer from Blinkx which, when sold, represented a seven-fold return
on the investment. Uniq produced an innovative deficit for equity
swap to address its pension fund deficit and subsequently agreed a
takeover bid from Greencore Group. Two other holdings, i-Design and
Driver Group, have delivered encouraging statements.
On the down side, Trans Balkan left AIM, so with approval from
the Board, the valuation was written down to zero.
Brookwell introduced a new chief executive and chairman to the
board of Universe Group. They were appointed in May and June
respectively.
Brookwell also requisitioned a general meeting at Northern
Investors to request the board to put forward constructive
proposals to address the lack of liquidity in the company's shares
and the high discount to net asset value. The board's proposal to
amend the Northern Investors' investment policy to achieve an
orderly realisation of assets was approved by its shareholders on
21 July 2011.
Since 30 June 2011, 7 holdings have been sold in full and 6
partially sold.
Five Largest Investments
-- Northern Investors: an investment trust mainly invested in
unquoted companies;
-- Cosalt: a supplier of marine safety products and services to
the offshore oil and gas markets. Following the discovery of
financial irregularities, the company undertook a refinancing and
the sale of a significant part of its business. The company has
arranged an 18 month standstill on contributions to its pension
fund which has a significant deficit. The company still has a
substantial level of bank debt.
-- Orchid Development: a Bulgarian property company. The current
share price is on a substantial discount to stated net asset
value;
-- Ilika: a fast throughput materials testing company spun out
of the University of Southampton;
-- Squarestone Brasil: a Brazilian retail development
company.
Outlook
As referred to in the Chairman's statement, the prospects for UK
small cap companies and the liquidity in their shares are likely to
remain poor for the foreseeable future. To date we have made good
progress and believe that our active realisation process will
continue to deliver value and liquidity to shareholders from the
remaining holdings.
Progressive AIM Realisation Limited
21 September 2011
STATEMENTS OF COMPREHENSIVE INCOME
For the year ended 30 June 2011
For the For the For the For the For the For the
year year year year year year
ended ended ended ended ended ended
30 June 30 June 30 June 30 June 30 June 30 June
COMPANY 2011 2011 2011 2010 2010 2010
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments
designated at
fair value
through profit
or loss - 4 4 - 2,402 2,402
Investment
income 2 148 - 148 129 - 129
Investment
management
fees 3 (108) (101) (209) (255) (319) (574)
Other expenses 3 (315) - (315) (352) - (352)
----------------- ------ -------- -------- -------- -------- -------- --------
(Loss)/profit on
ordinary
activities
before
taxation (275) (97) (372) (478) 2,083 1,605
Taxation 6 (11) - (11) (11) - (11)
----------------- ------ -------- -------- -------- -------- -------- --------
(Loss)/profit
and total
comprehensive
income
attributable to
shareholders (286) (97) (383) (489) 2,083 1,594
----------------- ------ -------- -------- -------- -------- -------- --------
(Loss)/earnings
per A Share 7 (1.35)p (8.02)p (9.37)p (2.45)p 11.36p 8.91p
----------------- ------ -------- -------- -------- -------- -------- --------
(Loss)/earnings
per B Share 7 (8.90)p 6.26p (2.64)p (2.88)p 11.09p 8.21p
----------------- ------ -------- -------- -------- -------- -------- --------
(Loss) per D
Share 7 (0.27)p (0.33)p (0.60)p - - -
----------------- ------ -------- -------- -------- -------- -------- --------
The total column of this statement represents the Company's
Statement of Comprehensive Income, prepared under IFRS. The revenue
and capital columns, including the revenue and capital
(loss)/earnings per share data, are supplementary information
prepared under guidance published by the Association of Investment
Companies.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
during the year.
The Company was incorporated on 28 May 2008 and its A Shares
were admitted to trading on AIM on 26 June 2008. The B Shares were
admitted to trading on AIM on 19 February 2009. The D Shares were
admitted to trading on AIM on 24 February 2011.
For the For the For the For the For the For the
year year year year year year
ended ended ended ended ended ended
30 June 30 June 30 June 30 June 30 June 30 June
A SHARE 2011 2011 2011 2010 2010 2010
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Losses)/gains
on investments
designated at
fair value
through profit
or loss - (187) (187) - 1,318 1,318
Investment
income 27 - 27 40 - 40
Investment
management
fees (3) (3) (6) (152) (152) (304)
Other expenses (56) - (56) (135) - (135)
----------------- -------- -------- --------- -------- -------- --------
(Loss)/profit on
ordinary
activities
before
taxation (32) (190) (222) (247) 1,166 919
Taxation - - - (4) - (4)
----------------- -------- -------- --------- -------- -------- --------
(Loss)/profit
and total
comprehensive
income
attributable to
shareholders (32) (190) (222) (251) 1,166 915
----------------- -------- -------- --------- -------- -------- --------
(Loss)/earnings
per A Share (1.35)p (8.02)p (9.37)p (2.45)p 11.36p 8.91p
----------------- -------- -------- --------- -------- -------- --------
For the For the For the For the For the For the
year year year year year year
ended ended ended ended ended ended
30 June 30 June 30 June 30 June 30 June 30 June
B SHARE 2011 2011 2011 2010 2010 2010
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments
designated at
fair value
through profit
or loss - 202 202 - 1,084 1,084
Investment
income 6 - 6 89 - 89
Investment
management
fees (62) (55) (117) (103) (167) (270)
Other expenses (153) - (153) (217) - (217)
----------------- -------- -------- --------- -------- -------- --------
(Loss)/profit on
ordinary
activities
before
taxation (209) 147 (62) (231) 917 686
Taxation - - - (7) - (7)
----------------- -------- -------- --------- -------- -------- --------
(Loss)/profit
and total
comprehensive
income
attributable to
shareholders (209) 147 (62) (238) 917 679
----------------- -------- -------- --------- -------- -------- --------
(Loss)/earnings
per B Share (8.90)p 6.26p (2.64)p (2.88)p 11.09p 8.21p
----------------- -------- -------- --------- -------- -------- --------
For the For the For the
year ended year ended year ended
30 June 30 June 30 June
D SHARE 2011 2011 2011
Revenue Capital Total
GBP'000 GBP'000 GBP'000
(Losses) on investments
designated
at fair value through
profit or loss - (11) (11)
Investment income 115 - 115
Investment management
fees (43) (43) (86)
Other expenses (106) - (106)
-------------------------------- ------------ ------------ ------------
(Loss) on ordinary activities
before taxation (34) (54) (88)
Taxation (11) - (11)
-------------------------------- ------------ ------------ ------------
(Loss) and total comprehensive
income attributable to
shareholders (45) (54) (99)
-------------------------------- ------------ ------------ ------------
(Loss) per D Share (0.27)p (0.33)p (0.60)p
-------------------------------- ------------ ------------ ------------
STATEMENTS OF FINANCIAL POSITION
30 June 2011
Company* A Share B Share Company
30 June 30 June 30 June 30 June
2011 2010 2010 2010
Notes GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
-------------------------- ------ --------- --------- --------- ---------
Investments designated
at fair value through
profit or loss 8 12,877 869 3,243 4,112
-------------------------- ------ --------- --------- --------- ---------
Current assets
Sales for future
settlement 123 - 22 22
Other receivables 90 10 13 23
Cash and cash equivalents 297 275 502 777
-------------------------- ------ --------- --------- --------- ---------
510 285 537 822
Total assets 13,387 1,154 3,780 4,934
Current liabilities:
Other payables 87 69 124 193
-------------------------- ------ --------- --------- --------- ---------
87 69 124 193
-------------------------- ------ --------- --------- --------- ---------
Total assets less current
liabilities 13,300 1,085 3,656 4,741
-------------------------- ------ --------- --------- --------- ---------
Capital and reserves
attributable to
shareholders
Share capital and share
premium 9 13,399 14,060 1,820 15,880
Capital reserve 10 (54) (12,551) 2,108 (10,443)
Revenue reserve (45) (424) (272) (696)
-------------------------- ------ --------- --------- ---------
Total shareholders'
funds 13,300 1,085 3,656 4,741
-------------------------- ------ --------- --------- --------- ---------
Net assets per Share 11 96.17p 45.57p 110.53p n/a
* As at 30 June 2011, the Company's net assets were solely
attributable to the D Shares. The final redemption of the A Shares
was completed on 30 December 2010 when all attributable assets were
returned to A Shareholders and all the outstanding A Shares were
redeemed. The final redemption of the B Shares was completed on 31
March 2011 when all attributable assets were returned to B
Shareholders and the outstanding B Shares were redeemed.
STATEMENTS OF CHANGES IN SHAREHOLDERS' FUNDS
Share premium Capital Revenue
COMPANY account Reserve reserve Total
GBP,000 GBP,000 GBP,000 GBP,000
For the year ended 30 June
2010
Opening shareholders' funds 29,380 (12,526) (207) 16,647
Purchases and redemptions of
shares (13,500) - - (13,500)
Profit/(loss) for the year - 2,083 (489) 1,594
----------------------------- -------------- --------- --------- ---------
Closing shareholders' funds
as at 30 June 2010 15,880 (10,443) (696) 4,741
For the year ended 30 June
2011
Issue of shares 16,424 - - 16,424
Share issue expenses (525) - - (525)
Purchases and redemptions of
shares (5,183) (1,774) - (6,957)
(Loss) for the year - (97) (286) (383)
Balance on reserves released
on final redemption of A
Shares and B Shares (13,197) 12,260 937 -
----------------------------- -------------- --------- --------- ---------
Closing shareholders' funds
as at 30 June 2011 13,399 (54) (45) 13,300
----------------------------- -------------- --------- --------- ---------
Share premium Capital Revenue
A SHARE account Reserve reserve Total
GBP,000 GBP,000 GBP,000 GBP,000
For the year ended 30 June
2010
Opening shareholders' funds 19,260 (13,717) (173) 5,370
Purchases and redemptions of
shares (5,200) - - (5,200)
Profit/(loss) for the year - 1,166 (251) 915
------------------------------ -------------- --------- --------- --------
Closing shareholders' funds
as at 30 June 2010 14,060 (12,551) (424) 1,085
For the year ended 30 June
2011
Purchases and redemption of
shares (863) - - (863)
(Loss) for the year - (190) (32) (222)
Balance on reserves released
on final redemption of A
Shares (13,197) 12,741 456 -
------------------------------ -------------- --------- --------- --------
Closing shareholders' funds - - - -
as at 30 June 2011
------------------------------ -------------- --------- --------- --------
Share premium Capital Revenue
B SHARE account Reserve reserve Total
GBP,000 GBP,000 GBP,000 GBP,000
For the year ended 30 June
2010
Opening shareholders' funds 10,120 1,191 (34) 11,277
Purchases and redemptions of
shares (8,300) - - (8,300)
Profit/(loss) for the year - 917 (238) 679
------------------------------ -------------- --------- --------- --------
Closing shareholders' funds
as at 30 June 2010 1,820 2,108 (272) 3,656
For the year ended 30 June
2011
Purchases and redemptions of
shares (1,820) (1,774) - (3,594)
Profit/(loss) for the year - 147 (209) (62)
Balance on reserves released
on final redemption of B
Shares - (481) 481 -
------------------------------ -------------- --------- --------- --------
Closing shareholders' funds - - - -
as at 30 June 2011
------------------------------ -------------- --------- --------- --------
Share premium Capital Revenue
D SHARE account Reserve reserve Total
GBP,000 GBP,000 GBP,000 GBP,000
For the period from 24
February 2011 to 30 June
2011
Issue of shares 16,424 - - 16,424
Share issue expenses (525) - - (525)
Purchases and redemption of
shares (2,500) - - (2,500)
(Loss) for the period - (54) (45) (99)
------------------------------ -------------- --------- --------- --------
Closing shareholders' funds
as at 30 June 2011 13,399 (54) (45) 13,300
------------------------------ -------------- --------- --------- --------
STATEMENTS OF CASH FLOWS
For the year ended 30 June 2011
For the For the For the For the For the For the For the
year year year year year year year
ended ended ended ended ended ended ended
30 June 30 June 30 June 30 June 30 June 30 June 30 June
2011 2011 2011 2011 2010 2010 2010
A B D A B
Notes Shares Shares Shares Company Shares Shares Company
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Operating activities
Cash inflow from
investment income
and interest 27 6 36 69 70 96 166
Cash outflow from
management and
other expenses (121) (379) (130) (630) (448) (508) (956)
Cash inflow from
disposal of
investments 682 3,465 3,414 7,561 5,539 8,872 14,411
Net cash inflow from
operating
activities 12 588 3,092 3,320 7,000 5,161 8,460 13,621
--------------------- ------ -------- -------- -------- -------- -------- -------- ---------
Financing
Expenses of issue
of share capital - - (523) (523) - - -
Payments to purchase
own shares (863) (3,594) (2,500) (6,957) (5,200) (8,300) (13,500)
--------------------- ------ -------- -------- -------- -------- -------- ---------
Net cash outflow
from financing
activities (863) (3,594) (3,023) (7,480) (5,200) (8,300) (13,500)
--------------------- ------ -------- -------- -------- -------- -------- -------- ---------
(Decrease)/increase
in cash and cash
equivalents (275) (502) 297 (480) (39) 160 121
--------------------- ------ -------- -------- -------- -------- -------- -------- ---------
Opening balance 275 502 - 777 314 342 656
Cash flow (275) (502) 297 (480) (39) 160 121
Closing balance - - 297 297 275 502 777
NOTES
1. Status
The Company is a closed-ended investment company incorporated
and resident in Guernsey.
2. Basis of Accounting
The financial statements of the Company have been prepared in
accordance with International Financial Reporting Standards (IFRS),
as adopted by the European Union, which comprise standards and
interpretations approved by the IASB and International Accounting
Standards and Standing Interpretations Committee interpretations
approved by the IASC that remain in effect at the date of this
document. The financial statements are presented in accordance with
IAS 1 Presentation of Financial Statements (Revised 2007). The
Company has elected to present the 'Statements of Comprehensive
Income' as one statement.
Under IFRS, the Statement of Recommended Practice (SORP) issued
by the Association of Investment Companies in January 2009 has no
formal status, but the Company has taken the guidance of the SORP
and information contained in the Company's Admission Document into
account to the extent that is appropriate and compatible with IFRS
as adopted by the European Union.
3. Investments
As the Company's business is investing in financial assets with
a view to profiting from their total return in the form of
increases in fair value, financial assets are designated as fair
value through profit or loss on initial recognition in accordance
with IAS 39. At this time, fair value is the consideration given,
excluding material transaction or other dealing costs associated
with the investment.
After initial recognition such investments are valued at fair
value. For quoted investments this is established by reference to
market bid price. The valuation of suspended or delisted securities
requires significant judgement. Suspended or delisted securities
are valued at directors' best estimate of fair value after taking
into account conditions that led to that investment's suspension or
delisting and in particular the financial health and business
outlook for the investee company concerned. Investments are
derecognised when realised. Gains or losses are recognised in the
capital column of the Statements of Comprehensive Income. All
purchases and sales of investments are accounted for on a trade
date basis.
4. Investment management fees
One half of the basic and capital return investment management
fee is allocated to the capital column of the Statements of
Comprehensive Income. The entirety of the equity appreciation fee
is allocated to the capital column of the Statements of
Comprehensive Income.
5. Going concern
The directors have adopted the going concern basis in preparing
the accounts. The following is a summary of the directors'
assessment of the going concern status of the Company:
The directors have considered the Company's working capital
position including its cash levels and the liquidity of its
investments and following that consideration have a reasonable
expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future.
6. Redemptions
i. Pro rata redemptions of A Shares
Date Number of Price per
shares redeemed share
------------- ----------------- ----------
30 December 2,380,891 36.2278p
2010
30 June 2010 5,502,959 45.43p
30 December 4,7745,23 56.55p
2009
30 June 2009 4,509,837 42.13p
31 December 8,356,533 43.08p
2008
ii. Pro rata redemption of B Shares
Date Number of Price per
shares redeemed share
-------------- ----------------- ----------
31 March 2011 418,858 94.0853p
30 December 2,888,862 110.77p
2010
30 June 2010 2,554,972 109.59p
30 December 4,814,839 114.23p
2009
30 June 2009 2,283,313 105.11p
iii. Pro rata redemption of D Shares
Date Number of Price per
shares redeemed share
------------- ----------------- ----------
30 June 2011 2,594,422 96.36p
7. Net assets per Share
The figure for net assets per D Share is based on GBP13,300,000
divided by 13,829,950D Shares in issue at the year end.
8. Earnings/(loss) per Share
A Shares
Loss per A Share is based on the loss of GBP222,000 (2010:
profit GBP915,000) attributable to the weighted average of
2,367,951 (2010: 10,262,575) A Shares of no par value in issue
during the year ended 30 June 2011.
Supplementary information is provided as follows: revenue
earnings per A Share is based on the revenue loss of GBP32,000
(2010: loss GBP251,000) and capital loss per A Share is based on
the net capital loss of GBP190,000 (2010: loss GBP1,166,000)
attributable to 2,367,951 (2010: 10,262,575) A Shares of no par
value.
B Shares
Loss per B Share is based on the loss of GBP62,000 (2010: profit
GBP679,000) attributable to the weighted average of 2,348,280
(2010: 8,269,707) B Shares of no par value in issue during the year
ended 30 June 2011.
Supplementary information is provided as follows: revenue loss
per B Share is based on the revenue loss of GBP209,000, (2010: loss
GBP238,000) and capital loss per B Share is based on the net
capital profit of GBP147,000 (2010: profit GBP917,000) attributable
to 2,348,280 (2010: 8,269,707) B Shares of no par value.
D Shares
Loss per D Share is based on the loss of GBP99,000 attributable
to the weighted average of 16,370,089 D Shares of no par value in
issue from the issue of the D Shares to 30 June 2011.
Supplementary information is provided as follows: revenue loss
per D Share is based on the revenue loss of GBP45,000 and capital
loss per D Share is based on the net capital loss of GBP54,000
attributable to 16,370,089 D Shares of no par value.
9. Annual report
The annual report was approved by the Board of directors on 21
September 2011. The information in this announcement has been
extracted from the annual report on which the Company's auditors
have given an unqualified report. The annual report will be
available on the Company's website www.brookwelllimited.com and
will be sent to shareholders. It will also be available from the
registered office of Company and the UK administration agent.
REGISTERED OFFICE
11 New Street
St Peter Port
Guernsey
GY1 2PF
UK ADMINISTRATION AGENT
Cavendish Administration Limited
145-157 St John Street
London
EC1V 4RU
For further information please contact:
Brookwell Limited
Tom Lancaster-King Tel: 01481 726 034
Progressive AIM Realisation Limited (Investment manager)
Robert Legget Tel: 020 7566 5550
Deloitte Corporate Finance (Nominated adviser)
Jonathan Hinton / James Lewis Tel: 020 7936 3000
Marshall Securities Limited (Broker)
John Webb Tel: 020 7490 3788
Website: www.brookwelllimited.com
21 September 2011
END
This information is provided by RNS
The company news service from the London Stock Exchange
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