GMH Gaming VC Hldgs

RNS No 6767e
GROSMONT HOLDINGS PLC
27th February 1998

                                                                              
                   Preliminary Results for the period from                    
                      24 April 1997 to 31 December 1997                       

 

Chairman's Statement

This Chairman's Statement covers the period from the Company's incorporation
on 24 April 1997 to 31 December 1997.

The profit after tax for the period from 24 April to 31 December 1997 is
#67,800, which is due to deposit interest of #77,400 on the cash balances plus
a special dividend received on our shares in Caverdale Group plc, of #36,000. 
Expenses for the period consist of the minimal level of professional and
associated fees arising from being a publicly quoted company.  

Net asset value at 31 December 1997 is 2.56 pence per share or 0.06 pence per
share above the issue price in June of 1997.

As I indicated only last month in my statement with the Interim Report for the
period to 31 October 1997, Grosmont has spent the last few months seeking to
identify suitable investment opportunities.  At the time of writing we have
worked our way through a number of potential opportunities that initially
seemed attractive. Each of them has subsequently proved to be unsuitable,
either due to the quality of the business or its inability to offer
sufficiently strong growth prospects.  We are continuing to look at further
opportunities.

It would seem that, with small companies currently out of favour with
investors, there are likely to be a number of opportunities for a company such
as Grosmont to look at.  We intend to make the best of such a situation and
will be rigorous in applying our demanding performance criteria to possible
investment opportunities.

O. J. Vaughan 
Chairman

27 February 1998
 


Profit and Loss Account
for the period from 24 April 1997 to 31 December 1997

                                                     Period from 24 April 1997
                                                           to 31 December 1997
                                                                       #'000
              
Administrative expenses                                                (26.1)
Income from fixed asset investments                                     36.0
Interest receivable                                                     77.4  
Profit on ordinary activities before taxation                           87.3  
Taxation                                                               (19.5)
Retained profit for the period                                          67.8  
Basic earnings per ordinary share                                       0.07p
Fully diluted earnings per ordinary share                               0.09p

There were no recognised gains or losses other than the profit for the period.

Balance Sheet
at 31 December 1997


                                                              31 December 1997

                                                                        #'000
Fixed assets              
Investments                                                             250.0 

                                                                        250.0 

Current assets              
Debtors                                                                   4.4 
Cash at bank and in hand                                              2,336.9 

                                                                      2,341.3 

Creditors: 
Amounts falling due within one year                                    (33.0)

Net current assets                                                   2,308.3 
 
Net assets                                                           2,558.3  

Capital and reserves                   
Called up share capital                                              1,000.0  
Share premium account                                                1,490.5  
Profit and loss account                                                 67.8  

Equity shareholders funds                                            2,558.3  
Net assets per share                                                    2.56p


Approved by the Board on 27 February 1998

A.C. Roberts
Director

Cash Flow Statement
for the period from 24 April 1997 to 31 December 1997

                                                                  Period from
                                                                24 April 1997
                                                          to 31 December 1997 
                                              #'000                     #'000

Net cash outflow from operating activities                              (9.8)

Returns on investments and servicing   
of finance
Interest received                              77.4
Income from fixed asset investments            28.8      

Net cash inflow from returns on      
investments and servicing of finance                                   106.2
  
Cash inflow before management of     
liquid resources and financing                                          96.4

Management of liquid resources
Net funds placed on 7 day deposit                                   (2,280.0)

Financing
Issues of ordinary share capital            2,250.0
Expenses paid in connection with share 
issues                                         (9.5)   
    
Net cash inflow from financing                                       2,240.5  

Increase in cash in the period                                          56.9  


Notes

1. The financial information set out in the preliminary results for the period
from 24 April 1997 to 31 December 1997 does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.

   The statutory accounts for the period ended 31 December 1997 have not yet
been delivered to the Registrar of Companies.  The auditors have made a report
under Section 235 of the Companies Act 1985, as amended, in respect of such
accounts, which was unqualified and did not contain a statement under Sections
237(2) or (3) of the Act.


2. The calculation of basic earnings per share has been based on the profit on
ordinary activities after tax of #67,800 and on the weighted average of
100,000,200 ordinary shares in issue during the period.  The fully diluted
earnings per share includes warrants and options which, if exercised, would
give rise to the issue of a further 252,000,000 shares.


3. Copies of the audited financial statements will be posted to shareholders
in March 1998 and may be obtained from the Company Secretary at the Company's
registered office: 223a Kensington High Street, London W8 6SG.

END

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