Final Results
27 Giugno 2007 - 3:42PM
UK Regulatory
RNS Number:1306Z
Mondial English Holdings Limited
27 June 2007
Mondial English Holdings Ltd(previously Selector Ltd).- Chairman's Statement for
the year ended 31 December 2006
RESULTS
The Group made a loss after exceptional items and tax for the year ended 31
December 2006 of #37,000(2005 restated loss #595,000) on a turnover of #NIL
(2005 #618,000). Loss per share was 0.0015p compared to loss per share of
0.0076p in 2005.No dividend is proposed for the year (2005-Nil)
TRADING REVIEW OF THE YEAR
As previously announced, all trading subsidiaries were sold in June 2006, and
the Company is now a "shell".
FUTURE PROSPECTS
Discussions have taken place with various companies, with a view to making a
"reverse takeover", and it is expected that an announcement will be made in due
course. However, it is highly unlikely that finality will be reached by July 24
2007, and, in those circumstances, in accordance with the Rules of the AIM
market of the London Stock Exchange, dealings in the Company's shares will be
suspended at 7am on 25 July 2007.
This suspension will remain in place until the Company publishes an admission
document in connection with a reverse takeover or, if the Company fails to
undertake such a transaction, dealings will be cancelled with effect from 7am 28
January 2008 in accordance with AIM Rule 41.
The Board of the Company is mindful of the need to publish an admission document
in connection with a reverse takeover, before the deadline expires, and is using
every endeavour to come to suitable arrangements.
John Corre
Chairman
27 June 2007
MONDIAL ENGLISH HOLDINGS LTD.
(Previously - Selector Ltd.)
Profit and loss accounts
NIS/# in thousands
(Except per share data)
Company Company
(NIS) (#)
Year ended Year ended
December 31, December 31,
2006 2005 2006 2005
Cost and expenses from continuing operations
----------------------------------------------
General and administrative (579) (373) (70) (46)
Financial loss, net (29) (465) (4) (57)
Losses from continuing operations (608) (838) (74) (103)
Gain (Loss) from discontinued operations
------------------------------------------
Gain from disposal of subsidiary 302 - 37 -
Loss from subsidiary - (4,022) - (492)
302 (4,022) 37 (492)
Loss for the reported year (306) (4,860) (37) (595)
Loss per share (NIS/#) (0.0012) (0.062) (0.0015) (0.0076)
The accompanying notes are an integral part of the financial statements.
MONDIAL ENGLISH HOLDINGS LTD.
(Previously - Selector Ltd.)
Balance sheets
NIS/# in thousands
Company Company
(NIS) (#)
Year Ended Year Ended
December 31, December 31
2006 2005 2006 2005
Non- current assets
Tangible fixed assets - 62 - 8
Current assets
Receivables 18 - 2 -
Total assets 18 62 2 8
Current liabilities
Short-term credits 88 - 11 -
Short-term loan from
director 273 - 33 -
Short-term loan from
investor - 625 - 79
Other creditors 161 2,797 19 352
522 3,422 63 431
Non- current liabilities
Long-term bank loan, less
current maturities 258 - 31 -
Post-retirement benefits - 611 - 77
Provision for losses in
subsidiary undertakings * - 2,565 * - 345
258 3,176 31 422
Deficiency in shareholders'
equity
Called up share capital ** 33,991 ** 19,064 ** 4,175 ** 2,345
Share premium ** 2,699 ** 11,546 ** 450 ** 1,534
Receipts on account of
warrants 59 59 21 (23)
Profit and loss account **(37,511) **(37,205) **(4,738) **(4,701)
Total deficiency in
shareholders' equity funds (762) (6,536) (92) (845)
Total liabilities and
shareholders deficiency 18 62 2 8
(*) The Company has not incorporated the results of subsidiaries that were sold
in the year covered by these accounts.
(**) Restated.
These financial statements were approved by the Board of Directors on June 24,
2007 and were signed on its behalf by:
John Corre Ronen Levy
------------ ------------
Chairman of the Board Managing Director
----------------------- -------------------
The accompanying notes are an integral part of the financial statements.
MONDIAL ENGLISH HOLDINGS LTD.
(Previously - Selector Ltd.)
Statements of changes in shareholder's equity
NIS/# in thousands
Receipts on Profit
accounts of and loss
Share capital Share premium warrants account Total
As at
January 6,105 18,050 (32,345) (8,190)
1, 2005 **
Issuance of
ordinary
shares 12,959 (6,504) 6,455
Compensation
of warrants
granted (See
note 15) 59 59
Loss for the
year - - (4,860) (4,860)
As at
December 19,064 11,546 59 (37,205) (6,536)
31, 2005**
Issuance of
ordinary
shares 14,927 (8,847) - 6,080
Loss for the
year * - - - (306) (306)
As at
December 33,991 2,699 59 (37,511) (762)
31, 2006 *
(*) The Company has not incorporated the results of subsidiaries that were sold
in the year covered by these accounts.
(**) Restated.
The accompanying notes are an integral part of the financial statements.
MONDIAL ENGLISH HOLDINGS LTD.
(Previously - Selector Ltd.)
Cash Flows Statements
NIS/# in thousands
Company Company
Year Ended Year Ended
December 31, December 31,
(NIS) (#)
2006 2005 2006 2005
Net cash outflows from continued operating
activities
Operating loss (608) (838) (74) (103)
Adjustments for:
------------------
Decrease in trade receivables (18) (83) (2) (10)
Decrease (Increase) in creditors 95 (302) 11 (37)
Interest payable on director and investor
loans 11 130 1 16
Other income - 59 - 7
Net cash outflows from operating
activities (520) (1,034) (64) (127)
Net cash (in flows) outflows from
discontinued operating activities (2,539) (4,300) (310) (525)
Investing activities
Net cash outflows from investing
activities of discounted operation - (95) - (12)
Financing activities
Increase in short term credits, net 9 - 1 -
Receipt of long term loan 337 - 42 -
Receipt of short term loan from investors - 1,350 - 165
Receipt (repayment) of short term loan
received from director 273 (478) 33 (59)
Proceeds from issuance of shares and
exercise of options 2,440 4,557 298 558
Net cash inflows from financing
activities 3,059 5,429 374 664
Decrease in cash and cash equivalents - - - -
Cash and cash equivalents at beginning of year - - - -
Cash and cash equivalents at end of year - - - -
Non cash transactions:
1. In June 2006, 73,600,000 shares were issued to a director and an
investor in consideration of offsetting NIS 3,004,000 of their loans.
2. In June 2006, an investor converted a loan in the amount of NIS
636,000 into 15,675,000 shares of the company.
3. In March 2005, 3,013,333 shares were issued to a director and an investor
in consideration of offsetting NIS 375,300 of their loans.
4. In November 2005, 38,767,200 shares were issued to a director and
investors in consideration of offsetting NIS 1,523,300 of their loans.
5. On December 31, 2005, the company converted the loan to a subsidiary in
the amount of NIS 9,905,000 to investment in share premium.
The accompanying notes are an integral part of the financial statements.
MONDIAL ENGLISH HOLDINGS LTD.
(Previously - Selector Ltd.)
Notes for the Summarized Financial Statements as at December 31, 2006
1. The above financial information in respect of the years ended 31
December 2006, and 2005 has been abridged from the statutory accounts of Mondial
English Holdings Ltd ("The Company") for the relevant periods.
2. LOSS PER SHARE
Loss per share for the year ended December 31 2006 and 2005, have been
calculated on the net loss for the financial year and on 262,814,117 (2005 -
78,207,383) ordinary shares, being the weighted average number of ordinary
shares in issue throughout the period.
3. COPIES OF ACCOUNTS
A copy of the Financial Statements as at December 31, 2006, will be posted to
all shareholders. Copies will also be available at the offices of the Company's
Nominated Advisors, HB Corporate of 40 Marsh Wall, London E14 9TP and at
the Company's Registered Office, 27 Amal Street, Petach Tikvah, Israel.
Further Enquiries
Mondial English Holdings ltd
John Corre (Chairman): +972 544 602253
HB Corporate
Jim McGeever: +44 (0) 207 510 8600
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PUUGWQUPMGWM
Grafico Azioni Mondial English (LSE:MEH)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Mondial English (LSE:MEH)
Storico
Da Giu 2023 a Giu 2024