TIDMLGN
RNS Number : 9653A
Lagan Capital PLC
05 April 2012
5 April 2012
LAGAN CAPITAL PLC
("Lagan Capital" or the "Company")
Interim Report for the six months ended 31 December 2011
Chairman's review
Introduction
The six month period to 31 December 2011 saw the Company
continue to support its investment made in Evolving Outsourcing
Limited ("Evolving").
The Company initially invested EUR20,000 for 20 per cent of the
issued share capital of Evolving with provision for a further
GBP500,000 being made available by way of three year loan notes
with a 10 per cent coupon. The Company has now subscribed for the
full amount of these three year loan notes. The trading targets of
Evolving were not met in the period to 31 December 2011 and having
carried out an assessment of the revised forecasts of the Evolving
business, the Directors have made a provision for potential
impairment in respect of these loan notes. The impairment loss has
been included in the Group's operating loss for the period ended 31
December 2011.
The Company has increased its participation in its existing
investment in Evolving from 20 per cent to 49 per cent in exchange
for providing additional finance on the same terms outlined above.
The consideration paid for these shares was nil.
Ocuco Holdings Limited ("Ocuco") is the holding company for
Ocuco Limited in which it holds 67 per cent of the issued share
capital, the other 33 per cent being held mainly by the management
of Ocuco with less than 2 per cent held by external investors.
Ocuco Limited was established in 1995. Its main product, Acuitas,
which is sold internationally, is an Oracle based product designed
for optician retail chains. Ocuco Limited's other international
product is Innovations, a retail orientated laboratory
manufacturing package.
In June 2010, The Company invested GBP300,000 in Ocuco under a 9
month rolling loan note with a coupon of 12 per cent; this
investment was subsequently disposed of on 31 January 2011
following full repayment of the loan. The carrying value of the
loan at the time of disposal was equal to the amount repaid.
Since the disposal of the investment in Ocuco, the Company's
Directors have been seeking further investment opportunities for
the Company and to once again fully implement the Company's
investing policy which was set when the Company became an investing
company.
As at 7 February 2012, being 12 months following the disposal of
the investment in Ocuco, no further investment had been identified
and made by the Directors. Accordingly, with the Company's
investing policy not being fully implemented in accordance with
Rule 15 of the AIM Rules for Companies, and notwithstanding the
publication of the Company's Annual Report and Accounts for the
year ended 30 June 2011 and the Interim Report for the period ended
31 December 2011, trading in the Company's shares will continue to
be suspended until a further significant investment has been made.
Shareholders should be aware that if no such investment can be made
by 22 June 2012, being 6 months from the date when trading in the
Company's shares were suspended, then the Company's listing on AIM
will be cancelled.
Shareholders should also be aware that if suitable investment
opportunities are identified these may require the raising of
additional funds for such investments. Whilst existing cash
resources are available for the further development of the
Company's investment in Evolving there may also be a requirement
for additional funds to be raised for this investment.
The Directors continue to maintain the Company on a very modest
cash cost base whilst actively pursuing suitable investments for
the Company.
On behalf of the Board
Peter J Holmes
5 April 2012
For further information:
Peter Holmes, Chairman +44 (0) 1908 588800
Stephen Casey +353 872 844 7797
Lagan Capital Plc
Luke Cairns / Rod Venables +44 (0) 20 7796 8800
Northland Capital Partners
Limited
(Nominated Adviser)
The Interim Report for the six month period ended 31 December
2011 (the "2011 Interim Report") set out below will be will be
available from today on the Company's web site:
www.lagancapital.com
Unaudited consolidated statement of comprehensive income
for the period ended 31 December 2011
6 months 6 months Year ended
31 Dec 31 Dec 30 June
2011 2010 2011
Notes Unaudited Unaudited Audited
GBP000 GBP000 GBP000
------------------------- ------- ----------- ----------- -----------
Revenue 25 30 52
------------------------- ------- ----------- ----------- -----------
Cost of sales - - -
------------------------- ------- ----------- ----------- -----------
Gross profit 25 30 52
------------------------- ------- ----------- ----------- -----------
Admin expenses (226) (83) (547)
------------------------- ------- ----------- ----------- -----------
Operating (loss)/profit (201) (53) (495)
------------------------- ------- ----------- ----------- -----------
Pre-tax result for
the year (201) (53) (495)
------------------------- ------- ----------- ----------- -----------
Taxation 3 - - -
------------------------- ------- ----------- ----------- -----------
Net result for the
year (201) (53) (495)
------------------------- ------- ----------- ----------- -----------
(Loss)/earnings
per share
------------------------- ------- ----------- ----------- -----------
- basic 4 (3.64p) (1.02p) (9.46p)
------------------------- ------- ----------- ----------- -----------
- diluted 4 (3.64p) (1.02p) (9.46p)
------------------------- ------- ----------- ----------- -----------
Unaudited consolidated balance sheet
as at 31 December 2011
6 months 6 months Year ended
31 Dec 31 Dec 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
--------------------------- ---------------------- ----------- -----------
ASSETS
--------------------------- ---------------------- ----------- -----------
Non-current assets
--------------------------- ---------------------- ----------- -----------
Financial asset - 17 -
--------------------------- ---------------------- ----------- -----------
Loans and receivables 281 298 281
--------------------------- ---------------------- ----------- -----------
281 298 281
--------------------------- ---------------------- ----------- -----------
Loans and receivables
--------------------------- ---------------------- ----------- -----------
Trade and other
receivables 135 578 331
--------------------------- ---------------------- ----------- -----------
Cash and cash equivalents 55 153 28
--------------------------- ---------------------- ----------- -----------
Total assets 471 1,046 640
--------------------------- ---------------------- ----------- -----------
EQUITY
--------------------------- ---------------------- ----------- -----------
Capital and reserves
attributable to
the Company's equity
holders
--------------------------- ---------------------- ----------- -----------
Share capital 2,539 2,536 2,539
--------------------------- ---------------------- ----------- -----------
Share premium account 7,633 7,614 7,633
--------------------------- ---------------------- ----------- -----------
Retained earnings (9,902) (9,259) (9,701)
--------------------------- ---------------------- ----------- -----------
Total equity 270 891 471
--------------------------- ---------------------- ----------- -----------
LIABILITIES
--------------------------- ---------------------- ----------- -----------
Current liabilities
--------------------------- ---------------------- ----------- -----------
Trade and other
payables 41 155 24
--------------------------- ---------------------- ----------- -----------
Non-current liabilities
--------------------------- ---------------------- ----------- -----------
Trade and other
payables 160 - 145
--------------------------- ---------------------- ----------- -----------
Total liabilities 201 155 169
--------------------------- ---------------------- ----------- -----------
Total equity and
liabilities 471 1,046 640
--------------------------- ---------------------- ----------- -----------
Stephen Casey P J Holmes
Director Director
Company No: 03744133
Unaudited consolidated cash flow statement
for the period ended 31 December 2011
6 months 6 months Year ended
31 Dec 31 Dec 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
---------------------------- ----------- ----------- ---------------
Operating activities
---------------------------- ----------- ----------- ---------------
Result for the
year before tax (201) (53) (495)
---------------------------- ----------- ----------- ---------------
Impairment of assets 140 - 313
---------------------------- ----------- ----------- ---------------
Change in trade
and other receivables 195 (18) 229
---------------------------- ----------- ----------- ---------------
Change in trade
and other payables 33 34 48
---------------------------- ----------- ----------- ---------------
Interest accrued
on financial assets (25) - (31)
---------------------------- ----------- ----------- ---------------
Net cash inflow
from operating
activities 142 (37) 64
---------------------------- ----------- ----------- ---------------
Investing activities (115) (89) (337)
---------------------------- ----------- ----------- ---------------
Net cash outflow
from investing
activities (115) (89) (337)
---------------------------- ----------- ----------- ---------------
Financing activities
---------------------------- ----------- ----------- ---------------
Shares issued - - 22
---------------------------- ----------- ----------- ---------------
Net cash inflow
from financing
activities - - 22
---------------------------- ----------- ----------- ---------------
Cash and cash equivalents,
beginning of year 28 279 279
---------------------------- ----------- ----------- ---------------
Net (decrease)/increase
in cash and cash
equivalents 27 (126) (251)
---------------------------- ----------- ----------- ---------------
Cash and cash equivalents,
end of year 55 153 28
---------------------------- ----------- ----------- ---------------
Unaudited consolidated statement of changes in equity
for the period ended 31 December 2011
Share Share Profit Total
capital premium & equity
GBP000 GBP000 loss GBP000
GBP000
--------------------- --------- --------- -------- --------
Balance as at 30
June 2010 2,536 7,614 (9,206) 944
--------------------- --------- --------- -------- --------
Loss for the period - - (53) (53)
--------------------- --------- --------- -------- --------
Total comprehensive
income for the
period - - (53) (53)
--------------------- --------- --------- -------- --------
Balance as at 31
December 2010 2,536 7,614 (9,259) 891
--------------------- --------- --------- -------- --------
Shares issued 3 19 - 22
--------------------- --------- --------- -------- --------
Transactions with
owners 3 19 - 22
--------------------- --------- --------- -------- --------
Loss for the period - - (442) (442)
--------------------- --------- --------- -------- --------
Total comprehensive
income for
the period - - (442) (442)
--------------------- --------- --------- -------- --------
Balance as at 30
June 2011 2,539 7,633 (9,701) 471
--------------------- --------- --------- -------- --------
Loss for the period - - (201) (201)
--------------------- --------- --------- -------- --------
Total comprehensive
income for
the period - - (201) (201)
--------------------- --------- --------- -------- --------
Balance as at 31
December 2011 2,539 7,633 (9,902) 270
--------------------- --------- --------- -------- --------
Notes to the consolidated unaudited financial statements
for the period ended 31 December 2011
1 General information
Lagan Capital plc is a public limited company incorporated and
domiciled in the United Kingdom. The address of the registered
office is Kingfisher House, 1 Gilders Way, St James Place, Norwich,
Norfolk NR3 1UB. The shares of Lagan Capital plc are listed on the
AIM Market of the London Stock Exchange. Lagan Capital Plc has a
subsidiary company Lagan Capital Investments Limited, incorporated
in the Republic of Ireland, which has not traded to date and
together these entities comprise the Group.
2 Summary of significant accounting policies
2.1 Basis of preparation
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
and on the same basis and using the same accounting policies as
used in the audited financial statements for the year ended 30 June
2011. The information set out in these interim financial statements
does not constitute statutory accounts as defined in Section 435 of
the Companies Act 2006. The figures for the year ended 30 June 2011
have been extracted from the statutory financial statements which
have been filed with the Registrar of Companies. The auditors'
report on those financial statements was unmodified. The board
approved the interim report on 4 April 2012.
2.2 Segment reporting
Following the disposal of the healthcare business in the prior
period and the decision of the parent company to become an
investing company, the Board monitors performance on a unitary
basis comprising only one segment. Consequently there is no further
segmental analysis available for disclosure. The prior year
analysis was presented in accordance with the old policy
distinguishing between business and geographic segments and this
has not been represented.
3. Taxation
No provision for taxation has been made due to the availability
of losses
4. Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of Ordinary Shares in issue during the year.
6 months 6 months Year ended
31 Dec 31 Dec 30 June
2011 2010 2011
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
---------------------------- ----------- ----------- -----------
(Loss)/profit attributable
to equity
holders of the
Company (201) (53) (495)
---------------------------- ----------- ----------- -----------
Weighted average
number of
Ordinary Shares
in issue
---------------------------- ----------- ----------- -----------
Basic 5,519,500 5,219,500 5,226,075
---------------------------- ----------- ----------- -----------
Dilutive effect - - -
of outstanding
options
---------------------------- ----------- ----------- -----------
5,519,500 5,219,500 5,226,075
---------------------------- ----------- ----------- -----------
Diluted earnings/(loss)
per share:
---------------------------- ----------- ----------- -----------
Basic and diluted (3.64p) (1.02p) (9.46p)
---------------------------- ----------- ----------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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