TIDMIPNT
30 June 2011
iPoint Media Plc
("iPoint Media" or the "Company")
FINAL RESULTS
The Company announces its final results for the year ended 31 December 2010.
Chairman Robert Hayim commented: "After completing the restructuring of the
Company, the board is now actively pursuing suitable businesses that could be
reversed into its debt-free shell before its December deadline."
Enquiries:
iPoint Media Plc +972 3606 1600
Simon Marks
Cairn Financial Advisers LLP +44 20 7148 7900
Liam Murray / Avi Robinson
CHAIRMAN'S STATEMENT
The past year has been a year of major transition for the Company during which
we underwent a major restructuring of our debt and business. As a result of
this the Company cancelled its outstanding debt to the holders of the GBP
1,408,000 of unsecured loan notes and reduced the holding in its former
operating subsidiaries (iPoint Media Ltd and All New Video (UK) Limited) to
retain only a residual interest of approximately 5.48% in these companies (held
via iPoint plc).
Following the restructuring of the Company's debt and business described above,
the Company changed focus to that of an investing company and adopted a new
investment strategy, pursuant to which we will seek to acquire or invest in
companies in the technology sector in Europe, the Far East and North America.
The Company intends to undertake a transaction or a series of transactions that
will constitute a reverse takeover in accordance with the AIM Rules.
The new investment strategy was approved by shareholders at the general meeting
held on 14 December 2010 and, as required by the AIM Rules, we must seek
shareholder approval of the investment strategy at each annual general meeting.
Although the investment strategy is broad at the moment, the directors are
confident that this will be of benefit to shareholders and we are active in
assessing opportunities in accordance with this strategy. We are currently
evaluating a number of projects, which we believe have the potential to fulfill
our investment criteria and build shareholder value. We look forward to
updating shareholders on these developments at the appropriate time.
Full details of the Company's investment strategy are available on the
Company's website www.ipoint-media.co.uk.
Financials
The period under review relates to the operation of the Company's former
operating subsidiaries (iPoint Media Ltd and All New Video (UK) Limited), in
which, following the completion of the restructuring, the Company retains only
a minor residual interest.
Following the restructuring, the Company changed focus to that of an investing
company and is now moving ahead with its new investment strategy. Consequently
these financial results are not reflective of the current operations of the
Company.
During the period under review the Group generated revenues of GBP499,326
($771,249) for the year ended 31 December 2010 compared to GBP1,275,908
($1,990,416) for the year ended 31 December 2009 and gross profit of GBP404,707
($262,017) compared to GBP1,065,509 ($1,662,194) in 2009.
The Company's investment strategy has changed since the restructure. The
Company is now a shell company listed on AIM. The aim is to carry out a deal by
December 2011, for which fundraising will be required, at the very least to
cover the transaction costs. However, if a deal is not carried out by December
2011, the directors would have to consider the future of the Company.
Outlook
The directors believe that the Company is well placed to progress as we look to
apply our new investment strategy focused on the technology sector. We have
identified a number of projects and investment opportunities which are
currently under assessment with a view to maximising our position as an
investment company and executing a transaction to the benefit of shareholders.
I would like to take this opportunity to thank the board and our shareholders
for their support throughout this transitional time for the Company.
Robert Hayim
Acting Chairman
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
Notes GBP GBP
CONTINUING
OPERATIONS
Administrative (528,736) (184,863)
expenses
Other income 100,000 -
----- -----
Operating loss (428,736) (184,863)
Net finance costs (144,152) (39,032)
----- -----
Loss for the year (572,888) (223,895)
from
continuing
operations
Tax on loss on - -
ordinary
activities
----- -----
Net loss for the (572,888) (223,895)
year
DISCONTINUED
OPERATIONS
Loss for the year (804,420) (323,483)
from discontinued
operations
Gain on disposal 1,496,447 -
of discounted
operations
----- -----
Net profit/(loss) 692,027 (323,483)
for the year from
discontinued
operations
----- -----
Net profit/(loss) 119,139 (547,378)
for the year
Other
comprehensive
(expense)/income
Translation (20,827) 49,557
difference on
overseas
operations
----- -----
Total 98,312 (497,821)
comprehensive
profit/(loss)
for the year
===== =====
Loss per share-
basic and diluted
From continuing 2 (0.38)p (0.18)p
operations
===== =====
From discontinued 2 0.46p (0.26)p
operations
===== =====
All recognised gains and losses are included in the consolidated income
statement.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2010
2010 2009
GBP GBP
ASSETS
Non-current assets
Intangible assets - 188,200
Fixed assets 49,900 -
investments
Property, plant and - 36,493
equipment
----- -----
49,900 224,693
Current assets
Trade receivables - 278,831
Other receivables 108,699 50,985
Cash and cash 8,732 545,424
equivalents
----- -----
117,431 875,240
----- -----
TOTAL ASSETS 167,331 1,099,933
----- -----
EQUITY AND
LIABILITIES
Share capital and
reserves
Issued capital 623,301 593,933
Share premium 3,729,817 3,577,075
Other components of 372,973 448,175
equity
Merger relief 6,797,313 854,146
reserve
Reverse acquisition - 1,098,894
reserve
Retained earnings (11,434,782) (6,758,673)
Translation reserve - (102,604)
----- -----
TOTAL EQUITY 88,622 (289,054)
----- -----
Non-current
liabilities
Borrowings - 430,371
----- -----
Current liabilities
Trade and other 78,709 441,636
payables
Amounts owed to - 6,644
related parties
Deferred income - 149,877
Borrowings - 360,459
----- -----
Total current 78,709 958,616
liabilities
----- -----
TOTAL LIABILITIES 78,709 1,388,987
----- -----
TOTAL EQUITY AND 167,331 1,099,933
LIABILTIES
===== =====
The financial statements were approved and authorised for issue by the Board on
30 June and were signed below on its behalf by:
R Hayim S Marks
Acting Chairman Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
From continuing GBP GBP
activities
Cash flows from
operating
activities
Cash paid to (265,811) (94,057)
suppliers and
officers
----- -----
Cash absorbed by (265,811) (94,057)
operations
Interest paid (70,934) (12,446)
Interest received - 170
----- -----
Net cash outflow (336,745) (106,333)
from operating
activities
Cash flows from
financing
activities
Proceeds from issue 161,335 581,541
of shares
Proceeds from issue 519,002 888,870
of loan notes
Less: costs of (53,978) (337,489)
issue
Share options 5,134 -
exercised
Loan to subsidiary (727,694) (585,196)
----- -----
Net cash inflow (96,201) (547,726)
used in financing
activities
----- -----
Net (decrease)/ (432,946) 441,393
increase in cash
and cash
equivalents
Cash and cash 441,678 285
equivalents
brought forward
----- -----
Cash and cash 8,732 441,678
equivalents carried
forward
===== =====
Represented by:
Cash balances 8,732 441,678
===== =====
From discontinued
activities
Cash flows from
operating
activities
Cash receipts from 517,951 1,235,735
customers
Cash paid to (1,359,274) (1,608,812)
suppliers and
officers
----- -----
Cash absorbed by (841,323) (373,077)
operations
Interest paid (42,039) (13,487)
----- -----
Net cash inflow/ (883,362) (386,564)
(outflow) from
operating
activities
Cash flows from
investing
activities
Purchase of (5,872) (23,510)
equipment
Exchange - 4,603
differences on
fixed assets
depreciation and
cost
Cash eliminated on 344,180 -
disposal of
subsidiaries
----- -----
Net cash outflow 338,308 (18,907)
used in investing
activities
Cash flows from
financing
activities
Loan from parent 727,694 585,196
----- -----
Net cash inflow 727,694 585,196
used in financing
activities
Exchange - 49,557
differences
----- -----
Net increase in 182,640 229,282
cash and cash
equivalents
Cash and cash (182,640) (411,922)
equivalents brought
forward
----- -----
Cash and cash - GBP(182,640)
equivalents carried
forward
===== =====
Represented by:
Cash balances - 103,746
Short-term - (286,386)
borrowings
----- -----
- GBP(182,640)
===== =====
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY FOR THE YEAR ENDED 31 DECEMBER 2010
Share Share Other Translation Reverse Merger Retained Total
capital premium components reserve acquisition reserve earnings
of equity reserve
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January 530,789 3,050,777 322,760 (152,161) 1,098,894 854,146 (6,211,295) (506,090)
2009
Shares issued 53,776 527,765 - - - - - 581,541
in
year for cash
Equity - - 162,412 - - - - 162,412
component of
loan notes
Shares issued 9,326 72,652 - - - - - 81,978
in year
for services
Shares issued 42 1,164 - - - - - 1,206
on
acquisition
of ANV
Issue of - - 23,705 - - - - 23,705
share options
Share issue - (75,283) (60,702) - - - - (135,985)
costs
Total - - - 49,557 - - (547,378) (497,821)
comprehensive
income for
the year
At 31 593,933 3,577,075 448,175 (102,604) 1,098,894 854,146 (6,758,673) (289,054)
December 2009
Shares issued 23,240 138,095 - - - - - 161,335
in year
for cash
Equity - - 94,841 - - - - 94,841
component of
loan notes
Shares issued 5,253 40,271 - - - - - 45,524
in year
for services
Exercise of 875 4,259 - - - - - 5,134
share options
Share issue - (29,883) (24,095) - - - - (53,978)
costs
Shared based - - 26,508 - - - - 26,508
payments
Total - - - (20,827) - - 119,139 98,312
comprehensive
income for
the year
Arising on - - (172,456) 123,431 (1,098,894) 5,943,167 (4,795,248) -
disposal
of
subsidiaries
At 31 623,301 3,729,817 372,973 - - 6,797,313 (11,434,782) 88,622
December 2010
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The financial information contained in this document does not constitute
statutory financial statements within the meaning of section 434 of the
Companies Act 2006. The figures for the year ended 31 December 2010 have been
extracted from the audited statutory financial statements. The financial
statements for the year ended 31 December 2010 received an unqualified
auditors' report
2. Loss per share
The basic loss per share is calculated by dividing the loss attributable to
equity shareholders by the weighted average number of shares in issue. Warrants
and share options were excluded from the calculation of the total diluted
number of shares as the impact of these is anti-dilutive.
The weighted average number of shares in the year 2010 2009
were:
Number Number
Basic 148,970,525 124,581,644
===== =====
GBP GBP
Loss attributable to equity shareholders from (572,888) (223,895)
continuing operations
===== =====
Profit/(loss) attributable to equity shareholders 692,027 (323,483)
from discontinued operations
===== =====
Basic and diluted loss per share - continuing (0.38)p (0.18)p
===== =====
Basic and diluted profit/(loss) per share - 0.46p (0.26)p
discontinued
===== =====
3. Distribution of the Annual Report
A copy of the Annual Report and Financial Statements, together with a notice of
the Annual General Meeting, will be sent to all shareholders shortly. Further
copies will be available from the Company's registered address at Longmead
House Brunton, Collinbourne Kingston, Marlborough, Wiltshire SN8 3SE and from
the Company's website, www.ipoint-media.co.uk.
END
Grafico Azioni Napster (LSE:NAPS)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Napster (LSE:NAPS)
Storico
Da Lug 2023 a Lug 2024
