TIDMAVP
RNS Number : 7935Q
Armstrong Ventures PLC
22 June 2015
Armstrong Ventures plc
("Armstrong" or the "Company")
Final Results for the year ended 31 December 2014
Armstrong Ventures plc (the "Company" or "Armstrong") is pleased
to announce its final results for the year ended 31 December
2014.
During the year under review the Company operated as an
Investing Company reviewing investment opportunities in line with
the Company's strategy and as such did not have any operating
business. The Company recorded a loss of GBP184,079 and a loss per
share of 0.008p. This compares to a corresponding loss last year of
GBP262,406 and a loss per share of 0.012p.
As I have previously reported, the general market conditions for
small AIM listed companies focusing on the resources and energy
sectors has been extremely challenging. The Board has looked at a
number of possible acquisitions for the Company, but none were
suitable to be tabled for the consideration of the Shareholders. A
greater proportion of the possible transactions that we looked at
required funds to be raised as part of the acquisition and there
has not been market support for such fund raisings in our focused
sector. The outlook for market conditions in the resources and
energy sectors continues to be challenging and we do not see any
improvement in the near term horizon.
In October 2014 the Company through its brokers, Peterhouse
Corporate Finance Limited raised GBP330,000 through the placing of
1,571,428,569 ordinary shares (the "Placing Shares") at a price of
0.021 pence per share (the "Placing"). The Directors intend to use
the net proceeds of the Placing for investment and general working
capital purposes. Following admission, the Placing Shares now
represent, in aggregate, approximately 42.7 per cent. of the
Company's enlarged issued ordinary share capital. The total issued
ordinary share capital of the Company now comprises 3,672,534,360
ordinary shares. The Placing Shares are fully paid and rank pari
passu in all respects with the Company's existing ordinary
shares.
We also welcomed Peter Redmond to the Board of the Company as
Executive Director, effective from October 2014. Peter is an
experienced natural resource investor and corporate financier with
over 30 years' experience in the SME investment market. He has
gained particular experience in the field of reverse takeovers and
mergers. Over many years he has acted on and assisted a wide range
of companies to attain a listing, whether by IPO or reversals,
across a wide range of sectors, ranging from technology through
financial services to natural resources and, in recent years, has
done so as a director of the companies concerned. He has
reconstructed a number of AIM companies, which have subsequently
acquired or established operating businesses.
INVESTING POLICY
As stated on our website, the Company's investing policy is:
The Company's Investing Policy will be to invest principally,
but not exclusively in the resources and energy sectors. The
Company will initially focus on projects located in Asia but will
also consider investments in other geographical regions. The
Company may be either an active investor and acquire control of a
single company or it may acquire non-controlling shareholdings.
Once a target has been identified, additional funds may need to be
raised by the Company to complete a transaction.
The proposed investments to be made by the Company may be in
either quoted or unquoted securities; made by direct acquisition;
may be in companies, partnerships, joint ventures; or direct
interests in projects and can be at any stage of development. The
Company's equity interest in a proposed investment may range from a
minority position to 100 per cent. Ownership.
The Company will identify and assess potential investment
targets and where it believes further investigation is required,
intends to appoint appropriately qualified advisers to assist.
Where this is the case, it is intended to mitigate risk by
undertaking an appropriate due diligence process. Any transaction
constituting a reverse takeover under the AIM Rules will require
shareholder approval. The possibility of building a broader
portfolio of investment assets has not, however, been excluded.
OUTLOOK
As I have indicated before the operating environment for small
investing companies such as ours continues to be challenging but we
remain hopeful for the future.
Haresh Kanabar
Chairman
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 December 2014 2014 2013
GBP GBP
---------------------------------------------------- --------- ---------
Continuing operations:
Administrative expenses (184,079) (159,533)
OPERATING LOSS (184,079) (159,533)
Other gains and losses - (102,873)
LOSS FOR THE YEAR BEFORE TAXATION (184,079) (262,406)
Taxation - -
---------------------------------------------------- --------- ---------
NET LOSS AND TOTAL COMPREHENSIVE INCOME FOR
THE YEAR (184,079) (262,406)
----------------------------------------------------- --------- ---------
LOSS PER SHARE - basic and diluted from continuing
operations (0.008)p (0.012)p
----------------------------------------------------- --------- ---------
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 December 2014
Share Share option Retained Total
capital Share premium reserve losses equity
GBP GBP GBP GBP GBP
--------------------------- --------- -------------- ------------- ------------ -------------
BALANCE AT 1 JANUARY
2013 818,360 4,262,258 - (4,432,408) 648,210
Loss for the year and
total comprehensive loss
for the year - - - (262,406) (262,406)
--------------------------- --------- -------------- ------------- ------------ -------------
BALANCE AT 31 DECEMBER
2013 818,360 4,262,258 - (4,694,814) 385,804
Loss for the year and
total comprehensive loss
for the year - - - (184,079) (184,079)
--------------------------- --------- -------------- ------------- ------------ -------------
Share issue 157,143 172,857 - - 330,000
Share issue costs - (9,915) - - (9,915)
Grant of share options - - 30,550 - 30,550
--------------------------- --------- -------------- ------------- ------------ -------------
BALANCE AT 31 December
2014 975,503 4,425,200 30,550 (4,878,893) 552,360
--------------------------- --------- -------------- ------------- ------------ -------------
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 December 2014
2014 2013
GBP GBP
------------------------------------------------------- ------------- ------------ -----------
NON-CURRENT ASSETS
Available for sale investments - -
- -
------------------------------------------------------- ------------- ------------ -----------
CURRENT ASSETS
Trade and other receivables 19,315 2,369
Cash and cash equivalents 564,759 413,349
------------------------------------------------------- ------------- ------------ -----------
584,074 415,718
------------------------------------------------------- ------------- ------------ -----------
TOTAL ASSETS 584,074 415,718
------------------------------------------------------- ------------- ------------ -----------
CURRENT LIABILITIES
Trade and other payables 31,714 29,914
31,714 29,914
------------------------------------------------------- ------------- ------------ -----------
NET ASSETS 552,360 385,804
------------------------------------------------------- ------------- ------------ -----------
EQUITY
Share capital 975,503 818,360
Share premium account 4,425,200 4,262,258
Share option reserve 30,550 -
Retained earnings (4,878,893) (4,694,814)
------------------------------------------------------- ------------- ------------ -----------
TOTAL EQUITY 552,360 385,804
------------------------------------------------------- ------------- ------------ -----------
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 December 2014
2014 2013
GBP GBP
------------------------------------------------- ---------------------------------------------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation (184,079) (262,406)
Adjustments for:
Share based payment charge 30,550 -
Provision against loans and receivables - 52,973
Impairment of investment - 49,900
Operating cashflow before working capital
changes (153,529) (159,533)
(Increase)/decrease in trade and other
receivables (16,946) 73,237
Increase/(decrease) in trade and other payables 1,800 (1,306)
------------------------------------------------- ---------------------------------------------- ----------
Net cash outflow from operating activities (168,675) (87,602)
------------------------------------------------- ---------------------------------------------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of shares 330,000 -
Share issue costs (9,915) -
Net cash inflow from financing activities 320,085 -
------------------------------------------------- ---------------------------------------------- ----------
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS 151,410 (87,602)
Cash and cash equivalents brought forward 413,349 500,951
CASH AND CASH EQUIVALENTS CARRIED FORWARD 564,759 413,349
------------------------------------------------- ---------------------------------------------- ----------
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 2013 have been extracted from
the audited statutory financial statements. The financial
statements for the year ended 31 December 2012 received an
unqualified auditors' report.
2 EARNINGS PER SHARE
The basic earnings per share is based on the profit/(loss)
for the year divided by the weighted average number of shares
in issue during the year. The weighted average number of
ordinary shares for the year ended 31 December 2014 assumes
that all shares have been included in the computation based
on the weighted average number of days since issue.
2014 2013
GBP GBP
----------------------------------------------- ------------- -------------
Loss attributable to equity holders of
the Company:
Continuing and total operations (184,079) (262,406)
--------------------------------------------------- ------------- -------------
No of shares No of shares
----------------------------------------------- ------------- -------------
Weighted average number of ordinary shares
in issue for basic and fully diluted earnings 2,398,170,370 2,101,105,791
Pence per Pence per
share share
----------------------------------------------- ------------- -------------
LOSS PER SHARE
BASIC AND DILUTED:
- Continuing and total operations (0.008)p (0.012)p
--------------------------------------------------- ------------- -------------
3 POST YEAR END EVENTS
There have been no material events since the reporting date.
4 DISTRIBUTION OF ANNUAL REPORT
A copy of the Annual Report and Financial Statements will
be sent to all shareholders shortly. Further copies will
be available from the Company's registered address at Suite
9 Citibase Imperial House, St Nicholas Circle, Leicester,
Leicestershire, LE1 4LF and from the Company's website,
www.armstrongventures.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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