Company Update / Share Offer
13 Settembre 2002 - 12:33PM
UK Regulatory
RNS Number:1469B
Public Network PLC
13 September 2002
Public Network plc ("the Company")
13 September 2002
Company Update / Share Offer
The Directors of Public Network plc have identified a requirement for the
Company to raise #75,000 to fund the business through to a cash positive
position. Currently monthly revenues cover approximately 75% of normal running
costs and the forecasts prepared by the Directors suggest that revenues should
cover costs and put the Company in a cash positive position by the end of the
year.
Since this funding requirement was first identified, the Directors have been in
discussions with various potential funders but this has been with limited
success. Therefore, the 3 founders of the Company, Alan Grace, Richard Nowacki
and David Martin have decided to make available for sale, to a maximum of 50
existing shareholders only, 2,000,000 of their personal shares at a price of 5p.
A letter has been sent today to all shareholders explaining the situation and
asking them to respond to the Company's registrars, Connaught St Michael, if
they are interested in acquiring shares, the minimum quantity being 20,000
shares.
The Directors have signed formal agreements confirming that all monies raised by
the sale of their shares will then be loaned to Public Network plc as an
unsecured, interest free loan. Being a "Close period", this share sale has been
approved by AIM who, because of the particular circumstances, have given the
Directors permission to offer their shares for sale.
If the amount raised is less than #75,000 the transaction will proceed but the
Company may need to raise additional money elsewhere which could result in the
shareholders being diluted.
Current financial and marketing highlights are:
* Total monthly gross revenue is now above #53,000 and increasing.
* July and August saw the highest monthly gross revenue from coins so
far of #44,000 and September continues at a similar level.
* Prepaid Ticket sales in July & August were #7500
* A monthly "pay-per-Click" revenue in excess of #2000
* The first paying advert on Public Internet Kiosks which received over
15,000 visits on the site in 6 weeks and requests for over 800
catalogues. Other advertisers have now been booked for the coming
months.
* On a separate note the board, after conducting due diligence decided not
to purchase the Pie Networks 42 UK Kiosks but have taken over the best
sites.
The Directors remain confident with regard to the prospects of Public Network
plc. According to the Chairman, Alan Grace, the revenue streams indicated in
their prospectus of August 2001 for the admission to AIM are now coming through
and turnover is growing monthly as they site more units.
A summary of the key "Profit and Loss" figures for the Company for the last 2
years ended 31 March 2002 and the current financial year is shown below. Apart
from year ended 31 March 2001 the figures are unaudited and are based on the
Directors current knowledge and expectations.
The Directors anticipate the audited Annual Accounts for the year to 31 March
2002, which are due out by 30 September 2002, to not be materially different to
the figures attached.
Public Network PLC
Audited Unaudited Unaudited
Published Estimated
Year Ended 6 Months to Year Ended
31 March 30 September 2001 31 March 2002
2001
# # #
Turnover 87,988 94,937 210,311
Cost of sales (388,371) (325,213) (376,123)
Operating costs (1,253,795) (370,459) (801,613)
Operating (Loss) (1,554,178) (600,735) (967,425)
Interest receivable 41,469 70
Interest payable (2,230) (5,623)
(Loss) for the period (1,514,939) (606,288) (967,425)
Unaudited
4 months to
31 July
2002
#
Turnover 133,558
Cost of sales (91,767)
Operating costs (203,945)
Operating (Loss) (162,154)
Interest payable (6,775)
(Loss) for the period (168,929)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBGGDCLBBGGDX
Grafico Azioni Public Network (LSE:PUN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Public Network (LSE:PUN)
Storico
Da Lug 2023 a Lug 2024