TIDMWSAG
RNS Number : 2399P
Woodburne Square AG PLC
30 September 2011
Woodburne Square AG plc
("Woodburne Square" or the "Group")
Interim Results for the six months ended 30 June 2011
Woodburne Square AG plc (AIM:WSAG), the silver and precious
metals focused investment company, announces its unaudited interim
results for the six months ended 30 June 2011.
Highlights
-- Net assets at period end were GBP1.574 million (2010 GBP1.40
million) representing 2.80 (2010: 2.77) pence per share.
-- Losses from continuing operations reduced to GBP247,000
(compared to a loss of GBP362,000 in H1 2010).
-- The Company raised GBP605,000, before expenses. This funding
will be used to make further investments in high quality silver
companies listed on the TSX and ASX.
For further information, please contact:
Woodburne Square Ag plc
Martin Kiersnowski, Chairman
Tel: 0207 562 3350
Libertas Capital Corporate Finance Limited
Sandy Jamieson
Tel: 0207 569 9650
Rivington Street Corporate Finance
Jon Levinson/ Dru Edmonstone
Tel: 020 7562 3357
Bishopsgate Communications
Nick Rome/Shabnam Bashir
Tel: 0207 562 3355
Chairman's Statement
Following the General Meeting held on 7 January 2011, the
Company adopted a new investment strategy focusing on precious
metals and silver in particular, under the guidance of a new
investment officer, Mr Tom Winnifrith. It was also agreed at the
General Meeting to reflect this new direction with a name change
from Directex Realisations plc to Woodburne Square AG plc.
The Company's remaining non-cash asset, its 12.2% stake in Web
Clubs Ltd, has been the subject of buyback discussions with Web
Clubs Ltd and I am pleased to report that a settlement was reached
on 8 September 2011 resulting in the payment of a consideration of
GBP100,000. This asset has been accounted at nil value and
therefore the sale of these shares will be reported as profit at
year end.
Net assets at period end were GBP1.574 million (2010 GBP1.40
million) representing 2.80 (2010: 2.77) pence per share.
The Company raised GBP605,000 before expenses on 28 February
2011. Of the total amount raised, GBP365,000 was raised via a
placing of 6,952,381 new ordinary shares of 0.4p in the Company at
5.25p a share ("Placing Shares"), and GBP240,000 was raised via the
issue of new convertible loan notes (the "Loan Notes"). The Loan
Notes do not carry a coupon, are redeemable in December 2012 and
are convertible at any time, at the discretion of the note holder,
into new ordinary shares at 5.25p per share.
The Board has continued to maintain costs at an absolute minimum
with no full time employees.
Our wholly-owned subsidiary, Direct Excellence Ltd, has
continued to maintain a French branch using outsourced services to
manage remaining assets.
Outlook
Woodburne Square remains focused on exploring all investment
opportunities to maximise shareholder value. We would like to thank
shareholders for their continued support and will update the market
with developments in due course.
Martin Kiersnowski
Chairman
30 September 2011
Woodburne Square Ag plc
Unaudited interim results for the period ended 30 June 2011
6 months
to 6 months Year ended
30 June to 30 June 31 December
Consolidated income statement 2011 2010 2010
Notes
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue - - -
Cost of Sales - - -
--------- ------------ -------------
Gross Profit - - -
Administrative expenses (70) (307) (338)
--------- ------------ -------------
Operating loss (70) (307) (338)
Finance costs
- Finance costs 3 (81) (55) (6)
- Investment loss (96) - -
--------- ------------ -------------
Loss before tax (247) (362) (344)
Tax - - -
--------- ------------ -------------
Loss for the period from
continuing operations (247) (362) (344)
Discontinued operations
Profit for the period
from discontinued operations - 1,667 1,616
--------- ------------ -------------
(Loss)/profit for the
period (247) 1,305 1,272
========= ============ =============
(Loss)/ earnings per
share
Continuing operations 4
-Basic (pence) (0.44) 0.72 (0.68)
-Diluted (pence) (0.44) 0.72 (0.68)
Discontinued operations
-Basic (pence) - 3.30 3.20
-Diluted (pence) - 3.30 3.20
Total
-Basic (pence) (0.44) 2.58 2.52
-Diluted (pence) (0.44) 2.58 2.52
========= ============ =============
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Consolidated statement of
comprehensive income
6 months 6 months Year ended
to 30 to 30 31 December
June 2011 June 2010 2010
Notes
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (247) 1,305 1,272
Other comprehensive (loss)
/ income
Exchange differences on transition
of foreign operations (2) - 91
Tax taken directly to
equity - - -
----------- ----------- -------------
Other comprehensive (loss)
/ income, net of tax (2) - 91
----------- ----------- -------------
Total comprehensive (loss)
/ income for the period (249) 1,305 1,363
=========== =========== =============
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Share Other Retained
Capital Share Premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Changes in equity
Loss for the
period - - - (247) (247)
Other
comprehensive
income for the
period - - - (2) (2)
--------- -------------- --------- ---------- --------
Total
comprehensive
income for the
period - - - (249) (249)
Issue of share
capital 28 337 - - 365
Balance at 1
January 2011 202 26,680 2,372 (27,796) 1,458
--------- -------------- --------- ---------- --------
Balance at 30
June 2011 230 27,017 2,372 (28,045) 1,574
========= ============== ========= ========== ========
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Changes in equity
Profit for the
period - - - 1,305 1,305
Other
comprehensive
income for the
period - - - - -
--------- -------------- --------- ---------- --------
Total
comprehensive
income for the
period - - - 1,305 1,305
Balance at 1
January 2010 202 26,680 2,372 (29,159) 95
--------- -------------- --------- ---------- --------
Balance at 30
June 2010 202 26,680 2,372 (27,854) 1,400
========= ============== ========= ========== ========
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Changes in equity
Profit for the
period - - - 1,272 1,272
Other
comprehensive
income for the
period - - - 91 91
--------- -------------- --------- ---------- --------
Total
comprehensive
income for the
period - - - 1,363 1,363
Balance at 1
January 2010 202 26,680 2,372 (29,159) 95
--------- -------------- --------- ---------- --------
Balance at 31
December 2010 202 26,680 2,372 (27,796) 1,458
========= ============== ========= ========== ========
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
At 30 At 31
At 30 June December
June 2011 2010 2010
Notes
GBP'000 GBP'000 GBP'000
Assets
Current assets
Investments 1,867 - -
Trade and other receivables 6 837 24
Cash and cash equivalents 61 992 1,576
Total current assets 1,934 1,829 1,600
----------- --------- ----------
Total assets 1,934 1,829 1,600
----------- --------- ----------
Liabilities
Current liabilities
Trade and other payables (360) (429) (142)
Total current liabilities (360) (429) (142)
----------- --------- ----------
Total liabilities (360) (429) (142)
----------- --------- ----------
TOTAL NET ASSETS 1,574 1,400 1,458
=========== ========= ==========
Equity
Share capital
Share premium account 230 202 202
Share option reserve 27,017 26,680 26,680
Other reserves - - -
Retained deficit 2,372 2,372 2,372
(28,045) (27,854) (27,796)
TOTAL EQUITY 1,574 1,400 1,458
=========== ========= ==========
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Consolidated statement of cash flows
6 months
6 months to 30 to 30 June Year ended 31
June 2011 2010 December 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/profit for the
period
Continuing (247) (362) (344)
Discontinued 1,667 1,616
Adjustments for :
Finance costs 81 55 6
Gain arising on
disposal of
discontinued
operations - (1,667) (1,616)
Investment loss 96 - -
Movement in provisions - - (965)
Foreign exchange
revaluation loss - (2) -
-------- ------------ ----------
177 (1,614) (2,575)
-------- ---------- ----------------
Operating cash flows
before movements in
working capital (70) (309) (1,303)
Decrease/ (increase)
in trade and other
receivables 18 (299) 60
Decrease in trade and
other payables (22) (1,498) (972)
-------- ---------- ----------------
Cash(used in)
operations (74) (2,106) (2,215)
Interest paid (81) (55) (6)
-------- ---------- ----------------
Net cash from
operating activities (155) (2,161) (2,221)
Investing activities
Disposal of
subsidiaries bet of
costs 6,232 6,780
Purchase of trading
investments (1,963) - -
-------- ------------ ----------
(1,963) 6,232 6,780
Net cash generated
from investing
activities
Finance activities
Repayment of
borrowings - (3,509) (3,509)
Proceeds on issue of
convertible loan
note 240
Proceeds on issue of
shares 365
605 (3,509) (3,509)
-------- ---------- ----------------
Net cash used in
financing activities
Net
(decrease)/increase
in cash and cash
equivalents (1,513) 562 1,050
Cash and cash
equivalents at
beginning of period 1,576 488 488
Effect of foreign
exchange changes (2) (58) 38
Cash and cash
equivalents at end of
period 61 992 1,576
======== ========== ================
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the
period ended 30 June 2011
1. Financial information
The financial information for the period ended 30 June 2011 and
the comparative figures for the period ended 30 June 2010 have not
been reviewed or audited by the Group's auditor and have been
prepared on the basis of the accounting policies adopted by the
Group under IFRS. The same accounting policies and methods of
computation are followed in the interim financial report as
published by the company on 30 June 2010 in its annual financial
statements, which are available on the Company's website at
www.directex.co.uk.
The comparative figures for the year ended 31 December 2010 have
been prepared under IFRS. They do not constitute statutory accounts
as defined by the Companies Act 2006. The accounts for the year
ended 31 December 2010 received an unmodified auditor's report and
have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the
public at the Company's registered office: 3 London Wall Buildings,
London Wall, London, EC2M 5SY and on its website
www.directex.co.uk
2. Segment information
Segmental information is presented in respect of the Group's
primary business segments. Segmental results, assets and
liabilities include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis.
Continuing operations comprise principally head office and
investment management expenses. The Group's primary reporting
format for reporting segment information is business segments.
Results - Six months ended 30 Continuing Discontinued
June operations operations
2011
GBP'000 GBP'000
Revenue - -
============ =============
Operating loss (70) -
Finance costs (81) -
Investment loss (96) -
------------ -------------
(Loss) for the period before (247) -
taxation
Taxation - -
(Loss) for the period (247) -
============ =============
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the
period ended 30 June 2011
2. Segment information (continued)
Results - Six months ended 30 Continuing Discontinued
June 2010 operations operations
GBP'000 GBP'000
Revenue - -
============ =============
Operating loss (307) -
Gain on disposal - 1,667
Finance costs (55) -
------------ -------------
(Loss) /profit for the period
before taxation (362) 1,667
Taxation - -
(Loss) /profit for the period (362) 1,667
============ =============
Results - Year ended 31 December Continuing Discontinued
2010 operations operations
GBP'000 GBP'000
Revenue - -
============ =============
Operating loss (338) -
Gain on disposal - 1,616
Finance costs (6) -
------------ -------------
(Loss) /profit for the period
before taxation (344) 1,616
Taxation - -
(Loss) /profit for the period (344) 1,616
============ =============
3. Finance costs
The finance costs of GBP81,000 relate to the issue of 6.952m
ordinary shares at GBP5.25 and a convertible loan note of
GBP240,000 dated the 28 February 2011.
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the
period ended 30 June 2011
4. Earnings per share
The calculation of the basic and diluted earnings per
share is based on the following data:
6 months 6 months Year ended
to 30 to 30 31 December
June 2011 June 2010 2010
GBP'000 GBP'000 GBP'000
Including discontinued
operations
Earnings
(Loss)/earnings for the
purposes of basic and diluted
(loss)/earnings per share (247) 1,305 1,272
No.'000 No.'000 No.'000
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic and
diluted (loss)/earnings
per share 56,311 50,518 50,518
============ ============ =============
6 months 6 months Year ended
to 30 June to 30 June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
From continuing operations
(Loss)/earnings for the
purposes of basic and diluted
(loss)/earnings per share (247) 1,305 1,272
Adjustment to exclude profit
for the period from discontinued
operations - (1,667) (1,616)
Loss from continuing operations
for the purposes of basic
and diluted earnings per
share excluding discontinued
operations (247) (362) (344)
============ ============ =============
On the 28 February 2011 the company raised GBP605,000, before
expenses. Of the total amount raised, GBP365,000 raised via a
placing of 6,952,381 new ordinary shares of 0.4p in the Company at
5.25p a share ("Placing Shares"), and GBP240,000 raised via the
issuance of new convertible loan notes (the "Loan Notes"). The Loan
Notes do not carry a coupon, are redeemable in December 2012 and
are convertible at any time, at the discretion of the note holder,
into new ordinary shares at 5.25p per share ("Conversion
Price").
The Placing Shares will rank pari passu with the existing
ordinary shares of 0.4p each in the
Company.
5. Dividend
The Board is not recommending the payment of an interim dividend
for the period ended 30 June 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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