TIDMLONG
RNS Number : 3012O
Longships PLC
15 September 2011
LONGSHIPS PLC
("Longships" or the "Company")
INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2011
CHAIRMAN'S STATEMENT
Dear Shareholder,
I am pleased to present the Chairman's report for the interim
period ending 30 June 2011. During the period under review the
Company reported a net loss of GBP97,241 (six months ended 30 June
2010: GBP37,378) and as at 30 June 2011 has liquid cash balances of
GBP3,099,008 (30 June 2010: GBP3,214,038).
During the period under review, the Company focused its
attentions on one specific transaction and for much of the period
was carrying out legal and commercial due diligence on this target
company. The target company's principal asset is a near term
revenue generating bulk commodity project in West Africa which your
Board believes may generate significant market interest and
shareholder value. However, as a result of the due diligence
exercise carried out by your Company, certain issues have arisen
that have led your Board to conclude that this transaction is
unlikely to be consummated in the near term. As a result of this,
the fees incurred on this transaction to the balance sheet date
have been expensed. We are disappointed that this transaction has
not been able to be concluded in a timely manner but we continue to
investigate other suitable opportunities. I look forward to
updating you with our progress in due course.
Malcolm Burne
Chairman
14 September 2011
Enquiries:
Longships plc
Nathan Steinberg - Director Tel: 020 7845 7500
Westhouse Securities Limited
Richard Baty / Petre Norton Tel: 020 601 6100
CONDENDSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30th JUNE 2011
Six months Six months Year
to 30/06/11 to 30/06/10 to 31/12/10
Unaudited Unaudited Audited
GBP GBP GBP
NET TRADING INCOME - - -
--------------- --------------- ---------------
Other operating expenses (104,211) (39,591) (92,843)
------------------ ------------------ ---------------
Total operating expenses (104,211) (39,591) (92,843)
------------------- ------------------ ---------------
OPERATING LOSS (104,211) (39,591) (92,843)
Finance income 6,970 2,213 10,404
------------------ ------------------ ---------------
LOSS BEFORE TAXATION (97,241) (37,378) (82,439)
Taxation - - -
------------------ ------------------ ---------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY (97,241) (37,378) (82,439)
============ ============ ============
Loss per share (pence) - basic and
fully diluted (0.42)p (0.16)p (0.36)p
======= ======= =======
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30th JUNE
2011
As at As at As at
30/06/11 30/06/10 31/12/10
Unaudited Unaudited Audited
GBP GBP GBP
CURRENT ASSETS
Trade and other
receivables 7,263 24,408 8,795
Cash and cash
equivalents 3,099,008 3,214,038 3,188,206
------------------ ------------------ ------------------
3,106,721 3,238,446 3,197,001
CURRENT
LIABILITIES
Trade and other
payables (27,798) (17,671) (21,287)
----------------- ----------------- ------------------
NET CURRENT ASSETS 3,078,473 3,220,775 3,175,714
---------------- ---------------- ------------------
NET ASSETS 3,078,473 3,220,775 3,175,714
=========== =========== ===========
EQUITY
ATTRIBUTABLE TO
EQUITY
HOLDERS OF THE
COMPANY
Share capital 230,800 230,800 230,800
Share premium
account 3,086,962 3,086,962 3,086,962
Share based
payment reserve 21,588 21,588 21,588
Retained earnings (260,877) (118,575) (163,636)
---------------- ---------------- ----------------
TOTAL EQUITY 3,078,473 3,220,775 3,175,714
=========== =========== ===========
Net assets per 13.33p 13.95p 13.76p
share - basic
======== ======== ========
CONDENSED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30th JUNE 2011
Six months Six months Year
to 30/06/11 to 30/06/10 to 31/12/10
Unaudited Unaudited Audited
GBP GBP GBP
Net cash
outflow
from
operating
activities 3 (96,168) (57,689) (91,712)
--------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Cash flows
from
investing
activities
Interest
received 6,970 2,213 10,404
--------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Cash flows
from
financing
activities
Net proceeds
from issue
of share
capital - - -
--------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Net
(decrease)
in cash and
cash
equivalents (89,198) (55,476) (81,308)
Cash and
cash
equivalents
at
beginning
of period 3,188,206 3,269,514 3,269,514
--------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Cash and
cash
equivalents
at end of
period 3,099,008 3,214,038 3,188,206
=================================================== =================================================== ===================================================
CONDENSED STATEMENT OF CHANGES IN NET EQUITY
FOR THE SIX MONTHS ENDED 30th JUNE 2011
Share
based
Share Share payment Retained
capital premium reserve earnings Total
GBP GBP GBP GBP GBP
At 1(st) January
2010 230,800 3,086,962 21,588 (81,197) 3,258,153
Loss for six
months ended
30th June 2010 - - - (37,378) (37,378)
________ _________ _________ __________ _________
At 30th June 2010 230,800 3,086,962 21,588 (118,575) 3,220,775
Loss for six
months ended
31st December
2010 - - - (45,061) (45,061)
________ ________ ________ ________ ________
At 31st December
2010 230,800 3,086,962 21,588 (163,636) 3,175,714
Loss for six
months ended
30th June 2011 - - - (97,241) (97,241)
________ ________ ________ ________ ________
At 30th June 2011 230,800 3,086,962 21,588 (260,877) 3,078,473
======= ======== ======== ========= ========
1. GENERAL
The interim financial statements for the six months ended 30th
June 2011 are unaudited and were approved by the Directors of the
Company on 14 September 2011. The condensed financial information
set out above does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The information
given as comparative figures for the period ended 31st December
2010 was extracted from the Company's audited annual financial
statements for that financial year. Those financial statements,
which represent the statutory accounts for that year, and on which
the auditors gave an unqualified opinion, have been filed with the
Registrar of Companies.
The financial information has been prepared in accordance with
IAS 34 "Interim Financial Reporting".
The Company's operations are not subject to seasonality or
cyclicality.
2. ACCOUNTING POLICIES
The principal accounting policies and methods of computation
have remained unchanged from those used in the preparation of the
Company's 2010 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
Six months Six months Year
to 30/06/11 to 30/06/10 to 31/12/10
Unaudited Unaudited Audited
GBP GBP GBP
Loss before taxation (97,241) (37,378) (82,439)
Adjustments for:
Interest income (6,970) (2,213) (10,404)
Taxation paid - - -
------------------- ------------------- --------------------
(104,211) (39,591) (92,843)
Decrease/(increase)
in receivables 1,532 (16,279) (666)
Increase/(decrease)
in payables 6,511 (1,819) 1,797
-------------------- -------------------- --------------------
Net cash from
operating
activities (96,168) (57,689) (91,712)
============= ============= =============
4. LOSS PER SHARE
Six months Six months Period
to 30/06/11 to 30/06/10 to 31/12/10
Unaudited Unaudited Audited
Weighted average
number of
ordinary shares
in issue 23,080,002 23,080,002 23,080,002
---------------------------------------- ---------------------------------------- -----------------------------------------
(Loss)/profit
after taxation GBP(97,241) GBP(37,378) GBP(82,439)
---------------------------------------- ---------------------------------------- -----------------------------------------
(Loss)/earnings
per share (0.42)p (0.16)p (0.36)p
=================================================== =================================================== ==================================================
Due to there being a loss during each period under review, the
share options are anti-dilutive and therefore no diluted loss per
share has been presented.
5. NET ASSET VALUE PER SHARE
The "basic" net asset value per share figures are calculated on
the basis of the net assets attributable to equity shareholders
divided by the number of ordinary shares in issue at the relevant
dates.
As the exercise price of the share options is above the "basic"
net asset value per share the share options are anti-dilutive and
therefore a "fully diluted" net assets per share has not been
calculated.
6. Copies of the interim report are available to the public free
of charge from the Company at 2nd Floor, 18 Pall Mall, London, SW1Y
5LU during normal office hours, Saturdays and Sundays excepted, for
14 days from today and are available on the website at
www.longshipsplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUMUBUPGGUA
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