TIDMLONG
RNS Number : 3401N
Longships PLC
27 September 2012
LONGSHIPS PLC
INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2012
Longships plc ("Longships" or the "Company") (AIM: LONG) is
pleased to announce its results for the six months ended 30 June
2012.
During the period the Company's main focus was its investment in
Praetorian Resources Limited and the capital reduction and
distribution to shareholders of this investment in Praetorian
Resources Limited. This was completed via a B share scheme
following the period on 23 August 2012. The Company has included an
illustrative example of the taxation implications of the recent B
share scheme in the document section of the company's website
www.longshipsplc.com.
Enquiries:
Longships PLC +44 7768 116866
Nathan Steinberg, Director
Westhouse Securities (Nominated Adviser) +44 20 7601 6100
Richard Baty / Petre Norton
CHAIRMAN'S STATEMENT
Dear Shareholder,
I present the Chairman's report for the six month interim period
ending 30 June 2012. During the period under review the Company
reported a net loss of GBP67,944 (six months ended 30 June 2011:
GBP97,241) and as at 30 June 2012 had liquid cash balances of
GBP2,957,069 (30 June 2011: GBP3,099,008).
During the period under review, the Company focused its
attentions on the proposed investment in Praetorian Resources
Limited combined with the capital reduction and distribution to
shareholders of this investment in Praetorian Resources Limited.
The transaction was completed on 21 August 2012 and shareholders
will now have received their entitlement to shares in Praetorian
Resources Limited. This transaction has enabled shareholders to
participate in a strongly managed resource based investment company
within an effectively managed structure. Details of Praetorian
Resources Limited were sent to shareholders on 9 July 2012.
Following this transaction the company has cash resources of
approximately GBP500,000. Your board's efforts are now focused on
using these cash resources on an impact reverse takeover
transaction to further enhance shareholder value.
Malcolm Burne
Chairman
27 September 2012
CONDENDSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2012
Six months Six months Year
to 30/06/12 to 30/06/11 to 31/12/11
Unaudited Unaudited Audited
GBP GBP GBP
NET TRADING INCOME - - -
--------------- --------------- ---------------
Other operating expenses (72,996) (104,211) (186,800)
------------------ ------------------ ---------------
Total operating expenses (72,996) (104,211) (186,800)
------------------- ------------------- ---------------
OPERATING LOSS (72,996) (104,211) (186,800)
Finance income 5,052 6,970 11,550
------------------ ------------------ ---------------
LOSS BEFORE TAXATION (67,944) (97,241) (175,250)
Taxation - - -
------------------ ------------------ ---------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY (67,944) (97,241) (175,250)
============ ============ ============
Loss per share (pence) - basic and
fully diluted (0.29)p (0.42)p (0.76)p
======= ======= =======
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012
As at As at As at
30/06/12 30/06/11 31/12/11
Unaudited Unaudited Audited
GBP GBP GBP
CURRENT ASSETS
Trade and other receivables 8,883 7,263 7,055
Cash and cash equivalents 2,957,069 3,099,008 3,018,225
------------------ ------------------ ------------------
2,965,952 3,106,271 3,025,280
CURRENT LIABILITIES
Trade and other payables (33,432) (27,798) (24,816)
----------------- ----------------- ------------------
NET CURRENT ASSETS 2,932,520 3,078,473 3,000,464
---------------- ---------------- ------------------
NET ASSETS 2,932,520 3,078,473 3,000,464
=========== =========== ===========
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 (406,830) (260,877) (338,886)
---------------- ---------------- ----------------
TOTAL EQUITY 2,932,520 3,078,473 3,000,464
=========== =========== ===========
Net assets per share - basic 12.70p 13.33p 13.00p
======== ======== ========
CONDENSED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2012
Six months Six months Year
to 30/06/12 to 30/06/11 to 31/12/11
Unaudited Unaudited Audited
GBP GBP GBP
Net cash outflow
from operating
activities 3 (66,208) (96,168) (181,531)
-------------------- ----------------- ---------------
Cash flows from
investing
activities
Interest received 5,052 6,970 11,550
-------------------- ---------------- ---------------
Cash flows from
financing
activities
Net proceeds from
issue of share
capital - - -
-------------------- ----------------- ---------------
Net (decrease) in
cash and cash
equivalents (61,156) (89,198) (169,981)
Cash and cash
equivalents at
beginning of
period 3,018,225 3,188,206 3,188,206
-------------------- ----------------- ----------------
Cash and cash
equivalents at
end of period 2,957,069 3,099,008 3,018,225
================================== ============================== ============================
CONDENSED STATEMENT OF CHANGES IN NET EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2012
Share Share Share Retained Total
capital premium based earnings
payment
reserve
GBP GBP GBP GBP GBP
At 1 January 2011 230,800 3,086,962 21,588 (163,636) 3,175,714
Loss for six months ended 30
June 2011 - - - (97,241) (97,241)
________ _________ _________ __________ _________
At 30 June 2011 230,800 3,086,962 21,588 (260,877) 3,078,473
Loss for six months ended 31
December 2011 - - - (78,009) (78,009)
________ ________ ________ ________ ________
At 31 December 2011 230,800 3,086,962 21,588 (338,886) 3,000,464
Loss for six months ended 30
June 2012 - - - (67,944) (67,944)
________ ________ ________ ________ ________
At 30 June 2012 230,800 3,086,962 21,588 (406,830) 2,932,520
======= ======== ======== ========= ========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2012
1. GENERAL
The interim financial statements for the six months ended 30
June 2012 are unaudited and were approved by the Directors of the
Company on 27 September 2012. 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 31 December 2011
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 2011 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
Six months Six months Year
to 30/06/12 to 30/06/11 to 31/12/11
Unaudited Unaudited Audited
GBP GBP GBP
Loss before taxation (67,944) (97,241) (175,250)
Adjustments for:
Interest income (5,052) (6,970) (11,550)
Taxation paid - - -
------------------- ------------------- --------------------
(72,996) (104,211) (186,800)
Decrease/(increase) in receivables (1,828) 1,532 1,740
Increase/(decrease) in payables 8,616 6,511 3,529
-------------------- -------------------- --------------------
Net cash from operating activities (66,208) (96,168) (181,531)
============= ============= =============
4. LOSS PER SHARE
Six months Six months Year
to 30/06/12 to 30/06/11 to 31/12/11
Unaudited Unaudited Audited
Weighted average
number of
ordinary
shares in issue 23,080,002 23,080,002 23,080,002
---------------- ---------------- ----------------
(Loss)/profit
after taxation (67,944) (97,241) (175,250)
---------------- ---------------- ----------------
(Loss)/earnings
per share (0.29)p (0.42)p (0.76)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. POST BALANCE SHEET EVENT
On 21 August 2012, the company acquired 4,616,013 shares of 50p
each in Praetorian Resources Limited for a consideration of
GBP2,308,006.50 and subsequently distributed these shares to
shareholders by the implementation of a capital reduction following
an application to court on the same date.
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
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