TIDMLONG
RNS Number : 1480D
Longships PLC
24 April 2013
LONGSHIPS PLC ("Longships" or the "Company")
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012
Longships is pleased to announce its annual results for the year
ending 31 December 2012.
The accounts are today being posted to the shareholders and will
shortly be available on the Company's website,
www.longshipsplc.com.
Enquiries:
Longships plc
Nathan Steinberg - Director Tel: 020 7845 7500
Westhouse Securities Limited
Richard Baty / Jonathan Haines Tel: 020 601 6100
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012
Dear Shareholder,
I present the Chairman's report for the twelve months ending 31
December 2012. During the period under review the Company reported
a net loss of GBP200,325 (0.82p per share). This compared with a
net loss of GBP175,250 (0.76p per share) for the year ended 31
December 2011, the increase being due to the costs associated with
the Praetorian Resources Limited ("Praetorian Resources")
transaction set out below.
On 4 July 2012, the company subscribed GBP2,308,010 in cash for
ordinary shares and subscription shares in the capital of
Praetorian Resources, a Guernsey-incorporated investment company.
Following completion of this subscription, the Company transferred
all of its holding in Praetorian Resources to shareholders. This
return of capital was effected on 23 August 2012, following the
necessary High Court approval, by an issue of B Shares which were
then cancelled by the Company in consideration for the Company
transferring to shareholders all its holding of ordinary shares and
subscription shares in Praetorian Resources.
Following this capital reduction there was a change in market
conditions in the small cap sector. As a result the Directors took
the view that this residual cash balance less continuing running
costs would be insufficient to attract a potentially rewarding
reverse takeover transaction. Accordingly, on 21 December 2012,
your board, encouraged by support from the existing shareholders,
raised a further GBP900,000 as set out in note 8 to the financial
statements. As a result of this additional funding, the Company's
cash resources at the year-end were in excess of GBP1.3
million.
The Company is aware of a number of possible candidates that are
looking to make their public debut via the use of a 'shell' and
should any discussions progress with any third party company,
further communication with shareholders will be made.
In summary your Directors remain focused on using the Company's
cash resources on an impact reverse takeover transaction to enhance
shareholder value.
Malcolm Burne
Chairman
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER
2012
2012 2011
GBP GBP
NET TRADING INCOME - -
-------------------- --------------------
Share based payment charge - -
Other operating expenses (207,445) (186,800)
-------------------- --------------------
Total operating expenses (207,445) (186,800)
-------------------- --------------------
OPERATING LOSS (207,445) (186,800)
Finance income 7,120 11,550
-------------------- -------------------
LOSS BEFORE TAXATION (200,325) (175,250)
Taxation - -
-------------------- -------------------
LOSS AFTER TAX AND COMPREHENSIVE
LOSS FOR THE YEAR ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY (200,325) (175,250)
============== ===============
Earnings per share (pence) - basic
and fully diluted (0.82p) (0.76p)
============== ===============
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012
2012 2011
GBP GBP
CURRENT ASSETS
Trade and other receivables 7,189 7,055
Cash and cash equivalents 1,329,599 3,018,225
-------------------- --------------------
1,336,788 3,025,280
CURRENT LIABILITIES
Trade and other payables (21,468) (24,816)
-------------------- --------------------
NET CURRENT ASSETS 1,315,320 3,000,464
------------------- -------------------
NET ASSETS 1,315,320 3,000,464
============== ==============
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE COMPANY
Share capital 680,801 230,800
Share premium account 1,228,968 3,086,962
Share based payment reserve 21,588 21,588
Retained earnings (616,037) (338,886)
------------------- -------------------
TOTAL EQUITY 1,315,320 3,000,464
=============== ===============
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012
2012 2011
GBP GBP
Net cash outflow from operating activities (2,518,933) (181,531)
--------------------- -------------------
Cash flows from investing activities
Interest received 7,120 11,550
--------------------- -------------------
Cash flows from financing
Proceeds of share issue 900,013 -
Costs of redemption of B shares (76,826) -
--------------------- -------------------
Net decrease in cash and cash equivalents (1,688,626) (169,981)
Cash and cash equivalents at beginning of year 3,018,225 3,188,206
--------------------- -------------------
Cash and cash equivalents at end of year 1,329,599 3,018,225
============== ===============
Significant non-cash transactions
On 21 August 2012, a sum of GBP2,308,006 standing to the credit
of the Company's share premium account was capitalised by the issue
of 4,616,013 B shares of 50 pence each at par. On 23 August 2012,
the B shares were repurchased and cancelled by the Company in
exchange for the Company's financial assets held at fair value.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER
2011
Share capital Share premium Share based Retained Total
payment earnings
reserve
GBP GBP GBP GBP GBP
At 1 January 2011 230,800 3,086,962 21,588 (163,636) 3,175,714
Loss and total
comprehensive
loss for period - - - (175,250) (175,250)
----------------- ----------------- ----------------- ----------------- -----------------
At 31 December
2011 230,800 3,086,962 21,588 (338,886) 3,000,464
============== ============== ============== ============== ==============
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER
2012
Share capital Share premium Share based Retained Total
payment earnings
reserve
GBP GBP GBP GBP GBP
At 1 January 2012 230,800 3,086,962 21,588 (338,886) 3,000,464
Issue of B shares 2,308,006 (2,308,006) - - -
Issue of ordinary
shares 450,001 450,012 - - 900,013
Redemption of B
shares (2,308,006) - - (76,826) (2,384,832)
Loss and total
comprehensive
loss for period - - - (200,325) (200,325)
----------------- ----------------- ----------------- ----------------- -----------------
At 31 December
2012 680,801 1,228,968 21,588 (616,037) 1,315,320
============== ============== ============== ============== ==============
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2012
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union.
The financial information set out in the announcement does not
constitute the Company's statutory accounts for the period ended 31
December 2012 or the year ended 31 December 2011. The financial
information for the period ended 31 December 2012 and the year
ended 31 December 2011 are extracted from the statutory accounts of
Longships plc. The Company's auditors reported on those accounts
and their report was unqualified.
The Annual Report for the period ended 31 December 2012,
including the auditors' report, and the notice of Annual General
Meeting ("AGM") will be posted to shareholders, as applicable,
shortly and will be available from the Company's website. The AGM
will be held at Level 2, 18 Pall Mall, London, SW1Y 5LU on 24 May
2013 at 10.00 am.
2. LOSS BEFORE TAXATION
2012 2011
GBP GBP
The loss before taxation is stated after
charging :-
Fees payable to the company's auditors for
the audit of the company's financial statements 12,000 12,200
Fees payable to the company's auditors for
other services:
- Other services 3,360 -
- Taxation - -
========== ==========
3. EARNINGS PER SHARE
The calculation of earnings per share is based on the loss of
GBP200,325 (2011: GBP175,250) and on the number of shares in issue,
being the weighted average number of equity shares in issue during
the period of 24,432,508 (2011: 23,080,002) ordinary GBP0.01
shares. The weighted average number of shares excludes the B
shares, which were in issue for 2 days and conferred no voting or
dividend rights on their holders. In the current year share options
were cancelled but there was no dilutive effect of these share
options on the basic earnings per share, as the option exercise
prices were higher than the average market price in the period.
4. SHARE CAPITAL
Allotted, called up and fully paid:
2012 2011
GBP GBP
68,080,100 (2011: 23,080,002) Ordinary shares
of GBP0.01 each 680,801 230,800
============== ==============
Shares issued and cancelled during the year
On 21 August 2012, the company capitalised the sum of
GBP2,308,006 standing to the credit of its share premium account by
the issue of 4,616,013 B shares of GBP0.50 each to its shareholders
on the basis of one B share for every 5 existing ordinary shares.
To facilitate this transaction, 98 ordinary shares of GBP0.01 were
also issued for cash at GBP0.13 per share.
On 23 August 2012, the High Court sanctioned the reduction of
the company's share capital by cancellation of the B shares, which
were duly cancelled in exchange for shares in Praetorian Resources,
which had been acquired by the Company and designated "Financial
assets held at fair value through profit or loss".
On 21 December 2012, the Company issued 45,000,000 ordinary
shares of GBP0.01 each at a premium of GBP0.01 per share by
subscription, raising GBP900,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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