RDP Radicle Proj.

 

TIDMRDP 
 
RNS Number : 9148E 
Radicle Projects Plc 
31 December 2009 
 

31 December 2009 
 
 
Radicle Projects PLC 
("Radicle" or the "Company") 
 
 
Result of Annual General Meeting 
Publication of 2009 Report and Accounts 
 
 
 
 
Radicle confirms that all the resolutions put to shareholders at the Company's 
Annual General Meeting held earlier today were duly passed. 
 
 
The Company also announces that the Report and Accounts for the year to 30 June 
2009, which were not available in time for the AGM, have now been approved and 
will be published and sent to shareholders later today. A shareholders meeting 
to approve the accounts has been convened for 25 January 2010, details of which 
have been published with the accounts. 
 
 
The audited accounts will be as presented in the preliminary results statement 
of 14 December save that the value of the Timbercorp assets has been further 
reduced following the first formal notification from the liquidators of 
Timbercorp's forestry schemes, received on 21 December 2009, as to the "minimum" 
and "expected" returns that Radicle would receive from its investments into 
these schemes. 
 
 
The Directors had estimated the value of the Timbercorp assets, for the purposes 
of the audited accounts, with a carrying value of 50% of the 30 June 2008 
valuation as a result of the liquidation of the Timbercorp assets. Following 
receipt of this information, the Directors have reduced the carrying value from 
their initial estimate to 33% of the 2008 valuation in the case of Eucalypts and 
16% in the case of almonds. 
 
 
The total value of the Timbercorp assets after making this new provision is 
approximately GBP42,458 for the forestry scheme assets and GBP278,176 for the 
almond assets which represents a reduction of GBP744,328.  The audited accounts 
will therefore show that the Company's net assets at 30 June 2009 were 
GBP3,753,722 rather than GBP4,452,353 as previously stated. 
 
 
As a result the loss on ordinary activities before taxation will be GBP6.13 
million rather than the loss of GBP5.60 million as previously announced. 
 
 
There are no other material changes in the audited accounts to the preliminary 
statement of 14 December 2009. 
 
 
 
 
For further information please contact: 
 
 
+--------------------------------------------------+-------------------+ 
| Radicle Projects PLC                             |     020 7016 5300 | 
+--------------------------------------------------+-------------------+ 
| Tim Bennett                                      |    +61 (0) 3 8611 | 
|                                                  |              6711 | 
+--------------------------------------------------+-------------------+ 
|                                                  |                   | 
+--------------------------------------------------+-------------------+ 
| Charles Stanley Securities                       |     020 7149 6000 | 
+--------------------------------------------------+-------------------+ 
| Nominated Advisor and Broker                     |                   | 
+--------------------------------------------------+-------------------+ 
| Russell Cook / Ben Johnston                      |                   | 
+--------------------------------------------------+-------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 RAGFDFFEFSUSEIE 
 

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