TIDMSHCP
RNS Number : 6562E
St Helen's Capital PLC
23 December 2009
St Helen's Capital Plc ('St Helen's Capital' or the 'Company')
Interim Results
St Helen's Capital, announces its unaudited results for the six months ended 30
September 2009.
Chairman's Statement
Since I last reported to you, St. Helen's Capital has undergone significant
structural changes.
On 14 September we announced that we had sold the Plus Markets Adviser and AIM
broking businesses to Whim Gully as outlined in the circular sent to
shareholders on 28 August 2009. This had the effect of reducing the significant
cash outflow from the business and also increased the cash reserves by around 40
per cent.
On the 23 November 2009 we announced the acquisition of Marechale Capital
Limited ("Marechale") and the appointment of Patrick Booth-Clibborn to the board
of St Helen's Capital ("the Board") as Chief Executive. Patrick has 22 years
investment banking and broking experience including being a founding director at
Noble & Co and Director of Corporate Finance at KBC Peel Hunt.
Marechale is a corporate finance advisory and capital fund raising business
focusing on fundraising for growth companies and funds. It outsources costly
non-core functions such as research and M&A, and revenues are generated from
fees, warrants and equity investments in lieu of fees.
Mr Booth-Clibborn's deal flow (acquired by St Helen's Capital through the
acquisition of Marechale) offers a low cost and significantly de-risked
opportunity to generate revenues and profitability. I am pleased to report that
revenues are already being generated and invoiced. We have also given a
commitment to keep costs to the absolute minimum (and initially in line with the
costs agreed by shareholders for operating the cash shell). In order to preserve
the Company's cash, the Marechale deal has been satisfied by the issue of
shares, which was approved by shareholders at the Annual General Meeting on 17
December 2009.
The Company intends to use its cash and equity to make complimentary
acquisitions and investments in the financial services sector. The Board are
already reviewing two possible opportunities.
The task of selling the old business and establishing a new, low cost and
de-risked operation has been completed. The Board's objective is now to move the
business back into profitability.
The Board had also proposed a strategic share swap with the fund management
group Bluehone. We believe that the deal that had been negotiated with Bluehone
would have been a good investment and also offered business synergies. The
majority of shareholders voted in favour of the Bluehone transaction at last
week's AGM, but the resolution required to enable the share swap was not passed
owing to the special resolution requiring 75 per cent. support; therefore, the
Bluehone transaction has not proceeded at this stage. The Board has now decided
not to proceed with the Bluehone share swap proposal at this time, although it
will keep this and other possible synergistic deals under review.
Following the recent AGM, at which certain resolutions were not passed, we will
convene a further general meeting in the New Year, at which shareholders will be
asked to approve the Company's change of name, which is a requirement of the
sale of the Company's business assets, and the adoption of the Company's new
Articles of Association which is necessary to reflect changes to the Company's
Act 2006.
Whilst there remains great uncertainty in the financial markets, we believe that
there are also numerous opportunities and that there is excellent value in the
Smaller company sector.
Mark Warde-Norbury
Chairman
23 December 2009
For further information visit www.sthelenscapital.com or contact:
+----------------------------+---------------------+---------------------+
| Mark Warde-Norbury, | St Helen's Capital | Tel: +44 (0)20 7628 |
| Chairman | Plc | 5582 |
| | | |
+----------------------------+---------------------+---------------------+
| James Harris / James | Strand Hanson | Tel: +44 (0)20 7409 |
| Spinney | Limited | 3494 |
+----------------------------+---------------------+---------------------+
+------------------------+-------+-----+--------+--------+-------------+-------------+--------+
| St Helen's Capital PLC | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Income Statement | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Six months ended 30th September 2009 | | | | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Discontinued operations* | | | 30 Sept | 30 Sept | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | 2009 | 2008 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Revenue | | | | 318,580 | 543,498 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Cost of sales | | | | (30,324) | (48,298) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Gross profit | | | | 288,257 | 495,200 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Administrative expenses | | | | (861,770) | (1,171,513) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Operating loss | | | | (573,513) | (676,313) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Investment revenues | | | | 1,748 | 38,397 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Other gains and losses | | | | (1,408) | (41,360) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Sale of Goodwill | | | | 200,000 | 0 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Loss before tax | | | | (373,173) | (679,276) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Corporation tax charge | | | | 0 | 0 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Loss for the period | | | | (373,173) | (679,276) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Earnings per share | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Basic | 42,741,106 shares | -0.9p | -1.6p | |
| | (2008:42,443,860) | | | |
+--------------------------------+-----------------------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Diluted** | 42,741,106 shares | -0.9p | -1.6p | |
| | (2008:42,443,860) | | | |
+--------------------------------+-----------------------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| * On 14th September 2009 the AIM Broking and PLUS Adviser businesses and associated |
| assets |
+---------------------------------------------------------------------------------------------+
| were sold to Whim Gully Capital LLP for a consideration of | | |
| GBP200,000. | | |
+----------------------------------------------------------------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| ** Due to the losses, the diluted EPS calculations will show a lower loss | |
| per/share, | |
+------------------------------------------------------------------------------------+--------+
| making the options 'anti-dilutive'. Accordingly the basic +EPS and the diluted EPS |
| are the |
+---------------------------------------------------------------------------------------------+
| same. On 14th September 2009 all outstanding options were | | |
| cancelled. | | |
+----------------------------------------------------------------------+-------------+--------+
| | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| St Helen's Capital PLC | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Balance Sheet | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| As at 30th September 2009 | | | | | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | 30 Sept | 30 Sept | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | 2009 | 2,008 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Non current assets | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Property, plant and equipment | | | 15,929 | 60,203 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Current assets | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Available for sale investments | | | 110,614 | 218,493 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Trading investments | | | | 6,089 | 33,504 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Trade and other receivables | | | 241,037 | 315,551 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Cash and cash equivalents | | | 541,153 | 1,280,412 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | 898,893 | 1,847,959 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Total assets | | | | 914,822 | 1,908,163 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Current liabilities | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Trade and other payables | | | | (132,179) | (199,688) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Corporation tax | | | | 19,281 | (19,283) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Total current liabilities | | | | (112,898) | (218,971) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Net assets | | | | 801,923 | 1,689,192 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Equity | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Capital and reserves attributable to equity | | | |
| shareholders | | | |
+--------------------------------------------------------+-------------+-------------+--------+
| | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Share capital | | | | 2,137,055 | 2,142,800 | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Share premium account | | | | 1,177,452 | 1,171,707 | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Revaluation reserves | | | | 36,773 | 4,697 | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Other reserves | | | | 683,591 | 487,316 | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Retained earnings | | | | (3,232,948) | (2,117,328) | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| | | | | 801,923 | 1,689,192 | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
| St Helen's Capital PLC | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Cash Flow Statement | | | | | | |
+------------------------+-------------+--------+--------+-------------+-------------+--------+
| Six months ended 30th September 2009 | | | | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| | | | | 30 Sept | 30 Sept | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | 2,009 | 2,008 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Net Cash from operating activities | | | | | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Operating -loss/ profit | | | | (573,413) | (676,313) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Depreciation | | | | 21,000 | 21,000 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Profit on disposal of goodwill | | | 200,000 | | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Tax paid | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Share based payments | | | | 80,000 | 124,000 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Operating cash flows before movements in working | (272,413) | (531,313) | |
| capital | | | |
+--------------------------------------------------------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Movement in working capital | | | | | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Decrease/(increase) in receivables | | | 91,960 | (33,241) | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Increase/(decrease) in payables | | | (30,963) | (19,433) | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | 60,998 | (52,673) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Operating cash flow | | | | (211,415) | (583,986) | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Investment activities | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Interest receivable | | | | 1,649 | 38,397 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Proceeds on disposal of trading investments | | (1) | 2,964 | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| Proceeds on disposal of available for sale investments | 0 | 0 | |
+--------------------------------------------------------+-------------+-------------+--------+
| Expenditure on tangible fixed assets | | | 0 | (3,359) | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| Expenditure on available for sale investments | | | | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Cash flow from investing activities | | | 1,648 | 38,002 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Financing | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Issue of share capital | | | | 0 | 10,000 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Interest payable | | | | 0 | 0 | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Cash flow from financing activities | | | 0 | 10,000 | |
+--------------------------------------+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Net increase/(decrease) in cash and cash equivalents | (209,767) | (535,984) | |
+--------------------------------------------------------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Cash and cash equivalents at start of period | | 750,921 | 1,816,396 | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| Cash and cash equivalents at end of period | | 541,153 | 1,280,412 | |
+-----------------------------------------------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| Increase/(decrease) in cash and cash equivalents | (209,767) | (535,984) | |
+--------------------------------------------------------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| | | | | | | |
+--------------------------------+-----+--------+--------+-------------+-------------+--------+
| This financial information has been prepared for use in the European Union. The |
| company's financial |
| statements have been prepared in accordance with IFRS and International Financial |
| Reporting |
| Interpretations Committee ('IFRIC'). interpretations adopted by the European Union, |
| and with those |
| parts of the Companies Act 1985 applicable to companies reporting under IFRS, with |
| the prior periods |
| being reported on the same basis. |
+------------------------+-------+-----+--------+--------+-------------+-------------+--------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BSBDDIDDGGCX
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