Final Results
White Knight Investments PLC
31 July 2002
WHITE KNIGHT INVESTMENTS PLC
FINAL RESULTS
FOR THE YEAR ENDED 31 MARCH 2002
WHITE KNIGHT INVESTMENTS PLC
EXECUTIVE REVIEW
The directors report that for the year ended 31 March 2002 the company returned
a loss of £63,593 compared with a loss in the previous period of £2,128,624,
(which included provisions and write-offs against investments totalling
£1,874,619). During the previous financial period the company suffered from the
continued fallout and lack of finance in the TMT Sector. As a result, the Board
decided to write down all the investments previously made. The year ended 31
March 2002 has been a period of retrenchment for the company. During the year,
Sunvest Corporation Limited, a company quoted on the Australian Stock Exchange
(ASX) controlled by Mr Bruce Rowan acquired a strategic shareholding in the
company. Mr Rowan joined the Board as a non-executive director on 12 November
2001.
Mr Malcolm Burne also joined the Board on 25 May 2001 as chairman to assist in
redirecting the company's activities.
In this period of retrenchment the Board took significant steps to reduce the
company's overhead base from £300,564 in 2001 to £87,738. The Board has
continued to investigate a number of opportunities to restore shareholder value.
The opportunities presented, however, have in the Board's view not been
attractive enough to justify a Reverse Takeover. Moreover continued unstable
financial markets have enhanced the case for holding cash in the near term.
Shareholders will see from the balance sheet that the net assets of the company
as at 31 March 2002 are £633,398. As this is less than 50% of the issued share
capital of £1,300,000, under the provisions of Section 142 of the Companies Act
1985, the Board are required to convene a General Meeting for the purposes of
considering whether any, and if so what steps should be taken to address this
situation. A notice convening this meeting and the Annual General Meeting on 28
August 2002 has today been sent to shareholders with the accounts.
The Board is hopeful of reporting on a positive note in due course.
ENQUIRIES:
NATHAN STEINBERG
Finance Director 31 July 2002
Tel: 020 7409 3500
WHITE KNIGHT INVESTMENTS PLC
PROFIT AND LOSS ACCOUNT
Year ended 31 March 2002
2002 2001
£ £
Administrative expenses - (operating loss) (87,738) (300,564)
Amounts written off investments - (1,633,134)
Loss on disposal of fixed asset investments (5) (241,485)
------------ ------------
(87,743) (2,175,183)
Interest receivable 24,150 46,559
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Loss on ordinary activities before taxation (63,593) (2,128,624)
Tax on loss on ordinary activities - -
------------ ------------
Loss for the financial year (63,593) £(2,128,624)
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Loss per ordinary share - basic (0.05p) (1.86p)
WHITE KNIGHT INVESTMENTS PLC
BALANCE SHEET AS AT 31 MARCH 2002
2002 2001
£ £ £ £
FIXED ASSETS
Investments 29,205 9
CURRENT ASSETS
Cash at bank 651,551 759,177
Creditors: amounts falling due
within one year (46,818) (61,655)
----------- ----------
604,733 697,522
----------- ----------
Total assets less current liabilities 633,938 697,531
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CAPITAL AND RESERVES
Share capital 1,300,000 1,300,000
Share premium account 1,526,155 1,526,155
Profit and loss account (2,192,217) (2,128,624)
----------- ----------
Shareholders' funds 633,938 697,531
=========== ==========
WHITE KNIGHT INVESTMENTS PLC
CASH FLOW STATEMENT
Year ended 31 March 2002
2002 2001
£ £
Net cash outflow
from operating activities (102,575) (238,909)
Returns on investments and
servicing of finance 24,150 46,559
Capital expenditure and financial investment (29,201) (1,874,628)
---------- ------------
(107,626) (2,066,978)
Financing - issue of share capital - 2,826,155
----------- ------------
(Decrease)/Increase in cash (107,626) 759,177
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Copies of the accounts will be available until 31 August 2002 at 138 Park Lane, London W1K 7AS
This information is provided by RNS
The company news service from the London Stock Exchange
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