Final Results
Interregnum PLC
18 September 2000
INTERREGNUM PLC
Financial results for the year ended 30th June 2000
Highlights:
Financial results
Overall investment position increased 881% to £11.4m (1999: £1.2m)*
Turnover up 46% to £1.49m (1999: £1.02m)
Profit before tax up £0.144m (1999: loss £0.157m)
Earnings per share of 0.26p basic and 0.19p fully diluted
Corporate progress
£75m Venture Capital fund planned
Ian Taylor, MP, appointed to the Board
Successful flotation and £20m, pre expenses fundraising achieved on AIM in
March 2000
* based on BVCA valuation criteria
Interregnum plc ('Interregnum') announces record profits and growth in the
value of its investment portfolio to substantiate its positioning as Europe's
leading US-style IT advisory and investment firm.
Commenting on the results, Ken Olisa, Chairman and Chief Executive of
Interregnum, said:
'I am delighted to report exceptional growth and profitability in our maiden
results as a public company following our flotation on AIM last March.
Interregnum is amongst the first European firms to have adopted the US-style
IT Venture Capital business model, premised on taking equity stakes in our
client companies whilst simultaneously playing a very hands on role in
nurturing their development.
'I am very pleased to welcome Ian Taylor, MP, to the Board as non-executive
director. Ian's experience as former DTI Minister with responsibility for the
UK's IT sector will be immensely valuable to Interregnum.
'In addition, we have appointed Helix Associates Limited to lead the
fundraising from institutional investors of a discrete Venture Capital Fund.
This is in line with our strategy to make direct investments in early-stage IT
companies in the core base technology areas, as well as for investment in
turnaround situations.
'This strategy maintains our differentiation in this space on this side of the
Atlantic and I have every confidence in our ability to deliver significant
growth based on our aim of transforming technology into wealth.'
For further information please contact:
Ken Olisa, Chairman and Chief Executive
Interregnum plc Tel: 020 7494 3080
Paul Downes/Vanessa Maydon
Merlin Financial Tel: 020 7606 1244
Attached: Extracts from the Chairman's Statement
Consolidated Profit and Loss Account
Consolidated Balance Sheet
Cash Flow Statement
Notes to the Accounts
Extracts from the Chairman and Chief Executive's Statement
Introduction
It gives me great pleasure to introduce Interregnum's maiden financial results
following our admission to AIM in March 2000. Since that date we have
continued to make significant progress in the successful implementation of our
business model as demonstrated by the results detailed below.
Revenue Growth
Our revenues fall under two main headings: fee income generated from our
advisory lines of business, and returns from the disposal of portfolio
holdings. Last year saw a 46% increase in revenues, our 6th successive year of
revenue growth, with all of our operating lines of business delivering
underlying increases in their fee incomes. Overall revenues were further
boosted by our successful disposal of Geoconference - one of our portfolio
companies.
Profitability
The last few years prior to our flotation have seen Interregnum investing in
people and growth of the portfolio. In 1999/2000, assisted by the record
revenues, we were pleased to record a return to a profit before tax of
£144,996 (1999: loss of £157,308).
Strong Balance Sheet
The core of our company's value lies in our portfolio of holdings in high
potential IT companies. The portfolio contains two different classes of
holding:
'Sweat equity' - minority positions in clients who have granted us shares,
options or other instruments
Equity positions acquired directly using Interregnum's own funds.
Last year we achieved an 881% increase in overall portfolio value. More
importantly, the sweat equity element of the portfolio grew organically by
415%.
Portfolio
Our portfolio is the foundation on which our value is built. The portfolio
presently contains 29 holdings valued at our last audit at 11,461,094, up 881%
from 1,168,448 the year before.
The portfolio consists exclusively of companies that satisfy two key criteria:
1. Their business is dependent for success on the peculiarities of the IT
market
2. Their business model contains a high likelihood of generating wealth (via
either a trade sale or IPO) in a measurable time frame.
Strict adherence to these criteria means that we only work with clients to
whom we can add the value that comes from over 180 years of experience in the
IT market.
In addition it has ensured that we have entirely avoided involvement with B2C
internet dot.com companies. Rather, where we are involved with internet
companies our focus has been on those which either develop components for the
web's infrastructure or which are using leading edge technology to exploit the
medium's power.
Our holdings are defined under four key headings: Hardware, Software, Services
and Internet Infrastructure and our strategy is to seek a balance both within
and between the four categories to ensure that no single investment type
dominates the portfolio. The Directors believe that the net year on year
growth of the portfolio (after subtracting an allowance for costs and
expenses) provides the best measure of value growth within Interregnum. That
net growth provides a measure of notional earnings which, when combined with
an expectation of sustainable growth, enables a value to be placed on
Interregnum and other companies of our type. In recognition of its
criticality to shareholder value, we use the rate of growth in notional
earnings - the 'velocity' - as a key performance indicator for management.
New Deals
Since the flotation in March, we have made six new investments utilising the
funds raised in the IPO, detailed as follows:
Company Business £
Computerwire Online IT intelligence researcher and publisher 250,000
On board Info Killer app in the eCalendar space 950,000
Mediasurface Web content management 269,468
Datapoint Contact centre consultancy & services 3,890,000
Synaxia Next generation storage management products 67,020
Adaptive Data and process mapping tools 9,039
total 5,435,527
Building our Team
An essential ingredient in our strategy for growth is the need to increase the
size of our team of people in order to be able to find and work with a larger
number of client companies and equity holdings. Since our IPO, I am pleased to
report that we have recruited two further Associate Directors and one
Principal.
I am also delighted to announce within this report that Ian Taylor MP, former
Minister for Science & Technology in the last Conservative Government, has
joined our Board as non-executive director. Ian's wealth of experience and
corporate finance background will be of immense value to Interregnum and we
very much look forward to working with him in future.
Venture Capital Fundraising
As indicated in the prospectus document we published in connection with the
IPO, an integral part of our strategy for growth is to increase both the range
and size of our investments. The most appropriate means of realising this
ability is to create a discrete Venture Capital fund to be managed and
invested by the Interregnum team. Therefore, we have appointed Helix
Associates Limited to advise on and lead an institutional investor fundraising
designed to provide a minimum of £75m specifically for this purpose. We expect
this exercise to commence within the next few weeks.
Priorities
At our IPO we raised £20.0m, pre expenses, to increase portfolio (and
therefore) shareholder value, through the investment of what the Americans
call 'smart money' namely:
1. To increase the size of our portfolio stakes by buying shares alongside our
sweat equity positions
2. To increase the number of companies in which we hold stakes by expanding
the fee-earning headcount
We have made a good start in both of these endeavours and our intention over
the next twelve months is to continue to attract and retain the best European
IT sector talent available and to find innovative ways to raise and apply
capital to high potential opportunities.
The arena in which we operate - the IT sector - looks set to continue its
rapid expansion for some time to come driven by the twin forces of ubiquity
and power. The internet, digital/interactive TV and next generation mobile
telephony will see the application of IT increase its reach considerably,
while the increase in storage, processing and bandwidth will ensure that there
is adequate capability to support those new applications.
In conclusion, I hope that you will enjoy our first annual report as a public
company and that you will share our pleasure with the first year's results and
our optimism about the future potential for our company.
Ken Olisa
Chairman & CEO
CONSOLIDATED PROFIT AND LOSS ACCOUNT
30 June 2000
2000 1999
£ £
Notes
TURNOVER 1 1,486,411 1,017,492
Administrative expenses (1,918,358) (1,271,739)
Other operating income 88,743 99,423
OPERATING LOSS 2 (343,204) (154,824)
Other income 4 513,008 10,289
Interest payable 5 (24,808) (12,773)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 144,996 (157,308)
Tax on (profit)/loss on
ordinary activities 6 (24,600) -
RETAINED PROFIT/(LOSS) FOR THE
FINANCIAL YEAR 15 120,396 (157,308)
Earnings per share
- Basic 8 0.26p -
- Fully diluted 8 0.19p -
The operating loss for the year arises from the group's continuing operations.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 30 June 2000
2000 1999
£ £
Profit/(loss) for the financial year 120,396 (157,308)
Unrealised surplus on revaluation of
fixed asset investments 4,899,654 472,854
Realised gains on fixed asset investments (41,285) -
Total recognised gains and losses relating
to the year 4,978,765 315,546
CONSOLIDATED BALANCE SHEET
30 June 2000
Notes 2000 1999
£ £
FIXED ASSETS
Tangible assets 9 216,752 107,676
Investments 10 11,461,094 1,168,448
11,677,846 1,276,124
CURRENT ASSETS
Debtors 11 844,698 390,575
Cash at bank and in hand 13,903,515 410
14,748,213 390,985
CREDITORS: Amounts falling
due within one year 12 (581,723) (438,672)
NET CURRENT ASSETS(LIABILITIES) 14,166,490 (47,687)
TOTAL ASSETS LESS CURRENT LIABILITIES 25,844,336 1,228,437
CREDITORS: Amounts falling due
after more than one year 13 (398,023) (9,073)
25,446,313 1,219,364
CAPITAL AND RESERVES
Called up share capital 14 3,249,330 2,508,006
Share premium 15 18,876,852 -
Revaluation reserve 15 6,013,373 1,155,004
Merger reserve 15 (2,406,655) (2,036,663)
Profit and loss account 15 (286,587) (406,983)
TOTAL 25,446,313 1,219,364
SHAREHOLDERS' FUNDS:
Equity 25,446,313 819,364
Non-equity - 400,000
15 25,446,313 1,219,364
COMPANY BALANCE SHEET
30 June 2000
Notes 2000
£
FIXED ASSETS
Investments 10 2,508,006
CURRENT ASSETS
Debtors 11 19,618,176
22,126,182
CAPITAL AND RESERVES
Called up share capital 14 3,249,330
Share premium 15 18,876,852
15 22,126,182
CASH FLOW STATEMENT
for the year ended 30 June 2000
Notes 2000 1999
£ £
Net cash flow from operating
activities 16a (139,948) (217,457)
Returns on investments and
servicing of finance 16b 134,155 (2,484)
Taxation (2,792) (4,008)
Capital expenditure 16b (5,535,296) (71,725)
CASH OUTFLOW BEFORE USE OF
LIQUID RESOURCES AND FINANCING (5,543,881) (295,674)
Financing 16b 19,618,195 260,364
INCREASE/(DECREASE) IN CASH 14,074,314 (35,310)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2000 1999
£ £
Increase/(decrease) in cash in the year 14,074,314 (35,310)
Decrease in debt and lease financing 16,813 281,568
Loan (375,621) -
Exchange movements (20,654) (4,524)
Change in net debt 13,694,852 241,734
NET DEBT AT 1 JULY (196,734) (438,468)
NET FUNDS/(NET DEBT) AT 30 JUNE 16c 13,498,118 (196,734)
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost
convention modified to include the revaluation of fixed asset investments in
accordance with applicable accounting standards.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate those of Interregnum PLC and
all of its subsidiaries' undertakings for the year. Subsidiaries acquired
during the year are generally consolidated using the acquisition method.
Their results are consolidated from the date that control passes. The
difference between the acquisition cost of the shares in the subsidiary and
the fair value of the separable net assets acquired is carried as goodwill.
The acquisition of Interregnum Venture Marketing Limited has been accounted
for as a merger. The consolidated financial statements merge the financial
statements of the company and Interregnum Venture Marketing Limited as if they
had always so been owned. Accordingly, in those years when mergers take
place, the whole of the results, assets, liabilities and shareholders funds of
the merged companies are consolidated regardless of the actual merger date,
and corresponding figures for the previous years are restated.
All financial statements have been made up to 30 June.
TANGIBLE FIXED ASSETS
Tangible fixed assets are stated at cost. Depreciation is provided on all
tangible fixed assets at rates calculated to write each asset down to its
estimated residual value evenly over its expected useful life, as follows:-
Improvements to Short leasehold land and buildings 15%
Fixtures, fittings and computer equipment 15-33%
FOREIGN CURRENCIES
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the balance sheet
date. All differences are taken to the profit and loss account.
LEASING AND HIRE PURCHASE COMMITMENTS
Assets held under finance leases and hire purchase contracts, which are those
where substantially all the risks and rewards of ownership of the asset have
passed to the group, are capitalised in the balance sheet and depreciated over
their useful lives.
The interest element of the rental obligations is charged to the profit and
loss account over the period of the lease and represents a constant proportion
of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to the profit and loss account
on a straight line basis over the lease term.
VALUATION OF FIXED ASSET INVESTMENTS
Fixed asset investments, comprising equity shares and share options, are
stated at cost or valuation and in accordance with the 'Guidelines for the
valuation and disclosure of venture capital portfolios' published by the
British Venture Capital Association, on the following basis:
Early stage investments: these are investments in immature companies,
including seed, start-up and early stage investments. Such investments are
valued at cost less any provision considered necessary, until no longer viewed
as early stage or unless a significant transaction involving an independent
third party at arm's-length values the investment at a materially different
value.
Development stage investments: such investments are in mature companies having
a maintainable trend of sustainable profits and an exit by way of flotation or
trade sale can be reasonably foreseen. An investment of this stage is
periodically revalued by reference to open market value. Valuation
will usually be by way of one of four ways as indicated.
i) At cost for at least one year unless such a basis is unsustainable;
ii) On a third party basis based on the price at which a subsequent issue of
capital is made involving a significant investment by a new investor;
iii) On an earnings basis, but not until at least a year since the investment
was made, by applying a discounted price/earnings ratio to profit after
taxation, either before or after interest; or
iv) On a net asset basis, again applying a discount to reflect the
illiquidity of the investment.
Quoted investments: such investments are valued using the quoted market price,
discounted if the shares are subject to any particular restrictions or are
significant in relation to the issued share capital of a small quoted company.
Share options are subject to vesting and other conditions set out in the
options agreements. The valuation is based on all share options which have
vested.
A review of permanent diminution in value is undertaken by reference to
funding, investment or offers in progress after the balance sheet date. No
adjustment is made for any uplift in value after the balance sheet date.
PENSION CONTRIBUTIONS
The costs of providing pension contributions for employees are charged to the
profit and loss account. The company contributes 2% of an employee's gross
salary into a personal pension fund of their choice.
TURNOVER
Turnover represents the total invoice value, excluding Value Added Tax, of
services rendered during the year.
COMPARATIVES
The financial statements have been prepared as if the Group in its present
form had existed for the comparative year ended 30 June 1999.
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2000
1 TURNOVER
The group's turnover and profit before taxation were all derived from its
principal activity. Sales were made in the following geographical markets:
2000 1999
£ £
United Kingdom 1,162,057 935,667
Other European countries 26,683 27,806
USA and Canada 297,671 33,019
1,486,411 1,017,492
2 OPERATING LOSS 2000 1999
£ £
The operating loss is stated after charging:
Depreciation of owned tangible fixed assets 24,055 26,789
Depreciation of tangible fixed assets held
under finance leases and hire purchase contracts 14,772 5,036
Operating lease rentals:
Land and buildings 170,000 170,000
Auditors' remuneration 16,000 5,000
Exchange losses 20,654 4,524
And after crediting:
Profit on sale of tangible fixed assets - (2,323)
Operating lease rental income (88,743) (99,423)
3 EMPLOYEES 2000 1999
No. No.
The average monthly number of persons
(including directors) employed by the group
during the year was:
Office and management 14 12
2000 1999
£ £
Staff costs for above persons:
Wages and salaries 940,385 611,426
Social security costs 72,459 42,459
Other pension costs 5,018 4,419
1,017,862 658,304
DIRECTORS' REMUNERATION
Emoluments 489,860 386,717
Highest paid director
Emoluments 147,323 98,116
4 OTHER INCOME 2000 1999
£ £
Interest receivable 335,492 10,289
Realisation of investments 136,231 -
Transfer from revaluation reserve on
realisation of disposal of investments 41,285 -
513,008 10,289
5 INTEREST PAYABLE 2000 1999
£ £
Bank loans and overdrafts 6,870 5,712
Other loans 14,794 4,512
Finance charges payable under finance
leases and hire purchase contracts 3,144 2,549
24,808 12,773
6 TAXATION 2000 1999
£ £
Corporation tax 24,600 -
7 PROFIT ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY
2000 1999
£ £
Dealt with in the financial statements
of the parent company - -
Retained by subsidiary undertakings 120,396 (157,308)
120,396 (157,308)
No profit and loss account is prepared for Interregnum PLC as provided by
section 230(3) of the Companies Act 1985.
8 EARNINGS PER SHARE
The calculation of earnings per share is calculated on a Group profit of
£120,396 (1999: £nil) and on a weighted average of 45,530,929 (1999: nil)
shares in issue during the year.
The calculation of fully diluted earnings per share is calculated on a Group
profit of £120,396 (1999: £nil) and on a fully diluted number of shares
subject to options at 63,024,988 (1999: nil) during the year.
9 TANGIBLE FIXED ASSETS
The Group
Improve-
ments to Fixtures,
Short fittings
leasehold and
land and computer
buildings equipment Total
£ £ £
Cost
1 July 1999 33,319 113,658 146,977
Additions 9,375 138,528 147,903
30 June 2000 42,694 252,186 294,880
Depreciation
1 July 1999 2,931 36,370 39,301
Charged in the year 5,467 33,360 38,827
30 June 2000 8,398 69,730 78,128
Net book value
30 June 2000 34,296 182,456 216,752
30 June 1999 30,388 77,288 107,676
The net book value of fixtures, fittings and computer equipment includes
£13,250 (1999 : £28,085) in respect of assets held under finance leases and
hire purchase contracts
10 INVESTMENTS
The Group
£
Cost or valuation
1 July 1999 1,168,448
Additions 5,443,277
Disposals (50,285)
Revaluation 4,899,654
11,461,094
On a historical cost basis, these fixed asset investments would have been
included as follows:
2000 1999
£ £
Listed investments - -
Unlisted investments 5,447,721 13,444
5,447,721 13,444
Valuation:
Listed investments - market value 209,631 124,335
Taxation on potential capital gain if
sold at valuation - -
The Company Total
£
Cost
1 July 1999 -
Additions 2,508,006
2,508,006
INVESTMENTS (Continued)
Subsidiary undertakings
Name of subsidiary Proportion Proportion
Class of held held Nature of
holding directly indirectly business
Interregnum Venture
Marketing Limited Ordinary 100% - Management
and marketing
consultants
Interregnum Venture Marketing Limited was acquired on 8 March 2000. The
company was incorporated in England and Wales.
On 8 March 2000, 50,160,112 ordinary shares of £0.05 in Interregnum PLC were
issued in respect of 100% of the 660,001 ordinary shares of £0.01 in
Interregnum Venture Marketing Limited.
The aggregate value of the net assets of each party to the merger at the date
of the merger is:
Interregnum
Venture
Interregnum Marketing
PLC Limited
£ £
Net assets - 4,183,031
Profit and Loss Account
2000 1999
Interregnum Post Interregnum Interregnum
Pre merger Venture merger Venture Venture
Interregnum Marketing Interregnum Marketing Interregnum Marketing
plc Limited PLC Limited PLC Limited
£ £ £ £ £ £
- (114,800) - 110,118 - (157,308)
Statement of total recognised gains and losses for the year end 30 June 2000
2000 1999
Interregnum Post Interregnum Interregnum
Pre merger Venture merger Venture Venture
Interregnum Marketing Interregnum Marketing Interregnum Marketing
plc Limited PLC Limited PLC Limited
£ £ £ £ £ £
- 4,068,231 - 4,968,487 - 315,546
11 DEBTORS Group
2000 1999
£ £
Trade debtors 298,740 228,888
Other debtors 451,813 113,270
Prepayments and accrued income 94,145 48,417
844,698 390,575
Company
2000 1999
£ £
Amounts owed by group undertakings 19,618,176 -
12 CREDITORS: Amounts falling due within one year
Group
2000 1999
£ £
Bank loans and overdrafts - 171,209
Obligations under finance leases and hire
purchase contracts 7,374 16,862
Trade creditors 233,745 40,849
Corporation tax 24,600 2,792
Other taxation and social security 34,921 18,163
Other creditors 149,207 83,822
Accruals and deferred income 131,876 104,975
581,723 438,672
13 CREDITORS: Amounts falling due in more than one year
Group
2000 1999
£ £
Obligations under finance leases and
hire purchase contracts 1,748 9,073
Other loans 396,275 -
398,023 9,073
Obligations under finance leases and
hire purchase contracts
Group
2000 1999
£ £
Amounts payable:
Within one year 7,374 16,862
Within two to five years 1,748 9,073
9,122 25,935
Obligations under finance leases and hire purchase contracts are secured by
related assets.
The loan is interest free and is not repayable within twelve months and has no
subsequent fixed repayment date.
14 SHARE CAPITAL 2000
£
Authorised:
Ordinary shares of £0.05 each 4,600,000
Allotted, issued and fully paid: 2000 2000
No. £
Ordinary shares of £0.05 each 64,986,607 3,249,330
On 8 March 2000, 50,160,112 Ordinary shares of £0.05 were issued at par to
acquire the entire share capital of Interregnum Venture Marketing Limited.
On 13 March 2000, 19,605,714 Ordinary shares of £0.05 were issued through a
placing agreement of £1.40 per share.
The net proceeds of the placing are being used to accomplish the following
objectives:
expand the core of Interregnum Venture Marketing Limited's line of business
to establish a managed fund to invest in venture marketing clients
the expansion of all other lines of business
the redemption of 30,400,000 preference shares
14 SHARE CAPITAL (continued)
Share Options
The following share options were granted on 10 March 2000 and were outstanding
at the year end:
Options Options Options
Granted Exercised Outstanding
10 March 2000 13 March 2000 30 June 2000
K Olisa 1,174,048 - 1,174,048
G Ransom 7,995,200 - 7,995,200
R Jeynes 4,385,200 - 4,385,200
A Merryman 2,162,200 - 2,162,200
G Shingles 760,000 - 760,000
J Wood 760,000 - 760,000
A Bailey 760,000 - 760,000
S Davies 380,000 - 380,000
S Madera 342,000 - 342,000
L Key 190,000 76,000 114,000
W McCallum 114,000 - 114,000
P Creed 11,400 4,000 7,400
H Whitlow 3,800 - 3,800
Wood Gundy Oppenheimer CIBC 1,520,000 - 1,520,000
N Knight 4,560,000 200,000 4,360,000
N Somerville 646,000 - 646,000
C Hope 76,000 - 76,000
25,839,848 280,000 25,559,848
The options can be exercised on any date until March 2010.
The market price of the company's shares at the end of the period wa £0.95.
The range during the period was £2.70 to £0.68.
15 RESERVES AND RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Share Total
Share premium Merger Revaluation Profit/Loss Shareholders
capital account reserve reserve account funds
£ £ £ £ £ £
Group
1/7/99 2,508,006 (2,036,663) 471,343
21/1/00 1,155,004 (406,983) 748,021
Merger rsv (369,992) (369,992)
Aq rsv 2,508,006 (2,406,655) 1,155,004 (406,983) 849,372
Issued 741,324 741,324
Premium 19,851,714 19,851,714
Write off (974,862) (974,862)
Reval adj 4,899,654 4,899,654
Profit 120,396 120,396
Gains (41,285) (41,285)
3,249,330 18,876,852 (2,406,655) 6,013,373 (286,587) 25,446,313
Company
Issued 3,249,330 3,249,330
Premium 19,851,714 19,851,714
Write off (974,862) (974,862)
3,249,330 18,876,852 22,126,182
16 CASH FLOWS 2000 1999
£ £
a Reconciliation of operating loss to net cash
inflow from operating activities
Operating loss (343,204) (154,824)
Depreciation 38,827 31,825
Profit on sale of fixed investments 136,231 (2,323)
Increase in debtors (297,148) (11,593)
Increase/(decrease) in creditors 304,692 (85,066)
Exchange loss 20,654 4,524
Net cash flow from operating activities (139,948) (217,457)
2000 1999
£ £
b Analysis of cash flows for headings netted
in the cash flow
Returns on investments and servicing of finance
Interest received 158,963 10,289
Interest paid (21,664) (10,224)
Preference dividends paid - -
Interest element of finance lease rental payments (3,144) (2,549)
Net cash inflow from returns on investments
and servicing of finance 134,155 (2,484)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (147,903) (59,833)
Payments to acquire investments (5,387,393) (11,892)
Net cash outflow from capital expenditure
and financial investment (5,535,296) (71,725)
Financing
Issue of share capital 20,223,046 555,198
Expenses paid in connection with share issue (963,534) (83,857)
Loan repayments 375,496 (206,424)
Capital element of finance lease rental payments (16,813) (4,553)
Net cash inflow from financing 19,618,195 260,364
16c CASH FLOWS (continued)
At
Analysis of changes At Other 30 June
in net debt 1 July 1999 Cash flow movements 2000
£ £ £ £
Cash in hand, at bank 410 13,903,105 - 13,903,515
Overdrafts (171,209) 171,209 - -
(170,799) 14,074,314 - 13,903,515
Debt due after 1 year - - -
Finance leases (25,935) (16,813) - (9,122)
Loans - (375,621) (20,654) (396,275)
(25,935) (358,808) (20,654) (405,397)
Total (196,734) 13,715,506 (20,654) 3,498,118
17 COMMITMENTS UNDER OPERATING LEASES
At 30 June 2000 the group had annual commitments under non-cancellable
operating leases as follows:
2000 1999
£ £
Land and buildings
expiring after five years 170,000 170,000
18 RELATED PARTIES
Restoration Limited, formerly Interregnum Limited was a related party of
Interregnum Venture Marketing Limited by reason of common control. During the
year Restoration Limited charged Interregnum Venture Marketing Limited £68,244
(1999: £98,116) for the services of Ken Olisa. At 30 June 2000, Restoration
Limited was owed £nil (1999: £25,000) by Interregnum Venture Marketing
Limited.
During the year Helen Ransom, wife of Graham Ransom, charged Interregnum
Venture Marketing Limited £28,000 for the provision of consultancy services.
Wednesday, 15th May 2024
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