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White Knight Inv PLC (PAF)

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Wednesday 31 July, 2002

White Knight Inv PLC

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 
                                                                       ------------    ------------ 
                     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)                     
                                            
                                                                       ============    ============ 
                                                                                                   
                     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 
                                                                      ===========                    ========== 
                                                                                                               
         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 
                                                                        ===========    ============ 
                                                                                                   
                                                                                                   
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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