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Woodburne Square AG (STGR)

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Friday 30 September, 2011

Woodburne Square AG

Interim Results

RNS Number : 2399P
Woodburne Square AG PLC
30 September 2011
 



 

Woodburne Square AG plc

("Woodburne Square" or the "Group")

 

Interim Results for the six months ended 30 June 2011

 

Woodburne Square AG plc (AIM:WSAG), the silver and precious metals focused investment company,  announces its  unaudited interim results for the six months ended 30 June 2011.

 

 

Highlights

 

·     Net assets at period end were £1.574 million (2010 £1.40 million) representing 2.80 (2010: 2.77) pence per share.

 

·     Losses from continuing operations reduced to £247,000 (compared to a loss of £362,000 in H1 2010).

 

·     The Company raised £605,000, before expenses. This funding will be used to make further investments in high quality silver companies listed on the TSX and ASX.

 

For further information, please contact:

 

Woodburne Square Ag plc

Martin Kiersnowski, Chairman

Tel: 0207 562 3350

 

Libertas Capital Corporate Finance Limited

Sandy Jamieson

Tel: 0207 569 9650

 

Rivington Street Corporate Finance

Jon Levinson/ Dru Edmonstone

Tel: 020 7562 3357

 

Bishopsgate Communications

Nick Rome/Shabnam Bashir

Tel: 0207 562 3355

 

 

 

 

 

Chairman's Statement

 

Following the General Meeting held on 7 January 2011, the Company adopted a new investment strategy focusing on precious metals and silver in particular, under the guidance of a new investment officer, Mr Tom Winnifrith.  It was also agreed at the General Meeting to reflect this new direction with a name change from Directex Realisations plc to Woodburne Square AG plc.

 

The Company's remaining non-cash asset, its 12.2% stake in Web Clubs Ltd, has been the subject of buyback discussions with Web Clubs Ltd and I am pleased to report that a settlement was reached on 8 September 2011 resulting in the payment of a consideration of £100,000. This asset has been accounted at nil value and therefore the sale of these shares will be reported as profit at year end.

 

Net assets at period end were £1.574 million (2010 £1.40 million) representing 2.80 (2010: 2.77) pence per share.

 

The Company raised £605,000 before expenses on 28 February 2011.  Of the total amount raised, £365,000 was raised via a placing of 6,952,381 new ordinary shares of 0.4p in the Company at 5.25p a share ("Placing Shares"), and £240,000 was raised via the issue of new convertible loan notes (the "Loan Notes"). The Loan Notes do not carry a coupon, are redeemable in December 2012 and are convertible at any time, at the discretion of the note holder, into new ordinary shares at 5.25p per share.

 

The Board has continued to maintain costs at an absolute minimum with no full time employees.

Our wholly-owned subsidiary, Direct Excellence Ltd, has continued to maintain a French branch using outsourced services to manage remaining assets.

 

Outlook

 

Woodburne Square remains focused on exploring all investment opportunities to maximise shareholder value. We would like to thank shareholders for their continued support and will update the market with developments in due course.

 

 

 

 

Martin Kiersnowski

Chairman

30 September 2011

 

 

  

Woodburne Square Ag plc

Unaudited interim results for the period ended 30 June 2011

 

Consolidated income statement


6 months to

 30 June 2011


6 months to 30 June 2010


Year ended 31 December 2010


Notes








£'000


£'000


£'000








Continuing operations







Revenue


-


-


-

Cost of Sales


-


-


-








Gross Profit


-


-


-

Administrative expenses


(70)


(307)


(338)








Operating loss


(70)


(307)


(338)








Finance costs







- Finance costs

3

(81)


(55)


(6)

- Investment loss


(96)


 -


Loss before tax


(247)


(362)


(344)

Tax


-


-


-

Loss for the period from continuing operations


(247)


(362)


(344)








Discontinued operations







Profit for the period from discontinued operations


 -


1,667


1,616 

(Loss)/profit for the period


(247)


1,305


1,272








(Loss)/ earnings per share







Continuing operations

4






-Basic (pence)


(0.44)


0.72


(0.68)

-Diluted (pence)


(0.44)


0.72


(0.68)








Discontinued operations







-Basic (pence)


-


3.30


3.20

-Diluted (pence)


-


3.30


3.20








Total







-Basic (pence)


(0.44)


2.58


2.52

-Diluted (pence)


(0.44)


2.58


2.52

 

 

 

 

 

Woodburne Square AG plc

Unaudited interim results for the period ended 30 June 2011

 

Consolidated statement of comprehensive income
















6 months to 30 June 2011


6 months to 30 June 2010


Year ended 31 December 2010


Notes








£'000


£'000


£'000

(Loss)/profit for the period


(247)


1,305


1,272








Other comprehensive (loss) / income







Exchange differences on transition of foreign operations


(2)


-


91

Tax taken directly to equity


-


-


-








Other comprehensive (loss) / income, net of tax


(2)


 -


91








Total comprehensive (loss) / income for the period


(249)


1,305


1,363

 

 

 

 

 

Woodburne Square AG plc

Unaudited interim results for the period ended 30 June 2011

 


Share Capital


Share Premium



Other reserve


Retained earnings


Total


£'000


£'000



£'000


£'000


£'000

Changes in equity






















Loss for the period

-


-



-


(247)


(247)

Other comprehensive income for the period

 -




 -


 (2)


(2) 












Total comprehensive income for the period

-


-



-


(249)


(249)

Issue of share capital

28


337



-


-


365

Balance at 1 January 2011

202


26,680



2,372


(27,796)


1,458












Balance at 30 June 2011

230


27,017



2,372


(28,045)


1,574













£'000


£'000



£'000


£'000


£'000

Changes in equity






















Profit for the period

-


-



-


1,305


1,305

Other comprehensive income for the period

 -




 -


 -


 -












Total comprehensive income for the period

-


-



-


1,305


1,305

Balance at 1 January 2010

202


26,680



2,372


(29,159)


95












Balance at 30 June 2010

202


26,680



2,372


(27,854)


1,400













£'000


£'000



£'000


£'000


£'000

Changes in equity






















Profit for the period

-


-



-


1,272


1,272

Other comprehensive income for the period

 -




 -


91


91












Total comprehensive income for the period

-


-



-


1,363


1,363

Balance at 1 January 2010

202


26,680



2,372


(29,159)


95












Balance at 31 December 2010

202


26,680



2,372


(27,796)


1,458

 

 

 

 

Woodburne Square AG plc

Unaudited interim results for the period ended 30 June 2011

 

               














At 30 June 2011


At 30 June 2010


At 31 December 2010


Notes








£'000


£'000


£'000

Assets














Current assets







Investments


1,867


-


-

Trade and other receivables


6


837


24

Cash and cash equivalents


61


992


1,576








Total current assets


1,934


1,829


1,600








Total assets


1,934


1,829


1,600








Liabilities














Current liabilities







Trade and other payables


(360)


(429)


(142)








Total current liabilities


(360)


(429)


(142)








Total liabilities


(360)


(429)


(142)








TOTAL NET ASSETS


1,574


1,400


1,458








Equity







Share capital







Share premium account


230


202


202

Share option reserve


27,017


26,680


26,680

Other reserves


-


-


-

Retained deficit


2,372


2,372


2,372



(28,045)


(27,854)


(27,796)

TOTAL EQUITY


1,574


1,400


1,458

 

 

 

 

 

 

 

 

Woodburne Square AG plc

Unaudited interim results for the period ended 30 June 2011

 

Consolidated statement of cash flows


6 months to 30 June 2011

6 months to 30 June 2010

Year ended 31 December 2010


£'000

£'000


£'000

£'000


£'000

£'000

(Loss)/profit  for the period









Continuing


(247)



(362)



(344)

Discontinued





1,667



1,616

Adjustments for :









Finance costs

81



55



6


Gain arising on disposal of discontinued operations

-



(1,667)



(1,616)


Investment loss

96



-



-


Movement in provisions

-



-



(965)


Foreign exchange revaluation loss

-



(2)



 -




177



(1,614)



(2,575)

Operating cash flows before movements in working capital


(70)



(309)



(1,303)

Decrease/ (increase) in trade and other receivables


18



(299)



60

Decrease in trade and other payables


(22)



(1,498)



(972)










Cash(used in) operations


(74)



(2,106)



(2,215)

Interest paid


 (81)



(55)



(6)

Net cash from operating activities


(155)



(2,161)



(2,221)

Investing activities









Disposal of subsidiaries bet of costs




6,232



6,780


Purchase of trading investments

(1,963)



-



 -




(1,963)



6,232



6,780

Net cash generated from investing activities









Finance activities









Repayment of borrowings


-


(3,509)



(3,509)


Proceeds on issue of convertible loan note

240








Proceeds on issue of shares

365










605



(3,509)



(3,509)

Net cash used in financing activities









Net (decrease)/increase in cash and cash equivalents


(1,513)



562



1,050

Cash and cash equivalents at beginning of period


1,576



488



488

Effect of foreign exchange changes


(2)



(58)



38

Cash and cash equivalents at end of period


61



992



1,576

 

 

 

Woodburne Square AG plc

Notes forming part of the unaudited interim results for the period ended 30 June 2011

 

1.    Financial information

The financial information for the period ended 30 June 2011 and the comparative figures for the period ended 30 June 2010 have not been reviewed or audited by the Group's auditor and have been prepared on the basis of the accounting policies adopted by the Group under IFRS. The same accounting policies and methods of computation are followed in the interim financial report as published by the company on 30 June 2010 in its annual financial statements, which are available on the Company's website at www.directex.co.uk.

 

The comparative figures for the year ended 31 December 2010 have been prepared under IFRS. They do not constitute statutory accounts as defined by the Companies Act 2006. The accounts for the year ended 31 December 2010 received an unmodified auditor's report and have been filed with the Registrar of Companies.

 

Copies of this statement will be available to members of the public at the Company's registered office: 3 London Wall Buildings, London Wall, London, EC2M 5SY and on its website www.directex.co.uk

 

 

2.    Segment information

Segmental information is presented in respect of the Group's primary business segments. Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Continuing operations comprise principally head office and investment management expenses. The Group's primary reporting format for reporting segment information is business segments.

 

Results - Six months ended  30 June

 2011      

Continuing operations


Discontinued operations


£'000


£'000

Revenue

-


-

Operating loss

(70)


-





Finance costs

(81)


-

Investment loss

(96)


-

(Loss) for the period before taxation

(247)


-

Taxation

-


-





(Loss) for the period

(247)


 -



 

Woodburne Square AG plc

Notes forming part of the unaudited interim results for the period ended 30 June 2011

 

 

 2.       Segment information (continued)

 

Results - Six months ended 30 June 2010

Continuing operations


Discontinued operations


£'000


£'000

Revenue

-


-

Operating loss

(307)


-





Gain on disposal

-


1,667

Finance costs

(55)


-

(Loss) /profit for the period before taxation

(362)


1,667

Taxation

-


-





(Loss) /profit for the period

(362)


1,667





Results - Year ended 31 December 2010

Continuing operations


Discontinued operations


£'000


£'000

Revenue

-


-

Operating loss

(338)


-





Gain on disposal

-


1,616

Finance costs

(6)


-

(Loss) /profit for the period before taxation

(344)


1,616

Taxation

-


-





(Loss) /profit for the period

(344)


1,616

 

 

 

3.    Finance costs

 

The finance costs of £81,000 relate to the issue of 6.952m ordinary shares at £5.25 and a convertible loan note of £240,000 dated the 28 February 2011. 

 



 

Woodburne Square AG plc

Notes forming part of the unaudited interim results for the period ended 30 June 2011

 

 

4.    Earnings per share













The calculation of the basic and diluted earnings per share is based on  the following data:


6 months to 30 June 2011


6 months to 30 June 2010


Year ended 31 December 2010


£'000


£'000


£'000

Including discontinued operations






Earnings






(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per share

(247)


1,305


1,272








No.'000


No.'000


No.'000

Number of shares






Weighted average number of ordinary shares for the purposes of basic and diluted (loss)/earnings per share

56,311


50,518


50,518








6 months to 30 June 2011

6 months to 30 June 2010

Year ended 31 December 2010


£'000


£'000


£'000

From continuing operations






(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per share

(247)


1,305


1,272

Adjustment to exclude profit for the period from discontinued operations

-


(1,667)


(1,616)

Loss from continuing operations for the purposes of basic and diluted earnings per share excluding discontinued operations

(247)


(362)


(344)

 

 

 

On the 28 February 2011 the company raised £605,000, before expenses. Of the total amount raised, £365,000 raised via a placing of 6,952,381 new ordinary shares of 0.4p in the Company at 5.25p a share ("Placing Shares"), and £240,000 raised via the issuance of new convertible loan notes (the "Loan Notes"). The Loan Notes do not carry a coupon, are redeemable in December 2012 and are convertible at any time, at the discretion of the note holder, into new ordinary shares at 5.25p per share ("Conversion Price"). 

 

The Placing Shares will rank pari passu with the existing ordinary shares of 0.4p each in the

Company.

 

 

5.    Dividend

The Board is not recommending the payment of an interim dividend for the period ended 30 June 2011


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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