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Viridas PLC (PRS)

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Friday 04 May, 2012

Viridas PLC

Final Results

RNS Number : 7116C
Viridas PLC
04 May 2012
 



 

VIRIDAS PLC

("VIRIDAS" OR THE "COMPANY")

UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011

Viridas, the AIM listed investing company (AIM:VIR), announces its preliminary results for the year, ended 31 December 2011.

 

For more information please contact:

 

Viridas Plc:                                                  +44 (0) 20 7580 7576

Nicholas Lee, Chairman

 

Nominated Adviser and Joint Broker:         +44 (0) 20 7012 2000

Westhouse Securities

Antonio Bossi/Paul Gillam

 

Joint Broker:                                               +44 (0) 20 7562 3351

Rivington Street Corporate Finance

Jon Levinson

 

 

EXECUTIVE CHAIRMAN'S STATEMENT

INTRODUCTION

During the year ended 31 December 2011, the Company was successfully repositioned as an investment company with a focus on the natural resources sector.  Furthermore, significant progress has been made in the pursuit of this strategy.

FINANCIAL

The period under review partially relates to the Company's previous strategy and, accordingly, does not represent a complete period reflecting current operations. The results for this period comprised a loss after taxation of £393,726 (2010: loss £362,053). This period included overheads relating to the Company's previous operations, including one off costs of £226,000 being incurred by the Company prior to me joining the board. This figure is therefore not representative of the current overhead base of the Company. 

The net assets of the Company as at 31 December 2011 were £2,168,091 (2010: £4,044) representing a significant uplift on the prior year figure.  The Company's principal investments at the year end comprised holdings in Leed Resources plc and Brady Exploration plc. The year end figure for net assets, however, does not reflect the very substantial additional gain of around £1.5 million before costs and taxes achieved from the sale of the majority of the Company's investment in Leed Resources plc in January 2012.

At 31 December 2011, the Company had cash balances of £375,659 (2010: £42,461).  Again, as a result of the sale of the majority of the Company's investment in Leed Resources plc in January 2012, this balance increased very significantly to around £3.2 million.

The key performance indicators are set out below. 

COMPANY STATISTICS

2011

2010

Net asset value

£2,168,091

£4,044

Net asset value - fully diluted per share

0.355p

0.012p

Closing share price

0.50p

2.0p

Share price premium to net asset value

41%

N/A

Market capitalisation

£3,054,000

£657,000

 

OUTLOOK

In terms of strategy, we are constantly reviewing new opportunities in the natural resources sector and are seeking situations that offer scope for high returns against the background of a sensible level of risk.  The Company is seeking to make relatively significant investments with on-going involvement and influence either by way of board representation or similar, with the principal purpose of monitoring and supporting the investment.  Whilst we see many opportunities only a few meet our investment criteria.  In the current market environment, cash is particularly valuable and so we are very focused on investing it wisely.  Given the success of the Company's strategy to date, we are extremely well placed to take advantage of interesting opportunities as they arise. 

I firmly believe that shareholders can look forward to a very exciting and financially rewarding future for their Company.

Nicholas Lee

Executive Chairman

 

UNAUDITED GROUP INCOME STATEMENT




FOR THE YEAR ENDED 31 DECMBER 2011






2011

2010


Note

£

£

Continuing operations:




Administrative expenses


(166,423)

(471,826)

Compensation payments to directors


(226,000)

-

Operating loss


(392,423)

(471,826)





Finance income


876

407

Loss before taxation


(391,547)

(471,419)

Taxation


1,391

-

Loss for the year from continuing operations


(390,156)

(471,419)

 

(Loss)/profit for the year from discontinued operations


(3,570)

 

109,366





Loss for the financial year attributable to equity holders of the parent


(393,726)

(362,053)

(Loss)/earnings per share

2



- Basic and diluted continuing operations


(0.11p)

(1.43p)

- Basic and diluted discontinued operations


0.00p

0.33p

- Total basic and diluted


(0.11p)

(1.10p)

 

 

UNAUDITED GROUP STATEMENT OF COMPREHENSIVE EXPENSE

FOR THE YEAR ENDED 31 DECEMBER 2011



2011

2010



£

£





Loss for the financial year


(393,726)

(362,053)

Market value adjustment to investments


1,085,573

-

Exchange differences on translating foreign operations


-

(10,753)

Total comprehensive income/(expense) for the year


691,847

(372,806)

 



UNAUDITED GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2011


Called up

 share

  capital

Share premium

account

Investment reserve

 

Other reserves (note 17)

 

Retained

deficit

 

Total

equity


£

£


£

£

£








Balance at 1 January 2010

3,285,796

1,852,339

-

145,543

(4,799,038)

484,640








Loss for the year

-

-

-

-

(362,053)

(362,053)

Other comprehensive expense







Exchange differences on translating foreign operations

 

-

 

-

-

 

(10,753)

 

-

 

(10,753)

Total comprehensive expense for the year

 

-

 

-

-

 

(10,753)

 

(362,053)

 

(372,806)








Recognition of foreign exchange gains on discontinued activities (note 4)

 

-

 

-

-

 

(107,790)

 

-

 

(107,790)

Balance at 31 December 2010

3,285,796

1,852,339

-

27,000

(5,161,091)

4,044

Loss for the year

-

-

-

-

(393,726)

(393,726)

Other comprehensive income







Market value adjustment to investments

-

-

1,085,573

-

-

1,085,573

Total comprehensive income/(expense) for the year

-

-

1,085,573

-

(393,726)

691,847

Issue of share capital

545,000

1,005,000

-

-

-

1,550,000

Share issue costs

-

(82,490)

-

-

-

(82,490)

Share based payment costs

-

-

-

4,690

-

4,690

Transactions with owners

545,000

922,510

-

4,690

-

1,472,200















Balance at 31 December 2011

3,830,796

2,774,849

1,085,573

31,690

(5,554,817)

2,168,091

 

 

 



 

UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2011



2011

2010


Note

£

£

Non-current assets




Investments


1,760,086

-





Current assets




Trade and other receivables


85,170

8,578

Cash and cash equivalents


375,659

42,461



460,829

51,039

Total Assets


2,220,915

51,039

Current liabilities




Trade and other payables


52,824

46,995



52,824

46,995

Net assets


2,168,091

4,044

Equity




Share capital

3

3,830,796

3,285,796

Share premium account


2,774,849

1,852,339

Capital redemption reserve


27,000

27,000

Investment reserve


1,085,573

-

Share option reserve


4,690

-

Retained losses


(5,554,817)

(5,161,091)

Total equity


2,168,091

4,044

 



 

UNAUDITED GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2011



2011

2010



£

£

Cash flows from operating activities




Loss before taxation - continuing operations


(391,547)

(471,419)

Profit before taxation - discontinued operations


(3,570)

2,306

Share based payment expense


4,690

-

Provision for impairment of investments


-

-

Dividend from subsidiary


-

-

Interest receivable


(876)

(1,323)

Interest payable


-

-

Decrease in trade and other receivables


(76,592)

21,118

Decrease in trade and other payables


5,829

(65,857)

Foreign exchange movement


-

(10,753)



(462,066)

(525,928)

Interest paid


-

-

Tax received/(paid)


1,391

(90,199)

Net cash used by operating activities


(460,675)

(616,127)

Cash flows from investing activities




Purchase of investments


(674,513)


Dividend from subsidiary


-

-

Interest received


876

1,323

Net cash from investing activities


(673,637)

1,323

Cash flows from financing activities




Issue of shares


1,550,000

-

Share issue expenses


(82,490)

-

Net cash generated from financing activities


1,467,510

-

Net (decrease)/increase in cash and cash equivalents


333,198

(614,804)





Cash and cash equivalents at the beginning of the year


42,461

657,265





Cash and cash equivalents at the end of the year


375,659

42,461

 



NOTES

1

BASIS OF PREPARATION

 


The financial information set out in this announcement has not been audited and does not constitute the statutory accounts of the Group (within the meaning of section 435 of the Companies Act 2006) for the year ended 31 December 2011.  Whilst the financial information included in this preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement in itself does not contain sufficient information to comply with IFRS.

 


GOING CONCERN

The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in existence for the foreseeable future.  Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

2

LOSS PER SHARE


The basic earnings per share is based on the profit/(loss) for the year divided by the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the year ended 31 December 2011 assumes that all shares have been included in the computation based on the weighted average number of days since issue.



2011

2010



£

£






Profit/(loss) attributable to equity holders of the Group:




Loss from continuing operations

(390,156)

(471,419)


(Loss)/profit from discontinued operations

(3,570)

109,366


Loss for the year attributable to equity holders of the Group

(393,726)

(362,053)






Weighted average number of ordinary shares in issue

350,912,751

32,857,956






Earnings per share attributable to equity holders of the Group:




Loss per share from continuing operations

(0.11p)

(1.43p)


(Loss)/profit from discontinued operations

0.00p

0.33p


Loss per share for the year

(0.11p)

(1.10p)


The share options in issue are anti-dilutive in respect of the basic loss per share calculation and have therefore not been included.



 

3

SHARE CAPITAL



Number of shares

Share capital

Deferred

Ordinary

Deferred

Ordinary





£

£


Issued and fully paid






Balance at 1 January 2010


24,357,956


2,435,796


Shares issued for cash


8,500,000


850,000


Balance at 31 December 2010

-

32,857,956

-

3,285,796


Share reorganisation:






Deferred shares of 9.9p each

32,857,956

-

3,252,938

-


Ordinary shares of 0.1p each

-

32,857,956

-

32,858


Shares issued for cash

-

545,000,000

-

545,000


Balance at 31 December 2011

32,857,956

577,857,956

3,252,938

577,858


On 10 May 2011 the shareholders approved a reorganisation of the Company's share capital, whereby each ordinary share of 10p was split into one ordinary share of 0.1p and one deferred share of 9.9p.  The deferred shares have restricted rights such that they have no economic value.

On 31 March 2011 the Company raised additional capital through the issue of £1,050,000 of Convertible Loan Notes.  Following the approval of the reorganisation of the share capital on 10 May 2011 the Convertible Loan Notes were converted at 0.25p per share into 420,000,000 ordinary shares of 0.1p each.

On 18 July 2011 the Company issued 125,000,000 ordinary shares for cash at 0.4p per share raising £500,000 before expenses.

 


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