Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Friday 19 November, 2004

West 175 Media Grp

Interim Results

West 175 Media Group Inc
19 November 2004

                           WEST 175 MEDIA GROUP INC.

                                 Interim Report
                            for the six months ended
                               30 September 2004

Chairman's Statement

The Group's operating loss for the six months ended 30 September 2004 totalled
£49,000 (year ended 31 March 2004: £312,000), reflecting the substantial
reduction in annual operating expenses. The Company Voluntary Arrangement ('CVA
') gave rise to a non-recurring credit of £1,625,000, following the cancellation
of most of the amount owing to creditors and the holders of the Company's loan
notes. As a result of this credit, the Group profit before taxation for the half
year amounted to £1,580,000 (year ended 31 March 2004: loss of £391,000) and
earnings per share in the six months were 1.79 pence (year ended 31 March 2004:
loss of 1.72 pence).

The Company, which disposed of its last trading subsidiary in March 2003,
continued as a non-trading shell in the six months ended 30 September 2004.
Neither the Company nor any subsidiary traded and no turnover was recorded.

Far the most significant event in the six months was the CVA, as fully described
in the several documents sent to shareholders, holders of loan notes and
creditors in documents dated 14 May 2004. On 7 July 2004, the Company announced
that the CVA of the Company had been successfully completed.

Under the terms of the CVA, creditors could elect to receive either a cash
payment of 10 pence per each £1 of their debt or 25 pence per £1 of their debt
in new shares of the Company (each a 'New West Share') issued at 1.5 pence per
New West Share. In order to finance and implement the CVA, new equity funds of
£65,000 ('the CVA Funds') were raised. In addition, and conditional on the
completion of the CVA, further new equity funds of £450,000 (before expenses)
were raised by the issue of 90,000,000 New West Shares at a price of 0.5 pence
per New West Share. Following completion of the CVA, the issued share capital of
the Company was increased to 161,957,470 West Shares, all of which were restored
to dealings on AIM on 7 July 2004.

In financial terms, the balance sheet of the Company has been transformed by the
CVA. The balance sheet as at 31 March 2004, which has been restated to convert
all amounts from US dollars into pounds sterling, recorded net liabilities of
£2,220,000. The CVA created a benefit of £1,625,000, which was credited to the
profit and loss account: taken together with the issuance of New West Shares for
cash, the balance sheet as at 30 September 2004 recorded net assets of £311,000,
of which cash balances amounted to £292,000 and debtors of £19,000.

The Directors have decided to put the figures into pounds sterling, as the CVA
was conducted in that currency.

In summary, the Directors have now achieved their objective of creating a cash
shell without any known liabilities from before the CVA, and at a time when
prospects for such companies have improved. The Directors are reviewing suitable
acquisitions for the Company and hope to report on progress before the Company's
financial year end, 31 March 2005.

David Montgomery
19 November 2004

                       Consolidated Profit and Loss Account

                    For the six months ended 30 September 2004

                                                   Notes     Six months ended     Year  ended
                                                            30 September 2004       31 March
                                                                  £'000              £'000
                                                               (unaudited)         (restated)              
Turnover                                                                     -                  -

Cost of sales                                                                -                  -

Gross profit                                                                 -                  -

Other operating expenses (net)                                              49                312

Group operating loss                                                      (49)              (312)

Non-recurring credit arising
on the CVA                                                               1,625                  -
                                                                         1,576              (312)

Interest payable                                                             -               (79)

Interest receivable                                                          4                  -

Profit / (loss) before taxation                                          1,580              (391)

Taxation                                                                     -                  -

Profit / (loss) for the period                                           1,580              (391)

Earnings per share (pence)                                1               1.79             (1.72)

                                    Consolidated Balance Sheet

                                      as at 30 September 2004

                                                                   30 September 2004      31 March
                                                              Note       £'000              2004
                                                                      (unaudited)           £'000
Fixed assets

Tangible assets                                                                     -                 -
                                                                                    -                 -
Current assets

Debtors:  amounts falling due within one year                                      19                 -

Cash at bank and in hand                                                          292                 5

                                                                                  311                 5

Creditors:  amounts falling due within one year                                     -               605

Net current (liabilities)/assets                                                  311             (600)

Total assets less current liabilities                                             311             (600)

Creditors:  amounts falling due after
   more than one year                                                               -           (1,620)

                                                                                  311           (2,220)
Capital and reserves

Called up share capital                                                        22,001            21,051

Profit and loss account                                                      (21,690)          (23,271)

Shareholders' funds                                                               311           (2,220)

Consolidated Cash Flow Statement

for the six month period to 30 September 2004

                                                               Six months ended     Year  ended
                                                               30 September 2004
                                                                                     31 March


Cash flow from operating activities                                        (232)                 2

Returns on investments and servicing of finance

 Interest received                                                             4                 0

Cash flow before financing                                                 (228)                 2


 Issue of shares                                                             515                 -

Increase/(decrease) in cash                                                  287                 2

Reconciliation of operating loss to operating cash flow

Operating loss                                                              (49)              (84)

Foreign exchange movement                                                      -              (29)

Expenses paid in shares                                                       15                 -

Credit arising from CVA                                                    1,625                 -

Movement in debtors                                                         (19)                35

Movement in creditors                                                    (1,804)                80

                                                                           (232)               (2)

Notes to the Interim Statements
for the six month period to 30 September 2004

1.      The calculations of earnings per share is based on the profit after tax
of £1,580,251 and on the number of shares in issue, being the adjusted weighted
average number of shares in issue during the period of 88,159,323.

2.      This Interim Statement for the six months ended 30 September 2004 is
unaudited and was approved by the Directors on 19 November 2004. The financial
information set out above does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985, as if this Act applied to the
Company. The information given as comparative figures for the financial year
ended 31 March 2004 was extracted from the Group's statutory accounts for that
financial year. Statutory accounts for that financial year have been reported on
by the Group's auditors.

3.      The accounting policies remain as stated in the Annual Report for the
year ended 31 March 2004.

4.      This Interim Statement is being sent by post to all registered
shareholders. Additional copies are available from the Company Secretary at 25
Watling Street, London, London EC4M 9BR.

Directors and Advisers


David Montgomery, chairman & chief executive

Charles Sebag-Montefiore FCA, non-executive

John Gunn, non-executive


Ludgate Investments Limited

Registered Office                                                        Nominated brokers and advisers

CT Corporation System                                                          Numis Securities Limited

818 West Seventh Street                                                                 Cheapside House

Los Angeles                                                                               138 Cheapside

California 90017                                                                        London EC2V 6LH

Registered number                                                                        Legal advisers

1465706                                                                                     Withers LLP

                                                                                          16 Old Bailey

                                                                                        London EC4M 7EG

Auditors                                                                                     Registrars

Rees Pollock                                                                             Capita IRG Plc

35 New Bridge Street                                                                       Bourne House

London EC4V 6BW                                                                       34 Beckenham Road


                                                                                           Kent BR3 4TU

Principal bankers                                                         Address for UK correspondence

Clydesdale Bank Plc                                                                           2nd Floor

91 Gresham Street                                                                     25 Watling Street

London EC2V 7BL                                                                         London EC4M 9BR

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

a d v e r t i s e m e n t