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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

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.

COOKIES

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.

HOW WE USE INFORMATION

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.

ACCESS TO YOUR INFORMATION AND CORRECTION

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.

WHERE WE STORE YOUR PERSONAL DATA

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.

CHANGES TO OUR PRIVACY POLICY

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.

OTHER WEBSITES

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.

CONTACT

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

Creon Corporation plc (AMED)

  Print      Mail a friend

Friday 23 October, 2009

Creon Corporation plc

Interim results for the six months ended 31 Jul...


For immediate release: 23 October 2009, 7AM

                             Creon Corporation Plc                             

             Interim results for the six months ended 31 July 2009             

Creon Corporation Plc (AIM: CRO) today announces its interim results for the
six months ended 31 July 2009.

DIRECTORS' REPORT

Introduction


I am pleased to present these interim results of Creon Corporation Plc
("Creon", the "Group", or the "Company") for the six months ended 31 July 2009
to shareholders.

As notified in previous announcements, over the last 12 months there have been
significant changes to Creon's business and the environment within which it
operates. At the Company's annual general meeting held in August 2009, the
Company's shareholders approved Creon's new broader investment strategy,
providing the Company with a wider range of investment options and
opportunities. This new investment strategy is expected to provide the
directors with a wider range of investment prospects and also to make the
Company more attractive to potential new investors.

Operations

During the six month period under review, the Company continued to prepare for
its repositioning from a pure-play UK residential property mezzanine finance
provider to a more general investment company. Towards the end of 2008, the
Company was re-financed such that it could settle the majority of its historic
creditors in order to attract new shareholders that wished to pursue new
investment opportunities. We are expecting some potential new proposals from
them in the near future. We also had a change of directors during the period
and I'm pleased to say that Guus Berting has agreed to, with immediate effect,
become Creon's executive director and Jonathan Freeman will continue to serve
on the board as a non-executive director. We would like to thank Jonathan for
his efforts over the last few years, particularly in the most recent difficult
12 months.

Financial review

Income during the period represented rental income from the two investment
properties and loan income from a £200,000 loan made in February 2009.
Administrative expenses during the period include an impairment charge of £
13,000 in respect of the carrying value of the Group's quoted investments.
There were no finance costs during the period due to overpayments of interest
in the previous year on the £250,000 Bank of Scotland loan ("BoS Loan"). The
loss for the period was £96,000, resulting in a loss per share for the period
of 0.22 pence.

As at the period end, the Group held two investment properties which had been
received in settlement of a previous mezzanine loan. At 31 July 2009, the
properties had an aggregate carrying value of £335,000. We're pleased to report
that both properties were sold after the period end for an aggregate sum of £
340,000, before selling costs, and part of the net proceeds of these property
sales were used to repay the BoS Loan. The Group also continues to hold the
unquoted 7% preference shares in Pinnacle, the value of which remained at £
400,000 in the Directors' view at the period end.

The Group's net debt position at the period end was £250,000. However, we're
pleased to report that as at the date of this announcement, the Group had net
cash of approximately £50,000. In addition, the Group is expecting repayment in
the near future of its only remaining performing loan of £110,000 with
interest. This, in addition to the Group's existing cash resources is, in the
opinion of the Directors, sufficient working capital for the foreseeable
future.

Outlook

The Directors continue to discuss ways of raising further funds with its
current shareholders and advisers and are hopeful of making a further
announcement in this regard in due course. For the moment, however, we are
pleased to have secured a future for the Group, which has little or no debt,
despite the unprecedented difficult market conditions over the last 18 months.

CREON CORPORATION PLC

CONSOLIDATED INCOME STATEMENT

for the six months ended 31 July 2009

                                        Note    6 months   6 months   12 months
                                                   ended      ended       ended
                                               31.7.09 £  31.7.08 £   31.1.09 £
                                                    '000       '000        '000
                                                                               
Revenue                                   2            4         43           9
                                                                               
Cost of Sales                                       (10)         20        (16)
                                                                               
Exceptional item: Loans impairment                     -          -     (2,328)
                                                                               
                                                  ______     ______      ______
                                                                               
Gross (loss) / profit                                (6)         63     (2,303)
                                                                               
Administrative expenses                   3        (101)    (2,007)       (282)
                                                                               
Exceptional items: Loss on sale of                     -          -     (1,100)
investment                                                                     
                                                                               
                                                  ______     ______      ______
                                                                               
Loss from operations                               (107)    (1,944)     (3,685)
                                                                               
Financial income                          4           11          4           5
                                                                               
Financial expense                         4            -        (8)        (19)
                                                                               
                                                  ______     ______      ______
                                                                               
Loss on ordinary activities before tax              (96)    (1,948)     (3,699)
ation                                                                          
                                                                               
Tax on (loss) on ordinary activities      5            -          -           1
                                                                               
                                                  ______     ______      ______
                                                                               
Loss on ordinary activities after                   (96)    (1,948)     (3,700)
taxation                                                                       
                                                                               
                                                  ______     ______      ______
                                                                               
Loss per share                            6      (0.22)p   (19.41)p     (1.22)p

Consolidated unaudited interim balance sheet

                                        Note        As at      As at      As at
                                                31.7.09 £  31.7.08 £  31.1.09 £
                                                     '000       '000       '000
                                                                               
Assets:                                                                        
                                                                               
Non CurrentAssets                                                              
                                                                               
Investment properties                     7           335        250        335
                                                                               
Investment in unquoted preference         8           400          -        400
shares                                                                         
                                                                               
                                                    _____      _____      _____
                                                                               
                                                      735        250        735
                                                                               
Current Assets                                                                 
                                                                               
Investments in quoted shares                            6          -         19
                                                                               
Loans receivable                          9           135        990          -
                                                                               
Other receivables                                      22         78        241
                                                                               
Cash and cash equivalents                               -         11          2
                                                                               
                                                    _____       ____       ____
                                                                               
                                                      163      1,079        262
                                                                               
Total Assets                                          898      1,329        997
                                                                               
Liabilities:                                                                   
                                                                               
Current Liabilities                                                            
                                                                               
Trade and other payables                            (101)       (65)      (104)
                                                                               
Interest bearing loan                     10        (250)      (250)      (250)
                                                                               
                                                    _____       ____       ____
                                                                               
Total Liabilities                                   (351)      (315)      (354)
                                                                               
Net Assets                                            547      1,014        643
                                                                               
Capital and Reserves                                                           
                                                                               
Called up equity share capital            11          440        100        440
                                                                               
Share premium account                               3,816      2,775      3,816
                                                                               
Retained earnings                                 (3,709)    (1,861)    (3,613)
                                                                               
                                                     ____       ____       ____
                                                                               
Total Equity                                          547      1,014        643

Unaudited consolidated cash flow statement

                                          6 months    6 months     12 months
                                          ended       ended        ended
                                          31.7.09     31.7.08      31.1.09

                                          £'000       £'000        £'000
                                                                               
Reconciliation of operating profit                                             
to net cash flow from operating                                                
activities                                                                     
                                                                               
Loss for the year before tax              (96)        (1,948)      (3,699)     
                                                                               
Adjustments for:                                                               
                                                                               
Finance cost                              -           8            19          
                                                                               
Investment income                         (11)        (4)          (5)         
                                                                               
Loss on disposal of investment            -           -            1,100       
                                                                               
Impairment of property                    -           -            65          
                                                                               
Impairment of investment                  13          -            24          
                                                                               
Loan impairment                           -           1,406        2,231       
                                                                               
Property accepted in lieu of cash         -           -            (400)       
settlement                                                                     
                                                                               
Change in receivables                     219         271          139         
                                                                               
Change in payables                        (3)         (100)        (30)        
                                                                               
                                          ________    ________     ________    
                                                                               
Cash flows from operating activities      122         (367)        (557)       
                                                                               
Interest received                         11          4            5           
                                                                               
Taxation refunded/(paid)                  -           3            33          
                                                                               
                                          ______      ______       ______      
                                                                               
                                          133         (360)        38          
                                                                               
Investing activities                                                           
                                                                               
Mezzanine finance loans advanced          -           (286)        -           
                                                                               
Mezzanine finance loans repaid            -           336          -           
                                                                               
Purchase of investments                   -           -            (43)        
                                                                               
Purchase costs of acquisition of          -           -            (105)       
Pinnacle                                                                       
                                                                               
Other loans advanced                      (200)       (403)        (404)       
                                                                               
Other loans repaid                        65          -            -           
                                                                               
Interest paid                             -           (8)          (19)        
                                                                               
                                          _______     _______      _______     
                                                                               
Net cash used in investing                (135)       (361)        (571)       
activities                                                                     
                                                                               
Financing activities                                                           
                                                                               
Issue of ordinary shares                  -           -            360         
                                                                               
Proceeds from bank borrowings             -           250          250         
                                                                               
                                          ______      ______       ______      
                                                                               
Net cash from financing activities        -           250          610         
                                                                               
Net (decrease) in cash and                (2)         (471)        (480)       
equivalents                                                                    
                                                                               
Cash and equivalents at beginning of      2           482          482         
year                                                                           
                                                                               
Cash and equivalents at end of year       -           11           2           

NOTES TO THE INTERIM ACCOUNTS

1. Accounting policies

The principal accounting policies are summarised below. They have all been
applied consistently throughout the year and the preceding year unless stated.

Basis of accounting

The interim accounts of the Group and the Company have been prepared in
accordance with International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued by the
International Accounting Standards Board (IASB) as adopted by European Union.

The interim accounts have been prepared on the historical cost basis, except
where IFRS requires an alternative treatment. The principal variations from
historical cost relate to financial instruments (IAS 39).

Going concern

The Directors have reviewed the current budgets and cash flow projections for a
period of more than 12 months from the date of these results. The forecasts
take into account the current cash balances and assume repayment in full of the
loan of £0.2 million made in February 2009, £0.09 million of which has already
been repaid (together with fees due thereon), with the balance of £0.11 million
(plus interest) due to be repaid in November 2009.

Various sources of additional financing have been considered by the board to
strengthen the balance sheet, including injecting additional fresh equity,
although a final decision regarding the source of financing has not yet been
made.

Accordingly the Directors have prepared the interim accounts on the going
concern basis.     

Basis of consolidation

Where the Company has the power, either directly or indirectly, to govern the
financial and operating policies of another entity or business so as to obtain
benefits from its activities, it is classified as a subsidiary. The
consolidated financial statements present the results of the Company and its
two active subsidiary undertakings, Creon Investments Limited ("Investments")
and Creon Estates Limited ("Estates") ("the group") as if they formed a single
entity. Intercompany transactions and balances between group companies are
therefore eliminated in full.

Revenue

Turnover represents rental income which is spread on a straight-line basis over
the period of the lease.

Investment property

The Group applies the fair value model in accounting for investment property.
The Group's investment property is revalued annually to open market value, with
changes in the carrying value recognised in the consolidated income statement.

Investments in unquoted and quoted shares

Investments in unquoted and quoted shares are initially measured at cost,
including transaction costs. Subsequent measurement of all investments is at
fair value. The fair values of listed investments are based on bid prices at
the balance sheet date.

Assets held by the Group at the period end include unlisted redeemable
preference shares and listed investments received in lieu of repayment of a
mezzanine loan.

When managing its investments, the Group aims to profit from changes in the
fair value of equity investments. Accordingly, all quoted equity investments
are designated as "at fair value through the profit and loss" and are
subsequently recorded in the balance sheet at fair value.

Loans receivable

Loans receivable are valued at nominal amount less provisions against
recoverability. No hedging transactions have been entered into with respect to
the loan portfolio.

Impairment

At each balance sheet date, the Group reviews the carrying amounts of its
property and equipment and intangible assets with finite lives to determine
whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amounts of the asset is
estimated in order to determine the extent of the impairment loss. Where it is
not possible to estimate the recoverable amount of the individual asset, the
Group estimates that recoverable amount of the cash-generating unit to which
the asset belongs.

Cash

Cash and cash equivalents comprise cash at bank and in hand.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of
the financial instrument's contractual obligations rather than the financial
instrument's legal form. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of its
liabilities.

Trade payables

Trade payables are not interest bearing and are stated at their nominal value.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.

2. Revenue

Revenue in the period ended 31 July 2009 represents rental income received by
Creon Estates Ltd from the two investment properties acquired during the period
in lieu of repayment of a mezzanine loan. There was no revenue received in
respect of the mezzanine finance advances in the period ended 31 July 2009.

Subsequent to 31 July 2009, the Group disposed of its two investment properties
for an aggregate of £340,000, before payment of fees and costs associated with
their sale.

3. Administrative expenses

Administrative expenses include costs for premises, legal, accounting,
regulatory, plc and consultancy costs, together with impairment costs of the
quoted investments during the period.

4. Finance income and finance costs

Finance income represents interest income on short-term deposits and loans.
There was no finance cost in the period under review due to an over-payment of
interest made in the prior year in respect of the £250,000 loan.

5. Taxation

The Company is subject to UK corporation tax. No allowance has been made for
tax credits on current year losses.

6. Loss per share

The basic and diluted loss per share for the period ended 31 July 2009 was
0.22p. The calculation of loss per share is based on the loss of £96,000 for
the period ended 31 July 2009 and the weighted average number of shares in
issue during the period of 43,990,545.

7. Investment property

The Directors valued the properties at £335,000 as at 31 January 2009 and for
part of the period ended 31 July 2009, the properties were let on assured
short-hold tenancies. During August and September 2009, the Group sold both
investment properties for an aggregate £340,000, before the payment of fees and
associated selling costs.

8. Investment in unquoted preference shares

The investment in unquoted preference shares represents 400,000 £1 non-voting
redeemable preference share held in Pinnacle Plus Limited ("Pinnacle"). The
preference shares accrue interest at an annual rate of 7.0 per cent., payable
on the date of redemption, with redemption being at Pinnacle's discretion at
any time up to September 2013, upon which date they will be automatically
redeemed.

9. Loans receivable

Loans receivable represents a short-term loan made by the Company in February
2009 of £200,000, £90,000 of which has been repaid, including interest due
thereon, with the balance of £110,000 due for repayment in November 2009,
unless deferred to a later date, as agreed between the Company and the
borrower.

10. Interest bearing loan

Fixed bank loan secured against the Company's assets and charged at base rate
plus 2%. Repayment was made by the Company in full by the due date of 30
September 2009.

11. Share capital

                                                  As at       As at       As at
                                              31.7.09 £   31.7.08 £   31.1.09 £
                                                   '000        '000        '000
                                                                               
                                                      £           £           £
                                                                               
Authorised                                                                     
                                                                               
100,000,000 (2008:50,000,000) ordinary        1,000,000     500,000   1,000,000
shares of 1 p each                                                             
                                                                               
Allotted, called up and fully paid                                             
                                                                               
43,990,545 Ordinary shares of 1p each           439,904     100,361     439,904
                                                                               
(2008:10,036,110 Ordinary shares of 1 p                                        
each)                                                                          

12. Preparation of interim report

This report was approved by the Directors on 22 October 2009.

The Company's interim report for the period ended 31 July 2009 will be posted
to shareholders today and the report is available to view and download from the
Company's website at www.creoncorporation.com.

For further information please contact:

Creon Corporation Limited        

Guus Berting +44 (0)20 7752 0215

Daniel Stewart & Company Plc      

Oliver Rigby                                                               +44
(0)20 7776 6550

GTH Communications                     

Toby
Hall                                                                    +44 (0)
20 7153 8039

Christian Pickel                                                          +44
(0)20 7153 8036

)


                                                              

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