Final Results3 Aug 2010 14:56
3 August 2010
Canisp plc
("Canisp" or "the Company" or "the Group")
Preliminary results for the year ended 31 March 2010
Canisp (AIM:CN.) announces that the Company's annual report and accounts for the year ended 31 March 2010 have been posted to shareholders today and are also available to be viewed or downloaded from the Company's website at: www.canispplc.com.
Highlights
· Canisp has not undertaken any trading activities during the year but has undertaken post completion obligations in relation to the disposal of The Airtime Group business and reviewed potential acquisition opportunities.
· The Company's initial review of potential acquisition targets included technology businesses but none of these were considered to have sufficient merit to put before shareholders and the decision was taken to widen the search and to consider businesses from other sectors.
· The Group no longer has any future requirement for The Airtime Group Limited (which has been effectively dormant since the disposal of its business on 31 March 2009) and steps are being taken to wind up the company.
· The Group has recorded a loss for the year from continuing operations of £202,000 (2009: loss £41,000) and a profit from discontinued operations of £105,000 (2009: profit £228,000, including a profit on disposal of £274,000). The overall loss after taxation attributable to shareholders was £97,000 (2009: profit £187,000).
Post Balance Sheet Events
· On 23 July 2010, the directors of Canisp (the "Directors") announced that the Company entered into a conditional agreement to acquire Tri-Star*, for a maximum consideration of £300,000 (the "Proposed Acquisition").
· The consideration is to be satisfied as to £150,000 payable in cash on completion of the Proposed Acquisition, with a further £150,000 payable in cash subject to certain milestones being achieved.
Michael Hirschfield, Canisp's Executive Chairman, commented:"The Board believes that rare minerals will become an increasingly economically important sector and that the proposed acquisition of the antimony business will provide Canisp with the basis to build a new resource based business, and looks forward to making a further announcement in respect of the Proposed Acquisition later today."
Annual General Meeting
Notice is given that the annual general meeting ("AGM") of the members of the Company will be held at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG on Thursday 26 August 2010 at 11.00am. The AGM Notice, form of proxy and annual report and accounts will today be posted to all shareholders, and will shortly be available to be viewed or downloaded from the Company's website at www.canispplc.com.
*The full name of Tri-Star is Üç Yildiz Antimon Mad