8 Jul 2010 16:25
For immediate release: 8 July 2010
Creon Corporation plc Audited results for the year ended 31 January 2010
Creon Corporation plc (AIM: CRO) today announces its audited results for the year ended 31 January 2010.
CHAIRMAN'S STATEMENT
I am pleased to present this annual report of Creon Corporation plc ("Creon" or the "Company") and its subsidiaries ("the Group") to shareholders for the year ended 31 January 2010.
Introduction
The Company was set up in 2004 as a provider of mezzanine finance to small and medium sized UK residential property developers and successfully floated on AIM in November 2004. During the next few years, the Company made a number of successful loans and recorded material returns in respect of some of these. For the year ended 31 January 2007, the Group recorded a profit of £265,295 and had net assets in excess of £3.0 million, albeit, the vast majority of which was in loan advances. However, the swift onset of the credit crunch in early 2007, coupled with the general fall in property prices meant that most of the loans that the Company had outstanding became overdue and, as a consequence of the lack of available finance and bank tightening, all of the outstanding residential related mezzanine loans were written off during the year ended 31 January 2009. For the year ended 31 January 2009, the Group recorded a loss of approximately £3.7 million for the year. The loss in that financial year was so great due, in part, to the Directors decision to provide against all of the Group's accrued loans and fees totaling approximately £2.4 million and partly due to the loss associated with the sale of Pinnacle Plus Limited in October 2008 of approximately £1.1 million.
Creon's Operations
During the financial year under review, the Company underwent some significant changes. These included the need to realise assets quickly in order to repay its own bank lending, a change in the directors and a broadening in the Company's investment strategy, enabling it to make investments in other businesses, as well as being able to continue to make loans. The Company's management has continued to make assessments of suitable investment opportunities during the year, although none have yet to come to fruition. Any investments or loans made would require the support of the Company's shareholders and the need to raise further equity funds.
Financial Review
Income during the year represented the rental income received by the Company from the two residential properties that it had received in lieu of loan repayments from an earlier mezzanine loan. Both of these properties were sold in the summer of 2009 for their approximate carrying value of £335,000. The Company incurred sale costs of approximately £15,000 in connection with their sale. Administrative expenses of £152,337 (2009: £282,437) were significantly down on the previous year, a direct reflection of the lower activity than in 2009.
At the beginning of the 2009/10 financial year, the Company made one loan of £ 200,000, of which £110,000 remained outstanding at the year end, and recorded loan interest income of £17,633 for the year. The Company's retained loss for the year was £146,940 (2009: £3,700,267 loss) resulting in a loss per share of 0.33 pence (2009: 24.9 pence loss).
The Group ended the year with net assets of £495,775 (2009: £642,715). The assets were primarily made up of the £400,000 investment in unquoted preference shares that the Company invested in during the previous financial year and the loan receivable of £110,000. Group cash at 31 January 2010 was £15,862 (2009: £ 1,925). The key other changes to the Group's balance sheet was that it ended the year with zero debt (2009: £250,000 bank loan) and with only £58,036 of trade and other payables outstanding (2009: £104,615). There were no changes in the Company's share capital during the year under review.
The £110,000 of loan receivable ("Loan") has been, and is to continue to be, used by the Company to pay the ongoing running costs associated with being a public company until suitable investments have been indentified and further equity funds raised. The Loan can be called by the Company at any time up until its repayment date of 31 July 2011. The Directors estimate that the total annual running costs of the Company are approximately £90,000 and therefore the Loan and its repayment (including interest due) provides the Directors with sufficient comfort as to the Group's ability to meet its ongoing obligations as they fall due for at least the next 12 months.
Investment Policy
The Board remains committed to continue to provide mezzanine finance that can provide a suitable return with an acceptable risk profile when the market for such finance returns. However, the Board believes that it is in the best interests of shareholders to broaden Creon's investment strategy to enable the Group to provide finance to, and make investments in, other industry sectors rather than being confined to the UK property sector. The Directors will be seeking approval of, inter alia, the broader investment policy as set out below at the Annual General Meeting of shareholders, which is to be held on 30 July 2010.
The Group will broaden its investment policy to also include investments in private companies, publicly quoted companies and partnerships. The Group will not focus on any particular industry sector but will seek investments in sectors where there is potential for suitable returns. This is expected to include sectors such as financial services and property, where values largely remain subdued. The Company will primarily focus on European based businesses but will also consider investments in other geographical areas if appropriate. The Group will not seek to limit the size of the investment or the size of the entities in which it invests.
The Group will not be limited to a fixed number of investments or seek to diversify the investments over particular sectors or particular indexes, however it is envisaged that the total number of investments at any given time will not exceed 50 investments. The Group does not envisage at this stage gearing its investments but may consider doing so in the future. The Board is currently reviewing a number of investment opportunities and anticipates making an investment during the course of next year.
The Company will generally be a passive investor in the entities in which it invests but if the Board or the Group's consultants are able to add value to the investee entities then the Group may take a more activist stance.
The Group plans to identify its non-property related investments through the extensive network of contacts of the Board and the Group's financial advisers and consultants. Once potential investments have been identified, the Board will evaluate them on the basis of research prepared and presented to the Board by its financial advisers and consultants. The Board believes that this investment policy will help maintain the Group's low cost base whilst having the potential to deliver improved returns for shareholders.
Director changes
The Company is pleased to welcome Robert Albertus Franscisco Eijkelhof onto the Board of the Company as a non-executive director with immediate effect. Robert, aged 48, is an experienced non-executive director which will be important in evaluating the proposed broadened investment strategy. Robert currently runs Recoin Capital Trading Services, a financial services consultancy firm. Robert does not have a shareholding in Creon and there is no further information required to be disclosed under Schedule 2, Paragraph (g) of the AIM Rules for Companies, pursuant to Robert's appointment.
Robert will be replacing Jonathan Freeman on the Company's board as Jonathan has today tendered his resignation from the board of the Company to take effect immediately after the 2010 annual general meeting. The board of Creon would like to wish Jonathan all the very best for the future and to record its thanks for his effort and commitment to the Company over the last five years since its flotation in 2004.
Annual General Meeting
You will find set out at the end of this document a notice convening an Annual General Meeting of the Company ("AGM") to be held at its registered office, being 11 Grosvenor Crescent, Belgravia, London SW1X 7EE at 11.00 a.m. on 30 July 2010 which includes, inter alia, the following resolutions:
* Directors' powers to allot securities; * Directors' powers to disapply pre-emption rights; * Approving the Group's ongoing Investment Strategy; * Receiving of the accounts; * Appointment of Robert Eijkelhof as a director of the Company; * Re-appointment of Guus Berting, who retires by rotation, as a director of the Company; and * Re-appointment of the Company's auditor
The notice of AGM, together with a form of proxy for use at the AGM, has today been sent to shareholders.
Current position and outlook
Overall trading conditions continue to be challenging across the wider economy and the renewed fears of a double-dip recession mean that confidence levels of an imminent upswing amongst investors remain low. However the Directors and their advisers are continuing to assess investment projects that appear to demonstrate significant return opportunities and are hopeful of being able to complete on one of these transactions during the course of the current financial year. Any transaction would require the need to raise further equity for investment from existing and potentially new shareholders.
CREON CORPORATION PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 January 2010
2010 2009 Note £ £ Revenue 2 4,138 9,275 Cost of sales (14,559) 16,172 Exceptional item: loans impairment - (2,328,493) _______ _________ Gross profit (10,421) (2,303,046) Administrative expenses 3 (152,337) (282,437) Exceptional item: profit/(loss) on sale 47 (1,100,034)of investment ________ _________ Loss from operations (162,711) (3,685,517) Finance income 5 17,633 4,635 Finance costs 5 (1,862) (18,634) ________ _________ Loss on ordinary activities before (146,940) (3,699,516)taxation Taxation 6 - (751) ________ _________ Retained loss for the year (146,940) (3,700,267) Basic and diluted loss per share 7 (0.33)p (24.9)p
All of the Group's activities are classed as continuing and there were no recognised gains or losses in either year other than those included above.
The Company has elected to take exemption under section 408 of the Companies Act 2006 from presenting the Company statement of comprehensive income. The loss for the Company for the year was £241,496 (2009: £3,611,397).
STATEMENTS OF CHANGES IN EQUITY
Group Share Share premium Retained Total equity capital account earnings attributable to equity holders of parent £ £ £ £ At 1 February 2008 100,361 2,774,949 87,190 2,926,500 Issue of shares 339,543 1,040,939 - 1,380,482 Loss for the year - - (3,700,267) (3,700,267) ______ ________ _________ _________ At 31 January 2009 439,904 3,815,888 (3,613,077) 642,715 Loss for the year - - (146,940) (146,940) ______ ________ _________ ________ At 31 January 2010 439,904 3,815,888 (3,760,017) 495,775 ______ ________ _________ ________Company Share Share premium Retained Total equity capital account earnings attributable to equity holders of parent £ £ £ £ At 1 February 2008 100,361 2,774,949 87,190 2,962,500 Issue of shares 339,543 1,040,939 - 1,380,482 Loss for the year - - (3,611,397) (3,611,397) ______ ________ _________ ________ At 31 January 2009 439,904 3,815,888 (3,524,207) 731,585 Loss for the year - - (241,496) (241,496) ______ ________ _________ ________ At 31 January 2010 439,904 3,815,888 (3,765,703) 490,089 ______ ________ _________ ________
STATEMENTS OF FINANCIAL POSITION
as at 31 January 2010 Group Company Assets Note 2010 2009 2010 2009 Non-current assets £ £ £ £ Investment property 8 - 335,000 - - Amounts owed by 9 - - - 443,021subsidiaries Investment in subsidiaries 10 - - 4 6 Investment in unquoted 11 400,000 400,000 400,000 400,000preference shares ______ ______ ______ ______ 400,000 735,000 400,004 843,027 ______ ______ ______ ______ Current assets Loan receivables 4 110,000 - 110,000 - Investments in quoted 12 5,690 19,151 - -shares Other receivables 13 22,259 241,254 22,259 241,254 Cash and cash equivalents 15,862 1,925 15,862 1,925 ______ ______ ______ ______ 153,811 262,330 148,121 243,179 Total assets 553,811 997,330 548,125 1,086,206 Liabilities Current liabilities
Trade and other payables 14 (58,036) (104,615) (58,036) (104,621)
Interest bearing loan 15 - (250,000) - (250,000) ________ ________ ________ ________ Total liabilities (58,036) (354,615) (58,036) (354,621) ________ ________ ________ ________ Net assets 495,775 642,715 490,089 731,585 Equity
Called up share capital 16 439,904 439,904 439,904 439,904
Share premium account 3,815,888 3,815,888 3,815,888 3,815,888 Retained earnings (3,760,017) (3,613,077) (3,765,703) (3,524,207) _______ _______ _______ ________ Total equity 495,775 642,715 490,089 731,585STATEMENTS OF CASH FLOWS Group Company Note 2010 2009 2010 2009 £ £ £ £ Reconciliation of operating profit to net cash flow from operating activities Loss for the year before tax (146,940) (3,699,516) (241,496) (3,610,646) Adjustments for: Finance cost 1,862 18,634 1,862 18,634 Finance income (17,633) (4,635) (17,633) (4,635) (Profit)/loss on disposal of (47) 1,100,034 - 1,100,034investment Impairment of properties - 65,000 - - Impairment of investment 13,461 23,870 2 - Loans impairment - 2,230,907 - 2,230,907 Property accepted in lieu of - (400,000) - (400,000)cash settlement Change in receivables 218,995 139,361 218,995 139,361 Change in payables (46,579) (30,581) (46,585) (30,581) Change in loans to subsidiaries - - 443,021 (43,021) _______ _______ _______ _______ Cash flows from operating 23,119 (556,926) 358,166 (599,947)activities Interest received 17,633 4,635 17,633 4,635 Taxation refunded/(paid) - 33,191 - 33,191 ______ ______ ______ ______ Net cash from operating 17,633 37,826 17,633 37,826activities Investing activities Purchase of investments - (43,021) - - Purchase costs of acquisition 17 - (105,187) - (105,187)of Pinnacle Loans made net of repayments (110,000) (403,500) (110,000) (403,500) Interest paid (1,862) (18,634) (1,862) (18,634) _______ _______ _______ _______ Net cash used in investing (111,862) (570,342) (111,862) (527,321)activities Financing activities Issue of ordinary shares - 359,618 - 359,618 (Repayment of)/proceeds from (250,000) 250,000 (250,000) 250,000bank borrowings Sale of investment properties 335,047 - - - _______ _______ _______ _______ Net cash from financing 85,047 609,618 (250,000) 609,618activities Net increase/(decrease) in cash 13,937 (479,824) 13,937 (479,824)and equivalents Cash and equivalents at 1,925 481,749 1,925 481,749beginning of year
Cash and equivalents at end of 15,862 1,925 15,862 1,925 year
NOTES TO THE FINANCIAL STATEMENTS
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 financial statements 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 financial statements 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).
At the date of authorisation of the financial statements there were Standards and Interpretations, which have not been applied in the financial information, that were in issue but not yet effective. The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group or the Company, except for additional disclosures when the relevant Standards and Interpretations come into effect.
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 this report. The forecasts take into account the current cash balances and assume repayment of the outstanding short-term mezzanine loan of £110,000 outstanding at 31 January 2010 due to be repaid in July 2011.
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 financial statements 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 arrangement fees due in respect of mezzanine finance advances and additional fees arising from the extension of loans beyond their original repayment date. These are spread on a straight-line basis over the loan terms.
Rental income
Rent income 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 was revalued annually to open market value, with changes in the carrying value recognised in the consolidated statement of comprehensive income. The Group's investment property was sold during the year under revew.
Investments in subsidiaries
Investment in subsidiary companies is stated at cost less provision for any impairment in value. Subsequent measurement of all investments is at fair value.
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 financial year end date.
Assets held by the Group at the year 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 statement of financial position at fair value.
Loans receivable
Loans receivable are valued at nominal amount less provisions against recoverability. The maximum exposure of the Company in respect of the loan portfolio at the year end is the amount receivable shown in note 4. No hedging transactions have been entered into with respect to the loan portfolio.
Impairment
At each financial year end 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. In 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.
Current and deferred tax
The charge for current tax is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using rates that have been enacted or substantively enacted by the financial year end date.
2. Revenue
Revenue in the year ended 31 January 2010 represents rental income received by Creon Estates Ltd from two investment properties, both of which were sold during the year under review.
3. Administrative expenses
Expenses included in administrative expenses (net) are analysed below
2010 2009 £ £ Premises costs - 10,543 Administration costs 38,442 54,262 Other legal, professional and financial 64,670 87,933costs Employment costs and directors fees 35,764 40,799 Impairment of assets 13,461 88,870 Sundry - 30 ______ ______ 152,337 282,437 ______ ______
The auditor's fees in the year ended 31 January 2010 were £14,000
4. Loans impairment 2010 2009 £ £ Balance brought forward - 2,230,907 New loans advanced in the year 200,000 282,881 Loans repaid (90,000) (165,017) Property accepted in lieu of cash settlement - (400,000) Loans written off - (1,948,771) ______ ______ Balance carried forward 110,000 - ______ ______
As at 8 July 2010, the amount of the new loan advanced in the year that remained receivable by the Company had been reduced to £97,500 through repayments in accordance with the terms of the loan.
5. Finance income and finance costs
2010 2009 £ £ Finance income - interest income on - 4,635short-term deposits - interest income on commercial loan 17,633 - _____ _____ 17,633 4,635 _____ _____ Finance costs - Interest expense on bank loan 1,862 18,634 _____ _____6. Taxation 2010 2009 £ £ UK Corporation tax Current tax on loss for the year - - Underprovision in prior year - 751 ______ _______ - 751 ______ _______ Factors affecting tax charge in the year Loss on ordinary activities before tax (146,940) (3,700,267)
Loss on ordinary activities at the effective (30,857) (746,220) rate of corporation tax in the UK of 21%
(2009: 20.17%) Unrelieved losses 30,857 746,220 Underprovision in prior year - 751 ______ _______ Tax charge for the year - 751 ______ _______7. Loss per share
The basic and diluted loss per share for the year ended 31 January 2010 was 0.33p. The calculation of loss per share is based on the loss of £146,940 for the year ended 31 January 2010 and the number of shares in issue during the year of 43,990,400. No options or warrants remain outstanding as of 31 January 2010 and no further shares have been issued since 31 January 2010.
The basic and diluted loss per share for the period to 31 January 2009 was 24.9p. The calculation of loss per share for that period was based on loss of £ 3,700,267 for the year to 31 January 2009 and the weighted average number of shares in issue during the year of 14,852,682. The Company issued 33,954,435 new ordinary shares during the year ended 31 January 2009.
8. Investment propertyFreehold 2010 2009 Cost or valuation £ £ At 1 February 335,000 - Additions - 400,000 (Deficit) on revaluation - (65,000) Disposals (335,000) - _______ _______ At 31 January - 335,000 _______ _______
Both investment properties held were let on assured short-term tenancies for the first part of the year under review until their disposals were completed in August 2009 and September 2009.
9. Amounts owed by subsidiaries
Company 2010 2009 £ £ Creon Estates Limited - 400,000 Creon Investments Limited - 43,021 ______ _______ - 443,021 ______ _______
Amounts owed to the Company from its wholly owned subsidiaries, Creon Estates Limited and Creon Investments Limited were provided for in full at 31 January 2010.
10. Investment in subsidiaries
Company 2010 2009 Cost or valuation £ £ At 1 February 6 Additions - 776,942 Disposals (2) (776,936) _______ _______ At 31 January 4 6 _______ _______
Creon's subsidiaries, all of which have been included in these consolidated financial statements, were as follows:
Name Country of Proportion of ownership interest at incorporation 31 January 2010 2009 Creon Investments England 100% 100% Ltd Creon Estates Ltd England 100% 100% Creon Properties England 100% 100% Ltd
The principal activity of Creon Investments Ltd is that of making non-controlling investments in quoted and unquoted companies. Creon Estates Ltd's principal activity was that of holding residential property for resale. Creon Properties Ltd was dormant and was dissolved on 24 April 2010.
11. Investment in unquoted preference shares
Group and Company 2010 2009 Cost or valuation £ £ At 1 February 400,000 - Additions - 400,000 _______ _______ At 31 January 400,000 400,000 _______ _______
The investment in unquoted preference shares represents 400,000 £1 non-voting redeemable preference share held in Pinnacle Plus Limited. The preference shares accrue interest at a rate of 7.0 per cent. per annum, payable on the date of redemption, with redemption being at Pinnacle's discretion at any time up to September 2013, upon which date the preference shares will be automatically redeemed.
12. Investments in quoted shares
Group 2010 2009 Cost or valuation £ £ At 1 February 19,151 - Additions - 43,021 Impairment provision (13,461) (23,870) ____ _____ At 31 January 5,690 19,15113. Other receivables Group & Company 2010 2009 £ £ Proceeds due from exercise of share warrants - 232,299 Prepayments and sundry debtors 8,923 8,955 Accrued income and interest 13,336 - _____ ______ 22,259 241,254
All amounts fall due for payment within one year.
14. Trade and other payables Group 2010 2009 £ £ Accruals and deferred income 58,036 104,615 _____ ______ 58.036 104,615 Company 2010 2009 £ £ Accruals and deferred income 58,036 104,621 _____ ______ 58.036 104,62115. Interest bearing loan
As at 31 January 2009, the Company had a £250,000 fixed bank loan secured against the Company's assets and charged at base rate plus 2%. Repayment was made in September 2009 following the sale of the investment properties.
16. Share capital 2010 2009 £ £ Authorised 100,000,000 ordinary shares of 1p each 1,000,000 1.000,000 Allotted, called up and fully paid 43,990,545 ordinary shares of 1p each 439,904 439,904
No warrants or options were issued during the financial year or remained outstanding for exercise post 31 January 2010.
17. Asset value per share
The net asset value per share at 31 January 2010 was £0.01 (31 January 2009; £ 0.01). Net asset value is based on the net assets as at 31 January 2010 of £ 495,775 (31 January 2009: £642,715) and on the number of Ordinary Shares in issue at 31 January 2010 being 43,990,545 Ordinary Shares (31 January 2009: 43,990,545).
18. Staff numbers and costs
The average monthly number of employees of the Group, including directors,during the year was 2 (2009: 2). The aggregate remuneration and associatedcosts were: 2010 2009 £ £ Wages and salaries 3,000 12,000 Social security costs 204 681 _____ _____ 3,204 12,681Directors' emoluments 2010 2009 £ £ Amounts paid to third parties in respect of 61,982 52,828directors' services including expense Emoluments paid to a director 3,000 12,000 _____ _____ 64,982 64,82819. Capital commitments
There were no capital commitments at the year end (2009 - £nil).
20. Related party transactions
The following information discloses the significant related-party transactions during the year
Name of related party and nature of Transaction Amount paid Balance relation type outstanding at year end 2010 2009 2010 2009 £ £ £ £
Jonathan Freeman, director of Creon Directors 16,950 15,463 5,640 13,160 is a 50% shareholder of Combined fees
Management Services Limited ("CMS")
Jonathan Freeman, director of Creon Admin & 16,920 15,526 5,640 13,160 is a 50% shareholder of CMS
support services
Jonathan Freeman, director of Creon Accountancy 15,000 16,113 5,000 15,630 is a 50% shareholder of CMS
services
Jonathan Freeman, director of Creon Provision - 9,400 - 3,493 is a 50% shareholder of CMS
of Office space
Jonathan Freeman is a director of Syndicate Asset Management Plc, a company in which the Group has an investment valued at £5,690 at 31 January 2010 (2009: £ 19,151). In addition, Guus Berting is a non-executive director of Pasha Investments V B.V. ("Pasha"), a business to whom the Company made a loan ("Loan") during the year and which £110,000 remained outstanding as at 31 January 2010. As at 8 July 2010, the balance outstanding on the Loan was £ 97,500 which is due to be repaid to the Company on or before 30 July 2011, together with interest due thereon.
Related party balances outstanding at the year end attract zero interest and are payable on demand.
21. Analysis of cash and cash equivalents
2010 2009 £ £ Cash at bank and in hand 15,862 1,925 Interest bearing loan - (250,000) _______ ______ 15,862 (248,075)
The Company's Report and Accounts for the year ended 31 January 2010 will be posted to shareholders today and the full report is available to view and download from the Company's website at www.creoncorporation.com.
For further information please contact:
Creon Corporation Plc Guus Berting +44 (0)20 7752 0215
Daniel Stewart & Company Plc Oliver Rigby +44 (0)207 776 6550
GTH Media Relations Toby Hall +44 (0)20 3 103 3903
Christian Pickel +44 (0)20 3 103 3902
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