Bezant Resources PLC Regulatory News (BZT)

29 Mar 2005 17:27

Voss Net PLC29 March 2005 VOSS NET PLC INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2004 OVERVIEW The company has undergone several changes since we last reported to you inSeptember 2004, as part of the audited accounts for the 18 months to 30 June2004. I have been appointed as chairman and Mr D. E. Chambers as Director, in place ofMessrs L.E.V. Knifton and T.C. Hellman, who have resigned. As part of thechanges, the stake of 29.7% (prior to the recent share placing) in the issuedshare capital of the company held by Zaika Limited, a company controlled byMessrs Knifton and Weller, has been acquired by Hereford Group Limited, a HongKong company. The supervisor of the Company Voluntary Arrangement has confirmed that this hasbeen completed. Cash resources have been secured by the successful placing of 25,000,000ordinary shares at 1p each, realising £250,000 before costs. Financial Results The unaudited accounts for the six months to 31 December 2004 show an operatingloss of £32,253 and a loss per share of 0.019p. Cash Flow and Funding As mentioned above, the placing of 25,000,000 ordinary shares was completedsuccessfully, raising a gross sum of £250,000. Balance of cash in hand at 31December 2004 was £254,127 and this sum has not declined substantially sincethat date. Outlook The Board continues to operate as a cash shell and is reviewing a number ofopportunities in the mining and mineral sectors in the Southern Hemisphere andwill make a statement to shareholders when a potential reverse has beenidentified. The Company's shares, which are quoted on AIM, were suspended on 21 January 2005when the Board confirmed press speculation that we were in discussions with aview to an acquisition of a mining asset. The Board is currently reviewing anumber of potential acquisition targets. All discussions are at an early stage.An announcement will be made if and when a transaction is agreed. G. A. Nealon Chairman 29 March 2005 PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 Notes 6 Months to 18 Months to 30 June 6 Months to 31 31 December 2004 2004 December 2003 £ £ £TURNOVER - discontinuedactivities - 443,135 27,106 Cost of sales - discontinuedactivities - (114,741) (233) _________ _________ _________GROSS PROFIT - 328,394 26,873 Net operating expenses:-Distribution - discontinued activities - (35,510) -Administration - discontinued activities - (400,360) (60,820)Administration - continuing activities (32,253) (59,208) - _________ _________ _________OPERATING LOSSContinuing activities (32,253) (59,208) -Discontinued activities - (107,476) (33,947) _________ _________ _________ (32,253) (166,684) (33,947)Goodwill written offCVA - Costs - (38,187) (75,269) - Write back of creditors - 58,696 -Profit/(Loss) on disposal ofbusinesses - 10,490 -Provision for doubtful debtors - (165,926) - _________ _________ _________ (32,253) (301,611) (109,216)Interest receivable and similarincome - - 7Interest payable and similarcharges - (5,524) (55) _________ _________ _________LOSS ON ORDINARY ACTIVITIESBEFORE TAXATION (32,253) (307,135) (109,264) Tax on loss on ordinary - - -activities _________ _________ _________LOSS FOR THE FINANCIAL PERIODAFTER TAXATION (32,253) (307,135) (109,264) EPS Basic loss per share (afterexceptional items) 2 (0.019p) (0.40p) (0.32p) Adjusted loss per share(excluding exceptional items) 2 (0.019p) (0.22p) (0.10p) BALANCE SHEET AS AT 31 DECEMBER 2004 31 December 2004 30 June 2004 31 December 2003 £ £ £CURRENT ASSETSDebtors 2,460 9,804 91,174Cash at bank and in hand 254,127 11,395 41,349 _________ _________ _________ 256,587 21,199 132,523 CREDITORSAmounts falling due within one year (41,892) (24,251) (391,277) _________ _________ _________NET CURRENT LIABILITIES 214,695 (3,052) (258,754) _________ _________ _________TOTAL ASSETS LESS CURRENTLIABILITIES 214,695 (3,052) (258,754) CAPITAL AND RESERVES Called up share capital 956,407 953,907 943,757Share premium 4,156,255 3,908,755 3,803,755Profit and loss account (4,897,967) (4,865,714) (5,006,266) _________ _________ _________SHAREHOLDERS' FUNDS (equity interests) 214,695 (3,052) (258,754) RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 6 Months to 18 Months to 6 Months to 31 December 2004 30 June 2004 31 December 2003 £ (Loss) for the financial period (32,253) (307,135) (109,264)Issue of share capital 250,000 401,197 286,047 _________ _________ _________Increase in shareholders' funds 217,747 94,062 176,783 Opening (Deficiency) (3,052) (97,114) (435,537) _________ _________ _________Closing Funds(Deficiency) inshareholders' funds 214,695 (3,052) (258,754) CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 6 Months to 18 Months to 6 Months to 31 December 2004 30 June 2004 31 December 2003 £Net cash outflow from operatingactivities (7,268) (113,839) (274,497) Returns on investments and servicing offinanceInterest received - - 7Interest paid - (5,524) (55) Net cash outflow for returns onInvestments and servicing of finance - (5,524) (48) Taxation - - - Capital expenditurePayments to acquire tangible fixed - (2,035) -assetsDisposal of tangible fixed assets - - 6,658 Net cash outflow for capitalexpenditure - (2,035) 6,658 Acquisitions and disposalsSale of subsidiary undertakings - 24,000 -Cash at bank disposed with subsidiary - (2,768) - Net cash inflow for acquisitions anddisposals - 21,232 - Net cash outflow before management ofliquidResources and financing (7,268) (100,166) (267,887) FinancingIssue of ordinary share capital 250,000 111,025 286,047Repayment of loan from factors - (66,003) - Net cash inflow from financing 250,000 45,022 286,047 Increase/(Decrease) in cash in theperiod 242,732 (55,144) 18,160 NOTES TO THE CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Period ended 30 June 2004 6 Months to 18 Months to 6 Months to 31 December 30 June 31 December 2004 2004 2003 £ £ £ Operating loss (32,253) (166,684) (33,947)Depreciation charges - 1,781 - Exceptional item - (204,113) (75,269) Decrease/(Increase) in debtors 7,344 267,377 (76,874)(Decrease)/Increase in creditors 17,641 (12,200) (88,407) Net cash outflow from operating activities (7,268) (113,839) (274,497) Net cash outflow from continuing operating activities (7,268) (59,208) -Net cash outflow from discontinued operating activities - (54,631) (274,497) Net cash outflow from operating activities (7,268) (113,839) (274,497) 2. ANALYSIS OF NET FUNDS 30.06.04 Cash flow At 31.12.04 £ £Net cash:Cash at bank and in hand 11,395 242,732 254,127 NOTES 1. ACCOUNTING POLCIES Basis of preparation The interim report has been prepared using accounting policiesconsistent with those set out in the Company's annual report and accounts forthe eighteen months ended 30 June 2004. 2. LOSS PER SHARE The basic loss per share is calculated by dividing the loss for the financialperiod by the weighted average number of ordinary shares in issue during thefinancial period of 166,074,941 (30 June 2004 - 76,928,573; 31 December 2003 -34,268,746). 6 Months to 18 Months to 6 Months to 31 December 2004 30 June 2004 31 December 2003 £ £ £ Basic loss per share (0.019p) (0.40p) (0.32p) Adjusted loss per share(excluding exceptional items) (0.019p) (0.22p) (0.10p) 3. CALLED UP SHARE CAPITAL The issued ordinary share capital at 30 June 2004, per the auditedaccounts was 164,036,898 shares at 0.01p each. This was increased through ashare placing on 17 December 2004 by 25,000,000 shares at 1p each. 4. Additional copies of the second interim report may be obtained free ofcharge for one month from the company's registered office at 5-7 CranwoodStreet, London EC1V 9EE. This information is provided by RNS The company news service from the London Stock Exchange