GAH.L Regulatory News (GAH)

28 Sep 2005 13:36

Gable Holdings Inc28 September 2005 28 September 2005 Gable Holdings Inc. ("Gable Holdings" or the "Company") Interim Results for the period ended 30 June 2005 Chairman's Statement I am pleased to present the first results of Gable Holdings covering the periodfrom incorporation on 30 November 2004 to 30 June 2005. The Company wasadmitted to AIM on 21 January 2005 through an initial placing of 20 millionordinary shares that generated net funds for the Company of £815,000. TheCompany was created to build a group specialising in the insurance andreinsurance sector. In the AIM admission document dated 6 January 2005, the Company stated that itwould initially seek to develop new insurance, reinsurance and specialisedunderwriting agency companies through the acquisition or development of target companies which focus on the niche property, general and professional liabilityand contractors' insurance classes. The Board continues to believe that these niche sectors are attractive and assuch the Company is considering a number of opportunities in line with thisstrategy which it believes will enhance shareholder value. Further announcementswill be made as appropriate. The Board is pleased with the progress made to date and looks forward to thefuture with confidence. John LeatChairman 28 September 2005 Enquiries: John Bick Tel: 020 7651 6999 Profit and loss accountfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) £000 Notes Administrative expenses (213) --------Operating loss (213) Interest receivable and similar income 12 --------Loss on ordinary activities before and after tax 3 (201) -------- Loss per share (pence) 2 (0.57) p Balance sheetAs at 30 June 2005 30 June 2005 (Unaudited) £000 Notes Tangible fixed assets 75 Current assetsDebtors 64Cash 743 -------- 807 Creditors: amounts falling due within one year (154) -------- Net current assets 653 --------Total assets less current liabilities and net assets 728 -------- Capital and reservesCalled up share capital 3 106Share premium account 3 823Profit and loss account 3 (201) --------Equity shareholders' funds 728 -------- Reconciliation of movement in equity shareholders' funds Period from incorporation to 30 June 2005 (Unaudited) £000 Loss for the financial period (201)Issue of shares 1,075Share issue expenses (146) --------Net movement in equity shareholders' funds 728Equity shareholders' funds at start of period - --------Equity shareholders' funds at end of period 728 -------- Cash flow statementfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) Notes £000 Net cash outflow from operating activities 4 (123) Net cash inflow from returns on investments andservicing of finance 12 Acquisitions and disposalsPayments to acquire tangible fixed assets (75) --------Net cash outflow before financing (186) FinancingIssue of shares 1,075Share issue costs (146) -------- 929 -------- --------Increase in cash 743 -------- Reconciliation of net cash flow to movement in net cash Period from incorporation to 30 June 2005 (Unaudited) £000 Increase in cash 743 --------Change in net cash from cash flows 743Opening net cash - --------Closing net cash 743 -------- Notes to the Interim Resultsfor the period ended 30 June 2005 1. Basis of preparation The Interim Results were approved by the Directors on 28 September 2005. TheCompany was incorporated in the Cayman Islands which does not prescribe theadoption of any particular accounting framework. Accordingly, the board ofdirectors of the Company has resolved that the Company will follow UnitedKingdom accounting standards and apply the Companies Act 1985 details of whichwill be set out in the Company's annual report and accounts for the periodending 31 December 2005. The Interim Results are unaudited and do not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985. 2. Loss per share The loss per share is calculated on the loss on ordinary activities aftertaxation of £201,000 and on the weighted average number of ordinary shares inissue during the period of 35,113,208. The impact of the warrants on the loss per share is anti-dilutive. 3. Share capital and reserves Share Share Profit & loss capital premium account £000 £000 £000 On incorporation - - -Allotments during the period 106 969 -Share issue expenses - (146) -Retained loss for the period - - (201) -------- -------- --------At 30 June 2005 106 823 (201) -------- -------- -------- 4. Reconciliation of operating loss to cash flows Period from incorporation to 30 June 2005 (Unaudited) £000 Operating loss (213)Movement in debtors (64)Movement in creditors 154 --------Net cash outflow from operating activities (123) -------- 5. Copies of the results Copies of the Interim Results will be sent to shareholders in due course andwill be available on request from the offices of the Company's assistantsecretary at Kitwell House, The Warren, Radlett, Hertfordshire, WD7 7DU. End This information is provided by RNS The company news service from the London Stock Exchange