Gore Street En. Regulatory News (GSF)

31 May 2006 08:30

Global Structured Finance Inc31 May 2006 31 May 2006 Global Structured Finance Inc. Preliminary Announcement Chairman's Statement Global Structured Finance Inc., ("Global Structured Finance" or "the Company")announces the maiden results for the Company since it was incorporated on 30November 2004, which includes its admission to AIM in March 2005. The Company was created to build, largely through investment and acquisition, agroup specialising in the provision of structured financing products andservices. During the period the Company's Directors explored a number of potentialopportunities, although none have been sufficiently attractive to merit beingput before shareholders. Despite this the Board has continued to reviewpotential acquisitions and joint venture opportunities. On 3 April 2006 the London Stock Exchange suspended trading in the Company'ssecurities on AIM as a consequence of the Company not having completed a reversetakeover or substantially implemented its investing strategy in accordance withthe timetable specified under AIM Rule 8 relating to investing companies. Outlook The Directors are actively evaluating a number of potential transactions at thepresent time and remain confident of identifying a suitable acquisition orinvestment opportunity to enhance shareholder value by no later than 30September 2006. The Board will inform shareholders of progress as it is appropriate to do so. Graham PorterChairman Profit and Loss AccountFor the period ended 31 December 2005 Note Period from 30.11.2004 to 31.12.2005 £'000 Administrative expenses (114) ----- Operating loss (114) Interest receivable 8 ----- Loss on ordinary activities before taxation (106) Taxation 2 - ----- Loss on ordinary activities after taxation and retainedloss 4 (106) ----- Loss per ordinary share- basic 3 (0.45)p ------- There were no recognised gains or losses other than the loss for the financialperiod. All the activities of the Company are classed as continuing. Balance SheetAt 31 December 2005 Note 31.12.2005 £'000 Current assetsDebtors 8Cash at bank 224 ----- 232 Creditors:Amounts falling due within one year (20) ----- Net current assets, total assets less current liabilitiesand net assets 212 ----- Capital and reservesCalled up share capital 80Share premium account 238Profit and loss account (106) -----Equity shareholders' funds 4 212 ----- Cash Flow StatementFor the period ended 31 December 2005 Note Period from 30.11.2004 to 31.12.2005 £'000 Net cash outflow from operating activities 5 (102) ----- Returns on investments and servicing of financeInterest received 8 ----- Net cash inflow from returns on investments and service offinance 8 ----- Net cash outflow before financing (94) ----- FinancingIssue of shares 459Share issue costs (141) ----- Net cash inflow from financing 318 ----- Increase in cash 6 224 ----- Notes to the Preliminary AnnouncementFor the period ended 31 December 2005 1. Basis of Preparation The preliminary announcement has been prepared in accordance with applicableaccounting standards and under the historical cost convention. The Company was incorporated as a Corporation in the Cayman Islands which doesnot prescribe the adoption of any particular accounting framework. Accordingly,the Board have resolved the Company will follow UK Accounting Standards andapply the Companies Act 1985 when preparing its annual financial statements. Theprincipal accounting policies are set out in the Company's 2005 annual reportand financial statements. 2. Taxation on Loss on Ordinary Activities There is no tax charge for the period. The Company does not operate within theUK and there is no tax arising on its operations. 3. Loss per Share The calculation of the basic loss per share is based on the loss on ordinaryactivities after tax of £106,000 divided by the weighted average number ofordinary shares in issue during the period of 23,622,222. The impact of thewarrants on the loss per share is anti-dilutive. 4. Reconciliation of Movements in Shareholders' Funds Period from 30.11.2004 to 31.12.2005 £'000 Loss for financial period (106)Issue of ordinary share capital (net of issue costs) 318 -----Net increase in shareholders' funds 212Equity shareholders' funds at incorporation - -----Equity shareholders' funds carried forward 212 ----- 5. Reconciliation of Operating Loss to Net Cash Outflow from OperatingActivities Period from 30.11.2004 to 31.12.2005 £'000 Operating loss (114)Increase in debtors (8)Increase in creditors 20 -----Net cash outflow from operating activities (102) ----- 6. Reconciliation of Net Cash Flow to Movement in Net Funds Period from 30.11.2004 to 31.12.2005 £'000 Increase in cash for the period 224 ----- Change in net funds resulting from cashflows 224 Net funds on incorporation - -----Net funds carried forward 224 ----- 7. Analysis of Changes in Net Funds On Cash flow 31.12.2005 incorporation £'000 £'000 £'000 Cash at bank - 224 224 ---------------------------------------------------- 8. Publication of Non-Statutory Accounts The financial information set out in this preliminary announcement does notconstitute statutory accounts as defined in Section 240 of the Companies Act1985. The balance sheet at 31 December 2005 and the profit and loss account, cash flowstatement and associated notes for the period then ended have been extractedfrom the Company's 2005 statutory financial statements upon which the auditors'opinion is unqualified and does not include any statement under Section 237 ofthe Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange