Gore Street En. Regulatory News (GSF)

28 Sep 2005 12:46

Global Structured Finance Inc28 September 2005 28 September 2005 Global Structured Finance Inc. ("the Company") Interim Results for the period ended 30 June 2005 Chairman's Statement I am pleased to present the first results of Global Structured Finance coveringthe period from incorporation on 30 November 2004 to 30 June 2005. The Companywas admitted to AIM on 24 March 2005 through an initial placing of 8 million ordinary shares that generated net funds for the Company of £255,000. TheCompany was created to build, largely through investment and acquisition, agroup specialising in the provision of structured financing products andservices. The only activity of the Company during this period has been the investigationof various potential acquisition opportunities and the related due diligenceundertaken thus far. The Board is pleased with the progress made to date and looks forward to thefuture with confidence. Graham PorterChairman 27 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 (46) --------Operating loss and loss on ordinary activities beforeand after tax 3 (46) -------- Loss per share (pence) 2 (0.24) p Balance sheetAs at 30 June 2005 30 June 2005 (Unaudited) £000 Notes Current assetsDebtors 6Cash 284 -------- 290 Creditors: amounts falling due within one year (18) --------Net current assets and net assets 272 -------- Capital and reservesCalled up share capital 3 80Share premium account 3 238Profit and loss account 3 (46) --------Equity shareholders' funds 272 -------- Reconciliation of movement in equity shareholders' funds Period from incorporation to 30 June 2005 (Unaudited) £000 Loss for the financial period (46)Issue of shares 479Share issue expenses (161) --------Net movement in equity shareholders' funds 272Equity shareholders' funds at start of period - --------Equity shareholders' funds at end of period 272 -------- 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 (34) --------Net cash outflow before financing (34) FinancingIssue of shares 479Share issue costs (161) -------- 318 -------- --------Increase in cash 284 -------- Reconciliation of net cash flow to movement in net cash Period from incorporation to 30 June 2005 (Unaudited) £000 Increase in cash 284 --------Change in net cash from cash flows 284Opening net cash - --------Closing net cash 284 -------- Notes to the Interim Resultsfor the period ended 30 June 2005 1. Basis of preparation The Interim Results were approved by the Directors on 27 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 £46,000 and on the weighted average number of ordinary shares inissue during the period of 19,022,642. 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 80 399 -Share issue expenses - (161) -Retained loss for the period - - (46) -------- -------- --------At 30 June 2005 80 238 (46) -------- -------- -------- 4. Reconciliation of operating loss to cash flows Period from incorporation to 30 June 2005 (Unaudited) £000 Operating loss (46) Movement in debtors (6)Movement in creditors 18 --------Net cash outflow from operating activities (34) -------- 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