Last checked at 6 Nov 2008 16:32
Shellproof Limited announces interim results for the period ended 30 September 2008
Belize City, Belize, 6 November 2008 - Shellproof Limited (London-AIM: SHLP) ("Shellproof" or the "Company") reported net profit of £33,000 for the period 3 March 2008 (date of incorporation) to 30 September 2008, its first reported results since becoming listed on AIM in May 2008. Basic and diluted earnings per ordinary share for the period ended 30 September 2008 amounted to 0.41 pence.
Shellproof was incorporated on 3 March 2008 with an authorised share capital of £50.0 million, comprising 100,000,000 ordinary shares of 50 pence each. On incorporation, one ordinary share was issued and allotted for cash which was held by Carlisle Group Limited ("Carlisle"), its then parent company. On 14 March 2008, Carlisle subscribed for an additional 7,999,999 Shellproof Shares for a total cash subscription consideration of £3,999,999.50. The Company placed the proceeds into a UK sterling interest bearing deposit account earning interest at market rates. As part of a series of transactions, in March 2008, Carlisle declared a dividend which was satisfied by the transfer of the Company's ordinary shares.
The Company's accounting reference date is 31 March. The first audited financial statements of Shellproof will be prepared under IFRS for the period from 3 March 2008 (being the date of incorporation) to 31 March 2009. Further details of the Company are set out in the Company's AIM Admission document dated 25 April 2008 and available on the Company's website.
The Company will continue its search for investment opportunities in line with its stated strategy which includes possible investment in either one or more private or publicly owned investment vehicles in the business and consumer services sectors predominantly in Western Europe, including the United Kingdom, and other English speaking countries.
For further information contact:
Shellproof Limited
Belize +501 223 5989
UK +44 (0)20 7248 6700
Note: This and other press releases are available at the Company's web site:http://www.shellprooflimited.com.
| Shellproof Limited | |
| Summarised income statement (unaudited) for the period | £000 |
| 3 March 2008 to 30 September 2008 | |
| Financial - interest income | 88 |
| Administrative expenses | (55) |
| Net profit before and after taxation | 33 |
| Earnings per ordinary share (basic and diluted) (in pence) | 0.41 |
| Number of ordinary shares at period end | 8,000,000 |
| Summarised balance sheet (unaudited) at 30 September 2008 | £000 |
| Current assets | |
| Cash and cash equivalents | 4,067 |
| Current liabilities | |
| Other payables | (34) |
| Net assets | 4,033 |
| Shareholders' equity | |
| Share capital | 4,000 |
| Retained earnings | 33 |
| Total shareholders' equity | 4,033 |
| Summarised statement of cash flows (unaudited) for the period | £000 |
| 3 March 2008 to 30 September 2008 | |
| Operating activities |
|
| Net cash generated from operating activities | 67 |
| Financing activities | |
| Proceeds from issue of ordinary share capital | 4,000 |
|
| |
| Increase in cash for the period and at period end | 4,067 |
Notes to the unaudited financial information
The Company is not subject to taxation as a result of its status as an International Business Company under the laws of Belize, its country of incorporation.
-ENDS-