Jaywing Regulatory News (JWNG)

26 Sep 2006 15:33

Seashell II Limited26 September 2006 SEASHELL II LIMITED ANNOUNCES RESULTS FOR THE PERIOD ENDED 31 MARCH 2006 Belize City, Belize, 26 September 2006 - Seashell II Limited (London-AIM: SEAS)("Seashell" or the "Company") reported net profit of £123,000 for theperiod 21 October 2004 (date of incorporation) to 31 March 2006, its firstreported year-end since becoming listed on AIM in June 2005. Basic and dilutedearnings per ordinary share for the period ended 31 March 2006 amounted to 1.9pence. Before 12 May 2005 the Company was inactive. On 12 May 2005, the Company issued6,433,454 shares to its then parent company for a total cash consideration ofUS$6.0 million (£3.2 million). These funds were immediately invested ina US dollar term deposit earning interest at market rates. As a result of theholding of this US dollar cash deposit the Company realised a gain on currencytranslation amounting to £233,000. Since June 2005, Seashell's principal activity has been the holding of the cashinvestment described above. The Company continues its search for investmentopportunities in line with its stated strategy which includes possibleinvestment in one or more businesses that have been set up by entrepreneurs withgood strategic plans and need financial backing and the support of theexperienced Seashell management team. For further information please contact: Angela Entwistle Seashell II Limited+44 (0)20 7248 6700 Belize +501 227 7178 Seashell II LimitedSummarised consolidated profit and loss account (unaudited) forthe period ended 31 March 2006 £000 Interest income 103 Administrative expenses (213) Exchange gain on foreign currency investment 233 Net profit before and after taxation 123 Earnings per ordinary share (basic and diluted) (in pence) 1.9 Summarised consolidated balance sheet (unaudited) at 31 March 2006 £000 Non-current assets 6 Current assetsCash and cash equivalents 3,564 Other receivables 10 Total assets 3,580 Current liabilitiesOther payables (190) Net assets 3,390 Shareholders' equityShare capital 3,267 Retained earnings 123 Total shareholders' equity 3,390 Summarised consolidated statement of cash flows (unaudited) forthe period ended 31 March 2006 £000 Operating activitiesNet cash generated from operating activities 70 Investing activitiesPurchase of property, plant and equipment (6) Financing activitiesProceeds from issue of ordinary share capital 3,267 Effect of exchange rate changes 233 Increase in cash for the period 3,564 -ENDS- This information is provided by RNS The company news service from the London Stock Exchange