Mineral & Fin Regulatory News (MAFL)

21 Mar 2006 07:02

Raven Capital Inc21 March 2006 21 March 2006 Raven Capital Inc Preliminary Results Chairman's Statement The Board of Raven Capital Inc ("Company") is pleased to announce the maidenresults for the Company since it was incorporated on 19 November 2004, whichincludes its admission to AIM in December 2004 with the objective of building agroup specialising in the hedge fund sector. 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. Approach by EP Holding (S) Pte Limited In December 2005 the Board was approached by EP Holding (S) Pte Limited ("EP"),an investment company based in Singapore, with a proposal to invest additionalfunds into the Company and to work with the Board to source a suitableacquisition. EP is controlled by Mr Stephan Ludwig who has spent ten years withCredit Suisse First Boston in London and New York before joining NomuraInternational in London as Managing Director and co-head of a newly formed assettrading group where he built a US$ 5 billion portfolio. Mr Ludwig subsequentlyjoined Nomura Securities in Asia as a main board director and as Head of CapitalMarkets in Asia. Since leaving Nomura in 1998, Mr Ludwig has managed hispersonal portfolio of private venture capital investments and is a non-executivedirector of a number of these enterprises. New Funds On 13 January 2006 discussions with EP were successfully concluded and Ravenraised an additional £150,000 through a placing of 13,300,000 new ordinaryshares with EP representing approximately 29.99% of the enlarged share capitalof the Company. The new money was raised in order to continue to investigateopportunities and for general working capital purposes. As part of this arrangement, the Company agreed that EP may appoint a directorto the board for so long as it holds 20 per cent. or more of the Company's sharecapital. EP elected not to appoint a director at that stage and this remainsthe case. Outlook The Directors believe that together with the continued support from Raven'sshareholders and the new funds from EP there are sufficient resources for theCompany to consider a number of new investment opportunities. The Board willinform shareholders of progress in due course. Graham ButtChairman 21 March 2006 Enquiries: John Bick tel: 0870 389 6999 RAVEN CAPITAL INC PROFIT AND LOSS ACCOUNT For the period ended 30 September 2005 Period from 19.11.2004 to Note 30.9.2005 £'000 Administrative expenses (362) Operating loss (362) Interest receivable 4 Loss on ordinary activities before taxation (358) Taxation 2 - Loss on ordinary activities after taxation and retained loss 4 (358) Loss per ordinary share (pence)- basic 3 (1.20) RAVEN CAPITAL INC BALANCE SHEET AT 30 SEPTEMBER 2005 Note 30.9.2005 £'000 Current assetsDebtors 4Cash at bank 43 47 Creditors:Amounts falling due within one year (74) Net current liabilities, total assets less current liabilities and net (27)liabilities Capital and reservesCalled up share capital 78Share premium account 253Profit and loss account (358)Equity shareholders' deficit 4 (27) RAVEN CAPITAL INC CASH FLOW STATEMENT For the period ended 30 September 2005 Period from 19.11.04 to Note 30.9.2005 £'000 Net cash outflow from operating activities 5 (292) Returns on investments and servicing of financeInterest received 4 Net cash inflow from returns on investments and service of finance 4 Net cash outflow before financing (288) FinancingIssue of shares 477Share issue costs (146) Net cash inflow from financing 331 Increase in cash 6 43 RAVEN CAPITAL INC NOTES TO THE PRELIMINARY ANNOUNCEMENT 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.The principal accounting policies are set out in the Company's 2005 annualreport and 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 £358,000 divided by the weighted average number ofordinary shares in issue during the period of 29,941,589. The impact of thewarrants on the loss per share is anti-dilutive. 4 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Period from 19.11.04 to 30.9.2005 £'000 Loss for financial period (358)Issue of ordinary share capital 331Net decrease in shareholders' funds (27)Equity shareholders' funds at incorporation -Equity shareholders' deficit carried forward (27) 5 RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Period from 19.11.04 to 30.9.2005 £'000 Operating loss (362)Increase in debtors (4)Increase in creditors 74Net cash outflow from operating activities (292) 6 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Period from 19.11.04 to 30.9.2005 £'000 Increase in cash for the period 43 Change in net funds resulting from cashflows 43 Net funds on incorporation -Net debt carried forward 43 7 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 30 September 2005 and the profit and loss account, cashflow statement and associated notes for the period then ended have beenextracted from the Company's 2005 statutory financial statements upon which theauditors' opinion is unqualified and does not include any statement underSection 237 of the Companies Act 1985. ends -------------------------- This information is provided by RNS The company news service from the London Stock Exchange