NNN.L Regulatory News (NNN)

28 Sep 2005 07:02

9999 plc28 September 2005 9999 Plc INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2005 CHAIRMAN'S STATEMENT When the Company was admitted to AIM in March of this year its stated strategywas to seek investments in specific areas of the financial services sector,namely: • financial trading entities using technical and fundamental principles to trade in the equity markets, currencies and equity future markets in the UK and US;• stockbrokers, either quoted or unquoted; and• certain sectors within the independent financial advisory arena. Since coming to the market the Board has been, and is continuing to seek andidentify investments in the sectors noted above The Company's cash balances at 30 June 2005, after settling the costs of theplacing and admission to AIM, were £219,472. The Company's very low level ofoverhead expenditure means that cash levels have not reduced significantly sincethat date. The Directors have placed the Company's free cash balances oninterest bearing deposit account with its bankers pending identification of anappropriate investment opportunity. I look forward to updating you further on our progress. Dr MS KalairajahExecutive Chairman28 September 2005 Profit and Loss Accountfor the period ended 30 June 2005 (Unaudited) Period ending Notes 30 June 2005 £ Administrative expenses (10,537) Loss on ordinary activities before interest (10,537) Interest receivable 1,109 Loss on ordinary activities after taxation (9,428) Tax on ordinary activities - Loss on ordinary activities after taxation (9,428) Dividends - Retained loss for the period (9,428) Loss per share: Basic 2 (0.021) pence Fully diluted 2 (0.018) pence The period ended 30 June 2005 was the Company's first period of trading andhence no comparative amounts are presented. Balance Sheetfor the period to 30 June 2005 (Unaudited) 30 June 2005 Note £Current assetsCash at bank and in hand 219,472 219,472Creditors: amounts falling due within one year (3,265) Net current assets 216,207 Total assets less current liabilities 216,207 Creditors: amounts falling due after more than one year - Net assets 216,207 Capital and reservesShare capital 3 112,500Share premium account 113,135Profit and loss account (9,428)Shareholders' funds - equity 216,207 The period ended 30 June 2005 was the Company's first period of trading andhence no comparative amounts are presented. Statement of Cash flowsfor the period ended 30 June 2005 (Unaudited) Period ending Notes 30 June 2005 £ Net cash outflow from operating activities 4 (7,272) Returns on investments and servicing of financeInterest received 1,109 Net cash flow before financing (6,163) FinancingIssue of ordinary share capital 300,000Costs of issue of share capital (74,365) Increase in cash 219,472 Reconciliation of net cash flow to movement in net debtIncrease/(Decrease) in cash in the period 219,472 Net funds at incorporation -Net funds at 30 June 5 219,472 The period ended 30 June 2005 was the Company's first period of trading andhence no comparative amounts are presented. NOTES: 1. Basis of preparation The interim financial report for the period from incorporation on 8 March 2005to 30 June 2005 was approved by the Board of 9999 Plc ('the Company') on 28September 2005. The interim financial report has not been audited and does notconstitute statutory financial statements for the purposes of section 240 of theCompanies Act 1985. The interim financial report has been prepared usingaccounting policies consistent with those used in preparing the non-statutoryfinancial information on the Company included in the Company's AIM admissiondocument dated 29 March 2005. The Company has not previously been required to prepare or file auditedstatutory financial statements. The financial information in respect of theperiod ended 30 June 2005 has been derived from the unaudited managementinformation for the Company in relation to the period then ended. The Company'sfirst statutory accounting period for which audited financial statements will beprepared will be the year ending 31 March 2006. 2. Loss per share Basic loss per share is calculated on the basis of the net loss attributable toordinary shareholders divided by the weighted average number of shares in issueduring the period ended 30 June 2005 of 45,000,000. Diluted loss per share represents basic loss per share after allowing for thedilutive effect of the conversion into ordinary shares of the weighted averagenumber of options outstanding during the period. The total number of shares inissue used to calculate the diluted earnings per share in the period ended 30June 2005 was 51,000,000. 3. Share capital 30 June 2005 £Authorised400,000,000 ordinary shares of 0.25p each 1,000,000 Allotted, called up and fully paid45,000,000 ordinary shares of 0.25p each 112,500 The Company was incorporated on 8 March 2005 with an authorised share capital of£1,000,000 divided into 1,000,000,000 ordinary shares of 0.1 pence each, ofwhich 2 were issued fully paid to subscribers. Subsequently, on 10 March 2005,an additional 3 ordinary shares of 0.1 pence each were issued. On 10 March 2005 resolutions were passed consolidating the Company's sharecapital into £1,000,000 divided into 400,000,000 Ordinary shares of 0.25 penceeach, authorising the directors to allot relevant securities, dis-applypre-emption rights and authorising the directors to grant options.Subsequently, on 10 March 2005, the Company issued 19,999,998 new ordinaryshares fully paid to subscribers at 0.25 pence per share. 0n 31 March 2005, a further 25,000,000 new ordinary shares of 0.25 pence pershare were issued at the placing price of 1 pence per share. At that date therewere 45,000,000 ordinary shares of 0.25 pence in issue, all fully paid. At 30 June 2005 the Company had issued options to subscribe for 5,000,000ordinary shares to the executive directors of the Company and a further1,000,000 ordinary shares to the non-executive director of the Company, all at 1pence per share. The options issued to the executive directors are exercisableat any time up to five years from the date of admission to AIM provided that theCompany has successfully completed its first investment transaction within 12months of admission. The non-executive options are exercisable at any time upto five years from the date of admission to AIM. 4. Net Cash Outflow from Operating Activities 30 June 2005 £ Operating loss (10,537)Increase in Creditors 3,265 (7,272) 5. Analysis of Net Debt At At 30 June incorporation 2005 Cash flow £ £ £ Cash at bank and in hand - 219,472 219,472Bank overdrafts - - - - 219,472 219,472 6. A copy of this interim financial report is being sent to allshareholders and further copies are available from the Company's RegisteredOffice at the address below: 9999 Plc, Third Floor, 3 College Approach, Greenwich, London SE10 9HY. This information is provided by RNS The company news service from the London Stock Exchange