PGR.L Regulatory News (PGR)

26 Jun 2007 16:13

Ragusa Capital PLC26 June 2007 Ragusa Capital Plc Final results for the period ended 31 December 2006 CHAIRMAN'S STATEMENT The results for Ragusa Capital Plc (the "Company") cover the nine month periodended 31 December 2006. RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2006 The Company generated a loss for the nine month period, after taxation, of£31,948 after receiving investment revenues of £151,765, having paidadministrative expenses of £257,567 and recorded other net gains of £32,649. The basic and diluted loss per share was 0.1 pence. The Company had cashbalances of £3,904,927 at the period end. REVIEW OF ACTIVITIES As stated in the AIM admission document, the Board believes that potentialopportunities lie in the natural resources sector with the emphasis on one largeand substantial investment. On 21 May 2007 the Board announced that terms had been agreed to acquire certainutility assets as well as oil and gas exploration interests in South America. The acquisition is conditional, inter alia, upon the approval of theshareholders of Ragusa and compliance with other procedural and substantiveregulation governing the transaction applied under the AIM Rules and the CityCode on Takeovers and Mergers. The proposed transaction, if completed, will constitute a reverse takeover underthe AIM Rules, and, accordingly, at the request of the Company, dealings inRagusa's shares were suspended from 21 May 2007 pending the despatch toshareholders of a readmission document relating to the transaction and proposedenlarged group and convening the extraordinary general meeting of Ragusa toapprove the acquisition. The Board and its advisers continue to work towards completion of the proposedtransaction and will update shareholders in due course. On 21 June 2007 the Board announced that it had changed its accounting referencedate to 31 December and would be producing its next Report and Accounts for ashortened nine month period ending 31 December 2006. Lance O'NeillChairman 26 June 2007 INCOME STATEMENTFOR THE PERIOD ENDED 31 DECEMBER 2006 Note 9 months Year ended 31 Dec '06 31 Mar '06 £ £Revenue - - Cost of sales - - -------- -------Gross profit - - Administrative expenses (257,567) (233,804)Other gains and losses 32,649 165,158 ------- ------- Operating loss (224,918) (68,646) Investment revenues 151,765 216,625 ------- -------(Loss)/profit before taxation (73,153) 147,979 Tax credit/(charge) 2 41,205 (71,199) ------- ------- (Loss)/profit for the period (31,948) 76,780 ------- -------(Loss)/earnings per ordinary 10p shareBasic and diluted 3 (0.1 pence) 0.3 pence All of the Company's operations are classed as continuing. BALANCE SHEET31 DECEMBER 2006 31 Dec '06 31 Mar '06 £ £Non-current assets Property, plant and equipment 2,859 4,820 ------- ------- 2,859 4,820 ------- ------- Current assetsInvestments 1,623,661 1,024,186Other financial assets 94,428 22,640Cash and cash equivalents 3,904,927 4,533,522 --------- --------- 5,623,016 5,580,348 --------- ---------Total assets 5,625,875 5,585,168 --------- ---------Current liabilitiesTrade and other payables (155,118) (41,258) Non-current liabilitiesDeferred tax liabilities (29,994) (71,199) --------- ---------Total liabilities (185,112) (112,457) --------- --------- Net assets 5,440,763 5,472,711 --------- ---------EquityShare capital 2,401,515 2,401,515Share premium account 3,007,463 3,007,463Retained earnings 31,785 63,733 --------- --------- Total equity 5,440,763 5,472,711 --------- --------- STATEMENT OF CHANGE IN SHAREHOLDERS' EQUITY31 DECEMBER 2006 Share Share Retained Total capital premium earnings £ £ £ £ At 31 March 2005 2,401,515 3,007,725 (13,047) 5,396,193 Profit for the year - - 76,780 76,780Share issue costs - (262) - (262) ------------------------------------------ At 1 April 2006 2,401,515 3,007,463 63,733 5,472,711Loss for the period - - (31,948) (31,948) ------------------------------------------At 31 December 2006 2,401,515 3,007,463 31,785 5,440,763 ------------------------------------------ CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 DECEMBER 2006 9 months Year ended 31 Dec '06 31 Mar '06 £ £Net cash used in operating activities (213,534) (257,868) Investing activitiesInterest received 151,765 216,625Purchase of property, plant and equipment - (2,514)Loans granted (366,126) -Purchase of trading investments (200,700) (420,852)Proceeds on disposal of trading investments - 133,312 ------- ------- (415,061) (73,429) ------- ------- Financing activitiesCosts on the issue of shares - (262) ------- ------- - (262) ------- ------- Net decrease in cash and cash equivalents (628,595) (331,559) Cash and cash equivalents at the beginning of the 4,533,522 4,865,081period --------- ---------Cash and cash equivalents at the end of the period 3,904,927 4,533,522 --------- --------- Notes: 1. Basis of preparation The financial information set out above does not constitute the Company'sstatutory accounts within the meaning of section 240 of the Companies Act 1985.The information has been extracted from the Company's audited financialstatements for the period ended 31 December 2006. The auditors' report on thesefinancial statements was unqualified and did not contain a statement undereither section 237(2) or 237(3) of the Companies Act 1985. These financialstatements will be distributed to the shareholders and delivered to theRegistrar in due course. The accounting policies are consistent with those applied in the preparation ofthe statutory audited accounts for the year ended 31 March 2006, which have beenprepared in accordance with International Financial Reporting Standards. 2. Tax 9 months Year ended 31 Dec '06 31 Mar '06 £ £Current tax - -Deferred taxation (41,205) 71,199 ------- ------- Tax (credit)/charge (41,205) 71,199 ------- ------- Corporation tax is calculated at 30% (year ended 31 March 2006: 30%) of theestimated assessable (loss)/profit for the period. 3. (Loss)/Earnings per share Basic loss per share is calculated by dividing the loss attributed to ordinaryshareholders of £31,948 (Year ended 31 March 2006: profit £76,780) by theweighted average number of shares of 24,015,147 (Year ended 31 March 2006:24,015,147) during the period. The diluted loss per share calculation isidentical to that used for basic loss per share as the exercise of warrantswould have the effect of reducing the loss per ordinary share and is thereforenot dilutive under the terms of Financial Reporting Standard 22 "Earnings perShare". Enquiries: Lance O'Neill, Ragusa Capital Plc 020 7495 5326 Nigel Duxbury, Ragusa Capital Plc 020 7495 5326 James Steel, Arbuthnot Securities Limited 020 7012 2000 John Toll, Arbuthnot Securities Limited 020 7012 2000 This information is provided by RNS The company news service from the London Stock Exchange