PGR.L Regulatory News (PGR)

11 Aug 2005 11:34

Ragusa Capital PLC11 August 2005 Ragusa Capital Plc Preliminary results for the period ended 31 March 2005 CHAIRMAN'S STATEMENT The results for Ragusa Capital Plc (the "Company") cover the period from 25March 2004, the date of incorporation, to 31 March 2005. Results for the period ended 31 March 2005 The Company incurred a loss for the period, after taxation, of £33,760 afterreceiving interest of £179,186 and having paid administrative expenses of£212,946. The basic loss per share was 0.2 pence and 0.2 pence on a fullydiluted basis. The Company had cash balances of £4,865,081 at the period-end. Review of activities The Company completed a successful placing of 10,265,147 ordinary shares on 15July 2004. The gross proceeds of the placing were £5.5 million and the ordinaryshares were admitted to trading on AIM on 15 July 2004. As stated in the AIM admission document, the Board believes that potentialopportunities lie in the natural resources sector. When the Company announcedits interim results on 10 December 2004 it announced it had identified apotential acquisition opportunity within the oil sector and that heads of termshad been entered into. Discussions between the parties have been ongoing forsome months and have taken longer than anticipated. As a consequence of thesediscussions certain matters have come to light and it has been necessary tore-evaluate certain elements of the proposal. The parties have not been able toreach agreement on revised terms to date and the Board are, therefore, uncertainas to whether agreement with the seller can still be reached and will make afurther announcement when the position is clearer. In addition during the period the Company acquired interests in two companies asfollows: - a 3% shareholding in Aurum Mining Plc a company that hasinvested in gold and other mineral exploration and extraction projects in theFSU. - a 10% shareholding in Alba Mineral Resources Plc a company thatwas formed to develop its gold, nickel and base metal projects and investigate,acquire and advance further exploration projects in Scotland, the Republic ofIreland and other European countries. Despite having spent a significant amount of time on the opportunity referred toabove the Board has continued to both research and evaluate other opportunitiesof varying sizes. Consequently, the Company has made two small investments, asreferred to above, which the Board believes will deliver meaningful returns.Notwithstanding these investments the Board is continuing to evaluate furtheropportunities with the emphasis on one large and substantial investment. Lance O'Neill Chairman 11 August 2005 Profit and Loss Account For the period ended 31 March 2005 2005 £Turnover - Cost of sales - Gross profit -Administrative expenses (212,946) Operating loss (212,946)Interest receivable and investment income 179,186 Loss on ordinary activities before taxation (33,760)Tax on loss on ordinary -activities Retained loss on ordinary activities after taxation (33,760) Loss per ordinary 10p share Basic 0.2 pence Diluted 0.2 pence BALANCE SHEET As at 31 March 2005 2005 £Fixed assetsTangible fixed assets 4,044 Current assetsInvestments 550,775Debtors 40,149Cash at bank and in hand 4,865,081 5,456,005 Creditors: Amounts falling due within one year (84,569) Net current assets 5,371,436 Total assets less current liabilities 5,375,480 Capital and reservesCalled up share capital 2,401,515Share premium account 3,007,725Profit and loss account (33,760) Equity shareholders' funds 5,375,480 CASH FLOW STATEMENTFor the period ended 31 March 2005 2005 £Net cash outflow from operating activities (167,871) Returns on investmentsInterest received 179,186 179,186 Capital ExpenditurePurchase of tangible assets (4,699) (4,699) Management of liquid resourcesPurchase of investments (550,775) (550,775) FinancingIssue of ordinary share capital net of costs 5,409,240 5,409,240 Increase in cash in the period 4,865,081 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 balance sheet at 31 March 2005 and the profit and loss account and cash flowstatement for the period then ended have been extracted from the Company'saudited financial statements. These financial statements will be delivered tothe Registrar of Companies and shareholders in due course. 2. Loss per share Basic loss per share is calculated by dividing the loss attributed to ordinaryshareholders of £33,760 by the weighted average number of shares during theperiod. Diluted loss per share is calculated by adjusting the weighted averagenumber of ordinary shares in issue on the assumption of conversion of alldilutive potential ordinary shares. 2005Weighted average number of sharesBasic 16,774,618Dilutive effect of warrants 552,408 Weighted average number of shares diluted 17,327,026 Enquiries: Lance O'Neill, Ragusa Capital Plc 020 7499 8334Nigel Duxbury, Ragusa Capital Plc 020 7499 8334Liam Murray, City Financial Associates Ltd 020 7090 7800 This information is provided by RNS The company news service from the London Stock Exchange