PGR.L Regulatory News (PGR)

15 Dec 2005 12:54

Ragusa Capital PLC15 December 2005 RAGUSA CAPITAL PLC (the "Company") Interim results for the six months ended 30 September 2005 CHAIRMAN'S STATEMENT Introduction The results for Ragusa Capital Plc (the "Company") reflect the six month periodended 30 September 2005. Results for the Period The Company made a loss for the period, after taxation, of £83,412 afterreceiving interest of £108,954 and having paid administrative expenses of£121,558. The basic loss per share was 0.35 pence and 0.35 pence on a fullydiluted basis. The Company had cash balances of £4,716,190 at the period end. The loss for the period includes a loss of £70,808 on the sale of 243,000 sharesin Aurum Mining Plc as a result of the Company being deemed by The Panel onTakeovers and Mergers to be acting in concert with certain other shareholders inAurum Mining Plc. These other members of the concert party have agreed, in duecourse, to transfer sufficient of their shares in Aurum Mining Plc to reinstatethe position. The loss for the period also includes costs of approximately £15,000 associatedwith an aborted acquisition. Review of Activities As stated in the AIM admission document, the board believes that potentialopportunities lie in the natural resources sector. When the Company announcedits results for the period ended 31 March 2005, it announced it had identified apotential acquisition opportunity within the oil sector. The Company furtherannounced that the board was uncertain whether the parties would be able toreach agreement on revised terms, which the board felt were necessary as aresult of certain matters that came to light during the due diligence process.This has proved to be the case and discussions with this party have now brokenoff. Notwithstanding, the board continues to evaluate a number of opportunities withthe emphasis on one large and substantial investment. In addition the Company has a 3% holding in Aurum Mining Plc, a company that hasinvested in gold and other mineral exploration projects in the FSU and a 10%holding in Alba Mineral Resources Plc, a company that was formed to develop itsgold, nickel, and base metal projects and investigate, acquire and advancefurther exploration projects in Scotland, the Republic of Ireland and otherEuropean countries. Lance O'Neill Chairman15 December 2005 PROFIT AND LOSS ACCOUNT Unaudited Audited Six months ended Period ended 30 September 2005 31 March 2005 £ £Turnover from continuing operations - -Cost of sales - - --------------- --------------Gross profit - -Administrative expenses (121,558) (212,946) --------------- --------------Operating loss (121,558) (212,946)Loss on sale of investments (70,808) - --------------- --------------Loss on ordinary activities before interest (192,366) (212,946) Interest receivable and investment income 108,954 179,186 --------------- ---------------Loss on ordinary activities before taxation (83,412) (33,760) Tax on ordinary activities (note 2) - - ---------------- --------------Retained loss for the period (83,412) (33,760) ================ ==============Loss per ordinary 10p share (note 3)- basic 0.35 pence 0.2 pence- 0.35 pence 0.2 pencediluted BALANCE SHEET Unaudited Audited 30 September 2005 31 March 2005 £ £Tangible assets 3,258 4,044 Current assetsInvestments 597,507 550,775Debtors 33,089 40,149Cash at bank and in hand 4,716,190 4,865,081 -------------- -------------- 5,346,786 5,456,005 Creditors: amounts falling due within one year (58,238) (84,569) -------------- --------------Net current assets 5,288,548 5,371,436 -------------- -------------- -------------- --------------Total assets less current liabilities 5,291,806 5,375,480 ========= =========Capital and reservesCalled up share capital 2,401,515 2,401,515Share premium 3,007,463 3,007,725Profit and loss account (117,172) (33,760) -------------- -------------- 5,291,806 5,375,480 ============== ============== CASH FLOW STATEMENT Unaudited Audited Six months ended Period ended 30 September 2005 31 March 2005 £ £Net cash outflow from continuing operating activities (140,043) (167,871) Interest receivable and investment income 108,954 179,186 Purchase of tangible assets - (4,699) Purchase of investments (250,852) (550,775) Sale of investments 133,312 - Issue of shares net of costs (262) 5,409,240 --------------- --------------(Decrease)/increase in cash in the period (148,891) 4,865,081 =============== ============== Reconciliation of operating loss to net cash outflow from operating activities Operating loss (121,558) (212,946)Depreciation 786 655Decrease/(increase) in trade debtors 7,060 (40,149)(Decrease)/increase in trade creditors (26,331) 84,569 --------------- --------------Net cash outflow from operating activities (140,043) (167,871) =============== ============== NOTES 1. Basis of preparation The interim report for the six months ended 30 September 2005 is unaudited anddoes not constitute statutory accounts within the meaning of section 240 of theCompanies Act 1985. It has been prepared under the historical cost conventionand on a basis consistent with the accounting policies for the period ended 31March 2005. The financial information relating to the period ended 31 March 2005 has beenextracted from the statutory accounts for that period, a copy of which has beendelivered to the Registrar of Companies. The auditors report on those financialstatements was unqualified and did not contain a statement under section 237 (2)of the Companies Act 1985. 2. Taxation No charge to corporation tax for the period has been made due to the expectedtax losses available. 3. Loss per share Basic and diluted loss per share are presented in accordance with FRS14 "Earnings per share" based on the loss for the period of £83,412 (period ended 31March 2005 £33,760) and the following weighted average number of ordinaryshares. Six months ended Period ended 30 September 2005 31 March 2005Weighted average number of sharesBasic 24,015,147 16,774,618Dilutive effect of warrants - 552,408 -------------------------- ---------------------------- 24,015,147 17,327,026 ========================== ============================ 4. Investments The market value of investments, which are all quoted on AIM, at 30 September2005, was £572,769, at mid-market prices. Enquiries: Lance O'Neill, Ragusa Capital Plc 020 7499 8334Nigel Duxbury, Ragusa Capital Plc 020 7499 8334Liam Murray, City Financial Associates Limited 020 7090 7800 This information is provided by RNS The company news service from the London Stock Exchange