Red Leopard Holdings Regulatory News (RLH)

26 Sep 2006 07:01

Red Leopard Holdings PLC26 September 2006 26-Sep-2006 Red Leopard Holdings PLC and Subsidiary ('Red Leopard Holdings PLC and Subsidiary' or the 'Group') Interim results for the six months to 30 June 2006 Chairman's statement The six months to 30 June 2006 has seen further steady progress by the Grouptowards our main objective of securing property sites for the development of theCourtyard by Marriott apart-hotel concept in the UK. The continued absence ofearly revenue reflects the challenges involved in planning and property leasingnegotiations, but your board remains confident that discussions underway duringthe period and subsequently will secure the initial project we are hoping for indue course. I am pleased to report that during the period we have been able to exploit thestrong positioning opportunities provided by our investment in ConvexConveyancing Ltd and our ownership of Harrell Hotels (Europe) Ltd. The setbackin our plans to develop a Courtyard by Marriott aparthotel at North BrentfordQuarter in West London means that project is now unlikely to be the first weshall be able to get underway. We are, however, progressing steadily with plansfor two alternative sites, in the Midlands and the North, and remain confidentwe shall be able to proceed with market and feasibility reports needed toconfirm the viability of the projects. At the same time, we are also continuing with our wider long-term objective tobecome a strategic investor in businesses we believe offer strong growthpotential. Alongside our interest in aparthotel opportunities, and allied tothem, we are well positioned to exploit the opportunities of our investment inConvex Conveyancing Ltd which, as I explained to shareholders with our finalresults for 2005, is a company providing a web-based technology platform for theconveyancing sector. We also remain alert to possibilities created by ourinvestment in Venue Solutions Ltd, a company specialising in the provision ofvenue management technologies and services. We continue to be solidly positioned to pursue this range of opportunities, withnet assets of £1,646,901 as at June 30, 2006, and cash balances of £369,445. The Directors' do not propose paying a dividend. As always, I would like to thank the small and hard-working team who continue towork hard to bring our first projects to fruition. Clive RussellChairman For further information: Red Leopard Holdings PLCMr Robert Coe, 020 7724 6060 Profit And Loss AccountFor the period 1/01/06 to 30/06/06 Note Period Ended 30/06/2006 (unaudited) £ Turnover -Administrative expenses (256,042) ------------Operating Loss (256,042)Interest Receivable 6,473Loss on ordinary activities before taxation 1 (249,569)Taxation - ------------Loss on ordinary activities after taxation (249,569) ------------ Basic and diluted earnings per Ordinary share (pence) (0.11) ------------ Dividends per share (pence) 0 ------------ Balance Sheet As at 30/06/06 Note 30/06/2006 (unaudited) £ £ Intangible Fixed AssetsGoodwill 2,352,956 Listed Investments 150,000 -------------- 2,502,956 Tangible Fixed AssetsFurniture, Fittings and Equipment 1,106 Debtors due after more than one yearOther Debtors 50,000 Current AssetsCash at Bank and in Hand 369,445Debtors 29,512 ----------- 398,957 Creditors: Amounts falling due within one year (56,118) -----------Net Current Assets 342,839 -------------Total Assets less Current Liabilities 2,896,901 Creditors: Amounts falling due in greater than one year 2 (1,250,000) -------------Net Assets 1,646,901 ------------- Called up share capital 3 441,198Share premium 4 1,775,327Profit and loss account (569,624) -------------Equity shareholders funds 1,646,901 -------------Net assets per share (pence) 5 0.75 ------------- Cash Flow Statement For the period from 1/01/06 to 30/06/06 Note Period Ended 30/06/2006 (unaudited) £ Net cash inflow from operating activities (186,435) Returns on investment and servicing of finance -Interest received 6,473 Capital expenditurePayments to acquire tangible fixed assets (395) -------------Decrease in cash (180,357) ------------- Notes to the Interim Report 1. Loss on ordinary activities before taxation The loss for the period is representative of operational overheads incurred inthe period. 2. Creditors: Amounts falling due in greater than one year This balance relates to an amount due on the acquisition of Harrell Hotels(Europe) Limited, payable in Conditional Shares providing the Vendor brings tothe company within 3 years of Admission three hospitality business opportunitiesand one non-hospitality business opportunity which the Directors deem feasible. 3. Called up share Capital The issued share capital compromises 220,599,230 ordinary shares of 0.2p each,consisting of 80,000 shares of £1 each issued as 80,000 £1 subscriber shares onincorporation and converted into 0.2p shares, 149,830,000 ordinary shares issuedat a price of 1p per ordinary share, and 30,769,230 ordinary shares issued at aprice of 3.25p per ordinary share. 4. Share premium The share premium represents: £ Premium arising on issues of ordinary shares 2,137,102Expenses of share issues (361,775) -------------At 30th June 2006 1,775,327 ------------- 5. Net assets per share The calculation of net assets per share is based on the net assets at the end ofthe period of £1,646,901 and on the number of ordinary shares in issue(220,599,230) at 30th June 2006. 6. Preparation of Interim Report The interim financial information for the period from 1st January 2006 to 30thJune 2006 was approved by the directors on 30th September 2006. 7. Financial information The financial information in this statement does not constitute statutoryaccounts within the meaning of section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange