Sylvania Platinum Regulatory News (SLP)

25 Apr 2007 16:21

This announcement replaces the earlier announcement released today at 14.27, this is due to some character corruption in the balance sheet and cash flow statement. No other changes were made.

For Immediate Release 25 April 2007 SILENTPOINT PLC ("Silentpoint" or "the Company") Preliminary results for the year ended 31 October 2006

Silentpoint today announces its results for the year ended 31 October 2006.

Highlights:

* Profit before tax : ‚£27,470 (2005: ‚£131,687); * Earnings per share 0.12p (2005: 0.66p); * Cambrian Oil PLC acquires 22 per cent. in MEO Australia, an emerging LNG/ methanol producer; * Cambrian Oil PLC acquired by AIM listed Xtract Energy since the period end; * India Star Energy PLC continues to develop its platinum, palladium and uranium assets; and * Net cash of ‚£424,676 as at 31 October 2006; Further Enquiries:Silentpoint plc Smit Berry Tel: 020 8656 4648 Haresh Kanabar Tel: 020 7297 0010 John East & Partners Limited Tel: 020 7628 2200 David Worlidge/Simon Clements Chairman's statement

I am pleased to present our results for the year ended 31 October 2006.

The Company made a profit for the period of ‚£27,470 before taxation (2005: ‚£ 131,687) but after allowing for a non-cash provision for ‚£129,360 for diminution in the value of certain trading shareholdings. The pre-tax profit takes into account gains from share disposals and interest receivable on the Company's cash balance. After funding share buy backs, net assets at the year end were ‚£1,373,661 (2005: ‚£1,466,295), which includes net cash of ‚£424,676 (2005: ‚£633,715).

Last year we cautioned that the market for natural resource companies would polarise in favour of those companies which were at production stage and away from those that were at exploration stage. The reduction in profit before tax reported for this period is mostly due to the fact that the market prices for two of our significant shareholdings in this sector stood at a low point at the end of October 2006.

In line with Silentpoint's previous conservative policy, we do not revalue upwards our holdings in shares until disposal but hold these on the balance sheet at the lower of cost or net realisable value. For example, shares in India Star Energy Plc were standing at a mid price of 0.73p (compared to an average cost of 0.80p) and those in Cambrian Oil & Gas were standing at 3.5p (compared to an average cost of 4.37p) as at 31 October 2006. They were written down accordingly. Shares in both these companies have recovered since, but are still held in the balance sheet at 31 October 2006 at the written down value.

Since the year end, Cambrian Oil & Gas PLC ("COIL") has been acquired in a share-for-share offer by AIM-listed Xtract Energy PLC ("Xtract") and has become a wholly-owned subsidiary of Xtract. COIL held several oil and gas projects in the Krygz Republic at this time last year although the potential for these prospects has been dwarfed by the 22 per cent. interest which it acquired during the year in MEO Australia, an emerging LNG/methanol producer. MEO Australia offers COIL high risk exposure to the development of two world scale gas to liquids projects which have already received critical approval from the Australian Government. Although the potential for this project is somewhat diluted by becoming part of a larger operation, Xtract is expected to provide COIL with greater resources to develop its projects.

India Star Energy PLC ("INDY"), which holds a direct joint venture interest in a uranium property as well as interests in two Canadian companies which provide exposure to platinum, palladium and copper exploration, continues to fare well. In March 2007, INDY reported that it had experienced significant drilling success with a major copper zinc discovery at one property. Progress is also being made on developing its uranium asset.

Elsewhere, we continue to deploy the remainder of our assets in a spread of quoted companies across a number of sectors which the Board feel have prospects for enhancing our returns.

Dividend and share buy-backs

No dividend is being proposed at this time as the Board believes it prudent to continue to deliver capital growth for shareholders.

As part of this process, in line with our commitment at last year's AGM, Silentpoint bought back for cancellation 1,570,000 shares at a total cost of ‚£ 121,029 during the year to 31 October 2006.

Following these transactions, there was an average of 16,797,083 shares in issue during the year. The Directors will continue to monitor the position and will, if appropriate, make further purchases of the Company's own shares.

Outlook

Most asset classes appear overvalued in the short term and with interest rates finally rising and growth slowing, valuations are set to become more compelling. Our strong cash balance therefore positions us well for opportunities up ahead. I thank shareholders for their commitment.

Haresh KanabarChairman25 April 2007PROFIT AND LOSS ACCOUNT

For the year ended 31 October 2006

Notes 2006 2005 ‚£ ‚£ Turnover 245,910 203,974 Diminution in value of stocks (129,360) (20,000) Other operating expenses (net) (111,595) (84,426) Operating profit 4,955 99,548 Other interest receivable and similar 22,515 32,139income Profit on ordinary activities before 27,470 131,687taxation Taxation (6,661) (16,274) Profit on ordinary activities after 20,809 115,413taxation being retained profit for the year Earnings per share - basic and diluted 3 0.12p 0.66p

The operating profit for the year arises from the Company's continuing operations.

No separate statement of total recognised gains and losses has been presentedas all such gains and losses have been dealt with in the profit and lossaccount.BALANCE SHEETAs at 31 October 2006 2006 2005 ‚£ ‚£ Fixed assets Fixed asset investment 1 - Current assets Stocks 792,088 766,914 Debtors 189,592 96,240 Cash at bank and in hand 424,676 633,715 1,406,356 1,496,869

Creditors: amounts falling due within one year (32,696) (30,574)

Net current assets 1,373,660 1,466,295 Total assets less current liabilities 1,373,661 1,466,295 Capital and reserves Share capital 318,600 350,000 Share premium 1,076,496 1,076,496 Capital redemption reserve 31,400 - Profit and loss account (52,835) 39,799 Shareholders' funds - equity interests 1,373,661 1,466,295

CASH FLOW STATEMENT

For the year ended 31 October 2006

2006 2005 ‚£ ‚£ Net cash outflow from operating activities (94,250) (249,001) Returns on investments and servicing of finance 22,515 32,139 Taxation (16,274) - Management of liquid resources 180,282 205,908 Financing (121,029) - Decrease in cash in the year (28,756) (10,954) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Decrease in Cash in the Year (28,756) (10,954) Cash (outflow)/inflow from increase in liquid (25,748) 407,793resources Change in net funds resulting from cash flows (54,504) 396,839 Non-cash movement of funds (129,360) (20,000) Movement in Net Funds in the Year (183,864) 376,839 Net Funds at 1 November 2005 1,400,629 1,023,790 Net Funds at 31 October 2006 1,216,765 1,400,629

Notes to the Preliminary Results

1. The financial statements have been prepared under historical cost

convention and in accordance with applicable accounting standards.

2. No dividend is proposed for the year ended 31 October 2006.

3. Basic earnings per ordinary share have been calculated using the weighted

average number of shares in issue during the financial year. The weighted average number of equity shares in issue is 16,797,083 (2005: 17,500,000) and the profit after tax is ‚£20,809 (2005: ‚£115,413) The diluted earnings has been calculated using the weighted average number of shares in issue 16,897,083 taking into effect the dilutive share options outstanding. As the resulting earning per shares equates to the basic earnings per share a separate line has not been included on the profit and loss account

4. The financial information set out in this preliminary announcement does not

constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The profit and loss account for the year ended 31 October 2006, the balance sheet as at 31 October 2006 and the cash flow statement and associated notes for the year then ended have been extracted from the Company's financial statements upon which the auditors have given an unqualified audit report. Those financial statements have not yet been delivered to the Registrar of Companies. The 2005 accounts have been delivered to the Registrar of Companies and the auditors reported on them, their report was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985.

5. Copies of the annual accounts are being sent to shareholders and are

available from the Company's registered office, 84 Addiscombe Road,

Croydon, Surrey CR0 5PP.