Sylvania Platinum Regulatory News (SLP)

20 Jul 2007 12:45

20 July 2007 SILENTPOINT PLC ("Silentpoint" or "the Company") Interim results for the six months ended 30 April 2007

CHAIRMAN'S STATEMENT

Silentpoint, the investment company, today announces its unaudited results for the six months ended 30 April 2007. The Company continued its strategy of making investments during the period and at the balance sheet date had cash balances of ‚£449,913 and net assets of ‚£1,382,000.

During the six months to 30 April 2007 the Company received ‚£11,814 of net interest income and also generated profits of ‚£36,946 from the sale of investments. In line with Silentpoint's previous conservative policy, holdings in shares are not revalued until disposal but the investments are "marked to market" and held on the balance sheet at the lower of cost or net realisable value. Gains are only recognised on disposal.

As stated in the results for the year ended 31 October 2006, two of our earlier investments have shown positive capital value improvements but remain in the Company's balance sheet at the previously written down values. Xtract Energy PLC which acquired Cambrian Oil & Gas PLC via a Scheme of Arrangement is currently trading at a premium. The Company's largest investment is MEO Australia, an emerging LNG/methanol producer. India Star Energy PLC, which holds a joint venture interest in a uranium property in addition to interests in two Canadian companies which provide exposure to platinum, palladium and copper exploration, continues to fare well.

In addition, Silentpoint has a managed portfolio of other quoted investments and continue to assess potential investments.

Outlook

We have made a number of investment disposals during the second half of the financial year which should impact positively on our performance. The Board anticipates a satisfactory outcome for the full year.

Haresh KanabarChairman20 July 2007Further Enquiries:Silentpoint plc Smit Berry 020 8656 4648 Haresh Kanabar 020 7297 0010 John East & Partners David Worlidge / Simon Clements 020 7628 2200 Limited Profit and Loss AccountFor the six months ended 30 April 2007 Six months Six months Year ended ended ended 31 October 30 April 30 April 2006 2007 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Turnover - investment income 36,946 231,391 245,910 Diminution in value of current asset - (80,000) (129,360)investments Other operating expenses (net) (38,097) (70,486) (111,595) Operating (loss)/profit (1,151) 80,905 4,955 Other interest receivable and similar 11,814 11,579 22,515income Profit on ordinary activities before 10,663 92,484 27,470taxation Taxation (2,026) (18,000) (6,661) Profit on ordinary activities after 8,637 74,484 20,809taxation Earnings per share - basic and diluted 0.05p 0.44p 0.12pBalance SheetAs at 30 April 2007 As at As at As at 30 April 30 April 31 October 2007 2006 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Fixed Assets Investments 1 - 1 1 - 1 Current assets Investments 826,066 1,126,204 792,088 Debtors 155,055 17,813 189,592 Cash at bank and in hand 449,913 555,180 424,676 1,431,034 1,699,197 1,406,356

Creditors falling due within one year (48,737) (197,029) (32,696)

Net current assets 1,382,297 1,502,168 1,373,660

Total assets less current liabilities 1,382,298 1,502,168 1,373,661

Capital and reserves Share capital 318,600 339,500 318,600 Share premium account 1,076,496 1,076,496 1,076,496 Capital redemption reserve 31,400 10,500 31,400 Profit and loss account (44,198) 75,672 (52,835) Shareholders' funds - equity 1,382,298 1,502,168 1,373,661

Cash flow statement for the six months ended 30 April 2007

Six months Six months Year ended ended ended 31 October 30 April 30 April 2006 2007 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Net cash inflow/(outflow) from 13,423 (51,503) (94,250)operating activities

Returns on investments and servicing 11,814 11,579 22,515 of finance

Taxation - - (16,274) Net cash inflow/outflow before 25,237 (39,924) (88,009)financing and use of liquid resources Management of liquid resources (Increase)/reduction in treasury (10,152) 189,272 180,282reserve deposits Capital expenditure Purchase of own shares - (38,611) (121,029) Increase/(decrease) in cash in the 15,085 110,737 (28,756)period

Notes to the Interim Results

1. Basis of preparation

The interim accounts for the six months ended 30 April 2007 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985.

The financial statements have been prepared in accordance with currently applicable Accounting Standards in the United Kingdom, which have been applied consistently, and under the historical cost convention.

Accounting policies consistent with those applied in the financial statements for the year ended 31 October 2006 have been used in preparing the unaudited interim financial statements for the six months ended 30 April 2007.

2. Taxation

The charge for taxation is based on the profit for the period as adjusted for disallowable items.

3. Dividends

The Directors are not declaring a dividend for the six months ended 30 April 2007.

4. Earnings per ordinary share

The calculation of basic and diluted earnings per share of 0.05 pence is based on the profit for the period of ‚£8,637 (2006: ‚£74,484) and on 15,930,000 (2006: 16,998,077) ordinary shares, being the weighted average number of ordinary shares in issue during the six months ended 30 April 2007.

5. Copies of interim results

Copies of the interim results are available from the Company's office, 84 Addiscombe Road, Croydon, Surrey CR0 5PP.