Sylvania Platinum Regulatory News (SLP)

25 Jul 2005 06:00

To be embargoed until 25th July 7.00am SILENTPOINT PLC. ("Silentpoint" or "the Company") Interim Results for the six months ended 30th April, 2005 Silentpoint Plc, the investment company, today announces its interim resultsfor the six months to 30th April 2005.Highlights* The Company returned a pleasing result:Profit before tax ‚£57,497 (2004: ‚£51,470 )Earnings per share of 0.33p (2004: 0.29p)Net assets per share of 8p (2004: 7.44p), based on investments valued at cost.* The good performance reflects the benefits of continuing the policy ofinvesting in quality small quoted companies with prospects of capital growth.* Cambrian Oil & Gas Plc prospect of early cashflows from water floodingprogramme* Acquisition of a 28.6% interest in India Star Energy Plc in March* Current net cash, after that investment, of ‚£700,000 (representing 4p pershare)* Outlook continues to be encouragingCommenting today Haresh Kanabar, Chairman, said "What we have shown is that acarefully managed portfolio has performed well in terms of both capital growthand investment income. Until recently we have maintained relatively high levelsof cash and this has held back potential returns. The Board will seek toaccelerate the rate at which we make investments in the future although wewould caution that this may have an effect on our profitability in the shortterm."Enquiries:Smit Berry, Chief Executive, Silentpoint Plc 020 8656 4648CHAIRMAN'S STATEMENTI am pleased to report that the year has started well with a pretax profit of ‚£57,497 during the first half to 30 April 2005 which is an improvement over thepretax profit of ‚£51,470 reported at the interim stage last year. Earnings pershare increased to 0.33p (2003: 0.29p).Profits on the sale of investments realised during the first half together withinterest received amounted to ‚£99,844. As always, it is important to note thatwe do not revalue investments but hold them on the balance sheet at the lowerof cost or net realisable value. Net assets were enhanced by the corporatetransactions during the period.Currently almost 30% of AIM constituents in value terms comprise junior oilplays and our expectation is that a vast number of the exploration plays willrequire further rounds of funding in the months ahead. Against that backdrop,whilst Silentpoint holds two investments in the resource sector, ourexpectation is that the current investment cycle will continue to see investorsfavouring maturing companies against emerging explorers and explorers thatremain well funded.We have not ruled out looking at other sectors and feel that a technologyrevival is underway which should also throw up attractive investmentopportunities. We currently have cash resources in excess of ‚£0.7 million (4pper share).Cambrian Oil & Gas Plc (AIM: COIL)When we made our investment earlier in the year in Cambrian Oil & Gas Plc, itwas on the prospect of the company being close to production. The companyremains well financed with cash of over ‚£2 million.Cambrian Oil's main operating subsidiary, Zhibek Resources Plc, previously adivision of Cambrian Mining Plc continues to be active in the Kyrgyz Republic,part of the former Soviet Union and an established oil producing country.It is continuing to operate its production sharing contract with Kyrgyzneftegasto work over the Beshkent Togap field in the south-west of the country. Thisfield has more than 70 producing wells and has produced 4 million barrels ofoil to date and Cambrian Oil & Gas has therefore initiated a water floodingprogramme to improve recovery rates and provide early cash flows for thecompany with relatively low risk. Little modern technology has historicallybeen applied to the field and the construction of the water injection plant tomaximise flows is now nearing completion and the water injection will thencommence on a phased-rollout basis.The development of the licence (72%) in the Tash Kumyr region, where thecompany has used seismic data to identify five drilling targets is advancingwell and a decision to drill will be made following that. South Karagundai hasthe potential to deliver a significant upside for shareholders. Cambrian Oil &Gas continues to have an active program of screening new ventures and hasrecently acquired additional oil-exploration acreage within the KyrgyzRepublic.India Star Energy Plc (AIM: INDY)This investment was completed during the first half and India Star Energy Plchas since been admitted to AIM. India Star Energy is a newly incorporatedcompany that was established to invest in or acquire interests in projects,businesses or companies in the resource sector with a focus on energy.The directors of India Star Energy anticipate that acquisitions will mainly bein the non-renewable energy sector which includes oil, gas, coal and uranium.With growth in manufacturing output demand for non-renewable energy sources inits targeted geographies continues to increase. Earlier this month, India Starannounced that it has acquired a 50 per cent. interest in a joint venture todevelop uranium properties and has now acquired its first uranium property inNorth Western Ontario. The company holds cash in excess of ‚£0.8 million.The uranium market remains buoyant and is driven by a growing recognition thatnuclear energy offers a clean and energy efficient fuel source that also emitsfewer greenhouse gases. Wholesale uranium prices have doubled during the past18 months on expectations that nuclear power reactors being built in China,India and Russia will drain inventories.India Star is currently examining other energy investments in the oil and gassectors.OutlookWhat we have shown is that a carefully managed portfolio has performed well interms of both capital growth and investment income. Until recently we havemaintained relatively high levels of cash and this has held back potentialreturns but the Board will seek to accelerate the rate at which we makeinvestments in the future although we would caution that this may have aneffect on our profitability in the short term.Haresh KanabarChairmanProfit and Loss AccountFor the six months ended 30 April 2005 Notes Six months Six months Period ended ended ended 31st October, 30th April, 30th April, 2004 2005 2004 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Other operating expenses (42,347) (54,179) (76,472) OPERATING LOSS (42,347) (54,179) (76,472) Investment Income 99,844 105,649 177,176 PROFIT ON ORDINARY 57,497 51,470 100,704ACTIVITIES BEFORE TAXATION Taxation - - - PROFIT FOR THE PERIOD 57,497 51,470 100,704 Earnings per share 0.33p 0.29p 0.58pBalance SheetAs at 30 April 2005 As at As at As at 30th April, 30th April, 31st October, 2005 2004 2004 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Current Assets Investments 665,229 299,133 173,213 Debtors and prepayments 55,833 5,921 75,680 Cash at bank and in hand 715,330 1,012,326 850,577 1,436,392 1,317,380 1,099,470 Current Liabilities Creditors (28,013) (15,732) (12,588) Net Current Assets 1,408,379 1,301,648 1,086,882 Net Assets 1,408,379 1,301,648 1,350,882 Capital and Reserves Share Capital 350,000 350,000 350,000 Share Premium Account 1,076,496 1,076,496 1,076,496 Profit and Loss Account (18,117) (124,848) (75,614) Shareholders' Funds 1,408,379 1,301,648 1,350,882Notes to the Interim Results1. Basis of preparationThe Interim accounts for the six months ended 30th April, 2005 are unauditedand do not constitute statutory accounts in accordance with section 240 of theCompanies Act 1985.2. DividendsNo dividend is proposed for the six months ended 30th April, 2005.3. TaxationOn the grounds of brought forward losses, there is no taxation charged to theprofit and loss account in this period.4. Earnings per shareThe earnings per share has been calculated by dividing the profit aftertaxation for the period of ‚£57,497 (2004: ‚£51,470) by the weighted averagenumber of ordinary shares of 17,500,000 (2004: 17,500,000) in issue during theperiod.5. Copies of the Interim results are available from 84 Addiscombe Road,Croydon, CR0 5PP.ENDSILENTPOINT PLC