Sorbic International Regulatory News (SORB)

23 May 2008 07:36

Ninety Plc (the 'Company')

(AIM: NINE)

Unaudited Interim Results to 29 February 2008

Ninety Plc, a company established in order to acquire a controlling interest in a company, partnership or joint venture which will be located in the UK or Asia, is pleased to announce its unaudited interim results to 29 February 2008.

Website and contacts:

www.ninetyplc.co.uk

Angus Irens, Executive Director Tel: 020 3178 4506

Geoff Nash, FinnCap Tel: 020 7600 1658

Executive Director's Statement

I am pleased to be able to report on the Company's first trading period from incorporation on 15 June 2007 to 29 February 2008 (eight and a half months).

On 24 October 2007, the Company successfully placed 319,500,000 ordinary shares raising £3.1 million after issue expenses and was admitted to trading on AIM.

The issued share capital as at 29 February 2008 is 374,500,020 ordinary shares of 0.1p each.

Trading

As stated in the AIM admission document dated 19 October 2007, the Company has been established in order to acquire a controlling interest in a company, partnership or joint venture, still to be identified, located in the UK or Asia.

In this first period since incorporation, the Company has made a small loss after taxation of £17,152, which equates to a loss of 0.008 pence per share, and at 29 February 2008 holds cash balances of £3.06 million.

Investment Strategy and Progress to Date

Ninety Plc is the second investment vehicle listed by Albany Capital Plc. The first, Vestpa Plc, successfully completed the acquisition by way of reverse takeover of the China Food Company Plc in December 2007.

The Directors of Ninety Plc continue to evaluate a number of potential acquisitions, as outlined in the Company's admission document with the aim of completing a similar transaction to the one completed by Vestpa Plc.

I hope to be reporting to you shortly regarding developments.

Angus Irens

Executive Director

23 May 2008 

Unaudited condensed income statement for the period ended 29 February 2008

Unaudited condensed balance sheet as at 29 February 2008

Unaudited condensed statement of changes in shareholders' equity for the period ended 29 February 2008 

Unaudited condensed cash flow statement for the period ended 29 February 2008

Notes to the interim financial statements for the period ended 29 February 2008 

1. Basis of preparation

The interim financial statements for the eight and a half months ended 29 February 2008 has been prepared using accounting policies consistent with International Financial Reporting Standards and those set out in the Company's AIM Admission Document dated 19 October 2007, and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

2. Significant accounting policies

The interim financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and balances with banks and other financial institutions and investments in money market instruments.

Financial instruments

Initial recognition and measurement

Financial instruments are recognised when the Company becomes party to the transaction. Initial measurement is at cost, which includes transaction cost, or fair value. Subsequent to initial recognition, these instruments are measured as follows:

Trade and other receivables 

Trade and other receivables are measured at amortised cost using the effective interest rate method.

Trade and other payables 

Trade and other payables are recognised at fair value, which is the agreed market price at the time the goods and services are provided. The Company accrues for all goods and services consumed but as yet unbilled at amounts representing management's best estimate of fair value.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

3.  Loss per share

The calculation of the loss per ordinary share is based on the loss on ordinary activities after taxation for the period and on the weighted average number of ordinary shares in issue during the period.

A reconciliation of the loss and weighted average number of shares used in the calculation are set out in the table below.

4. Share capital

The Company was incorporated on 15 June 2007 with an authorised share capital of £50,000 divided into 5,000,000 ordinary shares of 1p each.

Following written resolutions dated 26 July 2007, the authorised share capital of the Company was increased to £500,000 and sub-divided so that the authorised share capital was 500,000,000 ordinary shares of 0.1p each.

On incorporation, the Company allotted and issued 20 ordinary shares of 0.1p each at par.

On 26 July 2007, the Company allotted and issued 55,000,000 ordinary shares of 0.1p each for a total cash consideration of £55,000.

On 24 October 2007, the Company allotted and issued 319,500,000 ordinary shares of 0.1p each for a total cash consideration after expenses of £3,066,000.

5. Share-based Payments

On the 19 October 2007, the Company entered into an option agreement with JM Finn Capital Markets Limited ("FinnCap") whereby the Company agreed to grant FinnCap an option to subscribe for shares in the Company as part consideration for corporate finance fees relating to the Company's admission to AIM. The option entitles FinnCap to subscribe for 5,500,000 Ordinary Shares of 0.1 pence at an exercise price of 1.0 pence per share. The Company has recognised a charge to the share premium account of £32,450 in respect of the share options granted to FinnCap in accordance with IFRS 2, Share-based Payment.

6. Ultimate Parent Undertaking

The Company's ultimate parent undertaking is Albany Capital Plc, a company incorporated in the United Kingdom. Albany Capital Plc owns 71.99 per cent of the Company's issued ordinary share capital.

7. Other information

The interim financial statements for the eight and a half months ended 29 February 2008 does not constitute statutory financial statements, and has not been audited by the Company's auditors.

The interim financial statements were approved by the Directors on 22 May 2008.

A copy of the interim financial statements will not be posted to shareholders but will be made available to the public at the Company's registered office, 17 Hanover Square, London W1S 1HU and on the Company's website.