30 Sep 2011 07:00
Woodburne Square AG plc
("Woodburne Square" or the "Group")
Interim Results for the six months ended 30 June 2011
Woodburne Square AG plc (AIM:WSAG), the silver and precious metals focused investment company, announces its unaudited interim results for the six months ended 30 June 2011.
Highlights
·; Net assets at period end were £1.574 million (2010 £1.40 million) representing 2.80 (2010: 2.77) pence per share.
·; Losses from continuing operations reduced to £247,000 (compared to a loss of £362,000 in H1 2010).
·; The Company raised £605,000, before expenses. This funding will be used to make further investments in high quality silver companies listed on the TSX and ASX.
For further information, please contact:
Woodburne Square Ag plc
Martin Kiersnowski, Chairman
Tel: 0207 562 3350
Libertas Capital Corporate Finance Limited
Sandy Jamieson
Tel: 0207 569 9650
Rivington Street Corporate Finance
Jon Levinson/ Dru Edmonstone
Tel: 020 7562 3357
Bishopsgate Communications
Nick Rome/Shabnam Bashir
Tel: 0207 562 3355
Chairman's Statement
Following the General Meeting held on 7 January 2011, the Company adopted a new investment strategy focusing on precious metals and silver in particular, under the guidance of a new investment officer, Mr Tom Winnifrith. It was also agreed at the General Meeting to reflect this new direction with a name change from Directex Realisations plc to Woodburne Square AG plc.
The Company's remaining non-cash asset, its 12.2% stake in Web Clubs Ltd, has been the subject of buyback discussions with Web Clubs Ltd and I am pleased to report that a settlement was reached on 8 September 2011 resulting in the payment of a consideration of £100,000. This asset has been accounted at nil value and therefore the sale of these shares will be reported as profit at year end.
Net assets at period end were £1.574 million (2010 £1.40 million) representing 2.80 (2010: 2.77) pence per share.
The Company raised £605,000 before expenses on 28 February 2011. Of the total amount raised, £365,000 was raised via a placing of 6,952,381 new ordinary shares of 0.4p in the Company at 5.25p a share ("Placing Shares"), and £240,000 was raised via the issue of new convertible loan notes (the "Loan Notes"). The Loan Notes do not carry a coupon, are redeemable in December 2012 and are convertible at any time, at the discretion of the note holder, into new ordinary shares at 5.25p per share.
The Board has continued to maintain costs at an absolute minimum with no full time employees.
Our wholly-owned subsidiary, Direct Excellence Ltd, has continued to maintain a French branch using outsourced services to manage remaining assets.
Outlook
Woodburne Square remains focused on exploring all investment opportunities to maximise shareholder value. We would like to thank shareholders for their continued support and will update the market with developments in due course.
Martin Kiersnowski
Chairman
30 September 2011
Woodburne Square Ag plc
Unaudited interim results for the period ended 30 June 2011
Consolidated income statement | 6 months to 30 June 2011 | 6 months to 30 June 2010 | Year ended 31 December 2010 | |||
Notes | ||||||
£'000 | £'000 | £'000 | ||||
Continuing operations | ||||||
Revenue | - | - | - | |||
Cost of Sales | - | - | - | |||
Gross Profit | - | - | - | |||
Administrative expenses | (70) | (307) | (338) | |||
Operating loss | (70) | (307) | (338) | |||
Finance costs | ||||||
- Finance costs | 3 | (81) | (55) | (6) | ||
- Investment loss | (96) | - | - | |||
Loss before tax | (247) | (362) | (344) | |||
Tax | - | - | - | |||
Loss for the period from continuing operations | (247) | (362) | (344) | |||
Discontinued operations | ||||||
Profit for the period from discontinued operations | - | 1,667 | 1,616 | |||
(Loss)/profit for the period | (247) | 1,305 | 1,272 | |||
(Loss)/ earnings per share | ||||||
Continuing operations | 4 | |||||
-Basic (pence) | (0.44) | 0.72 | (0.68) | |||
-Diluted (pence) | (0.44) | 0.72 | (0.68) | |||
Discontinued operations | ||||||
-Basic (pence) | - | 3.30 | 3.20 | |||
-Diluted (pence) | - | 3.30 | 3.20 | |||
Total | ||||||
-Basic (pence) | (0.44) | 2.58 | 2.52 | |||
-Diluted (pence) | (0.44) | 2.58 | 2.52 |
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Consolidated statement of comprehensive income | ||||||
6 months to 30 June 2011 | 6 months to 30 June 2010 | Year ended 31 December 2010 | ||||
Notes | ||||||
£'000 | £'000 | £'000 | ||||
(Loss)/profit for the period | (247) | 1,305 | 1,272 | |||
Other comprehensive (loss) / income | ||||||
Exchange differences on transition of foreign operations | (2) | - | 91 | |||
Tax taken directly to equity | - | - | - | |||
Other comprehensive (loss) / income, net of tax | (2) | - | 91 | |||
Total comprehensive (loss) / income for the period | (249) | 1,305 | 1,363 |
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Share Capital | Share Premium | Other reserve | Retained earnings | Total | ||||||
£'000 | £'000 | £'000 | £'000 | £'000 | ||||||
Changes in equity | ||||||||||
Loss for the period | - | - | - | (247) | (247) | |||||
Other comprehensive income for the period | - | - | - | (2) | (2) | |||||
Total comprehensive income for the period | - | - | - | (249) | (249) | |||||
Issue of share capital | 28 | 337 | - | - | 365 | |||||
Balance at 1 January 2011 | 202 | 26,680 | 2,372 | (27,796) | 1,458 | |||||
Balance at 30 June 2011 | 230 | 27,017 | 2,372 | (28,045) | 1,574 | |||||
£'000 | £'000 | £'000 | £'000 | £'000 | ||||||
Changes in equity | ||||||||||
Profit for the period | - | - | - | 1,305 | 1,305 | |||||
Other comprehensive income for the period | - | - | - | - | - | |||||
Total comprehensive income for the period | - | - | - | 1,305 | 1,305 | |||||
Balance at 1 January 2010 | 202 | 26,680 | 2,372 | (29,159) | 95 | |||||
Balance at 30 June 2010 | 202 | 26,680 | 2,372 | (27,854) | 1,400 | |||||
£'000 | £'000 | £'000 | £'000 | £'000 | ||||||
Changes in equity | ||||||||||
Profit for the period | - | - | - | 1,272 | 1,272 | |||||
Other comprehensive income for the period | - | - | - | 91 | 91 | |||||
Total comprehensive income for the period | - | - | - | 1,363 | 1,363 | |||||
Balance at 1 January 2010 | 202 | 26,680 | 2,372 | (29,159) | 95 | |||||
Balance at 31 December 2010 | 202 | 26,680 | 2,372 | (27,796) | 1,458 |
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
| ||||||
At 30 June 2011 | At 30 June 2010 | At 31 December 2010 | ||||
Notes | ||||||
£'000 | £'000 | £'000 | ||||
Assets | ||||||
Current assets | ||||||
Investments | 1,867 | - | - | |||
Trade and other receivables | 6 | 837 | 24 | |||
Cash and cash equivalents | 61 | 992 | 1,576 | |||
Total current assets | 1,934 | 1,829 | 1,600 | |||
Total assets | 1,934 | 1,829 | 1,600 | |||
Liabilities | ||||||
Current liabilities | ||||||
Trade and other payables | (360) | (429) | (142) | |||
Total current liabilities | (360) | (429) | (142) | |||
Total liabilities | (360) | (429) | (142) | |||
TOTAL NET ASSETS | 1,574 | 1,400 | 1,458 | |||
Equity | ||||||
Share capital | ||||||
Share premium account | 230 | 202 | 202 | |||
Share option reserve | 27,017 | 26,680 | 26,680 | |||
Other reserves | - | - | - | |||
Retained deficit | 2,372 | 2,372 | 2,372 | |||
(28,045) | (27,854) | (27,796) | ||||
TOTAL EQUITY | 1,574 | 1,400 | 1,458 | |||
Woodburne Square AG plc
Unaudited interim results for the period ended 30 June 2011
Consolidated statement of cash flows | |||||||||||
6 months to 30 June 2011 | 6 months to 30 June 2010 | Year ended 31 December 2010 | |||||||||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||
(Loss)/profit for the period | |||||||||||
Continuing | (247) | (362) | (344) | ||||||||
Discontinued | 1,667 | 1,616 | |||||||||
Adjustments for : | |||||||||||
Finance costs | 81 | 55 | 6 | ||||||||
Gain arising on disposal of discontinued operations | - | (1,667) | (1,616) | ||||||||
Investment loss | 96 | - | - | ||||||||
Movement in provisions | - | - | (965) | ||||||||
Foreign exchange revaluation loss | - | (2) | - | ||||||||
177 | (1,614) | (2,575) | |||||||||
Operating cash flows before movements in working capital | (70) | (309) | (1,303) | ||||||||
Decrease/ (increase) in trade and other receivables | 18 | (299) | 60 | ||||||||
Decrease in trade and other payables | (22) | (1,498) | (972) | ||||||||
Cash(used in) operations | (74) | (2,106) | (2,215) | ||||||||
Interest paid | (81) | (55) | (6) | ||||||||
Net cash from operating activities | (155) | (2,161) | (2,221) | ||||||||
Investing activities | |||||||||||
Disposal of subsidiaries bet of costs | 6,232 | 6,780 | |||||||||
Purchase of trading investments | (1,963) | - | - | ||||||||
(1,963) | 6,232 | 6,780 | |||||||||
Net cash generated from investing activities | |||||||||||
Finance activities | |||||||||||
Repayment of borrowings | - | (3,509) | (3,509) | ||||||||
Proceeds on issue of convertible loan note | 240 | ||||||||||
Proceeds on issue of shares | 365 | ||||||||||
605 | (3,509) | (3,509) | |||||||||
Net cash used in financing activities | |||||||||||
Net (decrease)/increase in cash and cash equivalents | (1,513) | 562 | 1,050 | ||||||||
Cash and cash equivalents at beginning of period | 1,576 | 488 | 488 | ||||||||
Effect of foreign exchange changes | (2) | (58) | 38 | ||||||||
Cash and cash equivalents at end of period | 61 | 992 | 1,576 | ||||||||
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the period ended 30 June 2011
1. Financial information
The financial information for the period ended 30 June 2011 and the comparative figures for the period ended 30 June 2010 have not been reviewed or audited by the Group's auditor and have been prepared on the basis of the accounting policies adopted by the Group under IFRS. The same accounting policies and methods of computation are followed in the interim financial report as published by the company on 30 June 2010 in its annual financial statements, which are available on the Company's website at www.directex.co.uk.
The comparative figures for the year ended 31 December 2010 have been prepared under IFRS. They do not constitute statutory accounts as defined by the Companies Act 2006. The accounts for the year ended 31 December 2010 received an unmodified auditor's report and have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the public at the Company's registered office: 3 London Wall Buildings, London Wall, London, EC2M 5SY and on its website www.directex.co.uk
2. Segment information
Segmental information is presented in respect of the Group's primary business segments. Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Continuing operations comprise principally head office and investment management expenses. The Group's primary reporting format for reporting segment information is business segments.
Results - Six months ended 30 June 2011 | Continuing operations | Discontinued operations | |
£'000 | £'000 | ||
Revenue | - | - | |
Operating loss | (70) | - | |
Finance costs | (81) | - | |
Investment loss | (96) | - | |
(Loss) for the period before taxation | (247) | - | |
Taxation | - | - | |
(Loss) for the period | (247) | - |
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the period ended 30 June 2011
2. Segment information (continued)
| |||
Results - Six months ended 30 June 2010 | Continuing operations | Discontinued operations | |
£'000 | £'000 | ||
Revenue | - | - | |
Operating loss | (307) | - | |
Gain on disposal | - | 1,667 | |
Finance costs | (55) | - | |
(Loss) /profit for the period before taxation | (362) | 1,667 | |
Taxation | - | - | |
(Loss) /profit for the period | (362) | 1,667 | |
Results - Year ended 31 December 2010 | Continuing operations | Discontinued operations | |
£'000 | £'000 | ||
Revenue | - | - | |
Operating loss | (338) | - | |
Gain on disposal | - | 1,616 | |
Finance costs | (6) | - | |
(Loss) /profit for the period before taxation | (344) | 1,616 | |
Taxation | - | - | |
(Loss) /profit for the period | (344) | 1,616 | |
3. Finance costs
The finance costs of £81,000 relate to the issue of 6.952m ordinary shares at £5.25 and a convertible loan note of £240,000 dated the 28 February 2011.
Woodburne Square AG plc
Notes forming part of the unaudited interim results for the period ended 30 June 2011
4. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data: | |||||
6 months to 30 June 2011 | 6 months to 30 June 2010 | Year ended 31 December 2010 | |||
£'000 | £'000 | £'000 | |||
Including discontinued operations | |||||
Earnings | |||||
(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per share | (247) | 1,305 | 1,272 | ||
No.'000 | No.'000 | No.'000 | |||
Number of shares | |||||
Weighted average number of ordinary shares for the purposes of basic and diluted (loss)/earnings per share | 56,311 | 50,518 | 50,518 | ||
6 months to 30 June 2011 | 6 months to 30 June 2010 | Year ended 31 December 2010 | |||
£'000 | £'000 | £'000 | |||
From continuing operations | |||||
(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per share | (247) | 1,305 | 1,272 | ||
Adjustment to exclude profit for the period from discontinued operations | - | (1,667) | (1,616) | ||
Loss from continuing operations for the purposes of basic and diluted earnings per share excluding discontinued operations | (247) | (362) | (344) | ||
On the 28 February 2011 the company raised £605,000, before expenses. Of the total amount raised, £365,000 raised via a placing of 6,952,381 new ordinary shares of 0.4p in the Company at 5.25p a share ("Placing Shares"), and £240,000 raised via the issuance of new convertible loan notes (the "Loan Notes"). The Loan Notes do not carry a coupon, are redeemable in December 2012 and are convertible at any time, at the discretion of the note holder, into new ordinary shares at 5.25p per share ("Conversion Price").
The Placing Shares will rank pari passu with the existing ordinary shares of 0.4p each in the
Company.
5. Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 June 2011