23rd Aug 2010 07:00
News Release 23 August 2010
AVARAE GLOBAL COINS PLC
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2010
Avarae Global Coins plc ("Avarae" or the "Company"), the UK's only publicly traded specialist investment company dedicated to investing in rare and high quality coins, is pleased to announce its final audited results for the year ended 31 March 2010.
Highlights for the year:
·; Sales of coins and coin collections in the year increased by 35% to £1.22 million (2009: £0.91 million);
·; Carrying value of portfolio of rare and high quality coins increased to £10.34 million (2009: £9.64 million);
·; Gross margins achieved during the year of almost 20% (2009: 17%);
·; Profit on ordinary activities up 7 fold to £0.37 million (2009: £0.05 million);
·; Earnings per share doubled to 0.35p (2009: 0.17p);
·; NAV per share increased by more than 15% to 12.6p at the year end (2008: 10.9p); and
·; Net cash of £0.82 million at year end (2009: £1.90 million).
Commenting on the results, Diane Clarke, Executive Director of Avarae, said:
"The Board considers that, in spite of the continued difficulties throughout the wider financial market and the threat of a double dip recession, Avarae has successfully demonstrated that it is a genuine alternative asset play in the current financial environment, as evidenced by it reporting material increases in profits and NAV for the year, together with some successful realisations of its investment portfolio. The international nature of the coin market allows the Company to continue to take advantage of rising prices across a number of sectors and importantly take advantage of sectors which may be starting to show some short term weakness. It appears that trends that surfaced last year have continued, with the lower value and more common coins experiencing static or even declines in value, whereas values for the rarest and highest quality coins, the only type in which Avarae is interested, continue to rise, drawing strong international interest, which has been helped by the relative weakness in the pound against the US dollar and euro.
The Company has a strong balance sheet, including a coin portfolio with a current carrying value, as reported on by industry experts, of more than £10.3 million. The Directors, therefore, remain cautiously optimistic about the Company's future prospects."
The Company's audited report and accounts, together with the notice of the AGM, have today been posted to shareholders. An electronic copy of the audited report and accounts will also shortly be available on the Company's website: www.avarae.com.
For further information on Avarae Global Coins plc, please contact:
|
Diane Clarke/Matt Wood |
+44 (0)16 2461 5614 |
|
Avarae Global Coins plc |
|
|
|
|
|
Adrian Hadden/Stewart Wallace |
+44 (0)20 7523 8350 |
|
Collins Stewart Europe Limited |
|
|
|
|
|
Gordon Puckey/Karin Tyche |
+44 (0)20 7947 2856 |
|
Phoenix Financial PR |
|
AVARAE GLOBAL COINS plc
Audited results FOR THE YEAR ENDED 31 March 2010
Directors' Report
Introduction
We are pleased to present the final audited results for Avarae Global Coins plc ("Avarae" or "the Company") for the year ended 31 March 2010 to our shareholders. The following report show the financial position of the Company for the year ended 31 March 2010, together with some additional unaudited information since the year end. During the year under review, the Company continued to add to its portfolio of rare and high quality coins.
Avarae provides access for institutions and individuals wanting to diversify their investment portfolios away from the traditional asset classes such as equities, property and bonds without the need to be an expert in the coin-collecting sector. The Board's strategy, as set out in its AIM admission document, is to invest actively in the rare and highest quality segment of the coin-collecting sector in various countries around the world. The investing policy of the Company is set out in more detail below.
Investing Policy
The Company's investment policy is to invest in rare, high quality antique coins and coin collections from across the world. We are currently building up an impressive portfolio of extremely high quality, rare coins which we intend to hold both for the long-term (i.e. 3 to 5 years), in order to achieve long-term capital growth for our shareholders, and also the short-term, in order to take advantage of short-term trading opportunities, as the market for rare coins continues to grow. The value of each investment is expected to range from a few hundred pounds up to £750,000. The most expensive coin acquired by Avarae to date is the Edward III Double Florin which was acquired for £0.4 million in 2006.
The Board's decision on whether to acquire or dispose of an investment is made on the recommendation of its industry expert independent Advisory Panel ("Panel") that assesses and approves all coin trading related activities. The Panel members are Sir John Wheeler and David Pinckney. Neither member has any connection to Avarae or any of its numismatic advisers except as a member of the Panel. The Board is independent of the Panel, the Company's numismatic advisers and the Company's substantial Shareholders.
The Company's objective is to achieve long term capital growth through the appreciation in the value of the coins acquired. Compound annual returns potentially achievable over the medium to long term for the highest quality and rarest coins are expected to be around 10 per cent., in line with historical averages. As at the date of this report, and since its formation in 2006, the Company has no borrowings and has no present intention of securing any borrowings.
The coin-dealing sector
The market for trading coins is international in nature and significant in size. For a number of years now, there has been an increasing interest in the coin sector and its prominence as an alternative investment class is illustrated by continued increases in activity around the world, where record prices have been paid for certain rare pieces. The number of interested parties in coins and coin collections appears to be continuing to grow, with auction houses reporting significant growth in the numbers of interested bidders compared to the corresponding auctions in previous years.
The coin market has proved to be extremely resilient over the last 12-18 months in spite of the backdrop of tough global economic conditions. Important coin collections have frequently come up for sale worldwide (including in the world's largest market, the US) with auction houses achieving record prices, particularly for the highest quality, rare pieces.
Rare English, Islamic, US and Eastern European coins remain the strong sectors within the industry although record prices continue to be paid for rare high quality pieces from all over the world. Recent examples of the strong interest in the rare coin market include the highest price ever paid for a coin in June 2010, where a 1794 Silver Dollar sold for $7.85 million. As a result, the world record prices for US and non-US coins have been broken within the last two years (a Russian Elizabeth 20 Roubles of 1755 sold for £1.82 million in November 2008, a world record for a non-US coin), which demonstrates the increasing interest of coins as an investment asset class.
Demand for English coins continues to increase, which is encouraging given the Company's relatively large exposure to the highest quality English coins.
Avarae's investments
In the year to 31 March 2010, the Company acquired £1.1 million worth of coins (2009: £2.39 million), taking the value of the coin portfolio as at 31 March 2010 to £10.34 million (2009: £9.64 million). In line with its investment strategy, the Company has focused on the purchase of extremely high quality English coins, but also this year we have focussed on increasing the Company's exposure to Ancient coins (Greek and Roman) and also mainland European coins. 2009/10 was a strong year for Islamic coins and the Company was able to realise some significant sales at strong margins for certain of its ever impressive Islamic collection. As in previous years, we have concentrated on building up collections of particular sectors of rare coins that our Advisory Panel believes will be of significant value in the years to come. Furthermore, a focus was also made on picking up extremely rare coins, where there are only a few examples known to exist worldwide. Examples of rare coins acquired during the year and since the year end include:
·; Edward The Black Prince, Hardi D'Or: Struck in Bordeaux, it was the final gold coin of the Black Prince issued from 1368. Anglo-Gallic coins were issued from 1340, the time that Edward III assumed the title of "King of England and France";
·; Licinius II, Gold Aureus, mint of Nicomedia, A.D. 321-2: rare;
·; Scotland, William II, Darien Company, Pistole 1701: extremely rare gold coin issued following by an Act of Scottish Parliament and the formation of the Darien Company which traded overseas, principally with Africa;
·; England, Edward VIII Matt finish Pattern Florin 1937: mint state and thought to be unique, as other florins are in proof sets with a bright finish.
Avarae's current intention is to hold the vast majority of its current portfolio for the foreseeable future and only make disposals of coins or collections when the Board believes it to be in the best interests of the Company and its shareholders.
Financial Results
Revenue from the sale of coins or coin collections for the year ended 31 March 2010 increased by more than one third on the previous year to £1.22 million (2009: £0.91 million). The Company achieved a higher average gross return (before year-end revaluation) than last year of almost 20 per cent. (2009: 17 per cent.). As in prior years, some of the coins sold were examples of duplicates within the portfolio arising from recently acquired collections. This year, the Company also took advantage of opportunistic sales from its investment portfolio, particularly of Middle Eastern coins. Importantly, the year ended 31 March 2010 was the first year that the value of coin realisations from the Company's investment holdings exceeded sales of duplicate coins sold on an opportunistic basis. In each case, the Company made double digit gross returns demonstrating its ability to generate sizeable returns on its investment portfolio.
As at 31 March 2010, in line with the strategy outlined in our AIM admission document and in previous reports, the Company instructed industry experts to undertake a detailed revaluation of its coin portfolio. As has been documented, there are numerous examples of rare, high quality coins and collections being sold which historically have resulted in an approximate 10 per cent. annual compound return on average and therefore the Directors believed that an annual revaluation of the coin portfolio is a necessity.
The Directors again took an extremely prudent approach to the revaluation exercise instructing experts in the various sectors in which the Company held coins. These experts considered the open market resale value of only those coins that had been held within the portfolio for more than 12 months, i.e. only those coins acquired and held by Avarae on or before 31 March 2009 and excluding those purchased during the financial year under review.
The result of the extensive revaluation exercise, carried out on items as described in the accounting policies, was that the overall carrying value of the portfolio as at 31 March 2010 has increased by £0.61 million (2009: increase of £0.30 million). The Directors consider this uplift in value to be particularly conservative and would expect coins from the portfolio to achieve appreciably higher returns if sold at auction, as has been proved by the sales and gross sales margins achieved to date. The effect of the 31 March 2010 revaluation exercise is that, as at 31 March 2010, the Company's coin portfolio comprised of coins purchased at cost for an aggregate £9.06 million (2009: £8.96 million) and a revaluation amount of £1.28 million (net of VAT payable on sale) (2009: £0.68 million).
The effect of the revaluation, together with the profits from the coin sales, resulted in the Company achieving an increase in gross profit of almost 50 per cent. to £0.81 million for the year ended 31 March 2010 (2009: £0.43 million). Administrative expenses during the year were up marginally on the previous year at £0.44 million (2009: £0.38 million), however the increase was almost entirely due to the costs associated with the Company's purchases of its own shares for cancellation carried out during the year. Administrative costs still represent less than 4 per cent. of the Company's net assets (2009: 3.2 per cent.). Interest receivable of £0.01 million was, as expected, materially lower than last year (2009: £0.14 million) and is directly attributable to the lower levels of cash balances held during the year and the lower levels of interest rates available for our cash deposits. Net profit for the year doubled to £0.38 million (2009: £0.19 million).
The Company ended the year with approximately £0.82 million of net cash, down from £1.9 million at the end of March 2009. The Company's cash is prudently managed across a spread of accounts, thereby reducing the risks of the creditworthiness of any one financial institution. During the year, investments of £1.1 million (2009: £2.3 million) were made in coins and coin collections. As at the year end, the Company had net assets of £11.1 million (2009: £12.0 million) and no borrowings. Net asset value per share ("NAV") as at 31 March 2010 increased by more than 15 per cent. to 12.6 pence (2009: 10.9 pence).
Purchases of own shares for cancellation
On 9 March 2010, the Company announced that the two share buybacks announced in August 2008 and April 2009 (the "Buybacks"), whose completion had been delayed for certain legal reasons, were completed. Accordingly, the 22.0 million ordinary shares ("Buyback Shares") in the Company that were the subject of the Buybacks were cancelled in early March 2010 and removed from the Company's register of members ("Capital Reduction"). As previously reported, the dual effect of the Capital Reduction during the year under review was to reduce the Company's issued ordinary share capital to 88,133,334 Ordinary Shares and remove £1.24 million of other debtors from the Company's balance sheet, being the aggregate share repurchase consideration paid by the Company.
Change of Director
Neil Orders and Brian Hatton, both executive directors of the Company resigned from the Board on 30 June 2009 and 29 September 2009, respectively, to pursue other interests. We are grateful to them for their contributions to the Company. As previously announced, Neil and Brian were replaced by Tanya O'Carroll and Diane Clarke on 14 July 2009 and 23 October 2009, respectively. Tanya and Diane are both experienced company directors currently working for Hillberry Trust Company Limited, Avarae's administrator in the Isle of Man. We look forward to gaining from their continuing input over the coming months.
Annual General Meeting
The Company's audited report and accounts for the year ended 31 March 2010 ("2010 Report") together with the notice ("Notice") of annual general meeting ("AGM") to be held at 12:00 noon on 17 September 2010 at the Company's registered office and the form of proxy ("Proxy") for use thereon have today been sent to shareholders. Copies of the Report, Notice and Proxy for use at the AGM are available at the Company's registered office and on the Company's website www.avarae.com.
Outlook
The Directors consider that, in spite of the continued difficulties throughout the wider financial market and the threat of a double dip recession, Avarae has successfully demonstrated that it is a genuine alternative asset play in the current financial environment, as evidenced by it reporting material increases in profits and NAV for the year, together with some successful realisations of its investment portfolio. The international nature of the coin market allows the Company to continue to take advantage of rising prices across a number of sectors and importantly take advantage of sectors which may be starting to show some short term weakness. It appears that trends that surfaced last year have continued, with the lower value and more common coins experiencing static or even declines in value, whereas values for the rarest and highest quality coins, the only type in which Avarae is interested, continue to rise, drawing strong international interest, which has been helped by the relative weakness in the pound against the US dollar and euro.
Since the year end, the Company has acquired coins for a value of approximately £0.2 million and has made disposals for a total of almost £0.3 million. The Company has a strong balance sheet, including a coin portfolio with a current carrying value, as reported on by industry experts, of more than £10.3 million. The Directors, therefore, remain cautiously optimistic about the Company's future prospects.
APPROVED BY THE BOARD OF DIRECTORS
20 August 2010
RESULTS FOR THE YEAR ENDED 31 MARCH 2010
Profit and Loss Account
|
|
|
|
|
|
|
|
Year ended |
Year ended |
|
|
|
31-Mar-10 |
31-Mar-09 |
|
|
Note |
£'000 |
£'000 |
|
Revenue |
|
|
|
|
Sales |
1 |
1,224 |
906 |
|
Cost of Sales |
|
(1,021) |
(775)
|
|
Coin revaluation |
6 |
607 |
300 |
|
|
|
---- |
---- |
|
Gross profit |
|
810 |
431 |
|
|
|
---- |
---- |
|
Administrative expenses |
|
(441) |
(381) |
|
|
|
---- |
---- |
|
Profit on ordinary activities before: |
|
369 |
50 |
|
Finance income |
3 |
11 |
140 |
|
Finance expenses |
3 |
- |
- |
|
|
|
---- |
---- |
|
Profit on ordinary activities before tax |
|
380 |
190 |
|
Tax on profit on ordinary activities |
4 |
- |
- |
|
|
|
---- |
---- |
|
Profit on ordinary activities after taxation |
|
380 |
190 |
|
|
|
---- |
---- |
|
Earnings per share (basic and diluted) |
5 |
0.35p |
0.17p |
There were no recognised gains or losses other than the profit for the year.
Balance sheet
|
|
|
As at |
As at |
|
|
|
31-Mar-10 |
31-Mar-09 |
|
|
Note |
£'000 |
£'000 |
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Coin inventory |
6 |
10,340
|
9,638 |
|
Trade and other receivables |
7 |
20 |
543 |
|
Cash at bank |
|
822 |
1,898 |
|
|
|
---- |
---- |
|
Total assets |
|
11,182
|
12,079 |
|
|
|
---- |
---- |
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
78 |
113 |
|
|
|
---- |
---- |
|
Total Liabilities |
|
78 |
113 |
|
|
|
---- |
---- |
|
Equity |
|
|
|
|
Called up equity share capital |
10 |
881 |
1,101 |
|
Share premium |
|
9,438 |
10,460 |
|
Profit and loss account |
|
785 |
405 |
|
|
|
---- |
---- |
|
Total Equity Shareholders' Funds |
|
11,104 |
11,966 |
|
|
|
---- |
---- |
|
Total Liabilities and equity |
|
11,182
|
12,079 |
|
|
|
---- |
---- |
Cash Flow Statement
|
|
Note |
Year ended |
|
Year ended |
|
|
|
31-Mar-10 |
|
31-Mar-09 |
|
|
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
Profit on ordinary activities for the year |
|
369 |
|
50 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
(Decrease) in payables |
|
(35) |
|
(130) |
|
Decrease/(Increase) in receivables |
|
523 |
|
(469) |
|
(Increase) in inventory |
|
(702) |
|
(1,914) |
|
|
|
---- |
|
---- |
|
Net cash flow from operations |
|
155 |
|
(2,463) |
|
|
|
---- |
|
---- |
|
Interest received |
|
11 |
|
140 |
|
|
|
---- |
|
---- |
|
Net cash from investing activities |
|
11 |
|
140 |
|
|
|
---- |
|
---- |
|
Purchase of own shares for cancellation |
|
(1,242) |
|
- |
|
|
|
---- |
|
---- |
|
Net cash from financing activities |
|
(1,242) |
|
- |
|
|
|
---- |
|
---- |
|
Net decrease in cash and cash equivalents |
|
(1,076) |
|
(2,323) |
|
Opening cash position |
11 |
1,898 |
|
4,221 |
|
|
|
---- |
|
---- |
|
Cash and cash equivalents at 31 March |
11 |
822 |
|
1,898 |
|
|
|
---- |
|
---- |
Statement of changes in equity
|
Company |
Share capital |
Share premium |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2008 |
1,101 |
10,460 |
215 |
11,776 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
190 |
190 |
|
|
--- |
--- |
--- |
--- |
|
At 31 March 2009 |
1,101 |
10,460 |
405 |
11,966 |
|
|
|
|
|
|
|
Share capital reduction |
(220) |
(1,022) |
- |
(1,242) |
|
Profit for year |
- |
- |
380 |
380 |
|
|
--- |
--- |
--- |
--- |
|
At 31 March 2010 |
881 |
9438 |
785 |
11,104
|
|
|
--- |
--- |
--- |
--- |
Notes to the financial statements:
(1) Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS). This is the third year that the Company has prepared its financial statements in accordance with IFRSs, having previously prepared its financial statements in accordance with previous accounting standards. The functional currency is £-Sterling. The following relevant standards have been applied:
IFRS 1 - First time adoption of International Financial Reporting Standards
IFRS 7 - Financial Instruments - Disclosures
IFRS 8 - Operating Segments
IAS 1 - Presentation of Financial Statements
IAS 2 - Inventories
IAS 7 - Cash Flow Statements
IAS 8 - Accounting Policies, Changes in Accounting Estimates, Errors
IAS 10 - Events after Balance Sheet Date
IAS 12 - Income Taxes
IAS 14 - Segment Reporting
IAS 18 - Revenue
IAS 21 - The Effects of Changes in Foreign Exchange Rates
IAS 24 - Related Party Disclosures
IAS 32 - Financial Instruments - Presentation
IAS 33 - Earnings per share
IAS 39 - Financial Instruments - Recognition and Measurement
New standards, amendments to published standards and interpretations to existing standards effective for the year ended 31 March 2010
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for later accounting periods and which have not been adopted early. No interpretations were relevant to the Company The relevant standards are:
International Accounting Standards ("IAS"/"IFRS") Effective date
IAS 39Financial Instruments: Recognition and Measurement (revised) 1 July 2009
Revenue recognition
The Company's sales consist of sales of coins or collections of coins and accounted for on an accruals basis
(2) Segmental information
The Company has one class of business, that of the sale of antiquarian and collectable coins. All sales have been through dealers based in the single geographic segment of the United Kingdom. Accordingly no further segmental information is presented.
(3) Finance revenue
The finance revenue consists of bank deposit interest received. There were no finance costs in the year.
(4) Taxation
The Company is resident for tax purposes in the Isle of Man.
The Company is chargeable to Isle of Man corporate income tax at the standard rate of 0%, which took effect from 6 April 2006.
|
|
|
Year ended |
Year ended |
|
|
|
31-Mar-10 |
31-Mar-09 |
|
|
|
£'000 |
£'000 |
|
Profit before tax |
|
380 |
190 |
|
|
|
---- |
---- |
|
Isle of Man tax at 0% |
|
- |
- |
|
|
|
---- |
---- |
|
Tax expense for the year |
|
Nil |
nil |
|
|
|
---- |
---- |
(5) Earnings per share
The earnings per share (basic and diluted) for the year ended 31 March 2010 was 0.35p (2008: 0.17p). The calculation of earnings per share is based on the profit of £380,000 (2009: profit £190,000) for the year and the weighted average number of shares in issue being 108,459,361 (2009: 110,133,334).
(6) Coin inventory
At the year end, only those coins that had been acquired by the Company before 31 March 2009, were revalued by industry experts to their expected current market value less the VAT payable on sale. Inventory purchased during the year ended 31 March 2010 has been carried at cost. This is considered by the directors to give a fair value for the inventory. Inventory of £10,340,000 (2009: £9,638,000) is carried as 'Inventory carried at fair value less costs to sell'. The purchase cost of inventory held at 31 March 2010 was £9,058,000 (2009: £8,964,000)
(7) Trade and other receivables
|
|
|
As at |
As at |
|
|
|
31-Mar-10 |
31-Mar-09 |
|
|
|
£'000 |
£'000 |
|
Trade debtors |
|
- |
31 |
|
Prepaid expenses |
|
20 |
22 |
|
Other debtors |
|
- |
490 |
|
|
|
---- |
---- |
|
Total |
|
20 |
543 |
|
|
|
---- |
---- |
As at 31 March 2009, other debtors of £0.49 million represented the amount due from the shareholder that agreed to sell 7.0 million Ordinary Shares to the Company for cancellation, as announced by the Company in August 2008. These 7.0 million Ordinary Shares were cancelled from the Company's share register in March 2010 in consideration for reducing debtors by £0.49 million. For further information see note 10 to these results.
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.
(8) Payables
|
|
|
As at |
As at |
|
|
|
31-Mar-10 |
31-Mar-09 |
|
|
|
£'000 |
£'000 |
|
Trade creditors |
|
- |
40 |
|
Accrued expenses |
|
61 |
73 |
|
Other creditors |
|
17 |
- |
|
|
|
---- |
---- |
|
|
|
78 |
113 |
|
|
|
---- |
---- |
All creditors are due within one year.
(9) Financial instruments and risk
An explanation of the Company's financial instrument risk management objectives, policies and strategies are set out below.
Interest rate risk
The company's exposure to interest rate risk is limited to its interest income on bank balances in the company's functional currency of sterling. Non-current account balances receive interest at floating rates. No sensitivity analysis has been prepared as required by 'IFRS 7 Financial Instruments: Disclosures' as the directors consider the results of any such analysis to be insignificant.
Liquidity risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to try to ensure, as far as possible, that it will always maintain sufficient cash to meet the next three years operating costs.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations and is primarily attributable to its trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
|
|
Carrying amount 2010 |
Carrying amount 2009 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Trade and other receivables |
20 |
543 |
|
|
-- |
-- |
|
Cash at bank |
822 |
1,898 |
|
|
-- |
-- |
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
(10) Share capital and premium
|
|
As at |
As at |
|
|
31-Mar-10 |
31-Mar-09 |
|
|
£'000 |
£'000 |
|
Authorised |
|
|
|
Ordinary shares of £0.01 each |
2,000 |
2,000 |
|
|
---- |
---- |
|
Allotted, called up and fully paid |
|
|
|
88,133,334 ordinary shares of £0.01 each (2008: 110,133,334) |
881 |
1,101 |
|
|
---- |
---- |
On 9 March 2010, the Company announced that it had cancelled the, in aggregate, 22,000,000 Ordinary Shares the subjects of the two share buybacks previously announced in August 2008 and April 2009 for a total consideration of £1.24 million, plus expenses.
(11) Cash and cash equivalents
|
Cash and cash equivalents included in the statement of cash flows comprise the following amounts in the statement of financial position: |
|
|
As at |
As at |
|
|
31-Mar-10 |
31-Mar-09 |
|
|
£'000 |
£'000 |
|
|
|
|
|
Cash on hand and balances with banks |
822 |
1,898 |
|
Short-term investments |
- |
- |
|
|
---- |
---- |
|
Cash and cash equivalents as previously reported |
822 |
1,898 |
|
Effect of exchange rate changes |
- |
- |
|
|
---- |
---- |
|
Cash and cash equivalents as restated |
822 |
1,898 |
|
|
---- |
---- |
Related Shares:
AVR.L