8th May 2014 10:43
NBNK Investments plc
("NBNK" or "the Company")
Audited results for the period ending 31 December 2013
NBNK Investments plc (AIM: NBNK) announces its audited results for the period ending 31 December 2013.
The following is an extract from the Company's financial statements which will be posted to shareholders on or around 16 May 2014.
Chairman's review
As you will recall, in the second half of 2012, funds within the WL Ross & Co Group made an offer to inject new capital into the Company by taking a sizeable stake, with a view to maintaining NBNK as an AIM listed company so that it could continue its search for suitable potential acquisition targets. Accordingly, on 13 December 2012, a proposed share subscription and tender offer was circulated. The tender offer was structured to enable those shareholders that wished to exit the Company to do so on broadly the same financial terms as would have applied had the Company been wound up.
At a meeting of ordinary shareholders on 8 January 2013, the Company resolved to allot shares to certain funds in the WL Ross & Co Group and to accept tender offers from those shareholders who wished to sell shares at that time.
Our policy is to maintain the Company at minimal cost while we seek appropriate opportunities to make an acquisition in the financial services sector. We have not identified any opportunities at this time that we felt would represent good value for shareholders, but the search continues. Shareholders will be kept advised as and when there are developments to report.
Wilbur L. Ross, Jr.
Chairman
Business review
The Company was incorporated on 2 July 2010 as De Facto 9999 Plc. On 2 August 2010, it changed its name to NBNK Investments plc. The directors of the Company are:
Wilbur L. Ross, Jr.
Lord Brennan of Bibury QC;
The Company was established to try and launch a new UK retail and SME banking and savings operation.
The board has maintained the Company at the lowest possible cost base during the year while other potential acquisition targets are sought. All commitments (including the lease at One Angel Court, which expired in June 2013) have been disposed of and the directors retain only those advisory services necessary to maintain the Company's legal and regulatory status during this time that appropriate acquisition targets are sought. Shareholders will be kept informed of any progress on potential acquisitions through the usual channels. If no successful acquisition has been achieved by 11 January 2016, the directors will review the position at that time and consider if it is appropriate to return unused funds to shareholders and/or to wind up the Company.
Financial results
Income statement
for the year ended 31 December 2013
Year ended 31 December 2013
£000 | Year ended 31 December 2012
£000 | ||
Interest income | 77 | 166 | |
Administrative expenses | 78 | (3,773) | |
Loss on disposal of property, plant and equipment | - | (155) | |
Loss on disposal of intangible assets | - | (5) | |
Operating gain / (loss) | 155 | (3,767) | |
(Increase) / decrease in fair value of derivative financial liabilities | (19) | 82 | |
Gain / (loss) before taxation | 136 | (3,685) | |
Taxation | - | - | |
Gain / (loss) for the year | 136 | (3,685) | |
Gain / (loss) per share (pence) basic | 0.003 | (7.361) | |
Gain / (loss) per share (pence) diluted | 0.003 | - |
Statement of financial position
as at 31 December 2013
Year ended 31 December 2013
£000 | Year ended 31 December 2012
£000 | ||
Current assets | |||
Other accrued income and prepaid expenses | 11 | 150 | |
Cash and cash equivalents | 20,207 | 19,511 | |
Total current assets | 20,218 | 19,661 | |
Total assets | 20,218 | 19,661 | |
Current liabilities | |||
Trade and other payables | 42 | 272 | |
Other taxation including social security | - | - | |
Derivative financial liabilities | 19 | - | |
Total current liabilities | 61 | 272 | |
Total net assets | 20,157 | 19,389 | |
Equity | |||
Called up share capital | 5,377 | 5,005 | |
Share premium | 43,129 | 42,595 | |
Capital redemption | 45 | 45 | |
Retained losses | (28,394) | (28,256) | |
Total equity | 20,157 | 19,389 |
Statement of cash flows
for the year ended 31 December 2013
Year ended 31 December 2013
£000 | Year ended 31 December 2012
£000 | ||
Operating activities | |||
Operating profit / (loss) before taxation | 136 | (3,685) | |
Depreciation of property, plant and equipment | - | 59 | |
Amortisation of intangible assets | - | 2 | |
Loss on disposal of property, plant and equipment | - | 155 | |
Loss on disposal of intangible assets | - | 5 | |
Share based payments | (274) | (608) | |
Increase / (decrease) in fair value of derivative financial instruments | 19 | (82) | |
Decrease in receivables | 139 | 25 | |
Decrease in payables | (230) | (2,781) | |
Cash flow from operating activities | (210) | (6,910) | |
Investing activities | |||
Proceeds on disposal of fixed assets | - | 9 | |
Cash flow from investing activities | - | 9 | |
Financing activities | |||
Net proceeds of increase in share capital
| 906 | - | |
Cash flow from financing activities | 906 | - | |
Net increase / (decrease) in cash and cash equivalents |
696 |
(6,901) | |
Cash and cash equivalents at 1 January | 19,511 | 26,412 | |
Cash and cash equivalents at 31 December | 20,207 | 19,511 |
Statement of changes in equity
for the year ended 31 December 2013
Share capital
£000 | Share premium
£000 | Capital redemption
£000 | Retained losses
£000 |
Total
£000 | |
Total equity as at 1 January 2013 | 5,005 | 42,595 | 45 | (28,256) | 19,389 |
Net profit and total comprehensive gain for the year | - | - | - | 136 | 136 |
Share based payments | - | - | - | (274) | (274) |
Issue of shares (net proceeds) | 372 | 534 | - | - | 906 |
Total equity as at 31 December 2013 | 5,377 | 43,129 | 45 | (28,394) | 20,157 |
Annual General Meeting
The Annual General Meeting of the Company will be held on Monday 23 June 2014 at 2.00 p.m. at Fifth Floor, 100 Wood Street, London, EC2V 7EX.
Status of the information contained in this announcement
The financial information set out above does not constitute the Company's statutory accounts for 2013. Statutory accounts for the period ended 31 December 2013 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statements for 2013 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The statutory accounts for the period ended 31 December 2013 will be circulated to shareholders on or around 16 May 2014 and will be published on the Company's website. They will be delivered to the Registrar in due course.
The financial information in this announcement has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The accounting policies adopted in this announcement have been consistently applied and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 December 2013.
- Ends -
For further information contact:
Cenkos Securities plc (Nominated adviser and broker) Ian Soanes Ivonne Cantu
| +44 207 397 8900
|
Law Debenture Corporate Services Limited (Company Secretary) Ian Bowden | +22 207 696 5285 |
Related Shares:
NBNK.L