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Final Results

22nd Jun 2015 08:14

RNS Number : 7935Q
Armstrong Ventures PLC
22 June 2015
 

Armstrong Ventures plc

("Armstrong" or the "Company")

Final Results for the year ended 31 December 2014

Armstrong Ventures plc (the "Company" or "Armstrong") is pleased to announce its final results for the year ended 31 December 2014.

During the year under review the Company operated as an Investing Company reviewing investment opportunities in line with the Company's strategy and as such did not have any operating business. The Company recorded a loss of £184,079 and a loss per share of 0.008p. This compares to a corresponding loss last year of £262,406 and a loss per share of 0.012p.

As I have previously reported, the general market conditions for small AIM listed companies focusing on the resources and energy sectors has been extremely challenging. The Board has looked at a number of possible acquisitions for the Company, but none were suitable to be tabled for the consideration of the Shareholders. A greater proportion of the possible transactions that we looked at required funds to be raised as part of the acquisition and there has not been market support for such fund raisings in our focused sector. The outlook for market conditions in the resources and energy sectors continues to be challenging and we do not see any improvement in the near term horizon.

In October 2014 the Company through its brokers, Peterhouse Corporate Finance Limited raised £330,000 through the placing of 1,571,428,569 ordinary shares (the "Placing Shares") at a price of 0.021 pence per share (the "Placing"). The Directors intend to use the net proceeds of the Placing for investment and general working capital purposes. Following admission, the Placing Shares now represent, in aggregate, approximately 42.7 per cent. of the Company's enlarged issued ordinary share capital. The total issued ordinary share capital of the Company now comprises 3,672,534,360 ordinary shares. The Placing Shares are fully paid and rank pari passu in all respects with the Company's existing ordinary shares.

We also welcomed Peter Redmond to the Board of the Company as Executive Director, effective from October 2014. Peter is an experienced natural resource investor and corporate financier with over 30 years' experience in the SME investment market. He has gained particular experience in the field of reverse takeovers and mergers. Over many years he has acted on and assisted a wide range of companies to attain a listing, whether by IPO or reversals, across a wide range of sectors, ranging from technology through financial services to natural resources and, in recent years, has done so as a director of the companies concerned. He has reconstructed a number of AIM companies, which have subsequently acquired or established operating businesses.

INVESTING POLICY

As stated on our website, the Company's investing policy is:

The Company's Investing Policy will be to invest principally, but not exclusively in the resources and energy sectors. The Company will initially focus on projects located in Asia but will also consider investments in other geographical regions. The Company may be either an active investor and acquire control of a single company or it may acquire non-controlling shareholdings. Once a target has been identified, additional funds may need to be raised by the Company to complete a transaction.

The proposed investments to be made by the Company may be in either quoted or unquoted securities; made by direct acquisition; may be in companies, partnerships, joint ventures; or direct interests in projects and can be at any stage of development. The Company's equity interest in a proposed investment may range from a minority position to 100 per cent. Ownership.

The Company will identify and assess potential investment targets and where it believes further investigation is required, intends to appoint appropriately qualified advisers to assist.

Where this is the case, it is intended to mitigate risk by undertaking an appropriate due diligence process. Any transaction constituting a reverse takeover under the AIM Rules will require shareholder approval. The possibility of building a broader portfolio of investment assets has not, however, been excluded.

OUTLOOK

As I have indicated before the operating environment for small investing companies such as ours continues to be challenging but we remain hopeful for the future.

 

 

Haresh Kanabar

Chairman

 

INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 December 2014

 

 

2014

2013

 

 

 

 

 

 

£

£

Continuing operations:

 

 

 

Administrative expenses

 

(184,079)

(159,533)

OPERATING LOSS

 

(184,079)

(159,533)

Other gains and losses

 

-

(102,873)

LOSS FOR THE YEAR BEFORE TAXATION

 

(184,079)

(262,406)

Taxation

 

-

-

NET LOSS AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR

 

(184,079)

(262,406)

LOSS PER SHARE - basic and diluted from continuing operations

 

(0.008)p

(0.012)p

 

 

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 December 2014

 

 

 

Share

capital

Share premium

Share option reserve

Retained

losses

Total

equity

 

 

£

£

£

£

£

 

 

 

 

 

 

 

 

BALANCE AT 1 JANUARY 2013

818,360

4,262,258

-

(4,432,408)

648,210

 

 

 

 

 

 

 

 

Loss for the year and total comprehensive loss for the year

-

-

-

(262,406)

(262,406)

 

BALANCE AT 31 DECEMBER 2013

818,360

4,262,258

-

(4,694,814)

385,804

 

 

 

 

 

 

 

 

Loss for the year and total comprehensive loss for the year

-

-

-

(184,079)

(184,079)

 

Share issue

157,143

172,857

-

-

330,000

 

Share issue costs

-

(9,915)

-

-

(9,915)

 

Grant of share options

-

-

30,550

-

30,550

 

BALANCE AT 31 December 2014

975,503

4,425,200

30,550

(4,878,893)

552,360

 

 

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 December 2014

 

 

 

 

 

 

 

2014

2013

 

 

 

£

£

 

NON-CURRENT ASSETS

 

 

 

 

Available for sale investments

 

-

-

 

 

 

-

-

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Trade and other receivables

 

19,315

2,369

 

Cash and cash equivalents

 

564,759

413,349

 

 

 

584,074

415,718

 

TOTAL ASSETS

 

584,074

415,718

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

 

31,714

29,914

 

 

 

31,714

29,914

 

NET ASSETS

 

552,360

385,804

 

EQUITY

 

 

 

 

Share capital

 

975,503

818,360

 

Share premium account

 

4,425,200

4,262,258

 

Share option reserve

 

30,550

-

 

Retained earnings

 

(4,878,893)

(4,694,814)

 

TOTAL EQUITY

 

552,360

385,804

 

          

 

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 December 2014

 

 

2014

2013

 

 

£

£

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Loss before taxation

 

(184,079)

(262,406)

Adjustments for:

 

 

 

Share based payment charge

 

30,550

-

Provision against loans and receivables

 

-

52,973

Impairment of investment

 

-

49,900

Operating cashflow before working capital changes

 

(153,529)

(159,533)

(Increase)/decrease in trade and other receivables

 

(16,946)

73,237

Increase/(decrease) in trade and other payables

 

1,800

(1,306)

Net cash outflow from operating activities

 

(168,675)

(87,602)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Issue of shares

 

330,000

-

Share issue costs

 

(9,915)

-

Net cash inflow from financing activities

 

320,085

-

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

 

151,410

(87,602)

Cash and cash equivalents brought forward

 

413,349

500,951

 

 

 

 

CASH AND CASH EQUIVALENTS CARRIED FORWARD

 

564,759

413,349

 

 

 

 

 

 

 

1

 

NOTES TO THE FINANCIAL STATEMENTS

BASIS OF PREPARATION

 

 

 

The financial information contained in this document does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31 December 2013 have been extracted from the audited statutory financial statements. The financial statements for the year ended 31 December 2012 received an unqualified auditors' report.

 

       

 

2

EARNINGS PER SHARE

 

The basic earnings per share is based on the profit/(loss) for the year divided by the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the year ended 31 December 2014 assumes that all shares have been included in the computation based on the weighted average number of days since issue.

 

 

2014

2013

 

 

£

£

 

Loss attributable to equity holders of the Company:

 

 

 

Continuing and total operations

(184,079)

(262,406)

 

 

No of shares

No of shares

 

Weighted average number of ordinary shares in issue for basic and fully diluted earnings

2,398,170,370

2,101,105,791

 

 

 

 

 

 

Pence per share

Pence per share

 

LOSS PER SHARE

 

 

 

BASIC AND DILUTED:

 

 

 

- Continuing and total operations

(0.008)p

(0.012)p

 

 

3

POST YEAR END EVENTS

 

There have been no material events since the reporting date.

 

4

DISTRIBUTION OF ANNUAL REPORT

 

A copy of the Annual Report and Financial Statements will be sent to all shareholders shortly. Further copies will be available from the Company's registered address at Suite 9 Citibase Imperial House, St Nicholas Circle, Leicester, Leicestershire, LE1 4LF and from the Company's website, www.armstrongventures.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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