29th Sep 2006 07:01
9999 plc29 September 2006 9999 Plc INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE 2006 Chairman's Statement Since coming to the market the Board has been, and is continuing to seek andidentify appropriate investment opportunities. Following the company's EGM on21st August I have assumed my position as Executive chairman of 9999 Plc andwill lead the company in making its first acquisition. Reg Pomphrett has alsonow been appointed as a non-executive director of the company. The Company'sshares were suspended on 31 March 2006 pending completion of a substantialinvestment transaction. I am pleased to report that 9999 Plc is continuing toconduct due diligence on a company in the outsourcing sector with the aim ofmaking an acquisition. Results The Company's cash balance as at 30 June 2006 was £201,137. The Company's cashbalances have since been increased by the successful completion of the sharesubscription at the company's recent EGM. The Directors have placed theCompany's free cash balances in interest bearing deposit accounts with itsbankers. I look forward to updating you further on our progress. Dr MS KalairajahExecutive Chairman 28 September 2006 Profit and Loss Account for the period ended 30 June 2006 6 months Period Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 Note £ £ £ Administrative expenses (15,394) (10,537) (33,738) Loss on ordinary activities beforeinterest (15,394) (10,537) (33,738) Interest receivable 3,062 1,109 4,365 Loss on ordinary activities aftertaxation (12,332) (9,428) (29,373) Tax on ordinary activities - - - Loss on ordinary activities aftertaxation (12,332) (9,428) (29,373) Loss per share: Basic 2 (0.027)p (0.021)p (0.065)p Fully diluted 2 (0.024)p (0.018)p (0.058)p There were no recognised gains or losses other than as set out above. Allactivities are ongoing. Balance Sheet 30 June 30 June 31 December 2006 2005 2005 Note £ £ £ Current assetsCash at bank and in hand 201,137 219,472 206,833Prepayments 3,825 - - 204,962 219,472 206,833 Creditors: amounts falling due withinone year (21,032) (3,265) (10,571) Net current assets 183,930 216,207 196,262 Total assets less current liabilities 183,930 216,207 196,262 Creditors: amounts falling due aftermore than one year - - - Net assets 183,930 216,207 196,262 Capital and reserves Share capital 3 112,500 112,500 112,500Share premium account 113,135 113,135 113,135Profit and loss account (41,705) (9,428) (29,373) Shareholders' funds - equity 183,930 216,207 192,262 Statement of Cash flows 6 months Period Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 Note £ £ £ Net cash outflow from operating 4activities (8,758) (7,272) (23,167) Returns on investments andservicing of financeInterest received 3,062 1,109 4,365 Net cash flow before financing (5,696) (6,163) (18,802) FinancingIssue of ordinary share capital - 300,000 300,000Costs of issue of share capital - (74,364) (74,365) (Decrease)/Increase in cash (5,696) 219,472 206,883 Reconciliation of net cash flow tomovement in net debt(Decrease)/Increase in cash in theperiod (5,696) 219,472 206,833Net funds at start of period/incorporation 206,833 - -Net funds at 30 June 2006/31 December 2005 5 201,137 219,472 206,833 Notes to the Interim Financial Report 1. Basis of preparation The interim financial report for the period ended 30 June 2006 was approved bythe Board of 9999 Plc ('the Company') on ( ) September 2006. The interimfinancial report has not been audited and does not constitute statutoryfinancial statements for the purposes of section 240 of the Companies Act 1985.The interim financial report has been prepared using accounting policiesconsistent with those used in preparing the Company's audited financialstatements for the year ended 31 December 2005. The Company's audited statutory financial statements respect of the period ended31 December 2005 which contained an unqualified audit opinion, have been filedwith the Registrar of Companies. 2. Loss per share Basic loss per share is calculated on the basis of the net loss attributable toordinary shareholders divided by the weighted average number of shares in issueduring the period. Diluted loss per share represents basic loss per share after allowing for thedilutive effect of the conversion into ordinary shares of the weighted averagenumber of options outstanding during the period. The total number of shares inissue used to calculate the diluted earnings per share in the period ended 30June 2006 was 51,000,000. 3. Share capital 31 30 June 30 June December 2006 2005 2005 £ £ £Authorised400,000,000 ordinary shares of 0.25p each 1,000,000 1,000,000 1,000,000 Allotted, called up and fully paid45,000,000 ordinary shares of 0.25p each 112,500 112,500 112,500 The Company was incorporated on 8 March 2005 with an authorised share capital of£1,000,000 divided into 1,000,000,000 ordinary shares of 0.1 pence each, ofwhich 2 were issued fully paid to subscribers. Subsequently, on 10 March 2005,an additional 3 ordinary shares of 0.1 pence each were issued. On 10 March 2005 resolutions were passed consolidating the Company's sharecapital into £1,000,000 divided into 400,000,000 0rdinary shares of 0.25 penceeach, authorising the directors to allot relevant securities, dis-applypre-emption rights and authorising the directors to grant options.Subsequently, on 10 March 2005, the Company issued 19,999,998 new ordinaryshares fully paid to subscribers at 0.25 pence per share. 0n 31 March 2005, a further 25,000,000 new ordinary shares of 0.25 pence pershare were issued at the placing price of 1 pence per share. At that date therewere 45,000,000 ordinary shares of 0.25 pence in issue, all fully paid. At 30 June 2005 the Company had issued options to subscribe for 5,000,000ordinary shares to the executive directors of the Company and a further1,000,000 ordinary shares to the non-executive director of the Company, all at 1pence per share. The options issued to the executive directors are exercisableat any time up to five years from the date of admission to AIM provided that theCompany has successfully completed its first investment transaction within 12months of admission. The non-executive options are exercisable at any time upto five years from the date of admission to AIM. 4. Net Cash Outflow from Operating Activities 6 months Period Year ended ended 30 ended 30 31 December June 2006 June 2005 2005 £ £ £ Operating loss (15,394) (10,537) (33,738)Increase in Creditors 10,461 3,265 10,571Incease in prepayments (3,825) - - (8,758) (7,272) (23,167) 5. Analysis of Net Debt At 1 January At 30 June 2006 Cash flow 2006 £ £ £ Cash at bank and in hand 206,833 (5,696) 201,137Bank overdrafts - - - 206,833 (5,696) 201,137 A copy of this interim financial report which does not constitute statutoryaccounts for the Company, is being sent to all shareholders and further copiesare available from the Company's Registered Office at the address below: 9999 Plc, Third Floor, 3 College Approach, Greenwich, London SE10 9HY. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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