24th Jan 2008 07:01
Chariot (UK) PLC24 January 2008 Chariot (UK) plc("Chariot" or the "Company") Unaudited results for the six months ended 31 October 2007 Highlights • Investment strategy to acquire company or companies whose business is in the broader leisure or consumer sectors • Positive net assets of £0.58 million (as at 31 October 2007) to apply to the implementation of an acquisition in line with the Company's investment strategy • The Board has continued to review potential investment and acquisition opportunities however no firm commitment has been entered into with any acquisitions or investments • The Board continues to discuss potential investment and acquisition opportunities with a number of parties with a view to generating shareholder value • Appointment of Peter Townsend and Martin Eberhardt to the board as non-executive directors with effect from 16 January 2008 • Under rule 15 of the AIM Rules, and on the basis of the status of current discussions between the Company and various parties, the Board anticipates that the Company's shares will be suspended from trading on AIM on 31 January 2008 • The Board remain confident of delivering a transaction for shareholders by 31 July 2008 Chairman's statement I am pleased to present to you Chariot's interim financial information for thesix month ended 31 October 2007. Chariot is treated under the AIM Rules for Companies ("AIM Rules") as aninvesting company and for the six month period to 31 October 2007 did not trade.This was as a result of the sale in January 2007 of the 'monday' lottery gameand other principal operating assets, including the entire player database, toNetplay TV plc. The effect of the sale of the game was to divest Chariot of allof its trading business and activities. For the six month period to 31 October 2007 the Company generated turnover of£nil million (six months to 31 October 2006: £0.91 million) and an operatingloss of £0.06 million (six months to 31 October 2006: operating loss of £8.0million). As at 31 October 2007, the Company had cash balances of £0.69 million(31 October 2006: £1.83 million) and net assets of £0.58 million (31 October2006: £1.40 million). As announced previously by the Company, the investment strategy of the Companyis to acquire a company or companies whose business is in the broader leisure orconsumer sectors. Such an acquisition or investment would constitute a reversetakeover under the AIM Rules. The attributes which Chariot are looking for in aprospective investment or acquisition include an experienced management teamwith a strong record, an ability to generate revenue streams and strong growthprospects with the ability to generate shareholder value. The Company will applyits existing cash balances to the implementation of an acquisition in line withrule 15 of the AIM Rules. Chariot has continued to review potential investment and acquisitionopportunities in line with its investment strategy. However as yet Chariot hasnot entered into any firm commitment in connection with any acquisitions orinvestments. Chariot continues to discuss potential investment and acquisitionopportunities with a number of parties with a view to creating shareholder valuefor Chariot. As outlined in the Company's 2006 interim results announcement of 31 January2007 should the Company not complete an acquisition or investment by 31 January2008, dealings in the ordinary shares of the Company will be suspended fromtrading on AIM. On the basis of the status of the current discussions betweenthe Company and the various parties the Board anticipate that the Company'sshares will be suspended from trading on AIM on 31 January 2008. Under rule 41of the AIM Rules, Chariot will have until 31 July 2008 to complete a transactionotherwise the ordinary shares of Chariot will be cancelled from trading on AIM.The Board is confident an acquisition or investment in Chariot can beconsummated by 31 July 2008. On 16 January 2008, the Company were pleased to announce the appointments ofPeter Townsend and Martin Eberhardt as non-executive directors of the Company.Peter is a major shareholder and director of FBI Media Investments, a majorshareholder of Chariot. Martin is currently Chief Executive and acting FinanceDirector of Hollywood Media Services plc, an AIM-listed company, and anon-executive director of a number of unlisted companies. I look forward toworking closely with the new Board members as the Board looks to deliver atransaction to shareholders that will generate value. The Board looks forward to updating shareholders in due course as appropriate. Peter JonesNon-Executive Chairman 24 January 2008 For further information please contact: Peter Jones, Chariot (UK) plc Tel: 0207 763 2200 Nick Naylor/Nick Athanas, Noble & Company Limited Tel: 0207 763 2200Chariot (UK) plc Profit & Loss account for the 6 months ended 31 October 2007 6 months ended Year ended 30 6 months ended Note 31 October 2007 April 2007 31 October 2006 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Turnover - 1,132 908 Cost of sales - - (182) Gross Profit - 1,132 726 Administrative Expenses (62) (9,763) (8,714)Exceptional item - loss on disposal of fixed assets - (844) - Operating Loss (62) (9,475) (7,988) Interest receivable and similar income 9 77 49Interest payable and similar charges - - - Loss on ordinary activities before and after 2 (53) (9,398) (7,939)taxation Loss per share - Basic and diluted (pence) 3 (0.07)p (15.30)p (15.23)p All amounts relate to discontinued activities. There are no recognised gains and losses for the periods other than those shownin the profit and loss account above. Chariot (UK) plc Balance sheet at 31 October 2007 31 October 2007 30 April 2007 31 October 2006 Note (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Fixed assetsIntangible assets - - 100Tangible assets - - 10 - - 110 Current assetsDebtors 5 110 265Cash at bank and in hand 691 832 1,830 696 942 2,095 Creditors: amounts falling due within one yearCreditors (117) (310) (807) Net current assets 579 632 1,288 Total Assets 579 632 1,398 Capital and reservesShare capital 3 710 710 710Share premium reserve 3 10,615 10,615 10,615Special reserve 3 2,186 2,186 2,186Profit and loss reserve 3 (12,932) (12,879) (12,113) Shareholders' funds 579 632 1,398 Chariot (UK) plc Cash flow statement for the 6 months ended 31 October 2007 6 months ended Year ended 6 months ended Note 31 October 2007 30 April 2007 31 October 2006 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Net cash outflow from operating activities 4 (113) (4,626) (3,399) Returns on investment and servicing of finance 5 9 77 49Capital expenditure and financial investment 5 - (26) (190) Cash outflow before use of liquid resources and (104) (4,575) (3,540)financing Management of liquid resources 5 - 1,391 1,226 Financing 5 - 2,582 2,582 Increase in cash (104) 602 268 Chariot (UK) plc Notes forming part of the financial information for the 6 months ended 31October 2007 1 Interim Financial Information The unaudited interim financial information for the 6 months period ended31 October 2007 does not constitute statutory accounts within the meaning ofsection 240 of the Companies Act 1985. The interim financial information hasbeen prepared on the basis of the accounting policies set out in the auditedfinancial statements for the year ended 30 April 2007, with the addition of: Turnover Turnover represents the commission receivable in relation to the Company'srole as on-line retailer of society lottery tickets. Basis of preparation The comparatives in this report for the year ended 30 April 2007 and the 6month period ended 31 October 2006 are not the full statutory accounts for thoseperiods. Copies of the statutory accounts for the year ended 30 April 2007 havebeen delivered to the Registrar of Companies. The Auditors' report on thoseaccounts was unqualified, but did contain an emphasis of matter concerning theuncertainty as to the ability of the Company to continue as a going concern.The auditors' report did not contain a statement under Section 237(2) - (3) ofthe Companies Act 1985. 2 Loss per share Note 6 months ended Year ended 6 months ended 31 October 2007 30 April 2007 31 October 2006 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 NumeratorLoss used for calculation of basic and diluted lossper share (53) (9,398) (7,939) DenominatorWeighted average number of shares used in basicand diluted loss per share calculation 70,964,250 61,471,099 52,132,728 None of the potential ordinary shares are considered to be dilutive There were no dividends paid or declared during the period. 3 Share capital and reserves Share capital Share premium Special Profit and reserve reserve loss reserve £'000 £'000 £'000 £'000 As at 1 May 2005 - 85 - (694)Shares issued in October 2005 - 4,421 - -Loss for the period - - - (955) At 31 October 2005 (audited) - 4,506 - (1,649) Bonus issue of shares in November 2005 76 (76) - -Reduction of share capital - (4,430) 2,186 2,244Shares issued in February 2006 84 9,519 - -Costs of share issue - (936) - -Share based payment expense - - - 833Loss for the period - - - (6,903) At 30 April 2006 (audited) 160 8,583 2,186 (5,475) Shares issued in July 2006 550 2,200 - -Costs of share issue - (168) - -Share based payment expense - - - 1,301Loss for period - - - (7,939) At 31 0ctober 2006 (Unaudited) 710 10,615 2,186 (12,113) Loss for period - - - (766) At 30 April 2007 (Audited) 710 10,615 2,186 (12,879) Loss for period - - - (53) At 31 October 2007 (Unaudited) 710 10,615 2,186 (12,932) On 3 July 2006 the company raised additional shareholders' equity of 53 millionshares at 5p per share by means of a private placing. Funds of £2,650,000 beforecosts were received. In addition, there was further subscription for 2 million shares inconsideration of the release of the Company's obligations to pay certain feesfor advice received from the Company's nominated adviser in connection with theprivate placing. 4 Reconciliation of operating loss to net cash outflow in the cash flowstatement 6 months Year ended 30 6 months ended 31 April 2007 ended 31 October 2007 (Audited) October 2006 (Unaudited) (Unaudited) £'000 £'000 £'000 Operating loss (62) (8,631) (7,988)Adjustments for:Depreciation and impairment of tangible fixed assets - 243 1,074Loss on disposal of fixed assets - - 7Amortisation and impairment of intangible fixed assets - 63 123Share based payment expense - 1,994 1,301Decrease/ (increase) in debtors 105 3,292 3,137(Decrease)/ increase in creditors (156) (1,587) (1,053) Net cash outflow from operating activities (113) (4,626) (3,399) 5 Analysis of cash flows for headings netted in the cash flow statement 6 months ended Year ended 30 6 months ended 31 October 2007 April 2007 31 October 2006 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Returns on investment and servicing of financeInterest received 9 77 49Interest paid - - - 9 77 49 Capital expenditurePayments to acquire intangible fixed assets - - -Payments to acquire tangible fixed assets - (181) (190)Receipts from sale of fixed assets - 155 - (26) (190) Management of liquid resourcesCash placed on short-term deposit - 1,391 1,226 FinancingIssue of ordinary shares (net of issue costs) - 2,582 2,582Proceeds from short- term loans - - -Repayment of short- term loans - - - - 2,582 2,582 6 Copies of the announcement will be available, free of charge, fora period of one month from the Company's nominated adviser, Noble & CompanyLimited, 120 Old Broad Street, London, EC2N 1AR. The interim report will also beavailable on the Company's website (www.chariot.org.uk). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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