29th Sep 2006 16:48
Archimedia Ventures PLC29 September 2006 Archimedia Ventures plc ('Archimedia' or the 'Company') Interim results The Company announces its interim results for the six months to 30 June 2006.There was a turnover of nil (2005 - nil) and a loss after tax of £32,384 (2005 -£7,854). The loss for the current period includes abortive acquisition costsincurred by the Company. No directors received any remuneration during the period (2005 - nil). The directors do not recommend the payment of a dividend (2005 - nil). Trading on AIM of the Company's ordinary shares was suspended on 3 April 2006and, pursuant to the AIM Rules, the admission to trading of the Company'sordinary shares is to be cancelled on 3 October 2006. The Directors of the Company are clearly very disappointed at this outcome,having worked to complete a reverse acquisition. Following cancellation of theCompany's admission to AIM, the Board will be writing to shareholders in theCompany in connection with an acquisition and, if completed, will apply to havethe Company's shares admitted to AIM once again. Proposed transaction With this objective firmly in mind, Archimedia has today signed Heads of Termswith Stephen Lunn and Christopher Foster, the controlling shareholders in acompany whose principal asset is a coal property in Kentucky, USA. This propertycomprises significant proven coal reserves, which are expected to be licenced tocoal mining operators. The agreed consideration for the acquisition is £10million, payable in shares of Archimedia at a value of 3p per share. Archimediahas also received expressions of support in respect of shares to be issued forcash, at the same value, in respect of the enlarged group's anticipated workingcapital requirements. The planned acquisition is subject to due diligence, contract and the approvalof Archimedia's shareholders at an extraordinary general meeting. We will be writing to all Archimedia shareholders shortly on the basis indicatedin this announcement. 29.09.06 For further information: Kris Maguire, Hansard Communications020 7245 1100 (office)07740 704 080 (mobile) Profit and loss accountFor the period 1 January 2006 to 30 June 2006 6 months to 28 February 05 to 28 February 2005 30 June 2006 30 June 20 31 December 2005 (unaudited) (unaudite) (audited) £ £ £ Turnover - - - Administrative expenses (34,470) (7,900) (33,647) Operating loss (34,470) (7,900) (33,647) Interest receivable 2,086 46 2,770 Loss on ordinary activities beforetaxation (32,384) (7,854) (30,877) Taxation - - - Loss on ordinary activities aftertaxation (32,384) (7,854) (30,877) Loss per share - basic and diluted (0.28)p (0.01)p (0.28)p Balance sheetAt 30 June 2006 At 30 June 2006 At 30 June 2005 At 31 December 2006 (unaudited) (unaudited) (audited) £ £ £Fixed assetsIntangible assets 3,967 - 5,798 Current assets Debtors 4,125 3,684 350Cash at bank and in hand 140,643 172,878 162,387 144,768 176,562 162,737Creditors: Amounts falling duewithin one year (27,235) (500) ( 14,651) Net current assets 121,500 176,062 148,086 Called up share capital 116,917 116,667 116,917Share premium account 67,844 67,249 67,844Profit and loss account (63,261) (7,854) (30,877) Equity shareholders' funds 121,500 176,062 148,086 Net assets per share (pence) 1.04p 1.51p 1.27p Cash flow statementFor the period 1 January 2006 to 30 June 2006 6 months to 28 February 05 28 February 2005 to 30 June 2006 to 30 June 2006 31 December 2005 (unaudited) (unaudited) (audited) £ £ £ Net cash outflow from operating activities (23,830) (11,084) (17,470) Returns on investment and servicing offinanceInterest received 2,086 46 2,420 Capital expenditure and financialinvestmentPurchase of intangible fixed assets - - (6,479) FinancingIssue of ordinary share capital - 250,000 250,000Costs of share issue - (66,084) (66,084) (Decrease) / increase in cash (21,744) 172,878 162,387 Reconciliation to operating lossOperating loss (34,470) (7,900) (33,647)Amortisation of intangible fixed assets 1,831 - 1,526Increase in creditors 12,584 500 14,651Increase in debtors (3,775) (3,684) -Net cash outflow (23,830) (11,084) (17,470) Notes to the Interim Report 1. Loss on ordinary activities before taxation The loss for the period comprises administrative overheads and abortiveacquisition costs incurred during the period. 2. Called up share capital The issued share capital comprises 11,691,660 (30 June 2005 - 11,666,660)ordinary shares of 1p each. 3. Preparation of Interim Report The directors approved the interim financial information for the period to 30June 2006 on 29, September 2006. 4. Financial information The financial information in this statement does not constitute statutoryaccounts within the meaning of section 240 of the Companies Act 2005. 5. Accounts Copies of the Interim Report are available, by post, from 14 St Paul's Road,Richmond, Surrey TW9 2HH. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Artemis Res