28th Nov 2008 07:00
BIDTIMES PLC
("Bidtimes" or "the Company")
Interim Results for six months ended
31 August 2008
Chairman's statement
I am pleased to present the interim results for the Group for the six months ended 31 August 2008.
Over the period the Company decided to review and subsequently change its investment strategy in order to find the best way to build value for its Shareholders. As part of this review I was appointed as Executive Chairman on 1 July 2008, along with Julian Moore as a non executive director, in order to assist the Company implement its new investment strategy of focusing on opportunities in the minerals and energy resource sectors.
On 1 July 2008 the Company successfully placed 80 million new ordinary shares with new investors to raise £440,000 for working capital purposes to pursue the new investment strategy and the shares were re-admitted to trading on AIM, having been temporarily suspended on 10 December 2007.
I am pleased to report that at the same time the Company entered into a joint venture exploration agreement with Burey Gold Limited, a company listed on the Australian Stock Exchange, with regard to three tenements located in South Australia. The Company has committed to fund certain expenditure with regard to these tenements and is in the process of reviewing them further to confirm their geological potential. Consistent with normal practice we would expect that some tenements may be dropped and others acquired in their place with the expenditure commitment then being allocated to these new tenements. The Company will continue to identify other attractive investment opportunities in the minerals and energy sectors in line with its investment strategy.
As part of the fund raising and change of investment strategy it was agreed that Richard Griffiths, a non executive director, would settle the liabilities of the Company as at 30 June 2008, excluding the costs of the fund raising, and that the Company would dispose of the assets held at that date. To the extent that these assets are realised, the proceeds would be paid to Richard Griffiths in repayment of the liabilities that he had settled, and to the extent that there were any surplus proceeds, 75 per cent. of this surplus would be paid to Richard Griffiths in consideration of his entering into the agreement.
Over the interim period the Company has made a loss for the period of £87,802, before taxation and amounts written off investments, compared with a loss of £44,135 in the corresponding six month period in 2007. The non-core assets held by the Company, those being the assets held prior to the fund raising and which the Company is seeking to dispose of, have been written down to zero in the interim accounts.
While market conditions are extremely challenging at the moment your board believes that there remain many attractive investment opportunities and we look forward to pursuing the Company's new investment strategy and generating value for shareholders.
Anthony Brennan
Executive Chairman
28 November 2008
Income Statement
for the six months ended 31 August 2008
|
Note |
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Revenue |
- |
1,600 |
1,000 |
|
|
Administrative expenses |
||||
|
Amounts written off investments |
(4,136) |
(9,342) |
(18,324) |
|
|
Other administration expenses |
(89,417) |
(48,415) |
(96,579) |
|
|
Operating loss |
(93,553) |
(56,157) |
(113,903) |
|
|
Loss on disposal of fixed assets |
- |
(683) |
(684) |
|
|
Loss on ordinary activities before taxation and finance costs |
(93,553) |
(56,840) |
(114,587) |
|
|
Finance income |
1,615 |
4,512 |
(3,540) |
|
|
Finance costs |
- |
(1,149) |
(1,149) |
|
|
Loss before taxation |
(91,938) |
(53,477) |
(119,276) |
|
|
Taxation |
- |
- |
- |
|
|
Loss after taxation |
(91,938) |
(53,477) |
(119,276) |
|
|
Attributable to: |
||||
|
Equity shareholders of the Company |
(91,938) |
(53,477) |
(119,276) |
|
|
Loss transferred to reserves |
(91,938) |
(53,477) |
(119,276) |
|
|
Basic loss per share (pence) |
5 |
(0.21) |
(0.31) |
(0.69) |
All activities relate to continuing operations
Balance Sheet
as at 31 August 2008
|
Note |
As at 31 August 2008 (unaudited) £ |
As at 31 August 2007 (unaudited) £ |
As at 29 February 2008 (audited) £ |
|
|
Non-current assets |
||||
|
Held for sale investments |
6 |
- |
13,118 |
4,136 |
|
Current assets |
||||
|
Trade and other receivables |
7,063 |
77,303 |
59,708 |
|
|
Cash and cash equivalents |
367,644 |
35,775 |
3,123 |
|
|
374,707 |
113,078 |
62,831 |
||
|
Total assets |
374,707 |
126,196 |
66,967 |
|
|
Current liabilities |
||||
|
Trade and other payables |
(31,449) |
(25,201) |
(31,771) |
|
|
Total liabilities |
(31,449) |
(25,201) |
(31,771) |
|
|
Net assets |
343,258 |
100,995 |
35,196 |
|
|
Shareholders funds |
||||
|
Issued capital |
1,268,676 |
868,676 |
868,676 |
|
|
Share premium account |
714,948 |
714,948 |
714,948 |
|
|
Retained earnings |
(1,640,366) |
(1,482,629) |
(1,548,428) |
|
|
Total equity |
7 |
343,258 |
100,995 |
35,196 |
Cash Flow Statement
for the six months ended 31 August 2008
|
Note |
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Cash outflow from operating activities |
8 |
(37,094) |
(113,804) |
(137,803) |
|
Cash inflow/(outflow) from investing activities |
||||
|
Net rental income |
- |
1,600 |
1,000 |
|
|
Finance income received |
1,615 |
4,512 |
(3,540) |
|
|
Proceeds from disposal of freehold investments |
- |
158,017 |
158,016 |
|
|
Net cash inflow from investing activities |
1,615 |
164,129 |
155,476 |
|
|
Cash inflow/(outflow) from financing activities |
||||
|
Finance cost paid |
- |
(1,149) |
(1,149) |
|
|
Repayment of borrowings |
- |
(13,707) |
(13,707) |
|
|
Issue of ordinary shares for cash |
400,000 |
- |
- |
|
|
Net cash inflow/(outflow) from financing activities |
400,000 |
(14,856) |
(14,856) |
|
|
Net increase in cash and cash equivalents |
364,521 |
35,469 |
2,817 |
|
|
Cash and cash equivalents at beginning of period |
3,123 |
306 |
306 |
|
|
Cash and cash equivalents at end of period |
9 |
367,644 |
35,775 |
3,123 |
Other primary statements the six months ended 31 August 2008
Statement of total recognised gains and losses
|
Note |
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Loss for the financial year |
(91,938) |
(53,477) |
(119,276) |
|
|
Total losses recognised for the period |
(91,938) |
(53,477) |
(119,276) |
Notes to the interim results
for the six months ended 31 August 2008
1. Accounting policies
The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of Bidtimes have remained unchanged from those set out in Bidtimes' 2008 annual report and financial statements.
2. Basis of preparation
The financial information set out in this report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The figures for the year ended 29 February 2008, have been extracted from the statutory financial statements, which have been filed with the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985.
3. Dividends
No dividend is proposed for the six months ended 31 August 2008.
4. Taxation
On the grounds that year to date losses have been made there is no taxation charged to the profit and loss account in this period.
5. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of shares in issue during the period. The impact of the share options is anti-dilutive. The loss and weighted average number of shares used in the calculations are set out below
|
Loss £ |
Weighted average number of shares |
Loss per share (pence) |
|
|
Basic Loss per share |
|||
|
6 months ended 31 August 2008 |
(91,938) |
44,330,045 |
(0.21) |
|
6 months ended 31 August 2007 |
(53,477) |
17,373,523 |
(0.31) |
|
12 months ended 29 February 2008 |
(119,276) |
17,373,523 |
(0.69) |
6. Held for sale investments
|
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Equity investments |
|||
|
- Trochus Plc (see note a below) |
- |
3,718 |
- |
|
- Innobox Plc (see note b below) |
- |
9,400 |
4,136 |
|
- Blue Chip Casinos Plc (see note c below) |
- |
- |
- |
|
Total |
- |
13,118 |
4,136 |
a) On 30 April 2008 Trochus' trading facility on the AIM Market of the London Stock Exchange was cancelled due to the company's shares having been suspended from trading on AIM for a period of six months. The carrying value of the investment was written down to £Nil as at the balance sheet date on the 29 February 2008 and whilst the investment is still held by the company it continues to be carried in the balance sheet at a value of £Nil as at 31 August 2008. It is unclear if this company will continue for the foreseeable future.
b) On 19 May 2008 Innobox's trading facility on the AIM Market of the London Stock Exchange was cancelled due to the company not appointing a replacement nominated advisor within the timescale governed by AIM Rule 1. The carrying value of the investment was written down to £4,136 as at the balance sheet date on the 29 February 2008 and whilst the investment is still held by the company it has been impaired in the current period to a value of £Nil as at 31 August 2008. It is unclear if this company will continue for the foreseeable future.
c) The current carrying value of this investment was written down to £Nil in the year ended 28 February 2007, due to latest published accounts for Blue Chip Casinos Plc, being those at 30 April 2007, showing an insolvent consolidated position.
7. Reconciliation of movements in shareholders' funds
|
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Loss on ordinary activities |
(91,938) |
(53,477) |
(119,276) |
|
Share subscription |
440,000 |
- |
- |
|
Restricted share subscription costs |
(40,000) |
- |
- |
|
Net increase/(decrease) in shareholders' funds |
308,062 |
(53,477) |
(119,276) |
|
Shareholders' funds brought forward |
35,196 |
154,472 |
154,472 |
|
Shareholders' funds at the end of the period |
343,258 |
100,995 |
35,196 |
8. Reconciliation of operating loss with net cash flow from operating activities
|
Six months ended 31 August 2008 (unaudited) £ |
Six months ended 31 August 2007 (unaudited) £ |
Year ended 29 February 2008 (audited) £ |
|
|
Operating loss |
(89,417) |
(48,415) |
(96,579) |
|
Decrease/(increase) in debtors |
52,645 |
(10,447) |
7,148 |
|
(Decrease)/increase in creditors |
(322) |
(54,942) |
(48,372) |
|
Net cash outflow from operating activities |
(37,094) |
(113,804) |
(137,803) |
9. Analysis of charges in net funds
|
As at 1 March 2008 (audited) £ |
Cash Flow £ |
Non-Cash Movement £ |
As at 31 August 2008 (unaudited) £ |
|
|
Cash at bank and in hand |
3,123 |
364,521 |
- |
367,644 |
|
3,123 |
364,521 |
- |
367,644 |
10. Copies of the Interim Results are available for download from the Company's website at www.bidtimes.com
or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West
Midlands B63 3AB.
Enquiries:
|
Tim Cofman-Nicoresti |
+44 (0) 121 265 6330 |
|
W. H. Ireland Limited |
|
|
Brent Fitzpatrick |
+44 (0) 113 290 8766 |
|
Bidtimes Plc |
Related Shares:
Powerhouse Ener