21st Nov 2005 12:00
Seashell II Limited21 November 2005 Seashell II Limited announces interim results for the period ended 30 September2005 Belize City, Belize, 21 November 2005 - Seashell II Limited (London: SEAS) ("Seashell") reported a net profit of £180,000 for the period ended 30September 2005, its first reported trading period since becoming listed on AIMin June 2005. Basic and diluted earnings per share for the period ended 30September 2005 amounted to 2.8 pence. Before 12 May 2005, the Company was inactive. On 12 May 2005, the Company issued6,433,454 shares to its then parent company for a total cash consideration ofUS$6.0 (£3.2 million). These funds were immediately invested in a US dollar termdeposit earning interest at market rates. As a result of the holding of this USdollar cash deposit the Company realised in the period a gain on currencytranslation amounting to £188,000. Since June 2005, Seashell has commenced its search for investment opportunitiesin line with its stated strategy which includes possible investment, in duecourse, in one or more quoted or unquoted businesses that may have been set upby entrepreneurs with good strategic plans and need financial backing and thesupport of the experienced Seashell management team. No suitable investments have yet been identified and the search will continue. Seashell II Limited - Financial Information (unaudited)Profit and loss account for the period ended 30 September 2005 £000Interest income 39Administrative expenses (47)Exchange gain on foreign currency cash investment 188 ____Profit on ordinary activities before and after taxation 180 ____Earnings per share (basic and diluted) (in pence) 2.8 ____ Balance sheet at 30 September 2005 £000Current assetsCash at bank and in hand 3,444Current liabilities (amounts falling due within one year)Accruals 47 ____Net assets 3,397 ____ Capital and reservesCalled up share capital 3,217Reserves 180 ____Equity shareholders' funds 3,397 ____ Cash flow statement for the period ended 30 September 2005 £000Operating activitiesOperating profit 180Increase in creditors 47 ____Net cash inflow from operating activities 227 ____Financing activities ____Proceeds from issue of share capital to parent company 3,217 ____ ____Increase in cash for the period 3,444 ____Cash - beginning of period - ____Cash - end of period 3,444 ____ Notes to the unaudited financial information The unaudited financial results have been prepared in pounds sterling and inaccordance with applicable accounting standards in the United Kingdom, for theperiod from 21 October 2004 to 30 September 2005. Seashell was incorporated on 21 October 2004 with an authorised share capital of£10,000,000, comprising 20,000,000 ordinary shares of 50 pence each. Onincorporation, one ordinary share was issued and allotted for cash. On 12 May2005, the Company issued a further 6,433,454 ordinary shares for cash of£3,217,000. The Company's accounting reference date is 31 March and its first auditedaccounts will cover the period from incorporation on 21 October 2004 to 31 March2005. The Company did not trade between 21 October 2004 and 12 May 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jaywing