6th Sep 2005 11:03
Commoditrade Inc.06 September 2005 6 September 2005 Commoditrade Inc ("Commoditrade") Interim Results for the period ended 30 June 2005 Chairman's Statement I am pleased to present the first results of Commoditrade covering the period from incorporation on 6 January 2005 to 30 June 2005. The Company was admitted to AIM on 8 March 2005 through an initial placing of 10.3 million ordinary shares that generated net funds for the Company of £365,000. The Company was created to build, through investment and acquisition, a group specialising in the commodities sector. The Company did not trade in the period covered by these interim results and the only activity during this period has been the investigation of various potential acquisition opportunities and the related due diligence undertaken thus far. On 12 July 2005 your Board, having noted speculation regarding a possible acquisition by the Company, requested that the London Stock Exchange plc temporarily suspend trading of the Company's securities on AIM. The directors expect to announce an acquisition shortly which will be treated as a reverse for the purposes of AIM. The Board is pleased with the progress made to date and looks forward to thefuture with confidence. Graham ButtChairman 5 September 2005 Enquiries: John Bick Tel: 020 7651 6999Commoditrade Inc Profit and loss accountfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) £000 Notes Administrative expenses (60) --------Operating loss (60) Interest receivable and similar income - --------Loss on ordinary activities before and after tax 3 (60) -------- Loss per share (pence) 2 (0.08) p Balance sheetAs at 30 June 2005 30 June 2005 (Unaudited) £000 Current assetsDebtors 410 Creditors: amounts falling due within one year (8) --------Net current assets, and net assets 402 -------- Capital and reservesCalled up share capital 103Share premium account 359Profit and loss account (60) --------Equity shareholders' funds 402 -------- Reconciliation of movement in equity shareholders' funds Period from incorporation to 30 June 2005 (Unaudited) £000 Total recognised loss for the period (60)Issue of shares 462 --------Net movement in equity shareholders' funds 402Equity shareholders' funds at start of period - --------Equity shareholders' funds at end of period 402 -------- Cash flow statementfor the period ended 30 June 2005 Period from incorporation to 30 June 2005 (Unaudited) £000 Net cash outflow from operating activities (462) --------Net cash outflow before financing (462) FinancingIssue of shares 627Share issue costs (165) -------- 462 -------- --------Increase in cash - -------- Reconciliation of net cash flow to movement in net cash Period from incorporation to 30 June 2005 (Unaudited) £000 Increase in cash - --------Change in net cash from cash flows -Opening net cash - --------Closing net cash - -------- Notes to the Interim Resultsfor the period ended 30 June 2005 1. Basis of preparation The Interim Results were approved by the Directors on 5 September 2005. TheCompany was incorporated in the Cayman Islands which does not prescribe theadoption of any particular accounting framework. Accordingly, the Board haveresolved that the Company will use accounting policies consistent with UKgenerally accepted accounting practice, full details of which will be set out inthe Company's annual report and accounts for the period ending 31 December 2005. The Interim Results are unaudited and do not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985. 2. Loss per share The loss per share is calculated on the loss on ordinary activities aftertaxation of £60,000 and on the weighted average number of ordinary shares inissue during the period of 75,156,003. There were no potentially dilutive shares in issue at 30 June 2005. 3. Share capital and reserves Share Share Profit & loss capital premium account £000 £000 £000 On incorporation - - -Issue of shares to founders 92 - -Placing on admission to AIM 11 524 -Costs of Admission - (165) -Result for the period - - (60) -------- -------- --------At 30 June 2005 103 359 (60) -------- -------- -------- 4. Reconciliation of operating loss to cash flows Period from incorporation to 30 June 2005 (Unaudited) £000 Operating loss (60)Movement in debtors (410)Movement in creditors 8 --------Net cash outflow from operating activities (462) -------- 5. Copies of the results Copies of the Interim Results will be sent to shareholders in due course andwill be available on request from the offices of the Company's assistantsecretary. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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