Interim Results
27 November 2003 - 3:59AM
UK Regulatory
RNS Number:5455S
Corvus Capital Inc
26 November 2003
26 November 2003
Corvus Capital, Inc. ("Corvus" or "the Company")
Interim Results for the six-month period ended 31 August, 2003
Chairman's statement
I present the results for the six-month period ended 31 August 2003.
Results
In the six-month period to 31 August 2003, the Company incurred an operating
loss of #121,000 (2002: operating loss of #143,000). After interest received of
#1,000, amounts written off investments of #39,000 and a loss on disposal of
fixed asset investments of #3,000 (2002: interest received of #1,000), the loss
before tax was #163,000 (2002: loss of #142,000). On 18 August 2003, the
Company announced that it had issued 700,000 new 5p Ordinary shares in the
Company at 6.5p per share to raise #45,500 before expenses.
At the end of the period, shareholders' funds stood at #299,000. The Company
has, where possible, sought to dispose of its investments. At the balance sheet
date only two investments were retained, and this remains the case. Both of
these investments are in companies whose share trading facility is currently
suspended. They may or may not have a future realisable value, but in view of
the uncertainty their cost has been written off. The Company has incurred
professional costs in relation to advice on the proposed acquisition referred to
below but otherwise continues to operate with a low level of overhead.
Potential acquisition
The Company is at an advanced stage of discussion with a view to the proposed
acquisition of an established investment company. The company concerned is
based and managed overseas but its investments are principally in the UK. The
Directors are confident that this proposed acquisition can be secured, and that
the Company will make an appropriate announcement within a matter of weeks. By
reason of its size the proposed acquisition is likely to be classified as a '
reverse takeover' under the rules of AIM, and would therefore require the prior
approval of shareholders at an EGM.
Ian Tickler
Chairman
26 November 2003
Profit and Loss Account
For the six month period ended 31 August 2003
Six month Six month Year
period ended period ended ended
31 August 31 August 28 February
2003 2002 2003
#000 #000 #000
Notes
Administrative expenses (121) (143) (448)
Operating loss (121) (143) (448)
Amounts written off fixed asset (39) - (333)
investments
Loss on disposal of fixed asset (3) - (11)
investments
Loss on ordinary activities before (164) (143) (792)
interest
Interest receivable and similar income 1 1 6
Interest payable and similar charges - - (1)
Loss on ordinary activities before and 4 (163) (142) (787)
after tax
Loss per share (pence) 5 (1.14) (1.00) (5.51)
Balance sheet
At 31 August 2003
31 August 31 August 28 February
2003 2002 2003
#000 #000 #000
Notes
Fixed assets
Investments 2 - 643 186
Current assets
Debtors 254 10 264
Cash at bank and in hand 121 515 53
375 525 317
Creditors: amounts falling due within one (76) (106) (86)
year
Net current assets 299 419 231
Total assets less Liabilities 299 1,062 417
Capital and reserves
Called up share capital 749 714 714
Share premium account 2,449 2,440 2,440
Profit and loss account (2,899) (2,092) (2,737)
Equity shareholders' funds 299 1,062 417
Notes to the Interim Results
1. Basis of preparation
The Company was incorporated as a corporation in the British Virgin Islands,
which does not prescribe the adoption of any particular accounting framework.
Accordingly, the Board have resolved that the Company will follow UK Accounting
Standards and apply the Companies Act 1985 when preparing its annual financial
statements.
The interim accounts have been prepared on the basis of accounting policies set
out in the Company's 2003 annual report and accounts.
The Interim accounts for the six month period ended 31 August 2003 are unaudited
and do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985. The financial information for the year ended 28 February
2003 has been extracted from the annual report and accounts. The audit report
on these accounts was unqualified and did not contain any statement under
section 237 of the Companies Act 1985.
2. Investments
Investments are stated at cost less provision for permanent diminution in value.
3. Dividends
No dividend is proposed for the six-month period ended 31 August 2003.
4. Taxation
The Company is not subject to UK corporation tax.
5. Loss per share
The loss per share has been calculated by dividing the loss after taxation for
the period of #163,000 (2002: #142,000) by the weighted average number of
ordinary shares in issue during the period of 14,321,848 (2002: 14,280,000).
6. Copies of the Interim Results will be sent to shareholders in due
course and will be available from Canaccord Capital (Europe) Limited, 27 Upper
Brook Street, London, W1K 7QF.
This information is provided by RNS
The company news service from the London Stock Exchange
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