TIDMNBNK
RNS Number : 5920G
NBNK Investments PLC
08 May 2014
NBNK Investments plc
("NBNK" or "the Company")
Audited results for the period ending 31 December 2013
NBNK Investments plc (AIM: NBNK) announces its audited results
for the period ending 31 December 2013.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 16 May
2014.
Chairman's review
As you will recall, in the second half of 2012, funds within the
WL Ross & Co Group made an offer to inject new capital into the
Company by taking a sizeable stake, with a view to maintaining NBNK
as an AIM listed company so that it could continue its search for
suitable potential acquisition targets. Accordingly, on 13 December
2012, a proposed share subscription and tender offer was
circulated. The tender offer was structured to enable those
shareholders that wished to exit the Company to do so on broadly
the same financial terms as would have applied had the Company been
wound up.
At a meeting of ordinary shareholders on 8 January 2013, the
Company resolved to allot shares to certain funds in the WL Ross
& Co Group and to accept tender offers from those shareholders
who wished to sell shares at that time.
Our policy is to maintain the Company at minimal cost while we
seek appropriate opportunities to make an acquisition in the
financial services sector. We have not identified any opportunities
at this time that we felt would represent good value for
shareholders, but the search continues. Shareholders will be kept
advised as and when there are developments to report.
Wilbur L. Ross, Jr.
Chairman
Business review
The Company was incorporated on 2 July 2010 as De Facto 9999
Plc. On 2 August 2010, it changed its name to NBNK Investments plc.
The directors of the Company are:
Wilbur L. Ross, Jr.
Lord Brennan of Bibury QC;
The Company was established to try and launch a new UK retail
and SME banking and savings operation.
The board has maintained the Company at the lowest possible cost
base during the year while other potential acquisition targets are
sought. All commitments (including the lease at One Angel Court,
which expired in June 2013) have been disposed of and the directors
retain only those advisory services necessary to maintain the
Company's legal and regulatory status during this time that
appropriate acquisition targets are sought. Shareholders will be
kept informed of any progress on potential acquisitions through the
usual channels. If no successful acquisition has been achieved by
11 January 2016, the directors will review the position at that
time and consider if it is appropriate to return unused funds to
shareholders and/or to wind up the Company.
Financial results
Income statement
for the year ended 31 December 2013
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
---------------------------------------- -------------- --------------
Interest income 77 166
Administrative expenses 78 (3,773)
Loss on disposal of property, plant
and equipment - (155)
Loss on disposal of intangible assets - (5)
---------------------------------------- -------------- --------------
Operating gain / (loss) 155 (3,767)
(Increase) / decrease in fair value
of derivative financial liabilities (19) 82
Gain / (loss) before taxation 136 (3,685)
Taxation - -
---------------------------------------- -------------- --------------
Gain / (loss) for the year 136 (3,685)
---------------------------------------- -------------- --------------
Gain / (loss) per share (pence)
basic 0.003 (7.361)
---------------------------------------- -------------- --------------
Gain / (loss) per share (pence) 0.003 -
diluted
---------------------------------------- -------------- --------------
Statement of financial position
as at 31 December 2013
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
----------------------------------- -------------- --------------
Current assets
Other accrued income and prepaid
expenses 11 150
Cash and cash equivalents 20,207 19,511
----------------------------------- -------------- --------------
Total current assets 20,218 19,661
----------------------------------- -------------- --------------
Total assets 20,218 19,661
----------------------------------- -------------- --------------
Current liabilities
Trade and other payables 42 272
Other taxation including social - -
security
Derivative financial liabilities 19 -
Total current liabilities 61 272
----------------------------------- -------------- --------------
Total net assets 20,157 19,389
----------------------------------- -------------- --------------
Equity
Called up share capital 5,377 5,005
Share premium 43,129 42,595
Capital redemption 45 45
Retained losses (28,394) (28,256)
----------------------------------- -------------- --------------
Total equity 20,157 19,389
----------------------------------- -------------- --------------
Statement of cash flows
for the year ended 31 December 2013
Year ended Year ended
31 December 31 December
2013 2012
GBP000 GBP000
--------------------------------------- -------------- --------------
Operating activities
Operating profit / (loss) before
taxation 136 (3,685)
Depreciation of property, plant
and equipment - 59
Amortisation of intangible assets - 2
Loss on disposal of property, plant
and equipment - 155
Loss on disposal of intangible
assets - 5
Share based payments (274) (608)
Increase / (decrease) in fair value
of derivative financial instruments 19 (82)
Decrease in receivables 139 25
Decrease in payables (230) (2,781)
Cash flow from operating activities (210) (6,910)
--------------------------------------- -------------- --------------
Investing activities
Proceeds on disposal of fixed assets - 9
Cash flow from investing activities - 9
--------------------------------------- -------------- --------------
Financing activities
Net proceeds of increase in share 906 -
capital
--------------------------------------- -------------- --------------
Cash flow from financing activities 906 -
Net increase / (decrease) in cash
and cash equivalents 696 (6,901)
--------------------------------------- -------------- --------------
Cash and cash equivalents at 1
January 19,511 26,412
--------------------------------------- -------------- --------------
Cash and cash equivalents at 31
December 20,207 19,511
--------------------------------------- -------------- --------------
Statement of changes in equity
for the year ended 31 December 2013
Share Share Capital Retained
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- ---------- ---------- ------------- ---------- ----------
Total equity as at
1 January 2013 5,005 42,595 45 (28,256) 19,389
Net profit and total
comprehensive gain
for the year - - - 136 136
Share based payments - - - (274) (274)
Issue of shares (net
proceeds) 372 534 - - 906
Total equity as at
31 December 2013 5,377 43,129 45 (28,394) 20,157
----------------------- ---------- ---------- ------------- ---------- ----------
Annual General Meeting
The Annual General Meeting of the Company will be held on Monday
23 June 2014 at 2.00 p.m. at Fifth Floor, 100 Wood Street, London,
EC2V 7EX.
Status of the information contained in this announcement
The financial information set out above does not constitute the
Company's statutory accounts for 2013. Statutory accounts for the
period ended 31 December 2013 have been reported on by the
Independent Auditors. The Independent Auditors' Report on the
Annual Report and Financial Statements for 2013 was unqualified,
did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act
2006.
The statutory accounts for the period ended 31 December 2013
will be circulated to shareholders on or around 16 May 2014 and
will be published on the Company's website. They will be delivered
to the Registrar in due course.
The financial information in this announcement has been prepared
using the recognition and measurement principles of International
Accounting Standards, International Financial Reporting Standards
and Interpretations adopted for use in the European Union
(collectively Adopted IFRSs). The accounting policies adopted in
this announcement have been consistently applied and are consistent
with the policies used in the preparation of the statutory accounts
for the period ended 31 December 2013.
- Ends -
For further information contact:
Cenkos Securities plc
(Nominated adviser and broker)
Ian Soanes
Ivonne Cantu +44 207 397 8900
Law Debenture Corporate Services Limited
(Company Secretary)
Ian Bowden +22 207 696 5285
This information is provided by RNS
The company news service from the London Stock Exchange
END
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