Final Results

21 April 2010 In-Solve Plc ("In-Solve" or "the Company") Final Results DIRECTORS' REVIEW In last years results, following a fall in commodity prices and the results from an independent consultant on the Anjohibe prospect, the company made a substantial provision against its sole investment in Wilton Petroleum Limited. The directors are of the opinion that there is no further need to impair this investment and that there appears to be some prospect in the long term, that the value lost in the investment, may in part or in the whole be recouped. The directors believe that in the current market conditions there is an opportunity for significant returns over the longer term through investment in distressed, small to medium sized businesses with essentially sound business models offering recovery prospects. Following a review of the company's activities, the directors of the company recommend a change in the current investment strategy of the company. At the end of 2009 the company changed its investment strategy to be a generalist one with no specific sector, national or regional focus. The company may be either an active investor and acquire control of a single company or it may be a passive investor and acquire non-controlling shares or other assets or businesses where it is deemed to be in the best interest of the company. As a result of the company's decision to changes its objectives and business strategy, it also passed a special resolution to change its name to In-Solve Plc. Whilst the company steps up its efforts to implement its new business model, it has continued to keep its costs to a minimum and all its overheads including directors fees have been kept as low as possible. The company raised funds for working capital requirements by issuing shares in the year. Paul Rewrie Non Executive Director PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 NOVEMBER 2009 2009 2008 £ £ Administrative Expenses (71,934) (169,655) Operating Loss (71,934) (169,655) Other interest receivable and similar 2,236 18,494 income Amounts written off investments - (746,305) Loss on ordinary activities before (69,698) (897,466) taxation Tax on loss on ordinary activities - - Loss for the year (69,698) (897,466) Earnings per share expressed in pence per share Basic and fully diluted loss per share (0.94) (14.97) * The profit and loss account has been prepared on the basis that all operations are continuing operations. * There are no recognised gains and losses other than those passing through the profit and loss account. BALANCE SHEETAS AT 30 NOVEMBER 2009 2009 2008 £ £ £ £ FIXED ASSETS Investments 34,028 34,028 CURRENT ASSETS Debtors 1,090 556 Cash at bank and in hand 109,410 171,489 110,500 172,045 CREDITORS: amounts falling due within (7,095) (12,830) one year NET CURRENT ASSETS 103,405 159,215 TOTAL ASSETS LESS CURRENT LIABILITIES 137,433 193,243 CAPITAL & RESERVES Called up share capital 80,159 72,223 Share premium account 1,024,438 1,018,486 Profit & loss account (967,164) (897,466) SHAREHOLDERS' FUNDS 137,433 193,243 Notes: 1. The financial information set out in this announcement does not constitute statutory accounts. This financial information has been extracted from the audited full accounts of the Company for the year ended 30 November 2009. 2. The directors do not recommend the payment of a dividend. The Directors of the Issuer accept responsibility for this announcement. ---ENDS--- Enquiries: IN-SOLVE PLC TEL: 020 7467 1700 Jonathan Bradley-Hoare - Company Secretary RIVINGTON STREET CORPORATE FINANCE TEL: 020 8099 0571 Eran Zucker Eran@rs-cf.com
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