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