Final Results

Judges Capital PLC 31 March 2004 Judges Capital plc Preliminary results for the 59 weeks ended 31 December 2003 CHAIRMAN'S STATEMENT Following its successful debut on the Alternative Investment Market on 7th January 2003, your company has pursued its strategy as an activist investor. The focus of our approach is to acquire strategic stakes in undervalued quoted companies and to propose changes likely to result in enhanced shareholder value. Our main theme is the encouragement of public to private transactions to take advantage of different perceptions of value between traditional stock market investors and private equity funds. We also consider transactions that would result in an increase of our financial resources. I am pleased to report satisfactory results for Judges for the period since commencing trading on AIM. We have made a number of investments in quoted companies and retained at the period end a strong balance sheet with approximately £0.7 million of our net £1.8 million fundraising still in cash. The net assets (£1.69 million) plus net unrealised profits on investments (£0.09 million) amounted to £1.78 million, broadly equivalent to the net amount raised on admission to AIM. The result for the period is a net loss of £125,872. Due to our relatively small size, we have been vigilant in keeping a tight rein on our administrative expenses, which were £204,859 for the period and include costs of £17,297 relating to an abortive transaction. Our portfolio of active investments at the period end was as follows: • together with David Cicurel (Investments) and Starlight Investments, an 11.7% holding in Pilkington's Tiles plc which owns an attractive real estate site in Poole, Dorset; • together with certain co-investors, a 2% shareholding in a quoted support services company; • a 2.2% shareholding in an engineering company operating in a niche sector (partly acquired after the period end); and • a 3.8% shareholding in Lionheart plc, an £11.6m cash shell which entered members' voluntary liquidation. Following the period end Lionheart plc shareholders received a payment of 140p per share giving us a small profit of £16,000 on our investment of £368,000. We are anticipating a further payment of up to 13p per share £35,000, the timing of which is uncertain. Over the course of the last 12 months, we have experienced a challenging climate for our business model. The opportunity for arbitrage between public and private company valuations has been eroded by a strong recovery in quoted small company shares. Over the period, the FTSE SmallCap index finished the year 48% above its March low point and showed a 33% increase for the year. Whilst we continue to see a potential for creating value from our activist approach, increased ratings applied at present to small quoted companies are affecting our ability to acquire significant blocks of shares in target companies at suitable prices. This investment climate invites us to be selective and prudent. We are conscious of our small size and continue to review transactions capable of increasing our size and enhancing shareholder value at the same time. We look forward to reporting progress on such opportunities in the coming year. The Board wishes to take the opportunity of thanking our shareholders for their continued support and looks forward to creating further attractive returns from our existing portfolio over the forthcoming months. Alex Hambro Chairman 31 March 2004 For further information please contact : David Cicurel, Judges Capital 020 7437 4037 Jonathan Nelson / Alex Borrelli, Shore Capital 020 7408 4090 FOR THE PERIOD ENDED 31 DECEMBER 2003 Notes 2003 £ Administrative expenses (204,859) Operating loss (204,859) 30,049 Profit on disposal of investments 14,750 Investment income 34,188 Other interest receivable and similar income (125,872) Loss on ordinary activities before taxation Tax on loss on ordinary activities - (125,872) Loss on ordinary activities after taxation Loss per ordinary share 1 (6.7p) All operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account. The company was incorporated on 21 November 2002 and so there is no comparable period. BALANCE SHEET FOR THE PERIOD ENDED 31 DECEMBER 2003 2003 Notes £ £ Current assets Debtors 18,912 Investments 2 1,007,336 Cash at bank and in hand 703,647 ------- 1,729,895 Creditors: amounts falling due within (42,455) one year ------- Total assets less current liabilities 1,687,440 ------- Capital and reserves Called up share capital 117,818 Share premium account 3 1,695,494 Profit and loss account 3 (125,872) ------- Shareholders' funds 4 1,687,440 ------- Equity interests 1,674,940 Non-equity interests 12,500 ------- 1,687,440 ------- CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2003 2003 £ £ Net cash outflow from operating activities (166,566) Returns on investments and servicing of finance Interest received 34,188 ------- Net cash inflow from returns on investments 34,188 and servicing of finance ------- Net cash outflow before management of liquid (132,378) resources and financing Management of liquid resources Purchase of investments (1,039,372) Receipts from sale of investments 62,085 ------- (977,287) Financing Issue of Ordinary shares 2,001,002 Expenses paid in connection with share issues (200,190) Issue of Convertible Redeemable shares 12,500 ------- Net proceeds from issue of shares 1,813,312 ------- Decrease in debt - ------- Net cash inflow from financing 1,813,312 ------- Increase in cash in the period 703,647 ------- Reconciliation of operating loss to net cash outflow from 2003 operating activities £ Operating loss (204,859) Increase in debtors (4,162) Increase in creditors due within one year 45,455 ------- Net cash outflow from operating activities (166,566) ------- NOTES TO THE PRELIMINARY RESULTS 1 Loss per ordinary share Loss per share is calculated by dividing the loss for the period of £125,872 by the weighted average number of shares in issue during the period of 1,888,649. As there is a loss for the period there is no dilutive affect arising from the convertible redeemable shares. 2 Current asset investments Historical Period end value Cost Market Directors' Total valuation valuation Valuation £ £ £ £ Unquoted investments 368,467 420,750 420,750 Quoted 638,869 679,756 679,756 investments -------- -------- -------- -------- 1,007,336 679,756 420,750 1,100,506 ======== ======== ======== ======== Net unrealised gain - 40,887 52,283 93,170 ========= ========= ========= ======== 3 Statement of movements on Share premium account Profit and loss reserves account £ £ Retained loss for the - (125,872) period Premium on shares issued 1,695,494 - during the period ------- ------- Balance at 31 December 1,695,494 (125,872) 2003 ------- ------- 4 Reconciliation of movements in shareholders' 2003 funds £ Loss for the financial period (125,872) Proceeds from issue of shares 1,813,312 ------- Net addition to shareholders' funds 1,687,440 Opening shareholders' funds - ------- Closing shareholders' funds 1,687,440 ------- 5. Copies of statement The results for the period ended 31 December 2003 will be posted to shareholders in due course. Further copies are available at the Company's registered office, 1 Bickenhall Mansions, Bickenhall Street, Marylebone, London W1U 6BP This information is provided by RNS The company news service from the London Stock Exchange

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