Preliminary Results

VoyagerIT.Com PLC 24 January 2001 Voyager IT.com plc PRELIMINARY RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2000 CHAIRMAN'S EXECUTIVE SUMMARY The last year has not been easy, especially with investors in both the USA and UK taking such a negative view of Internet-based investment companies. Over the last few months we have not only recognised this negativity but we have reacted accordingly. Further to the disposal of a number of our smaller investments last September, we have reviewed and amended our investment strategy, switching the emphasis away from investing in Internet, IT and media companies to focus instead upon developing interests in other sectors viewed more favourably by the investment community and the Board have identified investment banking and associated financial services sectors as a sector on which to concentrate. We also intend changing the company's name, subject to Shareholder's approval, to Cater Barnard plc. Even though the company has, after taking account of unrealised provisions of £2,4m, made a pre-tax loss of £2.4m, it is very encouraging to note that our net asset value has actually risen from 10.7p to 12.3p per share for the year. We are now extremely excited about the potential of the group moving forward. Stephen Dean, Chairman Enquiries: Voyager IT.com plc (00 44) 020 7583 2001 Stephen Dean, Chairman Adrian Stecyk, Chief Executive Seymour Pierce Limited (00 44) 020 7648 8700 Sarah Wharry Boswell City Financial PR Ltd (00 44) 020 7583 2001 Glenda Boswell/Rodney Johnson PRELIMINARY STATEMENT Key Points 30 September Increase on Funds raised to % 2000 date Increase * Shareholders £14,533,000 £11,838,000 +22% Funds * Net Assets per 12.3p 10.7p +15p share * Fee Income £438,000 n/a n/a * Operating Profit £323,000 n/a n/a * Advanced stage of negotiations to sell Findstar plc. * Advanced stage of negotiations to sell our interest in TDMI CHAIRMAN'S STATEMENT I am pleased to be able to make this maiden annual report to shareholders of Voyager IT.Com plc. Voyager IT.Com plc, was formed in August 1999 to take advantage of investment in the emerging internet sector as an incubator fund. The company has to date raised a total of £11,838,000 net of costs at approximately 10.7p per share on average. Shareholders funds today are 12.3p per share, an increase of 15% on funds raised to date. The company's investments fall into four categories:- UK quoted, UK private, US quoted and US private. Understandably, neither of the company's quoted portfolios in the US and UK have performed well. Consequently substantial sales of our interests in these quoted companies have been made and quoted investments not replaced. However, on the positive front, the company made significant fees assisting IDN and MusicUnsigned come to Market. In comparison, the UK and US private investment portfolios have faired very well, with significant growth in Findstar Ltd, ThinkDirectMarketing Inc., (TDMI) and Multicast ISP. As announced in October of last year, the board believes that the best returns to shareholders will be achieved by converting Voyager IT into a 'trading' company and are currently looking at sectors which are generally considered more favourably by the investment community in the USA and UK. The Board has identified financial services as one of those sectors upon which to concentrate. I am therefore pleased to announce the following steps that will be implemented to achieve that strategy:- 1. The board are currently in advanced stages of negotiation regarding the sale of the Company's investment in Findstar Ltd; 2. The Board is also negotiating the sale of a substantial investment in the USA private portfolio, TDMI; 3. The Board is proposing a change of name to Cater Barnard plc; 4. The Board intends to look for an acquisition of a UK based authorised financial services or investment banking business; If successful, these moves will substantially increase the balance sheet value of the Company. The structure of the ongoing company will be: CATER BARNARD PLC Stephen Dean - Chairman Peter Holmes - Finance Director Adrian Stecyk - Operations Director Cater Barnard USA 55% of Voyager Financial News.com plc, which is the holding company for Griffin Securities and Eximius 29% of Weatherly International plc Cater Barnard (USA) Ventures Holding company for either quoted or unquoted equities. Cater Barnard (UK) Ventures Holding company for both quoted and unquoted equities in the UK and further to provide short term bridge and pre IPO funding. On behalf of the company I wish to extend my thanks to my co-directors and the company's advisors for their support over the past year. Stephen Dean, Chairman January 24th, 2001 SCHEDULE OF INVESTMENTS Investment Securities Held No. of Securities held FutureOne, Inc. Common Stock 1,000,000 Warrants 400,000 GlobalNetFinancial.com, Inc. Ordinary 27,911 IDN Group plc Ordinary 30,270,000 Warrants 13,833,333 IMX Pharmaceuticals, Inc. Common Stock 500,000 JAB Holdings plc Ordinary 425,000 MusicUnsigned Holdings plc Ordinary 37,085,185 Warrants 2,518,520 Net Windfall plc Ordinary 4,250,000 Orchard Furniture plc Ordinary 15,450,000 Sadot 480,000 240,000 Shore Capital Group plc Ordinary 275,000 Voyager Financial News.com plc Ordinary 5,388,999 Warrants 400,000 Worlds.com plc 203,121 Betachance.com plc Ordinary 2,726,919 Convertible Loans 2,325,160 GlobalEuroNet plc Ordinary 78,404 Golfco 157 MulticastISP 1,500,000 Findstar Ltd Ordinary 1,180 ThinkDirectMarketing, Inc. Common Stock Convertible Loans Options CONSOLIDATED BALANCE SHEET 30 September 2000 Period from 11 August 1999 to 30 September 2000 £ FIXED ASSETS Tangible assets 2,150 Investments 17,069,141 ---------------------- 17,071,291 CURRENT ASSETS Debtors 81,747 Cash at bank and in hand 63,339 ---------------------- 145,086 CREDITORS: amounts falling due within one year (1,213,058) ----------------------- NET CURRENT LIABILITIES (1,067,972) ----------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 16,003,319 CREDITORS: amounts falling due after more than one year (1,470,193) ---------------------- NET ASSETS 14,533,126 =========== CAPITAL AND RESERVES Called up share capital 1,184,328 Share premium account 11,896,417 Revaluation reserve 3,868,690 Profit and loss account (2,416,309) --------------------- EQUITY SHAREHOLDERS' FUNDS 14,533,126 ========== Net Assets per ordinary share 12.27p ========== CONSOLIDATED PROFIT AND LOSS ACCOUNT Period from 11 August 1999 to 30 September 2000 Period from 11 August 1999 to 30 September 2000 £ Other operating income 437,663 Administrative expenses (114,481) _______ OPERATING PROFIT 323,182 Provisions on fixed asset investments unsold at the period (2,404,901) end Loss on disposal of fixed asset investments (313,838) Interest receivable and similar income 47,798 Interest payable and similar charges (68,550) _________ LOSS ON ORDINARY ACTIVITIES (2,416,309) BEFORE TAXATION Tax on loss on ordinary activities - _________ LOSS ON ORDINARY ACTIVITIES (2,416,309) AFTER TAXATION Dividends - _________ Retained loss for the financial period (2,416,309) _________ Earnings per ordinary share (3.35)p _______ Diluted earnings per ordinary share (3.35)p _______ All activities derive from continuing operations. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Period from 11 August 1999 to 30 September 2000 Period from 11 August 1999 to 30 September 2000 £ Loss for the financial period (2,416,309) Unrealised gain on financial fixed assets 3,868,690 ------------------- Total recognised gains and losses relating to the period 1,452,381 ========== RECONCILIATION OF MOVEMENT IN CONSOLIDATED SHAREHOLDERS' FUNDS Period ended 30 September 2000 Period from 11 August 1999 to 30 September 2000 £ Loss for the period (2,416,309) Other recognised gains relating to the period 3,868,690 Proceeds of issues of shares 13,080,745 ------------------ Net addition to shareholders' funds 14,533,126 At date of incorporation - ------------------ Closing shareholders' funds 14,533,126 ========= Net Assets per ordinary share 12.27p ========= CASH FLOW STATEMENT Period from 11 August 1999 to 30 September 2000 Period from 11 August 1999 to 30 September 2000 £ Net cash inflow from operating activities 655,210 ------------------- Returns on investments and servicing of finance Interest received 47,798 Interest paid (68,550) ------------------- Net cash inflow from returns on investments and servicing of (20,752) finance ------------------- Capital expenditure and financial investment Payments to acquire tangible fixed assets (2,867) Payments to acquire investments (23,142,884) Receipts from sales of investments 9,266,200 ------------- Net cash outflow from investing activities (13,879,551) ------------- Net cash outflow before financing (13,245,093) ------------------- Financing Issue of ordinary share capital 12,442,138 Debt finance raised 1,470,193 Expenses on issuing equity shares (603,899) ------------------ Net cash inflow from financing 13,308,432 ------------------ Increase in cash in the period 63,339 ------------------- Notes: The figures for the year ended 30 September 2000 do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. Copies of the financial statements have not yet been delivered to the Registrar of Companies. Copies of the Annual Report will be posted to shareholders in due course and will be available to the public from the Company's registered office at Dean House, Sovereign Court, Ermine Business Park, Huntingdon PE18 6WA.

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