Half Yearly Report

RNS Number : 9840I
Pires Investments PLC
31 July 2012
 



Pires Investments PLC

("Pires" or the "Company" (previously named Oak Holdings PLC))

 

Half yearly results to 30 April 2012

 

Chairman's Statement

 

Pires Investments plc, an investing company focusing on the resources and energy sectors, announces its half yearly results for the six months ended 30 April 2012.

 

Following the General Meeting held on 16 April 2012 at which Shareholders approved, inter alia, a capital reorganisation, the disposal of its subsidiaries, a Company Voluntary Arrangement ("CVA") and a new investing policy, focusing on investing in the resources sector, the Company announced on 17 April 2012 that it had successfully raised £1.7 million through a placing.

 

As at 30 April 2012 the Company had a cash balance of approximately £1.6million.

 

As part of the CVA the Company agreed to pay creditors an amount of 10p in the pound to be settled equally by way of cash and new ordinary shares in the Company.

 

The results for the period show a profit of £1.046 million which arises from the accounting treatment of the reduction in creditors following the CVA and the previous activities of the Company being treated as "discontinued activities".  The Company currently has no trading activities.  The Directors are keeping administrative expenses incurred by the Company to a minimum.

 

The Board is actively reviewing potential investment opportunities in the resources and energy sector and looks forward to updating Shareholders of progress as these come to fruition.

 

Following the CVA and fundraising, Aamir Quraishi and I joined the Board and the Company is hopeful that using our extensive experience in identifying and executing corporate transactions, an investment, probably by way of reverse takeover, will be completed, with a view to enhancing Shareholders' value.

 

 

 

Peter Redmond

Chairman

 

 

 

Enquiries:

 

Pires Investments plc

Peter Redmond, Director

 

Tel: 0207 580 7576

 

Nominated Adviser

Cairn Financial Advisers LLP

Liam Murray / Avi Robinson

 

Tel: 020 7148 7900

 

Broker

Peterhouse Corporate Finance

Jon Levinson

Lucy Williams

 

 

 

+44 (0) 207 469 0935

+44 (0) 207 469 0936

 



 

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2012



Unaudited


Unaudited


Audited



6 months


6 months


Year



ended


ended


ended



30-Apr


30-Apr


31-Oct



2012


2011


2011








Continuing activities


£


£


£


Notes






Revenue


-


506,233


54,587

Administrative expenses


(184,860)


(703,979)


(561,952)

Exceptional credit resulting from the CVA


1,536,191


-


-








Operating profit/(loss) from continuing activities


1,351,331


(197,746)


(507,365)








Finance income


-


-


4

Finance costs


(50,653)


(11,614)


(64,293)








Profit/(loss) before taxation from continuing activities


1,300,678


(209,360)


(571,654)

Tax


-


-


-








Profit/(loss) for the period from continuing activities

1,300,678


(209,360)


(571,654)








Profit/(loss) from discontinued activities


(254,537)


-


(1,208,232)








Profit/(loss) for the period attributable to equity holders of the Company


1,046,141


(209,360)


(1,779,886)








Earnings/(loss) per share

3






Equity holders







From continuing activities


0.8


(0.4)


(0.8)

From continuing and discontinued activities


0.7


(0.4)


(0.8)















 



UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 April 2012



Unaudited


Unaudited


Audited



As at


As at


As at



30-Apr


30-Apr


31-Oct



2012


2011


2011



£


£


£


Notes






NON-CURRENT ASSETS







Property, plant and equipment


167,300


1,674,372


489,532

TOTAL NON CURRENT ASSETS


167,300


1,674,372


489,532








CURRENT ASSETS







Inventories


-


602,387


552,736

Trade and other receivables


33,375


48,385


21,283

Cash and cash equivalents


1,582,188


2,210


1.049

TOTAL CURRENT ASSETS


1,615,563


652,982


575,068

TOTAL ASSETS 


1,782,863


2,327,354


1,064,600








EQUITY 







Called up share capital


11,287,103


9,587,103


9,587,103

Share premium account


2,932,818


3,017,818


3,017,818

Retained earnings


(13,077,356)


(12,552,971)


(14,123,497)

Capital redemption reserve


164,667


164,667


164,667

TOTAL EQUITY

3

1,307,232


216,617


(1,353,909)








LIABILITIES







NON-CURRENT LIABILITIES 







Borrowings


-


1,176,104


4,234

TOTAL NON-CURRENT LIABILITIES 


-


1,176,104


4,234








CURRENT LIABILITIES







Borrowings


167,300


221,433


1,143,605

Trade and other payables 


308,331


713,200


1,270,670

TOTAL CURRENT LIABILITIES


475,631


934,633


2,414,275








TOTAL LIABILITIES


475,631


2,110,737


2,418,509








TOTAL EQUITY AND LIABILITIES


1,782,863


2,327,354


1,064,600

 



UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 April 2012

 



Unaudited

Unaudited

Audited



6 months

to

6 months

to

Year ended

to



30-Apr

30-Apr

31-Oct



2012

2011

2011



£

£

£


Notes











Cash flows from operating activities

5

723,099

(21,382)

(15,418)






Cash flows from investing activities





Payments to acquire tangible fixed assets


-

(15,565)

(11,619)

Cash consideration for acquisitions


-

-

 -






Net cash used in investing activities



(15,565)

(11,619)

Cash flows from financing activities





Advances on loans and overdrafts


-

58,787

238,977

Net proceeds from issue of shares


1,592,000

-

 -

Reduction in loan finance


(675,671)

-

(130,949)

Repayments of obligations under hire purchase contracts


(7,636)

(9,661)

(17,297)

Net interest paid


(50,653)

(11,614)

(64,290)






Net cash from financing activities


858,040

37,512

26,441






Net increase/(decrease) in cash and cash equivalents during the period


1,581,139

565

(596)

Cash and cash equivalents at beginning of the period





1,049

1,645

1,645






Cash and cash equivalents at end of the period


1,582,188

2,210

1,049






 



Notes to the Unaudited Interim Report

 

1. GENERAL INFORMATION

 

Pires Investments PLC (the "Company") is a company domiciled in England whose registered office address is c/o Morrison & Foerster, CityPoint, One Ropemaker Street, London EC2Y 9AW. The condensed consolidated interim financial statements of the Company for the six months ended 30 April 2012 is that of the Company and its subsidiaries (together referred to as the "Group"). 

 

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

 

The financial information for the year ended 31 October 2011 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

 

The financial information for the six months ended 30 April 2011 and 2012 was also prepared in accordance with IFRS.

 

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. 

 

The condensed interim financial statements were authorised for issue on 31 July 2012.

 

 

2. BASIS OF ACCOUNTING

 

The consolidated financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2011. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

 



 

3. LOSS PER SHARE

 

The calculation of the basic loss per share is based on the following data:

 


Unaudited

Unaudited

Audited


6 months

6 months

Year


ended

ended

ended


30-Apr

30-Apr

31-Oct


2012

2011

2011


£

£

£

Profit/(loss) on continuing activities after tax

1,215,678

(209,360)

(436,416)

Profit/(loss) on continuing and discontinued activities after tax

1,046,141

(209,360)

(436,416)



Number of shares


Weighted average number of ordinary shares for the period

 

153,922,503

55,570,856

55,570,856

Earnings/(loss) per share from continuing activities  (p)

0.8

(0.4)

(0.8)

Earnings/(loss) per share from continuing and discontinued activities  (p)

 

0.7

 

(0.4)

 

(0.8)

 

 

The exercise of the outstanding options and warrants at 30 April 2012 would result in the Company issuing shares at a value in excess of the average market price and are therefore not dilutive. At that date, there were potentially 91,428 ordinary shares that could be issued under the terms of options, and 2,021,791 warrants, that will potentially reduce future earnings per share. In addition there were warrants outstanding to subscribe new ordinary shares representing 6% of the Company's issued ordinary share capital from time to time.

 

 

 

4. STATEMENT OF CHANGES IN EQUITY

 


Share Capital


Share Premium



Capital Redemption Reserve


Total




£



£


£

At 1 November 2010

9,587, 103


3,017,818



164,667


425,977

Loss for the 6 months ended 30 April 2011





(209,360)




(209,360)

At 30 April 2011

9,587,103


3,017,818



164,667


(216,617)

Loss for the 6 months ended 31 October 2011





(1,570,526)




(1,570,526)

At 31 October 2011

9,587, 103


3,017,818



164,667


(1,353,909)

Loss for the 6 months ended 30 April 2012





1,046,141




961,141

Issue of shares

1,700,000


(85,000)






1,700,000

At 30 April 2012

11,287,103


2,932,818



164,667


1,307,232

 



 

5. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

 


Unaudited

Unaudited

Audited


6 months

6 months

Year


ended

ended

ended


30-Apr

30-Apr

31-Oct


2012

2011

2011


£

£

£

Cash flow from operations




Operating profit/(loss)

1,351,331

(197,746)

(507,365)

Loss from discontinued activities

(254,537)


(1,208,232)

Depreciation

50

28,801

55,955

Loss on disposal of fixed assets

25,000

-

-

Impairment of fixed asset

-

-

1,153,740

Credit resulting from CVA

(1,536,191)

-

-

Increase in inventories

552,736

(22,604)

27,048

Decrease/(increase) in receivables

10,908

33,113

60,216

Increase/(decrease) in payables

573,802

137,054

403,220

Cash flow from operations

723,099

(21,382)

(15,418)

 

 

6.  DISTRIBUTION OF INTERIM REPORT

 

Copies of the Interim Report for the six months ended 30 April 2012 can be obtained from the Registered Office during normal business hours and are available on the Company's website, www.piresinvestments.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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