Final Results

Silentpoint PLC 28 April 2003 28th April, 2003 SILENTPOINT PLC ('Silentpoint' or 'the Company') Preliminary Results for the year ended 31st October, 2002 Silentpoint Plc ('Silentpoint') announces its preliminary results for the year ended 31 October 2002. The main points are: • Cash resources as at 31st October 2002 amounted to £1.2 million (equivalent to 6.9 pence per share). • Management team has been strengthened with the appointment of Mr Smit Berry as Chief Executive. • Ongoing overheads have been reduced to a level where operating costs are substantially covered by the interest receivable on the company's cash balance. • This strong position should give the Company the ability to take advantage of current market conditions. Enquiries: Silentpoint plc Smit Berry - Chief Executive 020 8656 4648 Haresh Kanabar - Chairman 020 7070 7283 Chairman's Statement OVERVIEW This is my first report to shareholders since the appointment of Smit Berry, who joined the board on 16th August 2002 as Chief Executive and brings with him extensive experience in analysing and investing in smaller companies. This followed the acquisition by a consortium formed by him of 29.99% of the issued share capital. Also at that time, David Rogers, the former Chief Executive, resigned as a director in order to return to his roots in commercial property. RESULTS In the year ended 31st October 2002 the company recorded a loss after tax of £116,000 (2001 loss of £115,000). The costs incurred in the period were mainly in respect of the costs of maintaining the AIM listing, the Head Office function and termination of service contracts. The loss per share in the period was 0.66p (2001 loss per share of 0.73p). Net cash at 31st October 2002 was £1.17 million (2001: £1.32 million) with net assets of £1.19 million (2001: £1.31 million). Suresh Lakhani, who has been a director since incorporation, will be stepping down as a director and company secretary at the Annual General Meeting in order to pursue his other business interests. We would like to thank Suresh for his contribution to the company and wish him well for the future. The board will then comprise Smit Berry as Executive Director and myself as non executive Chairman. PROSPECTS All ongoing overheads have been reduced to a level where operating costs are now substantially being covered by the interest receivable on the company's cash balance. Net cash at the date of this report stands at close to £1.17 million. The board has been assessing the most efficient way of maximising value for our shareholders, including reviewing a number of approaches from companies seeking a reversal into the company. With the IPO window closed for many companies we are receiving increasing numbers of enquiries from companies seeking to utilise our cash. Should the board believe that one of these reversal candidates offers the best return to shareholders, the board would put forward the proposal for shareholder approval. A proportion of the enquiries we have received have been from the 'fallen stars' of the new economy, looking for cash to support their current trading. We believe the majority of these are without merit in the current market environment and we politely decline our chance to invest in these. Having said that, the global political uncertainty, overcapacity and low consumer confidence means that many sectors of the old economy are also in considerable disarray. Whilst this is the way of the future, the return on investment must be secure before the board will make any financial commitment. In efforts to root our strategy in undervalued situations, taking a step-by-step approach to our expansion, the board will continue to apply its existing strategy to include the investment in, or acquisition of, unquoted businesses with established operations. In addition, we are expanding the company's existing strategy further to include the investment in, or acquisition of, undervalued quoted and unquoted companies regardless of the particular sector within which the companies operate. The intended effect of any such investment would be to increase the returns from our cash holdings and our status as a listed company. In summary, we are positioning ourselves to take advantage of current market conditions and have every intention of doing so. Haresh Kanabar Chairman 28th April, 2003 Profit and Loss Account For the year ended 31st October, 2002 Note Year ended Period ended 31st October, 31st October, 2002 2001 £ £ Operating expenses (159,398) (177,551) --------- --------- Operating loss (159,398) (177,551) Interest receivable 43,074 62,486 --------- --------- Loss on ordinary activities before (116,324) (115,065) taxation Taxation - - --------- --------- Loss on ordinary activities after (116,324) (115,065) taxation ========= ========= Loss per share 3 (0.66p) (0.73p) ========= ========= Balance Sheet As at 31st October, 2002 As at As at 31st October 31st October 2002 2001 £ £ Fixed Assets Investments 4,277 - --------- --------- Current Assets Debtors and prepayments 24,887 2,262 Cash at bank and in hand 1,174,045 1,322,049 --------- --------- 1,198,932 1,324,311 Current Liabilities Creditors (8,102) (12,880) --------- --------- Net Current Assets 1,190,830 1,311,431 --------- --------- Net Assets 1,195,107 1,311,431 ========= ========= Capital and Reserves Share Capital 350,000 350,000 Share Premium Account 1,076,496 1,076,496 Profit and Loss Account (231,389) (115,065) --------- --------- Shareholders' Funds 1,195,107 1,311,430 ========= ========= Cash Flow Statement For the year ended 31st October, 2002 Year ended Period ended 31st October 31st October 2002 2001 £ £ Cash flow from operating activities (190,030) (166,933) Return on investments and servicing of finance 43,074 62,486 Capital expenditure and financial investment (1,048) - --------- --------- CASH (OUTFLOW)/INFLOW BEFORE FINANCING (148,004) (104,447) Financing - 1,426,496 --------- --------- (DECREASE)/INCREASE IN CASH IN THE PERIOD £(148,004) £1,322,049 ========= ========= Notes to the Preliminary Results 1. The financial statements have been prepared under historical cost convention and in accordance with applicable accounting standards. 2. No dividend is proposed for the year ended 31st October, 2002. 3. The loss per share has been calculated by dividing the loss on ordinary activities after taxation for the period of £116,324 (2001: £115,065) by the weighted average number of ordinary shares of 17,500,000 (2001: 15,831,221) in issue during the year. 4. The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The profit and loss account for the year ended 31st October, 2002, the balance sheet as at 31st October, 2002, and the cash flow statement and associated notes for the year then ended have been extracted from the Company's financial statements upon which the auditors have given an unqualified audit report. Those financial statements have not yet been delivered to the Registrar of Companies. The 2001 accounts have been delivered to the Registrar of Companies and the auditors reported on them, their report was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. 5. Change of Registered Office Address Please note that with effect from 16th August, 2002 Silentpoint plc moved its head office and registered address to 84 Addiscombe Road, Croydon, Surrey CR0 5PP. Tel: 020 8656 4648. Fax: 020 8656 0111. Copies of the annual accounts are being sent to shareholders today and are available from this address. This information is provided by RNS The company news service from the London Stock Exchange

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