(CMIP) Capital Management And Investment
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| 01-02-12 | HUG |
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1 February 2012 Appointment of Nominated Adviser and Broker
END This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Capital Management & Investment Plc via Thomson Reuters ONE HUG#1581563 More |
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| 24-10-11 | HUG |
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Capital Management and Investment PLC Interim Results for the 6 month period ended 31 July 2011 Introduction The slowdown in world economic growth continues to impact on the performance of your company's investments in Algeco Scotsman and Magticom. Results for the year The Consolidated Income Statement shows a Loss Before Tax of £0.264m (2010 - Loss of £0.592m). The principal reason for the reduced losses is the reduction of administrative expenses following the renegotiation of the contract for the provision of office, administrative, and management support services. Income of £0.04m (2010 - £Nil) relates to fees paid by Algeco Scotsman in relation to the monitoring of our investment. Net Asset Value ("NAV") per share is £1.55 and the Company had net cash balances of £1.296m (2010 - £5.599m) as at 31 July 2011. Investment in Algeco Scotsman Holdings ("ASH") Trading continues to be difficult in the USA. Performance in Europe has been stronger than expected and this means that the company expects to be broadly on budget for the year ending 31 December 2011. In April 2011 ASH acquired the trade and assets of Speedy Space and these have been integrated into the existing UK business (trading as Elliott). A number of other smaller acquisitions have also been made in the period to supplement the core business in Europe and the USA. In May 2011 ASH entered into an option agreement to acquire Ausco Modular Holdings Ltd, a leading provider of modular buildings in Australia and New Zealand. Ausco is a major supplier of modular buildings and accommodation units to the mining, oil, and gas markets of Western Australia and Queensland. It is likely that Algeco Scotsman will need to raise additional debt and/or equity if it is to exercise the option and discussions are ongoing with both existing and potential lenders. The company is recording the carrying value of its shareholding in ASH in the interim results for the period ended 31 July 2011 at £9.912m (31 January 2011 - £9.668m). Investment in Yola Investments Sarl ("Yola") The Company holds an indirect investment of 7% in Magticom, the largest mobile telephone operator in The Republic of Georgia via its 33% shareholding in Yola Investments Sarl. A new mobile phone operator has entered the Georgian market and this has had a significant impact on selling prices. Meanwhile the business has continued to suffer from industry taxes introduced by the government and the general weakness of the Georgian economy. Revenues are expected to decline by up to 20% in 2011 and this will impact on the profitability of the company. The Board continue to show the carrying value of its shareholding in Yola in the Financial statements at £nil. Strategy going forward CMI continues to actively monitor its investments in Yola and ASH through regular meetings with the management teams of ASH and Magticom, receipt of monthly financial reports, and attendance at board meetings. Your Board takes the view that the market capitalisation of CMI will move broadly in line with the underlying investments in Algeco Scotsman and Yola and that a significant improvement in the performance of either investment will have a material effect on the share price. At present the current market price of CMI shares is a significant discount to NAV. Your board believes that this reflects the illiquidity of the shares and the lack of newsflow from the investee companies. Dividends The board is not recommending payment of a dividend for the period under review. Giles Davies Chairman 21 October 2011 Consolidated Income Statement for the six month period ended 31 July 2011 +------------------------------------------------------------------------------+ | Unaudited Unaudited Audited | | | | Six months Six months Twelve months | | | | Ended Ended Ended | | | | 31 July 2011 31 July 2010 31 January 2011 | | | | | | | | £'000 £'000 £'000 | +------------------------------------------------------------------------------+ | | | | | | | | | | | | | | |Other Income 40 - 64 | | --------------- --------------- ------------------- | | 40 - 64 | | | | | | | |Administrative expenses (305) (599) (654) | | | | | | --------------- --------------- ------------------- | |Operating loss (265) (599) (590) | | | | | | | |Finance Income 1 7 10 | | | | | | --------------- --------------- ------------------- | |Loss before tax (264) (592) (580) | | | | | | | |Taxation - - 16 | | | | | | --------------- --------------- ------------------- | |Loss for the period (264) (592) (564) | | --------------- --------------- ------------------- | | | | | | | | | | | | | |Basic and fully diluted | |loss per share 2 (3.69)p (8.26)p (7.87)p | | | | | | | | | | | | | +------------------------------------------------------------------------------+ Consolidated Statement of Comprehensive Expense Loss for the period (264) (592) (564) Other comprehensive expense: Exchange differences on translation 217 (20) 43 of foreign operations _________ __________ _________ (47) (612) (521) _________ __________ _________ Consolidated Statement of Changes in Equity As at 31 July 2011 +------------------------------------------------------------------------------+ | Share Share Merger Foreign Retained Total | | Capital Premium Reserve Currency Earnings Equity | | Account Translation | | Reserve | | | | £'000 £'000 £'000 £'000 £'000 £'000| | | | | | | | | +------------------------------------------------------------------------------+ |Balance as at 31 2,499 38,109 1,693 37,655 (75,227) 4,729| |January 2010 | | | | | | | |Share Capital 4,667 2,334 7,001| |Issued | | | | | | | |Share buy back (4) (2) (6) | | | | | | | |Total - - - (20) (592) | |comprehensive | |expense for the | |period (612)| | | | | | | | | +------------------------------------------------------------------------------+ |Balance as at 31 7,162 40,441 1,693 37,635 (75,819) 11,112| |July 2010 | | | | | | | |Share Issue Cost - (136) - - - (136)| | | | | | | |Total - - - 63 70 133 | |comprehensive | |income for the | |period | | | | | | | | | +------------------------------------------------------------------------------+ |Balance as at 31 7,162 40,305 1,693 37,698 (75,749) | |January 2011 11,109 | | | | | | | |Total | |comprehensive - - - 217 (264) (47)| |income/(expense) | |for the period | | | | | | | |Share options - - - - 28 28| |charge | | | | | | | | | +------------------------------------------------------------------------------+ |Balance as at 31 7,162 40,305 1,693 37,915 (75,985) 11,090| |July 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | +------------------------------------------------------------------------------+ Consolidated Balance Sheet As at 31 July 2011 +-----------------------------------------------------------------------------+ | Unaudited Unaudited Audited | | | | Six months Six Twelve months| | months | | | | Ended Ended Ended | | | | 31 July 2011 31 July 31 January | | 2010 2011 | | | | | | | | £'000 £'000 £'000 | +-----------------------------------------------------------------------------+ | | | | | | | | |ASSETS | | | |Non Current assets | | | | Investments 9,912 6,198 9,668 | | ------------ ----------- ---------- | | 9,912 6,198 9,668 | | | |Current assets | | | | Trade and other receivables 98 202 336 | | | | Cash and cash equivalents 1,296 5,599 1,503 | | ------------ ----------- ---------- | |Total Current Assets 1,394 5,801 1,839 | | | | | | ------------ ----------- ---------- | |Total Assets 11,306 11,999 11,507 | | ------------ ----------- ---------- | | | | | |LIABILITIES | | | |Current Liabilities | | | | Trade and other payables (215) (375) (397) | | | | Corporation tax payables (1) (512) (1) | | ------------ ----------- ---------- | |Total Current Liabilities (216) (887) (398) | | ------------ ----------- ---------- | | | | ------------ ----------- ---------- | |TOTAL NET ASSETS 11,090 11,112 11,109 | | ------------ ----------- ---------- | | | | | |EQUITY | | | | Share capital 7,162 7,162 7,162 | | | | Share premium accounts 40,305 40,441 40,305 | | | | Merger reserve 1,693 1,693 1,693 | | | | Foreign currency translation reserve 37,915 37,635 37,698 | | | | Retained earnings (75,985) (75,819) (75,749) | | | | | | ------------ ----------- ---------- | |TOTAL EQUITY 11,090 11,112 11,109 | | ------------ ----------- ---------- | | | +-----------------------------------------------------------------------------+ Consolidated Cash Flow Statement For the six months ended 31 July 2011 +------------------------------------------------------------------------------+ | Unaudited Unaudited Audited | | | | Six months Six months Twelve months| | | | Ended Ended Ended | | | | 31 July 31 July 31 January | | 2011 2010 2011 | | | | £'000 £'000 £'000 | | | |Cash flows from operating activities | | | | | | | | Profit for the (264) (592) (564) | | period | | | | Adjustments for: | | | | Finance Income (1) (7) (10) | | | | Foreign Exchange Losses/(Gains) 28 (56) (4) | | Equity settled share based payment 28 - 42 | | expense | | | | Income tax expense - - (16) | | ----------- ----------- --------- | | (209) (655) (552) | | | | | | | |Cash flows from operating activities before changes in working | |capital and provisions | | | | | | | |(Increase)/(decrease) in trade and (182) 91 135 | |other receivables | | | |Increase/(decrease) in trade and other 238 (116) (250) | |payables | | ----------- ----------- --------- | | 56 (25) (115) | | | | | | | |Cash outflow from (153) (680) (667) | |operations | | | | | | | |Income taxes - - (533) | |paid | | | | | | ----------- ----------- --------- | | | | | |Net cash flows from operating (153) (680) (1,200) | |activities | | | | | | | |Investing | |activities | | | | | | | | Purchase of investment - (5,331) (8,801) | | | | Interest received 1 7 10 | | ----------- ----------- --------- | |Net cash used in investing activities (152) (5,324) (8,791) | | | | | | | | | | | | Share capital issued net of expenses - 6,995 6,859 | | ----------- ----------- --------- | |Net cash from financing activities - 6,995 6,859 | | | | | | | |Net (decrease)/increase in cash and (152) 991 (3,132) | |cash equivalents | | | | | | | |Cash and cash equivalents at beginning 1,503 4,572 4,572 | |of the period | | | | | | | |Exchange (losses)/gains on cash and (55) 36 63 | |cash equivalents | | | | | | | |Cash and cash equivalents at end of the 1,296 5,599 1,503 | |period | | | | | +------------------------------------------------------------------------------+ Notes 1 Basis of Preparation These financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB) as adopted by European Union ("adopted IFRSs"), and are in accordance with IFRS as issued by the IASB and with those parts of the Companies Act 2006 applicable to companies preparing its financial statements in accordance with IFRS. The principal accounting policies used in preparing the interim results are those the group expects to apply in its financial statements for the year ended 31 January 2012 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 January 2011. The financial information for the six months ended 31 July 2011 and 31 July 2010 is unreviewed and unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 January 2011 has however been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditors' reports on those accounts were unqualified, did not include reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. 2 Earnings per ordinary share The basic and diluted loss per share of 3.69p (2010 - 8.26p per share) is calculated by reference to the loss after taxation of £264,000 (2009 - £592,000) and the weighted average number of ordinary shares in issue during the year of 7,162,133 (2010- 7,162,133). Unaudited Six Unaudited Six Audited Twelve months ended 31 months ended 31 months ended 31 July 2011 July 2010 January 2011 Basic number of 7,162,133 7,162,133 7,162,133 shares --------------------- -------------------- ------------------- 3 Interim Report Additional copies of the interim report are available from the Company Secretary, Capital Management and Investment PLC, 54 Baker Street, London W1U 7BU. A copy has been placed on the company's website www.cmi-plc.co.uk This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Capital Management & Investment Plc via Thomson Reuters ONE [HUG#1557084] More |
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| 25-07-11 | HUG |
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25 July 2011 CAPITAL MANAGEMENT AND INVESTMENT PLC ("the Company") Result of AGM The board of the Company is pleased to announce that all resolutions proposed to shareholders at the Company's annual general meeting held on 25 July 2011 were duly passed. Contacts: Capital Management and Investment PLC 0207 725 0800 Tim Woodcock Brewin Dolphin Corporate Advisory & Broking 0845 213 4730 Neil Baldwin This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Capital Management & Investment Plc via Thomson Reuters ONE [HUG#1533129] More |
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| 18-07-11 | HUG |
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Capital Management & Investment plc Algeco Scotsman Option 18 July 2011 The Company announces that Algeco Scotsman, (in which the Company has a 6.57 per cent shareholding) has been granted an option (the "Option") to acquire Ausco Modular Holdings Ltd. (Ausco), a leading provider of modular buildings in Australia and New Zealand, by the owners of Ausco. The Board of CMI understands that it is probable that Algeco Scotsman will need to raise additional debt and/or equity if it is to exercise the option. Ausco, headquartered in Brisbane, Australia, is a major supplier of modular buildings and accommodation units in the high growth mining, oil, and gas markets of Western Australia and Queensland. Underpinned by Ausco's pre-eminent design, assembly, and service capabilities, Ausco has developed a premium product portfolio and one of the largest hire fleets in Australia and New Zealand with more than 14,000 modules. The business also operates in the highly attractive build-own-operate market, providing relocatable accommodation facilities for workers in remote Australian locations, often close to mining or infrastructure projects. If Algeco Scotsman exercises the Option and acquires Ausco then it will gain a significant market presence in the Asia-Pacific region, substantial exposure to high growth markets, and expansion of the company's current geographic footprint. Today Algeco Scotsman holds leading market positions in over 20 countries across North America and Europe. Algeco Scotsman has increased its global leadership position in the modular space and secure storage solutions market through execution of a global expansion strategy. A further announcement will be made in due course. Contact: Tim Woodcock, Capital Management and Investment plc 0207 725 0800 Neil Baldwin, Brewin Dolphin 0845 213 4726 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Capital Management & Investment Plc via Thomson Reuters ONE [HUG#1531724] More |
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