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(KEN.L) Kenetics Group Ltd Buy/Sell
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| Date/Time | Headline | Source |
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| 03-11-09 | RNS |
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RNS Number : 8523B Kenetics Group Limited 03 November 2009 3 November 2009 Kenetics Group Limited (the 'Company') Issue of Equity The board announces that, following a placing, 7,000,000 new ordinary shares of 1 pence each in the Company have been issued and allotted at a price of 2.75 pence per new ordinary share. The placing raised a total of £192,500, before expenses, and the funds will be used for working capital purposes. Accordingly, application has been made for the new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 6 November 2009. In the placing, Terrence Fuller, Ken Wong and Yeong Hin Yuen who are directors of the Company, have subscribed for 180,000, 1,935,600 and 1,290,400 new ordinary shares respectively. Following this transaction, their beneficial interest in the Company is as follows:
The issue of these new ordinary shares to directors is a related party transaction under the AIM Rules for Companies. Where a company whose shares are listed on AIM enters into a related party transaction, AIM Rule 13 requires the directors of the Company to consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. John Lynton Jones (being the only independent director) considers, having consulted with ZAI Corporate Finance Ltd, the Company's nominated adviser, that the terms of the related party transaction are fair and reasonable insofar as the Company's shareholders are concerned. The new ordinary shares will rank pari passu with the existing shares of the Company. Following this allotment the total issued share capital of the Company will increase to 33,349,466 ordinary shares. Further to the Company's interim report, which was announced on 16 September 2009, the Company provides the following revenue projections for its current and projected projects: Financial year 2009:
Financial year 2010 (projected):
Financial year 2011 (projected):
Investors should be aware that past performance is no guarantee as to the future performance of the Company and that there can be no guarantee that the Company will achieve the level of success that the board expects. Ken Wong, Chairman and CEO of Kenetics, said: "We are delighted with the completion of this placing and would like to thank both existing and new shareholders for their support. "The Placing gives us further working capital, and will help us to realise the massive potential Kenetics has. The placing also shows the confidence which investors have in Kenetics and our strategy, which against such an unsure economic background is very encouraging indeed. We look forward to driving the business forward during the coming year, and look forward to updating shareholders as to progress at our next opportunity. In order to continue along this growth strategy we also anticipate raising further capital in the new year." For further information contact:
Website:www.kenetics-group.com Tel: +44 207 060 1760
Tel: +44 207 638 5600 This information is provided by RNS The company news service from the London Stock Exchange END
IOEFSAFSDSUSEIF More |
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| 16-09-09 | RNS |
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RNS Number : 0938Z Kenetics Group Limited 15 September 2009 Embargoed until 0700, 16 September 2009 Kenetics Group Limited Interim Results Kenetics Group Limited ("Kenetics" or "the Company" or "the Group"), the Radio Frequency Identification (RFID) company focused on Security and RFID systems and products, announces its interim report for the 6 months ended 30 June 2009. Key Points
Commenting on the results, Ken Wong, Chairman and CEO said: "The first half year performance has been very encouraging despite the current global downturn in business activities. I am pleased to report that we are making good progress in the two LTA contracts that we gained in the second half of last year and the first quarter of this year. For the initial contract on the Contactless Smart Card (CSC) Reader, the development and testing stages have been successfully completed. Production of the Readers has started and field trials are expected to commence in the second half of the year. Similarly, the design of the On-Board Bus Equipment (OBE) under the second contract has been completed and prototypes will begin after the review of the designs. Notwithstanding these contracts, we have been sustaining our industrial product sales despite the weaker market conditions, resulting in about one third of the revenue coming from this business segment. The efforts made by our Japanese partner have begun to bear fruit and sales orders are coming in for the products introduced in Japan. With regards to the Company's working capital position, as at 30 June 2009 the Company had net liabilities of £438,000, after taking into account of £508,000 owing to the Directors. The Company currently receives, and will continue to receive, adequate financing through loans made by Directors but recognizes that further third party funding will be required in the short to medium term to finance the increased level of business activities. The Company is talking to its advisers with regards to securing such future funding and further announcements will be made in due course. Despite the global markets continuing to look uncertain, the Company is leveraging on the good progress made in the LTA contracts and expects to introduce the new products for field trials on buses and rail systems in the second half of the year. The Board feels confident that further progressive improvements will be made and the Company will continue to seize the opportunities to grow the business" For more information, please contact: Ken Wong, Chairman and CEO Kenetics Group Limited Tel: +65 6749 0083 Website:www.kenetics-group.com David Newton ZAI Corporate Finance Ltd (Nominated Advisor) Tel: +44 207 060 1760 Peter Ward / Ian Callaway SVS Securities (PLC) (Broker) Tel: +44 207 638 5600
Tavistock Communications Ltd
Kenetics Group Limited - Interim financial information Six months ended 30 June 2009
CONDENSED CONSOLIDATED INCOME STATEMENT
2009 2008 2008
Continuing operations
Changes in inventories of finished
Loss arising on derivative
Loss attributable to:
(204) (289) (591)
Loss per share (pence) - Basic
Kenetics Group Limited - Interim financial information Six months ended 30 June 2009
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2009 2008 2008
Other comprehensive income:
Total comprehensive expense
Total comprehensive
expense attributable to:
(208) (295) (543)
Kenetics Group Limited - Interim financial information Six months ended 30 June 2009
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2009 2008 2008
Non-current assets
Current assets
EQUITY AND LIABILITIES
Equity attributable to owners of the
Company
Non-current liabilities
Kenetics Group Limited - Interim financial information Six months ended 30 June 2009 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)
2009 2008 2008
Current liabilities
KENETICS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR 6 MONTHS ENDED 30 JUNE 2009
Acquisition of additional interest in subsidiary - - - - - - - - 7 7 Total comprehensive expense for the period - - (6) (288) (295)
- - - (282) (7)
Equity component of
Acquisition of additional interest in subsidiary - - - - - - - - 4 4
Total comprehensive
income/(expense) for the
- - - - - 54 (244) (4) (248)
Balance as at 31/12/08
Equity component of
Total comprehensive expense for the period - - - - - (4) (204) (208)
- (208)
Balance as at 30/06/09
Kenetics Group Limited - Interim financial information Six months ended 30 June 2009
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
2009 2008 2008
Cash flows from operating activities
Adjustments for:
instrument
changes
(Increase)/decrease in trade and
receivables
Increase/(decrease) in trade and
payables
activities Kenetics Group Limited - Interim financial information Six months ended 30 June 2009 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (continued)
2009 2008 2008
Cash flows from investing activities
interest
Net cash flows (used in)/ generated
investing activities
Cash flows from financing activities
Difference of fixed deposit balance
to accumulation of interest
financing activities
Net increase/(decrease) in cash in
and at bank
of period
period
sheet Kenetics Group Limited - Interim financial information Six months ended 30 June 2009
The Company was incorporated in Jersey on 22 June 2006. The condensed consolidated financial information of the Company for the six months ended 30 June 2009 comprise the Company and its subsidiaries, Kenetics Innovations Pte Ltd and Kenetics Innovations (Beijing) Co., Ltd. The registered office of the Company is located at Walker House, 28-34 Hill Street, St Helier, Jersey JE4 8PN. The Group is in the business of electronics design and manufacturing and producing of electrical and electronic goods. 2. Basis of preparation of interim condensed consolidated financial information The interim condensed consolidated financial information for the six months ended 30 June 2009 has been prepared in accordance with the accounting policies set out in the annual report and financial statements for the year ended 31 December 2008, except for the adoption of the new/revised IAS that are applicable for the current financial period. The adoption of the new/revised IAS have no material effect on the financial statements, except for IAS 1 as noted below. On 1 January 2009, the Group adopted the revised IAS 1 (Revised 2007), Presentation of Financial Statements (IAS 1(R)). IAS 1(R) requires owner and non-owner changes in equity to be presented separately. The statement of changes in equity will include only details of transactions with owners, with all non-owner changes in equity presented as a single line. The revised IAS 1(R) also introduces the statement of comprehensive income which presents all items of income and expense recognised in profit or loss, together with all other items of comprehensive income, either in one single statement of comprehensive income, or in two linked statements. The Group has opted to present the comprehensive income in two statements. In addition, the Consolidated Balance Sheet has been renamed to Consolidated Statement of Financial Position and the Consolidated Cash Flows Statement has been renamed to Consolidated Statement of Cash Flows. IAS 1(R) is a disclosure standard and has no impact on the financial position and results of the Group.
The Group drew down a new bank loan of £234,900 from United Overseas Bank in March 2009 and will be repayable over 2 years by 24 monthly instalments commencing from April 2009. This bank loan is secured by joint and several guarantee by certain shareholders of the Company. Interest on the bank loan is fixed at 5% per annum. In the event of default in repayment of the instalment, a default interest of 3.5% per annum over the prescribed rate is chargeable over the overdue instalment.
On 28 July 2008, the Company entered into a Convertible Loan Agreement ("CLA") with Wong Kai Yun (the "Lender"), sister of the Chairman of the Company to obtain a principal loan of £371,747. The loan may be converted into shares of the Company on written notification at any time from 1 August 2008 in whole or in part. On 18 March 2009, both parties have entered into a Supplement Agreement to amend certain terms and conditions of CLA as follows: a) the Lender may at any time after 30 June 2010, after giving the Company not less than 3 months prior notice in writing, require the Company to repay the whole or any part of the loan until the said loan is fully repaid. b) the Company shall pay to the Lender interest at the rate of 6% per annum on the whole or part of the loan as shall remain unpaid from 1 July 2009 up to the date of actual payment. c) the exchange rate is fixed at S$2.18 to £1 for conversion of the loan into shares of the Company.
Basic loss per share has been calculated on the basis of the losses attributable to ordinary shareholders divided by 26,349,466 (30/06/08: 26,349,466, 31/12/08: 26,349,466), being the weighted average number of ordinary shares issued by the Company. In accordance with IAS 33 and as the Group has reported a loss for the period, the potential ordinary shares are not dilutive.
The reporting currency of the Company is deemed to be Sterling Pounds. The functional currencies of Kenetics Innovations Pte Ltd and Kenetics Innovations (Beijing) Co Ltd are in Singapore dollars and Chinese Renminbi respectively. The following exchange rates have been used in preparing this financial information:
There was no income tax expense for the 6 months ended 30 June 2008 and the 12 months ended 31 December 2008 as the Group has been loss making during these periods. The income tax expense for the 6 months ended 30 June 2009 amounted to £1,000 and was an under-provision of tax provision in the prior year.
The interim financial information set out above is neither audited nor reviewed and does not represent the statutory financial statements for Kenetics Group Limited or for any of the entities comprising the Kenetics Group for the period ended 30 June 2009. The figures for the year ended 31 December 2008 were extracted from the consolidated financial statements which have been presented to the shareholders. The auditors' report on those financial statements was unqualified. The Board approved the interim financial information for the period ended 30 June 2009 on 8 September 2009. These interim results are available on the Company's website www.kenetics-group.com. This information is provided by RNS The company news service from the London Stock Exchange END
IR BXGDCXXBGGCU More |
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| 20-11-09 | ||||
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They have not been approved or issued by Interactive Investor Trading Limited.
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