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(MCAP.L) Mission Capital PLC Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 08-03-10 | RNS |
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RNS Number : 2554I Mission Capital PLC 08 March 2010 Mission Capital plc (the "Company") Holding in Company 8 March 2010 The Company received notice today that, following a sale on 5 March 2010 of 3,000,000 ordinary shares of 1p each in the capital of the Company by Wimpole Estates Ltd, Mr WPG Harrington no longer has a notifiable interest in the Company.
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0484I
Mission Capital PLC
04 March 2010
4 March 2010
Mission Capital plc
Preliminary Results for the year ended 30 September 2009
Chairman's Statement
Overview
At a General Meeting on 10 July 2009, shareholders approved the disposal of the Company's subsidiary Karspace Management Limited ("KML"). In the Circular sent to shareholders in advance of that Meeting, I indicated that, on the basis of KML's figures as at 31 May 2009, the consideration for the disposal would have been £1,378,000. In the event, on the basis of the comparable figures as at completion on 31 July, that consideration amounted to £1,282,832, which has been received. There was in the event no "Deferred Consideration" (as defined in the Circular), but there is an additional amount of £100,000 due on the return of our performance bond on a particular contract. This aggregate consideration of £1,382,832 is in all the circumstances a very satisfactory outcome. As a result, the Company's adjusted cash and receivables as at 30 September 2009 were £724,388.
This sale also provided an impetus for the settlement of the litigation with the former executive directors on reasonable and pragmatic terms, which the Company would have readily agreed a year earlier with far less destruction of shareholder value.
As mentioned last year, Jardine Lloyd Thompson, as the tenants of two-thirds of the Group's Gloucester property, Roebuck House, were granted an extension of their lease and an option for a lease on the remaining third. Sadly, they decided to satisfy their requirements elsewhere, and we are therefore about to have an empty building on our hands. We are investigating alternative uses for the building, but meanwhile have written down this asset to a nil equity value, which we judge to be its fair value.
Outlook
At the General Meeting referred to above, shareholders approved an investing policy in the same terms as that applicable at the time of the original admission of the Company's ordinary shares to trading on AIM, namely to make real estate investments. Under the AIM Rules for Companies, this policy must be implemented to the satisfaction of The London Stock Exchange by 31 July 2010, failing which trading in the Company's shares on AIM will be suspended for up to six months. Failing implementation by 31 December 2010, that admission to trading on AIM will be cancelled.
The Board has been actively investigating potential investments, but has not yet identified one which it considers appropriate to recommend to shareholders. It will continue its efforts in this regard, and in doing so will be mindful of the foregoing deadlines.
PHILIP GOLDENBERG
Chairman
Directors' Report
Principal activity and review of the business
The principal activity of Mission Capital Plc is a holding company of its trading subsidiaries.
The trading subsidiaries are Karspace Management Limited ("KML"), a company specialising in the provision of car park and traffic management services to both the public and private sectors, and Mission Capital (Gloucester) Limited, a property company. The sale of KML was approved by shareholders on 10 July 2009, and completed three weeks later.
Our key performance indicators are:
§ loss before tax of £1,045,643 (2008: £1,452,008)
§ basic and diluted loss per share of 0.967p (2008: 1.367p)
§ asset value per share of 1.32p (2008: 3.19p).
Results and dividends
The consolidated results of the Company for the year ended 30 September 2009 comprise gross turnover of £3.1 million (2008: £3.4 million), a loss on ordinary activities before taxation of £1.0 million (2008: loss £1.5 million), representing a basic and diluted loss per share of 0.967p (2008: loss 1.367p).
As at 30 September 2009, the Company had consolidated total assets of £1.4 million (2008: £3.4 million), which equated to total assets per share of 1.32p (2008: 3.19p).
The directors do not recommend payment of a dividend.
Review
A review of the business is contained in the Chairman's Statement above.
Management
The business of the Company has been managed by its board of Directors.
The group
Following the sale of KML, the Group's only trading subsidiary has been Mission Capital (Gloucester) Limited.
CONSOLIDATED INCOME STATEMENT
For the year ended 30 September 2009
2009 2008
Discontinued Continuing Discontinued Continuing
operations operations Total operations operations Total
£ £ £ £ £ £
Gross turnover 2,967,450 89,813 3,057,263 3,282,155 110,951 3,393,106
Less: landlords' share of
parking receipts (1,136,124) - (1,136,124) (1,723,277) - (1,723,277)
Revenue 1,831,326 89,813 1,921,139 1,558,878 110,951 1,669,829
Cost of sales (794,091) - (794,091) (665,661) (694) (666,355)
Gross profit 1,037,235 89,813 1,127,048 893,217 110,257 1,003,474
Distribution costs (90,753) - (90,753) (129,823) (11,508) (141,331)
Administrative
expenses (758,008) (530,462) (1,288,470) (576,713) (1,708,771) (2,285,484)
Operating profit/(loss) 188,474 (440,649) (252,175) 186,681 (1,610,022) (1,423,341)
Other interest receivable
and similar income 8,163 946 9,109 24,752 2,969 27,721
Interest payable and
similar charges - (42,337) (42,337) - (56,388) (56,388)
Profit/(loss) on ordinary
activities before taxation 196,637 (482,040) (285,403) 211,433 (1,663,441) (1,452,008)
Tax on profit/(loss) on
ordinary activities (56,126) 56,126 - (63,252) 77,029 13,777
Profit/(loss) on ordinary
activities after taxation 140,511 (425,914) (285,403) 148,181 (1,586,412) (1,438,231)
Disposal of subsidiary
undertaking (760,240) (760,240) - - -
Net result from
discontinued operations (619,729) 148,181
Net result for the year (619,729) (425,914) (1,045,643) 148,181 (1,586,412) (1,438,231)
Attributable to
shareholders of
Mission Capital plc (1,045,643) (1,438,231)
Basic and diluted
earnings/(loss) per
share (pence) (0.573p) (0.394p) (0.967p) 0.141p (1.508p) (1.367p)
CONSOLIDATED BALANCE SHEET
At 30 September 2009
2009 2008
£ £
Non-current assets
Goodwill - 1,516,907
Property, plant and equipment - 18,558
Investment property 700,000 850,000
Long-term financial assets - -
700,000 2,385,465
Current assets
Trade and other receivables 512,341 459,014
Cash and cash equivalents 212,047 601,444
724,388 1,060,458
Total assets 1,424,388 3,445,923
Equity
Called up share capital 1,081,749 1,081,749
Share premium account 3,960,673 3,960,673
Equity reserve 54,390 54,390
Retained earnings (4,450,075) (3,404,432)
Total equity 646,737 1,692,380
Liabilities
Non-current
Borrowings 653,471 713,177
Current
Trade and other payables 71,542 783,655
Borrowings 52,638 256,711
124,180 1,040,366
Total liabilities 777,651 1,753,543
Total equity and liabilities 1,424,388 3,445,923
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2009
Share Share Equity Profit Total
capital premium reserve and loss equity
account account
£ £ £ £ £
Balance at 1 October 2007 1,030,672 3,654,208 87,023 (1,998,834) 2,773,069
Issue of share capital 51,077 306,465 - - 357,542
Loss for the year and total - - - (1,438,231) (1,438,231)
recognised income and
expenditure for the year
Warrants exercised - - (32,633) 32,633 -
Balance at 30 September 2008 1,081,749 3,960,673 54,390 (3,404,432) 1,692,380
Loss for the year and total - - - (1,045,643) (1,045,643)
recognised income and
expenditure for the year
Balance at 2009 1,081,749 3,960,673 54,390 (4,450,075) 646,737
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 September 2009
2009 2008
£ £
Cash outflow from operations (234,915) (590,000)
Interest paid (42,337) (56,388)
Tax paid - (16,012)
Net cash outflow from operations (277,252) (662,400)
Investing activities
Additions to property, plant and equipment (2,345) (3,322)
Proceeds from sale of property, plant and - 6,430
equipment
Proceeds from sale of subsidiary undertaking 900,000 -
Costs of sale of subsidiary undertaking (65,681) -
Cash and cash equivalents disposed with (689,449) -
subsidiary undertaking
Interest received 9,109 27,721
Net cash inflow from investing activities 151,634 30,829
Financing
Issue of share capital - 357,542
Repayment of long-term borrowings (69,660) (36,712)
Repayment of finance lease liabilities - (8,762)
Cash (outflow)/inflow from financing activities (69,660) 312,068
Net changes in cash and cash equivalents (195,278) (319,503)
Cash and cash equivalents, beginning of year 407,325 726,828
Cash and cash equivalents, end of year 212,047 407,325
NOTES
1. Basis of preparation
The financial statements set out above in this preliminary announcement do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information has been extracted from the group's 2009 financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 248 of the Companies Act 2006.
The preliminary results have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The full IFRS accounting policies are included within the 30 September 2008 financial statements, and additional policies on going concern and discontinued activities, together with notes on critical judgements and key sources of estimation and uncertainty are as follows:
Going concern
The directors monitor the adequacy of working capital and regularly review forecasts to ensure that there are sufficient resources to meet anticipated requirements. The group's principal borrowings are in excess of five years and are secured on the investment property. The directors do not anticipate selling the investment property in the short term. Recognising this and bearing in mind other available cash resources, the directors are confident that the company has sufficient working capital to meet its liabilities as they fall due. Given this the directors believe that it is appropriate to prepare the accounts on a going concern basis.
Discontinued operations
Net results from discontinued operations
A discontinued operation is a component of the entity that either has been disposed of, or is classified as held for sale, and:
§ represents a separate major line of business or geographical area of operations
§ is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations or
§ is a subsidiary acquired exclusively with a view to resale.
The results from discontinued operations, including prior year components of profit or loss, are presented in a single amount in the income statement.
The disclosures for discontinued operations in the prior year relate to all operations that have been discontinued by the balance sheet date for the latest period presented. Where operations previously presented as discontinued are now regarded as continuing operations, prior period disclosures are correspondingly re-presented.
Disposal of assets and discontinued operations
The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying amount of the asset and is recognised in the income statement. The gain or loss arising from the sale of non-current assets is generally included in "other income" or "other expense" in the income statement.
In the current reporting period, Mission Capital plc has disposed of its trading subsidiary, Karspace Management Limited. The business is presented as a discontinued operation.
Critical accounting judgements and key sources of estimation and uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Impairment of goodwill
Goodwill relating to Karspace Management Limited amounting to £1,495,000 has been eliminated at the point of disposal of this subsidiary undertaking during the year. There are a number of assumptions management have considered in performing their review of the remaining goodwill in respect of Mission Capital (Gloucester) Limited amounting to £21,907,as determining whether goodwill is impaired requires an estimation of the value of the cash generating unit to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value.
Investment property
Investment property comprises a commercial property in Gloucester held within a subsidiary undertaking. The directors have revalued the investment property at each year end. In the absence of directly comparable market evidence, the valuation of the property has been based on other factors such as opinion from property valuers, the expected occupancy of the property, and discounted cash flow projections based on reliable estimates of future cash flows, using discount rates that reflect current market assessments.
2. Losses per share
The calculation of the basic loss per share is based on the losses attributable to the shareholders of Mission Capital plc divided by the weighted average number of shares in issue during the period.
Losses Weighted Basic loss
attributable average per share
to number of amount
shareholders shares in pence
£ £ £
Year ended 30 September 2009 (1,045,643) 108,174,900 0.967
Year ended 30 September 2008 (1,438,231) 105,230,297 1.367
Fully diluted loss per share is also based upon the above figures as the warrants in issue are currently anti dilutive, but potentially dilutive in the future.
3. Notes to the cash flow statement
Cash flows from operating activities
2009 2008
£ £
Loss before taxation (1,045,643) (1,452,008)
Adjustment for:
Depreciation 10,825 29,553
Impairment of goodwill 21,907 454,570
Loss on disposal of Property, Plant and Equipment - 49,624
Loss on disposal of subsidiary undertaking 760,240 -
Decrease/(increase) in trade and other receivables 159,166 (5,076)
Decrease in value of investment property 150,000 250,000
(Decrease)/increase in trade and other payables (324,638) 54,670
Interest received (9,109) (27,721)
Interest paid 42,337 56,388
Cash generated from operating activities (234,915) (590,000)
4. REPORT AND ACCOUNTS
Copies of the annual report and accounts will be posted to the shareholders shortly and will be available at www.missioncapitalplc.co.uk.
Enquiries:
Mission Capital plc 020 7291 8807 / 01483 765 377
Philip Goldenberg
Arbuthnot Securities Limited, Nominated 020 7012 2000
Adviser
Tom Griffiths
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKDDESEEEFF
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| 01-05-08 | ||||
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Date: 1 May 2008
On behalf of: Emma and Neil Sinclair For immediate release RESPONSE TO AGM STATEMENT ISSUED BY MISSION CAPITAL PLC Emma and Neil Sinclair feel compelled to issue this statement following Mission Capital plc’s AGM Statement (“the Statement”) issued at 7am on 30 April 2008 and the AGM of the Company held yesterday. The Statement issued by the Board of the Company is defamatory, misleading and contained numerous unsubstantiated allegations about them. Independent shareholders in Mission Capital, who attended the meeting today and represent over 40% of the votes, challenged the Mission Capital Board on a number of issues, including: • Robert Burrow’s Share Dealing Two Days Prior to AGM Shareholders questioned whether the Mission Capital Board had approved the purchase of 2,553,873 shares by Mr Burrow from Arbuthnot (the Company’s NOMAD and broker) and a further 2,553,873 under the exercise of Mr Burrow’s warrants, in off market transactions, two days prior to the AGM. The shares were acquired at 7p per share when the market price for those shares was 2.625p. Shareholders questioned why Mr Burrow would pay almost three times market value. Mr Burrow was also interrogated as to whether he was privy to the results of voting on the resolutions for the forthcoming AGM when the decision to acquire the shares and exercise warrants took place. The Board was also asked whether it had approved the transactions and admitted that its approval had not been sought. Mr Burrow admitted that he was aware of the results of the voting on the AGM resolutions at the time he decided to acquire more shares at above market price. • Allegations Against the Sinclairs The Board refused to provide details to substantiate their Statement about mis-use of Company property. However, after demands from shareholders, they did concede that the Sinclairs had only admitted to inadvertent personal expenditure relating to one jar of coffee and one haircut not £35,000 as suggested by the Statement. The Sinclairs utterly refute any mis-use of Company property. They consider the making of this Statement, which they believe to be untrue and misleading, to be an abuse of the regulatory news service and of their position as directors of the Company. • Write Down of Assets The Statement stated that King Sturge had valued the Athens portfolio at £33.9m at 31 December 2007 – this is incorrect and was shown to be so when the King Sturge valuation was read out to the meeting by a shareholder showing that the value was in fact £34.9m. The Board was unable to explain the disappearing £1m. At the AGM, the Board also revealed that they had not informed Grant Thornton, the Company’s auditors, that Chelsfield had made a written offer in late January 2008 to the Company to acquire its interest in the Athens portfolio and to compensate it for the loss of the management fees – the offer was for over £500,000. Independent shareholders at the meeting questioned the reliability of the Company’s accounts in giving no value to the Athens portfolio which resulted in a dramatic fall in the Company’s share price. • Legal Costs The legal costs in excess of £200,000 incurred by the Company are as a result of the unlawful actions of its Board in purporting to terminate the Sinclairs’ contracts which has created this unnecessary litigation. These costs will escalate as the Sinclairs’ have confirmed intention to pursue unfair dismissal proceedings and claims for defamation. The Sinclairs’ advisers have confirmed that there are no costs due for payment which have been assessed by the High Court, contrary to the AGM Statement. Again, contrary to the AGM statement, the Sinclairs were successful in joining the non-executive directors into the proceedings and it is not known whether the Company is paying for their costs as well as the Company’s. There was widespread dismay expressed by shareholders independent of the B . . . Read Full Message More | View thread (1) | Respond | Login to Vote up |
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anyone got any ideas about mcap? Can't find any data except recent price hikes.
thanks cmc |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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