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(PMG.L) Parkmead Group (The) PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 10-03-10 | RNS |
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RNS Number : 3303I Parkmead Group (The) PLC 10 March 2010 The Parkmead Group plc (the "Group") Interim Results for the 6 months ended 31 December 2009 Interim results summary
The Group's Chairman, Colin Goodall commented, "I am pleased to report a much improved position for the six months to 31 December 2009. The Group acquired Aupec Limited in November 2009 and since then the enlarged group has been actively pursuing a number of opportunities leveraging off the combined relationships of the enlarged group. Furthermore, the technical skills acquired through the combination with Aupec have allowed the Group to undertake asset evaluation work in house which we believe will assist us to more effectively source and execute investments in the energy sector. In financial terms, the Group's turnover, cash and net assets have all improved during the six months to 31 December 2009. Our net assets per share improved to 1.64 pence (30 June 2009: 1.52 pence). The Group's total reported comprehensive income was £1,486K helped by the improvement in market sentiment surrounding the Group's major asset, its investment in Faroe Petroleum and a return to more stable global equity and commodity markets. We continue to seek investment opportunities in the energy sector at both the asset and corporate levels and will update shareholders as we make progress towards this" Ends Enquiries The Parkmead Group plc
Ben Johnston Financial Review Performance of the Group in the six months ended 31 December 2009 has been much improved through the acquisition of Aupec Limited ("Aupec") on 3 November 2009. Aupec provides energy advisory and consulting services and has an enviable global client list. In the six months trading to 31 December 2009, in to which two months of Aupec trading have been consolidated, turnover increased to £859K, an increase of £760K over the comparative 2008 period. After administrative expenses of £1,659k (2008: £1,213K) the operating loss for the period amounted to £800K (31 December 2008: £1,114K loss). Financial income was boosted by the returns from our investment in Transeuro rising to £512K (31 December 2008: £170K). After profits on the sale of investments and in the absence of amounts written off available for sale financial assets the Group made a loss before tax of £218K (31 December 2008: loss £4,273K). The improvement in trading has helped reduce the Group's loss per share from 1.281 pence for the six month period ending 31 December 2008 to 0.085 pence for the six month period ending 31 December 2009. The Consolidated statement of comprehensive income reported an improvement in the value of our primary investment, Faroe Petroleum plc, by £1,863K. Overall therefore the Group is able to report an increase in net assets per share to 1.64 pence (31 December 2008: 1.52 pence). We remain debt free and with cash balances improving since 30 June 2009 aided by cash acquired with Aupec. Investments The Group's investment portfolio performed well in the period as equity markets improved. As noted, the Group's principal investment is in Faroe Petroleum plc ("Faroe") (LSE AIM: FPM.L). As at 31 December 2009 this investment was carried at £3,845K (30 June 2009: £2,050K, 31 December 2008: £1,518K).
The Board continues to see upside potential in its holding in Faroe. Faroe has announced a number of commercial discoveries in the past 12 months and the Board continues to monitor Faroe's value and capital growth potential based on its ongoing drilling and appraisal programme and license portfolio. Outlook Following the acquisition of Aupec the Group's outlook has much improved. Aupec has ongoing contracts to provide petroleum economics consultancy services to the Government of Angola and is providing benchmarking services to the 'super major' oil and gas companies on a global basis. The enlarged group is focused on growing the Aupec business by pursuing opportunities in North and West Africa and in the Middle East. The skill sets of the Aupec team lend themselves well to the Group's investing activities in terms of financial and economic appraisal of energy assets. We will continue to look for investment opportunities at the corporate and asset level. Additionally we continue to seek and implement cost efficiencies across the enlarged Group with particular regard to central administrative and overhead costs. Niall Doran Chief Executive Officer
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2009
RESTATED
Assets
Non-current assets
assets
Current assets
value through profit or loss
Current liabilities
lease obligations
Non-current liabilities
Equity
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
NOTES
assets
available-for-sale financial
assets and loans
financial assets at fair value through profit or loss
operations
Loss per 0.1 pence new ordinary share (pence)
and diluted
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
NOTES
available-for-sale financial
assets in quoted companies
available-for-sale financial
assets in unquoted companies
recognised directly in equity
the period
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
RESTATED
Cash flows from operating
activities
activities
Cash flows from investing
activities
of cash acquired
assets
and equipment
in) investing activities
Cash flows from financing
activities
payments
activities
cash and cash equivalents
beginning of period
cash and cash equivalents
end of period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
available-for-sale investments
the period
available-for-sale investments
the period
available-for-sale investments
the period
available-for-sale financial
asset recognised in profit or
loss on derecognition
Notes to the Interim financial statements for the six months to 31 December 2009
Basis of preparation The interim financial information in this report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 30 June 2010. Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 30 June 2009. The presentation of the primary financial statements has been modified in order to comply with IAS 1 (revised). However the revised standard has no impact on the reported results or financial position of the Group. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. Non-statutory accounts The financial information for the year ended 30 June 2009 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 30 June 2009 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the 6 months ended 31 December 2009 and 31 December 2008 is unaudited. 2 Discontinued operations The results of discontinued operations were as follows:
operations
operations Notes to the Interim financial statements for the six months to 31 December 2009
Earnings (£) Earnings for the purposes of basic and diluted earnings per share being net loss attributable to equity shareholders
Number of shares
ordinary shares for the purpose of basic and diluted earnings per share Earnings per share (pence) Diluted loss per share Earnings per share requires presentation of diluted loss per share when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. For a loss making company with outstanding share options, net loss per share would only be decreased by the exercise of out-of-the-money share options. No adjustment has been made to diluted loss per share for out-of-the-money share options and there are no other diluting future share issues which were not included in the calculation for the period presented. 4 Reconciliation of operating profit to net cash from operating activities
payments
debtors
creditors
continuing activities Notes to the Interim financial statements for the six months to 31 December 2009
On 3 November 2009, the Group acquired the entire share capital of Aupec Limited an energy sector consultancy based in Aberdeen. The fair value of the identifiable, acquired assets and liabilities of the company at the date of acquisition and the corresponding carrying amounts immediately before the acquisition were:
Assets
Non-current assets
Current assets
Liabilities
Current liabilities
Non-current liabilities
acquisition
Settled by:
Goodwill represents the value of the assembled professional team in place acquired with this business as well as the company's relationships with a number of developing world government ministries. Notes to the Interim financial statements for the six months to 31 December 2009
Authorised shares
(no.)
(£)
each (no.)
each (£)
(no.)
(£)
Allotted, Called Up and Paid
Up shares
(no.)
(£)
each (no.)
each (£)
(no.)
(£) On 9 October 2009 the Group entered into an agreement to acquire the entire shareholding of Aupec Limited. Consideration for the acquisition was £3.882 million, satisfied by the issue of 235.3 million New Ordinary Shares and £1.0 million in cash. As a part of the transaction noted above the Company implemented a capital reorganisation whereby each of its Ordinary Shares of 5 pence each was split in to one New Ordinary Share of 0.1 pence and one Deferred Share of 4.9 pence. The 2006 Companies Act provides that a company may not lawfully issue a share for a subscription price which is less than its nominal value. The current market price of the Company's shares is below their nominal value. Accordingly, the capital reorganisation, has put the Company into a position whereby it can use its shares to allot for cash or as consideration for use on the acquisition of Aupec Limited and for future transactions. Deferred shares have no voting rights and no rights to distributions and therefore have been excluded from the calculations of Earnings Per Share.
The prior year adjustment to the unaudited financial statements for the six months ended 31 December 2008 relates to the reclassification of the deferred consideration arising on the sale of Quayside Corporate Services Limited following the adoption of IFRS 3 (revised) 'Business Combinations', as explained in the audited financial statements for the year ended 30 June 2009. The impact of the change in accounting policy was to reclassify the deferred consideration from 'Trade and other receivables' to 'Available-for-sale financial assets'. The change of accounting policy had no effect on the loss for the year, the cash flows, or the net assets of the Group. This information is provided by RNS The company news service from the London Stock Exchange END
IR UGUMGWUPUGMB More |
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| 05-02-10 | RNS |
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RNS Number : 7071G Parkmead Group (The) PLC 05 February 2010
THE PARKMEAD GROUP PLC (the "Company") Change of Registered Address The Company today announces that with immediate effect the Company's registered address is: Pellipar House First Floor 9 Cloak Lane London
EC4R 2RU For further information please contact:
Niall Doran CEO
Company Ben Johnston
This information is provided by RNS The company news service from the London Stock Exchange END
CROMMGGZKDKGGZM More |
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| 31-12-09 | RNS |
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RNS Number : 9101E Parkmead Group (The) PLC 31 December 2009 31 December 2009
THE PARKMEAD GROUP PLC ("Parkmead" or the "Group") Result of Annual General Meeting The Board is pleased to announce that at its Annual General Meeting held earlier today all resolutions were duly passed. For further information please contact:
Niall Doran CEO Gordon Ashworth, CFO Charles Stanley Securities - Nominated Adviser to the Company 020 7149 6000 Rick Thompson / Ben Johnston This information is provided by RNS The company news service from the London Stock Exchange END
AGMFDDFEFSUSEEE More |
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| 24-12-09 | RNS |
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RNS Number : 7292E Parkmead Group (The) PLC 24 December 2009
THE PARKMEAD GROUP PLC ("Parkmead" or the "Group") Notification of Change in Directors Details In its preliminary results announcement of 4 December 2009, Parkmead gave an update on some of its residual technology investments. Specifically it mentioned that one of these, ThruVision Limited ("ThruVision") (a wholly owned subsidiary of ThruVision Group Limited, in which Parkmead holds a 17% shareholding) had been placed into administration by its debt providers. Neill Peter Doran, Chief Executive Officer of Parkmead, was originally appointed as a director of ThruVision Limited on 16 June 2005, resigned on 8 August 2006 and was reappointed on 10 October 2006. Administrators were appointed to this company on 30 June 2009. The deficit to creditors is estimated to be £8.66million, of which approximately £6.6million was due to ThruVision Group Limited. This disclosure is made compliant with Rule 17 and pursuant to Schedule 2 paragraph (g) of the AIM Rules. For further information please contact: Charles Stanley Securities Nominated Adviser and Broker Rick Thompson / Jen Boorer 020 7149 6000 This information is provided by RNS The company news service from the London Stock Exchange END
MSCFEWFELSUSEEE More |
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This stock is what Warren Buffett would call a 'cigar butt' stock, because there is one last puff in it. Net assets are far above the current market cap but the reason - as you mentioned blouson blouse - is because the business isn't going anywhere!
If I was able to I'd buy the business and liquidate it. That's the only way to make money out of this stock. Regards, Wrex |
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| 06-12-09 | ||||
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that £6000 was once I expect £60000 yes only 5 sellers no buyers I see my holding would have once bought a new car now a cheap tyre.
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| 06-12-09 | ||||
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what - the whole approx £6000 worth?!!!
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| 06-12-09 | ||||
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trades on friday after the results confirm my fear
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They have not been approved or issued by Interactive Investor Trading Limited.
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