Interim Results
September 30 2005 - 3:00AM
UK Regulatory
RNS Number:9774R
Pannal PLC
30 September 2005
PANNAL PLC
COMPANY NUMBER: 04998151
INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2005
Pannal plc
Interim results
Pannal plc (or 'the company') today announces its results for the period ended
30 June 2005. The company was incorporated on 17 December 2003 and the previous
period results are included for comparative purposes.
Chairman's statement for the period ended 30 June 2005
These are the first set of results for Pannal since flotation, showing the
results for the period 1 January 2005 to 30 June 2005. The company made a loss
for the period of #76,906 and had net assets of #1,522,977 at the period end.
Pannal came to AIM on 22 February 2005 raising gross funds of #1,500,000. Upon
admission the company had no trading businesses.
The Directors' original and continuing strategy is to use Pannal as a vehicle to
identify and acquire businesses that are positioned to take advantage of
opportunities within the technology, media and telecommunication sector.
Following the company's listing in February 2005 the board of directors and its
advisers have considered a number of potential acquisitions. As yet none of
these opportunities have met the criteria set out and hence no deals have yet
been concluded. The Directors will continue to investigate opportunities with a
view to securing a suitable acquisition.
The board is aware of recent changes to the rules regarding AIM traded investing
companies, which stipulate that any company listed prior to 1 April 2005, which
raised less than #3million, must have completed an acquisition constituting a
reverse takeover by 1 April 2006, otherwise its shares will be suspended. The
company then has a further six months under suspension after which if a deal has
still yet to be concluded, the shares cease to be traded on AIM and a
distribution will be made to shareholders. The board is confident that a
suitable deal will have been identified before this time and I look forward to
reporting to you when progress has been made.
John Swingewood
Non-executive Chairman
Pannal plc
Unaudited Profit and Loss Account
For the period ended 30 June 2005
01.01.05 17.12.03
to to
30.06.05 31.12.04
# #
Turnover - -
Cost of Sales - -
Gross Profit - -
Administrative Expenses (92,303) -
Operating Loss (92,303) -
Interest Receivable 15,407 -
Interest Payable (10) -
Loss on ordinary activities
before taxation (76,906) -
Tax on loss on ordinary activities - -
Loss for the Period (76,906) -
All transactions arise from continuing operations
Pannal plc
Unaudited Balance Sheet
As at 30 June 2005
2005 2004
# #
CURRENT ASSETS
Debtors 58,638 -
Cash at bank and in hand 1,484,064 100,002
1,542,702 100,002
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (19,725) -
NET CURRENT ASSETS 1,522,977 100,002
TOTAL ASSETS LESS CURRENT LIABILITIES 1,522,977 100,002
CAPITAL AND RESERVES
Called up share capital 420,502 100,002
Share Premium Account 1,179,381 -
Profit and Loss Account (76,906) -
Equity Shareholders' Funds 1,522,977 100,002
Pannal plc
Unaudited Cashflow Statement
For the period ended 30 June 2005
01.01.06 17.12.03
to to
30.06.06 31.12.04
# #
NET CASH OUTFLOWS FROM OPERATING
ACTIVITIES (131,216) -
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest Paid (10) -
Interest Receivable 15,407 -
15,397 -
FINANCING
Net proceeds on issue of 1,499,881 100,002 shares in the period
INCREASE IN CASH 1,384,062 100,002
This information is provided by RNS
The company news service from the London Stock Exchange
END
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