Trading Update and Related Matters (8622A)
April 05 2012 - 2:00AM
UK Regulatory
TIDMVSA
RNS Number : 8622A
VSA Capital Group PLC
05 April 2012
AIM: VSA
VSA Capital Group plc
("VSA Capital Group" or "the Group")
Trading Update and Related Matters
5 April 2012
Trading update
VSA Capital Group announces a trading update for the year ended
31 March 2012.
As announced on 16 January 2012, the Directors are pleased to
confirm that net profit for the year ended 31 March 2012 is
expected to be in excess of GBP500,000. The Board believes this is
a good result for the first full year of trading by the Group's
principal operating subsidiary, VSA Capital Limited ("VSA"). The
balance sheet of the Group has been substantially improved during
the course of the year and cash balances at the year-end are
expected to exceed GBP1.5 million with gross assets exceeding
GBP3.5 million.
During the year, VSA has invested selectively in people to build
its capabilities and it expects to continue this investment in the
year ahead as it positions itself to become a leading independent
resources focused investment bank in London. It expects to start
secondary trading this summer and hopes to obtain NOMAD status
before the end of 2012.
The Directors are also pleased to announce that the Group is
currently floating its first "cash shell", Anglo African
Agriculture Plc, on PLUS-SX, which will have a mandate to invest in
projects focussed on African agriculture. This will be a fledgling
business but the Directors believe one with great growth potential
and its creation follows their strategy of giving the Group more
proprietary capability. The Group will make an initial investment
of GBP50,000 into this new company.
Option Allotment
The Board has today granted options to a Director and staff over
4,966,000 ordinary shares in the Group at an exercise price of 9
pence per share. Included in this amount are options over 236,000
ordinary shares granted to Andrew Monk, CEO.
Following the allotment, Andrew Monk's aggregate interests in
the capital of the Group will comprise:
Shares % of Options exercisable Warrants exercisable
total at: at:
share
capital
--------- ---------- --------- ---------------------------- -----------------------
9p 10p 15p 8p 10p
--------- ---------- --------- -------- -------- -------- ---------- -----------
Monk,
Andrew 5,400,000 12.36% 236,000 850,000 400,000 62,500 250,000
--------- ---------- --------- -------- -------- -------- ---------- -----------
In addition, options over 1,850,000 ordinary shares previously
granted to certain key members of staff more than 12 months ago at
an exercise price of 15 pence per share were cancelled. The
effective re-pricing of certain options is not expected to be a
recurring event.
Loan Notes
The Board is in discussions with the holders of the Loan Notes
(one of whom is Andrew Monk), which were issued in connection with
the purchase of VSA Capital Limited by the Group, with a view to
redeeming these Loan Notes early on the basis that this amount
would be immediately re-invested into VSA Capital Group via a
placing of new ordinary shares, effectively converting the debt
into equity ("Proposed Redemption").
These actions would generate a cash flow benefit to the Group,
save on potential future interest payments at 9% per annum and
would strengthen its balance sheet. If effected the Proposed
Redemption would constitute a related party transaction under the
AIM Rules for Companies. An announcement will be made in due course
should these discussions reach a successful conclusion.
Board change
The Board announces that Peter Joy, the Group's Finance
Director, has tendered his resignation from the board and will be
leaving the group within the next six months in order to pursue
other interests.
Peter joined VSA Capital Group in February 2010 when the Group
was a loss making software business and leaves following its
transformation into a profitable and growing Natural Resources
Investment Bank.
The Board has already started its search to find a suitable new
replacement as Group Finance Director and Peter will be assisting
with this process.
For further information, please contact:
VSA Capital Group plc
Andrew Monk, CEO 020 3005 5000
Blythe Weigh Communications
Tim Blythe 020 7138 3204
Shore Capital and Corporate Limited
Bidhi Bhoma or Toby Gibbs 020 7408 4090
Rivington Street Corporate Finance
Jon Levinson 020 7562 3357
NOTES TO EDITORS
VSA Capital Group plc is an international investment banking and
institutional broking group headquartered in London. Via its
subsidiary, VSA Capital Limited, the group provides corporate
finance, broking, research, sales and capital raising capabilities
to companies in the natural resources sectors; Oil & Gas,
Mining, Agriculture and Timber.
VSA Capital Limited is authorised and regulated by the FSA and
advises companies listed in London (AIM and the Main Market),
Canada (TSX) Australia (ASX) and the USA (OTCBB) with assets on
every continent. The firm currently has 20 retained corporate
clients with an aggregate market value of over $1bn.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLLFSESTISIIF
VSA Capital (LSE:VSA)
Historical Stock Chart
From Jun 2024 to Jul 2024
VSA Capital (LSE:VSA)
Historical Stock Chart
From Jul 2023 to Jul 2024