RNS Number:3651T
Basepoint PLC
31 October 2005
Basepoint plc ("Basepoint" or "the Company")
Interim Statement
Chairman's Statement
Basepoint's interim results in respect of the six months to 31 August 2005 are
produced below.
Basepoint shareholders will be aware that a recommended cash offer ("the Offer")
was made by John East & Partners Limited on 7 October 2005 on behalf of ACG
Rented Properties PLC for the whole of the issued and to be issued share capital
of Basepoint (not already owned by ACG Rented Properties PLC).
Earlier today, ACG Rented Properties PLC announced that as at 1.00 p.m. on 28
October 2005, the first closing date of the Offer, it had received valid
acceptances of the Offer in respect of a total of 6,665,722 Basepoint shares,
representing approximately 59.22 per cent. of Basepoint's existing issued share
capital. ACG Rented Properties PLC further announced that the Offer has now been
declared unconditional in all respects and will remain open for acceptance until
further notice.
At the time of the making of the Offer, ACG Rented Properties PLC held 3,807,402
Basepoint shares, which represents 33.83 per cent. of the existing issued share
capital of Basepoint. Accordingly, ACG Rented Properties PLC now holds or has
received valid acceptances of the Offer in respect of, in aggregate, 10,473,124
Basepoint shares, representing 93.04 per cent. of the existing issued share
capital of Basepoint.
Basepoint announced earlier today that it has applied to the London Stock
Exchange for the cancellation of the trading of its shares on the AIM market
("AIM"). In accordance with the rules of AIM, it is anticipated that the
cancellation will take effect from 8.00 a.m. on 5 December 2005.
Viscount Lifford
31 October 2005
Basepoint Plc
and its subsidiary companies
Interim Unaudited Results
Six months to 31 August 2005
Consolidated Profit and Loss
Account
6 months to 6 months to Full year
31 August 31 August 28 February
2005 2004 2005
#'000 #'000 #'000
Turnover 2,870 2,900 5,773
Operating Expenses 1,256 1,241 2,237
-------- -------- --------
Gross profit 1,614 1,659 3,536
Administration expenses 815 865 1,947
-------- -------- --------
Operating profit 799 794 1,589
Profit on sale of investment - - 116
properties -------- -------- --------
Profit on ordinary activities 799 794 1,705
before interest
Interest receivable 111 175 387
Interest payable (431) (375) (781)
-------- -------- --------
Profit on ordinary activities 479 594 1,311
before taxation
Tax on profit on ordinary (177) (136) (212)
activities
-------- -------- --------
Profit on ordinary activities after 302 458 1,099
tax
Minority Interests (2) (3) (10)
-------- -------- --------
Profit for the financial period 300 455 1,089
Dividends - 56 336
-------- -------- --------
Retained profit 300 399 753
======== ======== ========
Earnings per share (pence)
Basic 2.69 4.10 9.74
Fully diluted 2.64 3.99 9.52
Basepoint Plc
and its subsidiary companies
Interim Unaudited Results
Six months to 31 August 2005
Consolidated Balance Sheet
31 August 31 August 28 February
2005 2004 2005
#'000 #'000 #'000
Fixed assets
Investment properties 33,705 32,175 33,705
Fixtures and fittings 299 259 288
Investments - - -
-------- -------- --------
34,004 32,434 33,993
Current assets
Developments in progress 2,242 15 161
Debtors 619 3,708 839
Investments - 90 -
Cash at bank 4,540 2,051 5,348
-------- -------- --------
7,401 5,864 6,348
Creditors
Amounts falling due within one year 2,321 3,808 3,535
-------- -------- --------
Net current assets 5,080 2,056 2,813
Total assets less current liabilities 39,084 34,490 36,806
Creditors
Amounts falling due after more than one (14,239) (11,314) (12,365)
year
Provisions for liabilities and (820) (560) (714)
charges
Minority interests (171) (175) (177)
-------- -------- --------
23,854 22,441 23,550
======== ======== ========
Represented By
Capital and Reserves
Called up share capital 1,122 1,117 1,122
Share Premium account 5,812 5,794 5,812
Reserves
Revaluation reserve 11,831 11,106 11,838
Special Reserve account 1,535 1,535 1,535
Profit and Loss 3,554 2,889 3,243
-------- -------- --------
Shareholders funds 23,854 22,441 23,550
======== ======== ========
Basepoint Plc
and its subsidiary companies
Interim Unaudited Results
Six months to 31 August 2005
Consolidated Cash Flow
6 months to 6 months to Full year
31 August 31 August 28 February
2005 2004 2005
#'000 #'000 #'000
Cash flow statement
Net cash inflow (outflow) from (1,824) (932) 2,287
operating activities
Returns on investment & servicing (319) (200) (394)
of finance
Taxation 93 2 (358)
Acquisitions - (15) (18)
Capital expenditure (61) (1,234) (1,902)
-------- -------- --------
(2,111) (2,379) (385)
Equity dividends paid (280) (246) (302)
-------- -------- --------
(2,391) (2,625) (687)
Financing 1,874 252 1,381
-------- -------- --------
Increase (decrease) in cash in (517) (2,373) 694
period ======== ======== ========
Reconcilition of net cash flow to
movement in net debt
Increase (decrease) in cash in (517) (2,373) 694
period
Cash repaying mortgage and bank 281 128 585
loan
Cash received from mortgage and (2,154) (379) (1,943)
bank loan -------- -------- --------
(2,390) (2,624) (664)
Net debt at start of period (7,976) (7,312) (7,312)
-------- -------- --------
Net debt at end of period (10,366) (9,936) (7,976)
======== ======== ========
Reconciliation of operating
profit to net
cash inflow (outflow) from
operating activities
Operating profit 799 794 1,589
Depreciation, amortisation and 42 41 87
loss on disposal
Decrease (increase) in (2,081) 8 (137)
development work in progress
(Increase) decrease in debtors 130 (2,005) 953
(Decrease) increase in (714) 230 (205)
creditors
-------- -------- --------
Net cash inflow from operating (1,824) (932) 2,287
activities ======== ======== ========
Analysis of changes in net At 1 March Cash Other At 31
debt August
2005 Flows Changes 2005
#'000 #'000 #'000 #'000
Cash on hand 5,348 (808) - 4,540
Bank overdraft (292) 292 - -
Debt due within one year (667) - - (667)
Debt due after one year (12,365) (1,874) - (14,239)
------- ------- ------- --------
(7,976) (2,390) - (10,366)
======= ======= ======= ========
Notes
1. The interim accounts, which have not been audited, have been prepared
on the basis of the accounting policies set out in the group's statutory
accounts for the year ended 28 February 2005.
2. The assets, liabilities and cash flows attributable to the interests
of Basepoint plc in the Basepoint Limited Partnership are included in the
amounts and figures in this Report.
3. The interim results, which were approved by the Board on 28 October
2005, are unaudited and have not been reviewed by the auditors.
4. The financial information contained in this interim statement does not
constitute accounts as defined by section 240 of the Companies Act 1985. The
financial information for the full preceding year is based on the statutory
accounts for the financial year ended on 28 February 2005. These accounts, upon
which the auditors issued an unqualified opinion, have been delivered to the
Registrar of Companies
5. The company obtains valuations of its properties on an annual basis
and accordingly there is no information to report on unrealised gains or losses
on revaluation in this Interim Report. Unrealised gains on revaluations reported
in the Financial Statements for the year ended 28 February 2005 amounted to
#0.73m.
6. Basic earnings per share are calculated on the profits after tax as
shown in the annexed Profit and Loss Account and on the basis of weighted
average shares in issue of 11,214,588 during the six months to 31 August 2005,
11,180,030 in the year to 28 February 2005 and 11,169,588 in the six months to
31 August 2004. Fully diluted earnings per share are calculated on the profits
after tax on the basis of weighted average fully diluted shares in issue of
11,453,570 in the six months to 31 August 2005, 11,441,916 in the year to 28
February 2005, and 11,472,596 in the six months to 31August 2004.
7. Directors and professional advisers who have served during the period
covered by this interim report are all as stated in the statutory accounts for
the year ended 28 February 2005.
8. Copies of the interim statement will be sent to shareholders in due
course. Copies of this announcement will be available from the company's
nominated adviser, Smith & Williamson Corporate Finance Limited, 25 Moorgate,
London EC2R 6AY for one month from the date of this announcement.
Registered Office
9 Charlecote Mews
Staple Gardens
Winchester
Hampshire
SO23 8SR
Tel: 01962 842244
e-mail: hq@basepoint.co.uk
www.baspoint.co.uk
Contacts:
Rob Cleaver - Basepoint plc, Chief Executive
Email: robcleaver@basepoint.co.uk
Telephone: 01962 842244
David Boakes - Basepoint plc, Director of Finance
Email: davidboakes@basepoint.co.uk
Telephone: 01962 842244
Nicola Horton - Smith & Williamson Corporate Finance Limited
Email: nah@smith.williamson.co.uk
Telephone: 020 7131 4000
This information is provided by RNS
The company news service from the London Stock Exchange
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