TIDMKSI
RNS Number : 3258S
Kleenair Systems International PLC
18 November 2011
KLEENAIR SYSTEMS INTERNATIONAL PLC
(AIM: KSI)
Preliminary announcement of results for the year ended 30 June
2011
CHAIRMAN'S STATEMENT
Introduction
Since KleenAir's interim results, the Board has been primarily
focused on ensuring the business reduced its overheads and
continued to successfully implement its investing policy in order
to generate returns to shareholders.
Continued Research into Investment Opportunities
KleenAir continues to hold a 17.05% stake in Inspirit Energy
Limited, a company in the final stages of development of a micro
combined heat and power appliance (mCHP). Inspirit Energy Limited
continues to make good progress and recently appointed a new
general manager with extensive experience in taking similar
products from development stage to market. The Company intends to
retain its interest in Inspirit Energy Limited as a long-term
investment. In the meantime, the Board has continued to explore
other opportunities and will make announcements once a suitable
target has been identified.
Financial Results
The Financial Statements for the period to 30 June 2011 are set
out below. The Financial Statements show revenue of GBP35,000 and
administrative expenses have been reduced by 71%.
Changes to the Board of Directors
On 2 June 2011, David Pinckney was appointed as Non-Executive
Chairman of the Board. David Pinckney's background as an auditor
and his reputation in the green energy industry have been immensely
beneficial to KleenAir. David Pinckney was joined by Alan McClue as
an additional Non-Executive Director on 1 October 2011. Further to
the appointment of Alan McClue, KleenAir announced that Guy Saxton
had resigned from the Board of Directors with immediate effect. The
board would like to thank Guy Saxton for his contribution and
efforts.
However, the Board recently decided as part of its austerity
measures to reduce the size of its Board until such time as a
further acquisition has been identified. Accordingly, on 9 November
2011, David Pinckney and Alan McClue resigned from their positions
on the Board. Both Directors have expressed an interest in being
kept informed of KleenAir's progress with a view to joining the
Board again at a later date once KleenAir is in a position to
support Non-Executive Directors.
John Gunn, a shareholder and a Director of Inspirit Energy
Limited and also stockbrokers, Global Investment Strategy UK
Limited ("GIS"), was appointed to the Board on 15 November 2011.
John Gunn's background is primarily in broking but in recent years
he has been involved with a number of green energy projects
including solar parks in Italy, gasification and mCHP through his
involvement with Inspirit Energy Limited. Given his past experience
in investment banking and the energy industry, John is well placed
to seek alternative investments and achieve KleenAir's investing
objectives. John Gunn has offered to waive his right to Directors
fees.
Following the appointment of John Gunn as Executive Chairman, in
order to uphold good standards of corporate governance and due to
Sarah Pozner's external commitments, the Board felt it would be
more appropriate for Sarah Pozner to take on the role of
Non-Executive Director effective from 9 November 2011.
Grant of Options to Directors
In order to show its appreciation to its Directors and in lieu
of Directors' fees, on 21 April 2011 KleenAir granted a total of
1,500,000 options to subscribe for new ordinary shares in KleenAir
to Sarah Pozner, Guy Saxton and Miles Lewis.
The options were granted at a conversion price of 4.875 pence
being the mid-market price of the Company as at 26 April 2011.
Loan Notes and Company Finance
In satisfaction of a debt of GBP5,910 by KleenAir to GIS, on 6
April 2011 KleenAir announced that under the secured loan note
agreement dated 24 July 2009, GIS had exercised an option to
subscribe for a further GBP5,910 convertible loan notes ("CLNs"),
leaving the total number of CLNs over which GIS holds an option at
a conversion price of GBP0.01 at zero.
GIS retains an option to purchase up to a further GBP700,000
convertible loan notes created pursuant to a loan note instrument
dated 22 June 2010 which have an exercise price of GBP0.027 or 10%
discount to market based on the average previous five days trading,
whichever is the lower.
In addition, GIS have offered their financial support to
KleenAir for at least the next twelve months, allowing KleenAir to
continue as a going concern.
It has been a promising period for KleenAir. We have finally
resolved all of the historic corporate issues and have achieved
some revenue for the first time since KleenAir completed its
CVA.
The Company continues to identify and evaluate other potential
investments in line with the Investing Policy and plans to invest
into a second company in due course.
J Gunn
Executive Chairman
17 November 2011
Contacts:
Kleenair Systems International www.kleenair-systems.com
plc
Sarah Pozner, Non-Executive
Director +44 (0) 207 736 3498
WH Ireland Limited www.wh-ireland.co.uk
JN Wakefield / Marc Davies +44 (0) 117 945 3470
Statement of Comprehensive Income
For the year ended 30 June 2011
Year ended Year ended
30 June 2011 30 June 2010
Note GBP GBP GBP GBP
Continuing Operations
Revenue 4 35,047 -
Cost of sales - -
-------------- ------------
Gross Profit 35,047 -
Administrative expenses 136,811 464,197
Exceptional items:
Reduction in liabilities
arising from creditor
voluntary arrangements 7 - (401,155)
-------------- (136,811) ------------------ (63,042)
-------------- ------------
Operating Loss 7 (101,764) (63,042)
Finance income 8 219 -
Finance costs 8 (61,808) -
_______ _______
Loss before Tax (163,353) (63,042)
Tax 9 - -
-------------- ------------
Loss for the Year (163,353) (63,042)
Other comprehensive income - -
-------------- ------------
Total Comprehensive Income
for the Year (163,353) (63,042)
Total Comprehensive Income
attributable to:-
Owners of the company (163,353) (63,042)
Loss per share attributable
to the owners of the company
- basic and diluted (pence
per share) 10 (0.357) (0.659)
______ ______
Statement of Financial Position
For the year ended 30 June 2011
Note 2011 2010 2009
GBP GBP GBP
Assets (restated)
Non-Current Assets
Investments
11 740,000 - -
_______ ___ ___
740,000 - -
_______ ___ ___
Current Assets
Trade and other receivables 12 61,365 4,495 -
Cash and cash equivalents 13 32,021 300,000 355
_______ _______ ___
93,386 304,495 355
Current Liabilities
Borrowings 15 - 160,017 -
Trade and other payables 14 74,016 77,011 448,920
_______ _______ _______
Net Current Assets/(Liabilities) 19,370 67,467 (448,565)
_______ _______ _______
Total Assets less Current 759,370 67,467 (448,565)
Liabilities
Non-Current Liabilities
Borrowings 15 449,516 262,399 -
_______ _______ _______
309,854 (194,932) (448,565)
_______ _______ _______
Equity
Called up share capital 16 452,419 428,390 400,932
Share premium 16 3,671,231 3,030,353 2,778,737
Other reserves 127,724 124,492 86,891
Retained loss (3,941,520) (3,778,167) (3,715,125)
________ ________ ________
Total Equity 309,854 (194,932) (448,565)
________ ________ ________
Statement of Changes in Equity
For the year ended 30 June 2011
Share Share Shares to Other Retained
Capital Premium be issued Reserves Loss Total
GBP GBP GBP GBP GBP GBP
At 1 July 2010 (restated) 428,390 3,030,353 - 124,492 (3,778,167) (194,932)
Transactions with owners
Conversion of convertible
loan 1,806 16,250 - - - 18,056
Shares issued 18,212 710,287 - - - 728,499
Share issue costs - (85,659) - - - (85,659)
Share based payments - - 3,232 - - 3,232
Creditors voluntary
arrangement 4,011 - - - - 4,011
_______ ________ _____ ______ ________ _______
Total transactions with
owners 24,029 640,878 3,232 - - 668,139
_______ ________ _____ ______ ________ _______
Total comprehensive
income for the year - - - - (163,353) (163,353)
_______ ________ _____ ______ ________ _______
At 30 June 2011 452,419 3,671,231 3,232 124,492 (3,941,520) 309,854
_______ ________ _____ ______ ________ _______
At 1 July 2009 400,932 2,778,737 - 86,891 (3,715,125) (448,565)
Transactions with owners
Convertible loan - equity
component - - - 37,601 - 37,601
Conversion of convertible
loan 27,408 251,616 - - - 279,024
Creditors voluntary
arrangement 50 - - - - 50
_______ ________ _____ ______ ________ _______
Total transactions with
owners 27,458 251,616 - 37,601 - 316,675
_______ ________ _____ ______ ________ _______
Total comprehensive
income for the year - - - - (63,042) (63,042)
_______ ________ _____ ______ ________ _______
At 30 June 2010
(restated) 428,390 3,030,353 - 124,492 (3,778,167) (194,932)
_______ ________ _____ _______ ________ _______
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of the respective shares.
Retained loss represents the cumulative loss of the Company
attributable to equity shareholders.
Other reserves represent the equity component of convertible
loans and the share option reserve.
Statement of Cash Flow
For the year ended 30 June 2011
Year ended Year ended
30 June 30 June
2011 2010
Note GBP GBP
Cash Flows from Operating Activities
Loss before tax (163,353) (63,042)
Finance income (219) -
Finance costs 61,808 -
Employee share options charge 3,232 -
Increase in receivables (56,870) (4,494)
Decrease in payables (15,243) (366,909)
_______ _______
Net Cash used in Operating Activities (170,645) (434,445)
_______ _______
Cash Flows from Investing Activities
Interest received 219 -
Interest paid (394) -
Payment to acquire investments (740,000) -
_______ _______
Net Cash used in Investing Activities (740,175) -
_______ _______
Cash Flows from Financing Activities
Proceeds from issue of shares 728,500 -
Share issue costs (85,659) -
Issue of convertible loan notes - 734,090
_______ _______
Net cash from Financing Activities 642,841 734,090
_______ _______
Net cash (outflow)/inflow (267,979) 299,645
Cash and cash equivalents at beginning
of year 300,000 355
_______ _______
Cash and cash equivalents at end
of year 13 32,021 300,000
_______ _______
Major non cash transactions:
Convertible loans of GBP18,506 were converted into shares during
the year ended 30 June 2011 (2010 - GBP279,074). In total 1,805,555
new shares were issued with a total value including share premium
of GBP18,056.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2011
1. GENERAL INFORMATION
KleenAir Systems International Plc is a Company incorporated in
England & Wales. The Company's shares are traded on AIM, a
market operated by the London Stock Exchange.
2. ACCOUNTING POLICIES
Basis of Preparation
This announcement has been prepared in accordance with
International Financial Reporting Standards ("IFRS") but in itself
does not contain sufficient information to comply with IFRS.
Details of the accounting policies are set out in the annual report
for the year ended 30 June 2011.
3. FINANCIAL RISK MANAGEMENT
General Objectives, Policies and Processes
The Board has overall responsibility for the determination of
the Company's risk management objectives and policies. The Company
operates informal treasury policies which include ongoing
assessments of interest rate management and borrowing policy.
4. REVENUE
Revenues during the year comprise the provision of corporate
services to Inspirit Energy Limited. All income is generated in the
United Kingdom.
5. EMPLOYEES
Year ended Year ended
30 June 30 June
2011 2010
GBP GBP
The average number of staff employed by the Company during the year amounted to:
Executive Directors 2 2
Non-executive Directors 1 2
Other employees - -
___ ___
3 4
___ ___
Wages and salaries 1,250 -
Share options granted to Directors 3,232 -
_____ _____
4,482 -
_____ _____
6. DIRECTORS' REMUNERATION
Salary and Fees
Year ended
30 June Year ended
2011 30 June
GBP 2010 GBP
S Pozner 38,000 -
L Simons - 20,000
G Saxton - -
M Lewis - -
D Pinckney 1,250 -
W V Reid - -
______ ______
39,250 20,000
______ ______
The Company does not operate a pension scheme and no
contributions were paid during the year.
During the year ended 30 June 2010 L Simons was paid GBP10,000
in fees and GBP10,000 in respect of the termination of his service
agreement.
7. OPERATING LOSS
Year ended Year ended
30 June 30 June
2011 2010
GBP GBP
Operating loss is stated after charging:
Auditors' remuneration in respect of audit services 10,000 7,050
_____ _____
Exceptional Income
Reduction in liabilities of the Company on settlement
under creditor voluntary arrangements - 401,155
_____ _______
8. FINANCE INCOME AND COSTS
Interest Expense
Convertible loans (see below) 22,170 -
Convertible loans (Note 15) 39,246 -
Other interest 392 -
______ ___
Finance costs 61,808 -
______ ___
Finance Income
Loan to related party 219 -
______ ___
Interest on convertible loans, not split between liabilities and
equity based on materiality, is included within accruals.
9. TAXATION
Due to the losses in the accounting periods presented, no
corporation tax liability has arisen.
Factors affecting current tax charge:
The tax assessed on the loss on ordinary activities for the
period is different from the standard rate of corporation tax in
the UK of 20% (2010 - 21%).
Year ended Year ended
30 June 30 June
2011 2010
GBP GBP
Loss on ordinary activities before
taxation (163,353) (63,042)
_______ ______
Loss on ordinary activities multiplied
by rate of tax (32,671) (13,239)
Unutilised losses 32,671 13,239
______ ______
Total current tax - -
______ ______
The Company has excess management expenses of GBP1,261,000 (2010
- GBP1,101,000) to carry forward, capital losses of GBP150,000
(2010 - GBP150,000) and excess capital allowances of GBP78,000
(2010 - GBP78,000) to carry forward against future suitable taxable
profits. No deferred tax asset has been provided on any of these
losses due to uncertainty over the timing of their recovery.
10. LOSS PER SHARE
Loss per ordinary share has been calculated using the weighted
average number of shares in issue during the relevant financial
periods. The calculations of both basic and diluted loss per share
for the year are based upon the loss for the year of GBP163,353
(2010 - GBP63,042). The weighted number of equity shares in issue
during the year was 45,690,636 (2010 - 9,559,680).
The weighted average number of shares in issue and associated
loss per share have been restated for all periods due to the sub
division of the Company's share capital detailed in Note 16. The
sub division of share capital was an adjustment to the number of
ordinary shares in issue without a corresponding change in the
Company's resources. Consequently, in accordance with IAS 33, the
shares are treated as if the conversion took place at the beginning
of the earliest period stated.
In accordance with IAS 33, basic and diluted earnings per share
are identical as the effect of the exercise of share options and
convertible debt would be to decrease the loss per share and are
therefore deemed anti-dilutive. Details of convertible loans and
share options that could potentially dilute earnings per share in
future periods are set out in Notes 15 and 17.
11. INVESTMENTS
30 June 30 June
2011 2010
GBP GBP
As at 1 July - -
Additions 740,000 -
_______ ____
As at 30 June 740,000 -
_______ ____
During the year the Company purchased equity shares at a cost of
GBP740,000 in Inspirit Energy Limited, an unlisted company
registered in the United Kingdom operating in the Clean Tech and
Renewables sector. The Company owns a total of 2,596,666 shares in
Inspirit Energy Limited representing approximately 17% of the total
shares in issue.
12. TRADE AND OTHER RECEIVABLES
30 June 30 June
2011 2010
GBP GBP
Amount due from related parties 35,969 -
Other receivables 5,977 -
Prepayments and accrued income 19,419 4,495
______ _____
61,365 4,495
______ _____
All trade and other receivables are denominated in Sterling. The
maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivable mentioned above. The
Company does not hold any collateral as security.
13. CASH AND CASH EQUIVALENTS
30 June 30 June
2011 2010
GBP GBP
Cash held in escrow for the benefit of the Company - 300,000
Cash at bank 32,021 -
______ _______
All of the Company's cash at bank is held with institutions with
an AA credit rating.
14. TRADE AND OTHER PAYABLES
30 June 30 June
2011 2010
GBP GBP
Trade payables 23,091 11,966
Amount due to related parties 16,039 -
Accruals and deferred income 33,636 35,578
Other payables 1,250 29,467
______ ______
74,016 77,011
______ ______
15. BORROWINGS
Non-current
Convertible loan 449,516 262,399
_______ _______
Current
Convertible loan - 160,017
_______ _______
Convertible Loans
During the year ended 30 June 2010, the Company issued 434,090
5% convertible loans at a par value of GBP434,090 under loan note
instruments dated 24 July 2009 and 23 November 2009. Loan notes
totalling GBP274,073 and GBP18,056 were converted into shares
during the years ended 30 June 2010 and 30 June 2011 respectively.
The loans dated 24 July 2009 mature 18 months from the date of the
loan note instrument; the loans dated 23 November 2009 mature on 22
December 2012. Both series of loan notes have a conversion price of
GBP0.01 per share.
During the year ended 30 June 2010, the Company issued 300,000
5% convertible loans at a par value of GBP300,000 under a loan note
instrument dated 22 June 2010. The loans mature on 22 December 2012
and have a conversion price of GBP0.027 per share or at a 10%
discount to the average market price based on the previous five
days trading, whichever is the lower. No loan notes from this
instrument were converted into shares during the years ended 30
June 2010 and 30 June 2011.
New convertible loans of GBP5,910 were created during the year
ended 30 June 2011 in lieu of interest.
The values of the liability and equity conversion component were
determined at the date the loan notes were issued.
The fair value of the liability component was calculated using a
market interest rate for an equivalent non-convertible loan. The
residual amount, representing the value of the equity conversion
option, is included in shareholders' equity in other reserves.
The convertible loan recognised in the Statement of Financial
Position is calculated as follows:
30 June 30 June
2011 2010
GBP GBP
At 1 July 422,416 -
Face value of convertible loans 5,910 734,090
Equity component - (37,601)
_______ _______
Liability component on initial recognition 428,326 696,489
Converted to ordinary shares (18,056) (274,073)
Interest expense (Note 8) 39,246 -
_______ _______
Liability component at 30 June 449,516 422,416
_______ _______
The fair value of current and non-current borrowings equals
their carrying amount.
16. SHARE CAPITAL
Number GBP
Authorised
2011
Ordinary shares of GBP0.001 1,501,855,740 1,501,856
'B' Ordinary shares of GBP0.001 1,221,200 1,221
Deferred shares of GBP0.99 400,932 396,923
____________ _________
1,503,477,872 1,900,000
____________ _________
2010
Ordinary shares of GBP0.01 150,185,574 1,501,856
'B' Ordinary shares of GBP0.01 122,120 1,221
Deferred shares of GBP0.99 400,932 396,923
___________ ________
150,708,626 1,900,000
___________ ________
There has been no movement in the authorised share capital
during the year.
On 13 December 2010 the Company subdivided its Ordinary and 'B'
Ordinary share capital on the basis of 10 new shares for every 1
existing share. The new nominal value of one Ordinary and 'B'
Ordinary share is GBP0.001.
Number
of Number 'B'
Number of 'B' of Ordinary ordinary Deferred Share
ordinary ordinary deferred shares shares shares premium Total
shares shares shares GBP GBP GBP GBP GBP
Issued and
Fully Paid
At 1 July 2009 27,881,242 12,212,000 - 278,812 122,120 - 2,778,737 3,179,669
Consolidation
of
share capital (27,592,430) (12,089,880) 400,932 (276,025) (120,899) 396,923 - -
Conversion of
convertible
loan 2,740,734 - - 27,408 - - 25,616 279,024
Creditors
voluntary
arrangement 5,000 - - 50 - - - 50
__________ __________ _______ _______ _______ _______ _________ ________
At 30 June
2010 3,024,546 122,120 400,932 30,245 1,221 396,923 3,030,353 3,458,742
__________ __________ _______ _______ _______ _______ _________ ________
Issue of new
shares 5,117,500 - - 18,212 - - 710,288 728,500
Share issue
costs - - - - - - (85,659) (85,659)
Creditors
voluntary
arrangement 401,155 - - 4,012 - - - 4,012
Subdivision of
share capital 43,926,309 1,099,080 - - - - - -
Conversion of
convertible
loan 1,805,555 - - 1,806 - 16,250 18,056
__________ __________ _______ ______ _____ _______ _________ ________
At 30 June
2011 54,275,065 1,221,200 400,932 54,275 1,221 396,923 3,671,232 4,123,651
__________ __________ _______ ______ _____ _______ ________ ________
On 26 October 2010, the Company issued 1,455,000 ordinary shares
of 1 pence each for cash at a placing price of 40 pence per share,
before expenses.
On 11 November 2010, the Company issued 401,155 ordinary shares
of 1 pence each in settlement of obligations under the creditors
voluntary arrangement approved by shareholders on 24 June 2009.
On 8 March 2011, the Company issued 3,662,500 ordinary shares of
0.1 pence each at a price of 4 pence per share, before
expenses.
On 20 April 2011, the Company issued 1,805,555 ordinary shares
of 0.1 pence each at a price of 1 pence per share, following
receipt of a conversion notice of certain convertible loan
notes.
17. SHARE OPTIONS
Share options are granted to selected Directors and
employees.
Share options outstanding at the end of the year have the
following expiry dates and exercise prices:
Number of Options
Exercise
price
in GBP
Expiry date per share 2011 2010
26 April 2021 0.04875 1,500,000 -
________ ___
1,500,000 -
________ ___
The options may only be exercised on or after 26 April 2012.
The fair value of the share options was determined using the
Black Scholes valuation model. The parameters used are detailed
below:
2011 Options
Shares under option 1,500,000
Option granted on: 26 April 2011
Option life (years) 10
Share price (pence per share)
at grant date 4.50
Risk free rate 3.71%
Expected volatility 10%
Expected dividend yield Nil
Marketability discount 5%
Fair value per option granted
(pence per share) 1.254
Exercise price (pence per share) 4.875
The expected volatility is based on historical volatility for
the 6 months prior to the date of granting. The risk free rate of
return is based on zero yield government bonds for a term
consistent with the option life.
18. CAPITAL COMMITMENT
There was no capital expenditure that had been contracted for at
the end of the reporting period but not yet incurred.
19. CONTINGENT LIABILITIES
The Company has no contingent liabilities.
20. ULTIMATE CONTROLLING PARTY
In the opinion of the Directors, there is no controlling party
at the year end date.
21. RELATED PARTY TRANSACTIONS
During the year ended 30 June 2011, the Company entered into a
loan agreement dated 23 May 2011 with Inspirit Energy Limited, a
company in which S Pozner is a Director. Inspirit Energy Limited is
beneficially owned and controlled by J Gunn, a substantial
shareholder of the Company. The Company advanced GBP30,000 to
Inspirit Energy Limited under this unsecured sterling loan facility
for working capital purposes. Interest on the loan at 7% per annum
is payable to the Company and the loan is repayable not less than
three months, but not more than three years, from the date of the
agreement. As at 30 June 2011, the amount due to the Company from
Inspirit Energy Limited was GBP30,000, together with accrued
interest receivable of GBP219.
In addition, the Company charged Inspirit Energy Limited fees of
GBP35,047 (2010 - GBPNil) for the provision of corporate services
during the year. An amount of GBP5,969 was receivable from Inspirit
Energy Limited as at 30 June 2011 in respect of these fees.
Global Investment Strategy UK Limited ("GIS") is a company in
which S Pozner was a Director until 10 May 2011. GIS is
beneficially owned and controlled by J Gunn, a substantial
shareholder of the Company. GIS subscribed for convertible loan
notes of GBPNil (2010 - GBP734,090) during the year ended 30 June
2011 in accordance with the Convertible Secured Loan Note
Instruments disclosed in Note 15. The Company created a fixed and
floating charge in favour of GIS, as trustee for the noteholders,
under the terms of those Loan Note Instruments.
During the year GIS charged the Company GBP22,171 for rent,
rates and office facilities, GBP233 for staff training and
GBP14,167 for corporate finance services. In addition, the Company
paid GIS commissions totalling GBP85,659 for funds raised in the
year which has been charged to the share premium account. At 30
June 2011, the amount due from the Company to GIS was
GBP16,039.
During the year ended 30 June 2010, GIS subscribed to
convertible loan notes totalling GBP300,000 and placed the entire
cash amount in escrow for the benefit of the Company. During the
year ended 30 June 2011, GIS settled various expenses and
liabilities on behalf of the Company from this escrow account. The
amount held in escrow on behalf of the Company as at 30 June 2011
was GBPNil.
22. EVENTS AFTER THE END OF THE REPORTING PERIOD
On 24 October 2011, Global Investment Strategy UK Limited agreed
to convert GBP224,859 of its outstanding convertible loan into
8,328,125 ordinary shares of 0.1 pence each.
23. PRIOR PERIOD ADJUSTMENTS
During the year ended 30 June 2010, issued convertible loans
which are convertible into a fixed number of equity shares at the
holder's option, were not split between liability and equity
components in accordance with International Accounting Standard 32:
Financial Instruments - Presentation. The material equity component
of certain convertible loans issued during the year ended 30 June
2010, amounting to GBP37,601, has been reclassified from
Non-Current Liabilities: Borrowings, to Other Reserves within
equity.
In addition, convertible loans of GBP160,017 as at 30 June 2010
had a maturity date due to expire within 12 months of that
year-end. These convertible loans have been reclassified from
non-current to current liabilities.
The restatements have no impact as at 1 July 2009 and there is
no impact on basic or diluted loss per share. The amount of the
restatement for each financial statement line item affected is as
follows:
Statement of Financial Position GBP
Current Liabilities
Borrowings 160,017
Non-Current Liabilities
Borrowings (197,618)
_______
Total liabilities (37,601)
_______
Equity
Other reserves 37,601
_______
24. ANNUAL REPORT AND ANNUAL GENERAL MEETING
The Annual Report will be available from the Company's website
www.kleenair-systems.com and will be posted to shareholders on 18
November 2011. The Annual Report contains notice of the Annual
General Meeting of the Company which will be held at 11.00 am on 13
December 2011 at the offices of WH Ireland, 24 Martin Lane, London
EC4R 0DR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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