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DJ Agneash Soft Commodities PLC Unaudited results for the year ended 31 March 2011

 
TIDMASCP 
 
Agneash Soft Commodities plc 
 
                 Unaudited results for the year ended 31 March 2011 
 
Chairman's statement 
 
This was a year of transition for Agneash Soft Commodities Plc ("Agneash"). The 
board recognised that an investment company with GBP330,000 cash was sub critical 
and at the beginning of April 2011, raised an additional GBP600,000 (before expenses) and 
subsequently changed its name to Agneash Soft Commodities Plc with a stated 
intention of investing in soft commodities, and a small number of initial 
investments were made. The board was then presented with an oil investment 
opportunity, Silvermere Energy Plc, and on 1 July 2011, GBP660,000 was invested 
by way of convertible loan stock. This investment was made after consultation 
with major shareholders. A General Meeting notice to allow a change of 
investment criteria has today been posted to shareholders for approval at a GM 
on 15 September 2011. 
 
Your board runs Agneash on a minimal cost base. Should shareholders approve the 
widening of the Company's investment criteria next month, Agneash will be well 
positioned to accelerate its strategy of growth. 
 
Grahame Rose 
Chairman 
31 August 2011 
 
Agneash Soft Commodities plc 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE YEAR ENDED 31 March 2011 
 
                                                          2011      2010 
 
                                                   Notes  GBP         GBP 
 
Continuing operations: 
 
Operating expenses                                        (29,299)  (24,191) 
 
Operating loss                                            (29,299)  (24,191) 
 
Finance income                                            -         675 
 
Loss before taxation                                      (29,299)  (23,516) 
 
Taxation expense                                          -         - 
 
Loss for the year and total comprehensive income,         (29,299)  (23,516) 
attributable to owners of the Company 
 
Loss per share attributable to owners of the         1    pence     pence 
Company during the year 
 
Basic and diluted: 
 
Total and continuing operations                           (0.04)    (0.03) 
 
Agneash Soft Commodities plc 
 
STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 March 2011 
 
                                                         2011        2010 
 
                                                         GBP           GBP 
 
CURRENT ASSETS 
 
Trade and other receivables                              5,361       5,173 
 
Cash and cash equivalents                                569,073     339,156 
 
TOTAL ASSETS                                             574,434     344,329 
 
EQUITY 
 
Share capital                                            71,815      71,815 
 
Share premium                                            281,909     281,909 
 
Shares to be issued                                      254,000     - 
 
Warrant equity reserve                                   23,705      23,705 
 
Retained earnings                                        (66,794)    (37,495) 
 
Equity attributable to owners of the Company             564,635     339,495 
and total equity 
 
CURRENT LIABILITIES 
 
Trade and other payables                                 9,799       4,395 
 
TOTAL EQUITY AND LIABILITIES                             574,434     344,329 
 
Notes to the financial information 
 
1. The calculation of loss per share is based on the weighted average number 
    of shares of 71,815,000 (2010: 71,815,000) in issue during the period. 
 
2. While the financial information included in this announcement has been 
   computed in accordance with International Financial Reporting Standards (IFRS), 
   this announcement does not itself contain sufficient information to comply with 
   IFRS. The full financial statements of the company for the year will be posted 
   to shareholders as soon as is practicable. 
 
3. The financial information in this announcement has not been audited or 
   reviewed by the Company's auditors. 
 
4. The Directors have not declared a dividend for the period. 
 
AGNEASH SOFT COMMODITIES PLC 
 
Registered No. 06050613 
 
The Directors of Agneash Soft Commodities plc accept responsibility for this 
announcement. 
 
                                   --ENDS-- 
 
ENQUIRIES: 
 
AGNEASH SOFT COMMODITIES PLC 
Grahame Rose 
+44 777 0644 408 
 
RIVINGTON STREET CORPORATE FINANCE 
Heena Karani 
Heena.karani@rs-cf.com 
+44 207 562 3393 
 
The accompanying notes form an integral part of these financial statements 
 

(END) Dow Jones Newswires

August 31, 2011 09:10 ET (13:10 GMT)