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DJ Agneash Soft Commodities PLC Half-yearly Report

 
TIDMASCP 
 
AGNEASH SOFT COMMODITIES PLC 
                         ("Agneash" or "the Company") 
 
     UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011 
 
 
CHAIRMAN'S STATEMENT 
 
The Board is pleased to present the interim results of Agneash for the period 
ended 30 September 2011. 
 
The company made investments into Silvermere Energy Plc, Nexus Management Plc 
and Chapel Down Group Plc during the period as advised by our Investment 
Adviser, Tom Winnifrith. An interim report on the portfolio of investments by 
Tom is included in this statement. 
 
During the period the Company obtained Shareholder approval and processed the 
change of business Strategy of the Company to `investments mainly, but not 
limited to, the soft commodities and natural resources sector.' 
 
The Board recognises that the current situation is both sub critical and also 
fails to provide the liquidity shareholders deserve and it is examining a 
number of options to address this issue while minimising PLC costs until a 
solution is found. 
 
The Company made a pre-tax loss of GBP GBP22,132.00 for the period. 
 
Grahame Rose 
Chairman 
 
 
STATMENT FROM THE INVESTMENT ADVISER 
 
In a hostile climate for small caps, the ability of a quoted investment company 
with sub critical mass to deliver positive returns for shareholders, is 
severely compromised. We retain faith that our underlying investments will 
deliver NAV growth in the medium term. We note particularly our investment in 
Silvermere Energy which is trading at a huge discount to asset value. 
 
Tom Winnifrith 
 
 
 
CONDENSED STATEMENT OF COMPREHENSIVE INCOME 
FOR SIX MONTHS ENDED 30 SEPTEMBER 2011 
 
                                      6 months to    6 months to     Year ended 
                                               30             30       31 March 
                                        September      September 
                                             2011           2010           2011 
                                      (Unaudited)    (Unaudited)      (Audited) 
 
                                           GBP              GBP              GBP 
 
Revenue                                         -              -              - 
 
Operating expenses                       (22,132)       (12,005)       (29,299) 
 
Operating loss and loss before           (22,132)       (12,005)       (29,299) 
taxation 
 
Taxation                                        -              -              - 
 
Loss for the period                      (22,132)       (12,005)       (29,299) 
 
Loss per share 
 
Basic and diluted                         (0.01)p        (0.02)p        (0.04)p 
 
 
 
CONDENSED STATEMENT OF FINANCIAL POSITION 
AS AT 30 SEPTEMBER 2011 
 
                                     30 September    30 September      31 March 
                                             2011            2010          2011 
                                      (Unaudited)     (Unaudited)     (Audited) 
 
                                          GBP               GBP              GBP 
 
Fixed assets 
 
Investments                               849,052               -             - 
 
                                          849,052               -             - 
 
Current assets 
 
Trade and other receivables                37,573           1,785         5,361 
 
Cash and cash equivalents                   9,464         331,220       569,073 
 
                                           47,037         333,005       574,434 
 
Total assets                              896,089         333,005       574,434 
 
Capital and reserves 
 
Called up share capital                   191,815          71,815        71,815 
 
Share premium                             731,909         281,909       281,909 
 
Shares to be issued                             -               -       254,000 
 
Revaluation reserve                        13,063               -             - 
 
Warrant equity reserve                     23,705          23,705        23,705 
 
Retained loss                            (88,926)        (49,500)      (66,794) 
 
                                          871,566         327,929       564,635 
 
Current liabilities 
 
Trade and other payables                   24,523           5,076         9,799 
 
Total equity and liabilities              896,089         333,005       574,434 
 
 
Notes to the interim financial statement 
 
 1. Basis of preparation 
 
The financial statements for the 6 months to 30 September 2011 are unaudited 
and do not constitute statutory accounts as defined in section 434 of the 
Companies Act 2006. The financial information for the year ended 31 March 2011 
is extracted from the audited statutory accounts for the year then ended which 
have been delivered to the Registrar of companies. The audit report on these 
accounts was unqualified and did not contain a statement under Section 498(2) 
or (3) of the Companies Act 2006. 
 
In the opinion of the Directors the financial information for the 6 months to 
30 September 2011 presents fairly the financial position, results of operations 
and cash flows for the period in conformity with International Financial 
Reporting Standards which have been consistently applied. The interim statement 
for the six months ended 30 September 2011 was approved by the Board of 
Directors on 21 December 2011. 
 
The financial information for the six months to 30 September 2011 has been 
prepared on the basis of the accounting policies set out in the full annual 
accounts of the Group for the year ended 31 March 2011. 
 
 2. Earnings per share 
 
The calculation of the basic earnings per share is based on the earnings 
attributable to the ordinary shareholders divided by the weighted average 
number of shares in issue during the period. 
 
The weighted average number of equity shares in issue is 191,815,000 (30 
September 2010 - 71,815,000, 31 March 2011 - 71,815,000) and the loss after 
tax, is GBP22,132 (30 September 2010 - loss GBP12,005, 31 March 2011 - loss GBP 
29,299). 
 
The Directors of the issuer 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 
 
 
END 
 

(END) Dow Jones Newswires

December 29, 2011 05:44 ET (10:44 GMT)