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DJ Agneash Soft Commodities PLC Final Results

Agneash Soft Commodities plc 
               Audited results for the year ended 31 March 2012 
Chairman's statement 
Dear Shareholders, 
* Agneash's NAV at 31st March 2012 was 0.19p. Following subsequent changes to 
the Board and the resignation of our Investment Manager, the NAV is now 0.322p 
(25 July 2012). 
* The Company's portfolio is now diverse, with investments in a broad portfolio 
of both AIM and PLUS companies. 
2011 was a challenging year for both Aagneash and for our former investment 
manager against a backdrop of continuing macro-economic uncertainty and 
continuing under-performance and poor liquidity for the UK small cap equity 
In February 2012, Agneash accepted the resignation of Mr Tom Winnifrith, our 
investment manager and Mr Daniel Briggs, our non-executive director. 
Simultaneously, Agneash welcomed Mr Jason Teichman to the board as a 
non-executive director. Jason Teichman is a Partner at London Bridge Capital 
and has almost 30 years' experience in the financial markets. His early career 
was spent broking international debt and convertible securities for a number of 
institutions followed by three years at Collins Stewart Tullett Liberty, 
broking US and European equities. Mr Teichman's appointment to the board will 
increase the board's strength and expertise in the small cap arena. 
Agneash exited all of its investments through the sale of its portfolio to 
Athol Gold, the consideration being shares in the acquirer. Previously, 
Agneash's investments were mainly in illiquid stocks therefore the sale enabled 
the Company to hold AIM shares. 
Since February, the new board composition made a number of short term trading 
investments in AIM and PLUS companies. A majority of these investments have 
shown substantial positive returns and has enabled the Company to satisfy its 
working capital demands. 
In light of the encouraging start to the year, your board concluded from its 
review that these returns, if they continue, will provide our shareholders with 
value going forward. 
Your board has therefore decided to continue with the strategy of providing 
short term funding to AIM and PLUS companies, particularly in an environment 
where funding is scarce, your board considers that it can invest in PLUS and 
AIM companies with good returns. We look forward to updating you with more 
positive news as our year unfolds. To reflect our new strategy, your board has 
decided to rename the company Lombard Capital Plc. 
We would like to thank our partners for their efforts over the last year, 
especially our corporate advisors Peterhouse Capital Limited. 
Grahame Rose 
20 July 2012 
FOR THE YEAR ENDED 31 March 2012 
                                                       2012                2011 
                                               Notes   GBP                      GBP 
Continuing operations: 
Loss on disposal of investments                        (211,587)              - 
Operating expenses                                     (102,627)       (29,299) 
Operating loss and loss before taxation          3     (314,214)       (29,299) 
Taxation expense                                 5     -                      - 
Loss for the year, attributable to owners of           (314,214)       (29,299) 
the Company 
Loss per share attributable to owners of the     6     pence              pence 
Company during the year 
Basic and diluted: 
Total and continuing operations                        (0.17)            (0.04) 
AS AT 31 March 2012 
                                                         2012        2011 
                                                 Notes   GBP           GBP 
Available for sale investments                     7     244,764     - 
Trade and other receivables                        8     5,693       5,361 
Cash and cash equivalents                          9     110,938     569,073 
                                                         116,631     574,434 
TOTAL ASSETS                                             361,395     574,434 
Share capital                                     11     191,815     71,815 
Share premium                                            755,614     281,909 
Shares to be issued                               12     -           254,000 
Warrant equity reserve                            12     -           23,705 
Investment revaluation reserve                    12     (264,700)   - 
Retained earnings                                        (381,008)   (66,794) 
Equity attributable to owners of the Company              301,721    564,635 
and total equity 
Trade and other payables                          10     59,674      9,799 
TOTAL EQUITY AND LIABILITIES                            361,395    574,434 
The financial statements were approved by the Board and authorised for issue on 
20 July 2012. 
Notes to the financial information 
1. 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. 
2. The financial information in this announcement has been audited by the 
Company's auditors. 
3. The Directors have not declared a dividend for the period. 
Registered No. 06050613 
The Directors of Agneash Soft Commodities plc accept responsibility for this 
Grahame Rose 
+44 777 0644 408 
Heena Karani 
+44 207 469 0933 

(END) Dow Jones Newswires

July 25, 2012 09:35 ET (13:35 GMT)