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DJ Lombard Capital PLC Half-yearly Report

 
TIDMLCAP 
 
LOMBARD CAPITAL PLC 
 
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 
 
CHAIRMAN'S STATEMENT 
 
In March 2012, your Company changed strategy to provide short term working 
capital to AIM and ISDX quoted companies and appointed a new Board member Jason 
Teichman. I am pleased to report that the six month period following these 
changes have been successful. The Company's NAV per share increased by 23.2% to 
0.234p on 30th September 2012, compared to 0.19p on 31st March 2012. 
 
We reviewed a number of investment opportunities throughout the year from 
companies within the small cap arena, predominately by way of discounted 
placings and convertible loan notes. Generally, the Board seeks to hold 
investments for less than one year, whilst ensuring that the Company has 
sufficient working capital. 
 
Currently, the Company holds investments in seven AIM quoted companies and in 
four ISDX quoted companies. 
 
Because of the illiquid nature of ISDX, the Board may hold investments for 
longer than a year. As a Board, we are hopeful that the recent acquisition of 
the market by ICAP will increase investors' confidence in both the market and 
the companies quoted on ISDX. Whilst remaining optimistic for the future of 
ISDX, going forward we also aim to address current illiquidity issues by 
seeking to hold more shares in AIM quoted companies. 
 
In summary, your Board has stated before that this is a turnaround period. 
Despite difficult market conditions, there have been some substantial successes 
this year, as evidenced by the Company's increase in NAV. Your Board is aware 
of the demand continually and consistently to increase NAV yet we temper this 
with an eye on suitable risk for the return we demand. 
 
While the financial markets remain challenging there is overwhelming demand for 
short term working capital. We are always open to appropriate opportunities and 
provided that we are able to exit we would expect our deal flow to increase 
significantly, your Board will be working hard to ensure that the Company 
continues to make progress in 2013. 
 
We look forward to an equally promising second half to the year. 
 
Grahame Rose 
Chairman 
 
 
 
CONDENSED STATEMENT OF COMPREHENSIVE INCOME 
 
FOR SIX MONTHS ENDED 30 SEPTEMBER 2012 
 
                                        6 months to   6 months to   Year ended 
 
                                                 30            30           31 
                                          September     September        March 
                                               2012          2011         2012 
 
                                        (Unaudited)   (Unaudited)    (Audited) 
 
                                               GBP             GBP            GBP 
 
Continuing operations 
 
Loss on disposal of investments             (3,637)             -    (211,587) 
 
Operating expenses                         (47,118)      (22,132)    (102,627) 
 
Operating loss and loss before             (50,755)      (22,132)    (314,214) 
taxation 
 
Taxation                                          -             -            - 
 
Loss for the period                        (50,755)      (22,132)    (314,214) 
 
Market value adjustment to                  168,121        13,063    (264,700) 
investments 
 
Total comprehensive income/(expense)        117,366       (9,069)    (578,914) 
for the period 
 
Loss per share 
 
Basic and diluted: 
 
Total and continuing operations             (0.03)p       (0.01)p      (0.17)p 
 
 
 
CONDENSED STATEMENT OF FINANCIAL POSITION 
 
AS AT 30 SEPTEMBER 2012 
 
                                                 30             30           31 
                                          September      September        March 
                                               2012           2011         2012 
 
                                        (Unaudited)    (Unaudited)    (Audited) 
 
                                               GBP              GBP             GBP 
 
Fixed assets 
 
Investments                                 241,020        849,052      244,764 
 
                                            241,020        849,052      244,764 
 
Current assets 
 
Trade and other receivables                   2,490         37,573        5,693 
 
Cash and cash equivalents                   205,153          9,464      110,938 
 
                                            207,643         47,037      116,631 
 
Total assets                                448,663        896,089      361,395 
 
Capital and reserves 
 
Called up share capital                     191,815        191,815      191,815 
 
Share premium                               755,614        755,614      755,614 
 
Investment revaluation reserve             (96,579)         13,063    (264,700) 
 
Retained loss                             (431,763)       (88,926)    (381,008) 
 
                                            419,087        871,566      301,721 
 
Current liabilities 
 
Trade and other payables                     29,576         24,523       59,674 
 
Total equity and liabilities                448,663        896,089      361,395 
 
 
The directors of the issuer accept responsibility for this announcement. 
 
 
 
=-ENDS-- 
 
ENQUIRIES: 
 
LOMBARD CAPITAL PLC 
Grahame Rose 
+44 777 0644 408 
 
PETERHOUSE CORPORATE FINANCE 
Heena Karani 
Heena@pcorpfin.com 
+44 207 469 0933 
 

(END) Dow Jones Newswires

December 27, 2012 04:43 ET (09:43 GMT)