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DJ Lombard Capital PLC Half-year Report

 
TIDMLCAP 
 
LOMBARD CAPITAL PLC 
("Lombard" or the "Company") 
 
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 
 
CHAIRMAN'S STATEMENT 
 
Dear shareholder 
 
Your current board of directors was formed with my appointment on 15th January 
2016. At the same time I was appointed Chairman. 
 
My report for the 6 months unaudited figures to 30th September 2016 shows a 
comprehensive loss of GPB76,174. This loss is attributable to the overhead 
costs incurred during the period. 
 
During the period your directors have appointed Alfred Henry Corporate Finance 
Limited as our new corporate advisers. Your directors have issued unsecured 
convertible loan notes and warrants to raise funds. Our note holders have 
subsequently converted the debt into ordinary shares and exercised conversion 
of warrants into ordinary shares as advised to you by earlier RNS 
announcements. 
 
Whilst it is disappointing that we have as yet been unable to generate income, 
we have recently disposed of an investment asset for GBP23,310, this sum being 
the value attributed to the asset by your directors at 31st March 2016. Your 
directors will continue to dispose of non-core assets at fair value when 
opportunities arise. 
 
Throughout this period and subsequently the company, with the assistance of our 
corporate adviser, has been preparing for a bond issuance. This work is at an 
advanced stage and, once approved, it is anticipated by the Board, to provide 
an income stream for the company and add shareholder value. 
 
 
I look forward to the future with enthusiasm and thank all my colleagues and 
our professionals for their support and advice. 
 
I also thank you all as shareholders for your continuing support. 
 
 
David Grierson. 
Chairman 
Lombard Capital Plc. 
 
9th December 2016 
 
 
The directors of Lombard Capital Plc accept responsibility for this 
announcement. 
 
For further information please contact: 
 
Brent Fitzpatrick 
Tel:  07718 883813 
 
ISDX Corporate Adviser: 
Alfred Henry Corporate Finance Limited 
Nick Michaels:  020 7251 3762 
 
 
Condensed Statement of Comprehensive Income 
Six months ended 30 September 2016 
 
                                            6 Months         Year     6 Months 
 
                                          30/09/2016   31/03/2016     30/09/15 
 
                                           Unaudited      Audited    Unaudited 
 
                                                 GBP          GBP          GBP 
 
Continuing operations 
 
Investment income                                  -            -         (53) 
 
Operating expenses                          (76,174)    (119,928)     (37,672) 
 
Impairment of investments                          -     (47,388)            - 
 
Operating loss and loss before taxation     (76,174)    (167,316)     (37,619) 
 
Taxation                                           -            -            - 
 
Loss for the period, attributable to        (76,174)    (167,316)     (37,619) 
the owners 
 
Impairment of investments -                        -       45,698            - 
reclassification to income statement 
 
Market value adjustment to investments             -     (97,500)    (141,250) 
 
Total comprehensive loss for the period     (76,174)    (219,118)    (178,869) 
 
Loss per share, basic and fully diluted        (3.3)        (8.3)       (9.33) 
(in pence) 
 
 
Condensed Statement of Financial Position 
As at 30 September 2016 
 
 
 
                                          30/09/2016    31/03/2016    30/09/2015 
 
                                           Unaudited       Audited     Unaudited 
 
                                                 GBP           GBP           GBP 
 
Non-current assets 
 
Available for sale investments               135,810       135,810        93,750 
 
Current assets 
 
Trade and other receivables                    7,500         7,800         3,900 
 
Cash and cash equivalents                      7,137         2,668        16,107 
 
                                              14,637        10,468        20,007 
 
Total assets                                 150,447       146,278       113,757 
 
Equity 
 
Ordinary shares                                2,726         2,268         1,918 
 
Deferred shares                              189,897       189,897       189,897 
 
Share premium                                812,793       767,514       755,614 
 
Share option reserve                          26,320        26,320             - 
 
Investment revaluation reserve               100,184       100,184        10,736 
 
Retained earnings                        (1,064,545)     (988,371)     (858,708) 
 
                                              67,375        97,812        99,457 
 
Current liabilities 
 
Trade and other payables                      83,072        48,466        14,300 
 
Total equity and liabilities                 150,447       146,278       113,757 
 
 
 
Notes to the financial statements 
 
Six months ended 30 September 2016 
 
 
1. Basis of preparation 
 
 
The financial statements for the six months ended 30 September 2016 are 
unaudited and do not constitute statutory accounts as defined in Section 434 of 
Companies Act 2006. The financial information for the year ended 31 March 2016 
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 those 
accounts was unqualified and did not contain a statement under Section 498(2) 
or (3) of Companies Act 2006. 
 
The financial information for the six months ended 30 September 2016 has been 
prepared on the basis of the accounting policies set out in the full annual 
financial statements of the company for the year ended 31 March 2016. 
 
2. Earnings per share 
 
 
The basic and diluted earnings per share is calculated by dividing the loss 
attributable to the owners of the company by the weighted average number of 
ordinary shares in issue during the period. 
 
The weighted average number of shares in issue at 30 September 2016 was 
2,325,633 (31 March 2016 2,026,210). 
 
3. Investments                             30/09/2016    31/03/2016      30/09/ 
                                                                           2015 
 
                                            Unaudited       Audited   Unaudited 
 
                                                    GBP             GBP           GBP 
 
Investments at cost less impairment            35,626        83,014      83,014 
 
Impairments: Reclassified from reserves             0       -45,698           0 
 
Recognised in the year                              0        -1,690           0 
 
Market value adjustment                       100,184       100,184      10,736 
 
Market value at period end                    135,810       135,810      93,750 
 
 
 
 
END 
 

(END) Dow Jones Newswires

December 09, 2016 10:32 ET (15:32 GMT)