DJ Result Of Gm
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08/08/2018
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TIDMWENP 8 August 2018 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Result of GM The resolutions to elect Mark Jackson and Mark Chapman as directors of the Company were voted against by the shareholders. The directors of Welney Plc accept responsibility for this announcement. For further information please contact: Darren Edmonston Tel: + 44 07976…
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TIDMWENP
8 August 2018
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Result of GM
The resolutions to elect Mark Jackson and Mark Chapman as directors of
the Company were voted against by the shareholders.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott -- Corporate Finance
James Dewhurst -- Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
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Press Release: Notice of General Meeting
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16/07/2018
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16 July 2018 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Notice of General Meeting The Company is pleased to announce that a circular containing a notice of General Meeting has been sent to shareholders. The General Meeting will consider resolution to vote on the election of Mark Jackson and Mark Chapman as directors of the…
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16 July 2018
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Notice of General Meeting
The Company is pleased to announce that a circular containing a notice
of General Meeting has been sent to shareholders.
The General Meeting will consider resolution to vote on the election of
Mark Jackson and Mark Chapman as directors of the Company.
The notice of General Meeting will be available on the Company's website
at www.welneyplc.co.uk.
The General Meeting will take place at 10:30 a.m. on 8 August 2018, at
The Barn, Tednambury Farm, Tednmabury, Spellbrook, Herts CM23 4BD.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott -- Corporate Finance
James Dewhurst -- Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
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DJ Interim Results For The Six Months Period To 31 December 2017
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29/03/2018
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TIDMWENP 31(st) March 2018 Welney Plc (“Welney” or the “Company”) Interim Results for the six months period to 31 December 2017 Chairman’s Statement Welney Plc is pleased to announce its unaudited interim results for the 6 months period to 31 December 2017. Operational costs for the period amounted to GBP37k for the 6 months to…
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TIDMWENP
31(st) March 2018
Welney Plc
("Welney" or the "Company")
Interim Results for the six months period to 31 December 2017
Chairman's Statement
Welney Plc is pleased to announce its unaudited interim results for the
6 months period to 31 December 2017. Operational costs for the period
amounted to GBP37k for the 6 months to December 2017 compared to GBP36k
for the 6 months to December 2016 and continue to keep costs to a
minimum whilst it continues to look for investment opportunities.
The Board continues to review a number potential acquisitions and
proposals which is reliant on new investment being achieved by virtue of
equity or loan capital.
The company continues to be supported by loans arranged by the company's
directors.
Further announcements will be made in due course.
Darren Edmonston
Chairman
Welney Plc
Unaudited Profit and Loss Account
Six months ended 31 December 2017
6 months ended 31(st) 6 months ended 31(st)
Dec 2017 Dec 2016
GBP '000 GBP '000
Revenue - -
Other Income - -
Gross Profit - -
Administrative Expenses (32,394) (30,556)
Operating (Loss) (32,394) (30,556)
Interest payable (4,724) (5,830)
Profit / (Loss) on
ordinary activities (37,118) (36,386)
Welney Plc
Balance Sheet as at 31 December 2017
6 months ended 31(st) Dec 6 months ended 31(st)
2017 Dec 2016
GBP '000 GBP '000
Current assets
Trade and other
receivables - -
Debtors 11,346 16,950
Cash and cash equivalents - -
Investments 1,567 1,567
Total Assets 12,913 18,517
Current Liabilities
Trade and other payables (37,455) (16,343)
Net Current Assets (24,542) 2,174
Long term Liabilities (209,250) (159,585)
Net (Liabilities) (233,792) (157,411)
Shareholders' Equity
Share Capital 1,545,511 1,545,511
Share Premium Reserve 1,562,336 1,562,336
Loan note Reserve 10,714 10,714
Share option Reserve - 132,240
Reserves (3,352,353) (3,408,122)
Shareholders' deficit (233,792) (157,411)
The financial information set out above has not been reviewed or audited
by the company's auditors.
The directors of Welney Plc accept responsibility for this announcement.
For further information:
Welney Plc
Darren Edmonston
+44 (0) 1279 635511
CORPORATE ADVISER AND CONTACT DETAILS:
Alexander David Securities Limited
David Scott
Telephone: +44 (0) 20 7448 9820
49 Queen Victoria Street EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Audited Annual Results For The Year Ended 30 June 2017
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30/11/2017
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TIDMWENP 30th November 2017 Welney Plc (“Welney” or the “Company”) Audited Annual Results for the year ended 30 June 2017 Welney Plc Plc (NEX: WENP), are delighted to report its audited annual results for the twelve months ended 30 June 2017. Chairman’s statement The Board is pleased to present the results for Welney plc for…
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TIDMWENP
30th November 2017
Welney Plc
("Welney" or the "Company")
Audited Annual Results for the year ended 30 June 2017
Welney Plc Plc (NEX: WENP), are delighted to report its audited annual
results for the twelve months ended 30 June 2017.
Chairman's statement
The Board is pleased to present the results for Welney plc for the year
ended 30 June 2017.
During the year I have looked to keep the company's operating costs to a
minimum whilst I continue to review several different proposals to take
the Company forward, which at this stage none of which have been
suitable. There are still a couple of proposals being considered and I
have been involved in a number of discussions in enabling the Company to
raise additional funding, all of which continue to be ongoing.
Separately the board are currently in discussions with several other
parties both for investment into and out of the company.
The Company's investment in GACR the Nasdaq listed Company continues to
perform poorly and it continues to be very illiquid.
The Company continues to investigate proposals for our subsidiary
company Metro Environmental Ltd and will pursue this strategy once
further funding is forthcoming.
Semsa International FZC ("Semsa"), the loan note holders, continues to
support the Company by way of the loan note within the financial
statements. The directors are now pleased to report that the loan note
holders "Semsa" have agreed to not call in the loans outstanding for at
least another 12 months. In addition, the company has confirmation of
further support in relation to the future ongoing costs of the company
from its shareholder's.
I hope to be able to report further developments to shareholders at the
AGM, in the meantime the directors will keep costs to a minimum.
Performance Overview
The financial year to 30 June 2017 has continued to be challenging with
the board continuing to review the ability to raise additional
investment and as a consequence this year continues to be hampered by
cash constraints.
Financial Results
The Company's loss for the year from continuing and total operations was
GBP75,649 (2016: GBP75,588).
The directors do not recommend the payment of a dividend (2016:nil).
Significant Accounting Policies
Going concern
The Group meets its day to day financing through its cash reserves,
equity or debt financing in the form of shareholders' loans and new
share issues. As at 30 June 2017 the Company has net current liabilities
of GBP24,515, a deficit in shareholders funds of GBP196,674 and no cash
at bank.
Since the year end a further GBP11,000 has been received via loans to
support the ongoing costs of the company.
The directors have prepared cash flow forecasts for the period to 30
June 2018 which assume no unnecessary costs or expenditure. On the basis
of these forecasts, the fact that the loan note holders have agreed in
writing to not call in the loans for at least the next 12 months from
the date of this report, and that the directors have agreed not to take
any salary or fees until such time as there is sufficient cash reserves
in the business, the Company is expected to continue to operate within
its available financial facilities for at least the next 12 months.
The going concern basis is dependent upon the Company meeting its
forecasts for 2017/18. These forecasts show that further finance will
need to be raised for the Company to continue, which may not be
forthcoming.
Whilst the directors remain confident that the Company will continue as
a going concern, this is dependent on their ability to secure the
necessary funding to take the Company forward and there can be no
certainty in this respect.
Nevertheless, after making due and careful enquires and considering all
uncertainties, the Directors believe the Company will continue in
operational existence for the foreseeable future. For this reason the
Directors continue to adopt the going concern basis in preparing the
annual report and financial statements. The financial statements do not
include any adjustments that would result from the basis of preparation
being inappropriate.
Please review the Company's annual report for full details.
Darren Edmonston
Chairman
Welney Plc
30 November 2017
The directors of Welney Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Darren Edmonston
Tel: + 44 1279 635511
NEX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
WELNEY PLC
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2017
2017 2016
GBP GBP
Administrative expenses (66,339) (65,729)
Operating loss (66,339) (65,729)
Interest payable and
similar charges (9,310) (9,859)
Loss on ordinary activities
before taxation (75,649) (75,588)
Tax on loss on ordinary
activities - -
Loss for the year (75,649) (75,588)
Basic and diluted loss per
share (0.005)p (0.005)p
WELNEY PLC
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2017
2017 2016
GBP GBP GBP GBP
Fixed assets
Investments 1,567 1,567
Current assets
Debtors 14,848 15,094
Cash at bank and in hand - 52
14,848 15,146
Creditors: amounts falling due within one year (39,363) (37,738)
Net current liabilities lliabilities/(assets) (24,515) (22,592)
Total assets less current liabilities (22,948) (21,025)
Creditors: amounts falling due after more than one
year (173,726) (100,000)
(196,674) (121,025)
Capital and reserves
Called up share capital 1,545,511 1,545,511
Share premium account 1,562,336 1,562,336
Loan note holders reserve 10,714 10,714
Share option reserve - 132,240
Profit and loss account (3,315,235) (3,371,826)
Shareholders' funds (196,674) (121,025)
WELNEY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
Share capital 2017 2016
GBP GBP
Allotted, called up and fully paid
1,545,511,000 Ordinary shares of 0.1p each 1,545,511 1,545,511
Statement of movements on reserves
Share Profit
premium Other reserves and loss
account (see below) account
GBP GBP GBP
Balance at 1 July 2016 1,562,336 142,954 (3,371,826)
Loss for the year - - (75,649)
Reclassification of share option reserve
to 132,240
to the retained earnings
Balance at 30 June 2017 1,562,336 142,954 (3,315,235)
WELNEY PLC
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 30 JUNE 2017
2017 2016
GBP GBP GBP GBP
Cash flows from operating activities (18,952) (2,980)
Financial activities
Loans received from other
related parties
relatedarties 18,900 -
Net cash generated from financing activities
18,900 -
Net decrease in cash and cash equivalents (52) (2,980)
Cash and cash equivalents at beginning ofo 52 3,032
- 52
Cash and cash equivalents at end of year
Welney Plc
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Change Of Registered Address
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14/06/2017
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TIDMWENP 14 June 2017 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Change of Registered Address Welney Plc announces that the Company has changed its registered address to The Barn, Tednambury Farm, Tednambury, Spellbrook, Herts CM23 4BD with immediate effect. The directors of Welney Plc accept responsibility for this announcement. For further information please contact: Darren…
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TIDMWENP
14 June 2017
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Change of Registered Address
Welney Plc announces that the Company has changed its registered address
to The Barn, Tednambury Farm, Tednambury, Spellbrook, Herts CM23 4BD
with immediate effect.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Interim Results For The Six Months Period To 31 December 2016
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31/03/2017
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TIDMWENP 31(st) March 2017 Welney Plc (“Welney” or the “Company”) Interim Results for the six months period to 31 December 2016 Chairman’s Statement Welney Plc is pleased to announce its unaudited interim results for the 6 months period to 31 December 2016. Operational costs for the period amounted to GBP36k for the 6 months to…
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TIDMWENP
31(st) March 2017
Welney Plc
("Welney" or the "Company")
Interim Results for the six months period to 31 December 2016
Chairman's Statement
Welney Plc is pleased to announce its unaudited interim results for the
6 months period to 31 December 2016. Operational costs for the period
amounted to GBP36k for the 6 months to December 2016 compared to GBP22k
for the 6 months to December 2015. The Company continues to keep costs
to a minimum whilst it continues to look for investment opportunities.
The Board continues to review a number potential acquisitions and
proposals which is reliant on new investment being achieved by virtue of
equity or loan capital.
The company continues to be supported by loans arranged by the company's
directors.
Further announcements will be made in due course.
Darren Edmonston
Chairman
Welney Plc
Unaudited Profit and Loss Account
Six months ended 31 December 2016
6 months ended 31(st) 6 months ended 31(st)
Dec 2016 Dec 2015
GBP '000 GBP '000
Revenue - -
Other Income - -
Gross Profit - -
Administrative Expenses (30,556) (21,709)
Operating (Loss) (30,556) (21,709)
Interest payable (5,830) (5,526)
Profit / (Loss) on
ordinary activities (36,386) (27,235)
Welney Plc
Balance Sheet as at 31 December 2016
6 months ended 31(st) Dec 6 months ended 31(st)
2016 Dec 2015
GBP '000 GBP '000
Current assets
Trade and other
receivables - 71,700
Debtors 16,950 -
Cash and cash equivalents - 59
Investments 1,567 2,675
Total Assets 18,517 74,434
Current Liabilities
Trade and other payables (16,343) (51,439)
Net Current Assets 2,174 22,995
Long term Liabilities (159,585) (95,397)
Net (Liabilities) (157,411) (72,402)
Shareholders' Equity
Share Capital 1,545,511 1,545,511
Share Premium Reserve 1,562,336 1,562,336q
Loan note Reserve 10,714 10,714
Share option Reserve 132,240 132,240
Reserves (3,408,212) (3,323,203)
Shareholders' deficit (1574,411) (72,402)
The financial information set out above has not been reviewed or audited
by the company's auditors.
The directors of Welney Plc accept responsibility for this announcement.
For further information:
Welney Plc
Darren Edmonston
+44 (0) 1279 635511
CORPORATE ADVISER AND CONTACT DETAILS:
Alexander David Securities Limited
David Scott
Telephone: +44 (0) 20 7448 9820
49 Queen Victoria Street EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Results Of Gm And Agm
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13/02/2017
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TIDMWENP 13 February 2017 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Results of GM and AGM AGM Welney is pleased to announce that at the Company’s Annual General Meeting (“AGM”) held today, all of the resolutions proposed, as set out in the AGM Notice, were duly passed. GM The resolution to elect Mark Jackson as…
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TIDMWENP
13 February 2017
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Results of GM and AGM
AGM
Welney is pleased to announce that at the Company's Annual General
Meeting ("AGM") held today, all of the resolutions proposed, as set out
in the AGM Notice, were duly passed.
GM
The resolution to elect Mark Jackson as director was voted against by
the shareholders.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Notice Of Annual General Meeting
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19/01/2017
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TIDMWENP THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to what action you should take, you are recommended to seek your own financial advice from your stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000. If you have recently sold or transferred…
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TIDMWENP
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
If you are in any doubt as to what action you should take, you are
recommended to seek your own financial advice from your stockbroker or
other independent adviser authorised under the Financial Services and
Markets Act 2000.
If you have recently sold or transferred all of your shares in Welney
plc, please forward this document, together with the accompanying
documents, as soon as possible either to the purchaser or transferee or
to the person who arranged the sale or transfer so they can pass these
documents to the person who now holds the shares.
WELNEY PLC
(Incorporated in England and Wales with Registered Number 05660908)
Directors:
Darren Edmonston (Chairman)
Cameron Luck
To the Shareholders of Welney PLC
Dear Shareholder
ANNUAL GENERAL MEETING - 11.00 a.m. on 13th February 2017
I am pleased to enclose the notice of the Company's Annual General
Meeting, to be held at 11.00 a.m. on 13th February 2017.
The ordinary business of the Annual General Meeting will be to receive
and adopt the accounts of the Company to 30 June 2016, to re-appoint the
auditors, and to re-elect directors.
You will find set out at the end of this document a notice convening the
AGM to be held at
Manor of Groves, High Wych, Sawbridgeworth, Hertfordshire, CM21 0JU.
.
1. ACTION TO BE TAKEN
A Form of Proxy is enclosed, for use at the AGM. Whether or not you
intend to be present at the AGM, you are asked to complete, sign and
return the Form of Proxy to the Company's registrars, Share Registrars
Ltd, The Courtyard, 17 West Street, Farnham, Surrey GU9 7DR, as soon as
possible but in any event, so as to arrive no later than 11.00 a.m. on
9th February 2017. The completion and return of a Form of Proxy will not
preclude you from attending the AGM and voting in person should you wish
to do so. Accordingly, whether or not you intend to attend the AGM in
person, you are urged to complete and return the Form of Proxy as soon
as possible.
2. RECOMMENDATIONS
The Directors consider that the resolutions to be proposed at the AGM
are in the best interests of the Company and Shareholders as a whole.
Accordingly, the Directors unanimously recommend Shareholders to vote in
favour of the resolutions to be proposed at the AGM.
Yours faithfully
Darren Edmonston
Chairman
WELNEY PLC
(Incorporated in England and Wales with Registered Number 05660908)
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting ("Meeting") of
Welney plc ("Company") will be held at the offices of Manor of Groves,
High Wych, Sawbridgeworth, Hertfordshire, CM21 0JU on 13th February
2017.
You will be asked to consider and vote on the resolutions below.
Resolutions 1 to 3 will be proposed as ordinary resolutions.
ORDINARY RESOLUTIONS
1. To receive and adopt the Annual Report and Accounts for the year ended 30
June 2016 together with the directors' report and auditors' report on
those accounts.
2. To re-appoint Welbeck Associates as auditors of the Company to hold
office until the conclusion of the next general meeting at which the
accounts are laid before the members and to authorise the directors to
fix their remuneration.
3. To re-appoint as a Director Cameron Luck, who retires in accordance with
Article 106 of the Articles of Association of the Company.
By Order of the Board
Dated 18 January 2017
Notes:
1. To be entitled to attend and vote at the meeting
(and for the purpose of the determination by the Company of the number
of votes that may be cast), shareholders must be entered in the register
of members of the Company at 11:00 a.m. on 9 February 2017 (or, in the
event of any adjournment, at 11:00 a.m. on the day which is two days
before the date fixed for the adjourned meeting). Changes to the
register of members after the relevant deadline will be disregarded in
determining the rights of any person to attend and vote at the meeting.
2. A member entitled to attend the meeting is entitled
to appoint another person as his proxy to exercise all or any of his
rights to attend and to speak and vote at the meeting. A member may
appoint more than one proxy in relation to the meeting provided that
each proxy is appointed to exercise the rights attached to a different
share or shares held by the member. A proxy need not be a member of the
Company. Appointing a proxy will not prevent a member from attending and
voting at the meeting in person.
3. A form of proxy for use in relation to the meeting
is enclosed. To be valid, the form of proxy and any power of attorney
or other authority under which it is signed (or a notarially certified
copy of such power or authority) must be deposited with the company
secretary not less than 48 hours before the time appointed for the
holding of the meeting or any adjourned meeting.
4. As at 4 January 2017 (being the latest practicable
date prior to the publication of this notice), the Company's issued
share capital consisted of 1,545,511,405 ordinary shares of 0.1p each.
Each ordinary share carries the right to one vote at a general meeting
of the Company and, therefore, the total number of voting rights in the
Company was as at 4 January 2017.
Proxy Form
For use at the Annual General Meeting of the Company to be held at Manor
of Groves, High Wych, Sawbridgeworth, Hertfordshire, CM21 0JU on 13th
February 2017 at 11.00 a.m.
Before completing this form, please read the explanatory notes below.
I /We being a member of the Company appoint the Chairman of the meeting
or (see note 4)
as my/our proxy to attend, speak and vote on my/our behalf at the Annual
General Meeting of the Company to be held at 11.00 am. on 13th February
2017 and at any adjournment of the meeting.
I/We direct my/our proxy to vote on the following resolutions as I/we
have indicated by marking the appropriate box with an 'X'. If no
indication is given, my/our proxy will vote or abstain from voting at
his or her discretion and I/we authorise my/our proxy to vote (or
abstain from voting) as he or she thinks fit in relation to any other
matter which is properly put before the meeting (including any motion to
amend any resolution or to adjourn the Annual General Meeting).
RESOLUTIONS For Against Vote
withheld
1. To receive the Company's annual report and accounts
for the 12-month period ending 31 December 2015 (ordinary
resolution)
2. To reappoint Welbeck Associates as auditors to
the Company (ordinary resolution)
3. To reappoint Cameron Luck as a director of the
Company (ordinary resolution)
PLEASE SIGN WHERE INDICATED AND THEN COMPLETE THE REQUESTED DETAILS
BELOW IN BLOCK CAPITALS
.........................
..............
Signature of shareholder or common seal/signature
Date
of duly authorised officer/attorney of corporate shareholder
...................... .....................
Print name of signatory
Print name of shareholder where signed on behalf of a shareholder
Notes to the proxy form
1. The full text of each resolution to be proposed at the Annual General
Meeting is set out in the Notice of Annual General Meeting contained in
the circular to shareholders of the Company dated 18 January 2017.
Shareholders should read the resolutions set out in the Notice of Annual
General Meeting together with the explanation of the resolutions set out
in Part I of the Circular.
2. As a member of the Company you are entitled to appoint a proxy to
exercise all or any of your rights to attend, speak and vote (on a show
of hands and on a poll) at a general meeting of the Company.
3. Appointment of a proxy does not preclude you from attending the
meeting and voting in person.
4. A proxy does not need to be a member of the Company but must attend
the meeting to represent you. To appoint as your proxy a person other
than the Chairman of the meeting, insert their full name in the box. If
you sign and return this proxy form with no name inserted in the box,
the Chairman of the meeting will be deemed to be your proxy. Where you
appoint as your proxy someone other than the Chairman, you are
responsible for ensuring that they attend the meeting and are aware of
your voting intentions.
5. You may appoint more than one proxy provided each proxy is appointed
to exercise rights attached to different shares. You may not appoint
more than one proxy to exercise rights attached to any one share.
6. To direct your proxy how to vote on the resolutions mark the
appropriate box with an 'X'. To abstain from voting on a resolution,
select the relevant "Vote withheld" box. A vote withheld is not a vote
in law, which means that the vote will not be counted in the calculation
of votes for or against the resolution. If no voting indication is given,
your proxy will vote or abstain from voting at his or her discretion.
Your proxy will vote (or abstain from voting) as he or she thinks fit in
relation to any other matter which is properly put before the meeting
(including any motion to amend any resolution or to adjourn the Annual
General Meeting).
7. To appoint a proxy using this form, the form must be:
-- completed and signed;
-- sent or delivered to, Share Registrars Limited, at Suite E, The Courtyard,
17 West Street, Farnham, Surrey GU9 7DR or by e-mail to
proxies@shareregistrars.uk.com or fax: 01252 719232 and
-- received by the Registrar no later than 11.00 a.m. on 9th February 2017.
8. In the case of a member which is a company, this proxy form must be
executed under its common seal or signed on its behalf by an officer of
the company or an attorney for the company.
9. Any power of attorney or any other authority under which this proxy
form is signed (or a duly certified copy of such power or authority)
must be included with the proxy form.
10. In the case of joint holders, where more than one of the joint
holder's purports to appoint a proxy, only the appointment submitted by
the most senior holder will be accepted. Seniority is determined by the
order in which the names of the joint holders appear in the Company's
register of members in respect of the joint holding (the first-named
being the most senior).
11. If you submit more than one valid proxy appointment, the appointment
received last before the latest time for the receipt of proxies will
take precedence.
12. In order to revoke a proxy instruction you will need to inform the
Company by sending a signed hard copy notice clearly stating your
intention to revoke your proxy appointment to Share Registrars Limited,
at The Courtyard, 17 West Street, Farnham, Surrey GU9 7DR. In the case
of a member which is a company, the revocation notice must be executed
under its common seal or signed on its behalf by an officer of the
company or an attorney for the company. Any power of attorney or any
other authority under which the revocation notice is signed (or a duly
certified copy of such power or authority) must be included with the
revocation notice.
In either case, the revocation notice must be received by the Company no
later than 11. 00 a.m. on 9th February 2017. If you attempt to revoke
your proxy appointment but the revocation is received after the time
specified, your proxy appointment will remain valid.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Correction: Clarification Announcement On Notice Of General Meeting
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19/01/2017
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TIDMWENP This is a correction of the announcement from 09:55 19.01.2017 GMT. Reason for the correction: 19 January 2017 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Clarification announcement on Notice of General Meeting The announcement released by Welney Plc on 16 January 2017, erroneously stated that the General Meeting would take place at 10:30 a.m….
Read More
TIDMWENP
This is a correction of the announcement from 09:55 19.01.2017 GMT.
Reason for the correction:
19 January 2017
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Clarification announcement on Notice of General Meeting
The announcement released by Welney Plc on 16 January 2017, erroneously
stated that the General Meeting would take place at 10:30 a.m. on 8
February 2017.
The Company would like to clarify that the announcement disclosed is as
follows: The General Meeting will take place at 10:30 a.m. on 13
February 2017 at Manor of Groves Hotel, Golf & Country Club, High Wych,
Sawbridgeworth, Hertfordshire, CM21 0JU.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Notice Of Gm
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19/01/2017
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TIDMWENP THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF SHAREHOLDERS. IF SHAREHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN PROFESSIONAL ADVISERS AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 IMMEDIATELY. If you have sold or otherwise transferred all of your ordinary shares of…
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TIDMWENP
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
SHAREHOLDERS. IF SHAREHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY
SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN PROFESSIONAL ADVISERS
AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000
IMMEDIATELY.
If you have sold or otherwise transferred all of your ordinary shares of
0.1p each in Welney PLC ("the Company"), please send this document,
together with the accompanying Form of Proxy to the purchaser or
transferee or to the stockbroker, bank or other agent through whom the
sale or transfer was effected for transmission to the purchaser or
transferee. If you have sold only part of your holding of ordinary
shares of 0.1p of Welney PLC, please contact your stockbroker, bank or
other agent through whom the sale was effected immediately.
WELNEY PLC (THE "COMPANY")
(Incorporated in England and Wales under the Companies Act 2006 with
Registered Number 05840813)
NOTICE OF GENERAL MEETING
NOTICE IS HEREBY GIVEN that a general meeting of the Company will be
held at Manor of Groves Hotel, Golf & Country Club, High Wych,
Sawbridgeworth, Hertfordshire, CM21 0JU on 13 February 2017 at 10:30 a.m
for the purpose of considering and, if thought fit, passing the
following resolution which will be proposed as an ordinary resolution:
ORDINARY BUSINESS
1. To elect Mark Jackson as a director of the Company.
Date: 18th January 2017 By Order of the Board
Registered Office: ...........
2nd Flr, Cambridge House, Director
Cambridge Road, Harlow,
CM20 2EQ, United Kingdom
APPENDIX
DIRECTOR BIOGRAPHY
Mark Jackson, aged 53
Mark Jackson has been a chartered accountant for over 20 years, and now
runs his own audit and accountancy practice in Hull, advising clients on
business and taxation issues.
He is a director of Hellenic Capital PLC, Ventura Finance Limited,
Quetzal Securities Limited, Quetzal Capital Limited, Humberside
Accountancy Courses Limited and Small Company Reporting Limited. He was
previously a director of Lombard Capital PLC.
Notes:
1. To be entitled to attend and vote at the meeting
(and for the purpose of the determination by the Company of the number
of votes that may be cast), shareholders must be entered in the register
of members of the Company at 10:30 a.m. on 9 February 2017 (or, in the
event of any adjournment, at 10:30 a.m. on the day which is two days
before the date fixed for the adjourned meeting). Changes to the
register of members after the relevant deadline will be disregarded in
determining the rights of any person to attend and vote at the meeting.
2. A member entitled to attend the meeting is entitled
to appoint another person as his proxy to exercise all or any of his
rights to attend and to speak and vote at the meeting. A member may
appoint more than one proxy in relation to the meeting provided that
each proxy is appointed to exercise the rights attached to a different
share or shares held by the member. A proxy need not be a member of the
Company. Appointing a proxy will not prevent a member from attending and
voting at the meeting in person.
3. A form of proxy for use in relation to the meeting
is enclosed. To be valid, the form of proxy and any power of attorney
or other authority under which it is signed (or a notarially certified
copy of such power or authority) must be deposited with the company
secretary not less than 48 hours before the time appointed for the
holding of the meeting or any adjourned meeting.
4. As at 4 January 2017 (being the latest practicable
date prior to the publication of this notice), the Company's issued
share capital consisted of 1,545,511,405 ordinary shares of 0.1p each.
Each ordinary share carries the right to one vote at a general meeting
of the Company and, therefore, the total number of voting rights in the
Company was as at 4 January 2017.
Explanatory notes to the Notice of General Meeting:
Resolution 1 - Appointment of director
Biographical details of Mark Jackson can be found in the Appendix to the
Notice.
FORM OF PROXY
WELNEY PLC
For use at the General Meeting to be held at Manor of Groves Hotel, Golf
& Country Club, High Wych, Sawbridgeworth, Hertfordshire, CM21 0JU at
10:30 a.m. on 13 February 2017.
I/We .....................................
(name in full in block capitals)
of .......................................
(full postal address in block capitals)
.........................................
being (a) member(s) of Welney Plc (the "Company") hereby appoint the
chairman of the meeting (See note 3 below)
... .....................
as my/our proxy to vote for me/us on my/our behalf at the Annual General
Meeting of the Company at 10:30 a.m. on 13 February 2017 and at any
adjournment of the meeting. This form of proxy relates to the
resolutions referred to below and to any other business transacted at
the meeting.
I/We instruct my/our proxy to vote as follows:
Resolution For Against Abstain
To elect Mark Jackson as Director of the Company
Please indicate how you wish your proxy to vote by inserting "X" in the
appropriate box. If no indication is given, your proxy will be deemed to
have the authority to vote or abstain at his/her discretion on the
resolution above and on any other business transacted at the meeting.
Dated.............2017 Signature ....................
NOTES
1. To be valid this form, together with any power of attorney or
other written authority under which it is signed, or an office or
notarially certified copy or a copy certified in accordance with the
Powers of Attorney Act 1971 of such power or written authority must be
completed, signed and deposited at Share Registrars offices, The
Courtyard, 17 West Street, Farnham, Surrey, GU9 7DR, or sent by e-mail
proxies@shareregistrars.uk.com or fax 01252 719232, by no later than 48
hours (not including non-working days) before the time appointed for the
holding of the meeting or adjourned meeting.
2. A corporation must execute this form either under its common seal
or under the hand of two directors or one director and the secretary or
under the hand of an officer or attorney duly authorised in writing.
3. The appointment of the Chairman as proxy has been included for
convenience. If you wish to appoint any other person as proxy delete
the words "the chairman of the meeting" and add the name and address of
the proxy appointed. A proxy need not be a member of the Company. If
you complete the proxy form but do not delete the words "the chairman of
the meeting" and you do not appoint a proxy, the chairman shall be
entitled to vote as proxy.
4. Any alteration to this form must be initialled.
5. Returning the form of proxy will not prevent you from
attending the meeting and voting in person.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Welney Plc : Statement Re [insert appropriate text]
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19/01/2017
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TIDMWENP 19 January 2017 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Clarification announcement on Notice of General Meeting The announcement released by Welney Plc on 16 January 2017, erroneously stated that the General Meeting would take place at 10:30 a.m. on 8 February 2017. The Company would like to clarify that the announcement disclosed is…
Read More
TIDMWENP
19 January 2017
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Clarification announcement on Notice of General Meeting
The announcement released by Welney Plc on 16 January 2017, erroneously
stated that the General Meeting would take place at 10:30 a.m. on 8
February 2017.
The Company would like to clarify that the announcement disclosed is as
follows: The General Meeting will take place at 10:30 a.m. on 13
February 2017 at Manor of Groves Hotel, Golf & Country Club, High Wych,
Sawbridgeworth, Hertfordshire, CM21 0JU.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Notice Of General Meeting
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16/01/2017
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TIDMWENP 16 January 2017 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Notice of General Meeting The Company is pleased to announce that a circular containing a notice of General Meeting will be sent to shareholders today. The General Meeting will consider resolution to vote on the election of Mark Jackson as director of the Company….
Read More
TIDMWENP
16 January 2017
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Notice of General Meeting
The Company is pleased to announce that a circular containing a notice
of General Meeting will be sent to shareholders today.
The General Meeting will consider resolution to vote on the election of
Mark Jackson as director of the Company.
The notice of General Meeting will be available on the Company's website
at www.welneyplc.co.uk.
The General Meeting will take place at 10:30 a.m. on 8 February 2017 at
Manor of Groves Hotel, Golf & Country Club, High Wych, Sawbridgeworth,
Hertfordshire, CM21 0JU.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
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DJ Welney plc Audited Annual Results for the year ended 30 June 2016
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30/11/2016
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TIDMWENP Audited Annual Results for the year ended 30 June 2016 30th November 2016 Welney Plc (“Welney” or the “Company”) Audited Annual Results for the year ended 30 June 2016 Welney Plc (ISDX: WENP), are delighted to report its audited annual results for the twelve months ended 30 June 2016. Chairman’s statement The Board is…
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TIDMWENP
Audited Annual Results for the year ended 30 June 2016
30th November 2016
Welney Plc
("Welney" or the "Company")
Audited Annual Results for the year ended 30 June 2016
Welney Plc (ISDX: WENP), are delighted to report its audited annual results for the twelve months
ended 30 June 2016.
Chairman's statement
The Board is pleased to present the results for Welney Plc for the year ended 30 June 2016.
Since my appointment late April 2016, I have reviewed several different proposals to take the
Company forward, which I am continuing to review and have been involved in a number of discussions
in enabling the company to raise additional funding, all of which continue to be ongoing.
The Company also appointed a new Corporate Advisor, namely Alexander David Securities, and I am
working closely with them on a number of possible investments.
Separately the board are currently in discussions with several other parties both for investment
into and out of the Company.
The Company's investment in GACR the Nasdaq listed company has performed badly and it is very
illiquid despite the strength of the US dollar.
The Directors are now pleased to report that loan note holders Semsa International FZC ("Semsa")
have agreed to not call in the loans outstanding for at least another 12 months.
I hope to be able to report further developments to shareholders at the AGM, in the meantime the
directors will keep costs to a minimum.
Performance Overview
The financial year to 30 June 2016 has continued to be challenging with the board continuing to
review the ability to raise additional investment and as a consequence this year continues to be
hampered by cash constraints.
Financial Results
The Company's loss for the year from continuing and total operations was GBP75,588 (2015:GBP7,807).
The directors do not recommend the payment of a dividend (2015:nil).
Darren Edmonston
Chairman
Welney Plc
30 November 2016
The Independent Auditor's Report contained within the financial statements for the year ended 30
June 2016 referenced Emphasis of matter and referred to the following paragraph within Accounting
Policies notes to the Financial Statements.
Going concern
The Company meets its day to day financing through its cash reserves, shareholders' loans and share
issues. As at 30 June 2016 the Company has net current liabilities of GBP22,592 a deficit in
shareholders' funds of GBP121,025 and cash at bank of only GBP52. It also incurred a loss of GBP75,588
(2015:GBP7,807). There has been no additional funding received since year end.
The directors have prepared cash flow forecasts for the period to 30 June 2018 which assume no
unnecessary costs or expenditure. On the basis of these forecasts, the fact that the loan note
holders have agreed in writing to not call in the loans for at least the next 12 months from the
date of this report, and that the Directors have agreed not to draw any salary or fees until such
time as the Company has sufficient cash resources, the Company is expected to continue to operate
within its available financial facilities for at least the next 12 months.
The going concern basis is dependent upon the Company meeting its forecasts for 2016/2017. These
forecasts show that further finance will need to be raised for the Company to continue which may not
be forthcoming. Whilst the directors remain confident that the Company will continue as a going
concern, this is dependent on their ability to secure the necessary funding to take the Company
forward and there can be no certainty in this respect.
Nevertheless, after making due and careful enquires and considering all uncertainties, the Directors
believe the company will continue in operational existence for the foreseeable future. For this
reason the Directors continue to adopt the going concern basis in preparing the annual report and
financial statements. The financial statements do not include any adjustments that would result from
the basis of preparation being inappropriate.
Please review the Company's Annual Report for full details.
The directors of Welney Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Darren Edmonston
Tel: + 44 1279 635511
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
WELNEY PLC
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
GBP GBP
Administrative expenses (65,729) (56,952)
Reversal of impairment of Investments - 50,000
---------- ----------
Operating loss (65,729) (6,952)
Interest payable and similar charges (9,859) (855)
---------- ----------
Loss on ordinary activities before taxation (75,588) (7,807)
Tax on loss on ordinary activities - -
---------- ----------
Loss for the year (75,588) (7,807)
---------- ----------
---------- ----------
Basic and diluted loss per share (0.004)p (0.001)p
WELNEY PLC
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
GBP GBP GBP GBP
Fixed assets
Investments 1,567 2,675
Current assets
Debtors 15,094 105,850
Cash at bank and in hand 52 3,032
---------- ----------
15,146 108,882
Creditors: amounts falling due within one year (37,738) (66,853)
---------- ----------
Net current liabilities/(assets) (22,592) 42,029
---------- ----------
Total assets less current liabilities (21,025) 44,704
Creditors: amounts falling due after more than
one year (100,000) (90,141)
---------- ----------
(121,025) (45,437)
---------- ----------
---------- ----------
Capital and reserves
Called up share capital 1,545,511 1,545,511
Share premium account 1,562,336 1,562,336
Loan note holders reserve 10,714 10,714
Share option reserve 132,240 132,240
Profit and loss account (3,371,826) (3,296,238)
---------------- -----------------
Shareholders' funds (121,025) (45,437)
---------------- -----------------
---------------- -----------------
WELNEY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2016
Share capital 2016 2015
GBP GBP
Allotted, called up and fully paid
1,545,511,000 Ordinary shares of 0.1p each 1,545,511 1,545,511
------------ ------------
------------ ------------
Statement of movements on reserves
Share Other Profit
premium reserves
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2016 13:19 ET (18:19 GMT)
DJ Welney plc Audited Annual Results for the year -2-
account and loss
GBP GBP GBP
Balance at 1 July 2015 1,562,336 142,954 (3,296,238)
Loss for the year - - (75,588)
------------ ------------ ------------
Balance at 30 June 2016 1,562,336 142,954 (3,371,826)
------------ ------------ ------------
------------ ------------ ------------
WELNEY PLC
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
Notes GBP GBP GBP GBP
Net cash outflow from operating activities 18 (2,980) (147,141)
Returns on investments and Servicing of finance
Interest paid (9,859) -
---------- ----------
(9,859) -
Financial investment
Disposal of investment - 50,000
---------- ----------
Net cash (outflow)/inflow for capital expenditure - 50,000
---------- ----------
Net cash outflow before management of liquid
resources and financing (12,839) (97,141)
Financing
Increase long term loans 9,859 100,000
---------- ----------
Net cash inflow from financing (9,859) 100,000
---------- ----------
Decrease in cash in the year 19, 20 (2,980) 2,859
---------- ----------
---------- ----------
Welney plc
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DJ Welney plc Shareholding Notification
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16/11/2016
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TIDMWENP Shareholding Notification 16 November 2016 Welney Plc (“Welney” or the “Company”) Shareholding Notification Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company that Ventura Finance Limited, a company of which Mr. Mark Jackson is the controlling shareholder has purchased a further 21,000,000 shares in Welney. He previously owned 55,000,000…
Read More
TIDMWENP
Shareholding Notification
16 November 2016
Welney Plc
("Welney" or the "Company")
Shareholding Notification
Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company that Ventura Finance
Limited, a company of which Mr. Mark Jackson is the controlling shareholder has purchased a further
21,000,000 shares in Welney.
He previously owned 55,000,000 shares in the Company through Ventura Finance Limited and 80,000,00 through
Quetzal Securities Limited, a company of which Mr Mark Jackson is the controlling shareholder. As a result,
through Ventura Finance Limited and Quetzal Securities Limited, Mr Mark Jackson owns 156,000,000 shares,
which represents an interest of 10.05% in the shares of the Company.
The directors of Welney Plc accept responsibility for this announcement.
For further information, please contact:
Darren Edmonston, Director
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
Welney plc
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DJ Welney plc Shareholding Notification
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28/10/2016
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TIDMWENP Shareholding Notification 28 October 2016 Welney Plc (“Welney” or the “Company”) Shareholding Notification Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company that Ventura Finance Limited, a company of which Mr. Mark Jackson is the controlling shareholder has purchased a further 55,000,000 shares in Welney. Mr Mark Jackson is…
Read More
TIDMWENP
Shareholding Notification
28 October 2016
Welney Plc
("Welney" or the "Company")
Shareholding Notification
Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company that Ventura Finance
Limited, a company of which Mr. Mark Jackson is the controlling shareholder has purchased a further
55,000,000 shares in Welney.
Mr Mark Jackson is also the controlling shareholder of Quetzal Securities Limited, which already owns
80,000,000 shares in the Company, taking his shareholding to 135,000,000 shares. As a result, through
Ventura Finance Limited and Quetzal Securities Limited, Mr Mark Jackson has an interest of 8.7% in the
shares of the Company.
The directors of Welney Plc accept responsibility for this announcement.
For further information, please contact:
Darren Edmonston, Director
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
Welney plc
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DJ Welney plc Shareholding Notification
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22/08/2016
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TIDMWENP Shareholding Notification 22 August 2016 Welney Plc (“Welney” or the “Company”) Shareholding Notification Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company that Quetzal Securities Limited, a company of which Mr. Mark Jackson is the controlling shareholder has purchased a further 30,000,000 shares in Welney. Taking his shareholding to…
Read More
TIDMWENP
Shareholding Notification
22 August 2016
Welney Plc
("Welney" or the "Company")
Shareholding Notification
Welney Plc is pleased to announce that Mr. Mark Jackson has notified the Company
that Quetzal Securities Limited, a company of which Mr. Mark Jackson is the
controlling shareholder has purchased a further 30,000,000 shares in Welney.
Taking his shareholding to 80,000,000 shares. As a result, Quetzal Securities
Limited has an interest of 5.18% in the shares of the Company.
The directors of Welney Plc accept responsibility for this announcement.
For further information, please contact:
Darren Edmonston, Director
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
Welney plc
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DJ Welney plc Shareholding Notification
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22/07/2016
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TIDMWENP Shareholding Notification 22 July 2016 GB00B2334P26 Welney Plc (“Welney” or the “Company”) Shareholding Notification Welney Plc is pleased to announce that Mr Mark Jackson has notified the Company that Quetzal Securities Limited, a company of which Mr Mark Jackson is the controlling shareholder has purchased 50,000,000 shares in Welney. As a result, Quetzal Securities…
Read More
TIDMWENP
Shareholding Notification
22 July 2016
GB00B2334P26
Welney Plc
("Welney" or the "Company")
Shareholding Notification
Welney Plc is pleased to announce that Mr Mark Jackson has notified the Company that Quetzal Securities Limited, a
company of which Mr Mark Jackson is the controlling shareholder has purchased 50,000,000 shares in Welney. As a
result, Quetzal Securities Limited has an interest of 3.2% in the shares of the Company.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
Welney plc
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DJ Welney plc Change of Directorate and of Corporate Adviser
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21/04/2016
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TIDMWENP Change of Directorate and of Corporate Adviser 21 April 2016 GB00B2334P26 Welney PLC (“Welney” or “the Company”) Directorate change and Change of Corporate Adviser Directorate change The Board of Directors wishes to announce that Luca Tenuta has stepped down from the role of Director with immediate effect. The Company would like to thank Mr…
Read More
TIDMWENP
Change of Directorate and of Corporate Adviser
21 April 2016
GB00B2334P26
Welney PLC
("Welney" or "the Company")
Directorate change and Change of Corporate Adviser
Directorate change
The Board of Directors wishes to announce that Luca Tenuta has stepped down from the role of Director with immediate
effect. The Company would like to thank Mr Tenuta for his time and contribution to the Company over his term. The
Board has also appointed Darren Edmonston as Director, with immediate effect.
Change of Corporate Advisor
Welney Plc is also pleased to announce the appointment of Alexander David Securities Limited as the Company's
Corporate Adviser with immediate effect.
The directors of Welney Plc accept responsibility for this announcement.
For further information please contact:
Darren Edmonston
Tel: + 44 07976 664813
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
Welney plc
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DJ Welney plc Interim results for the six month period ended 31 December 2015
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31/03/2016
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TIDMWENP Interim results for the six month period ended 31 December 2015 Welney Plc (“Welney” or the “Company”) INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2015 Chairman’s Statement I am pleased to present the interim results of the Company for the six months ended 31 December 2015. The last six months have…
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TIDMWENP
Interim results for the six month period ended 31 December 2015
Welney Plc
("Welney" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2015
Chairman's Statement
I am pleased to present the interim results of the Company for the six months ended 31 December 2015.
The last six months have been a time for consolidation, the directors are exploring a number of proposals to
be presented to our shareholders shortly.
The companies investment in GACR the Nasdaq listed company remains stable.
The companies subsidary Metro Environmental Ltd has two options one with an Environment Agency approved
tyre recycling business Mitre Rubber Ltd and another with a specialist cleaning company Cleanbrite
Facilitation Ltd. The Directors remain in talks with both companies to ascertain the viability of
proceeding with these options.
The Company is also in discussions for a new investment, and will report on this to shareholders at the AGM in
the meantime the Directors will keep costs to a minimum.
Luca Tenuta
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDING 31st DECEMBER 2015
6 months to 6 months to
31/12/2015 31/12/2014
GBP GBP
Turnover - -
Cost of Sales - -
---------- ----------
Gross Profit - -
Administrative Expenses (21,709) (11,642)
---------- ----------
Operating loss (21,709) (11,642)
Interest payable and similar charges (5,256) -
---------- ----------
Loss on ordinary activities (26,965) (11,642)
Profit and loss reserve brought forward (3,296,238) (3,288,431)
---------- ----------
Profit and loss reserve carried forward (3,323,203) (3,300,073)
========== ==========
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2015
As At As At
31/12/2015 31/12/2014
GBP GBP
Current Assets
Stocks - -
Debtors 71,700 1,950
Cash at Bank 59 23
Investment 2,675 2,675
74,434 4,648
---------- ----------
Creditors - Within One Year (51,439) (64,634)
---------- ----------
Net Current Assets/(liabilities) 22,995 (59,986)
Long term liabilities (95,397) -
---------- ----------
Net (liabilities)/assets (72,402) (59,986)
========== ==========
Capital and reserves
Called up share capital 1,545,511 1,545,511
Share Premium Reserve 1,562,336 1,562,336
Loan note Reserve 10,714 -
Share option reserve 132,240 132,240
Profit and loss reserve (3,323,203) (3,300,073)
---------- ----------
Shareholders' deficit (72,402) (59,986)
========== ==========
The financial information contained in the interim statement has not been audited or reviewed by the Company's
auditors and does not constitute statutory accounts.
The directors of the Company accept responsibility for the contents of this announcement.
--ENDS--
Enquiries:
Welney Plc
Luca Tenuta
Tel: 07830 182501
Welney plc
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DJ Welney plc Statement re Final Accounts
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22/12/2015
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TIDMWENP Statement re Final Accounts Welney PLC Final accounts The Directors of Welney plc (“Welney” or the “Company”) announce that the financial statements for the year ended 30 June 2015 have now been signed off and will be posted to shareholders. The Independent Auditor’s Report contained within the financial statements for the year ended 30…
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TIDMWENP
Statement re Final Accounts
Welney PLC
Final accounts
The Directors of Welney plc ("Welney" or the "Company") announce that the financial statements for the year
ended 30 June 2015 have now been signed off and will be posted to shareholders.
The Independent Auditor's Report contained within the financial statements for the year ended 30 June 2015
contained the following paragraph
"Emphasis of matter - Going concern
In forming our modified opinion on the financial statements we have considered the adequacy of the
disclosure made in note 1 to the financial statements concerning the Company's ability to continue as a
going concern. The Company incurred a net loss of GBP 7,807 during the year ended 30 June 2015 and, at that
date, the Company has net current liabilities of GBP 45,537. These conditions, along with the other matters
explained in note 1 to the financial statements, indicate the existence of a material uncertainty which may
cast significant doubt about the Company's ability to continue as a going concern. The financial statements
do not include the adjustments that would result if the Company was unable to continue as a going concern."
Please review the Company's Annual Report for full details.
The Directors of the Company accept responsibility for this announcement.
Luca Tenuta
Welney Plc
Tel: +44 (0) 7900 242 769
Nick Michaels and Jon Isaacs
Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762
Date 22 December 2015
Welney plc
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DJ Welney plc Final Results – Year ended 30 June 2015
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30/11/2015
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TIDMWENP Final Results – Year ended 30 June 2015 WELNEY PLC (“Welney” or the “Company”) Unaudited Final Results Chairman’s Statement The Directors have spent considerable time resolving the Company’s problems with a view to stabilising the Company and providing a platform which could provide an opportunity for future growth. The recent year has seen a…
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TIDMWENP
Final Results - Year ended 30 June 2015
WELNEY PLC
("Welney" or the "Company")
Unaudited Final Results
Chairman's Statement
The Directors have spent considerable time resolving the Company's problems with a view to
stabilising the Company and providing a platform which could provide an opportunity for future
growth.
The recent year has seen a good deal of change in the company with the sale of our stake in
Aircraft Recycling and one of the subsidiary companies Blaze and Barney. Leaving Metro
Environmental Ltd and a small shareholding of GACR the Nasdaq listed company which held a stake in
Powabyke our former electric bike business.
Metro Environmental has two options one with an Environment Agency approved tyre recycling
business Mitre Rubber Ltd and another with a specialist cleaning company Cleanbrite Facilitation
Ltd. The Directors are currently in talks with both companies to ascertain the viability of
proceeding with these options.
The Board is also looking at other business to business opportunities and will revert to
shareholders in due course.
The Company is also in discussions with various parties to secure new investment, in the meantime
the Directors will keep costs to a minimum.
Luca Tenuta
Chairman
Welney plc
30 November 2015
PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2015
2015 2014
GBP GBP
Administrative expenses (56,952) (75,278)
Loss on disposal of investment - (218,669)
Reversal of impairment/(impairment) of investment 50,000 (1,025,575)
------- ---------
Operating loss (6,952) (1,319,522)
Interest charge (855) -
Reversal of interest charge - 11,179
------- ---------
Loss on ordinary activities before taxation (7,807) (1,308,343)
Tax on loss on ordinary activities - -
------- ---------
Loss for the year (7,807) (1,308,343)
======= =========
Earnings per share (pence)
Basic and diluted loss per share (0.001)p (0.108)p
The profit and loss account has been prepared on the basis that all operations are continuing
operations.
There are no recognised gains and losses other than those passing through the profit and loss
account.
BALANCE SHEET
as at 30 June 2015
2015 2014
GBP GBP
Fixed assets
Investments 2,675 2,675
------- -------
2,675 2,675
Current assets
Debtors 105,850 5,850
Cash at bank and in hand 3,032 173
------- --------
108,882 6,023
Creditors: Amounts falling due within one year (66,853) (57,042)
------- --------
Net current assets/(liabilities) 42,029 (51,019)
======= ========
Creditors greater than one year
Convertible loan notes (90,141) -
------- --------
Net liabilities (45,437) (48,344)
======= ========
Capital and reserves
Called up share capital 1,545,511 1,545,511
Share premium 1,562,336 1,562,336
Loan note holders reserve 10,714 -
Share option reserve 132,240 132,240
Profit and loss account (3,296,238) (3,288,431)
--------- ---------
Shareholders' deficit (45,437) (48,344)
========= =========
The financial information contained in this announcement has not been audited. The Company does
not declare a dividend for the period.
--ENDS--
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Welney Plc
Luca Tenuta
Tel: 078 3018 2501
Alfred Henry Corporate Finance Limited
Nick Michaels and Jon Isaacs
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762
Welney plc
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DJ Welney plc Change of directors and corporate advisor
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25/06/2015
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TIDMWENP Change of directors and corporate advisor Welney PLC Change of directors and appointment of corporate advisor The Directors of Welney plc (“Welney” or the “Company”) are pleased to announce the appointment today of Luca Tenuta as Chairman of the company. Mr. Tenuta, has over fifteen years of finance industry experience. He has worked in…
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TIDMWENP
Change of directors and corporate advisor
Welney PLC
Change of directors and appointment of corporate advisor
The Directors of Welney plc ("Welney" or the "Company") are pleased to announce the appointment today of
Luca Tenuta as Chairman of the company.
Mr. Tenuta, has over fifteen years of finance industry experience. He has worked in London for San Paolo
IMI, Credit Suisse and Old Park Lane Capital. Additionally, he has served on the boards of European and US
public companies. Presently based in Monaco, Mr. Tenuta advises family offices located in the principality
on private equity, venture capital and listed investments. Mr. Tenuta is currently Chairman of Ecovista
plc, an isdx-quoted company. Fluent in Italian, English and Spanish, he holds an MA in Economics and
Finance from Sapienza University in Rome.
Mr Tenuta has held the following directorships during the past five years:
Director Current directorships: Previous directorships:
Luca Tenuta Hydrovista Ltd Worldwide Natural Resources plc
Solar EV Ltd 8475514 Ltd
Ecovista plc White Star Leisure plc
Futura Partners (UK) Ltd 39 Sutherland Avenue
Management Company Ltd
Purely Financial Group Ltd
Coal Fines Resources SA Ltd
ECR Minerals plc
Ten Brothers Ltd
White Star Energy (UK) Ltd
Payeasy Solutions UK Ltd
Allura Ltd
Lexentron Ltd
Thames Bank Group Ltd
Luca Tentua was a director of Creative Entertainment Group plc until 31 December 2009. On 22 July 2010 a
court order was implemented to put the company into liquidation. The loss to creditors is unknown at this
stage.
There are no other matters which are required to be announced pursuant to Paragraph 21 of Appendix 1 of the
ISDX Growth Market "Rules for Issuers".
The Directors also wish to announce the resignation of Mark Chapman who is leaving the board to pursue
other interest. The Board wish to thank Mark for his service to the Company over the last couple years.
Finally the directors wish to announce the appointment of Alfred Henry Corporate Limited as corporate
advisors to the Company.
The Directors of the Company accept responsibility for this announcement.
Luca Tenuta
Welney Plc
Tel: +44 (0) 7900 242 769
Nick Michaels and Jon Isaacs
Alfred Henry Corporate Finance Limited
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762
Date 25 June 2015
Welney plc
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DJ Welney Plc Welney Plc : Completion Of Disposal; Shareholding In The Company
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18/06/2015
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TIDMWENP Welney Plc (“Welney” or the “Company”) Completion of Disposal; Shareholding in the Company On 2 June 2015, Welney announced that the Company was in advanced discussions regarding the proposed disposal of its interests in Aircraft Recycling Ltd (“ARL”) and Blaze and Barney Ltd (“B&B”) (the “Disposal”). The Directors of Welney are pleased to announce…
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TIDMWENP
Welney Plc
("Welney" or the "Company")
Completion of Disposal; Shareholding in the Company
On 2 June 2015, Welney announced that the Company was in advanced
discussions regarding the proposed disposal of its interests in Aircraft
Recycling Ltd ("ARL") and Blaze and Barney Ltd ("B&B") (the "Disposal").
The Directors of Welney are pleased to announce that the Disposal has
now been completed.
The Company acquired a 30% interest ARL and the issued share capital of
B&B, whose sole business was the operation of a horizontal baling
machine for recycling, in February 2014. The total consideration for
these acquisition involved the payment of GBP 230,000 in cash to the
vendors of the businesses (the "Vendors") and the issue of 234,500,000
ordinary shares in the Company at an agreed value of GBP 58,625.
As previously announced, it became clear to the Directors towards the
end of 2014 that the operation of the baling machine was not going to be
commercially viable for the Company. At around the same time, the
Directors became aware that the funds required to develop ARL's
recycling business could not be raised. In addition, the contract that
ARL was expected to fulfil with a major airline was never started.
The Directors therefore resolved to dispose of the Company's interests
in ARL and B&B and focus the Company's business on the recycling of
rubber and plastics.
In connection with the Disposal:
-- Hugs General Trading LLC ("HGT") has acquired the 234,500,000 ordinary
shares in the Company originally issued to the Vendors; following this
acquisition, HGT is interested in shares representing 15.17 per cent of
the Company's issued share capital and the Vendors no longer have any
interest in the Company; and
-- The Vendors have agreed to acquire B&B and the Company's interest in ARL
for a consideration of GBP 50,000 which has been paid to the Company in
cash.
The proceeds of the Disposal will be used as additional working capital
for the Company.
Welney also announces that Peterhouse Corporate Finance Limited has
given notice of its intention to resign as the Company's ISDX Corporate
Adviser, such notice to expire on 30 June 2015. The Company is in
discussions with a replacement ISDX Corporate Adviser and expects to
make a further announcement in due course.
The Directors of the Company accept responsibility for the contents of
this announcement.
--ENDS--
Enquiries:
Welney Plc
Cameron Luck
Tel: +353 (0)861734543
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0930
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
HUG#1929521
(END) Dow Jones Newswires
June 18, 2015 04:00 ET (08:00 GMT)
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DJ Welney Plc Statement Re Update Re: Suspension
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02/06/2015
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TIDMWENP Welney Plc (“Welney” or the “Company”) Update re: Suspension Following the announcement of the Company’s final and interim results earlier today, the Board of Welney is pleased to announce that trading in the Company’s ordinary shares is expected to resume today, at 12noon. The directors of the Company accept responsibility for the contents of…
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TIDMWENP
Welney Plc
("Welney" or the "Company")
Update re: Suspension
Following the announcement of the Company's final and interim results
earlier today, the Board of Welney is pleased to announce that trading
in the Company's ordinary shares is expected to resume today, at 12noon.
The directors of the Company accept responsibility for the contents of
this announcement.
--ENDS--
Enquiries:
Welney Plc
Cameron Luck
Tel: +353 (0)861734543
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0930
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
HUG#1925638
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DJ Welney Plc Welney Plc : Half-yearly Report
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02/06/2015
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TIDMWENP Welney Plc (“Welney” or the “Company”) INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2014 Chairman’s Statement I present the interim results of the Company for the six months ended 31 December 2014. As stated in the Company’s final results to 30 June 2014, released earlier today, the Company has secured new…
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TIDMWENP
Welney Plc
("Welney" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2014
Chairman's Statement
I present the interim results of the Company for the six months ended 31
December 2014.
As stated in the Company's final results to 30 June 2014, released
earlier today, the Company has secured new investment of GBP100,000 and
is in discussions with regards to the sale of Aircraft Recycling Limited
and Blaze and Barney Limited.
The Directors plan to focus the Company's business on the recycling of
rubber and plastics, with initial focus on the recycling of tyres.
The Directors expect to be in a position to update shareholders on
further developments in the near future.
Cameron Luck
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDING 31st DECEMBER 2014
6 months to 6 months to
31/12/2014 31/12/2013
Turnover - 64,163
Cost of Sales - (44,325)
Gross Profit - 19,838
Administrative Expenses (11,642) (40,802)
Operating loss (11,642) (20,964)
Interest payable and similar charges - (1,717)
Loss on ordinary activities (11,642) (22,681)
Profit and loss reserve brought forward (3,288,431) (2,629,553)
Profit and loss reserve carried forward (3,300,073) (2,652,234)
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2014
As At As At
31/12/2014 31/12/2013
Fixed Assets
Intangible assets - 21,542
Tangible Assets - 4,293
- 25,835
Current Assets
Stocks - 5,500
Debtors 1,950 216,328
Cash at Bank 23 120,205
Investment 2,675 677,000
4,648 1,019,034
Creditors - Within One Year (64,634) (219,992)
Net Current Assets (59,986) 799,042
Long term liabilities - (652,093)
Net (liabilities)/assets (59,986) 172,783
Capital and reserves
Called up share capital 1,545,511 1,111,911
Share Premium Reserve 1,562,336 1,319,687
Loan note Reserve - 393,419
Share option reserve 132,240 -
Profit and loss reserve (3,300,073) (2,652,234)
Shareholders' (deficit)/funds (59,986) 172,783
The financial information contained in the interim statement has not
been audited or reviewed by the Company's auditors and does not
constitute statutory accounts.
The directors of the Company accept responsibility for the contents of
this announcement.
--ENDS--
Enquiries:
Welney Plc
Cameron Luck
Tel: +353 (0)861734543
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0930
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
HUG#1925633
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DJ Welney Plc Welney Plc : Final Results
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02/06/2015
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TIDMWENP Welney Plc (“Welney” or the “Company”) Audited Final Results Chairman’s Statement The Board is pleased to present the results of Welney plc for the year ended 30 June 2014. The recent year has been particularly challenging for the Company and circumstances have forced the Directors to review the Company’s previous investments and strategic focus…
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TIDMWENP
Welney Plc
("Welney" or the "Company")
Audited Final Results
Chairman's Statement
The Board is pleased to present the results of Welney plc for the year
ended 30 June 2014.
The recent year has been particularly challenging for the Company and
circumstances have forced the Directors to review the Company's previous
investments and strategic focus as a matter of some urgency. As a result
of that review, the Directors are planning to dispose of the Company's
initial investments in the recycling sector and have raised additional
funds to allow the Company to continue with its strategy of investing in
the recycling industry, although focused now on the recycling of rubber
and plastics.
The background to today's announcement is as follows:
On 7 February 2014, the Company announced that it had acquired (i) an
interest of 30% in Aircraft Recycling Ltd ("ARL") and (ii) the issued
share capital of Blaze and Barney Ltd ("B&B"), whose sole business is
the operation of a horizontal baling machine for recycling. The total
consideration for these transactions involved the payment of GBP280,000
in cash to the vendors (the "Vendors") and the issue of 234,500,000
ordinary shares in the Company at an agreed value of GBP586,250.
In May 2014, to reflect its focus on recycling, the Company disposed of
the majority of its interest in Powabyke in settlement of amounts due to
various creditors of the Company. Following this settlement, the Company
was debt free and, the Directors believed, well placed to capitalise on
the opportunities presented by ARL and B&B.
In this context, also in May 2014, the Company announced that it was
finalising contracts for utilisation of B&B's baling machine which would
generate cash flow for the Company. The baling machine was fully
operational by October 2014 and the Directors were still optimistic at
that time that contracts would be signed and that revenues would be
generated for the Company.
However, it became clear to the Directors towards the end of 2014 that
the operation of the baling machine was not going to be commercially
viable for the Company. At around the same time, the Directors became
aware that the funds required to develop ARL's recycling business could
not be raised. In addition, the contract that ARL was expected to fulfil
with a major airline was never started.
In light of this and the poor operational performance at B&B, on 1
December 2014, the Directors requested that trading in the Company's
shares be suspended while the Company resolved its operational and
financial issues.
The Directors have spent considerable time attempting to resolve the
Company's problems with a view to stabilising the Company and providing
a platform which could provide an opportunity for future growth in the
recycling industry.
The Directors are now pleased to report that Semsa International FZC
("Semsa") has subscribed for GBP100,000 of 6% Convertible Unsecured Loan
Notes 2016 (the "Loan Notes") of the Company. Subject to the approval of
the Company's shareholders at a general meeting that will be convened as
soon as possible, the Loan Notes will be convertible into a total of
100,000,000 ordinary shares in the Company, representing 6.08% per cent
of the Company's issued share capital as enlarged by conversion. For
every ordinary share converted, Semsa will be entitled to one warrant to
subscribe for ordinary shares in the Company at a price of 0.5p per
share.
The proceeds from the subscription for the Loan Notes will enable the
Company to discharge its liabilities and provide the working capital
required for it to continue to seek opportunities in the recycling and
waste management sector.
As mentioned above, the Directors now plan to focus the Company's
business on the recycling of rubber and plastics, with an initial focus
on the recycling of tyres. To this end, the Company is in advance
discussions regarding the disposal of ARL and B&B. The Directors expect
to update shareholders on developments in this area shortly.
Mark Chapman
Chairman
PROFIT AND LOSS ACCOUNT for the year ended 30 June 2014
2014 2013 GBP
GBP *(Restated)
Administrative expenses (75,278) (85,085)
(Loss)/gain on disposal of investments (218,669) 150,000
Impairment of investments (1,025,575) (123,000)
Provision for amounts due from subsidiary - (196,986)
Operating loss (1,319,522) (255,071)
Reversal of interest charge 11,179 -
Interest payable and similar charges - (27,991)
Loss on ordinary activities before
taxation (1,308,343) (283,062)
Tax on loss on ordinary activities - -
Loss for the year (1,308,343) (283,062)
Earnings per share
Basic and diluted loss per share (0.108)p (0.032)p
*The financial statements for the year ended 30 June
2013 were prepared on a consolidated basis, so the
comparative figures have been restated to reflect
the results of the Company only.
The profit and loss account has been prepared on the
basis that all operations are continuing operations.
There are no recognised gains and losses other than
those passing through the profit and loss account.
BALANCE SHEET as at 30 June 2014
. 2014 2013
GBP GBP
Fixed assets
Investment in subsidiaries - 315,000
Other investments 2,675 162,000
2,675 477,000
Current assets
Debtors 5,850 5,850
Cash at bank and in hand 173 33
6,023 5,883
Creditors: Amounts falling due
within one year (57,042) (147,955)
Net current liabilities (51,019) (142,072)
Creditors greater than one year:
Convertible loan notes - (200,040)
Net assets/(liabilities) (48,344) 134,888
Capital and reserves
Called up share capital 1,545,511 911,011
Share premium 1,562,336 1,010,586
Loan note holders reserve - 61,139
Share option reserve 132,240 132,240
Profit and loss account (3,288,431) (1,980,088)
Shareholders' funds/(deficit) (48,344) 134,888
The financial statements were approved by the Board of Directors on 29
May 2015
Emphasis of matter - Going concern
In forming their modified opinion on the financial statements, the
auditors, Welbeck Associates, have considered the adequacy of the
disclosure made in note 1 to the financial statements concerning the
Company's ability to continue as a going concern. The Company incurred a
net loss of GBP1,308,343 during the year ended 30 June 2014 and, at that
date, the Company has net current liabilities of GBP51,019. These
conditions, along with the other matters explained in note 1 to the
financial statements, indicate the existence of a material uncertainty
which may cast significant doubt about the Company's ability to continue
as a going concern. The financial statements do not include the
adjustments that would result if the Company was unable to continue as a
going concern.Please review the Company's Annual Report for full
details.
The financial information contained in this announcement been extracted
from the Company's Annual Report for the year ended 30 June 2014. The
Company does not declare a dividend for the period.
The directors of the Company accept responsibility for the contents of
this announcement.
--ENDS--
Enquiries:
Welney Plc
Cameron Luck
Tel: +353 (0)861734543
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0930
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
HUG#1925630
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AGM Statement
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30/12/2014
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AGM Statement Metroelectric Plc METROELECTRIC PLC – RESULT OF ANNUAL GENERAL MEETING AND GENERAL MEETING The Directors are pleased to announce that all of the resolutions put to shareholders were duly passed at the Annual General Meeting and General Meeting held earlier today. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric…
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AGM Statement
Metroelectric Plc
METROELECTRIC PLC - RESULT OF ANNUAL GENERAL MEETING AND GENERAL
MEETING
The Directors are pleased to announce that all of the resolutions put
to shareholders were duly passed at the Annual General Meeting and
General Meeting held earlier today.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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DJ Welney Plc Welney Plc : Trading Statement
|
30/10/2014
|
TIDMWENP WELNEY PLC (“Welney” or the “Company”) Trading Statement During the period, the baler operated by Blaze & Barney Limited (“Blaze & Barney”) has commenced operations and it is expected that commercial production will commence before the end of this year. The Board is currently reviewing matters with regard to obtaining long term contracts, in…
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TIDMWENP
WELNEY PLC
("Welney" or the "Company")
Trading Statement
During the period, the baler operated by Blaze & Barney Limited ("Blaze
& Barney") has commenced operations and it is expected that commercial
production will commence before the end of this year. The Board is
currently reviewing matters with regard to obtaining long term contracts,
in order to strengthen Blaze & Barney's position in the marketplace and
create a stable revenue stream.
Aircraft Recycling UK Limited ("ARL"), a company in which Welney has a
30% interest, has yet to commence trading. The directors of ARL are
renegotiating terms of a contract signed with a major airline, with a
view to future, mutually beneficial collaborations. ARL is also
examining a number of options to finance its operations. The Company is
committed to supporting ARL as its seeks additional funds in order for
ARL to investigate opportunities and purchase scrap aircraft for the
purpose of re-use and recycling initiatives.
The Directors of the Company accept responsibility for this
announcement.
-ENDS-
Enquiries:
Welney PLC
Mark Chapman
Tel: 0744 984 2717
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 0207 469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Welney Plc via Globenewswire
HUG#1867263
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Statement Re Director Resignation
|
31/07/2014
|
TIDMMETP WELNEY PLC (“Welney” or the “Company”) Resignation of Director Welney announces that Gregory Collier (“Greg”) has stepped down from the board of the Company in order to pursue other commitments. Greg’s resignation is effective immediately. The Directors would like to thank Greg for all his work during his time on the Board and would…
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TIDMMETP
WELNEY PLC
("Welney" or the "Company")
Resignation of Director
Welney announces that Gregory Collier ("Greg") has stepped down from the
board of the Company in order to pursue other commitments. Greg's
resignation is effective immediately.
The Directors would like to thank Greg for all his work during his time
on the Board and would like to wish him all the best with his future
ventures.
The Directors of the Company accept responsibility for this
announcement.
ENDS
Enquiries:
Welney PLC
Mark Chapman
07449 842717
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 0207 469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Change Of Name
|
05/06/2014
|
Welney Plc (“Welney” or the “Company”) formerly Metroelectric Plc Change of Name Further to the approval by Shareholders at the Company’s General Meeting held on 30 April 2014, the Board is pleased to announce that the Company’s name has been changed to Welney Plc. The Company’s new ticker symbol is: WENP. The Company’s change of…
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Welney Plc
("Welney" or the "Company")
formerly Metroelectric Plc
Change of Name
Further to the approval by Shareholders at the Company's General Meeting
held on 30 April 2014, the Board is pleased to announce that the
Company's name has been changed to Welney Plc. The Company's new ticker
symbol is: WENP. The Company's change of name will be effective from
7.00am on 6 June 2014.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Welney Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Trading Statement
|
30/05/2014
|
TIDMMETP Metroelectric (“Metroelectric” or the “Company”) Trading Statement The Company is pleased to announce a trading statement for the quarter from to 30 April 2014. During the period, Metroelectric acquired a 30% interest in Aircraft Recycling Limited (“ARL”) and also acquired Blaze and Barney Limited, a company set up to operate a Harris horizontal baling…
Read More
TIDMMETP
Metroelectric
("Metroelectric" or the "Company")
Trading Statement
The Company is pleased to announce a trading statement for the quarter
from to 30 April 2014.
During the period, Metroelectric acquired a 30% interest in Aircraft
Recycling Limited ("ARL") and also acquired Blaze and Barney Limited, a
company set up to operate a Harris horizontal baling machine, a grinder
used in the recycling industry. Recent efforts have been focussed on the
installation and commissioning of the machine at Kiveton in Yorkshire.
On 30 April 2014, a general meeting of the Company approved the
settlement of certain outstanding debts, amounting to a total of
GBP133,052.75, in exchange for the transfer to the creditors, of most of
the Company's holding of ordinary shares in Powabyke EV Limited. This
has resulted in a substantially reduced debt position.
Metroelectric is now finalising contracts with a number of parties
interested in utilising its baling machine, the result of which would
generate cash flow for the Company. The Directors continue to explore
various opportunities in the recycling industry and will look to raise
additional capital in due course, in order to take advantage of these.
The Directors of the Company accept responsibility for this
announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Result Of The General Meeting
|
30/04/2014
|
TIDMMETP 30 April 2014 Metroelectric PLC (“Metroelectric” or the “Company”) Result of the General Meeting The Board of Metroelectric Plc is pleased to announce that at the Company’s General Meeting held earlier today, all the resolutions were duly passed. The Directors of the Company accept responsibility for this announcement. –ENDS– Enquiries: Metroelectric Plc Greg Collier…
Read More
TIDMMETP
30 April 2014
Metroelectric PLC
("Metroelectric" or the "Company")
Result of the General Meeting
The Board of Metroelectric Plc is pleased to announce that at the
Company's General Meeting held earlier today, all the resolutions were
duly passed.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Statement Re Notice Of General Meeting
|
04/04/2014
|
TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Notice of General Meeting Metroelectric announces that notice has been sent to Shareholders convening a General Meeting of the Company to be held at 11 a.m. on, 30 April 2014 at 31 Lombard Street, London, EC3V 9BQ. A summary of the resolutions to be proposed at the meeting…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Notice of General Meeting
Metroelectric announces that notice has been sent to Shareholders
convening a General Meeting of the Company to be held at 11 a.m. on, 30
April 2014 at 31 Lombard Street, London, EC3V 9BQ.
A summary of the resolutions to be proposed at the meeting is set out
below:
Resolution 1 will be proposed as an ordinary resolution, seeks approval
for the Debt Conversion;
Resolution 2 will be proposed as an ordinary resolution, seeks approval
for the proposed new Investment Strategy; and
Resolution 3 will be proposed as a special resolution, seeks approval to
change the name of the Company to Welney Plc.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Eran Zucker
Tel: 020 7469 0934
The text below has been extracted without material adjustment from the
circular that has been posted to Shareholders today (the "Circular").
Capitalised terms used but not otherwise defined in this announcement
shall have the meanings ascribed to them in the Circular.
Introduction
I am writing this letter to provide Shareholders with the background to
and the reasons for the proposed Debt Conversion, the adoption of the
Investment Strategy and the change of name and to explain why I believe
these proposals to be in the best interests of the Company and
Shareholders as a whole and why Shareholders should vote in favour of
the Resolutions at the General Meeting. Greg Collier and Mark Chapman,
both of whom are Directors, are interested in the Debt Conversion as
creditors of the Company. Accordingly, they will not be recommending the
resolution relating to the Debt Conversion. The Company is proposing to
transfer its interest in Powabyke to satisfy certain of the Company's
outstanding creditors, to formally adopt a new Investment Strategy and
to change the Company's name to reflect this new strategy.
Background to the Proposals
Metrocapital Information Plc was admitted to trading on the PLUS market
(now the ISDX Growth Market) in July 2007, as an investment vehicle
looking to make investments in the media and information sector. On 26
November 2007, the name of the Company was changed to 'Metroelectric
Plc' and the scope of the business changed to allow the Company to
invest or trade in the eco-friendly products and technologies sector.
On 22 December 2009, the Company announced the acquisition of 100% of
the shares ofPowabyke Acquisition Limited (now Powabyke EV Limited), the
owner of a leading electric powered bicycle businesses, for a
consideration of GBP983,997 which was satisfied, at the time, by a cash
payment of GBP120,000 and the allotment and issue of 107,999,640
Ordinary Shares. The Board at the time believed that as Powabyke was an
established, cash generative business, it would provide Metroelectric
significant returns which would more than justify the initial investment
made by the Company.
The Company's annual results for the twelve months to 30 June 2013,
showed an operating loss for the period of GBP188,435 (2012: loss
GBP255,302). The direct contribution to the revenue of the Company
attributable to the Powabyke operation during this period was a loss of
GBP118,571 (2012: loss GBP123,633). These results reflect the
performance of Powabyke since Metroelectric's initial investment in
2009. Although Powabyke has taken various steps to increase its
profitability over the years since Metroelectric invested in the company,
the operations of Powabyke have not generated sufficient profits to
provide Metroelectric with meaningful returns in relation to the
investment in the business over the years. Over the past year in
particular, Powabyke has faced considerably difficult trading conditions
due to a number of factors including the fact that Powabyke did not have
the funds necessary to take advantage of various opportunities including
those arising from exploiting economies of scale. As a result, Powabyke
has lost its competitive position within the electric vehicle market and
is facing challenges raising additional funds to provide the working
capital required to enable the brand to gain a meaningful share of the
electric vehicle market. The management of Powabyke have been reviewing
various fundraising options for the company and conditional upon the
approval of the Proposals, they intend on focusing on finding
alternative sources of finance for Powabyke.
Following the conclusion of Metroelectric's financial year, 30 June
2012, the Board has been evaluating the investment portfolio of the
Company and looking at ways to optimise the performance of its
investments in a manner that will generate meaningful returns for
Metroelectric Shareholders.
To this end, on 5 November 2012, the Company announced that it had sold
a 30% stake in Powabyke to the Green Automotive Company Corporation
("GACR"). More recently, Metroelectric has further diversified its
investment portfolio by acquiring a 30% stake in Aircraft Recycling
Limited, a company which has recently won a 36 month contract with a
major airline to breakdown and recycle the airline's redundant aircraft
and 100% of Blaze and Barney Ltd, a company which was setup to operate a
Harris Horizontal baling machine.
At the same time, the Directors have explored several options with
regards to its 70% stake in Powabyke and concluded that the costs
associated with continually supporting Powabyke, substantially outweigh
the benefits. The Board has therefore concluded that it would be in the
Company's best interests to release the Company's interest in Powabyke.
They believe that the Debt Conversion, which will have the effect of
significantly reducing the Company's debt position and strengthening the
balance sheet position of the Company, is the best way of achieving
this. The Board believes that Metroelectric would be more strongly
supported by returns generated from the other investments made by the
Company. It is the Board's belief that Powabyke would be able to raise
additional cash to finance its operations as a private company and the
management of Powabyke is currently looking at various funding options.
Terms of the Debt Conversion
The Board has reached agreements with certain creditors of the Company
to settle their outstanding debts, amounting to a total of
GBP133,052.75. The Debt Settlement would result in a substantially
reduced debt position, which will be reflected in the Company's future
results. The Debt Conversion involves the writing-off of outstanding
amounts due to the Creditors, for which the Company will transfer
ordinary shares in Powabyke. As part of the Debt Conversion, Peterhouse
Corporate Finance Limited, the Company's ISDX Corporate Adviser, will be
given shares in Powabyke in proportion to its outstanding debt.
Completion of the Debt Conversion and the transfer of the relevant
ordinary shares in Powabyke to the Creditors shall take place within 48
hours after the passing of the resolution of the Company approving the
proposals for the Debt Conversion.
The terms of the Debt Conversion are calculated on the basis that the
underlying value to be placed on Powabyke would be GBP215,471. The
Independent Director considers that such a valuation basis is equitable
in the circumstances.
Mark Chapman, Non-Executive Director of the Company, is currently owed
GBP20,500 in outstanding fees and expenses, by the Company. As part of
the Debt Conversion, Mr. Chapman has agreed to convert his entire debt
of GBP20,500, into 9,054 ordinary shares of Powabyke.
Gregory Collier, Executive Director of Metroelectric, is the sole
director of Powabyke. Mr. Collier is currently owed GBP76,237.58
relating to outstanding fees and loans advanced to Metroelectric. As
part of the Proposals, Mr. Collier has agreed to convert his entire debt
of GBP76,237.58 into 33,678 ordinary shares of Powabyke.
Following the Debt Conversion, Metroelectric will continue to hold 4,222
ordinary shares representing 4.69 per cent. of the shares in Powabyke.
Proposed Investment Strategy
The Directors are seeking to broaden the Company's activities to focus
on investment in waste and recycling management opportunities, in
addition to eco-friendly products and technologies. The Company aims to
focus on opportunities in the fields of Recycling and Waste to Energy,
initially in the UK; the Board may consider opportunities outside of the
UK if they believe that these will enhance the value of the Company's
portfolio. The Directors feel that the new emphasis will enable the
Company to create and realise sustainable value in order to maximise
value for its shareholders.
The criteria set out above are not intended to be exhaustive and the
Directors may make an investment which does not fulfil any or all of the
investment criteria if they believe it is in the best interests of
Shareholders as a whole to proceed with such an investment.
Metroelectric will seek investment opportunities which can be developed
through the investment of capital or where part of or all of the
consideration could be satisfied by the issue of Ordinary Shares or
other securities in the Company.
The Directors feel that their combined experience in investment
valuation as well as in the environmental and 'green' sectors, gives the
Board the necessary management and investment experience to make
investments that fit the Company's strategy, to improve the net asset
value of the Company's portfolio of investments.
The Company intends to be an active investor in situations where the
Company can make a clear contribution to the progress and development of
the investment. To this end, where the Directors believe that an
(MORE TO FOLLOW) Dow Jones Newswires
April 04, 2014 05:39 ET (09:39 GMT)
investee company could significantly benefit from the expertise and
input of the Directors, then the Directors would seek representation on
the board of the investee company. In respect of other, more substantial
investment opportunities, the Directors expect that the Company will be
more of a passive investor.
Proposed Change of Name
Subject to Shareholders' approval of the Proposals, it is proposed that
the name of the Company be changed to Welney Plc.
Action to be taken
Shareholders will find a Form of Proxy enclosed for use at the General
Meeting. Whether or not you intend to be present at the General Meeting,
you are requested to complete and return the Form of Proxy in accordance
with the instructions printed thereon as soon as possible. To be valid,
completed Forms of Proxy must be received by the Company's registrars,
Share Registrars, not later than at 11.00 a.m. on 28 April 2014, being 2
business days before the time appointed for holding the General Meeting.
You are entitled to appoint a proxy to attend and to exercise all or any
of your rights to vote and to speak at the General Meeting instead of
you. Completion of the Form of Proxy will not preclude you from
attending and voting at the General Meeting in person if you so wish.
Your attention is drawn to the notes to the Form of Proxy.
Recommendation
The Directors consider the Proposals to be in the best interests of the
Company and the Shareholders as a whole. For the reasons set out above,
Greg Collier and Mark Chapman are not giving a recommendation on
Resolution 1, to approve the Debt Conversion. I, as the Independent
Director, however, recommend that you vote in favour of Resolution 1 and
all the Directors recommend that you vote in favour of Resolutions 2 and
3. The Board intends to vote in favour of all of the Resolutions in
respect of their direct and indirect shareholdings totalling 4,100,000
shares representing approximately 0.27 per cent. of the issued share
capital of the Company.
Yours faithfully,
Cameron Luck
Chief Executive Officer
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Half-yearly Report
|
27/03/2014
|
TIDMMETP Metroelectric Plc (“Metroelectric” or the “Company”) INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2013 Chairman’s Statement I am pleased to present the interim results of the Company for the six months ended 31 December 2013. On the 24 September 2013 we announced the appointment of Cameron Luck to the Board of…
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TIDMMETP
Metroelectric Plc
("Metroelectric" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2013
Chairman's Statement
I am pleased to present the interim results of the Company for the six
months ended 31 December 2013.
On the 24 September 2013 we announced the appointment of Cameron Luck to
the Board of the Company as an Executive Director. Cameron has over 24
years' experience in waste and recycling management and is using his
expertise to identify opportunities for the Company in the environmental
sector, particularly in the fields of Recycling and Waste to Energy.
Since Cameron's appointment, a total of GBP350,000 has been raised by
way of subscription to allow the Company to invest in these areas and on
5 December 2013 the Company announced it had acquired an option over a
10% interest in Aircraft Recycling Limited ("ARL") (the "Option"), a
company set up to dismantle and recycle redundant aircraft and is
currently preparing to undertake its first contract with a major
international airline. On 7 February 2014 Metroelectric announced that
the Company had exercised the Option and also acquired a further 20%
interest in ARL, bringing Metroelecric's total holding in ARL to 30%.
At the same time, the Company announced that it had acquired Blaze &
Barney Limited, a company operating a large baling machine for
compacting materials, such as plastics and metals.
Sales within Powabyke, remained disappointing during the reporting
period and underlined the Board's intention to move away from the
Company's historic focus on electric vehicles.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2013
6 months to 6 months to
31/12/2013 31/12/2012
Turnover 64,163 87,893
Cost of Sales (44,325) (86,532)
Gross Profit 19,838 1,361
Administrative Expenses (40,802) (97,041)
Operating loss (20,964) (95,680)
Interest payable and similar charges (1,717)
Profit on sale of investment 165,000
Profit/(Loss) on Ordinary activities (22,681) 69,320
Profit and loss reserve brought forward (2,629,553) (1,819,796)
Profit and loss reserve (2,652,234) (1,750,476)
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2013
As At As At
31/12/2013 31/12/2012
Fixed Assets
Intangible assets 21,542 275,917
Tangible Assets 4,293 10,892
25,835 286,809
Current Assets
Stocks 5,500 40,270
Debtors 216,328 193,480
Cash at Bank 120,205 14,255
Investment 677,000 300,000
1,019,034 548,005
Creditors - Within One Year (219,992) (517,461)
Net Current Assets 799,042 (30,544)
Long term liabilities (652,093) (300,521)
Net assets / liabilities 172,783 (16,832)
Capital and reserves
Called up share capital 1,111,911 602,011
Share Premium Reserve 1,319,687 1,010,586
Loan note Reserve 393,419 22,471
Share option reserve 132,240
Profit and loss reserve (2,652,234) (1,750,476)
Shareholders' funds 172,783 16,832
The financial information contained in the interim statement has not
been audited or reviewed by the Company's auditors and does not
constitute statutory accounts.
The directors of the Company accept responsibility for the contents of
this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Eran Zucker
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Statement Re Investments And Issue Of Equity
|
07/02/2014
|
TIDMMETP Metroelectric PLC (“Metroelectric” or the “Company”) Investments and Issue of Equity Further to Metroelectric’s announcement of 5 December 2013, the Company is pleased to confirm that it has now exercised its option to buy 10% of the issued share capital of Aircraft Recycling Ltd “(ARL”), the Thetford-based recycler of decommissioned aircraft for a cash…
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TIDMMETP
Metroelectric PLC
("Metroelectric" or the "Company")
Investments and Issue of Equity
Further to Metroelectric's announcement of 5 December 2013, the Company
is pleased to confirm that it has now exercised its option to buy 10% of
the issued share capital of Aircraft Recycling Ltd "(ARL"), the
Thetford-based recycler of decommissioned aircraft for a cash payment of
GBP150,000. In addition to this acquisition, the Company has also agreed
to purchase a further 20% of ARL from the company's two existing
shareholders, Mr Norman Villis and Venus Holdings LLC. The consideration
for this acquisition will be satisfied by the issue of 80,000,000 new
ordinary shares in Metroelectric, at a price of 0.25p per share, to each
of Mr Villis and Venus Holdings LLC. Venus Holdings LLC is a company
controlled by Mr Jahangir Mehn.
In addition to the interest in ARL, Metroelectric is pleased to announce
that it has agreed to buy the entire issued share capital of Blaze and
Barney Ltd ("BBL"). BBL's sole business is the operation of a Harris
horizontal baling machine from its base in Kiverton, South Yorkshire;
this machine will be used by ARL as part of its aircraft recycling
activities. The purchase will be satisfied by GBP80,000 in cash and the
issue of 74,500,000 new ordinary shares in Metroelectric at a price of
0.25p per share to BBL's owner, Mr Andrew Villis.
Following the issue of shares as referred to above, both Mr Norman
Villis and Venus Holdings LLC are each interested in 80,000,000 ordinary
shares of Metroelectric, representing 5.18% of the enlarged issued share
capital of the Company. Mr Andrew Villis is interested in 74,500,000
ordinary shares of Metroelectric, representing 4.82% of the enlarged
issued share capital of the Company.
Cameron Luck, a Director of the Company, commented: "With these
investments now complete, 'New' Metroelectric has moved even further
away from its historic focus on the electric vehicles sector.
Shareholders can now look forward to further news on this re-positioning
in the very near future".
In accordance with the FCA's Disclosure and Transparency Rules, the
Board of Metroelectric confirms that following the above allotment, the
Company has 1,545,511,405 ordinary shares of 0.1p in issue carrying
voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify
their interest in, or change to their interest in the company under the
FCA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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AGM Statement
|
06/02/2014
|
TIDMMEPT Metroelectric Plc (“Metroelectric” or “the Company”) Result of the AGM The Board of Metroelectric Plc is pleased to announce that at the Company’s Annual General Meeting held earlier today, all the resolutions were duly passed. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Rivington…
Read More
TIDMMEPT
Metroelectric Plc
("Metroelectric" or "the Company")
Result of the AGM
The Board of Metroelectric Plc is pleased to announce that at the Company's
Annual General Meeting held earlier today, all the resolutions were duly passed.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total Voting Rights
|
31/01/2014
|
TIDMMETP Metroelectric PLC (“Metroelectric” or the “Company”) Total Voting Rights In accordance with the FCA’s Disclosure and Transparency Rules, the Board of Metroelectric confirms that the Company has 1,311,011,405 ordinary shares of 0.1p in issue carrying voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they…
Read More
TIDMMETP
Metroelectric PLC
("Metroelectric" or the "Company")
Total Voting Rights
In accordance with the FCA's Disclosure and Transparency Rules, the
Board of Metroelectric confirms that the Company has 1,311,011,405
ordinary shares of 0.1p in issue carrying voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required to
notify their interest in, or a change to their interest in, the Company
under the FCA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Result Of Agm
|
17/01/2014
|
TIDMMETP Metroelectric Plc (“Metroelectric” or the “Company”) Result of the AGM The Board of Metroelectric Plc is pleased to announce that at the Company’s Annual General Meeting held earlier today, all of the resolutions were duly passed. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501…
Read More
TIDMMETP
Metroelectric Plc
("Metroelectric" or the "Company")
Result of the AGM
The Board of Metroelectric Plc is pleased to announce that at the
Company's Annual General Meeting held earlier today, all of the
resolutions were duly passed.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Notice Of Agm
|
08/01/2014
|
TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Notice of AGM Metroelectric announces that notice has been sent convening the Annual General Meeting of the Company to be held at 11.00am on 17 January 2014, at 31 Lombard Street, London, EC3V 9BQ. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Notice of AGM
Metroelectric announces that notice has been sent convening the Annual
General Meeting of the Company to be held at 11.00am on 17 January 2014,
at 31 Lombard Street, London, EC3V 9BQ.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Issue Of Equity
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03/01/2014
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TIDMMETP Metroelectric PLC (“Metroelectric” or the “Company”) Issue of Equity Metroelectric announces that it has received notice from Gatcombe Holdings Limited (“Gatcombe”) to convert their remaining GBP200,000 nominal of unsecured convertible loan notes. As a result, the Company has issued 200,000,000 ordinary shares in the Company at the conversion price of 0.1 pence per share….
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TIDMMETP
Metroelectric PLC
("Metroelectric" or the "Company")
Issue of Equity
Metroelectric announces that it has received notice from Gatcombe
Holdings Limited ("Gatcombe") to convert their remaining GBP200,000
nominal of unsecured convertible loan notes. As a result, the Company
has issued 200,000,000 ordinary shares in the Company at the conversion
price of 0.1 pence per share.
Gatcombe now holds a total of 250,000,000 ordinary shares representing
19.07% of the enlarged issued share capital of the Company.
In accordance with the FCA's Disclosure and Transparency Rules, the
Board of Metroelectric confirms that following the above allotment, the
Company has 1,311,011,405 ordinary shares of 0.1p in issue carrying
voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required to
notify their interest in, or a change to their interest in, the Company
under the FCA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
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Issue Of Equity
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31/12/2013
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TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Issue of Equity & Total Voting Rights Metroelectric is pleased to announce that the Company has raised GBP250,000 by way of a subscription for 100,000,000 new ordinary shares at a price of 0.25p pence per share by the Focus Play Retirement Benefit Scheme. The ordinary shares are registered…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Issue of Equity & Total Voting Rights
Metroelectric is pleased to announce that the Company has raised
GBP250,000 by way of a subscription for 100,000,000 new ordinary shares
at a price of 0.25p pence per share by the Focus Play Retirement Benefit
Scheme. The ordinary shares are registered in the name of Gleeson
Bessent Trustee Services Limited.
As a result of this allotment, the Focus Play Retirement Benefit Scheme
is interested in 100,000,000 ordinary shares representing 9.00% of the
enlarged issued share capital of the Company.
In accordance with the FCA's Disclosure and Transparency Rules, the
Board of Metroelectric confirms that following the above allotment, the
Company has 1,111,011,405 ordinary shares of 0.1p in issue carrying
voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify
their interest in, or change to their interest in Imperial under the
FSA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
ENDS
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Issue Of Equity
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17/12/2013
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TIDMMETP Metroelectric PLC (“Metroelectric” or the “Company”) Issue of Equity Metroelectric announces that following receipt of a notice from Gatcombe Holdings Limited (“Gatcombe”) to convert GBP50,000 nominal of unsecured convertible loan notes, the Company has issued 50,000,000 ordinary shares in the Company at the conversion price of 0.1 pence per share. As a result of…
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TIDMMETP
Metroelectric PLC
("Metroelectric" or the "Company")
Issue of Equity
Metroelectric announces that following receipt of a notice from Gatcombe
Holdings Limited ("Gatcombe") to convert GBP50,000 nominal of unsecured
convertible loan notes, the Company has issued 50,000,000 ordinary
shares in the Company at the conversion price of 0.1 pence per share.
As a result of this allotment, Gatcombe holds a total of 50,000,000
ordinary shares representing 5.02% of the enlarged issued share capital
of the Company.
In accordance with the FCA's Disclosure and Transparency Rules, the
Board of Metroelectric confirms that following the above allotment, the
Company has 1,011,011,405 ordinary shares of 0.1p in issue carrying
voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required to
notify their interest in, or a change to their interest in, the Company
under the FCA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Limited
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Statement Re Market Update
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05/12/2013
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TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Market Update Metroelectric is pleased to announce that is has acquired an option over a 10% interest in Aircraft Recycling Limited (‘ARL’). ARL has recently won a 36 month contract with a major airline to breakdown and recycle the airline’s redundant aircraft. This work will be carried out…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Market Update
Metroelectric is pleased to announce that is has acquired an option over
a 10% interest in Aircraft Recycling Limited ('ARL'). ARL has recently
won a 36 month contract with a major airline to breakdown and recycle
the airline's redundant aircraft. This work will be carried out at ARL's
existing facility at Norwich International Airport.
In consideration for the granting of the option, Metroelectric has paid
a cash fee of GBP50,000 to ARL. The option gives Metroelectric the right
to acquire a 10% interest in ARL for a further consideration of
GBP150,000. The option period expires on the 1st November 2014.
Following the signing of the option agreement, Cameron Luck, a director
of the Company, has been appointed as a director of ARL.
Cameron Luck, a director of Metroelectric, commented: "I am delighted to
have secured this agreement and be appointed to the board of ARL. I am
confident we can work with ARL to secure other lucrative contracts
within the aircraft sector benefitting from ARL's aviation contacts and
my environmental/recycling knowledge."
The Directors of the Company accept responsibility for this
announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker
Tel: 020 7469 0934
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Statement Re Unaudited Final Results
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29/11/2013
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TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Unaudited Final Results Chairman’s Statement The Board is pleased to present the results of Metroelectric plc (“the Company”) for the year ended 30(th) June 2013. RESULTS During the period for the year to 30 June 2013, the Company made a loss of GBP217,697 (2012: GBP295,527). The loss per…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Unaudited Final Results
Chairman's Statement
The Board is pleased to present the results of Metroelectric plc ("the
Company") for the year ended 30(th) June 2013.
RESULTS
During the period for the year to 30 June 2013, the Company made a loss
of GBP217,697 (2012: GBP295,527). The loss per ordinary share for the
year was 0.021p (2012: 0.061p). Sales have continued to be slow,
primarily hampered by cash restraint. Product development has also
continued to be limited by the Company's cash position during the year.
On the 2(nd) August 2012 the company announced the conversion of all the
loan notes outstanding at the time (totalling GBP309,000). Whilst this
cleared most of the outstanding debt it left the company with limited
cash reserves and on the 7(th) November 2012 we raised a further
GBP250,000 by issue of convertible loan notes.
On the 5(th) November 2012, Metroelectric announced it has sold a 30%
stake in Powabyke EV Ltd, its trading subsidiary to the Green Automotive
Company Corporation ("GACR"), for 1,050,000 GACR ordinary shares. GACR
shares are traded on the OTC Market Tier--OTC Pink Current under the
ticker "GACR". The Company still retains these shares.
POST BALANCE SHEET EVENTS
Whilst Metroelectric has made some progress in its main business, the
retailing of electric bicycles, the Company continues to be constrained
by cash, limiting the Directors' ability to drive forward the Company's
current business plan. On the 28(th) September 2013 the Company was
pleased to announce the appointment of a new Executive Director, Cameron
Luck. With over 24 years' experience in waste and recycling, Cameron
will help to broaden the Company's activities encompassing other
eco-friendly products and technologies, particularly in the fields of
Recycling and Waste to Energy. The Company simultaneously announced the
need to raise additional capital and on 30(th) October 2013 a GBP100,000
was raised by issue of new shares.
Greg Collier
Chairman
Metroelectric plc
30 November 2013
thshares are traded on the OTC Market Tier--OTC Pink Current under the
ticker "GACR". The Company still retains these shares.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2013
2013 2012
GBP GBP
Turnover 137,792 226,619
Cost of sales (143,968) (248,295)
Gross loss (6,176) (21,676)
Research and development credit 27,113 -
Administrative expenses (236,372) (233,626)
Gain on disposal of investment 150,000 -
Provision for diminution in value of investment (123,000) -
Operating loss (188,435) (255,302)
Interest payable and similar charges (29,262) (40,225)
Loss on ordinary activities before taxation (217,697) (295,527)
Tax on loss on ordinary activities - -
Loss for the year (217,697) (295,527)
Attributable to:
Owners of the parent company (182,125) (295,527)
Minority interests (35,572) -
(217,697) (295,527)
Earnings per share (pence)
Basic and diluted loss per share (0.021)p (0.061)p
CONSOLIDATED BALANCE SHEET
as at 30 June 2013
. 2013 2012
GBP GBP
Fixed assets
Goodwill 311,924 421,917
Other intangible fixed assets 10,892 13,840
Investments 162,000 -
484,816 435,757
Current assets
Stocks 3,964 64,653
Debtors 77,966 27,448
Cash at bank and in hand 20,018 399
101,948 92,500
Creditors: Amounts falling due within one year (278,437) (386,224)
Net current liabilities (166,489) (293,724)
Creditors greater than one year:
Convertible loan notes (208,373) (194,521)
Net liabilities/(assets) 99,954 (52,488)
Capital and reserves
Called up share capital 911,011 602,011
Share premium 1,010,586 1,010,586
Loan note holders reserve 61,139 22,471
Share option reserve 132,240 132,240
Profit and loss account (1,979,450) (1,819,796)
Shareholders funds/(deficit) 135,526 (52,488)
Minority interest (35,572) -
(99,954) (52,488)
The financial information contained in this announcement has not been
audited. The financial information contained in these results has been
reviewed by the Company's auditor. The Company does not declare a
dividend for the period.
--ENDS--
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker
Tel: 020 7469 0932
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Metroelectric Plc via Globenewswire
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Issue Of Equity
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30/10/2013
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TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) Issue of Equity Metroelectric is pleased to announce that the Company has raised GBP100,000 by way of a subscription for 50,000,000 new ordinary shares in the Company at a price of 0.2p pence per share. The shares were subscribed by Manilva Investments Limited, which is now interested in…
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TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
Issue of Equity
Metroelectric is pleased to announce that the Company has raised
GBP100,000 by way of a subscription for 50,000,000 new ordinary shares
in the Company at a price of 0.2p pence per share. The shares were
subscribed by Manilva Investments Limited, which is now interested in
50,000,000 ordinary shares, representing 5.21% of the issued share
capital of the Company.
As announced on 24 September 2013, the funds raised will be used for
working capital and to identify opportunities for the Company in the
environmental sector, in order to widen its business remit.
Following the issue of the shares above, Metroelectric has a total of
961,011,405 ordinary shares in issue.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify
their interest in, or change to their interest in Imperial under the
FSA's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Eran Zucker
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement Re Trading Update And Directorate Change
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24/09/2013
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TIDMMETP 24 September 2013 METROELECTRIC PLC (“Metroelectric” or the “Company”) Trading Update and Directorate Change Metroelectric is making some progress in its main business, the retailing of electric bicycles, but the Company continues to be constrained by cash, limiting the Directors’ ability to drive forward the Company’s current business plan. As a result, the Directors…
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TIDMMETP
24 September 2013
METROELECTRIC PLC
("Metroelectric" or the "Company")
Trading Update and Directorate Change
Metroelectric is making some progress in its main business, the
retailing of electric bicycles, but the Company continues to be
constrained by cash, limiting the Directors' ability to drive forward
the Company's current business plan. As a result, the Directors are
seeking to broaden the Company's activities to encompass other
eco-friendly products and technologies. As a first step in this
initiative, Metroelectric is pleased to announce the appointment of
Cameron Luck to the Board of the Company as an Executive Director.
Cameron has over 24 years' experience in waste and recycling management
and will use his expertise to identify opportunities for the Company in
the environmental sector, particularly in the fields of Recycling and
Waste to Energy. To the extent that appropriate investment opportunities
are identified, shareholders should be aware that the Company will need
to raise additional capital.
In addition to the directorship of the Company, Cameron Luck holds or
has held the following directorships or has been a partner in the
following partnerships within the five years prior to the date of this
announcement.
Current Directorships Past Directorships
Clear Future Polymers Limited Camshron Environmental Limited
Irecycle Limited
In addition, Mr Luck was a director of Cameron House Holdings Ltd a
company which never traded and was dormant when dissolved in September
2009
Railuck Environmental Solutions Limited from which Mr Luck resigned in
October 2002 entered into a creditors voluntary liquidation in March
2004; and Greenloc Waste Equipment Limited, where Mr Luck ceased to be a
director on the dissolving of the Company in April 2006, entered into a
creditors voluntary liquidation in September 2004. Both companies are
now dissolved.
Save as aforesaid, no additional information relating to Mr Luck falls
to be disclosed pursuant to Rule 70 and paragraph 21 of Appendix 1 of
the ISDX Growth Market - Rules for Issuers.
The Directors of the Company accept responsibility for this
announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Limited
Eran Zucker
Tel: 020 7469 0932
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Trading Statement
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30/04/2013
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TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Trading Statement The Company is pleased to announce a trading statement for the period from 1 January 2013 to 31 March 2013. During the three month period, the Board of Metroelectric has been finalising the development and manufacture of the new Powabyke X-byke range. We are pleased that…
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TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Trading Statement
The Company is pleased to announce a trading statement for the period
from 1 January 2013 to 31 March 2013.
During the three month period, the Board of Metroelectric has been
finalising the development and manufacture of the new Powabyke X-byke
range. We are pleased that the new designs (gents and ladies) will be
ready for shipment to the UK by early May when the first container of
200 units will be dispatched.
In addition, our partners Wonder EV recently exhibited the new range of
Powabyke at the Canton Fair, Guangzhou in China. This has attracted a
lot of international interest in the brand that we are now following up.
Whilst the Company continues to be constrained by cash, limiting our
ability to fully implement our business plan, the Board is confident
that the Company is now moving in the right direction.
The Directors of the Company accept responsibility for this
announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Half-yearly report
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28/03/2013
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TIDMMEPT Metroelectric Plc (“Metroelectric” or the “Company”) INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31(st) DECEMBER 2012 Chairman’s Statement I am pleased to present the interim results for the Company for the six months ended 31st December 2012. Turnover during the period was ÂGBP87,893. The Directors believe that the sales of the Company continued…
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TIDMMEPT
Metroelectric Plc
("Metroelectric" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31(st) DECEMBER 2012
Chairman's Statement
I am pleased to present the interim results for the Company for the six months
ended 31st December 2012.
Turnover during the period was ÂGBP87,893. The Directors believe that the sales of
the Company continued to be affected by the dull and wet summer/autumn in the UK
and the general uncertain economic environment. Furthermore, lack of sufficient
working capital has constrained our ability to order sufficient stock and
restricted our ability to fully implement our business plan.
However development and manufacture of the new range of Powabyke, the "Xbyke",
is underway and the Directors expect delivery of units to the UK to occur
during the summer. The Xbyke features include improved battery capacity with an
integrated control box, increasing efficiency and reducing external wiring.
On 5 November 2012, Metroelectric announced that it had sold a 30% stake in
Powabyke EV Ltd, its trading subsidiary, to the Green Automotive Company
Corporation ("GACR"), for 1,050,000 GACR ordinary shares. GACR shares are
traded on the OTC Market Tier--OTC Pink Current under the ticker "GACR". With a
presence in the USA, we hope to work with GACR to develop business opportunities
in that country.
The Company is currently seeking further funds and expects to be in a position
to notify Shareholders of the result of such efforts in the near future.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2012
6 months to 6 months to
31/12/2012 31/12/2011
Turnover 87,893 130,100
Cost of Sales (86,532) (128,127)
Gross Profit 1,361 1,973
Administrative Expenses (97,041) (133,021)
Operating loss (95,680) (131,048)
Interest payable and similar charges (30,711)
Profit on sale of investment 165,000
Profit on Ordinary activities 69,920 (161,759)
Profit and loss reserve brought forward (1,819,796) (1,524,269)
Profit and loss reserve (1,750,476) (1,686,028)
UNAUDITED BALANCE SHEET
AS AT 31st DECEMBER 2012
As At As At
31/12/2012 31/12/2011
Fixed Assets
Intangible assets 275,917 445,317
Tangible Assets 10,892 8,790
286,809 454,107
Current Assets
Stocks 40,270 133,121
Debtors 193,480 160,546
Cash at Bank 14,255 759
Investment 300,000 0
548,005 294,426
Creditors - Within One Year (517,461) (599,602)
Net Current Assets 30,544 (305,176)
Long term liabilities (300,521) (190,151)
Net assets / liabilities 16,832 (41,220)
Capital and reserves
Called up share capital 602,011 479,511
Share Premium Reserve 1,010,586 1,010,586
Loan note Reserve 22,471 22,471
Share option reserve 132,240 132,240
Profit and loss reserve (1,750,476) (1,686,028)
Shareholders' funds 16,832 (41,220)
The financial information contained in the interim statement has not been
audited or reviewed by the Company's auditors and does not constitute statutory
accounts.
The directors of the Company accept responsibility for the contents of this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker and Fungai Ndoro
Tel: 020 7469 0932 end_of_the_skype_highlighting
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Result of AGM
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04/01/2013
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TIDMMEPT Metroelectric Plc (“Metroelectric” or the “Company”) Result of the AGM The Board of Metroelectric Plc is pleased to announce that at the Company’s General Meeting held earlier today, all the resolutions were duly passed. The Company also confirms that the General Meeting of the Company convened today for the purpose of considering, in accordance…
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TIDMMEPT
Metroelectric Plc
("Metroelectric" or the "Company")
Result of the AGM
The Board of Metroelectric Plc is pleased to announce that at the Company's
General Meeting held earlier today, all the resolutions were duly passed.
The Company also confirms that the General Meeting of the Company convened today
for the purpose of considering, in accordance with section 656 of the Companies
Act 2006, whether any, and if so what, steps should be taken to deal with the
situation that the net assets of the Company being less than half of its called-
up share capital, has been duly held.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Notice of AGM and GM
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07/12/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Notice of AGM and GM Metroelectric announces that notice has been sent convening the Annual General Meeting of the Company to be held at 10.30am on 4 January 2013, at 31 Lombard Street, London, EC3V 9BQ. In addition the Company announces that notice has been sent to Shareholders…
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TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Notice of AGM and GM
Metroelectric announces that notice has been sent convening the Annual General
Meeting of the Company to be held at 10.30am on 4 January 2013, at 31 Lombard
Street, London, EC3V 9BQ.
In addition the Company announces that notice has been sent to Shareholders
convening a General Meeting of the Company to be held at 11.00am, on 4 January
2013, at 31 Lombard Street, London, EC3V 9BQ.
The General Meeting of the Company is being convened for the purpose of
considering, in accordance with Section 656 of the Act, whether any, and, if so,
what steps should be taken to deal with the situation of the net assets of the
Company representing less than half of its called-up share capital
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Unaudited Final Results
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30/11/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Unaudited Final Results Chairman’s Statement The Board is pleased to present the results of Metroelectric plc for the year ended 30(th) June 2012. During the reporting period, the Company made a loss for the year to 30 June 2012 of ÂGBP295,527 (2011: ÂGBP1,277,427). The loss per ordinary share…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Unaudited Final Results
Chairman's Statement
The Board is pleased to present the results of Metroelectric plc for the year
ended 30(th) June 2012.
During the reporting period, the Company made a loss for the year to 30 June
2012 of ÂGBP295,527 (2011: ÂGBP1,277,427). The loss per ordinary share for the year
was 0.061p (2011: 0.342p). Sales have been significantly affected by difficult
economic conditions and an exceptionally dull and wet summer in the UK.. Product
development has also been limited by the Company's cash position during the
year. The Board has worked tirelessly during the year to consolidate the
Company's debt position, the results of which will only fully be reflected in
next year's results.
Following Paul Rewrie's departure from the Board in January, the Company has
undertaken a review of its financial position and has taken steps to improve the
Company's balance sheet. The steps taken to streamline the business' fixed costs
have significantly reduced the loss before taxation to ÂGBP295,527, compared to
ÂGBP1,277,427(loss) in the previous year.
POST BALANCE SHEET EVENTS
On 17th July 2012 the Company announced that it has entered into an initial five
year, exclusive agreement with Jinhua Xiongying Electric Vehicle Manufacturer
Ltd ("Jinhua") to distribute its electric bikes, trikes and folding bikes in
the UK and Eire. Jinhua manufacture a wide range of innovative electric bikes,
currently known as eRolling Bikes.
On the 2(nd) August 2012 the Company announced it had settled ÂGBP309,000 of
convertible loan notes, issued by the Company, into equity, clearing the
majority of the long term debt of the Company.
On the 5(th) November 2012, Metroelectric sold a 30% stake in Powabyke EV Ltd,
its trading subsidiary, to the Green Automotive Company Corporation
("GACR"), for 1,050,000 GACR ordinary shares. GACR shares are traded on the OTC
Market Tier--OTC Pink Current under the ticker "GACR".
At the same time, the Company also signed a management contract with Liberty
Electric Cars Ltd ("Liberty"), a wholly owned subsidiary of GACR, for the UK
distribution of the Metroelectric's range of electric bikes under the Powabyke
and eRolling brand. Under the agreement, Liberty assumes full responsibility for
the distribution, management and control of the Powabyke business in the UK and
Eire. Consequently, the heads of term agreement between the Company and Eveport
Limited was terminated. On 7 November 2012, Metroelectric acquired Eveport Ltd
and assumed control of client management and accounting systems which will
assist in the distribution of Powabyke products.
On the 7(th) November 2012 the Company raised ÂGBP250,000 through the issuance of
convertible loan notes. These funds will be used to settle outstanding
liabilities of the Company and to provide working capital going forward.
The Board sees the restructuring of the Company's financial position during the
past year as an essential part of the process of getting Metroelectric back to
profitability. We continue to actively seek new partners to represent the
Powabyke brand worldwide. The Board will continue to work hard to strengthen the
balance sheet of the Company and further develop the Powabyke brand in the hope
of creating value for Shareholders in the future.
Greg Collier
Chairman
Metroelectric plc
30 November 2012
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2012
2012 2011
ÂGBP ÂGBP
Turnover 226,619 613,127
Cost of sales (248,295) (630,937)
Gross loss (21,676) (17,810)
EU grant income - 13,189
Distribution costs - -
Administrative expenses (233,626) (644,240)
Loss on disposal of fixed assets - -
Impairment of goodwill - (432,396)
Operating loss (255,302) (1,081,257)
Interest payable and similar charges (40,225) (196,170)
Loss on ordinary activities before taxation (295,527) (1,277,427)
Tax on loss on ordinary activities - -
Loss for the year (295,527) (1,277,427)
Earnings per share (pence)
Basic and diluted loss per share (0.061)p (0.342)p
CONSOLIDATED BALANCE SHEET
as at 30 June 2012
. 2012 2011
ÂGBP ÂGBP
Fixed assets
Goodwill 421,917 443,917
Other intangible fixed assets 13,840 16,264
-------------- --------------
435,757 460,181
Current assets
Stocks 64,653 115,875
Debtors 27,448 352,945
Cash at bank and in hand 399 15,098
-------------- --------------
92,500 483,918
Creditors: Amounts falling due within one year (386,224) (733,409)
-------------- --------------
Net current liabilities (293,724) (249,491)
Creditors greater than one year:
Convertible loan notes (194,521) (190,151)
-------------- --------------
Net liabilities/(assets) (52,488) 20,539
-------------- --------------
Capital and reserves
Called up share capital 602,011 379,511
Share premium 1,010,586 1,010,586
Loan note holders reserve 22,471 22,471
Share option reserve 132,240 132,240
Profit and loss account (1,819,796) (1,524,269)
-------------- --------------
Shareholders' deficit/ (funds) (52,488) 20,539
-------------- --------------
In forming our opinion on the financial statements, which is not modified, we
have considered the adequacy of the disclosure made in note 1 to the financial
statements concerning the Group's ability to continue as a going concern. The
Group incurred a net loss of ÂGBP295,527 during the year ended 30(th) June 2012
and, at that date, the Group has net liabilities of ÂGBP52,488 and net current
liabilities of ÂGBP293,724. These conditions, along with the other matters
explained in note 1 to the financial statements, contained in the full accounts,
indicate the existence of a material uncertainty which may cast significant
doubt about the Group's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the Group was
unable to continue as a going concern.
The financial information contained in this announcement has not been audited.
The financial information contained in these results has been reviewed by the
Company's auditor.. The Company does not declare a dividend for the period.
--ENDS--
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Issue of Convertible Loan Notes
|
07/11/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Issue of Convertible Loan Notes Metroelectric is pleased to announce that the Company has issued ÂGBP250,000 unsecured, convertible loan notes (“Loan Notes”) to Gatcombe Holdings Limited a company owned by Edward D’Angelo. The Loan Notes are convertible at a price of 0.1 pence per share and are exercisable…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Issue of Convertible Loan Notes
Metroelectric is pleased to announce that the Company has issued ÂGBP250,000
unsecured, convertible loan notes ("Loan Notes") to Gatcombe Holdings Limited a
company owned by Edward D'Angelo. The Loan Notes are convertible at a price of
0.1 pence per share and are exercisable at any time up to 26(th) October 2015.
The annual interest payable on the Loan Notes is 5% per annum. The majority of
the funds raised will be used to settle outstanding debts and the rest to
provide the Company working capital.
In addition, Metroelectric is pleased to announce that Powabyke EV Ltd
(Powabyke"), the Company's subsidiary has acquired Eveport Ltd for a sum of
ÂGBP10,000 in cash. As part of this acquisition, Powabyke EV ltd will be assuming
control of client management and accounting systems which will assist in the
distribution of Powabyke products.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Market Update
|
05/11/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Market Update Metroelectric is pleased to announce it has sold a 30% stake in Powabyke EV Ltd, its wholly owned subsidiary to the Green Automotive Company Corporation (“GACR”), for 1,050,000 GACR ordinary shares. The GACR shares were had a price of USD 0.44 on the last practical day…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Market Update
Metroelectric is pleased to announce it has sold a 30% stake in Powabyke EV Ltd,
its wholly owned subsidiary to the Green Automotive Company Corporation
("GACR"), for 1,050,000 GACR ordinary shares. The GACR shares were had a price
of USD 0.44 on the last practical day before the signing of the agreement.
The Company is also pleased to announce that it has signed a management contract
with Liberty Electric Cars Ltd ("Liberty"), a wholly owned subsidiary of GACR
for the UK distribution of the Metroelectric's range of electric bikes under the
Powabyke and eRolling brand. Under the agreement, Liberty will assume full
responsibility for the UK & Eire, distribution, management and control of the
Powabyke business. Consequently, the heads of term agreement between the Company
and Eveport Limited, setting out the terms of an exclusive license in the UK for
a period of 5 years, has been terminated.
Liberty Electric Cars Limited currently designs, develops, manufacturers and
markets electric vehicle technologies for use in its own converted vehicles and
for sale to Original Equipment Manufacturers for incorporation into their
production. It provides a full after-market program to electric vehicle users to
ensure the longevity of their vehicles and has partnership arrangements in other
European countries.
Greg Collier, Chairman of Metroelectric, commented: "We have been in dialogue
with Liberty for a long time as our respective companies have followed a
parallel path in the same industry. Utilising the sales and marketing resource
of Liberty makes complete sense to us and we hope this partnership will flourish
as our range of products grows. I hope our relationship will develop enabling
further collaboration in the future."
The Directors of the Company accept responsibility for this announcement.
=-ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
[HUG#1654813]
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Statement re Trading Statement
|
31/10/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Trading Statement The Company is pleased to announce a trading statement for the period from 1 July to 30 September 2012. On 17 July 2012, Metroelectric entered into a five year, exclusive agreement with Jinhua Xiongying Electric Vehicle Manufacturer Ltd to distribute its electric bikes, trikes and folding…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Trading Statement
The Company is pleased to announce a trading statement for the period from 1
July to 30 September 2012.
On 17 July 2012, Metroelectric entered into a five year, exclusive agreement
with Jinhua Xiongying Electric Vehicle Manufacturer Ltd to distribute its
electric bikes, trikes and folding bikes throughout the UK and Eire.
During the three months to 30 September 2012, the Board of Metroelectric has
been focused on improving the Company's long term balance sheet position. To
this end, on 2 August 2012, Metroelectric announced that various holders of
convertible loan notes issued by the Company had converted loan notes, valued at
over ÂGBP300,000, into equity in the Company. As a result, the Company does not
have any outstanding convertible loan notes.
The Board continues to seek methods of restructuring debts and liabilities so as
to improve the financial position of the Company going forward. Metroelectric
has received assurances from one of the major shareholders of the Company, who
has committed to support the Company in the event that any unforeseen financial
liabilities arise. The Board hopes to secure further funding in the near future,
enabling the Directors to focus on building the Powabyke brand and improving the
distribution channels of its products.
The Directors of the Company accept responsibility for this announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Holding(s) in Company
|
20/09/2012
|
19(th) September 2012 METROELECTRIC PLC (“Metroelectric” or the “Company”) Holding(s) in Company On 17 September 2012, the Company was notified that joint holders Martin Collins and Clare Collins disposed of shares in Metroelectric, on 14 September 2012. As a result, Martin Collins and Clare Collins hold 72,935,000 ordinary shares in the Company, representing 8.01% of…
Read More
19(th) September 2012
METROELECTRIC PLC
("Metroelectric" or the "Company")
Holding(s) in Company
On 17 September 2012, the Company was notified that joint holders Martin Collins
and Clare Collins disposed of shares in Metroelectric, on 14 September 2012. As
a result, Martin Collins and Clare Collins hold 72,935,000 ordinary shares in
the Company, representing 8.01% of the issued share capital of the Company.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 0783 018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Holding(s) in Company
|
05/09/2012
|
TIDMMEPT 5 September 2012 METROELECTRIC PLC (“Metroelectric” or the “Company”) Holding(s) in Company On 3(rd) September 2012, the Company was notified that joint holders Martin Collins and Clare Collins disposed of shares in Metroelectric on 29 August 2012. As a result, Martin Collins and Clare Collins hold 88,935,000 ordinary shares in the Company, representing 9.76%…
Read More
TIDMMEPT
5 September 2012
METROELECTRIC PLC
("Metroelectric" or the "Company")
Holding(s) in Company
On 3(rd) September 2012, the Company was notified that joint holders Martin
Collins and Clare Collins disposed of shares in Metroelectric on 29 August
2012. As a result, Martin Collins and Clare Collins hold 88,935,000 ordinary
shares in the Company, representing 9.76% of the issued share capital of the
Company.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 0783 018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total voting rights
|
31/08/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Total Voting Rights In accordance with the FSA’s Disclosure and Transparency Rules, the Board of Metroelectric Plc confirms that the Company has 911,011,405 shares of 0.1p in issue carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules, the Board of
Metroelectric Plc confirms that the Company has 911,011,405 shares of 0.1p in
issue carrying voting rights.
This figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or change to their interest in, the Company under the FSA's Disclosure and
Transparency Rules.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Loan Settlement, Issue of Equity and Total Voting Rights
|
02/08/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Loan Settlement, Issue of Equity and Total Voting Rights Metroelectric today announces that it has issued a total of 309,000,000 ordinary shares of 0.1p following full conversion of all outstanding convertible loan notes issued by the Company amounting to a total of ÂGBP309,000. The conversion of these loan…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Loan Settlement, Issue of Equity and Total Voting Rights
Metroelectric today announces that it has issued a total of 309,000,000 ordinary
shares of 0.1p following full conversion of all outstanding convertible loan
notes issued by the Company amounting to a total of ÂGBP309,000. The conversion of
these loan notes has resulted in the following holdings of ordinary shares in
the Company:
+------------------+-------------+---------------+---------------+-------------+
|Name: |Loan notes |Number of |Total holding |Resultant |
| |converted |ordinary shares|following |holdings: |
| |(ÂGBP): |issued at |conversion: | |
| | |0.1pence: | | |
+------------------+-------------+---------------+---------------+-------------+
|Pictou Limited |106,000 |106,000,000 |106,000,000 |11.63% |
+------------------+-------------+---------------+---------------+-------------+
|Mayfair |133,000 |133,000,000 |186,555,817 |20.48% |
|International FCZ | | | | |
+------------------+-------------+---------------+---------------+-------------+
|Manilva |70,000 |70,000,000 |82,500,000 |9.05% |
|Investments Ltd | | | | |
+------------------+-------------+---------------+---------------+-------------+
Following the conversion of the above loan notes, the Company no longer has any
convertible loan notes outstanding.
The Company has also been notified that Union MedTech Plc no longer holds a
disclosable interest in the Company.
In accordance with the FSA's Disclosure and Transparency Rules, the Board of
Metroelectric Plc confirms that the Company has 911,011,405 shares of 0.1p in
issue carrying voting rights.
This figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or change to their interest in, the Company under the FSA's Disclosure and
Transparency Rules.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Exclusive Electric Bike Distribution Agreement
|
17/07/2012
|
TIDMMEPT Metroelectric Plc (“Metroelectric” or the “Company”) Exclusive Electric Bike Distribution Agreement Metroelectric Plc a leader in the manufacture and distribution of electric bicycles and other electric personal transport, is pleased to announce that it has entered into an initial five year, exclusive agreement with Jinhua Xiongying Electric Vehicle Manufacturer Ltd (“Jinhua”) to distribute its…
Read More
TIDMMEPT
Metroelectric Plc
("Metroelectric" or the "Company")
Exclusive Electric Bike Distribution Agreement
Metroelectric Plc a leader in the manufacture and distribution of electric
bicycles and other electric personal transport, is pleased to announce that it
has entered into an initial five year, exclusive agreement with Jinhua Xiongying
Electric Vehicle Manufacturer Ltd ("Jinhua") to distribute its electric bikes,
trikes and folding bikes in the UK and Eire. Jinhua manufacture a wide range of
innovative electric bikes, currently known as eRolling Bikes. The agreement is
subject to minimum sales achievement and gives Metroelectric exclusive
distribution rights within the territory for all stock manufactured by Jinhua.
eRolling Bikes currently have a showroom in the UK and stock available for
immediate delivery. Metroelectric will market the range of bikes through their
established base of Powabyke dealers.
Further information will soon be available on the Company's website.
Greg Collier, Chief Executive, Metroelectric, commented:
"The range of eRolling bikes will complement our current Powabyke brand and we
are excited to now offer a wider variety of electric bikes in a growing market.
Each brand has their own unique selling points and the availability of a
complete range should benefit Powabyke and eRolling bikes, helping the Company
develop its distribution base."
The Directors of the Company accept responsibility for this announcement
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Name Change of Corporate Adviser
|
11/07/2012
|
TIDMMETP METROELECTRIC PLC (“Metroelectric” or the “Company”) NAME CHANGE OF CORPORATE ADVISER Metroelectric Plc announces with immediate effect that its PLUS Corporate Adviser has changed its name from Rivington Street Corporate Finance Limited to Peterhouse Corporate Finance Limited (“PCF”). PCF’s new address is 31 Lombard Street, London, EC3V 9BQ. Directors of the Company accept responsibility…
Read More
TIDMMETP
METROELECTRIC PLC
("Metroelectric" or the "Company")
NAME CHANGE OF CORPORATE ADVISER
Metroelectric Plc announces with immediate effect that its PLUS Corporate
Adviser has changed its name from Rivington Street Corporate Finance Limited to
Peterhouse Corporate Finance Limited ("PCF"). PCF's new address is 31 Lombard
Street, London, EC3V 9BQ.
Directors of the Company accept responsibility for the content of this
announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 0783 018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro / Eran Zucker
Tel: 020 7469 0932
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Holding(s) in Company
|
03/07/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Holding(s) in Company On 25(th) June 2012, the Company was notified that following an acquisition of shares in the Company, Mayfair International FZC now holds a total of 53,555,817 ordinary shares in Metroelectric PLC representing 8.9% of the issued share capital of the Company. The Directors of the…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Holding(s) in Company
On 25(th) June 2012, the Company was notified that following an acquisition of
shares in the Company, Mayfair International FZC now holds a total of
53,555,817 ordinary shares in Metroelectric PLC representing 8.9% of the issued
share capital of the Company.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 0783 018 2501
Rivington Street Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 0207 469 0934
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Interim Results for Period Ended 31 December 2011
|
30/04/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) INTERIM RESULTS FOR THE PERIOD ENDED 31(st) DECEMBER 2011 Chairman’s Statement I am pleased to present the interim results for the Company for the period up to 31st December 2011. The steps we have taken to streamline operations, as detailed in my previous statement, have significantly reduced our…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
INTERIM RESULTS FOR THE PERIOD ENDED 31(st) DECEMBER 2011
Chairman's Statement
I am pleased to present the interim results for the Company for the period up to
31st December 2011.
The steps we have taken to streamline operations, as detailed in my previous
statement, have significantly reduced our fixed costs with a minimal effect to
our sales capacity. Whilst we still have considerable work ahead of us, the
Directors are confident that the business will return to profitability.
The warranty issues associated with Powabyke, identified in our last results
have been addressed and further product improvements will be introduced to the
brand within the next few months. In addition we expect to expand the range of
products.
Since August 2011, the Company has raised ÂGBP230,000 and received the first
payment of an EU grant of ÂGBP85,000. From these proceeds, the Company repaid
ÂGBP200,000 of debt, including outstanding interest.
In December 2011, the Company announced that it had signed non-binding Heads of
Terms with Eveport Limited for a for an exclusive UK licensing agreement.
Whilst the agreement has not been finalised, we have been working closely with
Eveport Limited and expect to ratify the position in the near future.
We are actively seeking international partners to represent the Powabyke brand
overseas. Powabykes are now available in Ireland, Sweden, Denmark, Holland and
China.
The Company's commitment to the emerging electric vehicle market remains strong
and we are increasingly convinced that this is a growth sector for both leisure
activities and commuting. As such, the Board continues to pursue a number of
associated opportunities.
I am pleased to report that since the beginning of the year, Powabyke rate of
sales are increasing in-line with seasonal expectations.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2011
6 months to 6 months to
31/12/2011 31/12/2010
Turnover 130,100 350,252
Cost of sales 128,127 (172,191)
Gross profit 1,973 158,061
Administrative expenses (133,021) (156,350)
Operating loss (131,048) 1,711
Interest payable and (30,711) (34,432)
similar charges
Loss on ordinary activities (161,759) (36,143)
Profit and loss reserve (1,524,269) (246,842)
brought forward
Profit and loss reserve (1,686,028) (282,985)
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2011
As at As at
31/12/2011 31/12/2010
Fixed Assets
Intangible assets 445,317 883,962
Tangible assets 8,790 42,275
454,107 926,237
Current Assets
Stocks 133,121 202,840
Debtors 160,546 209,207
Cash at bank 759 61,654
294,426 473,701
Creditors - Within one
year (599,602) (121,826)
Net current assets (305,176) 351,875
Long term liabilities (190,151) (261,000)
Net assets/liabilities (41,220) 1,017,112
Capital and reserves
Called up share
capital 479,511 369,100
Share premium reserve 1,010,586 930,997
Loan note reserve 22,471 -
Share option reserve 132,240 -
Profit and loss
reserve (1,686,028) (282,985)
Shareholders' funds (41,220) 1,017,112
The financial information contained in the interim statement has not been
reviewed by the Company's auditors and does not constitute statutory accounts.
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
METROELECTRIC PLC
Mark Chapman
+44 148 389 4627
RIVINGTON STREET CORPORATE FINANCE
Fungai Ndoro/ Eran Zucker
+44 207 562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total voting rights
|
29/02/2012
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Total Voting Rights In accordance with the FSA’s Disclosure and Transparency Rules, the Board of Metroelectric confirms that the Company has 602,011,405 shares of 0.1p in issue carrying voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will…
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TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules, the Board of
Metroelectric confirms that the Company has 602,011,405 shares of 0.1p in issue
carrying voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or change to their interest in the Company under the FSA's
Disclosure and Transparency Rules.
The directors of the issuer accept responsibility of this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
+44 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
+44 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Holding(s) in Company
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23/02/2012
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TIDMMEPT 23(rd) February 2012 METROELECTRIC PLC (“Metroelectric” or the “Company”) Holding(s) in Company The Company was notified on 23(rd) February 2012 that the entire holding of 25,000,000 ordinary shares and an option over 35,000,000 ordinary shares, exercisable at 0.8 pence per share, owned by Qihang Equipment Limited (formerly China Wonder Limited) (“Qihang”) have been transferred…
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TIDMMEPT
23(rd) February 2012
METROELECTRIC PLC
("Metroelectric" or the "Company")
Holding(s) in Company
The Company was notified on 23(rd) February 2012 that the entire holding of
25,000,000 ordinary shares and an option over 35,000,000 ordinary shares,
exercisable at 0.8 pence per share, owned by Qihang Equipment Limited (formerly
China Wonder Limited) ("Qihang") have been transferred to Wonder Employee
Capital Limited ("WECL") in full and final satisfaction of a loan of ÂGBP200,000
received by the Qihang from WECL in 2009. The holding represents 4.15% of the
issued share capital of the Company.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Fungai Ndoro/ Eran Zucker
Tel: 020 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Notice of AGM
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10/01/2012
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TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Notice of AGM Metroelectric plc announces that it has written to shareholders convening the Annual General Meeting (“AGM”) to be held at the offices of Rivington Street Corporate Finance, 3rd Floor, 3 London Wall Buildings, London, EC2M 5SY on 1st February 2012 at 10.30 am. The directors of…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Notice of AGM
Metroelectric plc announces that it has written to shareholders convening the
Annual General Meeting ("AGM") to be held at the offices of Rivington Street
Corporate Finance, 3rd Floor, 3 London Wall Buildings, London, EC2M 5SY on 1st
February 2012 at 10.30 am.
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Tel: 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Directorate change
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06/01/2012
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TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Directorate Change Metroelectric Plc (the “Company”) announces that Paul Rewrie has stepped down from his position as Director of Metroelectric PLC and its 100% owned subsidiary Powabyke EV Ltd, to focus on a new project he has been offered outside the electric vehicle business. Metroelectric plc and the…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Directorate Change
Metroelectric Plc (the "Company") announces that Paul Rewrie has stepped down
from his position as Director of Metroelectric PLC and its 100% owned subsidiary
Powabyke EV Ltd, to focus on a new project he has been offered outside the
electric vehicle business.
Metroelectric plc and the management team wish Paul Rewrie success in his new
role.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Final Results
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03/01/2012
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TIDMMEPT Metroelectric Plc : Final Results Chairman’s Statement for the year ended 30 June 2011 INTRODUCTION The Board is pleased to present the results of Metroelectric plc (“the Company”) for the year ended 30(th) June 2011. The Company was established by the Directors as a PLUS Markets Investment Vehicle initially seeking acquisition targets in the…
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TIDMMEPT
Metroelectric Plc : Final Results
Chairman's Statement for the year ended 30 June 2011
INTRODUCTION
The Board is pleased to present the results of Metroelectric plc ("the Company")
for the year ended 30(th) June 2011. The Company was established by the
Directors as a PLUS Markets Investment Vehicle initially seeking acquisition
targets in the information sector. In 2009 the company purchased Powabyke EV
Limited and the trading group is now a supplier and distributor of electric
vehicles.
RESULTS
The Company made a loss for the year to 30 June 2011 of ÂGBP1,277,427 (2010:
ÂGBP51,018)
The loss per ordinary share for the year was 0.342p (2010: 0.017p)
REVIEW
The year to 30th June 2011 was a difficult trading period for Powabyke EV,
mainly due to problems with the supply chain and cost and quality issues with a
former supplier. These problems resulted in a high level of returns and products
which could not be resold resulting in stock having to be written off. These
issues contributed to a significant decrease in margins, which have resulted in
a negative gross margin and an operating loss before impairment charges of
ÂGBP648,861 (2010: ÂGBP27,732).
Due to the underperformance of Powabyke EV Ltd the directors have reviewed the
goodwill in the consolidated accounts which relates to the on-going value of its
investment in its trading subsidiary. Although significant losses were incurred
during the year the positive cash and profit projections of Powabyke for 2012
indicate that it still has a positive value. The directors have decided that
the carrying value of goodwill should be written down to reflect the reduced
value of its investment in Powabyke and this has resulted in a goodwill
impairment charge of ÂGBP432,696 in the annual accounts.
In August 2010 we successfully introduced the new Mk2 range of X-Byke's. The
aesthetic and technical improvements of these bikes are significant as they
offer both increased performance and greater reliability. In February 2011, we
reintroduced the Powatryke (our electric tricycle) which has made significant
inroads into the tricycle market. In July 2010 we announced a distribution
agreement with Wonder EV to distribute its electric cars in the UK and Eire.
The Directors continue to believe that Powabyke provides the Company with a
unique opportunity to build a major presence in the European electric bicycles
and tricycles market. We continue to actively seek international partners to
represent the Powabyke brand overseas.
POST BALANCE SHEET EVENTS
As a result of difficult market conditions and on-going supply issues during the
period, the Company has taken significant steps to streamline its operations,
including reducing both management and staff numbers, combining the warehouse
into the office and renegotiating more favourable terms with suppliers. The
financial benefits from our product development are not reflected in these
figures but the Directors believe that the Company is now well positioned moving
forward and we expect our gross margin to improve.
The Company's commitment to the emerging electric vehicle market remains strong
and we are increasingly convinced that this is a growth sector for both leisure
activities and commuting. As such, the Board continues to pursue a number of
associated opportunities.
Since August 2011 the company has raised ÂGBP230,000 and received the first payment
from the EU grant (ÂGBP85,000). From these proceeds the company repaid ÂGBP200,000 of
debt, including outstanding interest, and has agreement from the convertible
term loan holders to extend the period of repayment.
In December 2011, the company announced that it had signed non binding heads of
terms concerning a UK licence agreement with Eveport Limited, which would allow
the Directors to concentrate on looking for new opportunities within the eco-
friendly area and also develop the international Powabyke market. The company
will receive a licence fee and ongoing royalty payments but will not incur any
of the related selling or marketing costs, this will result in cost savings for
the group and increased profitability.
Greg Collier
Chairman
Metroelectric plc
31 December 2011
CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 30 June 2011
2011 2010
ÂGBP ÂGBP
Turnover 613,127 404,778
Cost of sales (630,937) (197,117)
--------------- ------------
Gross profit/(loss) (17,810) 207,661
EU grant income 13,189 97,560
Distribution costs - (6,144)
Administrative expenses (644,240) (324,034)
Loss on disposal of fixed assets - (2,775)
Impairment of goodwill (432,396) -
--------------- ------------
Operating loss (1,081,257) (27,732)
Interest payable and similar charges (196,170) (23,286)
--------------- ------------
Loss on ordinary activities before taxation (1,277,427) (51,018)
Tax on loss on ordinary activities -
--------------- ------------
Loss for the year (1,277,427) (51,018)
--------------- ------------
Earnings per share (pence)
* Basic and diluted earnings per share (0.342)p (0.017)p
The consolidated profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing through the
consolidated profit and loss account.
The Company has elected to take the exemption under section 408 of the Companies
Act 2006 to not present the Parent Company profit and loss account.
The loss for the Parent Company for the period was ÂGBP1,344,606 (2010: ÂGBP79,372).
CONSOLIDATED BALANCE SHEET as at 30 June 2011
. 2011 2010
ÂGBP ÂGBP
Fixed assets
Goodwill 443,917 887,313
Other intangible fixed assets 16,264 6,700
Tangible assets - 6,230
-------------- ------------
460,181 900,243
Current assets
Stocks 115,875 179,325
Debtors 352,945 305,925
Cash at bank and in hand 15,098 47,932
-------------- ------------
483,918 533,182
Creditors: Amounts falling due within one year (733,409) (209,170)
-------------- ------------
Net current assets/(liabilities) (249,491) 324,012
Creditors greater than one year:
Convertible loan notes (190,151) (171,000)
-------------- ------------
Net assets/(liabilities) 20,539 1,053,255
-------------- ------------
Capital and reserves
Called up share capital 379,511 369,100
Share premium 1,010,586 930,997
Loan note holders reserve 22,471 -
Share option reserve 132,240 -
Profit and loss account (1,524,269) (246,842)
-------------- ------------
Shareholders' funds/(deficit) 20,539 1,053,255
-------------- ------------
The financial statements were approved by the Board of Directors on 31 December
2011 and were signed on its behalf by:
P Rewrie
Director
Company registration number - 05840813 (England and Wales)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2011
The Directors do not proposed to pay a dividend for the period.
The financial information contained in this announcement has been extracted from
the Company's audited accounts
GOING CONCERN
The financial statements have been prepared on a going concern basis,
notwithstanding the trading losses incurred since incorporation.
The Group meets its day to day financing through its cash reserves and
shareholders' loans. As at 30 June 2011 the Group has a total of ÂGBP15,098 in cash
reserves. However, its Creditors less than one year are ÂGBP733,409 and it has net
current liabilities of ÂGBP249,491. Since the year end, an additional ÂGBP230,000 has
been raised through a mixture of short term unsecured loans and additional
equity. In addition, just over ÂGBP200,000 of the short term funding including
interest has been repaid since the year end and it has agreement from the
convertible loan note holders to extend the period of repayment.
(MORE TO FOLLOW) Dow Jones Newswires
January 03, 2012 04:48 ET (09:48 GMT)
The Directors have prepared cash flow forecasts for the period to 31 December
2012 which assumes increased sales and no unnecessary costs or expenditure. On
the basis of these forecasts and the additional funding detailed in the
preceding paragraph the Group is expected to continue to operate within its
available financial facilities for at least the next 12 months. The going
concern basis is dependent upon the company meeting its forecasts for 2012 and
if it does not meet these forecasts further finance will need to be raised which
may not be forthcoming. The forecasts assume a certain level of trading which
independent of the Eveport licence arrangement.
Whilst the Directors remain confident of continuing as a going concern, this is
dependent on their ability to renew short term finance facilities and to operate
with their budget and there can be no certainty in this respect. Nevertheless,
after making due and careful enquiries and considering all uncertainties the
Directors believe the company will continue in operational existence for the
foreseeable future. For this reason the Directors continue to adopt the going
concern basis in preparing the annual report and financial statements. The
financial statements do not include any adjustments that would result from the
basis of preparation being inappropriate.
--END-
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
+44 78 30 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
+44 20 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Shareholder Notification
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15/12/2011
|
TIDMMEPT 15(th) December 2011 METROELECTRIC PLC (“Metroelectric” or the “Company”) Shareholder Notification The Company was notified that on 14(th) December 2011, Bridge Hall Stockbrokers Ltd acquired shares in Metroelectric PLC and now holds 50,000,000 ordinary shares representing 10.43% of the issued share capital of the Company. The Directors of the Company accept responsibility for this…
Read More
TIDMMEPT
15(th) December 2011
METROELECTRIC PLC
("Metroelectric" or the "Company")
Shareholder Notification
The Company was notified that on 14(th) December 2011, Bridge Hall Stockbrokers
Ltd acquired shares in Metroelectric PLC and now holds 50,000,000 ordinary
shares representing 10.43% of the issued share capital of the Company.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
+44 78 30 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
+44 20 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Notice of Loan Receipt
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08/12/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Notice of Loan Receipt The Company announces that it has today received a ÂGBP106,000 loan from Pictou Limited repayable in March 2012 and secured over the assets of the Company. The interest payable on this loan is 6% for the period. The Directors of the Company accept responsibility…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Notice of Loan Receipt
The Company announces that it has today received a ÂGBP106,000 loan from Pictou
Limited repayable in March 2012 and secured over the assets of the Company. The
interest payable on this loan is 6% for the period.
The Directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
+44 78 30 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
+44 20 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total voting rights
|
01/12/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Total Voting Rights In accordance with the FSA’s Disclosure and Transparency Rules, the Board of Metroelectric confirms that the Company has 479,511,405 shares of 0.1p in issue carrying voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules, the Board of
Metroelectric confirms that the Company has 479,511,405 shares of 0.1p in issue
carrying voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or change to their interest in the Company under the FSA's
Disclosure and Transparency Rules.
The directors of the issuer accept responsibility of this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
+44 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
+44 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Issue af Equity and Heads of Terms
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01/12/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Issue of Equity and Heads of Terms Metroelectric is pleased to announce that the Company has raised ÂGBP100,000 for working capital purposes, by way of a subscription for 100,000,000 new ordinary shares at a price of 0.1p pence per share to new and existing investors. In addition the…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Issue of Equity and Heads of Terms
Metroelectric is pleased to announce that the Company has raised ÂGBP100,000 for
working capital purposes, by way of a subscription for 100,000,000 new ordinary
shares at a price of 0.1p pence per share to new and existing investors.
In addition the Company has agreed heads of terms for an exclusive UK licensing
agreement with Eveport Limited for all of Powabyke's products. The agreement, if
signed, will give Eveport an exclusive license in the UK for a period of 5 years
with the right to extend this period and covers all IP and products. The Company
will announce details of the agreement once the final terms have been agreed.
Following the issue of the shares above, Metroelectric has a total of · ordinary
shares in issue.
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
+44 78 30 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
+44 20 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Unaudited Final Results
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30/11/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) UNAUDITED RESULTS FOR THE TWELVE MONTH PERIOD ENDED 30th JUNE 2011 Chairman’s Statement I am pleased to present the final results for the Company up to 30(th) June 2011. During this period we successfully introduced the new Mk2 range of X-Byke’s. The aesthetic and technical improvements are significant…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
UNAUDITED RESULTS FOR THE TWELVE MONTH PERIOD ENDED 30th JUNE 2011
Chairman's Statement
I am pleased to present the final results for the Company up to 30(th) June
2011.
During this period we successfully introduced the new Mk2 range of X-Byke's. The
aesthetic and technical improvements are significant in terms of performance and
reliability. In February we reintroduced the Powatryke (our electric tricycle).
Post Balance Sheet Events
As a result of difficult market conditions and ongoing supply issues during the
period, the Company has made significant steps to streamline its operations,
including management changes, combining the office and the warehouse of the
Company, and the renegotiating of terms with suppliers.
In July 2010 we announced a distribution agreement with Wonder EV to distribute
its electric cars in the UK and Eire. Unfortunately we still await delivery of
the first cars due to be supplied as part of this deal.
The Directors continue to believe that Powabyke provides the Company with a
unique opportunity to build a major presence in the European electric bicycles
and tricycles market. We continue to actively seek international partners to
represent the Powabyke brand overseas.
The financial benefits from our product development are not reflected in these
figures but the Directors believe that the Company is now well positioned moving
forward and we expect our gross margin to improve.
The Company's commitment to the emerging electric vehicle market remains strong
and we are increasingly convinced that this is a growth sector for both
leisure activities and commuting. As such, the Board continues to pursue a
number of associated opportunities.
Greg Collier
Chairman
METROELECTRIC PLC
Metroelectric PLC
Unaudited Profit and Loss Account for the Year Ended 30 June 2011
2011 2010
ÂGBP
Turnover 696,460 404,778
Cost of sales (503,579) (197,117)
Gross profit/(loss) 192,881 207,661
Administrative expenses (459,210) (330,178)
EU Grant Income 97,560
Loss on disposal of Assets (2,775)
Operating profit/(loss) (266,329) (27,732)
Interest payable and similar charges (97,156) (23,286)
Profit/(loss) on ordinary activities before (363,485) (51,018)
taxation
Profit/(loss) for the financial year (363,485) (51,018)
Earnings per share (0.00095) (0.017)
Metroelectric PLC
Unaudited Balance Sheet as at 30(th) June 2011
2011 2009
Note ÂGBP ÂGBP ÂGBP ÂGBP
Fixed assets
Intangible assets 3 872,749 887,313
Tangible assets 4 11,380 12,930
884,129 900,243
Current assets
Stocks 143,855 179,325
Debtors 5 393,831 305,925
Cash at bank and in hand 5,718 47,932
543,404 533,182
Creditors: Amounts falling 6 (447,372) (209,170)
due within one year
Net current 96,032 324,012
assets/(liabilities)
Total assets less current 980,161 576,231
liabilities
Creditors: Amounts falling 7 (201,000) (171,000)
due after more than one
year
Net assets/(liabilities) 779,161 1,053,255
Capital and reserves
Called up share capital 379,511 369,100
Share premium reserve 8 1,009,977 930,997
Profit and loss reserve 8 (610,327) (246,842)
Shareholders' 779,161 1,053,255
funds/(deficit)
1 Accounting policies
Basis of preparation
Basis of accounting
The report has been prepared using accounting policies that the Group and its
subsidiary undertaking have adopted and were used for the accounting period o
30th June 2011. The information does not constitute statutory accounts within
the meaning of section 435 of the Companies Act 2006. The financial statements
are prepared under the historical cost convention.
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of
the sale of goods and services to customers.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost,
less any estimated residual value, over their expected useful economic life as
follows:
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or
valuation, less any estimated residual value, over their expected useful
economic life as follows:
Plant and machinery 25% straight line basis
Fixtures and fittings 25% straight line basis
Goodwill
Goodwill is the difference between the fair value of consideration paid for an
acquired entity and the aggregate of the fair value of that entity's
identifiable assets and liabilities.
Positive goodwill is capitalised, classified as an asset on the balance sheet
and amortised on a straight line basis over its useful economic life. It is
reviewed for impairment at the end of the first full financial year following
the acquisition and in other periods if events or changes in circumstances
indicate that the carrying value may not be recoverable.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard
for obsolete and slow moving stocks. Net realisable value is based on selling
price less anticipated costs to completion and selling costs.
Financial instruments
Financial instruments are classified and accounted for, according to the
substance of the contractual arrangement, as financial assets, financial
liabilities or equity instruments. An equity instrument is any contract that
evidences a residual interest in the assets of the company after deducting all
of its liabilities.
The Final Results has not been audited and the financial information contained
in these results has not been agreed with an auditor.
The Directors do not propose to pay a dividend for the year ended 30 June 2011.
--ENDS-
Enquiries:
METROELECTRIC PLC
Greg Collier
+44 78 3018 2501
RIVINGTON STREET CORPORATE FINANCE
Eran Zucker
+44 20 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re New Distribution Agreement
|
17/09/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) New Distribution Agreement Metroelectric is pleased to announce that Powabyke EV Ltd, its wholly owned subsidiary has signed a distribution agreement with ‘Powabyke Denmark’, which was set up as part of Powabyke’s expansion into other European territories. The agreement will run for a minimum of one year and…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
New Distribution Agreement
Metroelectric is pleased to announce that Powabyke EV Ltd, its wholly owned
subsidiary has signed a distribution agreement with 'Powabyke Denmark', which
was set up as part of Powabyke's expansion into other European territories. The
agreement will run for a minimum of one year and gives Powabyke Denmark
exclusive distribution rights within Denmark. The agreement is renewable
annually subject to achieving minimum sales agreed.
Cycling has long been a national pastime for Denmark and the country boasts some
10,000 km of scenic cycle routes. With this in mind there are ambitious sales
targets for the brand of electric battery powered bicycles in the region.
Thomas Justesen, a Copenhagen-based businessman will oversee Powabyke Denmark
stated:
"The electric cycle market in Denmark is growing fast. I believe that Powabyke
Denmark will be able to achieve a substantial market share within a few years as
the well-designed X-byke range will be welcomed by Danish customers. This target
will be reached by progressive sales and marketing efforts."
Powabyke's Managing Director Nick Child remarked: "We have been in discussions
with Thomas for a few months now and his organisation impressed us and certainly
has the ability to distribute the new Mk2 Powabyke range into the expanding
Danish Market. On the launch of Powabyke's Mk2 X-byke range, the widening
distribution of the brand is perfect timing. We are very pleased that the
Powabyke X-byke was chosen as a suitable product for the demanding and design
conscious Danish market. We have already started shipping product for 2011. The
Scandinavian markets are an important part of our export strategy for this year
and with distribution in Sweden already underway and now Denmark, we are pleased
with the progress."
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Tel: 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373 end_of_the_skype_highlighting
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
[HUG#1480292]
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Statement re New Distribution Agreement
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13/04/2011
|
TIDMMEPT 13/04/11 New Distribution Agreement Metroelectric (the “Company”) is pleased to announce that Powabyke EV Ltd. its wholly owned subsidiary has signed a distribution agreement with Elmonet B.V. to represent Powabyke throughout the Netherlands. The agreement will run for a minimum of one year and gives Elmonet B.V. exclusive distribution rights within the Netherlands. The…
Read More
TIDMMEPT
13/04/11
New Distribution Agreement
Metroelectric (the "Company") is pleased to announce that Powabyke EV Ltd. its
wholly owned subsidiary has signed a distribution agreement with Elmonet B.V. to
represent Powabyke throughout the Netherlands.
The agreement will run for a minimum of one year and gives Elmonet B.V.
exclusive distribution rights within the Netherlands. The agreement is renewable
annually subject to achieving minimum agreed sales.
Elmonet distributes a range of electric vehicles in the Netherlands including
cars, vans, scooters and now with the new partnership with Powabyke, electric
bikes.
Powabyke MD, Nick Child commented: "Elmonet have put a lot of thought into their
approach and strategy for selling Powabykes and for maintaining the reputation
of the brand which we have established over a long period of time. The
Netherlands is the perfect territory for e-bikes to thrive in . Elmonet is part
of the 1bn euro Autobink group and we are both impressed with their operation
and flattered that they chose the Powabyke range of e-bike to distribute"
"When Powabykes begin to appear on the streets in the country they will get
noticed and I have every reason to believe that Elmonet will go from success to
sucess with every order."
Richard Knoop, General Manager of Elmonet B.V. commented on the new partnership:
"If you look at the current Dutch market we are selling 150,000 electric bikes a
year in the Netherlands and so the number has increased to a huge degree in the
last few years. Whilst the Netherlands is a small country, in cities, working
locations are close together so that offers the opportunity to use the electric
bike for travelling to work, across town and for getting back home. Powabyke has
proven itself in the last ten years and the bikes are reliable, look stylish,
competitive, and you can change the parts between different models, so in terms
of after sales the product is very simple and cost effective."
The company continues to search for new opportunities for overseas distribution.
The directors of the Company accept responsibility for the announcement
--ENDS--
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
- ENDS -
About Elmonet
ELMONET stands for Electric Mobility Netherlands and is located in Amsterdam
Zuidoost
(www.elmonet.nl)
ELMONET has specialised in electric mobility since 2009
Elmonet is 100% owned by Autobinck Holding N.V. AutoBinck is a leading player in
the European automotive market. With annual sales of 1 bn Euros through 40
operating companies with 1,700 employees working in seven countries in Benelux
and Central Europe, AutoBinck offers a full service and funding capability to
many of the automotive industry's leading brands.
(www.autobinck.com)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Holding(s) in Company
|
07/04/2011
|
TIDMMEPT METROELECTRIC PLC Holding in Company Metroelectric Plc (the “Company”), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, was notified that following a recent sale of shares in the Company, Bridge Hall Stockbrokers Limited (“Bridge Hall”) no longer has a notifiable interest in the Company. =-ENDS– The Directors of the…
Read More
TIDMMEPT
METROELECTRIC PLC
Holding in Company
Metroelectric Plc (the "Company"), the PLUS listed investment company with a
growing portfolio of environmentally friendly vehicles, was notified that
following a recent sale of shares in the Company, Bridge Hall Stockbrokers
Limited ("Bridge Hall") no longer has a notifiable interest in the Company.
=-ENDS--
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re New Distribution Agreement
|
05/04/2011
|
TIDMMEPT 05/04/11 Metroelectric Plc (“Metroelectric” or the “Company”) New Distribution Agreement Metroelectric is pleased to announce that Powabyke EV Ltd (“Powabyke”) its wholly owned subsidiary has signed a distribution agreement with The Brandsco Plc to represent Powabyke in the United States of America (“USA”). The agreement will run for an initial period of fifteen years…
Read More
TIDMMEPT
05/04/11
Metroelectric Plc
("Metroelectric" or the "Company")
New Distribution Agreement
Metroelectric is pleased to announce that Powabyke EV Ltd ("Powabyke") its
wholly owned subsidiary has signed a distribution agreement with The Brandsco
Plc to represent Powabyke in the United States of America ("USA").
The agreement will run for an initial period of fifteen years and gives The
Brandsco Plc exclusive distribution rights within the USA. The agreement
includes an immediate, up front exclusivity fee of ÂGBP100,000 for the rights. The
agreement is subject to The Brandsco Plc achieving minimum agreed sales.
Marcus Cassidy, the CEO of The Brandsco Plc commented, "Extensive research has
convinced us that Powabyke will be well received in the USA. We are delighted to
represent the Powabyke brand and the new Xbyke clearly represents exceptional
value for money. Powabyke will stand out amongst the current electric bike
offerings and we intend to emphasise the British theme by introducing the Union
Flag to the branding."
Powabyke are well established in the UK with a network of approximately 400
dealers and over 30,000 electric bikes sold.
Greg Collier, Metroelectric Chairman said, "It is encouraging that The Brandsco
Plc a company that the Directors believe has presented the strength of their
international marketing connections in both the UK an the USA, has committed a
substantial premium to back their confidence in Powabyke."
Nick Child, Powabyke MD said of the partnership, "We are delighted to secure
such a key territory for Powabyke. Last year we presented at the Las Vegas Show
and the American public and trade loved our new Xbykes. Electric bikes are
increasing in popularity worldwide, particularly in USA, as oil prices continue
to rise and people look at alternative means of transport. There is a massive
opportunity for Powabyke in the USA and we are confident The Brandsco Plc will
achieve success there."
The directors of the Company accept responsibility for the announcement
--ENDS--
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Half-yearly report
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31/03/2011
|
TIDMMEPT METROELECTRIC PLC INTERIM RESULTS FOR THE PERIOD ENDED 31st DECEMBER 2010 Chairman’s Statement I am pleased to present the interim results for the Company up to 31st December 2010. During this period we successfully introduced the new Mk2 range of X-Bykes. The aesthetic and technical improvements are significant in terms of performance and reliability….
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TIDMMEPT
METROELECTRIC PLC
INTERIM RESULTS FOR THE PERIOD ENDED 31st DECEMBER 2010
Chairman's Statement
I am pleased to present the interim results for the Company up to 31st December
2010.
During this period we successfully introduced the new Mk2 range of X-Bykes. The
aesthetic and technical improvements are significant in terms of performance and
reliability. The bikes are receiving good reviews from our trade customers along
with valuable PR from the UK press.
Due to the seasonal timing of the launch, the financial benefits are not
reflected in these figures but we are now well positioned moving forward and our
gross margin is expected to improve significantly going forward.
December saw the launch of our online accessories store 'Powashop'. Dealers and
end users are now able to purchase parts at advantageous prices with next day
delivery. This new 24/7 facility has been well received - with the added
benefits to the Company of increased margins, instant payment and reduced
overheads.
We continue to actively seek international partners to represent the Powabyke
brand in new markets. Powabykes are now being distributed in Ireland, Sweden,
Denmark and China with further deals to be announced soon.
In July 2010 we signed an agreement with Wonder EV Company to distribute its
electric cars in the UK and the Republic of Ireland. Wonder EV Company is part
of China based Wonder Group, which through its subsidiary, the AIM listed China
Wonder, is a significant shareholder in Metroelectric. Technical refinements
have delayed the arrival of the cars but we eagerly anticipate their arrival
within the first half of this year.
The Company remains committed to the emerging electric vehicle market and are
pursuing a number of associated opportunities. Further announcements are
expected soon.
Greg Collier
Chairman
METROELECTRIC PLC
Consolidated Profit and Loss Account for the 6 months Period ended 31 December
2010
Unaudited for the 6
months ended Unaudited for the 6
31 December 2010 months ended 31
ÂGBP December 2009
ÂGBP
Turnover 350,252 49,963
Cost of sales (172,191) (31,899)
----------- -----------
Gross profit/(loss) 158.061 18,064
Administrative expenses (156,350) (44,638)
----------- -----------
----------- -----------
Operating loss 1,711 (26,574)
Interest payable and (34,432) (2,168 )
similar charges
----------- -----------
Loss on ordinary (36,143) (28,742)
activities before taxation
----------- -----------
Loss for the financial (36,143) (28,742)
period
Profit and loss reserve (246,842) (195,824)
brought forward
----------- -----------
Profit and loss reserve (282,985) (224,566)
carried forward
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account
Consolidated Balance Sheet as at 31 December 2010
Unaudited as at 31 December Unaudited as at 31 December
2010 2009
ÂGBP ÂGBP ÂGBP ÂGBP
Fixed assets
Intangible assets 883,962 935,820
Tangible assets 42,275 7,780
------------ -----------
926,237 943,600
Current assets
Stocks 202,840 94,749
Debtors 209,207 278,305
Cash at bank and in 61,654 16,598
hand
----------- -----------
473,701 389,652
Creditors: Amounts (121,826) (266,721)
falling due within
one year
----------- -----------
Net current 351,875 122,931
assets/(liabilities)
------------ -----------
Long term (0 )
liabilities (261,000)
----------- ----
Net 1,017,112 1,066,531
assets/(liabilities)
Capital and reserves
Called up share 369,100 360,100
capital
Share premium 930,997 930,997
reserve
Profit and loss (282,985) (224,566)
reserve
------------ -----------
Shareholders' 1,017,112 1,066,531
funds/(deficit)
The directors of the Company accept responsibility for the announcement.
--ENDS--
Metroelectric PLC
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance
Eran Zucker
Tel: 020 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total voting rights
|
28/02/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Total Voting Rights In accordance with the FSA’s Disclosure and Transparency Rules, the Board of Metroelectric confirms that the Company has 379,511,405 shares of 0.1p in issue carrying voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules, the Board of
Metroelectric confirms that the Company has 379,511,405 shares of 0.1p in issue
carrying voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or change to their interest in the Company under the FSA's
Disclosure and Transparency Rules.
The directors of the issuer accept responsibility of this announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Tel: 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Result of AGM
|
16/02/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Result of AGM The Board of Metroelectric Plc is pleased to announce that at the Company’s General Meeting held earlier today, all the resolutions were duly passed. The directors of the Company accept responsibility for the announcement. –ENDS- Enquiries: Metroelectric Plc Tel: 078 30 182501 Greg Collier Rivington…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Result of AGM
The Board of Metroelectric Plc is pleased to announce that at the Company's
General Meeting held earlier today, all the resolutions were duly passed.
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Tel: 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373 end_of_the_skype_highlighting
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re Subscription
|
04/02/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) Subscription Metroelectric is pleased to announce that, on 3rd February 2011, following further demand from institutional investors, the Company has raised an additional ÂGBP80,000 for working capital purposes, by way of a subscription for 9,411,765 new ordinary shares at a price of 0.85p pence per share. Simultaneously, investors…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
Subscription
Metroelectric is pleased to announce that, on 3rd February 2011, following
further demand from institutional investors, the Company has raised an
additional ÂGBP80,000 for working capital purposes, by way of a subscription for
9,411,765 new ordinary shares at a price of 0.85p pence per share.
Simultaneously, investors have been issued with a warrant to subscribe for one
new ordinary share of 0.1p each for every share subscribed for, exercisable any
point up to December 2012 at an exercise price at 0.85p
Greg Collier, chairman of Metroelectric Plc commented;
"We are absolutely delighted by the support we continue to receive from quality
professional and institutional investors. With our increased cash resources
resulting from this subsrdcription, we will be able to further accelerate our
previously stated growth plans.
Over the last nine months, our Powabyke business has announced major moves into
markets as diverse as China, Denmark, Ireland and Sweden, as demand for its new
mark-2 xbyke continues to accelerate. Shareholders can look forward to further
expansion news at Powabyke over the next few months following this capital
raise".
Following the issue of the shares above, Metroelectric has a total of
379,511,405 ordinary shares in issue.
The directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Tel: 078 30 182501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
[HUG#1485332]
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Statement re Audited Results for the Period ended 30th June 2010
|
17/01/2011
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2010 On 30 November 2010 the Company issued an announcement outlining its unaudited results for the year ended 30th June 2010. The auditors have now completed and signed off the year end accounts and the Company has made the following…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2010
On 30 November 2010 the Company issued an announcement outlining its unaudited
results for the year ended 30th June 2010. The auditors have now completed and
signed off the year end accounts and the Company has made the following two
adjustments. The first adjustment is to write down the goodwill of the Company
over a 20 year period and the second is to make a provision against the EU grant
as it is receivable after 30 June 2011 and the proportion provided for is
contingent on the completion of the project.
Neither adjustment has affected the operating profit of Powabyke EV Limited.
However, the adjusted net loss disclosed in the audited accounts is now ÂGBP51,018
vs a profit ÂGBP20,555 reported in the unaudited results statement.
AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2010
Chairman's Statement
The Board is pleased to present the audited Final Results for Metroelectric Plc
("the Company"), for the year ended 30th June 2010. The Company was established
by the Directors as a PLUS Markets Investment vehicle initially seeking
acquisition targets in the information sector. The Company continues to look for
areas to invest or trade in the 'eco-friendly' products and technologies sector,
being a continued area of growth in accordance with the change in scope of
business made in 2007.
The Company Loss of (ÂGBP51,018 )after amortisation of goodwill (ÂGBP56,735 loss:
2009).The loss per ordinary share amounted to (0.017p) in the period (0.32p
loss: 2009)
REVIEW
This accounting period covered our recent acquisition of Powabyke Acquisition
Limited ('Powabyke'), owner of one of the UK's leading electric powered bicycle
businesses, for approximately ÂGBP1 million. The associated costs of the
transaction have been accounted for within these results.
Powabyke is an established business and its acquisition has made a positive
contribution enabling the group to nearly break even before finance costs and
amortisation of goodwill. After overcoming initial supply problems with existing
suppliers, I am very pleased to confirm that our new mark-2 xbyke, which we
introduced in September, has been extremely well received by the trade. We have
introduced major aesthetic improvements to the design and managed to keep the
suggested retail price (SRP) unchanged. We are currently busy re-stocking
dealers with sample stock, giving us good store presence which will allow us to
benefit from the seasonal uplift in the New Year. In April we announced that
Powabyke Sverige AB had signed an exclusive distribution agreement to represent
our brand in Sweden. We expect to make further announcements relating to other
overseas territories in the near future. Powabyke sales and development of the
Powabyke brand are our priority.
In July we announced that we entered into an initial three year exclusive,
agreement with Wonder EV Company to distribute its electric cars in the UK and
the Republic of Ireland (Eire). Wonder EV Company is part of China based Wonder
Group which through its subsidiary, the AIM listed China Wonder, is a
significant shareholder in Metroelectric. We are looking forward to taking
delivery of the first cars in the early part of 2011. We are also in advanced
negotiations with other electric vehicle (EV) manufacturers to represent them in
the UK. 2011 will see significant growth in the EV sector and we are
strategically placed to benefit from this emerging market.
Greg Collier
Chairman
Metroelectric PLC
audited Profit and Loss Account for the Year Ended 30 June 2010
Year Ended June Year Ended June
2010 2009
ÂGBP ÂGBP
Turnover 404.778 -
Cost of sales (197,117) (262)
Gross profit/(loss) 207,661 (262)
Administrative expenses (324,034) (56,473)
Distribution expenses (6,144) 0
EU Income 97,560
Loss on Sale of Fixed asset
(2,775)
Operating profit/(loss) (27,232) (56,735)
Interest payable and similar charges (23,286) -
Profit/(loss) on ordinary activities before (51,018) (56,735)
taxation
Profit/(loss) for the financial year (51,018) (56,735)
Earnings per share (pence)
Basic and diluted earnings per share (0.017)p (0.032)p
The consolidated profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing through the
consolidated profit and loss account.
The Company has elected to take the exemption under section 408 of the Companies
Act 2006 to not present the Parent Company profit and loss
The loss for the Parent Company for the period was ÂGBP79,372 (2008: ÂGBP54,514).
Metroelectric PLC
audited Balance Sheet as at 30th June 2010
30 June 2010 30 June 2009
ÂGBP ÂGBP ÂGBP ÂGBP
Fixed assets
Goodwill 887,313
Other intangible fixed 6,700 -
assets
Tangible assets 6,230 2,775
900,243 2,775
Current assets
Stocks 179.325 15,983
Debtors 305,925 5,627
Cash at bank and in 47,932 4,955
hand
533,182 26,565
Creditors: Amounts (209,170) (30,164)
falling due within one
year
Net current 342,012 (3,599)
assets/(liabilities)
Total assets less 1,242,255 (824)
current liabilities
Creditors: Amounts (171,000) -
falling due after more
than one year
Net 1,053,255 (824)
assets/(liabilities)
Capital and reserves
Called up share capital 369,100 195,000
Share premium reserve 930,997 -
Profit and loss reserve (246,842) (195,824)
Shareholders' 1,053,255 (824)
funds/(deficit)
Earnings per share
(0.017) (0.0028)
These Final Results have been audited by the Company's auditor.
The Directors do not propose to pay a dividend for the year ended 30 June 2010.
The directors of the issuer accept responsibility for this announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Statement re New Distribution Agreement
|
13/12/2010
|
TIDMMEPT 13/12/10 Metroelectric Plc (“Metroelectric”) New Distribution Agreement Metroelectric is pleased to announce that Powabyke EV Ltd. its wholly owned subsidiary has signed a distribution agreement with Green Machines, the largest distributor of zero-emission electric vehicles in Ireland. The agreement will run for a minimum of one year and gives Green Machines exclusive distribution rights…
Read More
TIDMMEPT
13/12/10
Metroelectric Plc
("Metroelectric")
New Distribution Agreement
Metroelectric is pleased to announce that Powabyke EV Ltd. its wholly owned
subsidiary has signed a distribution agreement with Green Machines, the largest
distributor of zero-emission electric vehicles in Ireland.
The agreement will run for a minimum of one year and gives Green Machines
exclusive distribution rights within Southern Ireland. The agreement is
renewable annually subject to achieving minimum sales agreed.
Robert Nolan, MD of Green Machines commented: "Green Machines are delighted to
become the exclusive distributor for Powabyke in Ireland. We have always tried
to bring the best electric vehicle technology to the Irish market and we believe
that Powabyke's reputation makes them the best electric bike manufacturer in
their class. We are proud to be able to include Powabyke in our range of world-
class electric vehicles."
Powabyke are well established in the UK with a network of approximately 400
dealers and over 30,000 e-bikes sold. The company is looking for distribution
options throughout Europe and internationally to continue growth. Green
Machines' alliance with Powabyke means that the electric bikes will now be
widely available in Ireland.
Nick Child, Powabyke Managing Director commented on the partnership, "I am
delighted that Green Machines have chosen to distribute the new range of X-Bykes
in Ireland, which is an important market for us."
"We have already shipped products to Ireland and Robert and his team are busy
building up a reputable dealer network. We are confident that they can properly
market our products with their comprehensive after-sales dealer support team."
In addition, as announced on 3 December 2010, the Company approved the grant of
30,000,000 share options, to certain directors and employees on 30 November
2010. Following the price appreciation of Metroelectric shares since the grant
of these options, the Directors feel it necessary to review the terms of these
Options. The Company will inform the market of the amended terms as soon as
practically possible.
The directors of the Company accept responsibility for the announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
[HUG#1471811]
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Statement re New Distribution Agreement and Granting of Share Options
|
03/12/2010
|
TIDMMEPT Metroelectric Plc (‘Metroelectric’ or ‘the Company’) New Distribution Agreement and Granting of Share Options Metroelectric is pleased to announce that Powabyke EV Ltd., its wholly owned subsidiary has signed an exclusive distribution agreement with Jinzhou Wonder EV Tech Co. Ltd, for the License to manufacture and sell the Company’s electric bicycles throughout the People’s…
Read More
TIDMMEPT
Metroelectric Plc
('Metroelectric' or 'the Company')
New Distribution Agreement and Granting of Share Options
Metroelectric is pleased to announce that Powabyke EV Ltd., its wholly owned
subsidiary has signed an exclusive distribution agreement with Jinzhou Wonder EV
Tech Co. Ltd, for the License to manufacture and sell the Company's electric
bicycles throughout the People's Republic of China (excluding the Shanghai
Province). The agreement can be terminated by either party giving six months
written notice.
Jinzhou Wonder EV Tech Co Ltd is a member of The Wonder Group of Companies.
Greg Collier commented:"'To have the Powabyke brand represented in a country
with an expanding economy and a population of 1.4 billion, which is so closely
associated with cycling, is an exciting proposition. The Wonder Group is well
resourced and we are confident that together we will successfully develop the
Chinese market. We also believe that the agreement will indirectly help protect
us from any future copyright infringement in the region."
Metroelectric is actively seeking further international partners to represent
the Powabyke brand worldwide.
Additionally, on 30 November the Board approved the grant of share options to
certain directors and employees of the Company. Share options have been granted
over 30,000,000 Ordinary Shares at an exercise price of 0.5 pence per share
("Options"), exercisable for up to five years from the vesting start date. 25%
of the Options shall vest at the end of each quarter of employment such that all
Options shall be vested one year after the date of grant.
The allocation of Options to directors is as follows:
Number of Options Issued and Held
Mr Greg Collier Director 10,000,000
Mr Paul Rewrie Director 10,000,000
Mr Mark Chapman Director 5,000,000
Mr Nick Child Director* 5,000,000
*Nick Child is Managing Director of Powabyke EV Ltd (wholly owned subsidiary of
Metroelectric).
The directors of the Company accept responsibility for the announcement.
--ENDS--
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
[HUG#1468699]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
(END) Dow Jones Newswires
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Final Results
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30/11/2010
|
TIDMMEPT METROELECTRIC PLC (“Metroelectric” or the “Company”) UNAUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2010 Chairman’s Statement The Board is pleased to announce the Unaudited Final Results for Metroelectric Plc, for the year ended 30th June 2010. The Company was established by the Directors to make acquisitions in the electric vehicle sector. The Company…
Read More
TIDMMEPT
METROELECTRIC PLC
("Metroelectric" or the "Company")
UNAUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2010
Chairman's Statement
The Board is pleased to announce the Unaudited Final Results for Metroelectric
Plc, for the year ended 30th June 2010. The Company was established by the
Directors to make acquisitions in the electric vehicle sector. The Company
continues to look to invest or trade in the 'eco-friendly' products and
technologies sector, as these are areas of continued growth.
During the period, the Company achieved a profit of ÂGBP20,555 (ÂGBP56,735 loss:
2009).Earnings per ordinary share amounted to 0.006p in the period (0.28p loss:
2009)
This accounting period covered our recent acquisition of Powabyke Acquisition
Limited ('Powabyke'), owner of one of the UK's leading electric powered bicycle
businesses, for approximately ÂGBP1 million, satisfied by a cash payment of
ÂGBP120,000 and the allotment and issue of 107,999,640 new ordinary shares of 0.1p
each in the capital of Metroelectric ("Ordinary Shares"). The associated costs
of the transaction have been accounted within these results.
Powabyke is an established, cash-generative business and the transaction has
brought immediate cash-flows which enabled us to achieve near term
profitability. After overcoming initial supply problems with existing suppliers,
I am very pleased to confirm that our new mark-2 xbyke, which we introduced in
September, has been extremely well received by the trade. We have introduced
major aesthetic improvements to the design and managed to keep the suggested
retail price (SRP) unchanged. We are currently busy re-stocking dealers with
sample stock, giving us good store presence which will allow us to benefit from
the seasonal uplift in the New Year. In April we announced that Powabyke Sverige
AB had signed an exclusive distribution agreement to represent our brand in
Sweden. We expect to make further announcements relating to other overseas
territories in the near future. Powabyke sales and development of the Powabyke
brand are our priority.
POST BALANCE-SHEET EVENTS
In July we announced that we entered into an initial three year exclusive,
agreement with Wonder EV Company to distribute its electric cars in the UK and
the Republic of Ireland (Eire). Wonder EV Company is part of China based Wonder
Group which through its subsidiary, the AIM listed China Wonder, is a
significant shareholder in Metroelectric. We are looking forward to taking
delivery of the first cars in the early part of 2011. We are also in advanced
negotiations with other electric vehicle (EV) manufacturers to represent them in
the UK. 2011 will see significant growth in the EV sector and we are
strategically placed to benefit from this emerging market.
Greg Collier
Chairman
Metroelectric PLC
Unaudited Profit and Loss Account for the Year Ended 30 June 2010
Note Year Ended June Year Ended June
2010 2009
ÂGBP ÂGBP
Turnover 546,153 -
Cost of sales (228,471) (262)
Gross profit/(loss) 317,682 (262)
Administrative expenses (271,567) (56,473)
Operating profit/(loss) 46,115 (56,735)
Interest payable and similar charges (25,560) -
Profit/(loss) on ordinary activities 20,555 (56,735)
before taxation
Profit/(loss) for the financial year 20,555 (56,735)
Profit and loss reserve brought forward (195,824) (139,088)
Profit and loss reserve carried forward (175,269) (195,823)
Metroelectric PLC
Unaudited Balance Sheet as at 30th June 2010
30 June 2010 30 June 2009
ÂGBP ÂGBP ÂGBP ÂGBP
Fixed assets
Intangible assets 867,292 -
Tangible assets 16,837 2,775
884,129 2,775
Current assets
Stocks 198,104 15,983
Debtors 296,190 5,627
Cash at bank and in 47,962 4,955
hand
542,256 26,565
Creditors: Amounts (130,557) (30,163)
falling due within one
year
Net current 411,699 (3,598)
assets/(liabilities)
Total assets less 1,295,828 (823)
current liabilities
Creditors: Amounts (180,000) -
falling due after more
than one year
Net 1,115,828 (823)
assets/(liabilities)
Capital and reserves
Called up share capital 360,100 195,000
Share premium reserve 930,997 -
Profit and loss reserve (175,269) (195,823)
Shareholders' 1,115,828 (823)
funds/(deficit)
Earnings per share 0.00006 (0.0028)
Accounting policies
1. Basis of preparation
The report has been prepared using accounting policies that the Group and
its subsidiary undertaking have adopted and were used for the accounting
period
to 30th June 2010. The information does not constitute statutory accounts
within
the meaning of section 435 of the Companies Act 2006.
The financial statements are prepared under the historical cost convention.
2. Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of
the sale of goods and services to customers.
3. Amortisation
Amortisation is provided on intangible fixed assets so as to write off the
cost, less any estimated residual value, over their expected useful economic
life as follows:
4. Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost
or valuation, less any estimated residual value, over their expected useful
economic life as follows:
Plant and machinery 25% straight line basis
Fixtures and fittings 25% straight line basis
5. Goodwill
Goodwill is the difference between the fair value of consideration paid for an
acquired entity and the aggregate of the fair value of that entity's
identifiable assets and liabilities.
Positive goodwill is capitalised, classified as an asset on the balance
sheet and amortised on a straight line basis over its useful economic life. It
is reviewed for impairment at the end of the first full financial year following
the acquisition and in other periods if events or changes in circumstances
indicate that the carrying value may not be recoverable.
6. Stock
Stock is valued at the lower of cost and net realisable value, after due regard
for obsolete and slow moving stocks. Net realisable value is based on selling
price less anticipated costs to completion and selling costs.
7. Financial instruments
Financial instruments are classified and accounted for, according to the
substance of the contractual arrangement, as financial assets, financial
liabilities or equity instruments. An equity instrument is any contract that
evidences a residual interest in the assets of the company after deducting all
of its liabilities.
The Final Results has not been audited and the financial information contained
in these results has not been agreed with an auditor.
The Directors do not propose to pay a dividend for the year ended 30 June 2010.
The directors of the issuer accept responsibility for this announcement.
--ENDS-
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
[HUG#1467258]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Total voting rights
|
30/09/2010
|
TIDMMEPT 30 September 2010 METROELECTRIC PLC (“Metroelectric” or the “Company”) In accordance with the FSA’s Disclosure and Transparency Rules, the Board of Metroelectric confirms that the Company has 370,099,640 shares of 0.1p in issue carrying voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will…
Read More
TIDMMEPT
30 September 2010
METROELECTRIC PLC
(“Metroelectric” or the “Company”)
In accordance with the FSA’s Disclosure and Transparency Rules, the Board of
Metroelectric confirms that the Company has 370,099,640 shares of 0.1p in issue
carrying voting rights.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or change to their interest in, Metroelectric under the FSA’s
Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
[HUG#1447945]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Issue of Equity
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16/09/2010
|
TIDMMEPT 16 September 2010 METROELECTRIC PLC (“Metroelectric” or the “Company”) On 16th September 2010, Metroelectric plc issued 1,000,000 (one million) new Ordinary Shares of 0.1p each to Mark Chapman a non-executive Director of the Company. The shares were purchased at 1p each and will be held in his SIPP. The new shares issued will rank…
Read More
TIDMMEPT
16 September 2010
METROELECTRIC PLC
(“Metroelectric” or the “Company”)
On 16th September 2010, Metroelectric plc issued 1,000,000 (one million) new
Ordinary Shares of 0.1p each to Mark Chapman a non-executive Director of the
Company. The shares were purchased at 1p each and will be held in his SIPP.
The new shares issued will rank pari passu with the existing Ordinary Shares of
the Company. Following the issue of these shares, the enlarged issued share
capital of the Company is 370,099,640 Ordinary Shares. Mark Chapman now directly
holds 1,000,000 Ordinary Shares, representing 0.2% of the issued share capital.
Mark is also the Chairman and minority shareholder of China Wonder Limited, the
AIM listed company, which holds 25,000,000 shares in Metroelectric, representing
6.75% of the issued share capital of the Company.
The Directors’ total shareholding is now 12,225,000 shares, representing 3.30%
of the issued share capital.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker
Tel: 020 7562 3373
[HUG#1444860]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metroelectric Plc via Thomson Reuters ONE
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Holding(s) in Company
|
20/08/2010
|
TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, was notified on August 16th 2010 that following a recent sale, David Marks has disposed of 25,000,000 shares in the Company, representing 6.77% of the issued share capital and no longer has a notifiable interest…
Read More
TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”), the PLUS listed investment company with a
growing portfolio of environmentally friendly vehicles, was notified on August
16th 2010 that following a recent sale, David Marks has disposed of 25,000,000
shares in the Company, representing 6.77% of the issued share capital and no
longer has a notifiable interest in the Company.
On the same day, the Company has also been informed that Bridge Hall
Stockbrokers Limited (“Bridge Hall”) has acquired 25,000,000 shares representing
6.77% of the issued share capital in the Company.
Greg Collier, Chairman of the Company, comments: “We welcome Bridge Hall
becoming an investor in Metroelectric, an investment which we understand is
strategic and long-term in nature. Your Board believes that the confidence shown
by Bridge Hall in your company through this investment is a reflection of the
growing interest in the Metroelectric business amongst UK retail and private
client investors.
=-ENDS–
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
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Statement re New Distribution Agreement
|
21/07/2010
|
TIDMMEPT 21 July 2010 Metroelectric Plc Electric Vehicles – distribution agreement Metroelectric Plc (“Metroelectric” or the “Company) a leader in the manufacture and distribution of electric bicycles and other electric personal transport, is pleased to announce that it has entered into an initial three year exclusive, agreement with Wonder EV Company to distribute its electric…
Read More
TIDMMEPT
21 July 2010
Metroelectric Plc
Electric Vehicles – distribution agreement
Metroelectric Plc (“Metroelectric” or the “Company) a leader in the manufacture
and distribution of electric bicycles and other electric personal transport, is
pleased to announce that it has entered into an initial three year exclusive,
agreement with Wonder EV Company to distribute its electric cars in the UK and
Eire. Wonder EV Company is part of China based Wonder Group which through its
subsidiary, the AIM listed China Wonder, is a significant shareholder in
Metroelectric.
The first model currently known as the Wonder EV is a contemporary designed two
seater, capable of 50 mph and a range of up to 120 miles between charges from a
standard domestic socket. It has successfully undergone in house crash testing
and the process of EC homologation is currently underway. The agreement was
formed at the Beijing EV motor show last week, where the Wonder EV production
model was unveiled for the first time.
The Company hopes to receive marketing demonstrator vehicles in the UK by the
end of this summer and retail stock by January 2011. The Wonder EV will be
competitively priced, with leasing options making it an attractive proposition
as a second car to any household. At the signing ceremony, filmed by Chinese TV,
The Wonder Group also exhibited a four door, five seater electric taxi and an
electric coach.
Greg Collier, Chief Executive, Metroelectric, commented:
“We are currently the UK leader in electric bikes via our Powabyke brand which
has achieved sales momentum allowing us to focus on a widening of operations
into other forms of electric transport which we view as being an area of
substantial potential growth. Electric vehicles are exempt from many vehicle
related charges such as parking in a growing number of boroughs, congestion
charges and road tax. Other personal savings are found in the forms of reduced
car insurance due to the low risk classifications and income tax allowances from
ownership of such vehicles. This is in addition to the ecological benefits of
zero emissions at source.
“At the show we also provisionally agreed terms with The Wonder Group to
represent the Powabyke brand (wholly owned by Metroelectric) in China and to
also assist us to find partners in other Asian countries. The Wonder Group is a
respected company in China and recognised as a major supplier to the worldwide
automobile industry.
“We are excited that a company of their stature will help build the Powabyke
brand in a country with a rapidly expanding economy and population estimated at
1.4 billion. The Wonder group will manufacture, under license, the stock for the
Chinese market.
“We expect to make a further announcement on the completion of this agreement
soon.”
The Directors of the Company accept responsibility for this announcement
Enquiries:
Metroelectric Plc
Greg Collier, Tel: 07830 182501
Rivington Street Corporate Finance
Eran Zucker, Tel: 020 7562 3373
China Wonder Ltd
Mark Chapman, Tel: 01483 894627
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Statement re New Distribution Agreement & Interests in Securities
|
27/04/2010
|
TIDMMEPT 27/04/10 New Distribution Agreement and Interests in Securities Metroelectric is pleased to announce that Powabyke EV Ltd. its wholly owned subsidiary has signed a distribution agreement with Powabyke Sverige AB (“PSAB”) of Sweden. The agreement will run for a minimum of one year and gives PSAB exclusive distribution rights within Sweden. The agreement is…
Read More
TIDMMEPT
27/04/10
New Distribution Agreement and Interests in Securities
Metroelectric is pleased to announce that Powabyke EV Ltd. its wholly owned
subsidiary has signed a distribution agreement with Powabyke Sverige AB (“PSAB”)
of Sweden. The agreement will run for a minimum of one year and gives PSAB
exclusive distribution rights within Sweden. The agreement is renewable annually
subject to achieving minimum agreed sales. PSAB first consignment has been
ordered and payment received. Powabyke Sverige AB is an independent company and
not a subsidiary of Metroelectric plc or Powabyke EV Ltd.
Powabyke Sverige AB is headed by Henrik Olander who brings ten years of
experience in consumer electronics and retail gained from senior marketing and
sales director positions at Black & Decker and LEGO.
Henrick said, “I have been interested in electric bikes for a while and have
thoroughly researched the products available. I believe that Powabykes are by
far the best on the market. The company has developed a quality product that
meets the tight legislation that we have in Sweden”.
Powabyke Sverige AB is looking forward to receiving their first consignment of
bikes.
This is first international distribution agreement Metroelectric have signed and
the Company is actively seeking further international partners to represent the
Powabyke brand worldwide.
Metroelectric would also like to announce that it was notified on April
26(th) 2010 that, following a recent sale, Crossfield Investments Ltd has now
decreased its stake in the Company to 12,554,338 shares, representing 3.4% of
the issued share capital.
The directors of the Company accept responsibility for the announcement
–ENDS–
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 8099 0571
Eran Zucker
END
[HUG#1408732]
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Statement re Trading Statement
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23/04/2010
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TIDMMEPT METROELECTRIC PLC (“Metroelectric” or “the Company”) TRADING STATEMENT FOR THE PERIOD ENDED 31st MARCH 2010 Further to the Interim Results announcement made earlier today, the Company is delighted to publish a trading statement for the period 1st July 2009 up to 31st March 2010. Total sales for the period of ÂGBP195,663 resulted in a…
Read More
TIDMMEPT
METROELECTRIC PLC
(“Metroelectric” or “the Company”)
TRADING STATEMENT FOR THE PERIOD ENDED 31st MARCH 2010
Further to the Interim Results announcement made earlier today, the Company is
delighted to publish a trading statement for the period 1st July 2009 up to
31st March 2010. Total sales for the period of ÂGBP195,663 resulted in a trading
profit for the first time since the Company’s inception.
This period includes all the associated costs of the recent Powabyke acquisition
and as such, the management team is encouraged that the Company has managed to
post a profit in such a short time. Sales of the Powabyke range are increasing
and the Company’s growing status at the forefront of eco-friendly
transportation, an area the management team believes to be of major growth
potential, puts the Company in a strong position, moving forward.
These interim figures have not been reviewed by the company auditors.
Greg Collier
Chairman
The directors of the
Company accept responsibility for the announcement.
=-ENDS–
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 8099 0571
Eran Zucker
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Statement re Interim Results
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23/04/2010
|
TIDMMEPT METROELECTRIC PLC INTERIM RESULTS FOR THE PERIOD ENDED 31st DECEMBER 2009 Chairman’s Statement I am pleased to present the interim results for the company up to 31st December 2009. This accounting period covered our recent acquisition of Powabyke Acquisition Limited (‘Powabyke’), owner of one of the UK’s leading electric powered bicycle businesses, for approximately…
Read More
TIDMMEPT
METROELECTRIC PLC
INTERIM RESULTS FOR THE PERIOD ENDED 31st DECEMBER 2009
Chairman’s Statement
I am pleased to present the interim results for the company up to 31st December
2009.
This accounting period covered our recent acquisition of Powabyke Acquisition
Limited (‘Powabyke’), owner of one of the UK’s leading electric powered bicycle
businesses, for approximately ÂGBP1 million. The associated costs of the
transaction have been accounted within these interim results.
Powabyke is an established, cash-generative business and the transaction has
brought immediate cashflow which will enable us to achieve near term
profitability. I am very pleased to confirm that our order book is expanding and
demand for our popular x-byke is exceeding expectations. In addition, we are
developing interest from overseas distributors. We are also designing new bikes
and trikes to complement our existing range. Powabyke sales and development of
the Powabyke brand are our priority.
In addition, we are pleased to be working closely with our new partners, China
Wonder Ltd (part of the Wonder Auto Technology Group) who are developing a range
of electric vehicles that we are looking forward to representing in Europe.
We hope to be in a position to make a further announcement in the near future.
Greg Collier
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDING 31st DECEMBER 2009
+———————–+——————+—————–+—————–+
| |Unaudited for the | Audited for the |Unaudited for the|
| | 6 months ended | Year ended | 6 months ended |
| | | | |
| | 31 December 2009 | 30 June 2009 |31 December 2008 |
| | | | |
| | ÂGBP | ÂGBP | |
+———————–+——————+—————–+—————–+
|Turnover | 49,963| -| |
+———————–+——————+—————–+—————–+
|Cost of sales | (31,899)| (262)| |
+———————–+——————+—————–+—————–+
|Gross profit/(loss | 18,064| (262)| |
+———————–+——————+—————–+—————–+
|Administrative expenses| (44,638)| (56,473)| |
| | | | (26,041) |
+———————–+——————+—————–+—————–+
|Operating loss | (26,574)| (56,735)| |
+———————–+——————+—————–+—————–+
|Interest payable and | (2,168)| -| |
|similar charges | | | |
+———————–+——————+—————–+—————–+
|Loss on ordinary | (28,742)| (56,735)| |
|activities before | | | (26,041) |
|taxation | | | |
+———————–+——————+—————–+—————–+
|Loss for the financial | (28,742)| (56,735)| |
|period | | | (26,041) |
+———————–+——————+—————–+—————–+
|Profit and loss reserve| (195,824)| (139,088)| |
|brought forward | | | (113,047) |
+———————–+——————+—————–+—————–+
|Profit and loss reserve| (224,566)| (195,823)| |
|carried forward | | | (139,088) |
+———————–+——————+—————–+—————–+
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2009
+——————–+——————–+——————-+——————–+
| |Unaudited as at 31 |Audited as at 30 |Unaudited as at 31 |
| |December 2009 |June 2009 |December 2008 |
+——————–+———+———-+———+———+———+———-+
| | ÂGBP| ÂGBP | ÂGBP| ÂGBP| ÂGBP| ÂGBP |
+——————–+———+———-+———+———+———+———-+
|Fixed assets | | | | | | |
+——————–+———+———-+———+———+———+———-+
|Intangible assets | | 935,820| | -| | |
+——————–+———+———-+———+———+———+———-+
|Tangible assets | | 7,780| | 2,775| | |
+——————–+———+———-+———+———+———+———-+
| | | 943,600| | 2,775| | |
+——————–+———+———-+———+———+———+———-+
|Current assets | | | | | | |
+——————–+———+———-+———+———+———+———-+
|Stocks | 94,749| | 15,983| | | |
| | | | | | 5,000 | |
+——————–+———+———-+———+———+———+———-+
|Debtors | 278,305| | 5,627| | | |
| | | | | | 2,300 | |
+——————–+———+———-+———+———+———+———-+
|Cash at bank and in | 16,598| | 4,955| | | |
|hand | | | | | 22,600 | |
+——————–+———+———-+———+———+———+———-+
| | 389,652| | 26,565| | | |
| | | | | | 29,900 | |
+——————–+———+———-+———+———+———+———-+
|Creditors: Amounts | | | | | | |
|falling due within | | | (30,163)| | | |
|one year | | | | | | |
| |(266,721)| | | | | |
| | | | | | (20,300)| |
+——————–+———+———-+———+———+———+———-+
|Net current | | 122,931| | | | |
|assets/(liabilities)| | | | (3,598) | |9,870 |
+——————–+———+———-+———+———+———+———-+
|Net | | 1,066,531| | | | 9,870|
|assets/(liabilities)| | | |(823) | | |
+——————–+———+———-+———+———+———+———-+
|Capital and reserves| | | | | | |
+——————–+———+———-+———+———+———+———-+
|Called up share | | 360,100| | 195,000| | 175,000|
|capital | | | | | | |
+——————–+———+———-+———+———+———+———-+
|Share premium | | 930,997| | -| | |
|reserve | | | | | | |
+——————–+———+———-+———+———+———+———-+
|Profit and loss | | (224,566)| |(195,823)| | (165,130)|
|reserve | | | | | | |
+——————–+———+———-+———+———+———+———-+
|Shareholders’ | | 1,066,531| | | | |
|funds/(deficit) | | | |(823) | |9,870 |
+——————–+———+———-+———+———+———+———-+
Notes
1. The financial information set out in this announcement does not constitute
statutory accounts. This financial information has not been reviewed by the
Company’s auditors.
The directors of the Company accept responsibility for the announcement.
–ENDS-
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 8099 0571
Eran Zucker
[HUG#1407453]
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Directorate change
|
19/04/2010
|
TIDMMEPT 19/04/2010 Metroelectric Plc Directorate change Metroelectric Plc (the “Company”), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, announces that Adrian Gleave is to resign from his position as Director on 23(rd) April 2010, to focus on a new project he has been offered outside the electric vehicle business. Adrian…
Read More
TIDMMEPT
19/04/2010
Metroelectric Plc
Directorate change
Metroelectric Plc (the “Company”), the PLUS listed investment company with a
growing portfolio of environmentally friendly vehicles, announces that Adrian
Gleave is to resign from his position as Director on 23(rd) April 2010, to focus
on a new project he has been offered outside the electric vehicle business.
Adrian assisted on the recent target acqusition of Powabyke, the UK’s leading
brand of electrically assisted bicycles and leaves the company in a
significantly stronger position than when he joined in 2008. Now the board team
has been strengthened with the recent appointments of Paul Rewrie as a Director
and Mark Chapman as Non-executive Director.
Metroelectric plc and the management team wish Adrian Gleave success in his new
role.
–ENDS–
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
[HUG#1405121]
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Statement re Interests in Securities
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22/03/2010
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TIDMMEPT 22/03/10 METROELECTRIC PLC Interests in Securities Metroelectric Plc (the “Company”), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, was notified on March 19th 2010 that, following a recent sale, Crossfield Investments Ltd has now decreased its stake in the Company to 19,907,047 shares, representing 5.39% of the issued share…
Read More
TIDMMEPT
22/03/10
METROELECTRIC PLC
Interests in Securities
Metroelectric Plc (the “Company”), the PLUS listed investment company with a
growing portfolio of environmentally friendly vehicles, was notified on March
19th 2010 that, following a recent sale, Crossfield Investments Ltd has now
decreased its stake in the Company to 19,907,047 shares, representing 5.39% of
the issued share capital.
The Directors of the Company accept responsibility for this announcement.
–ENDS–
Enquiries:
Metroelectric Plc
Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
Tel: 020 7562 3373
Eran Zucker
[HUG#1396075]
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Fund raising and trading update
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16/03/2010
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TIDMMEPT 16 March 2010 Metroelectric Plc (“Metroelectric” or “the Company”) Fund raising and trading update Metroelectric plc,the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, announces that it has raised ÂGBP173,250 before expenses, via a placing (‘the Placing’) by Rivington Street Corporate Finance to institutional and other investors. The Placing has…
Read More
TIDMMEPT
16 March 2010
Metroelectric Plc (“Metroelectric” or “the Company”)
Fund raising and trading update
Metroelectric plc,the PLUS listed investment company with a growing portfolio of
environmentally friendly vehicles, announces that it has raised ÂGBP173,250 before
expenses, via a placing (‘the Placing’) by Rivington Street Corporate Finance to
institutional and other investors. The Placing has been done via the issuance of
a new 12% Convertible Loan Note, redeemable in December 2012, and convertible
into new ordinary shares of Metroelectric at a price of 1.50p per share.
The funding will be used to support the Company’s growing portfolio of electric
vehicles, and, in particular, will be used to help the Company’s subsidiary
Powabyke meet the recent, rapid growth in demand for its range of electric
bicycles. Powabyke, purchased by Metroelectric in December 2009, has enjoyed a
particularly strong start to 2010, with a very healthy order book and a strong
pipeline of new product developments.
Nick Child, Director of Powabyke, comments; “The injection of this
additional growth capital into the group will enable Powabyke to meet the
growing demand for its existing range, and to enable us to forge ahead with
plans for new models of electric bikes and our planned expansion into new
markets. In the coming weeks we are expecting to be able to conclude a major
export distribution deal for our new X Bike in Scandinavia and the appointment
of at least two major UK high street retailers to stock the Powabyke range.
These are very exciting times for us.”
Greg Collier, chairman of Metroelectric Plc comments on developments at
Powabyke;
“We are absolutely delighted by the excellent performance of Powabyke since its
acquisition in December. Powabyke is already beginning to realise its obvious,
huge, potential as it builds on its existing strong following of enthusiastic
customers. We see this further funding as an opportunity to fast-track the
launch of new products and to support international expansion, and we look
forward to being able to deliver to our shareholders,demonstrable evidence of
the results of this investment within the near future”.
The Company also announces that it has issued 9,000,000 (nine million) new
ordinary shares of 0.1p each in the Company (`Ordinary Shares’) pursuant to the
exercise of warrants at a price of 0.1p by Crossfield Investments Ltd.
Following the exercise of these warrants, issued at the time of the Company’s
IPO, there are no other outstanding IPO warrants.
The new shares will rank pari passu with the existing Ordinary Shares of 0.1p
each in the Company. Following the exercise of warrants, the enlarged issued
share capital of the Company is369,099,640 (three hundred and sixty nine
million, ninety nine thousand and six hundred and forty) Ordinary Shares.
The Directors’ total shareholding remains at 11,225,000 shares representing
3.04% of the issued share capital.
The Directors of the Company accept responsibility for this announcement.
-ENDS –
Notes for Editors
Powabyke is one of the UK’s largest manufacturers of electric bikes. Since it
was set up in 1999 it has sold more than 30,000 bikes through a nationwide
network of around 300 dealers. Powabyke has a removable battery that is
charged-up like a mobile phone, so it is easy to recharge as required.
According to WorkWiseUK the average daily commute is 8.7 miles and takes 54
minutes. Customers who have bought Powabyke have found that not only is the
journey faster by bike but also as they get used to being ‘back in the saddle’
they gradually build up their fitness and use the assistance of the electric
motor less and less.
Enquiries:
Metroelectric Plc Tel: +44 (0) 78 3018 2501
Greg Collier
Powabyke (http://www.powabyke.com ) Tel + 44 (0)
1225 44 37 37
Nick Child
Holdsworth Associates (PR consultants) Tel: +44 (0)1954 202789
Rachel Holdsworth/Alison JackEmail: Alison@holdsworth-associates.co.uk
Rivington Street Corporate Finance Ltd Tel: + 44 (0) 20 7562 3373
Eran Zucker
[HUG#1394420]
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Appointment of New Directors
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22/01/2010
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TIDMMEPT 22/01/10 METROELECTRIC PLC (“Metroelectric” or the “Company”) APPOINTMENT OF NEW DIRECTORS Metroelectric plc, the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, is pleased to announce today the appointment of Mark Chapman to the board as a Non-Executive Director and Paul Rewrie to the Board as an Executive Director with…
Read More
TIDMMEPT
22/01/10
METROELECTRIC PLC
(“Metroelectric” or the “Company”)
APPOINTMENT OF NEW DIRECTORS
Metroelectric plc, the PLUS listed investment company with a growing portfolio
of environmentally friendly vehicles, is pleased to announce today the
appointment of Mark Chapman to the board as a Non-Executive Director and Paul
Rewrie to the Board as an Executive Director with immediate effect.
MARK CHAPMAN
Mark Chapman, aged 57 years has been involved in investing in the Far East for
15 years. In 1994 he won the Micropal Award as the Far East Fund Manager of the
year and in the same year his investment team at Chartfield Investment
Management Limited won the Micropal Smaller Company Award. From 1995 until 1999
he was a Director of Powerhouse Resources Inc. which constructed and
commissioned a Power Station in Guandong Province China. In 1997 he was one of
the founders of LMM Limited which, in October 2000 was reorganised and
introduced to AIM as Cyberchina Holdings plc, now CYC Holdings plc. In addition
to his role as Investment Manager of CYC, Mark Chapman is a director of a number
of private and publicly quoted companies. He is also Chief Executive of
Sinovation plc, a company in which CCM has an investment and which owns ultra
sonic data input proprietary information sourced from China. Mark is currently
Chairman of China Wonder Limited, the first Chinese company admitted to AIM.
Mark Chapman has held the following directorships during the past five years:
Current Directorships / Past Directorships
Partnerships
China Wonder Ltd Community Assets Ltd
Community properties Ltd
Distinctive Hotels Ltd
Distinctive Leisure plc
China Capital Ltd Distinctive Leisure Properties Ltd
Vincom Commodities plc. Distinctive Inns Ltd
Textbet plc Khamthai Ltd
Vertical Sports plc Medicals Direct Group Ltd
Sinovation plc Powerhouse resources Inc.
Tower Acquisitions Ltd Emerging Utilities Ltd
Sandburg Foods Ltd
Sonross plc
Vault plc( formerly Oakhill Enterprises
plc)
The Sandwich Bank and Crust Company plc
Ransat plc
Sinovation(London)Ltd
Xience Ltd
Sweet China Ltd
Crown Trent China Ltd
Cathay Corporate Managers Ltd
Mark Chapman was a Director of Britpower UK Ltd and its subsidiaries from
1994-1995.These were project companies bidding for NFFO contracts. Following the
failure to be awarded any contracts the companies were wound up in November
1995.There was a deficiency of ÂGBP113,248.18
Mark Chapman was a Director of Powerhouse Resources Inc when it was placed in
Liquidation, there was a shortfall to creditors of (US)$1,846,720.96.
Mark Chapman was a Director of the operating subsidiary of Powerhouse Resources,
Emerging Utilities Ltd, this was subject to a creditors voluntary liquidation,
there was a shortfall of ÂGBP1 million.
Mark Chapman was a Director of Distinctive Public Houses Ltd from October 1997
to June 1999 when the company was sold to a third party. Distinctive Public
Houses Ltd subsequently went in compulsory liquidation in November 1999.
Mark Chapman was a Director of Tom O’Hawk Toys Ltd from May 1994 to June 1996
when he resigned. Tom O’Hawk Toys subsequently went into compulsory liquidation
in April 1998
Mark Chapman was a Director of Peak Minerals plc from January 1995 to July 1995
when he resigned. Peak Minerals plc went into administrative receivership in
February 1996.
Mark Chapman was a Director of Hammerhead Company Ltd which went into compulsory
liquidation in April 1989.There was a shortfall to creditors of ÂGBP1 million.
Mark Chapman was a Director of Crown Trent China Ltd which was subject of a
Creditors voluntary liquidation in 2007. There was a shortfall of ÂGBP300000.
Mark Chapman was a Director of Ransat plc, which was subject of compulsory
liquidation in 2007. There was a shortfall of ÂGBP3 million
Mark Chapman was a Director of Cathay Corporate Managers Ltd which was subject
to a creditors liquidation in 2007, there was a shortfall of ÂGBP200000.
PAUL REWRIE
Paul Rewrie, aged 48 years has been a Chartered Management Accountant for 20
years. He formed Oxford and Cambridge Independent Advisers Limited in 1992 and
sold it via trade sale in 2003. Paul has been a Finance Director and Company
Secretary for various companies including Peel Homes and Caspian Homes Limited.
Paul has been involved in fundraising via private and public offerings and trade
sales.
Paul Rewrie, holds or has held the following directorships or has been a partner
in the following partnerships within the five years prior to the date of this
announcement.
Current Directorships / Partnerships Past Directorships
Biostability (UK) Limited BGG Associates Limited
Commercial Tyre Services Limited D R Studios Limited
Sizzle Design Limited High Barn Limited
Blueriver Property Development Limited Dot2shop Limited
Paul Rewrie Limited OX & Cam Limited
Asset Bridging & Funding Plc Cambridge Biostability Limited
Commercial Tyre Solutions Limited Dot 2 Limited
Alcon Informatics Limited Cambridge Energy Resources Limited
Powabyke Acquisition Limited
In-Solve Plc
Paul Rewrie is a director of Deep Red Games Limited, which went into Voluntary
Creditors Liquidation on 10 February 2008.
Mark Chapman is a Director and a shareholder of China Wonder Ltd which holds
25,000,000 shares, representing 6.94% of the issued share capital of
Metroelectric.
Paul Rewrie is a Director of In-Solve Plc which holds 12,500,000 shares,
representing 3.47% of the issued share capital of Metroelectric.
Following these appointments the Directors’ total direct shareholding is
11,225,000 shares representing 3.1% of the issued share capital of the Company.
The Directors of the issuer accept responsibility for this announcement.
—ENDS—
Enquiries:
Metroelectric Plc Tel: 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd Tel: 020 7562 3373
Eran Zucker
[HUG#1376145]
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Holding(s) in Company
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07/01/2010
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TIDMMEPT 07/01/10 METROELECTRIC PLC Holding(s) in Company Metroelectric Plc (the “Company”), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, was notified on January 4th 2010 that, following a recent sale, Crossfield Investments Ltd has now decreased its stake in the Company to 27,199,221 shares, representing 7.55% of the issued share…
Read More
TIDMMEPT
07/01/10
METROELECTRIC PLC
Holding(s) in Company
Metroelectric Plc (the “Company”), the PLUS listed investment company with a
growing portfolio of environmentally friendly vehicles, was notified on January
4th 2010 that, following a recent sale, Crossfield Investments Ltd has now
decreased its stake in the Company to 27,199,221 shares, representing 7.55% of
the issued share capital.
–ENDS–
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric PlcTel:Â 078 3018 2501
Greg Collier
Rivington Street Corporate Finance LtdTel:Â 020 7562 3373
Eran Zucker
[HUG#1371201]
(END) Dow Jones Newswires
January 07, 2010 07:32 ET (12:32 GMT)
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Total voting rights
|
31/12/2009
|
TIDMMEPT 30 December 2009 MetroelectricPlc (?Metroelectric? or ?the Company?) Total Voting Rights In accordance with the FSA’s Disclosure and Transparency Rules, Metroelectric Plc confirms that as of 30 December 2009 the Company has360,099,640 ordinary shares in issue. The Directors of the Company are responsible for the contents of this announcement. Enquiries: Metroelectric Plc Greg Collier…
Read More
TIDMMEPT
30 December 2009
MetroelectricPlc
(?Metroelectric? or ?the Company?)
Total Voting Rights
In accordance with the FSA’s Disclosure and Transparency Rules, Metroelectric
Plc confirms that as of 30 December 2009 the Company has360,099,640 ordinary
shares in issue.
The Directors of the Company are responsible for the contents of this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier  Tel:  07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker  Tel: 020 7562 3373
Notes to Editors:
Metroelectric:
Metroelectric offers one of the most environmentally-friendly and economical
ways to navigate the city, with a variety of vehicles; Electric Cars, Electric
Vans and Electric Scooters.
Its vehicles provide a genuine alternative to driving the CO2 emitting petrol or
diesel car. Its electric vehicles requireNo Road Tax or Congestion Charges and
users benefit from Free Parking and Zero Emissions.
[HUG#1369342]
(END) Dow Jones Newswires
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Result of AGM
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30/12/2009
|
TIDMMEPT 30 December 2009 MetroelectricPlc (?Metroelectric? or ?the Company?) Result of the AGM The  Board of Metroelectric Plc is pleased to announcethat at the Company?s General Meeting held earlier today, all the resolutions were duly passed. The Directors of the Company are responsible for the contents of this announcement. Enquiries: Metroelectric Plc Greg Collier…
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TIDMMEPT
30 December 2009
MetroelectricPlc
(?Metroelectric? or ?the Company?)
Result of the AGM
The  Board of Metroelectric Plc is pleased to announcethat at the Company?s
General Meeting held earlier today, all the resolutions were duly passed.
The Directors of the Company are responsible for the contents of this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier  Tel:  07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker  Tel: 020 7562 3373
Notes to Editors:
Metroelectric:
Metroelectric offers one of the most environmentally-friendly and economical
ways to navigate the city, with a variety of vehicles; Electric Cars, Electric
Vans and Electric Scooters.
Its vehicles provide a genuine alternative to driving the CO2 emitting petrol or
diesel car. Its electric vehicles requireNo Road Tax or Congestion Charges and
users benefit from Free Parking and Zero Emissions.
[HUG#1369335]
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Issue of Equity
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22/12/2009
|
TIDMMEPT 22 December 2009 Metroelectric plc Issue of Equity and Total Voting Rights The directors of Metroelectric wish to announce the following changes to substantial shareholdings over 3% as a result of the issue of equity to China Wonder and the vendors of Powabyke. In addition to the shares issued for the acquisition, Greg Collier,…
Read More
TIDMMEPT
22 December 2009
Metroelectric plc
Issue of Equity and Total Voting Rights
The directors of Metroelectric wish to announce the following changes to
substantial shareholdings over 3% as a result of the issue of equity to China
Wonder and the vendors of Powabyke.
In addition to the shares issued for the acquisition, Greg Collier, director of
Metroelectric has been issued 2.1 million shares as an introductory fee for
introducing and completing the transaction. As a result, the directors hold
0.86% of the equity.
+———————————–+—————-+——————–+
|Name of Shareholder |Number of Shares|% of Enlarged Equity|
+———————————–+—————-+——————–+
|Pathway One Plc |12,500,000 |3.47% |
+———————————–+—————-+——————–+
|Africa Oil Plc |12,500,000 |3.47% |
+———————————–+—————-+——————–+
|Worship Street Investments Limited |39,500,000 |10.97% |
+———————————–+—————-+——————–+
|David Marks |31,244,100 |8.68% |
+———————————–+—————-+——————–+
|Crossfield Investments Limited |33,356,443 |9.26% |
+———————————–+—————-+——————–+
|Rel SA |18,000,000 |5.00% |
+———————————–+—————-+——————–+
|European Pension Management Limited|13,000,000 |3.61% |
+———————————–+—————-+——————–+
The total number of shares in issue is 360,099,640.
The Directors of the issuer accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier  Tel:  07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker  Tel: 020 7562 3373
Notes to Editors:
Metroelectric:
Metroelectric offers one of the most environmentally-friendly and economical
ways to navigate the city, with a variety of vehicles; Electric Cars, Electric
Vans and Electric Scooters.
Its vehicles provide a genuine alternative to driving the CO2 emitting petrol or
diesel car. Its electric vehicles requireNo Road Tax or Congestion Charges and
users benefit from Free Parking and Zero Emissions.
[HUG#1366613]
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Acquisition of UK’s leading electric bicycle manufacturer
|
22/12/2009
|
TIDMMEPT Metroelectric plc Acquisition of the UK?s leading electric bicycle manufacturer. Brings prospect of immediate cashflow as product range broadened The Directors of Metroelectric plc (?Metroelectric? or ?the Company?), the PLUS listed investment company with a growing portfolio of environmentally friendly vehicles, today announced the acquisition of Powabyke Acquisition Limited (?Powabyke?), owner of one of…
Read More
TIDMMEPT
Metroelectric plc
Acquisition of the UK?s leading electric bicycle manufacturer.
Brings prospect of immediate cashflow as product range broadened
The Directors of Metroelectric plc (?Metroelectric? or ?the Company?), the PLUS
listed investment company with a growing portfolio of environmentally friendly
vehicles, today announced the acquisition of Powabyke Acquisition Limited
(?Powabyke?), owner of one of the UK?s leading electric powered bicycle
businesses, for approximately ÂGBP1 million.
Powabyke is an established, cash-generative business and the transaction brings
the prospect of immediate cashflows which, the directors believe, will further
drive Metroelectric towards its goal of achieving near term profitability.
In addition, the transaction substantially broadens Metroelectric?s product
offering, and positions the Company at the forefront of one of the fastest
growing niches of the international electric powered vehicle marketplace (nb
industry experts expect Europe to buy 2.5 million electric bikes in 2009, up
355% from 550,000 in 2008).
Acquisition details
Under the terms of the acquisition, Metroelectric will acquire 100% of the
issued share capital of Powabyke for ÂGBP983,997, to be satisfied by a cash payment
of ÂGBP120,000 andthe allotment and issue of 107,999,640 new ordinary shares of
0.1p each in the capital of Metroelectric (?Ordinary Shares?).
Dealings in these new Ordinary Shares are expected to commence on 29th December
2009.
Funding for the cash component of the consideration has been derived from the
proceeds of a ÂGBP200,000 cash subscription into Metroelectric, separately
announced this morning. As a result of this cash subscription,25,000,000 new
ordinary shares in Metroelectric have been issued to China Wonder Limited, an
associate of Wonder Auto Technology Group (?WATG?) based in Jinzhou, China. WATG
(listed on NASDAQ) is a major worldwide supplier to the automobile industry and
is currently developing a range of electric vehicles.
Metroelectric expects to be working closely with WATG on the development of
Powabyke?s operations, as it seeks to further expand its business in the key
Chinese market.
Both the sellers and China Wonder Limited are subject to orderly market
arrangements for a 12 month period from the first day of dealings in the
consideration and subscription shares.
Background
Since its founding in 1999, Powabyke has sold over 30,000 own branded electric
bicycles through a nationwide network of around 300 dealers including bike shops
and motor accessory retailers.
In its last full financial year, the Company generated gross profits of ÂGBP177,000
on sales of ÂGBP653,000.
Powabyke was bought out of administration and recapitalised in October 2009 by a
group of corporate and individual investors.
In line withMetroelectric?s stated strategy ? which includes production of a
range of electric cars, scooters and vans – Powabyke provides cost effective
environmentally friendly low emission alternatives to traditional modes of
transport.
The Directors of Metroelectric believe that the two businesses are highly
complementary and a combination will offer the enlarged company the opportunity
to harness the market expertise and long-established sourcing and distribution
proficiency of Powabyke to help further develop Metroelectric into one of
Europe?s largest independent specialist electric vehicle producers.
Commenting on the acquisition, Greg Collier, Chairman of Metroelectric says:
?We are delighted to have completed this acquisition. Powabyke, with its strong
cash generation and growing order book, will provide a strong revenue stream to
help drive future expansion and development of Metroelectric.
Together with the investment into Metroelectric, also announced today, by the
Wonder Group, this acquisition provides a unique opportunity for us to further
grow our operations and we very much look forward to developing our brands and
updating the market in the coming months.?
The Directors of the issuer accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier  Tel:  07830 182501
Rivington Street Corporate Finance Ltd
Eran Zucker  Tel: 020 7562 3373
Notes to Editors:
Metroelectric:
Metroelectric offers one of the most environmentally-friendly and economical
ways to navigate the city, with a variety of vehicles; Electric Cars, Electric
Vans and Electric Scooters.
Its vehicles provide a genuine alternative to driving the CO2 emitting petrol or
diesel car. Its electric vehicles requireNo Road Tax or Congestion Charges and
users benefit from Free Parking and Zero Emissions.
Powabyke:
Powabyke’s purpose-designed electric bikes offer all the benefits of traditional
cycling – the freedom, the convenience, the practicality – but with an important
difference: none of the effort. That’s because you pedal only when you want to.
The rest of the time, users can let the 200 watt motor take the strain.
Powabyke?s market bikes in the UK and exports to over 14 different countries and
its brand is recognised from the USA to China.
[HUG#1366104]
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Investment by leading chinese vehicle parts group
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22/12/2009
|
TIDMMEPT Metroelectric plc (?Metroelectric? or ?the Company?) Investment by leading Chinese vehicle parts group Metroelectric plc (?Metroelectric? or ?the Company?), the PLUS quoted investment company with a growing portfolio of environmentally friendly vehicles, today announces thatChina Wonder Limited, the specialist engineering company based in Jinzhou in China, has agreed to invest ÂGBP200,000 in the Company,…
Read More
TIDMMEPT
Metroelectric plc
(?Metroelectric? or ?the Company?)
Investment by leading Chinese vehicle parts group
Metroelectric plc (?Metroelectric? or ?the Company?), the PLUS quoted investment
company with a growing portfolio of environmentally friendly vehicles, today
announces thatChina Wonder Limited, the specialist engineering company based in
Jinzhou in China, has agreed to invest ÂGBP200,000 in the Company, by way of a
subscription for 25,000,000 new ordinary shares of 0.1 pence each at a price of
0.8 pence per share (the ?Investment?). Â In addition, China Wonder Limited has
been granted an option to subscribe for a further 50 million new ordinary shares
in Metroelectric at a price of 0.8 pence per share.
Dealings in the new ordinary shares are expected to commence on29 December
2009.
Metroelectric has also today announced that it has agreed to acquire the
business and assets of Powabyke Acquisition Limited (?Powabyke?), owner of one
of the UK?s leading electric powered bicycle businesses, for ÂGBP983,997, which
will be satisfied by a cash payment of ÂGBP120,000 and the allotment and issue of
107,999,640 new ordinary shares of 0.1p each in the capital of Metroelectric at
0.8 pence per share (the ?Acquisition?). Â A proportion of the investment made by
China Wonder Limited will go towards payment of the cash consideration for the
Powabyke acquisition.
China Wonder Limited is an associate of Wonder Auto Technology Group (?WATG?), a
NASDAQ listed major worldwide supplier to the automobile industry. WATG is
currently developing a range of electric vehicles and the parties look forward
to working closelyon the development of Powabyke?s operations, as it seeks to
further expand its business in the key Chinese market.
Both the China Wonder and the Powabyke vendors are subject to orderly market
arrangements for a 12 month period from the first day of dealings in the
investment and consideration shares.
Commenting on the investment, Greg Collier, Chairman of Metroelectric says:
?Coupled with the announcement today of our acquisition of Powabyke, the
investment into Metroelectric by the Wonder Group, represents a major
transformation of the Company. We are delighted to have secured the endorsement
of our strategy and growth ambitions, from such a globally renowned vehicle
parts supplier, and we look forward to developing a long and mutually beneficial
relationship with the Wonder Group, as together we seek to develop a major
presence in the global electric vehicle marketplace. ?
For further information, please contact:
Greg Collier Metroelectric plc Tel: Â Â Â 07830 182 501
Eran Zucker  Rivington Street Corporate Finance Ltd Tel:    020 7562 3373
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Holding(s) in Company
|
12/12/2009
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 2,160,000 shares. Their holding in the Company is now 45,019,172 shares, representing 25.73% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange…
Read More
Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
Crossfield Investments Ltd has sold 2,160,000 shares. Their holding
in the Company is now 45,019,172 shares, representing 25.73% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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AGM Statement
|
03/12/2009
|
TIDMMEPT Metroelectric plc NOTICE OF ANNUAL GENERAL MEETING Metroelectric plc (“Company”) announces that it has written to shareholders convening the Annual General Meeting (AGM) to be held at the offices of Fasken Martineau LLP, 17 Hanover Square, London W1S 1HU on 30 December 2009 at 10.30 am. At the AGM the shareholders will consider and,…
Read More
TIDMMEPT
Metroelectric plc
NOTICE OF ANNUAL GENERAL MEETING
Metroelectric plc (“Company”) announces that it has written to
shareholders convening the Annual General Meeting (AGM) to be held at
the offices of Fasken Martineau LLP, 17 Hanover Square, London W1S
1HU on 30 December 2009 at 10.30 am.
At the AGM the shareholders will consider and, if thought fit, pass
the following resolutions:
1. To receive and adopt the Directors’ Report and Accounts for the
year ended 30 June 2009.
2. To re-appoint White and Company Chartered Accountants as auditors
to hold office until conclusion of the next meeting at which the
accounts are laid before the Company at remuneration to be
determined by the directors.
3. To re-elect Adrian Gleave as a director retiring pursuant to
Article 118 of the Company’s Articles of Association
Notes
1. Copies of the notice of meeting and the accompanying circular,
together with the Directors’ report and financial statements for the
period from incorporation to 30 June 2009 will, for a period of one
month from the date of this announcement be available for inspection
free of charge during usual business hours at the registered office
of the Company, c/o Fasken Martineau LLP, 17 Hanover Square, London
W1S 1HU.
2. Shareholders are entitled to appoint one or more proxy or proxies
to attend the meeting, speak and vote on their behalf. A proxy need
not be a member of the Company. Appointment of a proxy will not
preclude the appointing shareholder from attending the meeting.
3. To be valid, proxies should be correctly completed and received
at the Company’s registrar, Share Registrars Limited at Suite E,
First Floor, 9 Lion and Lamb Yard, Farnham, Surrey GU9 7LL, not later
than 10.30 am on Monday 28 December 2009.
4. Further information regarding proxies is set out in the letter
sent to shareholders today.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Notice of Results
|
30/11/2009
|
TIDMMEPT METROELECTRIC PLC ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2009 CHAIRMAN’S STATEMENT On behalf of the Board of Directors of Metroelectric plc, I have pleasure in presenting the results of the Group for the financial year ended 30 June 2009. Overview Metroelectric plc is an investment vehicle set up primarily to invest…
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TIDMMEPT
METROELECTRIC PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2009
CHAIRMAN’S STATEMENT
On behalf of the Board of Directors of Metroelectric plc, I have
pleasure in presenting the results of the Group for the financial
year ended 30 June 2009.
Overview
Metroelectric plc is an investment vehicle set up primarily to invest
or acquire businesses or companies within the information sector.
The Company continues to look for areas to invest or trade in the
eco-friendly products and technologies sector, being a continued area
of growth in accordance with the change in scope of business made in
2007.
Results
The Company achieved a loss for the year up to 30 June 2009 of
GBP56,735 (2008: GBP136,980) largely as a result of listing and
administration expenses.
Loss per ordinary share amounted to GBP0.032 (2008: GBP0.078) in the
period.
On the 12th February 2009 the Group announced that it had reached an
agreement to exclusively distribute an electric vehicle known as
Crossrider in the UK/Eire. Crossrider is particularly suited to
delivery use and has good ATV (all terrain vehicle) capabilities.
In June the first demonstrator arrived and further vehicles since,
these have been presented to a number of key organisations. Sales are
expected to be imminent and the company looks forward to making
future announcements in connection with this expectation. In
addition, we are in negotiations with a number of other electric
vehicle manufacturers in Europe and the Far East.
The Group continues to be aware of its need to generate income and
still maintains that it will only commit to a product that is viable.
The Group continues to actively pursue potential investments and
suitable acquisition targets in this sector.
Cash and going concern
As at 30 June 2009 the Group had cash resources of GBP4,955.
The high costs associated with the company’s investment strategy have
resulted in a high level of losses being incurred since
incorporation, although the fund raising and other financing
activities have enabled the Group to operate at the current trading
levels.
This situation is however not sustainable in the longer term hence
the Board is considering various methods to increase the company’s
cash resources by either entering into the distribution agreement
with respect to the Crossrider vehicles, and/or a fund raising
exercise. Additionally the expenses of running the Group in the
coming year are expected to be significantly reduced as the Group
does not expect to incur the level of professional fees it has faced
in the last two years and it has also been able to reduce its
overheads in the light of the change in direction. It is on this
basis that the Directors consider it appropriate to prepare the
Group’s Financial Statements on the going concern basis.
Future outlook
The Directors are confident that they will find a number of
opportunities in the present financial climate which the company will
be able to take advantage of.
G Collier
Chairman
30 November 2009
METROELECTRIC PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2009
CONSOLIDATED PROFIT AND LOSS ACCOUNT
2009 2008
GBP GBP
Turnover – –
Cost of Sales (262) –
———— ————
Gross Loss (262) –
Administrative expenses (56,473) (136,980)
———— ————
Operating loss (56,735) (136,980)
Interest paid – –
———– ———–
Loss on ordinary activities (56,735) (136,980)
before taxation
Tax on loss on ordinary – –
activities
———– ———–
Loss for the year (56,735) (136,980)
====== ======
Earnings Per Share (pence)
– Basic earnings per share (0.032) (0.078)
– Diluted earnings per share (0.027) (0.061)
The consolidated profit and loss account has been prepared on the
basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing
through the consolidated profit and loss account.
The Company has elected to take the exemption under section 408 of
the Companies Act 2006 to not present the Parent Company profit and
loss account.
The loss for the Parent Company for the period was GBP54,514 (2008:
GBP136,980).
METROELECTRIC PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2009
BALANCE SHEETS AS AT 30 JUNE 2009
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Fixed assets
Tangible 2,775 – – –
assets
Investments – 6 – –
————- ———— ————- ————
2,775 6 – –
Current
assets
Stocks 15,983 5,000 5,000 5,000
Debtors 5,627 14,494 10,182 10,182
Cash at bank 4,955 – 40,878 40,878
and in hand
————- ———— ————- ————
26,565 19,494 56,060 56,060
Creditors:
amounts
falling due
within one
year (30,164) (18,103) (20,148) (20,148)
————- ———— ————- ————
Net current (3,599) 1,391 35,912 35,912
assets
————- ———— ————- ————
Total assets (824) 1,397 35,912 35,912
less current
liabilities
======= ======= ======= =======
Capital and
reserves
Share capital 195,000 195,000 175,000 175,000
Share premium – – – –
Profit and (195,824) (193,603) (139,088) (139,088)
loss account
————- ———— ————- ————
Shareholders (824) 1,397 35,912 35,912
funds
======= ======= ======= =======
METROELECTRIC PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2009
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Net cash outflow
from operating
activities (52,223) (60,872) (110,186) (110,186)
Cash flows from
investing
activities
Purchase of fixed (3,700) – – –
assets
————- ————- ————- ————-
Net cash outflow
from acquisitions
and disposals (3,700) – – –
Acquisitions and
disposals
Purchase of – (6) – –
subsidiary
undertakings
————- ————- ————- ————-
Net cash outflow – (6) – –
for acquisitions
and disposals
————- ————- ————- ————-
Net cash outflow (55,923) (60,878)
before management
of liquid resources
and financing (110,186) (110,186)
Financing
Proceeds from issue 20,000 20,000 – –
of shares
Share issue – – – –
expenses
————- ————- ————- ————-
Net (35,923) (40,878)
(decrease)/increase
in cash (110,186) (110,186)
Cash at beginning 40,878 40,878
of year 151,064 151,064
————- ————- ————- ————-
Cash at end of year 4,955 – 40,878 40,878
======= ======= ======= =======
NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL INFORMATION
Metroelectric PLC is a public limited liability company incorporated
in England and Wales under the Companies Act 1985 with the
registration number 05840813 and quoted on the PLUS-quoted market.
The address of the registered office is disclosed on page 1 of the
financial statements. The principal activity of the company is
disclosed on page 4.
2 ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements are prepared under the
historical cost convention. The financial statements are prepared in
accordance with applicable United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice), which have
been applied consistently (except as otherwise stated).
The financial statements are prepared on a going concern basis which
assumes that the Group’s directors will offer their continued
financial support.
Going concern
The financial statements have been prepared on a going concern basis,
notwithstanding the trading losses incurred since incorporation.
The Group meets its day to day financing through its cash reserves.
As at 30 June 2009 the company has a total of GBP4,955 in cash
reserves.
(MORE TO FOLLOW) Dow Jones Newswires
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Notice of Results -3-
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30/11/2009
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Share capital Authorised 2009 2008 Group and company GBP GBP 10,000,000,000 ordinary shares of GBP0.001 each 10,000,000 10,000,000 ======= ======= Allotted, issued and fully paid 2009 2008 GBP GBP Ordinary shares of GBP0.001 each 195,000 175,000 ======= ======= The movement in the number of issued shares for the year was as follows: 2009 2008 No….
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Share capital
Authorised
2009 2008
Group and company GBP GBP
10,000,000,000 ordinary shares of GBP0.001 each 10,000,000 10,000,000
======= =======
Allotted, issued and fully paid
2009 2008
GBP GBP
Ordinary shares of GBP0.001 each 195,000 175,000
======= =======
The movement in the number of issued shares for the year was as follows:
2009 2008
No. No.
Balance at 1 June 175,000,000 175,000,000
Shares issued 20,000,000 –
————— —————
Balance at 30 June 195,000,000 175,000,000
======== ========
Persuant to a warrant instrument dated 6 November 2006 the company
has granted warrants over 50,000,000 ordinary GBP0.001 shares. The
warrants entitle the registered owners to subscribe for ordinary
GBP0.001 shares at ay time up to 6 November 2009.
On 21 April 2009 the company issued 10,000,000 new ordinary shares of
GBP0.001 per share at par, pursuant to a warrant agreement. On 8 June
2009 a further 10,000,000 new ordinary shares of GBP0.001 each were
issued at par under the warrant agreement.
As disclosed at note 21 all warrants under the aforementioned
agreement have now been issued.
10 Statement of movements on profit and loss account
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Balance at (139,089) (139,089) (1) (1)
beginning of
year
Loss for the (56,735) (54,514) (139,088) (139,088)
year
————- ————- ————- ————-
Balance at (195,824) (193,603) (139,089) (139,089)
end of year
======= ======= ======= =======
11 Reconciliation of movement in shareholders funds
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Loss for the (56,735) (54,514) (139,088) (139,088)
financial
year
Proceeds from 20,000 20,000 – –
issue of
shares
————- ————- ————- ————-
Net depletion (36,735) (34,514) (139,088) (139,088)
in
shareholders’
funds
Opening 35,911 35,911 174,999 174,999
shareholders’
funds
————- ————- ————- ————-
Closing (824) 1,397 35,911 35,911
shareholders’
funds
======= ======= ======= =======
12 Events after the balance sheet date
On 1 October 2009 the company issued 25,000,000 ordinary
shares of GBP0.001 each at par pursuant to the warrant agreement
disclosed at note 9.
On 6 November 2009 the company issued 5,000,000 ordinary
shares of GBP0.001 each at par pursuant to the warrant agreement
disclosed at note 9.
As at 6 November 2009 the warrant agreement disclosed at
note 9 has been satisfied in full.
13 Approval of Audited Accounts
The financial information set out above, does not constitute
full accounts within the meaning of Section 240 of the Companies Act
1985 (‘the Act’), were approved by the Board of Directors on 30th
November 2009. The audited accounts for the Company for the
year, received an unqualified auditors’ report within the meaning
of Section 235 of the Act.
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Notice of Results -2-
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30/11/2009
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The Directors have prepared cashflow forecasts for the period to 31 December 2010 which assume increased sales resulting from the Crossrider range and no unnecessary costs or expenditure. On the basis of these forecasts the Group is expected to continue to operate within its financial facilities for at least the next 12 months. Whilst the…
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The Directors have prepared cashflow forecasts for the period to 31
December 2010 which assume increased sales resulting from the
Crossrider range and no unnecessary costs or expenditure. On the
basis of these forecasts the Group is expected to continue to operate
within its financial facilities for at least the next 12 months.
Whilst the Directors remain confident of continuing to operate within
their current means there can be no certainty in this respect.
Nevertheless, after making due and careful enquiries and considering
all uncertainties the Directors believe the company will continue in
operational existence for the forseeable future. For this reason the
Directors continue to adopt the going concern basis in preparing the
annual report and financial statements. The financial statements do
not include any adjustments that would result from the basis of
preparation being inappropriate.
Consolidation
Subsidiaries are entities that are directly or indirectly controlled
by the Group. Control exists where the Group has the power to govern
the financial and operating policies of the entity so as to obtain
benefits from its activities.
The purchase method of accounting is used to account for the
acquisition of subsidiaries by the Group. The cost of an acquisition
is measured as the fair value of the assets given, equity instruments
issued and liabilities incurred or assumed at the date of exchange,
plus costs directly attributable to the acquisition. Identifiable
assets acquired and liabilities and contingent liabilities assumed in
a business combination are measured initially at the fair values at
the acquisition date, irrespective of the extent of any minority
interest. The excess of the cost of acquisition over the fair value
of the Group’s share of the identifiable net assets acquired is
recorded as goodwill.
All intra-group balances, transactions, income and expenses and
profits and losses resulting from intra-group transactions that are
recognised in assets, are eliminated in full. The financial
statements of the subsidiaries are prepared for the same reporting
year as the Parent Company, using consistent accounting policies.
The financial statements have been prepared under historical cost
convention. The entities that have been consolidated within these
financial statements include:
Entity name Principal activity Domicile Ownership
Metro Cars Limited Supply and distribution of England 100%
electric motor vehicles
Metro Vans Limited Dormant England 100%
Park Electric Dormant England 100%
Limited
Foreign currency
Transactions in foreign currencies are translated at the foreign
exchange rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance
sheet date are translated at the foreign exchange rate ruling at that
date. Foreign exchange differences arising on translation are
recognised in the income statement. Non-monetary assets and
liabilities that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate at the date
of the transaction.
Revenue recognition
Revenue represents the amounts derived from the sale of goods during
the year stated net of Value Added Tax. Sales are recognised in the
profit and loss account and recorded as sales upon the delivery of
goods to customers.
Segmental reporting
A business segment is a group of assets and operations engaged in
providing products or services that are subject to risks and returns
that are different from those of other business segments. A
geographical segment is engaged in providing products or services
within a particular economic environment that are subject to risks
and returns that are different from those of segments operating in
other economic segments.
Research and development
Research expenditure is written off to the profit and loss account in
the year in which it is incurred. Development expenditure is written
off in the same way unless the directors are satisfied as to the
technical, commercial and financial viability of individual
projects. In this situation, the expenditure is deferred and
amortised over the period during which the Group is expected to
benefit.
Investments
Fixed asset investments are stated at cost less provision for
diminution in value.
Stock
Stock is valued at the lower of cost and net realisable value.
Fixed assets
Fixed assets are stated at cost, excluding the costs of day to day
servicing, less accumulated depreciation and accumulated impairment
in value. Such costs include the cost of replacing part of the asset
when that cost is incurred, if the recognition criteria are met.
Depreciation is calculated on a straight-line basis over the useful
life of the assets, which are as follows:
Vehicles and machinery – 4 years
Fixed assets are derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or
loss arising on de-recognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount
of the asset) is included in the profit and loss account in the year
the asset is derecognised.
Taxation
The charge for taxation is based on the results for the year adjusted
for items which are tax exempt or are not tax deductible. Tax is
calculated using rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred taxation
Deferred taxation is provided on the comprehensive basis computed as
the difference between the tax base and carrying amounts of assets
and liabilities. Deferred tax liabilities are recognised for all
taxable temporary differences. Deferred tax assets are recognised
for all deductible temporary differences to the extent that it is
probable that taxable profits will be available against which the
deductible temporary difference can be utilised.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply to the year when the assets is realised or
the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the balance sheet date.
3 Operating loss
Operating loss is stated after charging:
2009 2008
GBP GBP
Directors’ emoluments
Emoluments for qualifying services 24,000 23,000
Auditors’ remuneration
– audit services 4,025 300
Depreciation of owned assets 925 –
Adviser and listing fees 16,627 38,446
4 Taxation
2009 2008
GBP GBP
Current tax charge – –
———— ————
– –
======= =======
No provision for tax has been made as the Group has an estimated tax
loss of GBP198,598 (2008: GBP139,088). The deferred tax asset arising on
these losses has not been provided as the directors cannot satisfy
themselves that the losses will be relieved within the next 12
months.
5 Earnings per share
The calculation of basic loss per Ordinary Share of
GBP0.032 (2008: GBP0.078) each is based upon the losses after taxation
for the year of GBP56,735 (2008: GBP139,980) and the weighted average
number of Ordinary Shares in issue during the year of 177,575,342
(2008: 175,000,000).
The calculation of diluted earnings per Ordinary Share is based upon
the losses after taxation for the year of GBP56,735 (2008: GBP139,980).
Reconciliation between the shares used in calculating Basic and
Diluted earnings per Ordinary Share is as follows:
2009 2008
GBP GBP
Average shares used in basis 177,575,342 175,000,000
earnings per share calculation
Potential Ordinary Shares 30,000,000 50,000,000
outstanding
—————- —————-
207,575,342 225,000,000
========= =========
6 Dividends
The directors propose no dividend to be paid for the year (2008:
GBPnil).
7 Debtors
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Amounts owed – 9,623 – –
by subsidiary
undertakings
Other debtors 6 – 4,361 4,361
VAT 750 – – –
recoverable
Prepayments 4,871 4,871 5,821 5,821
————- ————- ————- ————-
5,627 14,494 10,182 10,182
======= ======= ======= =======
8 Creditors: amounts falling due within one year
Group Company Group Company
2009 2009 2008 2008
GBP GBP GBP GBP
Trade 13,668 1,607 17,950 17,950
creditors
Other 758 758 758 758
creditors
Accruals and 15,738 15,738 1,440 1,440
deferred
income
————- ————- ————- ————-
30,164 18,103 20,148 20,148
======= ======= ======= =======
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Holding(s) in Company
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09/11/2009
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TIDMMEPT METROELECTRIC PLC On 6th November 2009, Metroelectric issued 25,000,000 (twenty five million) new ordinary shares of 0.1p each in the Company (`Ordinary Shares’) pursuant to the exercise of warrants at a price of 0.1p by Crossfield Investments Ltd. The new shares will be issued, allotted and will rank pari passu with the existing Ordinary…
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TIDMMEPT
METROELECTRIC PLC
On 6th November 2009, Metroelectric issued 25,000,000 (twenty five
million) new ordinary shares of 0.1p each in the Company (`Ordinary
Shares’) pursuant to the exercise of warrants at a price of 0.1p by
Crossfield Investments Ltd.
The new shares will be issued, allotted and will rank pari passu with
the existing Ordinary Shares of 0.1p each in the Company. Following
the exercise of warrants, the enlarged issued share capital of the
Company is 225,000,000 (two hundred and twenty five million) Ordinary
Shares.
The director’s shareholding is now 0.44% of the issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
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Holding(s) in Company
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01/10/2009
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TIDMMEPT METROELECTRIC PLC On 1st October 2009, Metroelectric issued 5,000,000 (five million) new ordinary shares of 0.1p each in the Company (`Ordinary Shares’) pursuant to the exercise of warrants at a price of 0.1p by 1st Nominee Ltd. The new shares will be issued, allotted and will rank pari passu with the existing Ordinary Shares…
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TIDMMEPT
METROELECTRIC PLC
On 1st October 2009, Metroelectric issued 5,000,000 (five million)
new ordinary shares of 0.1p each in the Company (`Ordinary Shares’)
pursuant to the exercise of warrants at a price of 0.1p by 1st
Nominee Ltd.
The new shares will be issued, allotted and will rank pari passu with
the existing Ordinary Shares of 0.1p each in the Company. Following
the exercise of warrants, the enlarged issued share capital of the
Company is 200,000,000 (two hundred million) Ordinary Shares.
The director’s shareholding is now 0.5% of the issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Product Launch
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12/06/2009
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TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”) is pleased to announce that the first demonstrator Crossrider has arrived in the UK. The company is looking forward to marketing this 100% electric, road legal ATV (all terrain vehicle). A network of dealerships will be appointed to provide sales & service support for the vehicles. For further…
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TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”) is pleased to announce that the
first demonstrator Crossrider has arrived in the UK. The company is
looking forward to marketing this 100% electric, road legal ATV (all
terrain vehicle). A network of dealerships will be appointed to
provide sales & service support for the vehicles. For further
Crossrider details, please visit: www.crossrider.co.uk
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
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11/06/2009
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TIDMMEPT METROELECTRIC PLC On 8th June 2009, Metroelectric issued 10,000,000 (ten million) new ordinary shares of 0.1p each in the Company (`Ordinary Shares’) pursuant to the exercise of warrants at a price of 0.1p by 1st Nominee Ltd. The new shares will be issued, allotted and will rank pari passu with the existing Ordinary Shares…
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TIDMMEPT
METROELECTRIC PLC
On 8th June 2009, Metroelectric issued 10,000,000 (ten million) new
ordinary shares of 0.1p each in the Company (`Ordinary Shares’)
pursuant to the
exercise of warrants at a price of 0.1p by 1st Nominee Ltd.
The new shares will be issued, allotted and will rank pari passu with
the existing Ordinary Shares of 0.1p each in the Company. Following
the exercise of warrants, the enlarged issued share capital of the
Company is 195,000,000 (one hundred and ninety five million) Ordinary
Shares.
The director’s shareholding is now 0.51% of the issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Disposal
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29/05/2009
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TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 1,180,000 shares. Their holding in the Company is now 33,442,443 shares, representing 18.07% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange Corporate Finance…
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TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”) today received notification that
Crossfield Investments Ltd has sold 1,180,000 shares. Their holding
in the Company is now 33,442,443 shares, representing 18.07% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Result of Meeting
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13/05/2009
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TIDMMEPT METROELECTRIC PLC At a board meeting on the 12th May 2009, Metroelectric plc (‘The Company’) granted options to Greg Collier to subscribe for up to 4,625,000 Ordinary Shares of 0.1p each (“Ordinary Shares”) at a strike price of 1p. The Company granted options to Adrian Gleave to subscribe for up to 4,625,000 Ordinary Shares…
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TIDMMEPT
METROELECTRIC PLC
At a board meeting on the 12th May 2009, Metroelectric plc (‘The
Company’) granted options to Greg Collier to subscribe for up to
4,625,000 Ordinary Shares of 0.1p each (“Ordinary Shares”) at a
strike price of 1p.
The Company granted options to Adrian Gleave to subscribe for up to
4,625,000 Ordinary Shares at a strike price of 1p.
The options referred to above, together with 1,000,000 Ordinary
Shares owned by Mr Collier, represents the only interests of the two
directors Messrs Collier and Gleave in shares of the company.
The Company also granted options to Orange Corporate Finance Ltd to
subscribe for up to 9,250,000 Ordinary Shares at a strike price of
1.25p.
Each of the options referred to above lapses on 12th May 2012 or, if
earlier, six months after the date the grantee ceases to be a
director of the Company (or, in the case of Orange Corporate Finance,
a corporate adviser to the Company).
The Directors of the Company accept responsibility for this
announcement.
Enquiries
Metroelectric plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
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28/04/2009
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TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 67,557 shares. Their holding in the Company is now 34,622,443 shares, representing 18.71% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange Corporate Finance…
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TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”) today received notification that
Crossfield Investments Ltd has sold 67,557 shares. Their holding in
the Company is now 34,622,443 shares, representing 18.71% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Issue of Equity
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21/04/2009
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TIDMMEPT METROELECTRIC PLC On 21st April 2009, Metroelectric issued 10,000,000 (ten million) new ordinary shares of 0.1p each in the Company (`Ordinary Shares’) pursuant to the exercise of warrants at a price of 0.1p by 1st Nominee Ltd. The new shares will be issued, allotted and will rank pari passu with the existing Ordinary Shares…
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TIDMMEPT
METROELECTRIC PLC
On 21st April 2009, Metroelectric issued 10,000,000 (ten million) new
ordinary shares of 0.1p each in the Company (`Ordinary Shares’)
pursuant to the
exercise of warrants at a price of 0.1p by 1st Nominee Ltd.
The new shares will be issued, allotted and will rank pari passu with
the existing Ordinary Shares of 0.1p each in the Company. Following
the issue of these shares, the enlarged issued share capital of the
Company is 185,000,000 (one hundred and eighty five million) Ordinary
Shares.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
|
08/04/2009
|
TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 9,310,000 shares. Their holding in the Company is now 34,690,000 shares, representing 19.82% of the issued share capital. The Company also received notification that Ashwillow Ltd has sold their entire holding. The Directors of the Company accept responsibility for…
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TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”) today received notification that
Crossfield Investments Ltd has sold 9,310,000 shares. Their holding
in the Company is now 34,690,000 shares, representing 19.82% of the
issued share capital.
The Company also received notification that Ashwillow Ltd has sold
their entire holding.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
Read Less
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Holding(s) in Company
|
08/04/2009
|
TIDMMEPT METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 9,310,000 shares. Their holding in the Company is now 34,690,000 shares, representing 19.82% of the issued share capital. The Company also received notification that Ashwillow Ltd has sold their entire holding. The Directors of the Company accept responsibility for…
Read More
TIDMMEPT
METROELECTRIC PLC
Metroelectric Plc (the “Company”) today received notification that
Crossfield Investments Ltd has sold 9,310,000 shares. Their holding
in the Company is now 34,690,000 shares, representing 19.82% of the
issued share capital.
The Company also received notification that Ashwillow Ltd has sold
their entire holding.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
Read Less
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Half-yearly report
|
31/03/2009
|
TIDMMEPT METROELECTRIC PLC INTERIM RESULTS Chairman’s Statement I am pleased to present the interim results for the company up to 31st December 2008. These interim figures have not been reviewed by the company auditors. As recently announced Metroelectric are proceeding with the distribution of the Comarth Crossrider and this will be marketed through the company…
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TIDMMEPT
METROELECTRIC PLC
INTERIM RESULTS
Chairman’s Statement
I am pleased to present the interim results for the company up to 31st December 2008.
These interim figures have not been reviewed by the company auditors.
As recently announced Metroelectric are proceeding with the distribution of the Comarth Crossrider
and this will be marketed through the company website imminently.
The company expects to raise a small amount of new funds through warrant holders exercising their rights.
We hope to be in a position to make a further announcement in the near future.
Greg Collier
Chairman
METROELECTRIC PLC
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2008
Unaudited for the Audited for the
6 months ended 31 period ended 30
December 2008 June 2008
GBP GBP
Administrative expenses (26,041) (136,980)
————– ————–
Loss on
ordinary
activities
before
taxation (26,041) (136,980)
Tax on loss
on ordinary
activities – –
————– ————–
Loss for the
period (26,041) (136,980)
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing
through the profit and loss account.
METROELECTRIC PLC
UNAUDITED BALANCE SHEET
AS AT 31 DECEMBER 2008
Unaudited as at Audited as at 30th June
31 December 2008 2008
GBP GBP GBP GBP
Current assets
Stocks 5,000 5,000
Debtors 2,300 10,182
Cash at bank
and in hand 22,600 40,878
————– ————–
29,900 56,060
Creditors:
amounts
falling due
within one
year (20,030) (20,148)
————– ————–
Total assets less current
liabilities 9,870 35,912
Capital and reserves
Called up
share capital 175,000 175,000
Profit and
loss account (165,130) (139,088)
————– ————–
Shareholders’
funds 9,870 35,912
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Re Contract
|
12/02/2009
|
Re Contract METROELECTRIC PLC The company is pleased to announce that through its wholly owned subsidiary Metrocars Ltd., it has agreed a deal to exclusively distribute an electric vehicle known as ‘Crossrider’ in the UK and Eire. The car is EC approved for road use, assembled in Spain and is also suited for off road…
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Re Contract
METROELECTRIC PLC
The company is pleased to announce that through its wholly owned
subsidiary Metrocars Ltd., it has agreed a deal to exclusively
distribute an electric vehicle known as 'Crossrider' in the UK and
Eire. The car is EC approved for road use, assembled in Spain and is
also suited for off road conditions. Demonstration vehicles are on
order and we look forward to their arrival in the UK soon.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Re Agreement
|
12/02/2009
|
Re Agreement METROELECTRIC PLC The company is pleased to announce that through its wholly owned subsidiary Metrocars Ltd., it has agreed a deal to exclusively distribute an electric vehicle known as ‘Crossrider’ in the UK and Eire. The car is EC approved for road use, assembled in Spain and is also suited for off road…
Read More
Re Agreement
METROELECTRIC PLC
The company is pleased to announce that through its wholly owned
subsidiary Metrocars Ltd., it has agreed a deal to exclusively
distribute an electric vehicle known as 'Crossrider' in the UK and
Eire. The car is EC approved for road use, assembled in Spain and is
also suited for off road conditions. Demonstration vehicles are on
order and we look forward to their arrival in the UK soon.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
|
08/01/2009
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 1,340,000 shares. Their holding in the Company is now 47,179,172 shares, representing 26.96% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange…
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Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
Crossfield Investments Ltd has sold 1,340,000 shares. Their holding
in the Company is now 47,179,172 shares, representing 26.96% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
|
06/01/2009
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 1,000,000 shares. Their holding in the Company is now 48,519,172 shares, representing 27.73% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange…
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Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
Crossfield Investments Ltd has sold 1,000,000 shares. Their holding
in the Company is now 48,519,172 shares, representing 27.73% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
|
30/12/2008
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 1,650.000 shares. Their holding in the Company is now 49,519,172 shares, representing 28.3% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange…
Read More
Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
Crossfield Investments Ltd has sold 1,650.000 shares. Their holding
in the Company is now 49,519,172 shares, representing 28.3% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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AGM Statement
|
08/12/2008
|
AGM Statement Metroelectric plc Announcements and details relating to the AGM and GM Metroelectric plc NOTICE OF ANNUAL GENERAL MEETING AND GENERAL MEETING Metroelectric plc (“Company”) announces that it has written to shareholders convening the Annual General Meeting (AGM) and General Meeting (GM) to be held at the offices of Fasken Martineau LLP, 17 Hanover…
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AGM Statement
Metroelectric plc
Announcements and details relating to the AGM and GM
Metroelectric plc
NOTICE OF ANNUAL GENERAL MEETING AND GENERAL MEETING
Metroelectric plc ("Company") announces that it has written to
shareholders convening the Annual General Meeting (AGM) and General
Meeting (GM) to be held at the offices of Fasken Martineau LLP, 17
Hanover Square, London W1S 1HU on 30 December 2008 at 10.30 am for
considering the following business:-
AS ORDINARY BUSINESS OF ANNUAL GENERAL MEETING
Considering and if thought fit passing the following resolutions
which will be proposed as ordinary resolutions:
1. To receive and adopt the Directors' Report and
Accounts for the year ended 30 June 2008.
2. To reappoint C J Driscoll as auditors to hold
office until conclusion of the next meeting at which the accounts are
laid before the Company at remuneration to be determined by the
directors.
3. To re-elect Greg Collier as a director retiring
pursuant to Article 118 of the Company's Articles of Association.
4. To re-elect Adrian Gleave as a director retiring
pursuant to Article 96 of the Company's Articles of Association.
GENERAL MEETING
In accordance with s142 Companies Act 1985 the Directors are required
to convene a meeting of shareholders as the Company's net assets are
less than half its paid-up share capital as set out in the Company's
accounts and to consider whether any, and if so what, steps should be
taken to deal with the situation. The Directors' intentions with
regard to the Company's future are set out in the Chairman's
Statement forming part of the Accounts. The Directors do not
consider any further steps are necessary beyond following the
strategy described in that statement.
Notes
1. Copies of the notice of meeting and the accompanying circular,
together with the Directors' report and financial statements for the
period from incorporation to 30 June 2008 will, for a period of one
month from the date of this announcement be available for inspection
free of charge during usual business hours at the registered office
of the Company, c/o Fasken Martineau LLP, 17 Hanover Square, London
W1S 1HU.
2. Shareholders are entitled to appoint one or more proxy or proxies
to attend the meeting, speak and vote on their behalf. A proxy need
not be a member of the Company. Appointment of a proxy will not
preclude the appointing shareholder from attending the meeting.
3. To be valid, proxies should be correctly completed and received
at the Company's registrar, Share Registrars Limited at Suite E,
First Floor, 9 Lion and Lamb Yard, Farnham, Surrey GU9 7LL, not later
than 10.30 am on Sunday 28 December 2008.
4. Further information regarding proxies is set out in the letter
sent to shareholders today.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Holding(s) in Company
|
08/12/2008
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that Crossfield Investments Ltd has sold 1,330,828 shares. Their holding in the Company is now 51,169,172 shares, representing 29.24% of the issued share capital. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange…
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Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
Crossfield Investments Ltd has sold 1,330,828 shares. Their holding
in the Company is now 51,169,172 shares, representing 29.24% of the
issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
Read Less
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Annual report & accounts
|
28/11/2008
|
Annual report & accounts METROELECTRIC PLC AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2008 Chairman’s Statement INTRODUCTION The Board is pleased to present the results for Metroelectric plc (“the Company”) for the year ended 30th June 2008. The Company was established by the Directors as a PLUS Markets Investment Vehicle seeking acquisition targets in…
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Annual report & accounts
METROELECTRIC PLC
AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2008
Chairman's Statement
INTRODUCTION
The Board is pleased to present the results for Metroelectric plc
("the Company") for the year ended 30th June 2008. The Company was
established by the Directors as a PLUS Markets Investment Vehicle
seeking acquisition targets in the information sector. On the 26th
November 2007 a resolution to change the name of the company to
Metroelectric plc (previously Metrocapital Information plc) was
passed and the scope of the business changed to allow the Company to
invest or trade in the eco-friendly products and technologies sector.
The Directors believe this to be an area of growth.
RESULTS
The Company achieved a loss for the year up to 30 June 2008 of
-ú136,980 largely as a result of listing and administration expenses.
Loss per ordinary share amounted to 0.078p in the period
REVIEW
On the 21st July 2008 the Company announced that it had signed a
letter of intent with a German car company to exclusively distribute
their electric vehicle in the UK/Eire and discussions are continuing.
In addition, we are in negotiations with a number of other electric
vehicle manufacturers in Europe and the Far East and expect to make a
further announcement shortly. The Company is aware of its need to
generate income but will only commit to product that is viable. The
Company continues to actively pursue potential investments and
suitable acquisition targets in this sector.
The Board is continuing to evaluate further possibilities and will
keep shareholders informed of any developments.
Greg Collier
Chairman
28th November 2008
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
METROELECTRIC PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2008
Period Period
ended ended
30 June 30 June
2008 2007
Notes -ú -ú
Administrative expenses (136,980) (2,108)
-------------- --------------
Loss on ordinary activities 2 (136,980) (2,108)
before
taxation
Tax on loss on ordinary 3 - -
activities
-------------- --------------
Loss for the year 7 (136,980) (2,108)
-------------- --------------
Basic and diluted loss per (0.078)p (0.0012)p
share
(Pence)
-------------- --------------
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing
through the profit and loss account.
METROELECTRIC PLC
BALANCE SHEET
AS AT 30 JUNE 2008
2008 2007
Notes -ú -ú -ú -ú
Current
assets
Stocks 5,000 -
Debtors 6 10,182 23,625
Cash at bank and in
hand 40,878 151,064
-------------- --------------
56,060 174,689
Creditors:
amounts
falling due
within one
year 7 (20,148) (1,797)
-------------- --------------
Total assets less current
liabilities 35,912 172,892
-------------- --------------
Capital and reserves
Called up
share capital 8 175,000 175,000
Profit and
loss account 9 (139,088) (2,108)
-------------- --------------
Shareholders'
funds 10 35,912 172,892
-------------- --------------
METROELECTRIC PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Period Period
ended ended
30 June 30 June
2008 2007
-ú -ú -ú -ú
Net cash outflow from
operating activities (110,186) (23,936)
-------------- --------------
Net cash outflow before
management of
liquid resources and
financing (110,186) (23,936)
Financing
Issue of ordinary share
capital - 175,000
Net cash (outflow)/inflow
from financing - 175,000
-------------- --------------
(Decrease)/increase in cash
in the year (110,186) 151,064
-------------- --------------
NOTES TO THE CASH FLOW STATEMENT
Reconciliation of operating loss to net cash
1 outflow from operating activities 2008 2007
-ú -ú
Operating loss (136,980) (2,108)
(Increase)/decrease in stocks (5,000) -
Decrease/(increase) in debtors 13,443 (23,625)
Increase in creditors within one year 18,351 1,797
-------------- -------------
Net cash outflow from operating activities (110,186) (23,936)
-------------- -------------
Other non-
Analysis of net cash 30 June
2 funds 1 July 2007 Cash flow changes 2008
-ú -ú -ú -ú
Net cash:
Cash at bank and in
hand 151,064 (110,186) - 40,878
-------------- -------------- -------------- --------------
Bank deposits - - - -
Net funds 151,064 (110,186) - 40,878
-------------- -------------- -------------- --------------
Reconciliation of net cash flow to movement in
3 net funds 2008 2007
-ú -ú
(Decrease)/increase
in cash in the year (110,186) 151,064
-------------- --------------
Movement in net funds in the year (110,186) 151,064
Opening net funds 151,064 -
-------------- --------------
Closing net funds 40,878 151,064
-------------- --------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical
cost convention.
1.2 Compliance with accounting standards
The financial statements are prepared in accordance with
applicable United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice), which have
been applied consistently (except as otherwise stated).
2 Operating loss 2008 2007
-ú -ú
Operating loss is stated after charging:
Auditors' remuneration 300 294
Directors' emoluments 23,000 -
-------------- --------------
3 Taxation 2008 2007
Current tax charge - -
-------------- --------------
Factors affecting the tax charge for the year
Loss on ordinary activities (136,980) (2,108)
before taxation
-------------- --------------
4 Dividends
The directors have not voted a
dividend during the year.
5 Loss per share 2008 2007
Weighted average ordinary
shares in issue during the 175,000,000 175,000,000
period
Loss attributable to 0.078p 0.0012p
shareholders: Continuing
operations
-------------- --------------
The calculation of loss per ordinary share is based on the loss
after tax and the weighted average number of ordinary shares in
issue during the period. Given the Company's loss for the
period, the diluted loss per share is the same as the basic loss
per share.
6 Debtors 2008 2007
-ú -ú
Other debtors and prepayments 10,182 23,625
-------------- --------------
Creditors: amounts falling due
7 within one year 2008 2007
-ú -ú
Trade Creditors 17,950 -
Other creditors 2,198 1,797
-------------- --------------
20,148 1,797
-------------- --------------
8 Share capital 2008 2007
-ú -ú
Authorised
10,000,000,000 Ordinary shares
of 0.001p each 10,000,000 10,000,000
-------------- --------------
Allotted, called up and fully paid
175,000,000 Ordinary shares of
0.001p each 175,000 175,000
-------------- --------------
9 Statement of movements on profit and loss account
Profit and
loss
account
-ú
Balance at 1 July 2007 (2,108)
Loss for the year (136,980)
--------------
Balance at 30 June 2008 (139,088)
--------------
Reconciliation of movements in
10 shareholders' funds 2008 2007
-ú -ú
Loss for the financial year (136,980) (2,108)
Proceeds from issue of shares - 175,000
-------------- --------------
Net (depletion in)/addition to
shareholders' funds (136,980) 172,892
Opening shareholders' funds 172,892 -
-------------- --------------
Closing shareholders' funds 35,912 172,892
-------------- --------------
11 Approval of Audited Accounts
The financial information set out above, does not
constitute full accounts within the meaning of Section 240
of the Companies Act 1985 ('the Act'), were approved by
the Board of Directors on 27th November 2008. The audited
accounts for the Company for the year, received an
unqualified auditors' report within the meaning of Section
235 of the Act.
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Holding(s) in Company
|
13/11/2008
|
Holding(s) in Company METROELECTRIC PLC Metroelectric Plc (the “Company”) today received notification that European Pension Management Ltd acquired 8,538,943 shares. Mr. S. Jones is the beneficiary of the pension fund and this holding represents 4.879% of the issued share capital. The company also received notification that Gordon Maclean has sold 9,940,000 shares. This represents his…
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Holding(s) in Company
METROELECTRIC PLC
Metroelectric Plc (the "Company") today received notification that
European Pension Management Ltd acquired 8,538,943 shares. Mr. S.
Jones is the beneficiary of the pension fund and this holding
represents 4.879% of the issued share capital.
The company also received notification that Gordon Maclean has sold
9,940,000 shares. This represents his entire holding in the company.
The company also received notification that Ashwillow Ltd has sold
20,000,000 shares. Their holding in the company is now 22,500,000
shares, representing 12.857% of the issued share capital.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Director/PDMR Shareholding
|
24/09/2008
|
Director/PDMR Shareholding METROELECTRIC PLC Correction – Directors Dealings Further to yesterday’s announcement, the transaction price was at 1p per share and the date of the transaction was 23rd September 2008. The full amended announcement is below. The Board of Metroelectric PLC (‘the company’) announces that Greg Collier, Chairman purchased 1,000,000 ordinary shares in the company…
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Director/PDMR Shareholding
METROELECTRIC PLC
Correction - Directors Dealings
Further to yesterday's announcement, the transaction price was at 1p
per share and the date of the transaction was 23rd September 2008.
The full amended announcement is below.
The Board of Metroelectric PLC ('the company') announces that Greg
Collier, Chairman purchased 1,000,000 ordinary shares in the company
at 1p per share on 23rd September 2008.
The total number of shares in issue is 175,000,000 and this purchase
represents
0.57% per cent of the total shares in issue.
The Directors' shareholding is now 1,000,000 shares representing
0.57% of the
total shares in issue.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Director/PDMR Shareholding
|
23/09/2008
|
Director/PDMR Shareholding DIRECTORS HOLDINGS The Board of Metroelectric PLC (‘the company’) announces that Greg Collier, Chairman has purchased 1,000,000 ordinary shares in the company. The total number of shares in issue is 175,000,000 and this purchase represents 0.57% per cent of the total shares in issue. The Directors’ shareholding is now 1,000,000 shares representing 0.57%…
Read More
Director/PDMR Shareholding
DIRECTORS HOLDINGS
The Board of Metroelectric PLC ('the company') announces that Greg
Collier, Chairman has purchased 1,000,000 ordinary shares in the
company.
The total number of shares in issue is 175,000,000 and this purchase
represents
0.57% per cent of the total shares in issue.
The Directors' shareholding is now 1,000,000 shares representing
0.57% of the
total shares in issue.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Letter of Intent Signed
|
18/07/2008
|
Letter of Intent Signed METROELECTRIC PLC The company is pleased to announce that it has signed a letter of intent with a German Car Manufacturer to exclusively distribute their EEC approved electric cars in the UK and Eire. Contract formalities are to be finalised in the next 21 days. We expect to have a demonstrator…
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Letter of Intent Signed
METROELECTRIC PLC
The company is pleased to announce that it has signed a letter of
intent with a German Car Manufacturer to exclusively distribute their
EEC approved electric cars in the UK and Eire. Contract formalities
are to be finalised in the next 21 days. We expect to have a
demonstrator car in the UK shortly and production models available
from fourth quarter 2008.
A further announcement will be made in due course.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0203 301 3356
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Disposal
|
23/05/2008
|
Disposal METROELECTRIC PLC The company has become aware that Mr. R. De Mendonca, sold his entire shareholding of 10,000,000 shares on the 28th of March 2008. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange Corporate Finance Ltd John Bridges Tel: 0207 312 6530
Read More
Disposal
METROELECTRIC PLC
The company has become aware that Mr. R. De Mendonca, sold his entire
shareholding of 10,000,000 shares on the 28th of March 2008.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Statement re Share Price Movement
|
23/05/2008
|
Statement re Share Price Movement METROELECTRIC PLC The company is aware of recent price movements but knows of no reason for the fall in share price. The Directors of the Company accept responsibility for this announcement. Enquiries: Metroelectric Plc Greg Collier Tel: 07830 182501 Orange Corporate Finance Ltd John Bridges Tel: 0207 312 6530
Read More
Statement re Share Price Movement
METROELECTRIC PLC
The company is aware of recent price movements but knows of no reason
for the fall in share price.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Directorate change
|
09/05/2008
|
Directorate change METROELECTRIC PLC -á The Directors of Metroelectric are pleased to announce the appointment of Adrian Gleave to the board. Adrian (aged 37 years) created Intent21 Ltd in 2000, which developed into a high speed wholesale IP services and computer consumables supplier to the SME market. It is also a distributor for Linux based…
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Directorate change
METROELECTRIC PLC
-á
The Directors of Metroelectric are pleased to announce the
appointment of Adrian Gleave to the board.
Adrian (aged 37 years) created Intent21 Ltd in 2000, which developed
into a high speed wholesale IP services and computer consumables
supplier to the SME market. It is also a distributor for Linux based
server software in the Middle East.-á Adrian is currently selling
Intent21 Ltd to a NASDAQ quoted company and has been invited onto the
board. In addition Adrian manages a residential property portfolio.
The Board look forward to working with Adrian, including product
development and maximising marketing opportunities for the Company.
Due to unforeseen health problems Tim Walker has had to resign as
Chairman. The company wish to thank Tim for his assistance and wish
him well in the future.
-á
Greg Collier has agreed to act as Chairman.
-á
The Directors of the Company accept responsibility for this
announcement.
-á
Enquiries:
-á
Metroelectric Plc
-á
Greg Collier
-á
Tel:-á 07830 182501
-á
Orange Corporate Finance Ltd
-á
John Bridges
-á
Tel:-á 0207 312 6530
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Notice of Results
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31/03/2008
|
Notice of Results METROELECTRIC PLC – INTERIM RESULTS Chairman’s Statement I am pleased to present the interim results for the company up to 31st December 2007. The company is now established to acquire and/or invest in the field of eco-friendly products and technologies. We are currently making progress in the area of electric vehicles. We…
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Notice of Results
METROELECTRIC PLC - INTERIM RESULTS
Chairman's Statement
I am pleased to present the interim results for the company up to
31st December 2007.
The company is now established to acquire and/or invest in the field
of eco-friendly products and technologies. We are currently making
progress in the area of electric vehicles. We anticipate this sector
to be an area of major growth as in our opinion, electric propulsion
appears to be the most likely successor to the combustion engine. As
electric vehicle technology is in its infancy, we are researching the
market and ensuring the correct safety, EEC/UK legislation is met
before we commit to a number of opportunities that we have developed.
We hope to be in a position to make a further announcement in the
near future.
Metroelectric PLC was admitted to the PLUS market on 23rd July 2007
and the associated administrative costs are reflected in these
figures.
Tim Walker
Chairman
METROELECTRIC PLC
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2007
Unaudited for the 6 Audited for the
months ended 31 period ended 30th
December 2007 June 2007
-ú -ú
Turnover - -
Administrative expenses (96,901) (2,108)
-------------- --------------
Loss on ordinary
activities before
taxation (96,901) (2,108)
Tax on loss on
ordinary activities - -
-------------- --------------
Loss for the period (96,901) (2,108)
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing
through the
profit and loss account.
METROELECTRIC PLC
UNAUDITED BALANCE SHEET
AS AT 31 DECEMBER 2007
Unaudited As At 31 As At 30
December 2007 June 2007
Notes -ú -ú
Current assets
Debtors 5,483 23,625
Cash at bank and in hand 72,081 151,064
-------------- --------------
77,564 174,689
Creditors: amounts
falling due within
one year (1,573) (1,797)
-------------- --------------
Total assets less current
liabilities 75,991 172,892
Capital and reserves
Called up share
capital 175,000 175,000
Profit and loss
account (99,009) (2,108)
-------------- --------------
Shareholders' funds 75,991 172,892
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Holding(s) in Company
|
07/03/2008
|
Holding(s) in Company METROELECTRIC PLC SHAREHOLDINGS IN THE COMPANY On 5th March 2008, Metroelectric Plc (the “Company”) received notification that European Pension Management Ltd acquired 12,000,000 shares. Mr D. Cope is the beneficiary of the pension fund, with 6.85% of the issued share capital. On 5th March 2008, Metroelectric Plc (the “Company”) received notification that…
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Holding(s) in Company
METROELECTRIC PLC
SHAREHOLDINGS IN THE COMPANY
On 5th March 2008, Metroelectric Plc (the "Company") received
notification that European Pension Management Ltd acquired
12,000,000 shares. Mr D. Cope is the beneficiary of the pension
fund, with 6.85% of the issued share capital.
On 5th March 2008, Metroelectric Plc (the "Company") received
notification that Mark More O'Ferrall has sold 20,000,000 shares.
This represents his entire holding in the company.
The Directors of the Company accept responsibility for this
announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
- ---END OF MESSAGE---
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Chairmans Statement
|
05/12/2007
|
METROELECTRIC PLC AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2007 CHAIRMAN’S STATEMENT I duly report the maiden results for the period ended 30 June 2007 of Metroelectric plc (“Metroelectric” or “the Company”), which was incorporated on 8th of June 2006. The company made a loss of GBP2,108.00. The company was listed on 23rd of…
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METROELECTRIC PLC
AUDITED RESULTS FOR THE PERIOD ENDED 30th JUNE 2007
CHAIRMAN'S STATEMENT
I duly report the maiden results for the period ended 30 June 2007 of
Metroelectric plc ("Metroelectric" or "the Company"), which was incorporated
on 8th of June 2006.
The company made a loss of GBP2,108.00.
The company was listed on 23rd of July 2007 under the name Metrocapital
Information plc.
On 26th November 2007, the shareholders voted at a General Meeting to approve
that the name of the Company be changed to Metroelectric plc and the scope of
the business be changed to allow the Company to invest or trade in the
eco-friendly products and technologies sector.
The Company continues to actively pursue potential investments and suitable
acquisition targets in this sector and also is in discussion with a number of
Chinese electric vehicle manufacturers to become the European sole distributor
for various electric vehicles.
Chairman
Tim Walker
The Directors of the Company accept responsibility for this announcement.
METROELECTRIC PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007
2007
GBP
Administrative expenses (2,108)
-------
LOSS ON ORDINARYACTIVITES BEFORE TAXATION (2,108)
Tax on loss on ordinary activities -
-------
LOSS FOR THE PERIOD (2,108)
-------
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
METROELECTRIC PLC
BALANCE SHEET AS AT 30 JUNE 2007
2007
GBP GBP
CURRENT ASSETS
Debtors 23,625
Cash at bank and in hand 151,064
-------
174,689
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (1,797)
-------
TOTAL ASSETS LESS CURRENT LIABILITIES 172,892
-------
CAPITAL AND RESERVES
Called up share capital 175,000
Profit and loss account (2,108)
-------
SHAREHOLDER'S FUNDS 172,892
-------
Note: The information contained in the announcement is an abridged version of
the Company's audited consolidated accounts.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Notice of Annual General Meeting
|
05/12/2007
|
Metroelectric plc Announcements and details relating to the AGM Metroelectric plc NOTICE OF ANNUAL GENERAL MEETING Metroelectric plc (“Company”) announces that it has written to shareholders convening the Annual General Meeting (AGM) to be held at the offices of Fasken Martineau Stringer Saul LLP, 17 Hanover Square, London W1S 1HU on 28 December 2007 at…
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Metroelectric plc
Announcements and details relating to the AGM
Metroelectric plc
NOTICE OF ANNUAL GENERAL MEETING
Metroelectric plc ("Company") announces that it has written to shareholders
convening the Annual General Meeting (AGM) to be held at the offices of Fasken
Martineau Stringer Saul LLP, 17 Hanover Square, London W1S 1HU on 28 December
2007 at 11.00 am for considering the following business:-
AS ORDINARY BUSINESS
Considering and if thought fit passing the following resolutions which will be
proposed as ordinary resolutions:
1. To receive and adopt the Directors' Report and Accounts for the period
from incorporation to 30 June 2007.
2. To appoint C J Driscoll as auditors to hold office until conclusion of
the next meeting at which the accounts are laid before the Company at a
remuneration to be determined by the directors.
AS SPECIAL BUSINESS
Considering and if thought fit passing the following resolutions which will be
proposed as to resolution 3 as a special resolution and as to resolutions 4
and 5 as ordinary resolutions
3. THAT:
(a) The Articles of Association of the Company be and are hereby amended as
follows:
(i) By the insertion of a new article 120A as follows:
"120A The directors may appoint a person who is willing to act to be a
director, either to fill a vacancy or as an additional director, provided that
the appointment does not cause the number of directors to exceed any number
fixed by or in accordance with the articles as the maximum number of
directors. A director so appointed shall hold office only until the next
following annual general meeting and shall not be taken into account in
determining the directors who are to retire by rotation at the meeting. If
not reappointed at such annual general meeting, he shall vacate office at the
conclusion thereof."
(ii) By the deletion of the following sentence from Article 128:
"Until otherwise determined, three persons present in person or by his
alternate shall constitute a quorum."
and the insertion in its place of the following:
"Until otherwise determined, two persons present in person or by his alternate
shall constitute a quorum; Provided Always that if by virtue of these Articles
only one director shall be capable of being included in the quorum than that
director shall himself constitute a quorum."
(b) all steps taken by the boards of directors from time to time be and
they are hereby ratified and confirmed to the extent that such actions may be
defective by reason of the lack of a quorate board meeting or of any defects
in the appointments of such directors.
4. That the appointment of Timothy Walker as a director of the Company be
and is hereby approved ratified and confirmed and that the Company hereby
approves ratifies and confirms all steps taken by the said Timothy Walker as a
director notwithstanding any defect in his appointment.
5. That the appointment of Greg Collier as a director of the Company be and
is hereby approved ratified and confirmed and that the Company hereby approves
ratifies and confirms all steps taken by the said Greg Collier as a director
notwithstanding any defect in his appointment.
By Order of the Board
First Nominees Secretaries Limited
Secretary
Dated 4 December 2007
Notes
1. Copies of the notice of meeting and the accompanying circular, together
with the Directors' report and financial statements for the period from
incorporation to 30 June 2007 will, for a period of one month from the date of
this announcement be available for inspection free of charge during usual
business hours at the registered office of the Company, c/o Fasken Martineau
Stringer Saul LLP, 17 Hanover Square, London W1S 1HU.
2. Shareholders are entitled to appoint one or more proxy or proxies to
attend the meeting, speak and vote on their behalf. A proxy need not be a
member of the Company. Appointment of a proxy will not preclude the appointing
shareholder from attending the meeting.
3. To be valid, proxies should be correctly completed and received at the
Company's registrar, Share Registrars Limited at Craven House, West Street,
Farnham, Surrey GU9 7EN, not later than 11.00 am on Monday 24 December 2007.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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RESULT OF GENERAL MEETING
|
27/11/2007
|
METROELECTRIC PLC (formerly Metrocapital Information Plc) RESULT OF GENERAL MEETING (“GM”) The Directors are pleased to announce that at the GM held at 11 am on November 26, 2007, a special resolution was passed to change the Company name from Metrocapital Information Plc to Metroelectric Plc. The change of name has become effective today. All…
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METROELECTRIC PLC
(formerly Metrocapital Information Plc)
RESULT OF GENERAL MEETING ("GM")
The Directors are pleased to announce that at the GM held at 11 am on November
26, 2007, a special resolution was passed to change the Company name from
Metrocapital Information Plc to Metroelectric Plc. The change of name has
become effective today.
All other resolutions were duly passed.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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NOTICE OF GENERAL MEETING
|
02/11/2007
|
Metrocapital Information Plc NOTICE OF GENERAL MEETING Metrocapital Information Plc (“Company”) announces that it has written to shareholders convening a General Meeting (GM) to be held at the offices of Orange Corporate Finance, 10 Orange Street, Haymarket, London WC2H 7DQ on 26 November 2007 at 11 am. The Directors are seeking shareholder approval that: *…
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Metrocapital Information Plc
NOTICE OF GENERAL MEETING
Metrocapital Information Plc ("Company") announces that it has written to
shareholders convening a General Meeting (GM) to be held at the offices of
Orange Corporate Finance, 10 Orange Street, Haymarket, London WC2H 7DQ on 26
November 2007 at 11 am.
The Directors are seeking shareholder approval that:
* The name of the Company be changed to Metroelectric plc.
*The scope of the business be changed to allow the Company to invest or trade
in the eco-friendly products and technologies sector.
One example might be that of electric vehicles. Recent technology has enabled
electric vehicles to offer an alternative to the combustion engine whilst
reducing the carbon footprint. Additionally, latest battery technology has
increased performance, given greater mileage and reduced charging times. The
Directors believe this to be an area of growth.
No other business will be transacted at the GM.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metrocapital Information Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Reduction in Shareholding
|
24/10/2007
|
METROCAPITAL INFORMATION PLC HOLDINGS IN COMPANY Ashwillow Ltd. has advised the Board of Metrocapital Information Plc that it has sold 7,500,000 ordinary shares in the Company. Accordingly, Ashwillow Ltd. now holds 42,500,000 ordinary shares in the company, representing 24.29% of the total issued share capital. The Directors of the Company accept responsibility for this announcement….
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METROCAPITAL INFORMATION PLC
HOLDINGS IN COMPANY
Ashwillow Ltd. has advised the Board of Metrocapital Information Plc that it
has sold 7,500,000 ordinary shares in the Company. Accordingly, Ashwillow Ltd.
now holds 42,500,000 ordinary shares in the company, representing 24.29% of the
total issued share capital.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metrocapital Information Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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APPOINTMENT OF PLUS CORPORATE ADVISER
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04/10/2007
|
Metrocapital Information Plc APPOINTMENT OF PLUS CORPORATE ADVISER The Board of Metrocapital Information Plc (“Company”) is pleased to announce the appointment of Orange Corporate Finance Ltd as the Company’s PLUS Corporate Adviser with immediate effect. The Directors of the Company accept responsibility for this announcement. Enquiries: Metrocapital Information Plc Greg Collier Tel: 07830 182501 Orange…
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Metrocapital Information Plc
APPOINTMENT OF PLUS CORPORATE ADVISER
The Board of Metrocapital Information Plc ("Company") is pleased to announce
the appointment of Orange Corporate Finance Ltd as the Company's PLUS
Corporate Adviser with immediate effect.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metrocapital Information Plc
Greg Collier
Tel: 07830 182501
Orange Corporate Finance Ltd
John Bridges
Tel: 0207 312 6530
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Change of Directors and Resignation of Advisor
|
13/09/2007
|
Newstrack Announcements * September 2007 METROCAPITAL INFORMATION PLC CHANGE OF DIRECTORS AND RESIGNATION OF CORPORATE ADVISOR Metrocapital Information plc (“Metrocapital” or “the Company”) wishes to announce that Gregory Collier and Timothy Walker have been appointed to the board of directors. Greg (age 46) has been involved in running businesses for the last 28 years in…
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Newstrack Announcements
* September 2007
METROCAPITAL INFORMATION PLC
CHANGE OF DIRECTORS AND RESIGNATION OF CORPORATE ADVISOR
Metrocapital Information plc ("Metrocapital" or "the Company") wishes to
announce that Gregory Collier and Timothy Walker have been appointed to the
board of directors.
Greg (age 46) has been involved in running businesses for the last 28 years in
contract cleaning, catering, leisure, restaurant and property. More recently he
has been involved in building a toy distribution business.
Greg brings knowledge of international trade, marketing, wholesale distribution
and business management.
Greg has held the following directorships during the past five years:
PRESENT PREVIOUS
Quick Marketing Ltd Winterway Investments Limited
Iver Heath Properties Ltd Chessington Limited
Red Robin Properties Ltd
Rick Properties Ltd
RQP Ltd
Corplus Ltd
Quick Toys And Games Plc
Tim (age 56) who will become Chairman of the company has over 25
years experience in the city of London, initially with stockbrokers Shaw
and Co, seventeen years with Merrill Lynch and two years with GNI.
Tim brings a wealth of experience and connections, Apart from his current
directorships he also runs the Dubai Thoroughbred Racing Partnership.
Tim has held the following directorships during the past five years:
PRESENT PREVIOUS
Alphaworx plc None
G J West Limited
There are no other matters which are required to be announced pursuant to
Paragraph 18 of Appendix 1 of the PLUS Markets "Rules for Issuers".
Subsequent to the appointment of Greg Collier and Timothy Walker the two
incumbent directors, Gordon Maclean and Jonathon De Mendonca, have resigned
as directors of the Company to pursue their own business interests.
We wish to thank both Gordon and Jonathon for their assistance in obtaining
admission of the Company's securities to PLUS Markets.
As a result of the change of board Alfred Henry Corporate Finance Limited have
resigned as Corporate Advisor to the Company. We expect to make an announcement
imminently regarding the appointment of a new Corporate Advisor.
The new Directors of the Issuer accept responsibility for this announcement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory Collier, Director
Metrocapital Information Plc
Tel: 07830-182501
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Reduction in Shareholding
|
08/08/2007
|
Newstrack Announcements 8 August 2008 METROCAPITAL INFORMATION PLC Share Sale by Substantial Shareholder Ashwillow Limited Transaction Type: Sale Number of Shares: 2,500,000 Date of transaction: 25 July 2007 Date Received Notification: 26 July 2007 Number of Shares now held: 50,000,000 Percentage Holding: 28.6% The Directors of the Issuer accept responsibility for this announcement. FOR FURTHER…
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Newstrack Announcements
8 August 2008
METROCAPITAL INFORMATION PLC
Share Sale by Substantial Shareholder
Ashwillow Limited
Transaction Type: Sale
Number of Shares: 2,500,000
Date of transaction: 25 July 2007
Date Received Notification: 26 July 2007
Number of Shares now held: 50,000,000
Percentage Holding: 28.6%
The Directors of the Issuer accept responsibility for this announcement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gordon Maclean, Director
Metrocapital Information Plc
Tel: 0870 365 8000
Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: 020 7251 3762
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Start of Trading on PLUS Markets
|
23/07/2007
|
METROCAPITAL INFORMATION PLC ADMISSION ANNOUNCEMENT The Directors of Metrocapital Information Plc (“the Company”) are pleased to announce that the Company’s shares have commenced trading on PLUS Markets (“PLUS”) today. The Company is classified under Section 87 of the FTSE Global Classification System, Speciality and Other Finance. Metrocapital Information plc is a company established by the…
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METROCAPITAL INFORMATION PLC
ADMISSION ANNOUNCEMENT
The Directors of Metrocapital Information Plc ("the Company") are pleased to
announce that the Company's shares have commenced trading on PLUS Markets
("PLUS") today.
The Company is classified under Section 87 of the FTSE Global Classification
System, Speciality and Other Finance.
Metrocapital Information plc is a company established by the Directors as a
PLUS Markets Investment Vehicle. The Directors believe that there are a number
of potentially attractive investment opportunities in the information and
communications sector and have therefore obtained a PLUS Markets listing for
this new investment company that will look to make acquisitions in the sector.
The Company has admitted its entire issued share capital of 175,000,000
Ordinary shares of GBP 0.001, each of which were issued at par to the current
shareholders to raise funds of GBP175,000.
Pursuant to a warrant instrument dated 6 November 2006, the Company has granted
Warrants to the following persons:
Name Number of Warrants
REL SA 25,000,000
David Gordon MacLean 10,000,000
Richard James Armstrong 2,500,000
Rudolph de Mendonca 10,000,000
Jonathon James Bellew de Mendonca *2,500,000
* Jonathon de Mendonca and the Company have agreed that his directors fees for
the first twelve months following Admission (GBP9,000) are to be satisfied by
the
issue to him of 9,000,000 Warrants.
The warrants entitle the registered holder to subscribe for one Ordinary Share
at 0.1p at any time up to the third anniversary of Admission.
INVESTMENT STRATEGY
The Directors' investment criteria are that:
- the acquisition opportunity will be in the business of the
information and communications industry;
- the target should be profitable or have significant asset value and
may have opportunities for consolidation or further development. The
Directors will, on an exceptional basis, also consider loss-making
targets where, in the Directors' opinion, there is a clear
opportunity to develop a profitable and attractive business; and
- the owners of the business should accept part or all of the
consideration for any acquisition in new Ordinary Shares or other
securities to be issued by the Company.
While the Directors expect to concentrate their efforts in the UK, a broader
range of potential targets may be considered should appropriate opportunities
arise.
The acquisition of the business is expected to be made by way of a reverse
takeover, at which time the Company will, as soon as possible, send an
explanatory circular to its shareholders. The circular will contain all
information reasonably required to carry out an informed assessment of the
financial position and prospects of the Company as enlarged by the acquisition,
such that there is a reasonable basis for shareholders to exercise voting
rights. The Company will obtain the consent of its shareholders at general
meeting as a condition of the transaction.
It is likely under these circumstances that the Directors will request PLUS
suspend trading in the Company's securities pending the publication of the
explanatory circular.
It is the intention that the day-to-day management of the business that is
acquired by the Company will remain in the hands of existing management.
Once the first acquisition is complete the Directors will consider whether
further acquisitions are likely to result in synergies and a subsequent
increase in shareholder value.
The Directors have considerable collective experience of identifying, investing
in and acquiring growth companies and extensive contacts both in the
information and communications industry and in the financial community. They
will use this experience and their contact base to identify appropriate
targets, carry out due diligence and negotiate the acquisition, bringing in
external consultants and professional advisers, where appropriate, to assist in
the process.
Where possible, the Directors intend to seek appropriate indemnities from the
vendors of relevant targets, for the circumstances in which costs are incurred
on potential transactions which do not ultimately complete.
If the Company fails to complete an acquisition as outlined above within two
years from the date of Admission a resolution will be proposed for a members'
voluntary liquidation of the Company (pursuant to Part IV of the Insolvency Act
1986 (as amended)) and funds shall be returned (after payment of the expenses
and liabilities of the Company) to Shareholders pro rata to their respective
shareholdings.
REASONS FOR THE INTRODUCTION TO PLUS MARKETS
The Directors believe that the benefits of introducing the Company to trading
on PLUS Markets include:
* the ability to enter into negotiations with vendors of businesses or
companies, to whom the issue of publicly traded shares as consideration is
potentially more attractive than the issue of shares in an equivalent
private company for which no trading facility exists;
* the ability to raise further funds in the future, either to enable a
proposed acquisition to be completed and/or to raise additional working
capital or developmental capital for the Company once the acquisition has
been completed; and
* the ability should the Directors so decide to attract high quality
directors and employees by offering share options. The Directors consider
that the ability to grant options over PLUS Markets traded shares is
potentially more attractive to directors and employees that the grant of
options over unquoted shares.
Operating costs will be maintained at the minimum level consistent with the
Company's status as a publicly quoted company. The Company will not acquire
premises of its own or engage any full-time employees before making an
acquisition. The Company may seek additional resources once targets have been
identified (including, to the extent necessary, in respect of professional fees
associated with acquiring such targets) although the intention is for as much
of the consideration as possible to be settled in shares of the Company.
The Board will keep Shareholders informed of the Company's developments and
where appropriate will seek Shareholder approval for any major transaction.
The Directors intend, upon the Company making a successful acquisition, to re-
consider the constitution of the Board and to make any necessary changes in
order to meet the needs of the Company going forward.
THE DIRECTORS
Brief biographical details of the Directors are set out below:
DAVID GORDON MACLEAN (CHAIRMAN - AGED 42)
Gordon MacLean has spent over 13 years in investment banking with a number of
leading companies including Swiss Bank Corporation, Smith New Court (now part
of Merrill Lynch) and Robert Fleming & Co. He specialised in the Scandinavian
equities market and has been involved in several high-profile share issues and
corporate transactions. Between 1997 and 2000 he was head of sales, covering
the UK, European, North American and Middle Eastern markets for Den Danske Bank
in London. More recently he co-founded two UK based businesses, providing
property related services to the telecommunications industry; TelcoSolutions
Limited and Six-AM Limited, and co-founded E-Face Limited, which specialises in
non-surgical cosmetic procedures. He was also a director of Griffin Group plc
being actively involved during its move from PLUS Markets to AIM. From May
2004 to May 2006 he was a director of Braemar Group plc (formerly Metrocapital
plc) and was actively involved in the reversal of both Griffin Group plc and
Braemar Group plc into two separate AIM listed vehicles.
Gordon has experience in the information and communication sector which has
included raising money for TelcoSolutions Limited and Six-AM Limited, companies
which deal in the housing of telecom and IT operations and back-up services,
and for Matchday Media which is involved in the installation of screen-based
videos and the television transmission of information and advertising in
Premiership football stadia. Gordon has also worked on the funding of a
magazine/publishing project. In recent years he has experience of and has been
instrumental in the introduction of private and institutional investors into
AIM and PLUS transactions, as well as for private transactions, most recently
in relation to the reversal of Metrocapital plc (now called Braemar Group plc)
into an AIM listed vehicle, and a number of other public and private company
transactions and equity fundraisings ranging from GBP300k to GBP400m.
JONATHON JAMES BELLEW DE MENDONCA (INVESTMENT DIRECTOR - AGED 27)
Jonathon gained his undergraduate degree in physiology from King's College,
University of London in 2002. After graduation he worked for Merchant Capital
plc as a researcher and corporate finance adviser. In March 2005 he moved to
AON Corporation ("AON"), the largest global reinsurance broker and the second
largest global insurance broker, where he specialises in corporate analysis in
relation to their property and casualty business as well as being AON's senior
analyst for life and health business. In this role Jonathon serves as an
adviser to AON's International Market Security Committee and is a voting member
of and adviser to AON's International Market Security Sub-Committee for life
and health business. Jonathon is also director of Puzzlenut Limited, an
internet-based entertainment company offering a range of puzzles and games.
In his previous role within corporate finance, he was involved in the
admissions to AIM and placingc for of a number of companies including BWA Group
plc, Weatherly International plc, Synigence plc & Merchant House Group plc.
These transactions ranged in value from GBP250k to GBP5m.
The Directors have considerable collective experience of identifying, investing
in and acquiring growth companies and extensive contacts both in the
information and communication industry and in the financial community. They
will use this experience and their contact base to identify appropriate
targets, carry out due diligence and negotiate acquisitions, bringing in
external consultants and advisers, where appropriate.
SHAREHOLDERS WITH OVER 3% OF THE ISSUED SHARE CAPITAL
SHAREHOLDER NUMBER OF
ORDINARY SHARES %AGE
AshWillow Limited * 52,500,000 30.0%
Crossfields Investments Limited ** 52,500,000 30.0%
REL SA *** 25,000,000 14.3%
Mark More O'Ferrall 20,000,000 11.4%
David Gordon MacLean 10,000,000 5.7%
Rudolph de Mendonca 10,000,000 5.7%
* The entire issued share capital of AshWillow Limited is registered in the
name of Terry Chambers
** The entire issued share capital of Crossfields Investments Limited is
registered in the name of Maxwell Eagle
*** The entire issued share capital of REL SA is registered in the name of
Shrikant Ruparel
DIRECTOR INTERESTS
SHAREHOLDER NUMBER OF
ORDINARY SHARES %AGE
David Gordon MacLean 10,000,000 5.7%
Jonathon James Bellew de Mendonca 2,500,000 1.4%
RISK FACTORS
In addition to the usual risks associated with investing in small, high growth
businesses, the Company faces the following specific risks:
(i) The Company's success will depend on the retention of its Directors and
any future management team, and on its ability to continue to attract and
retain highly skilled and qualified personnel. There can be no assurance
that the Company will retain the services of any of its Directors, or
attract or retain any senior managers or skilled employees.
(ii) PLUS Markets is not the same as AIM or the Official List and the Ordinary
Shares are not listed or traded on any stock exchange. Notwithstanding the
fact that an application will be made for the Ordinary Shares to be traded
off exchange through PLUS Markets this should not be taken as implying
that there will be a "liquid" market in the Ordinary Shares. An investment
in the Ordinary Shares may thus be difficult to realise. The value of the
Ordinary Shares may go down as well as up. Investors may therefore realise
less than their original investment, or sustain a total loss of their
investment. The market price of the Ordinary Shares may not reflect the
underlying value of the Company's net assets or operations.
(iii)Continued membership of PLUS Markets is entirely at the discretion of PLUS
Markets plc.
(iv) The Company's Ordinary Shares are intended for capital growth and
therefore may not be suitable as a short-term investment. Investors may
therefore not realise their original investment at all, or within the
time-frame they had originally anticipated.
(v) Any changes to the regulatory environment, in particular the PLUS Markets
Rules regarding companies such as Metrocapital Information could, for
example, affect the ability of the Company to maintain a trading facility
on PLUS Markets.
(vi) If the Company has not undertaken an acquisition within 24 months of the
start of trading on PLUS Markets, there is no guarantee that the Company
can maintain a PLUS Markets trading facility.
(vii)It is the Company's intention to issue Ordinary Shares to satisfy all
or part of any consideration payable on an acquisition, but vendors of
suitable companies or businesses may not be prepared to accept shares
traded on PLUS Markets or may not be prepared to accept Ordinary Shares
at the quoted market price. If that is the case is may be necessary to
raise additional funds to carry out an acquisition. There is no
guarantee that the Company will be able to raise additional funds.
DIRECTORS' CURRENT AND PAST DIRECTORSHIPS
DIRECTOR CURRENT DIRECTORSHIPS: PREVIOUS DIRECTORSHIPS:
David Gordon MacLean
Jumpstartup Limited Braemar Group plc
Metrocapital Associates Limited Griffin Group plc
Metrocapital Engineering plc Match Day Media Limited
Metrocapital Finance Limited Oval (2001) Limited
Metrocapital Limited Oval (2007) Limited
Metrocapital Media plc Rusbrook Limited
Metrocapital Tech plc Six-AM Limited
Minlay Limited Stratford Capital Limited
Oval (2087) Limited
Techcreation plc
Jonathon James Bellew de Mendonca
Alphaworx plc Internet Incubations Limited
Belisarius Limited Internet I.P.O.S. Limited
Camvaxx Limited
Metrocapital Engineering plc
Metrocapital Media plc
Metrocapital Tech plc
Puzzlenut Limited
Puzzlenut (Administration) Limited
Puzzlenut (Adultzone) Limited
Puzzlenut.com (Holdings) Limited
Puzzlenut (Kidzone) Limited
Puzzlenut (Teenzone) Limited
Safevaxx Limited
Stageworx plc
Voipnetwork Limited
Wannabeapuzzlemillioniare Limited
CORPORATE ADVISER & CONTACT DETAILS
Alfred Henry Corporate Finance Limited is acting as the Corporate Advisor for
the Company, and can be contacted at:
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
Email: sjs@alfredhenry.com
Telephone: +44 (0)20 7251 3762
The Directors of the Company accept responsibility for this announcement.
23 July 2007
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