29 January 2015
GB0033877555
BWA GROUP PLC ("BWA" or the "Company")
UNAUDITED FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 OCTOBER 2014
CHAIRMAN'S STATEMENT
The interim results for the six months ended 31 October 2014 disclose a small loss of GBP 18,730. The Board continues to seek ways to release shareholder value whilst at the same time pursuing every sensible opportunity to achieve a suitable reverse acquisition for BWA itself. In recent years, we have secured two potentially attractive additional investments for BWA shareholders, namely Prego International Limited and Natural and Mineral Assets Limited. BWA also has interests in both these companies.
Whilst Prego is still an unlisted company, there have been some transactions at 0.95p per share, the value at which our Prego holding is carried in BWA's accounts. BWA released 1 million shares at that price to assist with liquidity. It remains the intention of the board of Prego to seek a listing for its shares at the appropriate opportunity. Natural and Mineral Assets Limited is still negotiating the acquisition of NAMA Resources plc; that transaction cleared another hurdle very recently by receiving a Rule 9 waiver under the City Code on Takeovers and Mergers.
On 3 December 2014, BWA acquired approximately a 10% interest in Mineralfields Limited, a newly formed company which has rights to certain mining assets in Central Africa, for a nominal cash consideration. This project is at a very early stage and we are seeking partners for the necessary initial development funding.
As already mentioned we continue to seek a reverse opportunity to create direct shareholder value in BWA but, whilst we have reviewed three or four possibilities in the half year, so far none has reached a state where the board would be prepared to make a positive recommendation to shareholders.
Richard Battersby
Chairman
The Directors of BWA are responsible for the contents of this announcement. For further information please contact:
BWA Group Plc
Richard Battersby (Non-Executive Chairman) 07836 238 172
Peterhouse Corporate Finance Limited
Mark Anwyl or Duncan Vasey 020 7469 0930
PROFIT AND LOSS ACCOUNT
Six months ended
Notes | 31 | October 2014 | Year ended |
Unaudited | 30 | April 2014 | |
GBP | Audited | ||
GBP |
Turnover - -
O
s
Amounts written off investments - (74,867)
------ ------
Loss on ordinary activities before and after
taxation and retained for the period | (18,730) | (105,821) |
------ | ------ |
Earnings per ordinary share - basic (pence) | 2 | (0.02) | (0.09) |
------ | ------ |
Earnings per ordinary share -diluted (pence) 2
(0.02) (0.09)
------ ------
All amounts relate to continuing activities.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Six months ended Year ended
Notes 31 October 2014 30 April 2014
Unaudited Audited
GBP GBP
Loss for the period (18,730) (105,821)
Unrealised profit on revaluation of investments 4
66 250,834
Impairment of A-F-S investments charged to profit - 68,198 and loss
------ ------
Total recognised gains and losses | for | the | period | (18,664) | 213,211 |
------ | - --- |
BALANCE SHEET
Notes | At | 31 October | At | 30 April |
2014 | 2014 | |||
Unaudited | Audited | |||
GBP | GBP |
Fixed Assets
Available-for-sale Investments 314,569 323,998
Current assets
Debtors and prepayments | 4,582 | 7,625 |
Cash at bank and in hand | 12,888 | 8,776 |
------ | ------ | |
17,470 | 16,401 |
Creditors: amounts falling due within | one | year | (99,090) | (88,786) |
------ | ------ |
Net current liabilities (81,620) (72,385)
------ ------
Total assets less current liabilities 232,949 251,613
------ ------
Capital and reserves
Called up share capital 3 560,788 560,788
Share premium 4 12,663 12,663
Capital redemption reserve 4 288,625 288,625
Available-for-sale revaluation reserve 4 114,430 123,864
Profit and loss account 4 (743,557) (734,327)
------ ------ Shareholders' funds 232,949 251,613
------ ------ CASH FLOW STATEMENT
Six months ended Year ended
31 October 2014 30 April 2014
Unaudited Audited
GBP GBP
Net cash outflow from operating activities (15,363) (23,822)
Capital expenditure and investing activities | ||
Purchase of investments | (6) | - |
Proceeds received on sale of investments | 9,500 | 32,527 |
------ | ------ | |
Net cash inflow from capital expenditure and | ||
investing activities | 9,494 | 32,527 |
------ | ------ |
Cash (outflow)/inflow before | financing | (5,869) | 8,705 |
------ | ------ | ||
Financing | |||
New loans in the period | 9,981 | - | |
------ | ------ |
Net cash inflow from financing 9,981 -
------ | ------ | |
Increase in cash for the period | 4,112 | 8,705 |
------ | ------ |
NOTES TO THE FINANCIAL INFORMATION
1. Status of these accounts
The interim accounts for the period from 1 May 2014 to 31 October 2014 are unaudited. The financial information set out in this statement does not constitute statutory accounts within the meaning of the Companies Act 2006.
2. Earnings per ordinary share
Basic and diluted earnings per share figures are based on the following profits / (losses) and numbers of shares:
Six months ended
31 October 2014 Year ended
Unaudited 30 April 2014
Audited
GBP GBP
Loss before tax | (18,730) | (105,821) |
Loss before tax | ------- | -------- |
Weighted average number of shares | 112,157,725 | 112,157,725 |
for the purpose of basic earnings per share
Effect of dilutive potential ordinary shares: - - Share options
------ ------ Weighted average number of shares 112,157,725 112,157,725
for the purpose of diluted earnings per share
----------- -----------
3. Share capital
At At
31 October 2014 30 April 2014
Allotted, called up and fully paid GBP GBP
Number: Class Nominal value
112,157,725 Ordinary 0.5p 560,788 560,788
------- -------
4. Reserves
Capital AFS
Share redemption revaluation Profit and Total
premium | reserve | reserve | loss account | |
GBP | GBP | GBP | GBP | GBP |
At 1 May 2014 12,663 288,625 123,864 (734,327) (309,175) Revaluation of AFS investments - - 66 - 66
Transfer from unrealised to - - (9,500) 9,500 - realised
Loss for the period | - - - (18,730) | (18,730) |
------ ------ ------ ------ | ------ | |
At 31 October 2014 | 12,663 288,625 114,430 (743,557) | (327,839) |
------- ------- ------- ------- | ------- |
The interim results have been reviewed by the Company's auditor.
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