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Matisse Holdings PLC - Final Results

For immediate release 5 September 2006 Due to an administrative error, the results for the year ended 30 November 2005, which were sent to shareholders on 30 June 2006, were not announced. In order to satisfy the AIM Rules the following announcement is required to be made, however shareholders should be aware that discussions regarding the reverse takeover referred to in the Chairman's statement have now been terminated, as announced on 29 August 2006: Matisse Holdings Plc ('Matisse' or 'the Company') Results for the year ended 30 November 2005 Chairman's Statement These financial statements are for the year ended 30 November 2005. The loss for the year has been reduced, as overheads have been kept to a minimum. The Board is at an advanced stage of discussion with a party which may result in a reverse takeover of the Company and enable the Company's ordinary shares to be readmitted to trading on AIM. The Company hopes to make a further statement in this regard in the near future. While the Company explores these potential acquisitions the board is ensuring that overheads are kept to a minimum. Nicolas Greenstone Chairman 30 June 2006 Profit and loss account for the year ended 30 November 2005 2005 2004 # # Turnover 6,000 4,500 Administrative expenses (119,592) (194,304) Operating loss (113,592) (189,804) Interest payable and similar charges - (53) Loss on ordinary activities before taxation (113,592) (189,857) Tax on loss on ordinary activities - - Loss on ordinary activities after taxation (113,592) (189,857) Accumulated loss brought forward (1,934,106) (1,744,249) Accumulated loss carried forward (2,047,698) (1,934,106) Basic loss per ordinary share (0.18)p (0.46)p Diluted loss per ordinary share (0.18)p (0.46)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 November 2005 Notes 2005 2004 # # # # Current assets Debtors 11,922 90,669 Cash at bank and in hand 46,892 12,634 58,814 103,303 Creditors: amounts falling due (120,160) (51,057) within one year Total assets less current (61,346) 52,246 liabilities Capital and reserves Called up share capital 1,986,352 1,986,352 Profit and loss account (2,047,698) (1,934,106) Shareholders' funds - all equity (61,346) 52,246 interests Cash flow statement for the year ended 30 November 2005 Notes 2005 2004 # # Net cash outflow from operating (a) (15,742) (239,335) activities Returns on investments and servicing of finance Interest paid - (53) Net cash outflow from returns on - (53) investments and servicing of finance Issue of Ordinary Share capital - 273,313 Issue of convertible loan stock 50,000 - Cost of share issue - (67,649) 50,000 205,664 Increase/(decrease) in cash (b) 34,258 (33,724) Notes to the Cash Flow Statement (a) Net cash outflow from operating activities 2005 2004 # # Reconciliation to operating loss: Operating loss (113,592) (189,804) Shares issued in lieu of payment - 39,324 Decrease/(increase) in debtors 78,747 (35,850) Increase/(decrease) in creditors 19,103 (53,005) (15,742) (239,335) (b) Reconciliation of net cash flow to movement in net cash 2005 2003 # # Increase/(decrease) in cash 34,258 (33,724) Net cash at 1 December 2004 12,634 46,358 Net cash at 30 November 2005 46,892 12,634 (c) Analysis of net cash At 1 December Cash Flow At 30 November 2004 2005 # # # Cash at bank and in hand 12,634 34,258 46,892 12,634 34,258 46,892 Notes 1. Basis of preparation The accounts have been prepared under the historical cost convention. 2 Dividends The Directors are not proposing the payment of a dividend in respect of the year ended 30 November 2005. 3 Loss per share The calculation of the basic loss per share is based on the loss on ordinary activities after taxation and on the weighted average number of Ordinary Shares in issue during the period. To reflect the conversion explained further in note 4 to the accounts, the number of ordinary shares in issue as if the event had occurred at the beginning of the earliest period reported. The calculation of diluted loss per share is based on the basic loss per share adjusted to allow for the issue of shares on the assumed conversion of all warrants. Reconciliation of the loss and the weighted average number of shares used in the calculations are set out below: Loss Weighted average Loss per share no. of shares # p Basic and diluted loss per (113,592) 61,673,675 (0.18) share 4. Share Capital 2005 2004 # # Authorised 1,500,000,000 Ordinary Shares of 1p each 15,000,000 15,000,000 1,383,450 Deferred Shares of 99p each 1,369,615 1,369,615 16,369,615 16,369,615 Allotted, called up and fully paid 61,673,675 Ordinary Shares of 1p each 616,737 616,737 1,383,450 Deferred Shares of 99p each 1,369,615 1,369,615 1,986,352 1,986,352 5. Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 30 November 2005 is extracted from the Group's financial statements to that date which received an unqualified auditor's report and will be filed with the Registrar of Companies in due course. The financial information for the year ended 30 November 2004 is extracted from the Group's full statutory accounts to that date, which received an unqualified auditor's report and have been filed with the Registrar of Companies. Copies of the Report and Accounts will be sent to shareholders shortly and will be available from the Company's registered office, 14th Floor, 55 Bryanston Street, London W1H 7AA. Further enquiries Matisse Holdings plc Tel: 020 7535 0445 Nicolas Greenstone John East & Partners Limited Tel: 020 7628 2200 John East END

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Price: 11.225

Market: NASDAQ
Market Cap: $3.88 billion
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