Equity Resources plc

February 21, 2008 09:23 ET

Equity Resources Plc: Interim Results for the Six Months Ended 30 November 2007

LONDON, UNITED KINGDOM--(Marketwire - Feb. 21, 2008) -


Chairman's statement

The first half of the current year has presented challenges; the second half has not started as well as we would have wished.

As at the end of the half year, the Company's two investments and the limited available cash equated to 2.63 pence per share. At the time of preparing this report, the value had declined further to 1.9 pence per share. These values are based on the shares in issue adjusted for the impact of outstanding warrants but not of tax on unrealised gains; these values are disappointing, but we are expecting improvement as 2008 progresses.

The Company has investments in Myhome International plc and DTT plc on which it intends to provide a commentary at the financial year end.

General meetings

The Directors called a general meeting of Members which was held on Wednesday 12 December 2007 to:

- consider the directors report and financial for the year ended 31 May 2007, and

- to change the Company's name.

By law, the Directors are required to call the 2008 annual general meeting no later than 8 May 2008, being fifteen months following the 2007 annual general meeting. It is the Board's intention to propose that the meeting be adjourned to a later date in the year when the 2008 financial statements and all resolutions may be put before Members. The adjourned meeting is likely to be held in September or October.

Board changes

Our previous chairman, Jon Pither, resigned from the Board on 31 October 2007. We are grateful to him for his leadership of the Company in its early days and wish him well with his several other business interests.

Exercise of warrants

On 20 February 2008, Starvest plc notified the Company of its intention to exercise warrants over 1.5 million new Ordinary shares at one penny per share, thus taking its interest to 29.7%.


Bearing in mind the current share prices, the Company has deferred raising new investment funds but will keep the matter under review. In the meantime, expenses are being kept at a minimum.

Further information

Those Shareholders who wish to receive electronic copies of regulatory announcements are invited to send their email address to email@equityresources.co.uk.

Your Board looks to the future with optimism; we expect a strong recovery in the asset value during the remainder of this financial year to 31 May and plan to issue an update as soon as possible following the year end.

John Watkins


21 February 2008

Consolidated profit & loss account

6 months 6 months Year to 31
to 30 to 30 May 2007
November November
2007 2006
Unaudited Unaudited Audited

Turnover - -
Administrative expenses (20,209) (10,455) 12,650
Operating (loss)/profit
on ordinary activities (20,209) (10,455) 12,650

Interest receivable 730 1,550 2,325
Interest payable - - (1)
(Loss)/profit on ordinary
activities before taxation (19,479) (8,905) 14,974

Tax on profit on ordinary
activities - - -
(Loss)/profit on ordinary
activities after taxation (19,479) (8,905) 14,974

Retained (loss)/profit -----------------------------------
for the period (19,479) (8,905) 14,974
(Loss)/profit per share
Basic (0.04) (0.02) 0.03
pence pence pence

Half-year report notes

1. Interim report

All amounts relate to continuing operations.

In the six months to 30 November 2007 there were no recognized gains and losses other than those included in the profit and loss account.

The information relating to the six month periods to 30 November 2007 and 30 November 2006 is unaudited.

The information relating to the year ended 31 May 2007 is extracted from the audited accounts of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report.

2. Basis of accounting

The report has been prepared using accounting policies that are consistent with those adopted by the Company in the statutory accounts for the year ended 31 May 2007, although the information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985.

The Company will report again for the full year to 31 May 2008.

The Directors of Equity Resources plc accept responsibility for this announcement.

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