Ace Liberty & Stone Plc

September 30, 2013 10:54 ET

Final Results



I  am pleased to present the consolidated financial results of Ace Liberty and Stone Plc. for the year ended  30
April 2013.

Business and operations
The  Group continues to hold the properties referred to in my statement dated 30 July 2012 attached to the  2012
financial statements and is pleased with their progress.

Radcliff  Property Limited, in which the Company has a 38% stake, is negotiating the sale of the tower  building
in central Sheffield. This transaction is not yet irrevocable and will be announced at the appropriate time. The
Directors are confident this will result in a significant profit for the Group.

Negotiations are also in progress to purchase a plot of land in Eastern France with potential for development as
a ski resort and, separately, a property in Leeds. Again, these transactions are not yet irrevocable and will be
announced at the appropriate time.

Shareholder Investment
During  the  year under review, new shareholders invested GBP1.598m (net of fundraising costs) in  new  ordinary
shares  of  the Company. This has continued in the period since 30 April 2013 when a further GBP1.34m  has  been
invested.  The directors welcome this as a sign of confidence in their management and support for the  Company's
property investment strategy. The Company is now capitalised at GBP11.5m.

The  Board has a strategy of attracting cash investment from new and existing shareholders in order to build  up
the  company's capital base for the group's operations in the belief that a strong, well-capitalised company  is
better  positioned  both to arrange finance and to take advantage of market opportunities. In  pursuit  of  this
strategy, the Board has considered it to be in the interests of all shareholders to issue new shares for cash at
a discount to the existing market price.

The  Company has also arranged and drawn down a loan of GBP1,000,000 from a private lender to enhance  its  long
term resources.

Corporate Governance
There have been a number of changes in the Board during the past year. On 6 June 2013, Mark Eichhorn resigned as
a  Finance  Director and Ivan Minter FCA returned to the Company after a period of employment  at  the  Bank  of
England  to  take  his place. Dr Anthony Ghorayeb joined the Board on 19 September 2013; he is the  Chairman  of
Levant  Investment Bank s.a.l. (LiBank s.a.l.) and his appointment enhances the links which have been beneficial
to the Company. The Board is of the view that these changes strengthen the Board and will improve its ability to
successfully manage its affairs in the forthcoming months and years.

Consistent with other changes in the Company, Ace has developed its corporate governance and a report  is  given
in the Corporate Governance Statement which is included for the first time.

Financial Results
The  consolidated profit for the year after taxation was GBP129,426 (2012: GBP93,843 restated)  on  consolidated
revenue  of  GBP697,270 (2012: GBP97,053). The Company's earnings fluctuate from year to  year  as  profits  are
realised  from  property sales and an important indicator of the group's strength is the total of share  capital
and  reserves  which stands at GBP3,871,551 (2012: GBP2,143,969 restated).  The Board is very pleased  with  the
result  of  the  year's activities and believe the Group is well-placed to capitalise on future  events  in  the
property market.

Recent  data indicate that economic conditions in the UK may be improving slowly and this Board will be prepared
to  move  incisively when opportunities arise. The Directors monitor the property market continuously  and  will
maintain the Group's resources for maximum effectiveness. Cash resources currently amount to approximately  GBP3
million.  The Company is considering several further opportunities and is in detailed discussions with receivers
handling a number of large projects both in London and in the provinces. Further announcements will be  made  as
these  discussions  develop. The Directors believe their policies will enable them to make  many  more  positive
reports to their shareholders over future years.

Company Chairman
It  has been my pleasure to serve as Chairman since the formation of the Company in 2007. During this period the
Company has made good progress in one of the most difficult trading periods seen for seventy years.

Your  Board  has  reviewed the executive requirements needed to match the opportunities which will  arise  as  a
result  of the additional investment made by the new shareholders. In order to strengthen the executive team,  I
shall be stepping down as a Chairman at the conclusion of the AGM to become Commercial Director. I am very  much
looking forward to this new, hand-on role.

My  colleague Keith Pankhurst, who has been a non-executive director since 2007 has agreed to become Chairman of
the  Board which will now comprise three executive and three non-executive Directors. This structure assures the
Company of a good mix of skills and I wish Keith every success in his new role.

Mark Thomas
Date: 27 September 2013

The Directors of the Issuer accept responsibility for the contents of this announcement.


Ivan Minter, Director
Ace Liberty & Stone Plc
Tel: 020 7201 8340

Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: 020 7251 3762
Group Statement of Comprehensive Income for the year ended 30 April 2013

                                                                                     2013                2012
                                                                                      GBP                 GBP
Revenue                                                                           697,270              97,053
Administrative Expenses                                                          (534,260)           (243,575)
Share of(loss)/ profit from associates                                            (92,234)            565,667
Profit on disposal of investment property                                               -              29,008
Fair value adjustments                                                                  -            (329,500)
Other income                                                                      153,751              10,387
Finance cost                                                                      (26,290)            (30,196)
Profit before tax                                                                 198,237              98,844
Taxation                                                                          (68,811)             (5,001)
Profit for the year                                                               129,426              93,843
Attributable to:                                                                                             
Equity holders                                                                    129,426              93,843
                                                                                  129,426              93,843

Earnings per share                                                                  Pence               Pence
Basic Earnings per share attributable to equity holders                            0.0577              0.0481
of the parent
Diluted Earnings per share attributable to equity                                  0.0577              0.0461
holders of the parent

Group Statement of Financial position at 30 April 2013
                                                                                     2013                2012
                                                                                      GBP                 GBP
Non-current assets                                                                                            
Investment properties                                                           1,271,000           1,271,000
Investments                                                                     1,927,833           2,020,067
                                                                                3,198,833           3,291,067
Current assets                                                                                                
Trade and other receivables                                                       906,042             237,566
Cash and cash equivalents                                                       2,263,363              23,071
                                                                                3,169,405             260,637
TOTAL ASSETS                                                                    6,368,238           3,551,704

EQUITY AND LIABILITIES                                                                                        
Equity attributable to Equity holders                                                                         
Share capital                                                                   2,717,267           1,949,669
Share premium                                                                   1,607,174             741,096
Treasury shares                                                                  (500,000)           (500,000)
Share option reserve                                                                    -              44,400
Investment revaluation reserve                                                          -                   -
Retained earnings/(deficit)                                                        47,110             (91,196)
Total equity                                                                    3,871,551           2,143,969
Non-Current Liabilities                                                                                       
Borrowings                                                                      1,943,048           1,116,280
                                                                                1,943,048           1,116,280
Current Liabilities                                                                                           
Trade and other payables                                                          512,718             279,813
Borrowings                                                                         40,921              11,642
                                                                                  553,639             291,455
TOTAL EQUITY AND LIABILITIES                                                    6,368,238           3,551,704

Group Cash Flow Statement for the year ended 30 April 2013

                                                                                     2013                2012
                                                                                      GBP                 GBP
Profit/(loss)for the year                                                         129,426              98,844

Cash flow  from operating activities
Adjustments for:
Loss/(Profits) from associates                                                     92,234            (565,667)
Investment income                                                                (153,751)               (387)
Impairment on investment in subsidiary                                                  -                   -
Fair value adjustment                                                                   -             329,500
Cost of share option                                                                    -               8,880
Decrease/(increase)in receivable                                                 (668,476)            286,415
Profit/(loss) on disposal of investment property                                                      (29,008)

(Decrease)/increase in payables                                                   232,905              42,655

Net cash (used)/ generated from operating activities                             (367,662)            171,232

Cash flows from investing activities
Interest received                                                                 153,751                 387
(increase/decrease in equity investments                                                -          (1,500,000)
Disposal proceeds                                                                       -             434,509

Net cash used in investing activities                                             153,751          (1,065,104)

Cash flows from financing activities
Share issue                                                                     1,598,156                   -

Net movement in long term loans                                                   856,047            (446,875)

Net cash generated/(used) in finance activities                                 2,454,203            (446,875)

Net increase in cash and cash equivalents                                       2,240,292          (1,340,747)

Cash and cash equivalents at the beginning of the period                           23,071           1,363,818

Cash and cash equivalents at end of the period                                  2,263,363              23,071


     1.The financial information set out above does not constitute statutory accounts for the purpose of Section 434
     of the Companies Act 2006.   The financial information has been extracted from the statutory accounts of Ace
     Liberty & Stone Plc and is presented using the same accounting policies, which have not yet been filed with the
     Registrar of companies, but on which the auditors gave an unqualified report on 30th September 2013.
     The  preliminary announcement of the results for the year ended 30 April 2013 was approved by the board  of
     directors on 30th September 2013.

     2.Earnings per Share
     The  basic  earnings  /  (deficit) per share is calculated by dividing net profit  or  loss  for  the  year
     attributable to ordinary equity holders by the weighted average number of ordinary shares during the year.
     The diluted earnings / (deficit) per share is calculated by dividing the net profit or loss attributable to
     ordinary  shareholders  after  adjustments for instruments that dilute basic  earnings  per  share  by  the
     weighted  average  of  ordinary shares outstanding during the year (adjusted for the  effects  of  dilutive
                                                                         Earnings/           30 April      Per share
                                                                            (loss)               2013      amount
                                                                                            number of
Basic EPS                                                                      GBP                         Pence
Earnings attributable to ordinary shareholders                             129,426        271,726,740      0.0577
This is the same as the Diluted EPS.
                                                                         Earnings/           30 April      Per share
                                                                            (loss)               2012      amount
                                                                          Restated           Weighted
                                                                                            number of
Basic EPS                                                                      GBP                         Pence
Earnings attributable to ordinary shareholders                              93,843        194,966,900      0.0481
Effect of dilutive securities                                                               8,571,419                
Diluted EPS
Adjusted earnings                                                           93,843        203,538,319      0.0461

Contact Information

  • Ace Liberty & Stone Plc