Stavert Zigomala

January 29, 2010 05:26 ET

Half year report

                                       STAVERT ZIGOMALA PLC
                                       Chairman's Statement

After the buffeting of the last two years, the Directors are able to report that there has been a
modest increase in Shareholders Funds as compared with the year end of 31st May 2009 for the
period under review.  The increase amounted to £690,954 or 15.98% as compared with the increases
of 17.57% in the FTSE All Share Index and 17.49% in the FTSE 100 Index though the Directors
believe that there is no directly comparable index.

Dividend income declined during the period under review as compared with the equivalent period in
the previous financial year, resulting in particular from severe reduction, and in some
elimination, of dividends from the UK Banking Sector.   Interest receivable also fell sharply
reflecting the level of UK interest rates.

Your Directors have decided to declare an interim dividend for the ordinary stock units of 25p,
the same rate as for commensurate period last year.  The deferred stock accordingly will also
receive the same dividend as last year.    Although not covered by profit for the relevant period,
the Company has considerable reserves in its P & L Account available for payment of dividends.

Edward N. Cooper
                                     Interim Management Report
The important events which have occurred during the first 6 months of the Financial Year, having
an impact on the condensed set of Financial Statements, include a gradual return in confidence to
the UK and World Stock Markets.

The principal risks and uncertainties facing the Company relate to the general performance of the
UK stock market and our inability to dispose of securities in order to comply with the Listing

With regard to Related Party Transactions, Note 16 to the Financial Statements for the year ending
30th May 2009 disclosed a loan of £52,262 from High Yield Investment Company Limited.   It is
confirmed that the loan has been fully repaid and that there have been no other such transactions.

                             Group Profit and Loss Account (Unaudited)

                                               6 months ended        6 months ended        Year ended
                                           30th November 2009         30th November     31st May 2009
                                                            £                     £                 £
Income from Fixed Assets                                                                             
Investments                                            84,712               103,802           162,872
Administrative Expenses                                21,230                21,149            43,110
Operating Profit                                       63,482                82,653           119,762
Profit on Disposal of Investments                       -----                 5,396            12,734
Interest receivable (net)                               2,877                13,843            15,477
Profit on Ordinary Activities before                                                                 
taxation                                               66,359               101,892           147,973
Tax on profit on Ordinary Activities                    -----               (1,565)             -----
Profit for the Financial Period                        66,359               100,337           147,973
Earnings per Ordinary Stock Unit                        22.3p                 33.6p             49.5p
Earnings per Deferred Stock Unit                        18.1p                 27.5p             40.8p

                                  Group Balance Sheet (Unaudited)

FIXED ASSETS                                                £                     £                 £
Investments                                         4,325,687             3,344,493         3,599,181
CURRENT ASSETS                                                                                       
Debtors                                                 3,899                38,268            24,919
Cash at Bank                                          710,158               846,672           766,250
                                                      713,057               884,940           801,169
CREDITORS: Amount                                                                                    
falling due in one year                                24,329                45,930            75,889
NET CURRENT ASSETS                                    688,728               838,990           725,280
TOTAL ASSETS LESS                                                                                    
CURRENT LIABILITIES                                 5,015,415             4,183,483         4,324,461
CAPITAL AND RESERVES                                                                                 
Called-up share capital                                46,000                46,000            46,000
Revaluation reserve                                 2,837,728             1,937,379         2,213,133
Other reserves                                      1,552,134             1,543,231         1,552,134
Profit and loss account                               579,553               656,873           513,194
SHAREHOLDERS' FUNDS                                 5,015,415             4,183,483         4,324,461


                               Group Cash Flow Statement (Unaudited)

                                                            £                     £                 £
Cash Inflow from operating activities                  33,118                72,339           191,428
Returns on investments and servicing of                                                              
      net interest received                             2,887                13,843            15,897
      preference dividends paid                        ------                ------             (350)
Taxation                                               ------                ------          (24,457)
Capital expenditure and financial                                                                    
      Purchase of fixed assets                                                                       
      investments                                   (102,097)              (76,138)          (80,691)
      Disposal of fixed assets                                                                       
      Investments                                       -----                 6,597            26,874
Equity dividends paid                                 -------                 -----         (182,412)
Increase (Reduction) in cash                         (66,102)                16,641          (53,781)

                                       Notes to the accounts
                                     as at 30th November 2009
1       The half yearly Financial Report has not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of Interim Financial     Information.

2.      The earnings per Stock Unit have been based on the profits (after taxation) of £66,358
        apportioned between the 200,000 Ordinary Stock Units and the 120,000 Deferred Stock Units
        in issue, in accordance with the provisions of the Company's Articles relating to the
        division of profits between the two classes of Stock.

3.      The Directors estimate that if all the Company's investments were to be realised at their
        bid values at 30th November 2009 the taxation liability which would arise would not exceed
        £549,000, and for which no provision has been made.

4.      A Final Dividend for the year ending 31st May 2009 for the Ordinary and Deferred Stock was
        approved at the Annual General Meeting held on 30th November 2009.  The total cost to the
        Company of the dividend payment amounted to £108,000 which in accordance with current
        accounting practice has not been provided for in the Accounts.
                              Statement of Directors Responsibilities
1.      The Directors confirm that this condensed set of Financial Statements has been prepared in
        accordance with IAS 34 as adopted by the European Union.

2.      The condensed set of Financial Statements which have been prepared in accordance with the
        applicable set of accounting standards, gives a true and fair view of the assets,
        liabilities, financial position and profit or loss of the Company as required by

3.      The Interim Management Report includes a fair review of the information required by
        DTR4.2.7R (indication of important events during the first half year and description of
        principal risks and uncertainties for the remaining half of the year).

4.      The Interim Management Report includes a fair review from the information required by
        DTR4.2.8R (disclosure of related party transactions and changes therein).

5.      At the date of this Statement, the Directors are Edward Nigel Cooper and Alicia Christine

By Order of the Board
                                      Shareholder Information
1.      The dividend of 8.75p per share on £1 8 3/4% Cumulative Redeemable Preference
        Shares, and interim dividends of 25p per Ordinary Stock Unit and 20.34p per Deferred Stock
        Unit will be paid on 22nd March 2009 to the relevant holders registered on 26th February
        2008 (record date). The ex dividend date is 24th February 2009.

2.      This interim report is being to posted to shareholders and copies are available from the
                         Stavert Zigomala Plc - Registered in England No. 194028
                                  Registered Office - PO Box 233    Manchester M60 1QP
        Registrars - Hague Lambert Artillery House, 15 Byrom Street, Manchester M3  4PF

Contact Information

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