Investment West Midlands plc
LSE : IWM

February 27, 2008 05:03 ET

Investments West Midlands Plc: Interim Results for the Six Months Ended 30 November 2007

LONDON, UNITED KINGDOM--(Marketwire - Feb. 27, 2008) -

CHAIRMAN'S STATEMENT

Following the Extraordinary General Meeting which was held in September 2007, at which it was agreed to extend the period during which a suitable acquisition could be made until December 2008, your directors have continued the search for a suitable acquisition. They are optimistic that this search will prove fruitful before too long.

When the company was originally floated the directors agreed that they would not draw any remuneration until such time as a deal had been concluded. Previous period's accounts showed an accrual for the accumulated directors' fees. In view of the time that is taking to find a suitable acquisition the directors have agreed that it would not be appropriate for them to continue accruing for their fees, despite the fact that they have not been drawn. As a consequence the results for the six months ended 30 November 2007 show a small loss of GBP 7,931 compared with a loss for the year ended 31 May 2007 of GBP 94,888 which included the accruals referred to above.

As the directors' remuneration remains unpaid, the company's cash balances have increased as at 30 November 2007 to GBP 271,019 compared with GBP 263,461 as at 31 May 2007. By taking this approach your directors believe that it will make the company more attractive for a target acquisition.

John Wheatley, Chairman

27 February 2008



SIX MONTHS ENDED YEAR ENDED
30 NOVEMBER 2007 31 MAY 2007
GBP GBP

PROFIT AND LOSS ACCOUNT

Turnover -
Administrative Expenses (15004) (107799)

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Operating Loss (15004) (107799)
Interest Receivable 7073 12911

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Loss on ordinary activities before Tax (7931) (94888)
Tax - -

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Loss for the Period (7931) (94888)

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Loss per share (0.06p) (0.76p)


BALANCE SHEET 30 NOVEMBER 2007 31 MAY 2007
GBP GBP

Tangible Fixed Assets - -

CURRENT ASSETS

Debtors - 860
Cash 271019 263461

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271019 264321

Creditors : Amounts falling due
within one year (173342) (158713)

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TOTAL ASSETS LESS CURRENT
LIABILITIES 97677 105608

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CAPITAL AND RESERVES

Called up share capital 251100 251100

Share premium account 60756 60756
Warrant reserve 4495 4495
Profit and loss account (218674) (210743)

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EQUITY SHAREHOLDERS FUNDS 97677 105608

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Notes

1. The above financial information has not been reviewed by the Company's auditors.

The Directors of Investments West Midlands Plc accept responsibility for this announcement.

Contact Information

  • Investments West Midlands Plc
    John Wheatley
    01905 773143
    or
    St Helens Capital plc
    Barry Hocken
    0207 628 5582