Maisha PLC
01 November 2006
MAISHA PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31 AUGUST 2006
CHAIRMAN'S STATEMENT
The Company's results show a loss for the year ended 31 August 2006 of £104,000
(2005: loss £210,000). The loss for the half year was £78,000. This loss
represents legal costs in relation to the now concluded legal proceedings as
well as the ongoing administrative costs of the Company.
On 20 July 2006 a proposal to cancel 10,218,536 ordinary shares by way of a
capital reduction in relation to the settlement with Salman Mahmood, Faheem
Ahmad and Gamma Ventures Limited (the 'Defendants') was approved by shareholders
at an Extraordinary General Meeting. Approval by the High Court to this
reduction was given on 11 October 2006 and a registration certificate confirming
the reduction in share capital has now been issued by the Companies House. There
are now 23,843,247 shares in issue
As announced in our Interim Report, having finally settled the outstanding
litigation with the Defendants we have since been in a position to pursue a
number of reverse take-over propositions. Since the publication of our Interim
Report and following the year end, we have made good progress in this area and
are in advanced discussions with one particular proposition which could
potentially result in a reverse take-over. The Company has therefore requested
the London Stock Exchange to suspend dealings in the Company's shares pending
publication of the readmission document.
Any such transaction would require shareholder approval and I hope to be in a
position to make a further announcement shortly.
M H Khan
Chairman
PROFIT AND LOSS ACCOUNT
for the year ended 31 August 2006
+------------------------------------------------------+-----------+-----------+
| | 2006 | 2005 |
+------------------------------------------------------+-----------+-----------+
| | £000 | £000 |
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|TURNOVER | - | - |
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
|GROSS PROFIT | - | - |
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Administrative expenses | (112) | (226) |
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
|OPERATING LOSS | (112) | (226) |
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Interest receivable | 8 | 16 |
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
|Loss on ordinary activities before taxation | (104) | (210) |
+------------------------------------------------------+-----------+-----------+
| | | |
+------------------------------------------------------+-----------+-----------+
|Tax on loss on ordinary activities | - | - |
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
|LOSS FOR THE FINANCIAL YEAR | (104) | (210) |
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
|LOSS PER SHARE | (0.31)p| (0.62)p|
+------------------------------------------------------+-----------+-----------+
| | ______ | ______ |
+------------------------------------------------------+-----------+-----------+
There were no acquisitions or discontinued operations during the above two
financial years.
All the gains and losses for the period have been recognised in the profit and
loss account.
BALANCE SHEET
as at 31 August 2006
+------------------------------------------+-----------------+-----------------+
| | 2006 | 2005 |
+------------------------------------------+--------+--------+--------+--------+
| | £000 | £000 | £000 | £000 |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|FIXED ASSETS | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Tangible assets | | - | | - |
+------------------------------------------+--------+--------+--------+--------+
|Investments | | - | | - |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
| | | - | | - |
+------------------------------------------+--------+--------+--------+--------+
|CURRENT ASSETS | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Debtors | 6 | | 12 | |
+------------------------------------------+--------+--------+--------+--------+
|Cash at bank and in hand | 211 | | 323 | |
+------------------------------------------+--------+--------+--------+--------+
| |______ | |______ | |
+------------------------------------------+--------+--------+--------+--------+
| | 217 | | 335 | |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|CREDITORS: amounts falling due within one | (33) | | (47) | |
|year | | | | |
+------------------------------------------+--------+--------+--------+--------+
| |______ | |______ | |
+------------------------------------------+--------+--------+--------+--------+
|NET CURRENT ASSETS | | 184 | | 288 |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
|NET ASSETS | | 184 | | 288 |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|CAPITAL AND RESERVES | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Called up share capital | | 340 | | 340 |
+------------------------------------------+--------+--------+--------+--------+
|Share premium account | | 524 | | 524 |
+------------------------------------------+--------+--------+--------+--------+
|Profit and loss account | | (680) | | (576) |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
|EQUITY SHAREHOLDERS' FUNDS | | 184 | | 288 |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
CASH FLOW STATEMENT
for the year ended 31 August 2006
+------------------------------------------+-----------------+-----------------+
| | 2006 | 2005 |
+------------------------------------------+--------+--------+--------+--------+
| | £000 | £000 | £000 | £000 |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|NET CASH OUTFLOW FROM | | | | |
+------------------------------------------+--------+--------+--------+--------+
|OPERATING ACTIVITIES | | (120) | | (228) |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|RETURNS ON INVESTMENTS AND | | | | |
+------------------------------------------+--------+--------+--------+--------+
|SERVICING OF FINANCE | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Interest received | 8 | | 16 | |
+------------------------------------------+--------+--------+--------+--------+
| |______ | |______ | |
+------------------------------------------+--------+--------+--------+--------+
|Net cash inflow from returns on | | | | |
+------------------------------------------+--------+--------+--------+--------+
|investments and servicing of finance | | 8 | | 16 |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
|DECREASE IN CASH | | (112) | | (212) |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
| | | | | |
+------------------------------------------+--------+--------+--------+--------+
|RECONCILIATION OF NET CASHFLOW TO | | | | |
+------------------------------------------+--------+--------+--------+--------+
|MOVEMENT IN NET FUNDS | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Decrease in cash | | (112) | | (212) |
+------------------------------------------+--------+--------+--------+--------+
| | |______ | |______ |
+------------------------------------------+--------+--------+--------+--------+
|Change in Net Funds resulting from cash | | (112) | | (212) |
|flows | | | | |
+------------------------------------------+--------+--------+--------+--------+
| |______ | |______ |
+---------------------------------------------------+--------+--------+--------+
|Movement in Net Funds | (112) | | (212) |
+---------------------------------------------------+--------+--------+--------+
|NET FUNDS AT 1 SEPTEMBER 2005 | 323 | | 535 |
+---------------------------------------------------+--------+--------+--------+
| |______ | |______ |
+---------------------------------------------------+--------+--------+--------+
|NET FUNDS AT 31 AUGUST 2006 | 211 | | 323 |
+---------------------------------------------------+--------+--------+--------+
| |______ | |______ |
+---------------------------------------------------+--------+--------+--------+
For further information:
Maisha Plc
Guy Neely +44 (0) 208 4674511
Threadneedle Communications
Graham Herring/Josh Royston +44 (0) 20 7936 9605
HB-Corporate
Imran Ahmad/Cecil Jordaan +44 (0) 20 7510 8642
This information is provided by RNS
The company news service from the London Stock Exchange