Business
Correction: Final Results
Correction: Final Results.
About this update from Afentra Plc
[{"type":"text","content":"\n \nThe following replaces the \"Final Results\" announcement made today at 14.42\nunder Number PRNUK-2804. The final paragraph of the Chairman's Statement in the\nearlier version should be disregarded. All other details remain the same.\n\n\nFor immediate release 28 April 2006\n\n ADESTE INVESTMENTS PLC (the \"Company\") \n FINAL RESULTS FOR THE YEAR ENDED 31 OCTOBER 2005 \n\nCHAIRMAN'S STATEMENT\n\nINTRODUCTION\n\nThe Company presents its results for the year ended 31 October 2005.\n\nRESULTS AND DIVIDEND\n\nTurnover for the year ended 31 October 2005 decreased to £101,550 (2004: £\n567,455), giving a pre-tax loss of £7,971,423 (2004: £5,217,389) after\nexceptional operating expenses which include provision against loan, interest\nand fees of £7,901,368 (2004: £5,068,950). The board cannot recommend the\npayment of a dividend to shareholders.\n\nBUSINESS ACTIVITY\n\nThe Company's shares were suspended from trading on AIM on 8 March 2005 at the\nCompany's request following the appointment of administrative receivers to\nChesterton International Limited and thus the outstanding borrowings amounting\nto approximately £7.2 million could no longer be repaid and which were\nguaranteed by the company. National Westminster Bank subsequently demanded\npayment under a guarantee given by the company for £1.6 million on the 14th\nMarch 2005 and issued Statutory Demand on 17th March 2005. As the Company was\nunable to meet this claim by the Bank, on 30 March 2005, after being made aware\nof the financial position of the company, the secured creditor of the company,\nKaloshar Limited, appointed Antony Batty of Antony Batty & Co as administrator\nto the company.\n\nNational Westminster Bank cancelled their demand against the company on the\nlikelihood of receiving a substantial payment on the sale of Chesterton assets\nwhich could lead to them being repaid in due course by Chesterton International\nLimited and Chesterton Limited.\n\nThe Directors over a number of months, worked toward a set of solutions for\nwhich shareholder approval was given at a creditors meeting of the 6th\nSeptember 2005 and the Court were notified that the Company was no longer in\nAdministration.\n\nAt the Company's Extraordinary General meeting on the 7th October 2005 the\nCompany changed its name from Resurge Plc to Adeste Investments PLC and also\nres...