Business
Final Results for the year ended 30 September 2012
Final Results for the year ended 30 September 2012.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 9649Y Blue Star Capital plc 01 March 2013 \n \n\n \n \nBlue Star Capital plc\n \n(\"Blue Star Capital\" or \"the Company\")\n \nFinal Results for the year ended 30 September 2012\n \nI am pleased to report Blue Star Capital Plc's (\"Blue Star Capital\" or \"the Company\") results for the year ended 30 September 2012.\nOn 1 February 2012 the Company announced that it has conditionally raised £245,000 before expenses (approximately £232,000 net of expenses) via the issue of 12,250,000 new Ordinary Shares at a price of 2 pence per share to new and existing investors. The proceeds were to be used to make a secured loan of £150,000 to Overtis Limited (\"Overtis\"). The purpose of the loan was to provide Overtis with working capital and to secure a period of exclusivity as part of a process which the Company expected, subject to due diligence, further fund raising and shareholder approvals, to lead to the full acquisition of the issued share capital of Overtis in line with the Company's stated investment policy. Overtis specialised in information protection and compliance which the Company believed had significant potential in the cybersecurity and data security space. The balance of funds raised of £100,000 was to be used by the Company for general working capital purposes.\nUnfortunately in the period post drawdown of the loan, Overtis encountered a number of unforeseen difficulties which culminated in the decision being taken by its Board to seek the appointment of an Administrator on 31 May 2012. Having entered Administration, the assets and business of Overtis were subsequently acquired by Vigilant Applications Limited. In relation to this transaction, £116,998 of the £150,000 secured loan held in Overtis was rolled-over into Vigilant Applications Limited and is secured against the assets of that company. The remaining £33,002 of the loan remains in Overtis and while it may be repaid in whole or in part depending on any subsequent realisations by its Administrator, the Company has fully provided against this debt. \nPost the year end, on 7 January 2013 the Company announced the acquisition of one of its investee companies, Visimetrics (UK) Limited (\"Visimetrics\"), including its subsidiary OmniPerception Limited (\"OmniPerception\") by Digital Barriers plc, (\"Digital Barrie...