Business
Interim Results for six months ended 31 March 2013
Interim Results for six months ended 31 March 2013.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 0590I Blue Star Capital plc 28 June 2013 \n \n\n28 June 2013\n \nBlue Star Capital plc\n \n(\"Blue Star Capital\" or \"the Company\")\n \nInterim Results for the six months ended 31 March 2013\n \n \nChairman's Statement\n \nI am pleased to report Blue Star Capital plc's (\"Blue Star\") interim results for the period ended 31 March 2013.\nFinancials\nBlue Star Capital reported a loss for the period of £253,431 compared with losses of £901,342 for the six months to 31 March 2012.\nNet assets were reduced by £158,797 to £996,290 (30 September 2012 £1.155m).\nBlue Star's cash position at the end of the six months to 31 March 2013 was in credit by £4,638 compared to a credit balance of £36,936 at the end of September 2012.\nIncluded within other receivables is an amount of £336,050 (2012: £436,050) relating to contingent consideration receivable on the disposal of Zimiti Limited. The level of deferred consideration receivable will be based on the performance of Zimiti to 30 September 2013. The fair value of the contingent consideration is based upon the discounted cash flows of the expected receivable using a post-tax discount rate of 10%.\nShareholder Loan Agreement\nThe Company entered into a shareholder loan agreement on 28 April 2011 for £400,000 (\"the Loan\"). The Loan, together with the accrued interest, was repayable in full by the Company on 30 May 2012 and is secured by an all assets debenture granted by the Company.\nOn 12 October 2012 and 2 January 2013, the Company agreed extensions and amendments to the Loan with payment in full being scheduled for 21 January 2013. \nAs at 31 March 2013 the amount outstanding under the Loan (including interest and repayment premium) was £576,214 (\"Revised Principal\"). The Revised Principal is accruing interest at the rate of 2 per cent per month. As a condition subsequent to extending the Loan, the loan note holders requested that an interim repayment of £20,000 be made by 30 April 2013.\nPost Balance Sheet Events\nOn 17 April 2013 the Company announced that it had agreed a further extension to the Loan to 30 June 2013, which as announced earlier today, has now been extended until 31 July 2013.\nOn 25 April 2013 the Company announced that it had raised £43,750, pre expenses, through a subscription of 17,500,000 new ordinary shares...