Business
Preliminary Statement
Preliminary Statement.
About this update from Worldsec Limited
[{"type":"text","content":"\n Worldsec Ld\n26 April 2006\n\n Worldsec Limited\n\n Preliminary Statement of Annual Results\n\n\nWorldsec Limited is pleased to release today its preliminary statement of annual\nresults for the year ended 31 December 2005.\n\nThe Chairman's Statement and extracts from the audited financial statements are\nreproduced below.\n\n\n\nInvestor Relations\n\nFor further information please contact:\n\n\n\nIn Hong Kong\nMr. Henry Ying Chew CHEONG\nDeputy Chairman\n+852 2971 4280\n\n\n\n\n\nCHAIRMAN'S STATEMENT\n\n\n\n\n\nRESULTS\n\n\n\nThe audited consolidated loss for the year was US$467,000 compared with a profit\nfor the previous year amounted to US$522,000. Loss per share based on the\nweighted number of shares in issue during the year was US 3 cents (2004:\nEarnings per share of US 4 cents).\n\n\n\n\n\nTHE YEAR IN REVIEW\n\n\n\nDuring the year under review, the Group maintained a minimum operation to\ncontinue the realization of its remaining assets. The most significant income\nreceived by the Group was US$148,000 resulting from further recovery of doubtful\ndebts.\n\n\n\nIn August 2005, the Group completed the sale of its Philippines subsidiary for a\nconsideration of USD363,000 net of expenses. This signifies our complete exit\nfrom the Philippines.\n\n\n\nSubsequent to the year end, the Group disposed to a third party its nominees\nsubsidiary which has been assigned the right to collect the remaining debtors,\nfor a consideration of US$271,000 thus completing our debt recovery programme.\n\n\n\nPROSPECTS\n\n\n\nOn 6 December 2005, the Bank of Tokyo-Mitsubishi, Ltd., ('BTM'), a key\nshareholder of the Company, sold its entire interest in 3,225,000 ordinary\nshares, representing approximately 24.1% shareholding in the Company, to Grand\nAcumen Holdings Limited ('GAH'). GAH is associated with the Mr. Henry Ying Chew\nCheong, the Company's Deputy Chairman. The Board has been informed by GAH its\nintention to maintain the Group in the securities investment businesses which,\nwill change our current strategy of ceasing all business operations.\nShareholders will be informed of the relevant development in future.\n\n\n\nI intend to retire from the board effective from the conclusion of the\nforthcoming general meeting. Mr. Paul Kwok Kin Cheng, who has been managing the\ncompany since 2003 and responsible for the realization of the ...