Pathfinder Properties PLC
4 March 2002
ANNOUNCEMENT
4 March 2002
PATHFINDER PROPERTIES PLC ('PATHFINDER PROPERTIES' OR 'THE COMPANY')
Results for the year ended 31 December 2001
The Board of Pathfinder Properties announces that the Company has incurred a
loss for the year ended 31 December 2001, the results for which are due to be
announced on or about 28 March 2002.
The principal reasons for this loss are as follows:
• The Company's offer last year to acquire the whole issued share
capital of Pathfinder Recovery 1 PLC was successful but its offer for
Pathfinder Recovery 2 PLC lapsed and this resulted in a significant
level of abortive costs;
• Costs have been incurred relating to proceedings subsequently issued
against the Company's subsidiary, Pathfinder Recovery 1 PLC, by
Pathfinder Recovery 2 PLC;
• Administration expenses now include full management costs, a
significant element of which were previously provided by Blenheim Asset
Management Limited and treated as cost of sales or capitalised into the
value of stock or fixed assets;
• As previously reported, the Company's major developments are in their
early stages and, as planning, design and contract negotiations are
progressing, holding costs are being expensed. Any value added from
these activities is only recognised as profit in the Group's financial
statements when sales are made.
The Board wishes to emphasise that the Company's net asset value as at 31
December 2001 remains substantially in excess of its current market
capitalisation.
Further information and explanation will be provided at the time of announcement
of the results.
Enquiries:
Malcolm Bacchus, Pathfinder Properties PLC 020 7736 9669
Robert Lo, Nabarro Wells & Co. Limited 020 7710 7407
This information is provided by RNS
The company news service from the London Stock Exchange