Result of AGM
31 Décembre 2009 - 1:53PM
UK Regulatory
TIDMRDP
RNS Number : 9148E
Radicle Projects Plc
31 December 2009
31 December 2009
Radicle Projects PLC
("Radicle" or the "Company")
Result of Annual General Meeting
Publication of 2009 Report and Accounts
Radicle confirms that all the resolutions put to shareholders at the Company's
Annual General Meeting held earlier today were duly passed.
The Company also announces that the Report and Accounts for the year to 30 June
2009, which were not available in time for the AGM, have now been approved and
will be published and sent to shareholders later today. A shareholders meeting
to approve the accounts has been convened for 25 January 2010, details of which
have been published with the accounts.
The audited accounts will be as presented in the preliminary results statement
of 14 December save that the value of the Timbercorp assets has been further
reduced following the first formal notification from the liquidators of
Timbercorp's forestry schemes, received on 21 December 2009, as to the "minimum"
and "expected" returns that Radicle would receive from its investments into
these schemes.
The Directors had estimated the value of the Timbercorp assets, for the purposes
of the audited accounts, with a carrying value of 50% of the 30 June 2008
valuation as a result of the liquidation of the Timbercorp assets. Following
receipt of this information, the Directors have reduced the carrying value from
their initial estimate to 33% of the 2008 valuation in the case of Eucalypts and
16% in the case of almonds.
The total value of the Timbercorp assets after making this new provision is
approximately GBP42,458 for the forestry scheme assets and GBP278,176 for the
almond assets which represents a reduction of GBP744,328. The audited accounts
will therefore show that the Company's net assets at 30 June 2009 were
GBP3,753,722 rather than GBP4,452,353 as previously stated.
As a result the loss on ordinary activities before taxation will be GBP6.13
million rather than the loss of GBP5.60 million as previously announced.
There are no other material changes in the audited accounts to the preliminary
statement of 14 December 2009.
For further information please contact:
+--------------------------------------------------+-------------------+
| Radicle Projects PLC | 020 7016 5300 |
+--------------------------------------------------+-------------------+
| Tim Bennett | +61 (0) 3 8611 |
| | 6711 |
+--------------------------------------------------+-------------------+
| | |
+--------------------------------------------------+-------------------+
| Charles Stanley Securities | 020 7149 6000 |
+--------------------------------------------------+-------------------+
| Nominated Advisor and Broker | |
+--------------------------------------------------+-------------------+
| Russell Cook / Ben Johnston | |
+--------------------------------------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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