News Column

ST MARK HOMES II PLC - Trading Update and Dividend Declaration

May 30, 2014

St Mark Homes II Plc: Trading Statement TRADING UPDATE AND DIVIDEND DECLARATION The board are pleased to announce pre-tax profit for the year of GBP 260,891 for the year. As outlined in the strategic report within our accounts the projects at Cheltenham, Wimbledon and Ealing are progressing well and ahead of expectations envisaged in the appraisals made at the outset. The projects are expected to deliver profits for the company of over £1m on realisation and before tax and overhead, albeit subject to the usual market and business risks. In light of the growing financial strength of the company and its projects the board have approved an interim dividend of 3.3 pence per share (an increase of 10% on the total dividend paid last year). The dividend is to be paid in accordance with the following timetable: * Declaration Date 30th May 2014 * Ex-Dividend Date 18th July 2014 * Record Date 21st July 2014 * Expected Payment Date 1st August 2014 The 2014 AGM will also consider special resolutions which have the full support of your board. Resolution 6 proposes that the name of the company be changed to St Mark Homes PLC . Resolution 7 proposes an amendment and a correction in the Articles of Association to remove borrowing restrictions. While the board will remain cautious in its approach to borrowing, it is our considered view that returns to shareholders can be enhanced by the blending of our equity with a higher portion of debt (to be raised on standard and accepted financial criteria for this industry) than heretofore. Resolutions 8 and 9 are designed to allow the board to raise a small amount of additional capital (circa 8% more) by placing shares at the ISDX mid market price. Our intention is to improve liquidity in the shares and also to expand our capital base. On behalf of the board I would like to thank you once again for your continued support for the Company. Bernard Jos. Tansey ______________________ BERNARD J. TANSEY, CHAIRMAN ST MARK HOMES II PLC NOTICE OF ANNUAL GENERAL MEETING. NOTICE IS HEREBY GIVEN THAT THE ANNUAL GENERAL MEETING of the Company will be held at Heron House, 109 Wembley Hill Rd, Wembley, Middlesex HA9 8DA on 25th June 2014 at 10:30 hrs for the following purposes: AS ORDINARY BUSINESS: To consider and if thought fit to pass the following as ordinary resolutions: 1. Adoption of audited accounts To receive the Report of the Directors and the Financial Statements for the period to 31st December 2013 (Resolution 1) 2. Reappointment of auditors To re-appoint Kingston Smith LLP as Auditors of the Company.(Resolution 2) 3. Auditors Remuneration To authorise the Directors to fix the remuneration of the Auditors. (Resolution 3) 4. Re-election of Retiring Director To re-elect Bernard Tansey (retiring by rotation) as a Director of the company. (Resolution 4) 5. Re-election of Retiring Director To re-elect William Gair (retiring by rotation) as a Director of the company. ( Resolution 5) AS SPECIAL BUSINESS: To consider and if thought fit to pass the following as special resolutions: 6. Change of Company Name That the name of the company be changed to St Mark Homes PLC (Special Resolution 6 ) 7. Amendment of Articles To amend and correct the Articles of Association to remove borrowing restrictions. This will necessitate the amendment of the Articles of Association to as set out in Appendix A to this agenda. (Special Resolution 7). 8. Directors power to allot relevant securities That the directors be and they are generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the "Act") to exercise all powers of the Company to allot shares in the Company, and grant rights to subscribe for or to convert any security into shares of the Company (such shares, and rights to subscribe for or to convert any security into shares of the Company being "relevant securities") up to a maximum aggregate nominal amount of £1,600,000. Unless previously renewed, revoked, varied or extended, this authority shall expire at the earlier of the date which is 15 months from the date of the passing of this resolution and the conclusion of the next Annual General Meeting of the Company except that the Company may at any time before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the directors may allot relevant securities in pursuance of such an offer or agreement as if the said power had not expired.name of the company be changed to St Mark Homes PLC (Special Resolution 8 ) 9. Disapplication of pre-emption rights That the directors be and they are empowered pursuant to section 570(1) of the Act to allot equity securities (as defined in section 560(1) of the Act) of the Company for cash pursuant to the authority of the directors under section 551 of the Act conferred by resolution 5 as if section 561(1) of the Act did not apply to such allotment provided that the power conferred by this resolution shall be limited to: a. the allotment of equity securities in connection with an invitation or offer of equity securities to the holders of ordinary shares in the capital of the Company in proportion to their respective holdings of such shares or in accordance with the rights attached to such shares but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or as a result of legal or practical problems under the laws of, or the requirements of any regulatory body or any stock exchange in any territory; and b. the allotment, otherwise than pursuant to paragraph (a) above, of equity securities up to a maximum aggregate nominal amount of £1, 600,000 unless previously renewed, revoked, varied or extended this power shall expire on the earlier of the conclusion of the next Annual General Meeting of the Company and the date falling 15 months after the date of the passing of this resolution except that the Company may before the expiry of this power make an offer or agreement which would or might require equity securities to be allotted after such (Special Resolution 9). Members entitled to attend and vote at the above meeting are entitled to appoint one or more proxies to attend and on a poll vote on their behalf. A proxy need not also be a member. BY ORDER OF THE BOARD Barry Tansey Heron House Secretary Wembley HA9 8DA Date: 2 June 2014 APPENDIX A EXISTING CLAUSE 112 OF THE COMPANY ARTICLES OF ASSOCIATION 112. The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and to issue debentures and other securities whether outright or as security for any debt, liability or obligations of the Company or any third party, subject to a limit in value of 200 per cent of the paid up share capital and any premium thereon from time to time. PROPOSED CLAUSE 112 OF THE COMPANY ARTICLES OF ASSOCIATION 112. The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and to issue debentures and other securities whether outright or as security for any debt, liability or obligations of the Company or any third party. St Mark Homes II Plc Annual report and financial statements for the year ended 31 December 2013 Contents Strategic report Report of the directors Report of the independent auditors Consolidated profit and loss account Consolidated balance sheet Company balance sheet Consolidated cash flow statement Notes forming part of the financial statements Directors Bernard Tansey Sean Ryan Michael Chicken (resigned 16 August 2013) William GairBarry Tansey (appointed 1 January 2013) Secretary and registered office Barry Tansey, Heron House, 109 Wembley Hill Road, Wembley, Middlesex, HA9 8DA Company number 3822978 Auditors Kingston Smith LLP Middlesex House 800 Uxbridge Road Hayes Middlesex UB4 0RS St Mark Homes II Plc Strategic Report for the year ended 31 December 2013 The directors present their strategic report for the year ended 31 December 2013. Strategic Report The Company continues to target projects based in London, the South East and South Western regions of the United Kingdom. The Company typically undertakes its business within special purpose vehicles and on a joint venture /profit sharing basis with other house builders. This strategy has delivered a growing profit profile in recent years with post-tax profits rising 28% to £256,547 in the current year. Looking forward the board anticipate our current projects will meet and actually outperform initial expectations. There is just one unit now remaining for sale at our Pittville Cresecent, Cheltenham project. We anticipate that this will be sold during the current financial year while the Bulvinos House, Ealing and Palmerston Road, Wimbledon projects are expected to be completed and sold in late 2014 and early 2015. It is expected that the above three projects will generate over £1m of profit for the company. Our strategic priorities As a board we are keen to build on this performance and grow the Company into a significant regional house builder. We now have an established and profitable method of operation which could be scaled up were further capital to become available to us. We believe the key Company assets are its people, capital base and market listing. Our primary aim is to maximise shareholder value by utilising each of these assets to best effect. We also are committed to the highest standards of sustainability. People and partnering We have intentionally a small but experienced team with demonstrable competency in finance, property development, project appraisal and project delivery. Our strategy is to match those core skills and our capital with partners who can assist with project design, construction and sales. Our people are motivated through a management incentiv scheme which aligns their interests with that of the shareholders and only rewards performance after attainment of profit targets linked to the return on shareholders funds. Capital The Company currently has a modest capital base of just over £3.2m. We have previously set a performance target to grow that base by a minimum of 5% on opening shareholders funds per annum through organic growth. In 2013 we actually achieved a pre-tax profit of 8.6% on opening shareholders funds. As outlined above we have confidence in the current portfolio of projects and expect to deliver a return significantly in excess of target for 2014 and 2015. We believe that capital availability remains a constraining factor for the business and we are currently exploring ways to raise fresh capital. We have asked shareholders to grant authority to directors to issue and allot a small number of new shares in the current year and will explore a larger capital raising when current projects mature. We are also constrained by continuing restrictions of availability of bank funding which is typically limited to 55% of the Gross Development Value (GDV) on our projects. If we assume a 15% return on GDV the actual tranche cost between the 55%-85% level of GDV is currently funded through equity. We therefore believe that the return to shareholders can be significantly improved through increasing our borrowing levels and we are therefore reviewing a number of options to increase the amount of debt funding available to Company. It is our intention not to borrow more than 75% of the projected end value of our developments. Shareholder approval will be sought at the forthcoming AGM to remove the existing borrowing restrictions and facilitate the expansion of the capital base of the Company. St Mark Homes II Plc Strategic Report for the year ended 31 December 2013 (continued) Market listing The Company is currently listed on the Growth Market of the ICAP ISDX exchange. This is London's third level market behind LSE and AIM. While the listing should provide trading opportunities for our shareholders, there has historically been a notable discount between the mid-price of our shares and our Net Asset Value. The discount to Net Asset Value at the date of this report is circa 35% having been reduced from almost 70% in early 2013 ). While the market sets its own price for the shares the level of discount is a concern to the board and we have sought to improve market awareness of the Company by re-launching the www.stmarkhomes.co.uk website in 2013 as well as increasing the number of investor updates. We propose to change the name of the Company to St Mark Homes Plc at the forthcoming AGM and will continue to examine opportunities to improve our business profile to the investor community. Sustainability We recognise that there are financial and operational benefits of working sustainably and the upside for our shareholders. We are committed to the highest standards of sustainability. While many environmental requirements are embedded within the planning process, sustainability is broader than that and encompasses both Health & Safety and the supply chain. Health & Safety remains the Group's first priority and we work with our joint venture partners to attain best practice standards. Thankfully there were no reportable incidents on any of our projects during 2013 but we will not be complacent. Having the right supply chain is also crucial to sustainability. We do have long term working relationships with our main suppliers but do continue to carefully monitoring the financial health of our design teams and main contractors where market conditions are taking their toll. We aim to pay suppliers in agreed timescales and to work collaboratively with them for the benefit of all. Project Portfolio At present we have five live joint venture projects totalling 98 units on sites in Wimbledon, Cheltenham (2), Ealing and Sutton which we anticipate will deliver profits over the next two to three years. While these sites are progressing against a background of some labour and supply challenges the overall context is one of strong customer demand and improved market conditions. The board is optimistic that the improved opportunities being experienced will continue through into 2016. Completed Developments The final sales on the Fulshaw Lodge, Christchurch Road, Cheltenham and Mountfield Road, Ealing projects were completed in early 2013. The Company also recognised a significant profit on its Kingston Road, New Malden scheme in the first half of the current financial year. Current Projects The company is currently engaged on the following projects: 19 Pittville Crescent, Cheltenham: Construction on this 12 unit scheme within the Pittville conservation area of Cheltenham was completed in the latter half of 2013. A total of 3 of the 12 residential units were sold at the year end with a further 8 sales agreed post year end leaving just a single remaining unit for sale as at the date of signing these accounts. St Mark Homes II Plc Strategic Report for the year ended 31 December 2013 (continued) Hatherley Road,, Cheltenham: The Company acquired this site for 8 luxury residential units in September 2013. Construction commenced in early 2014 with an expected completion date in early 2015. It is planned to market the scheme in the Spring of 2015. Palmerston Road, Wimbledon, London: The Company entered a joint venture for the development of a 24 residential units in Wimbledon, south west London early in 2012. Construction is due to be completed in early 2015. The private units are 80% sold off plan. Bulvinos House Ealing: The Company entered a joint venture for the development of a 14 residential units at Bulvinos House, Ealing, West London early in November 2013. Construction is due to be completed in late 2014. Sutton High Street, Sutton: The Company also invested in a regeneration property development venture at Sutton High Street at the end of 2013. The development ( when completed ) is to consist of 40 residential units with ground floor retail space on Sutton High Street, Sutton. Principal risks and uncertainties The Company is exposed to the usual risks of companies constructing and developing residential property, including construction budget overruns, delays in programme, insolvency of clients, general economic conditions, uninsured calamities and other factors. Investments are made in sterling and therefore the Company is not subject to foreign exchange risks. The Company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring payments against contractual agreements. The Company also reviews the financial standings of its debtors prior to entering into significant contracts. Key Performance Indicators The Company's long term performance target has been to generate a minimum average annual return on shareholders funds of 5%. During 2013 the annual pre-tax return on shareholders' funds was 8.6% (2012: 8%). The Company also seeks protection from market downturns by committing no more than 50% of its capital to any one project and by requiring projects in which it is a stakeholder to show a minimum return on cost of 15%. During 2013 the maximum exposure of capital to any one project was less than 40% of the Company capital. Treasury policy Operations have been financed by the issue of shares in the past and retained profits, the cash from which has been invested in short term cash deposits. In addition, various financial instruments such as trade debtors and trade creditors arise directly from the group's operations. The loan notes have been funded by the cash income from previous development projects. Further information on financial instruments is contained in note 25 of the financial statements. On behalf of the Board Sean Ryan Director Date: 23 May 2014 St Mark Homes II Plc Report of the directors for the year ended 31 December 2013 The directors present their report together with the audited financial statements for the year ended 31 December 2013. Principal Activity The principal activity of the Company remained that of a residential contractor and house builder. Results and dividends The profit and loss account is set out on page 9 and shows a net profit after taxation of £256,547 (2012 - £199,452) for the year. An interim ordinary dividend of 3.00 pence per share was paid in June 2013 (2.75p 2012). This represents an increase of 9% year on year. The directors do not recommend the payment of a final ordinary share dividend for the year (2012: £Nil). Directors Barry Tansey was appointed to the Board to serve as Chief Executive Officer on 1 January 2013. Bernard Tansey was appointed to the role of Executive Chairman on 1 January 2013. Sean Ryan and Michael Chicken retired by rotation at the June 2013 Annual General Meeting and, being eligible, for re-election were duly re-elected to the board. On 16 August 2013 Michael Chicken resigned as a director of the company. Bernard Tansey and William Gair are to retire by rotation at the next Annual General Meeting and, being eligible, offer themselves for re-election. Directors Interests The following directors of the Company had interests in the ordinary shares of the Company at 31st December 2013 as follows: Bernard Tansey 251,000 Sean Ryan 65,500 Barry Tansey 45,500 ( appointed on 1st January 2013 ) Directors Emoluments Bernard Tansey £20,000 Sean Ryan £20,000 Barry Tansey £30,000 William Gair £12,000 During the year the Company adopted a new incentive / reward system. This new reward system has been designed to allow the directors of the company to a share in the improving profitability of the Company once a threshold /hurdle return of 5% on opening shareholders funds for the exclusive benefit of the ordinary shareholders. The remuneration committee believe that this will act a driver of improved performance for the long term benefit of the Company's shareholders. St Mark Homes II Plc Report of the directors for the year ended 31 December 2013 (Continued) Going Concern The directors have assessed the Group's projected business activities and available financial resources together with detailed forecasts for cash flow and relevant security analysis. The directors believe that the company is well placed to manage its business risks successfully. After making appropriate enquiries the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis in preparing the annual report and financial statements. Auditors In accordance with section 489 of the Companies Act 2006, a resolution proposing that Kingston Smith LLP be reappointed as auditors of the company will be put at a General Meeting. Statement of directors' responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and ?nancial information included on the company's website. Legislation in the UK governing the preparation and dissemination of ?nancial statements may differ from legislation in other jurisdictions. Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information. On behalf of the Board Sean Ryan Director Date: 23 May 2014 St Mark Homes II Plc Independent Auditors' Report to the Members of St Mark Homes II PLC We have audited the consolidated financial statements of St Mark Homes II PLC for the year ended 31 December 2013 which compromise the consolidated Profit and Loss account, the consolidated and company Balance Sheets, the consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 6 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition we read all the financial and non-financial information in the Strategic Report and in the Directors Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing our audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on the financial statements In our opinion the financial statements: * give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit for the year then ended; * have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and * have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. St Mark Homes II Plc Independent Auditors' Report to the Members of St Mark Homes II PLC Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: * adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or * the financial statements are not in agreement with the accounting records and returns; or * certain disclosures of directors' remuneration specified by law are not made; or * we have not received all the information and explanations we require for our audit. Date Jonathan Seymour (Senior Statutory Auditor) for and on behalf of Kingston Smith LLP, Statutory Auditor Middlesex House 800 Uxbridge Road Hayes Middlesex UB4 0RS St Mark Homes II Plc Consolidated Profit and loss account for the year ended 31 December 2013 2013 2012 Note GBP GBP Turnover: group and share of joint 2 1,336,644 2,238,848 venture Less: share of joint venture turnover (1,324,644) (2,072,063) ________ ________ Company turnover 12,000 166,785 Cost of sales (6,974) (71,819) ________ ________ Gross profit 5,026 94,966 Administrative expenses (122,600) (93,053) ________ ________ Operating (loss)/profit 6 (117,574) (1,913) Share of operating profit in joint 148,216 183,722 venture Interest receivable and similar income 7 230,460 45,951 Interest payable and similar charges 8 (211) (160) ________ ________ Profit on ordinary activities before taxation 260,891 231,426 Taxation on ordinary activities 9 (4,344) (31,974) ________ ________ Profit on ordinary activities after taxation 19 256,547 199,452 ________ ________ Earnings per share - basic and diluted `A' ordinary shares Nil Nil Ordinary shares 8.67p 6.74p All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the profit and loss account. St Mark Homes II Plc Consolidated Balance sheet at 31 December 2013 2013 2013 2012 2012 Note GBP GBP GBP GBP Non Current assets Tangible assets 10 1,744 2,323 Investments in joint 15 ventures: Share of gross assets 3,731,979 1,783,406 Share of gross liabilities (3,675,339) (1,679,477) 56,640 103.929 58,384 106,252 Current assets Stock and Work In Progress 12 1,406,097 - Debtors 13 1,966,094 1,147,925 Debtors - loan notes and 14 - 823,285 accrued interest Cash at bank and in hand 1,066,676 1,073,765 4,438,867 3,044,975 Creditors: amounts falling due within one year 16 (38,678) (117,831) Net current assets 4,400,189 2,927,144 Total assets less current 4,458,573 3,033,396 liabilities Creditors: amounts falling due in more than one year 17 (1,257,378) - 3,201,195 3,033,396 Capital and reserves Called up share capital 18 1,478,748 1,478,748 Capital redemption reserve 19 1,009,560 1,009,518 Other reserve 19 211,822 211,822 Profit and loss account 19 501,065 333,308 Shareholders' funds 20 3,201,195 3,033,396 The financial statements were approved by the board of directors and authorised for issue on 23 May 2014. S Ryan Director Company Registration No 3822978 St Mark Homes II Plc Company Balance sheet at 31 December 2013 2013 2013 2012 2012 Note GBP GBP GBP GBP Non Current assets Tangible assets 10 1,744 2,323 Investments 11 2,796,040 2,796,046 2,797,784 2,798,369 Current assets Stock and Work In Progress 12 1,406,097 - Debtors 13 2,022,734 1,251,853 Debtors - loan notes and 14 - 823,285 accrued interest Cash at bank and in hand 1,066,676 1,073,659 4,495,507 3,148,797 Creditors: amounts falling due within one year 16 (38,678) (117,831) Net current assets 4,456,829 3,030,966 Total assets less current liabilities 7,254,613 5,829,335 Creditors: amounts falling due in more than one year 17 (4,053,418) (2,795,939) Net assets 3,201,195 3,033,396 Capital and reserves Called up share capital 18 1,478,748 1,478,748 Capital redemption reserve 19 1,009,560 1,009,518 Other reserve 19 211,822 211,822 Profit and loss account 19 501,065 333,308 Shareholders' funds 20 3,201,195 3,033,396 The financial statements were approved by the board of directors and authorised for issue on 23 May 2014. Sean Ryan Director Company Registration No 3822978 St Mark Homes II Plc Consolidated cash flow statement for the year ended 31 December 2013 2013 2013 2012 2012 Note GBP GBP GBP GBP Net cash (outflow)/inflow from operating activities 22 (2,224,867) 214,324 Returns on investments and servicing of finance Interest received 230,460 175,951 Interest paid (211) (160) Dividend paid (88,748) (81,334) Net cash inflow from returns on investments and servicing of 141,501 94,457 finance Taxation Corporation Tax (4,344) (31,974) Cash (outflow)/inflow before use of liquid resources and financing (2,087,710) 276,807 Capital Expenditure and Financial Investment Loan Notes 823,285 577,259 Capital Expenditure - (2,165) ________ ________ Cash (outflow)/inflow/ before (1,264,425) 851,901 use of liquid resources & financing Financing Increase in bank loans 902,378 - Increase in subordinated loans 355,000 - Redemption of preference shares (42) - 1,257,336 - (Decrease)/Increase in cash 23 (7,089) 851,901 A full set of the accounts including notes can be viewed on or downloaded from the company website at http://www.stmarkhomes.co.uk/investors.html . ENDS



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Source: PR Newswire (UK Disclosure)