Press release | 31st July 2023 |
Rockpool Acquisitions Plc
("Rockpool" or "the Company")
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Report and Financial Statements for the year ended 31 March 2023
Rockpool Acquisitions Plc announces its Report and Financial Statements for the year ended 31st March 2023.
The Chairman's Statement and full Report and Financial Statements are attached.
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Rockpool Acquisitions Plc
Mike Irvine, Non-Executive Directormike@cordovancapital.comwww.rockpoolacquisitions.plc.uk
Abchurch (Financial PR)
Julian BosdetTel: +44 (0)20 4594 4070
julian.bosdet@abchurch-group.com
ROCKPOOL ACQUISITIONS PLC
REGISTERED NUMBER NI644683
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
ROCKPOOL ACQUISITIONS PLC | CONTENTS |
Page | ||
Company Information | 2 | |
Chairman's Statement | 3 | |
Board of Directors | 4 | |
Strategic Report | 5 - 8 | |
Report of the Directors | 9 | - 12 |
Directors' Remuneration Report | 13 | - 16 |
Report of the Independent Auditor | 17 | - 21 |
Statement of Comprehensive Income | 22 | |
Statement of Financial Position | 23 | |
Statement of Changes in Equity | 24 | |
Statement of Cash Flows | 25 | |
Notes to the Financial Statements | 26 | - 37 |
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ROCKPOOL ACQUISITIONS PLC | COMPANY INFORMATION |
Directors | R A D Beresford |
M H Irvine | |
N R Adair | |
Secretary | R A D Beresford |
Registered Office | c/o Cordovan Capital Management Limited |
Suite 102 | |
Urban HQ | |
5-7 Upper Queen Street | |
Belfast BT1 6FB | |
Solicitors | McCarthy Denning Limited |
42 Mincing Lane | |
London EC3R 7AE | |
Independent Auditor | Grant Thornton (NI) LLP |
Chartered Accountants & Statutory Auditors | |
12-15 Donegall Square West | |
Belfast | |
BT1 6JH | |
Registered Number | NI644683 |
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ROCKPOOL ACQUISITIONS PLC | CHAIRMAN'S STATEMENT |
I hereby present the annual report and audited financial statements for the year ended 31 March 2023. During the year the Company reported a loss of £297,089 (2022 - profit £34,215). As 31 March 2023 the Company had £672,558 of cash and cash equivalents.
The most significant developments during the year were the announcement on 1st April 2022 of the termination of the option agreement to acquire Greenview Gas Limited and the subsequent identification by the board of alternative potential takeover targets followed by the eventual signing of a heads of terms on 15th November 2022 for the acquisition of the Amcomri Group Limited. The Amcomri group consists of a number of profitable companies involved in providing specialist engineering, equipment and printing and packaging services in the UK and Ireland and has been assembled under the aegis of and partly with funding from, Paul McGowan. Paul is perhaps best known for his role as the Chief Executive and then Executive Chairman of Hilco Capital Limited, a retail restructuring business which he established in May 2000 as a UK-based joint venture with Hilco Trading Inc, a Chicago-based investment business.
Whilst at Hilco, Paul has been involved in the purchase and restructuring of troubled businesses in the UK, Europe, Canada and Australia including some high-profile ones such as Homebase, the DIY and home retailer, Habitat, the furniture retailer, and HMV, the music and movie retailer. More recently, Hilco has been providing working capital facilities and other forms of finance to a number of businesses in the UK, Europe and Australia.
As is usual in the circumstances where a special purpose acquisition company such as Rockpool announces a prospective reverse takeover ("RTO"), the Company's shares were suspended from the Official List and from trading on the Main Market of the London Stock Exchange on the making of the November 15th announcement. Following the announcement and suspension, work commenced with a view to closing the Amcomri acquisition and preparing a prospectus for the readmission of the Company's shares to the Official List and to the Main Market which would be required following completion of the acquisition (completion of an RTO automatically leads to de-listing). The initial work has included the extensive task of performing audits of the target group's financial information and making that financial information compliant with UK-adopted IAS for the purposes of inclusion in the prospectus. Work continues in earnest and it is hoped to be able to publish the prospectus and complete the acquisition in the fourth quarter of the year, if not before.
I would like to thank all those who have assisted the Company during the past number of years including advisers and creditors for whose support we remain grateful. I would also like to thank the shareholders for their patience during the very long period in which trading in the Company's shares was initially suspended and ask for their continued patience during this latest period of suspension. The board believe that that patience will be amply rewarded in the not-too-distant future.
I look forward to a positive year ahead which will hopefully see the completion of the Amcomri acquisition, a return to trading of the Company's shares and, with that, the completion of the first key period of the Company's existence.
R A D Beresford
Non-Executive Chairman
31 July 2023
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Rockpool Acquisitions plc published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 13:44:07 UTC.