Regulatory announcements Northern Bear plc has issued the following regulatory announcements: 25 November 2010 Holdings in Company 24 November 2010 Unaudited Interim Results and Trading Update 24 September 2010 Result of AGM 15 September 2010 Disposal of DJ McGough Limited 12 July 2010 Director's Share Dealing 7 July 2010 Preliminary Results 29 June 2010 Announcement of Preliminary Results 15 April 2010 Year end trading update 29 January 2010 Appointment of Broker and Directorate Change For previous regulatory announcements please follow this link to our archive page |
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25 November 2010 The Company was informed today that, on 25 November 2010, Mr. Jon Pither acquired 246,500 ordinary shares in the Company ("Ordinary Shares"), representing 1.3 per cent of the Company's currently issued share capital. Mr. Pither is now interested in 2,734,414 Ordinary Shares representing 14.8 per cent. of the Company's issued share capital. 24 November 2010 Northern Bear is pleased to announce its unaudited interim results for the six months to 30 September 2010. Highlights
*Calculated before share based payments and exceptional items Graham Forrest, CEO commented: "For the first time in two years we are able to report improved pre exceptional results from continuing operations, compared to the corresponding period in the previous year. "This solid performance, together with our robust cash management, have contributed towards a reduction in our net debt in the past 12 months of £1.0 million. "We continue to take the necessary steps to best position our business in a rapidly changing market place, and in this regard, we are continually evaluating numerous new opportunities." Follow this link to download the unaudited interim results. 24 September 2010 The board of directors of Northern Bear announces that, at the annual general meeting held today, all resolutions were duly passed. [Details of the resolutions can be downloaded from the Key Documents page of this website.] 15 September 2010 Northern Bear, the AIM quoted holding company for a portfolio of building services businesses based in the North of England, today announces the disposal of its subsidiary DJ McGough to its founders, Mr D McGough and Mrs S McGough (together the "Buyers") for a consideration of £1 (the "Disposal"). Under the terms of the Disposal, DJ McGough will also write off inter-company loans due to it from the Company amounting to approximately £0.3 million. In addition, the Buyers have gifted to the Company 547,368 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares"), being all of the Ordinary Shares held by the Buyers for nil consideration. The Ordinary Shares held by the Buyers were issued to them by the Company as part of the consideration in relation to the acquisition of DJ McGough in April 2008. The Ordinary Shares to be gifted to the Company will be cancelled. The Disposal follows a review by the board of the Company (the "Board") of DJ McGough's operations. DJ McGough provides plumbing, heating and mechanical services to industrial, commercial and local authority clients across North East England and in the year ended 31 March 2010, DJ McGough achieved a profit before tax of £80,526 and as at 31 March 2010 had net assets of £0.9 million. However since the year ended 31 March 2010, DJ McGough has been trading at a loss and has required funding from the Company and there can be no certainty that there will be any pick up in its business activities in the near to medium term. As a result, the Board believes that the Disposal is in the best interest of shareholders. The Disposal will result in an impairment charge in the Company's current financial year, which will be treated as an exceptional charge. Mr D McGough, who is a director of DJ McGough, is considered to be a related party pursuant to the AIM Rules for Companies. As a result, the Disposal is deemed to be a related party transaction pursuant to AIM Rule 13. The Board considers, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, that the terms of the Disposal are fair and reasonable insofar as the Company's shareholders are concerned. In providing its advice, Strand Hanson Limited has taken into account the Board's commercial assessment of the Disposal. Following the gift and cancellation of 547,368 Ordinary Shares, Northern Bear's issued share capital will comprise 18,419,724 Ordinary Shares with each Ordinary share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The figure of 18,419,724 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. 12 July 2010 The Company was notified on 9 July 2010 that Graham Forrest, Chief Executive of the Company, has transferred, on 9 July 2010, 100,000 ordinary shares in Northern Bear plc to Laura Forrest, his daughter. Graham Forrest is now beneficially interested in 1,883,492 ordinary shares representing 9.93 per cent of the Company's issued ordinary share capital. 7 July 2010 Northern Bear is pleased to announce its unaudited preliminary results for the year ended 31 March 2010 Highlights
Howard Gold, Chairman of Northern Bear commented: “These results represent a strong performance in the context of the current economic climate, where the UK economy has just emerged from six successive quarters of negative growth and both the sector and geographic region in which we operate were particularly exposed to the downturn. “The new financial year has started well, with strong order books and a healthy pipeline far exceeding the outlook at the corresponding time last year.” Follow this link to download the unaudited preliminary results. 29 June 2010 The Board of directors of Northern Bear ('the Board') is pleased to announce that the preliminary results for the year ended 31 March 2010 will be published on Wednesday 7 July. Additionally, the Board is pleased to announce that the new financial year has started well, with strong order books and a healthy pipeline, both far exceeding the outlook at the corresponding time last year. 15 April 2010 The board of directors of Northern Bear is pleased to announce a trading update ahead of the publication of the preliminary results for the 12 months ended 31 March 2010. Despite a challenging economic environment and adverse weather conditions we have been able to consolidate our position as one of the leading support service businesses in the North East of England, and expect our year end result (pre-exceptional and restructuring costs) to be at the higher end of market forecasts. As indicated at the time of our interim statement, there had been a significant reduction in Northern Bear's net debt position in the two months up to December 2009 together with a substantial improvement in working capital. We are delighted that these positive trends have continued throughout the second half of the financial year. In addition, we are seeing the early signs of increased activity amongst our businesses and look forward to the future with cautious optimism. 29 January 2010 Appointment of Broker The Board of Northern Bear (the "Board") is pleased to announce the appointment of Seymour Pierce Directorate Change David Jay has resigned from his position on the Board and will leave the Company with immediate effect to pursue other business interests. Graham Forrest, Northern Bear CEO, said, "All at Northern Bear join me in thanking David for his contribution to the Company and we wish him well in his future endeavours". "I am now confident that we have both the right management and advisory team in place to build upon the solid foundations we have laid to date. Over the past 18 months we have continued to drive further costs out of the business and we are now well positioned to deliver increasing returns for our shareholders." For previous regulatory announcements please follow this link to our archive page
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