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MOSAIQUE PLC ANNOUNCES RESULTS FOR PERIOD 1 JUNE 2002 TO 31 MARCH 2003
LONDON, Mosaique PLC (MQE) announces today, following a change of its accounting reference date to 31 March, its results for the 10 month period to 31 March 2003. During this period the Company did not trade and has reported a pre-tax loss of 93,484 (2002 loss of 6,072,711), which is largely attributable to the administrative expenses for maintaining the Companys AIM quotation and accounting costs and other professional costs incurred by the previous board.
LONDON, Mosaique PLC (MQE) announces today, following a change of its accounting reference date to 31 March, its results for the 10 month period to 31 March 2003. During this period the Company did not trade and has reported a pre-tax loss of 93,484 (2002 loss of 6,072,711), which is largely attributable to the administrative expenses for maintaining the Companys AIM quotation and accounting costs and other professional costs incurred by the previous board.
Commenting on the results, Nicholas Richardson, Chairman, said, "The results we have announced today relate to a period in which the Company did not trade and prior to the substantial reorganisation undertaken, with the approval of shareholders, by the new board. The board is committed to taking the Company forward and I am extremely pleased to say that the new business activities are moving ahead positively."
At an Extraordinary General Meeting held on 30 June 2003, shareholders approved a change of business activities thus allowing the board to transform the Company to a provider of financial services and management consultancy.
Nicholas Richardson commented further, saying, "The Company is currently involved in a number of exciting projects and I am very pleased with the encouraging start of the new business which is already generating cash flow. We expect to report our interim results for the six months to 30 September 2003 very shortly."
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Notes to Editors
1. The board of directors, comprising Nicholas Richardson (Chairman), Amer Deen (Chief Executive) and Leon Blumenthal (Operations Director), was appointed on 20 February 2003.
2. At the EGM held on 30 June 2003 shareholders approved the change of business activities through the establishment of a new wholly-owned subsidiary, Mosaique Financial Limited.
3. Mosaique Financial Limited concentrates on the sale of off-shore financial products to high net worth individuals, mortgage and finance broking, participation in equity placings and assisting in raising finance and providing management consultancy services.
4. Mosaique Financials activities are currently being confined to non-regulated business as it is currently seeking Financial Services Authority authorisation.
5. Mosaique PLCs Annual General Meeting will be held on 27 October 2003 at 11.00am at the offices of Field Fisher Waterhouse (35 Vine Street, London EC3N 2AA).
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