News

Annual Results

28 May 2009

Preliminary results for the year ended 31 March 2009 Canisp (AIM: CN.) today announces the Group's audited results for the year ended 31 March 2009. During the year in review, the Group recorded a loss on continuing operations of £41,000 (2008: loss of £136,000) and a trading loss on discontinued operations of £46,000 (2008: loss of £51,000). The Group recorded a profit on the disposal of the discontinued operations of £274,000, bringing the result after taxation attributable to equity holders of the Company to a profit of £187,000 (2008: loss of £187,000). No dividend is proposed. Over the last few years we worked hard in a competitive and challenging trading environment to stabilise the core telecoms business of The Airtime Group ('TAG') by focussing on product innovation and customer service. We successfully maintained a low overhead base and very efficient head office operation and the overall results of the Group steadily improved. However, Canisp suffered from a lack of funding to allow it to grow through acquisition, partly through poor sentiment but also because for much of the recent past the Company's share price has been significantly below par. During this period we were open to strategic solutions to recover shareholder value and, at the end of 2008, we received an approach from Opal Telecom Limited which the Board believed to be in the best interests of the shareholders as a whole and which led to the disposal of the underlying business of TAG which was completed on 31 March 2009. The Board's task now is to prepare the Company for a new acquisition and that is why there are some administrative and structural proposals to be considered at the Annual General Meeting ('AGM') relating to the adoption of new Articles of Association and a restructuring of the Company's share capital base. Together with the fulfilment of some post completion obligations in relation to the disposal of the TAG business, these proposals will leave the Company in a clean position to seek a new venture. Board changes On completion of the disposal of the TAG business, referred to above, Mark Shrosbree, Tim Moss and John Maundrell all stepped down from the Board. I would like to thank all three for their contribution to the Company and wish them well in their other business interests. Outlook The disposal of the TAG business has divested the Company of all of its trading business and so Canisp is now treated as an investing company for the purposes of the AIM Rules. The Company's investing strategy is to invest in technology companies and we will initially consider opportunities in the UK and Europe, though investments in other sectors may also be considered. We will report on progress as appropriate. This investing strategy was approved at the general meeting held on 30 March 2009. A tight control of costs will be maintained throughout this review period. Pursuant to the AIM Rules, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover in accordance with Rule 14 of the AIM Rules or otherwise implement the investing strategy approved at the general meeting to the satisfaction of the London Stock Exchange within 12 months of having received the consent of its shareholders, failing which, the Company's trading facility on the AIM market will be suspended for a further period of six months followed by cancellation of the Company's AIM listing. Annual general meeting Notice is given that the annual general meeting (AGM) of the members of the Company will be held at the offices of Fladgate LLP at 25 North Row, London, W1K 6DJ on 23 June 2009 at 11:00 a.m. The AGM Notice, form of proxy and annual report and accounts will today be posted to all shareholders, and will shortly be available for download from the Company's website at http://www.canispplc.com FULL RNS: http://www.investegate.co.uk/Article.aspx?id=200905281314299558S

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