This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BCS Investments Ltd Issues Annual Report
Hamilton, Bermuda: 7th January 2005 - The Bermuda Stock Exchange (BSX) has received the following letter to Shareholders from BCS Investments Limited:
"You will recall that the Company's name was changed to BCS Investments Limited on 30th. October 2003 to avoid confusion with the continuing operations of Bermuda Computer Services Limited. The year-end of the Company was also changed to 31st October to allow us to provide shareholders with a better understanding of the financial position of the Company and its operations.
Financial Results
Consolidated earnings of the Company for the year ended 31st October 2004 amounted to $3,066 compared with $3,207,967 in the ten months ended 31st October 2003, (which included the gain on sale of Bermuda Computer Services Limited of $3,033,474).
Total consolidated assets at 31st October 2004 consisted of cash and short-term deposits of $327,490 compared with total consolidated assets of $6,132,015 at 31st October 2003. Total liabilities at 31st October 2004 amounted to $16,833 including a provision of $10,000 to cover the anticipated cost of liquidation of the Company compared with total liabilities of $3,424,424, which included the dividend payable of $3,000,000.
Dividends Paid
During the year, the Directors' approved the payment of distributions of the following amounts by way of dividends:
Date Declared Amount Amount per Share Date of Record
19th November 2003 $3,000,000 $10.00 31st October 2003
15th June 2004 $2,250,000 $ 7.50 7th June 2004
29th October 2004 $ 150,000 $0.50 21st October 2004
Total $5,400,000 $18.00
Liquidation
At a meeting of the Directors held on 21st October 2004 it was decided that we should recommend to the shareholders that the Company be put into voluntary liquidation following the issue of audited accounts for the year ended 31st October 2004. At a Special General Meeting to be held on 25th January 2005, the Shareholders will be asked to vote on a motion to put the Company into voluntary liquidation. For this motion to carry, 75% of the voting shares must approve the motion and if passed, it is anticipated that the liquidator will make a final payout to the shareholders of approximately $300,000 or $1.00 per share."
Signed by:
Donald P. Lines, OBE, FCA, JP
Chairman