PRELIMINARY ANNOUCEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2000
Chairman’s statement
The year under review has seen significant changes in both the activity and management of your Company. At an Extraordinary General Meeting held on 11 May 2000, the disposal of the Group’s property business was approved by shareholders, and the Company’s name was subsequently changed from Anglo St James plc to APK Investments plc. On completion of the disposal, Giles Baker, Anton Bilton and I joined the Board. 

The audited loss after taxation for the year ended 31 December 2000, as shown in the attached accounts, amounted to £804,000. No dividend is recommended. Of this loss, £540,000 arose prior to the appointment of the new Directors and represents the loss on disposal of the Group’s property business as all expenses, net of income, prior to disposal were recharged to the property business.  Expenses of £274,000, incurred in connection with the Placing and Open Offer in December 2000, are also included in the loss for the year.  As reported in the Circular to shareholders, these costs have to be written off in the profit and loss account because no share premium arose on the issue of shares. This result compares with a loss after taxation for the year ended 31 December 1999 of £452,000, which related to the property business. 

Following the appointment of the new Directors, the Board commenced examination of proposals for the future development of the Company. As a first step, on 1 August 2000, the Company moved from the Official List to the Alternative Investment Market of the Stock Exchange in order to exploit the opportunities available to it. 

The Company is today announcing that it has conditionally agreed to acquire the entire issued share capital of Gaming Ventures International Limited (“GVI”), further details of which are set out in a  Circular enclosed with the Report and Accounts and being sent to shareholders today.

Shareholders will find in the Circular details of an Extraordinary General Meeting of the Company at which resolutions will be proposed, inter alia, to approve the acquisition of GVI and a further Placing of Ordinary shares in the Company.  



Damian Aspinall
Chairman
16 May 2001

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER, 2000

		Year ended31  December2000	Year ended31 December1999
		£’000	£’000
TURNOVER			
    Rent receivable		44	175
    Other income		58	1,443
		102	1,618
COST OF SALES		-	-
			
GROSS PROFIT		102	1,618
   Administrative and operating expenses 		(160)	(526)
 Administrative and operating expenses –exceptional		(274)	-
OPERATING (LOSS)/PROFIT		(332)	1,092
   Income from group undertakings		-	92
   Interest		68	(39)
Amounts written off investments		-	(1,594)
   Loss on disposal of property business	(540)	-
LOSS ON ORDINARY ACTIVITIES    BEFORE TAXATION		(804)	(449)
Tax on loss on ordinary activities 		-	(3)
LOSS FOR THE FINANCIAL YEAR		(804)	(452)
			
   Dividend		-	-
			
RETAINED LOSS FOR THE YEAR		(804)	(452)
			
			
Loss per share  - Basic		(6.49)p	(3.83)p
                         - Fully diluted		(6.49)p	(3.42)p

 
BALANCE SHEET
AT 31 DECEMBER, 2000

	31 December 2000	31 December1999
                                                                           	£’000	£’000
FIXED ASSETS                                                      		
Tangible assets                             	-	80
Investments - Properties	-	1,700
Investments 	-	3,754
	-	5,534
CURRENT ASSETS		
Debtors	10	95
Cash at bank	5,289	78
	5,299	173
CREDITORS:		
Amounts falling due within one year                      	(183)	(3,228)
NET CURRENT ASSETS/(LIABILITIES)	5,116	(3,055)
TOTAL ASSETS LESS CURRENT LIABILITIESCAPITAL AND RESERVES	5,116	2,479
		
Called up share capital                                             	5,204	1,763
Capital redemption reserve fund                             	670	671
Revaluation reserve	-	47
Profit and loss account                                          	(758)	(2)
EQUITY SHAREHOLDERS’ FUNDS	5,116	2,479
		


Notes:

1.	At 31 December 2000 the Company did not have any subsidiaries therefore consolidated accounts have not been prepared.

2.	No dividend is proposed to be paid in respect of the year.

3.	The audited results for the year ended 31 December 2000 have been prepared on the basis of accounting policies stated in the audited accounts for the year ended 31 December 1999. 

4.	The results for the year ended 31 December, 1999 have been extracted or derived from the statutory accounts of the Group for that year which have been filed with the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain any statement under Section 237 of the Companies Act 1985.  There was no requirement to publish the individual profit and loss account of the Company for the year ended 31 December 1999 but it was prepared and approved in accordance with sections 230 and 233 of the Companies Act 1985 and incorporated in the audited consolidated accounts.

5.	The calculation of basic loss per share is based on the loss after tax for the year of £804,000 (1999: loss £452,000) divided by the weighted average of 12,386,600 (1999:11,828,028) ordinary shares in issue during the year. 

6.	The calculation of fully diluted loss per share is based on the loss after tax for the year of £804,000 (1999: loss £452,000) divided by the weighted average of 12,386,600 (1999:13,238,028) ordinary shares in issue during the year. 

5.	The Report and Accounts of the Company for the year ended 31 December 2000 will be mailed to shareholders by 31 May 2001. Copies will be available from the Company’s registered office at 64 Sloane Street, London SW1X 9SH.