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Non-Tech
Mccarthy Corp. PLC (MCY/ASE)
An SI Board Since December 1998
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Emcee:  24karats Type:  Unmoderated
Introduction Compact
McCarthy Corporation Announces Third Quarter Results
CALGARY, Dec. 1 /CNW/ - McCarthy Corporation plc (the ''Corporation'')
announced its results for the 9 month period ending 30th September 1998.
The Corporation made a loss on ordinary activities after taxation of 6.2
million pounds (C$15.9 million) which is equivalent to a net loss per share of
0.172 pounds (C$0.44). The loss largely reflects interest accrued but not
payable on a high yield bond issued in May 1998 by V2, Virgin's new record
company.
The Corporation owns 33.3% of V2, having invested 20 million pounds in V2
in the summer of 1998. The Corporation also guaranteed Sterling 35 million
plus accrued interest on V2's high yield bond for a total consideration in V2
of Sterling 55 million. Interest on the bond is first payable in the year
2003 and the bond is redeemable in the year 2008.
The Corporation currently has net assets worth a book value of 37.9
million pounds (C$96.6 million) or 0.31 pounds (C$0.79 per share) which
reflects the holdings in V2 as well as Hemisphere Investments Inc. (a
telecommunication software company) and Victory Corporation plc, the holding
company for Virgin cosmetics and Virgin clothing. Victory Corporation is
publicly quoted on AIM in the United Kingdom and its share price has recently
traded in a range of 0.10 to 0.12 pounds reflecting disappointing projections.
The Corporation will adjust its balance sheet at year-end to reflect a write
down in its holdings in Victory Corporation.
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