TIDMBIH
RNS Number : 8501L
Boston International Holdings PLC
10 September 2019
Boston International Holdings plc
("BIH" or "the Company")
10(th) September 2019
HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2019
Boston International Holdings plc, formed in October 2015, which
operates as a special purpose acquisitions company (SPAC) to
undertake one or more acquisitions of target companies or
businesses, announces its unaudited half year report for the six
months ended 30 June 2019.
Chairman's Statement
I have pleasure in presenting the interim results of Boston
International Holdings Plc for the six months ended 30 June
2019.
The loss in the period was GBP210,144, being the administrative
expenses incurred.
On 22 August 2017 the Company's shares were suspended following
the announcement that it had entered into a non-binding letter of
intent with Cornhill FX Holdings Limited ("CFXH"), a private
limited company incorporated in England and Wales, to purchase the
entire issued share capital of that company. Following that date,
the Company undertook and substantially completed due diligence on
CFXH however it was unable to raise the necessary capital to enable
the transaction to complete. Accordingly, BIH announced on 1 July
2019 that it had withdrawn from the transaction and the Company's
ordinary shares were restored to the Official List by the UKLA on 2
July 2019.
On 13 August 2019, the Company raised GBP300,000 through a
subscription for 6,000,000 new ordinary shares of GBP0.01 at a
price of 5 pence per share.
The Directors continue to review potential acquisition targets
for the Company. The Company's investment strategy to date has been
to focus on the FX sector because of the Directors' experience in
this industry. However due to a lack of current opportunities in
that sector, the Directors pursuit will no longer be limited to a
particular industry or geographic region and a further announcement
will be made at such time as the Company is able to provide further
details on any proposed transaction.
Whilst it continues its assessment of potential acquisition
opportunities, the Board will prudently manage the Company's
remaining cash reserves and minimise its operating expenses in
order to put the Company in the best position possible to complete
an acquisition.
Principal Risks and Uncertainties
The Company is subject to a number of risk factors. The
Directors have identified the following key risks in the second six
months of this financial year. Other risk factors not presently
known or currently deemed immaterial may also apply.
-- Further to the decision to withdraw from the proposed
transaction the Board is currently assessing the future viability
and direction of the Company.
-- The Company is dependent on its directors, in particular the
Chairman, to manage the Company and its future strategy. If the
Company were to lose the services of the Chairman, it could have a
material adverse effect on the Company and its ability to implement
its future strategy.
Responsibility Statement
The Directors are responsible for preparing the Interim Report
in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority ('DTR') and with
International Accounting Standard 34 on Interim Financial Reporting
(IAS 34).
The Directors confirm that the interim financial statements have
been prepared in accordance with IAS 34 and that as required by DTR
4.2.7 and DTR 4.2.8, the Interim Report includes a fair review
of:
-- important events that have occurred during the first six months of the year;
-- the impact of those events on the financial statements;
-- a description of the principal risks and uncertainties for
the remaining six months of the financial year;
-- details of any related party transactions that have
materially affected the Company's financial position or performance
in the six months ended 30 June 2019; and
-- any changes in the related parties transactions described in
the last annual report that could have a material effect on the
financial position or performance of the enterprise in the first
six months of the current financial year.
Borden James
Chairman
For further information, please contact:
Boston International Holdings plc
Borden James +44 20 3735 8825
Cairn Financial Advisers LLP
David Coffman + 44 20 7213 0880
Jo Turner + 44 20 7213 0880
Boston International Holdings plc
Condensed Statement of Comprehensive Income
Six months Six months 12 months
30 June 30 June 31 December
2019 2018 2018
Note Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue - - -
----------- ----------- ------------
Administrative
expenses (211) (215) (427)
----------- ----------- ------------
Operating loss (211) (215) (427)
Finance income 1 1 2
----------- ----------- ------------
Loss on ordinary activities
before taxation (210) (214) (425)
Income tax expense - - -
----------- ----------- ------------
Loss after taxation (210) (214) (425)
Other comprehensive income - - -
----------- ----------- ------------
Total comprehensive income attributable
to (210) (214) (425)
owners of the parent
=========== =========== ============
Earnings per share
(EPS):
Basic and diluted(pence) 3 (0.69) (0.70) (1.40)
=========== =========== ============
Boston International Holdings plc
Condensed Statement of Financial Position
As at 30 June 2019
Six months Six months 12 months
30 June 30 June 31 December
2019 2018 2018
Note Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Current assets
Other receivables,
deposit and
Prepayments 2 7 6
Cash and bank balances 233 540 421
----------- ----------- ------------
235 547 427
----------- ----------- ------------
Total Assets 235 547 427
=========== =========== ============
Current Liabilities
Other payables and
accruals (142) (32) (124)
----------- ----------- ------------
Total liabilities (142) (32) (124)
----------- ----------- ------------
Net Assets 93 515 303
=========== =========== ============
Equity
Share capital 4 306 306 306
Share premium 1,078 1,078 1,078
Reserves (1,291) (869) (1,081)
93 515 303
----------- ----------- ------------
Total Equity and Liabilities 93 515 303
=========== =========== ============
Boston International Holdings plc
Condensed Statement of Changes in Equity
For the six month period ended 30 June 2019 (Unaudited)
Share Retained Total
capital Share premium profits equity
GBP'000 GBP'000 GBP'000 GBP'000
Loss for the period - - (214) (214)
Balance at 30 June 2018 306 1,078 (869) 515
======== ============= ========== =======
Loss for the period - - (212) (212)
Balance at 31 December 2018 306 1,078 (1,081) 303
======== ============= ========== =======
Loss for the period - - (210) (210)
Balance at 30 June 2019 306 1,078 (1,291) 93
======== ============= ========== =======
Boston International Holdings plc
Condensed Statements of Cash Flows
For the six month period ended 30 June 2018
Six months Six months 12 months
30 June 30 June 31 December
2019 2018 2018
Note Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flow from operating
activities
Loss before taxation (210) (214) (425)
Adjustment for:
Interest income (1) (1) (2)
----------- ----------- ------------
Operating cash flows before movements
in working capital (211) (215) (427)
Increase in trade and other receivables 4 9 10
Increase in trade and
other payables 18 (66) 25
----------- ----------- ------------
Cash generated from operations 22 (57) 35
Cash flows from operating activities (189) (272) (392)
Cash flows from investing
activities
Interest received 1 1 2
----------- ----------- ------------
Net cash generated from investing
activities 1 1 2
----------- ----------- ------------
Net (decrease)/increase in cash & cash
equivalents (188) (271) (390)
Cash and equivalent at beginning
of the period 421 811 811
----------- ----------- ------------
Cash and equivalent at end of
the period 233 540 421
=========== =========== ============
Boston International Holdings plc
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION AND PRINCIPAL ACTIVITIES
The Company is incorporated in the United Kingdom as a public
limited company with company number 09876705. The registered office
of the Company is 12 Times Court, Retreat Road, Richmond, Surrey
TW19 1AF.
This financial information is for the Company only as there are
no subsidiary undertakings.
The principal place of business of the Company is in the United
Kingdom.
The interim financial statements are presented in the nearest
thousands of Pound Sterling (GBP'000), which is the presentation
currency of the company.
2. BASIS OF PREPARATION
The interim financial statements for the six months ended 30
June 2019 have been prepared in accordance with IAS 34, Interim
Financial Reporting.
The principal accounting policies used in preparing the interim
results are the same as those applied in the Company's Financial
Statements as at and for the period ended 31 December 2018.
A copy of the audited financial statements for the period ended
31 December 2018, which was prepared under IFRS, is available on
the Company's website.
The interim report for the six months ended 30 June 2019 was
approved by the Directors on 10 September 2019.
Boston International Holdings plc
3. EARNINGS PER SHARE
The earnings per share information is as follows:
Six months Six months 12 months
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
(Loss) after taxation
(Pound GBP) (210,144) (214,895) (424,977)
Weighted average number of
ordinary shares 30,620,948 30,620,948 30,620,948
Basic earnings per share
(pence) (0.69) (0.70) (1.40)
=========== =========== ============
The diluted earnings per share was not applicable as there were
no dilutive potential ordinary shares outstanding at the end of the
reporting period.
4. Share Capital
Number
of shares GBP'000
Issued:
As at 1 January 2019 30,620,948 306
As at 30 June 2019 30,628,948 306
5. RELATED PARTY TRANSACTIONS
Key management are considered to be the directors and the key
management received no compensation in the period.
During the period the Company did not enter into any material
transactions with related parties. As at the balance sheet date the
amounts due to the directors was GBPnil.
6. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the
operations of the company.
7. EVENTS AFTER THE REPORTING DATE
On 1 July 2019 the Company announced that it had withdrawn from
the proposed transaction to purchase the entire issued share
capital of Cornhill FX Holdings Limited.
On 2 July 2019 the Company's ordinary shares were restored to
the Official List by the UKLA.
On 13 August 2019, the Company raised GBP300,000 through a
subscription for 6,000,000 new ordinary shares of GBP0.01 at a
price of 5 pence per share.
- ENDS -
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END
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