TIDMLEAL
RNS Number : 2654L
Lead All Investments Limited
30 September 2016
30 September 2016
Lead All Investments Limited
("LEAL" or the "Company")
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHSED 30 JUNE 2016
CHAIRMAN'S STATEMENT
This is Lead All Investments Limited's (the Company's) fourth
Interim Report for the half year ended 30 June 2016.
The Directors of the Company have been considering the direction
and prospects of the Company and in particular whether its
investing policy remains the most suitable in order to seek to
generate returns for investors in the Company. The current
investing policy of the Company, which focuses on multi-level
marketing strategies, was adopted by the Company on its original
admission to AIM in February 2012. Since that time, the Directors
of the Company have investigated opportunities within the investing
policy of the Company but have not concluded that any of those
investigated were such that they could recommend to Shareholders
that the Company make an investment. As a result, the investing
policy of the Company has not been implemented in whole or in part.
Nonetheless, Shareholders will note that we have been able to keep
operating expenses to an acceptable low level during the
period.
Having considered the current investing policy, the fact that it
has not to date been implemented and the prospects of it ever being
implemented at all, the Directors have concluded that it is in the
best interests of the Company and, accordingly, Shareholders as a
whole if a new investing policy was adopted.
The Directors consider that it will be in the best interests of
the Company that it seeks to invest in the wine sector including
the agricultural and production aspects thereof but also the
related and synergistic distribution activities and sectors,
including traditional distribution related sectors such as luxury
food, fine dining, wine tasting events etc. and newly emerging
distribution sectors or activities involving e-commerce and online
marketing activities related to the same. The Company will consider
any geographical area, to the extent that the investment fits
within the proposed Investing Policy.
The adoption of a new investing policy requires the approval of
Shareholders in the Company in general meeting further details of
which are set out in a separate notice dated today convening the
General Meeting to be held at the offices of Addleshaw Goddard LLP,
Milton Gate, 60 Chiswell Street, London, EC1Y 4AG at 10 am on
Monday, 24 October 2016.
The Directors are currently actively considering a number of
opportunities within the scope of the proposed investing policy
which, should the proposed investing policy be adopted, they will
pursue with the intent of completing at least one investment as
soon as commercially achievable.
Having due regard to the proposed new investing policy the
Directors consider that further expertise among the Directors will
be beneficial to the Company as a whole in executing the investing
policy both in identifying suitable investments and in securing
returns from any investments as made. The Directors have considered
persons who may be suitable for the role and having done so are
pleased to inform Shareholders that the appointment of Nathan
Nicholas Lowry as a Director has been approved by the
Directors.
Mr. Lowry, 44, has significant experience in the wine industry
having set up and developed Pall Mall Fine Wines, a Wine Merchants
& Wine Bar in The Royal Opera Arcade Pall Mall. He also owns
Shepherd Market Wine House, Pavilion Wine and Traders Wine-St
Katharine's Dock. He previously founded and owned the well-known
Marquee Club in London and has run in excess of ten bars and clubs.
In deciding upon the new investing policy to propose to
Shareholders, the existing Directors have taken into account the
expertise and advice provided to them by Mr. Lowry.
The change of investing policy, if approved at the upcoming
General Meeting, will be a significant change for the Company. The
Directors consider that such a change will be supported by a change
in the name of the Company going forward. The proposed new name is
GN Group Limited.
In conclusion could I thank my fellow Board Directors, Mr
Geoffrey Fielding, and Mr Mehmet Ahmed for their benefit of their
experience in relation to our Company matters and in the
examination of investment proposals put to us and also I would like
to thank our staff for their hard and diligent work on behalf of
our Company. I and my fellow Board Member continue to look to the
future for our Company with enthusiasm.
Ahmad Nasri Bin Abdul Rahim
Chairman
Malaysia,
29(th) September 2016
For further information, kindly visit. http://www.leadallinv.com
or contact:
Lead All Investments Mehmet Ertan +44(0)20 7016
Limited Ahmed Director 9937
----------------------- ----------------- --------------
ZAI Corporate Finance +44(0)20 7060
Ltd (Nomad) Ray Zimmerman 2220
----------------------- ----------------- --------------
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Revenue - - -
Administrative expenses (87,115) (58,552) (139,432)
------------ ------------ -------------
Operating loss (87,115) (58,552) (139,432)
Bank interest receivable 43,444 37,089 72,708
------------ ------------ -------------
Loss before taxation (43,671) (21,463) (66,726)
Taxation - - -
------------ ------------ -------------
Loss for the period/year (43,671) (21,463) (66,726)
Other comprehensive
income - - -
------------ ------------ -------------
TOTAL COMPREHENSIVE
LOSS FOR THE PERIOD/YEAR (43,671) (21,463) (66,726)
============ ============ =============
Total comprehensive
loss attributable
to:
Equity owners of
the Parent Company (43,671) (21,463) (66,726)
============ ============ =============
Loss per share (pence
per share) - basic
and diluted 4 (0.02) (0.07) (0.22)
============ ============ =============
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
As at 30 As at 30 As at 31
Notes June June December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
Current assets
Trade and other
receivables 1,652 190,015 759,062
Fixed term deposits 2,330,000 2,330,000 2,330,000
Cash and cash equivalents 465,384 148,546 4,284
------------ ------------ ----------
Total Assets 2,797,036 2,668,561 3,093,346
------------ ------------ ----------
LIABILITIES
Current liabilities
Trade and other
payables 330,845 (714,455) 577,991
------------ ------------ ----------
Total Liabilities 330,845 (714,455) 577,991
------------ ------------ ----------
Net Assets 2,466,191 1,954,106 2,515,355
============ ============ ==========
EQUITY
Capital and reserves
Share capital 3 1,050,000 300,000 1,050,000
Share premium 3 2,003,790 2,152,771 2,009,283
Share-based payment
reserve 105,360 105,360 105,360
Retained losses (692,959) (604,025) (649,288)
------------ ------------ ----------
Shareholders' Funds 2,466,191 1,954,106 2,515,355
============ ============ ==========
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2016
Share-based
Share Share Payment Retained Total
Capital Premium Reserve Losses Equity
GBP GBP GBP GBP GBP
At 1 January 2016 1,050,000 2,009,283 105,360 (649,288) 2,515,355
Costs of share issue - (5,493) - - (5,493)
Total comprehensive
loss
for the period - - - (43,671) (43,671)
---------- ---------- ------------ ---------- ----------
At 30 June 2016 1,050,000 2,003,790 105,360 (692,959) 2,466,191
========== ========== ============ ========== ==========
At 1 January 2015 300,000 2,152,771 105,360 (582,562) 2,079,149
Total comprehensive
loss
for the period - - - (21,463) (21,463)
---------- ---------- ------------ ---------- ----------
At 30 June 2015 300,000 2,152,771 105,360 (604,025) 2,057,686
========== ========== ============ ========== ==========
At 1 January 2015 300,000 2,152,771 105,360 (582,562) 2,079,149
Issue of share capital 750,000 - - - 750,000
Costs of share issue - (143,488) - - (143,488)
Total comprehensive
loss
for the year - - - (66,726) (66,726)
As at 31 December
2015 1,050,000 2,009,283 105,360 (649,288) 2,515,355
========== ========== ============ ========== ==========
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months Year
ended ended ended
30 30 31 December
June 2016 June 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash flows from operating
activities
Operating loss before changes
in working capital (43,671) (58,552) (66,726)
Decrease/(Increase) in
receivables 7,410 2,139 (146,003)
Increase/(Decrease) in
trade and other payables (103,658) 45,649 57,703
------------ ------------ --------------
Net cash used in operating
activities (139,919) (10,764) (155,026)
------------ ------------ --------------
Cash flows from financing
activities
Proceeds from issue share 601,019 -
capital -
------------ ------------ --------------
Net cash generated from 601,019 -
financing activities -
------------ ------------ --------------
Net increase/(decrease)
in cash and cash equivalents 461,100 (10,764) (155,026)
Cash and cash equivalents
at beginning of period/year 4,284 159,310 159,310
------------ ------------ --------------
Cash and cash equivalents
at end of period/year 465,384 148,546 4,284
============ ============ ==============
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHSED 30 JUNE 2016
1. Company information
Lead All Investments Limited ('the Company') was incorporated in
Cayman Islands on 13 July 2011 (registered number WK-259337). The
condensed interim accounts, which are unaudited, comprise the
accounts of the Company for the six-month period ended 30 June
2016.
In the opinion of the Directors, the condensed interim accounts
for the period present fairly the financial position, and results
from operations and cash flows for the period.
All amounts have been prepared in British Pounds, this being the
Company's functional and presentational currency.
These unaudited interim financial results were approved by the
Board of Directors on 29 September 2016 and are available on the
Company's website, http://www.leadallinv.com. Copies are available
from the Company's registered office, Walker House, 87 Mary Street,
Georgetown, Grand Cayman KY1-9005, Cayman Islands.
2. Summary of significant accounting policies
2.1. Basis of preparation
The condensed interim accounts have been prepared using
accounting policies based on International Financial Reporting
Standards (IFRS and IFRIC interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for
use in the European Union, including IAS 34 'Interim Financial
Reporting' and on the historical cost basis. The condensed interim
accounts have been prepared using the accounting policies which are
expected to be applied in the Company's next statutory financial
statements for the year ending 31 December 2016.
2.2. Going concern
The financial statements of the Company are prepared on a going
concern basis. The Company raises finance for its investment
activities focusing on the use of multiple distribution strategies
for the distribution of goods and services, especially in the Asia
Pacific region.
The Directors are of the opinion that the Company will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of these interim financial results. Management continues to monitor
all working capital commitments and balances on a weekly basis and
believes that it has access to appropriate levels of financing for
the Company to continue to meet its liabilities as they fall due
for at least the next twelve months and that the Company is trading
as a going concern.
2.3. Segmental reporting
For the purposes of IFRS 8 'Operating Segments' the Company
currently has one segment, being 'Investing in the Multi-Level
Marketing (MLM) sector'. No further operating segment financial
information is therefore disclosed.
2.4. Foreign currency translation
Foreign currency transactions are translated into sterling using
the exchange rates prevailing at the dates of the transactions.
Exchange differences arising from the translation at the year end
exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of comprehensive
income.
2.5. Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in
hand.
2.6. Taxation
Deferred tax is provided in full using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss. Deferred tax is
determined using tax rates that are expected to apply when the
related deferred tax asset is realised or when the deferred tax
liability is settled. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised.
2.7. Equity instruments
Ordinary shares are classified as equity. Costs directly
attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
2.8. Share based payments
For equity settled share-based payment transactions other than
transactions with employees the Company measures the goods or
services received at their fair value, unless that fair value
cannot be estimated reliably. If this is the case the Company
measures their fair values and the corresponding increase in
equity, indirectly, by reference to the fair value of equity
instruments granted.
The Company enters into arrangements that are equity-settled
share-based payments. These are measured at fair value at the date
of grant, which is then recognized in the statement of
comprehensive income on a straight-line basis over the vesting
period, based on the Company's estimate of shares that will
eventually vest. Fair value is measured by use of an appropriate
model. In valuing equity-settled transactions, no account is taken
of any vesting conditions, other than conditions linked to the
price of the shares of Lead All Investments Limited. The charge is
adjusted at each balance sheet date to reflect the actual number of
forfeitures, cancellations and leavers during the period. The
movement in cumulative charges since the previous balance sheet is
recognized in the statement of comprehensive income, with a
corresponding entry in equity.
3. Share capital and options
On incorporation the Company had an authorised share capital of
US$ 50,000 comprising 50,000 shares of a nominal value of US$1
each. On incorporation one share was issued fully paid at par value
of US$1. On 11 August 2011 a further share of a nominal value of
US$1 was issued at par, fully paid.
On 30 January 2012 the Company amended its authorised share
capital from US$50,000 to GBP3,000,000 and US$2 divided into
300,000,000 shares of a par value of GBP0.01 each and two shares of
a par value of US$1.00 each. On 30 January 2012 the Company
repurchased 2 shares of a par value of US$1.00 each at par from the
shareholders and simultaneously issued them two shares of a par
value of GBP0.01 each at par, fully paid.
On 30 January 2012 the Company reduced its share capital to
GBP3,000,000 divided into 300,000,000 shares of a par value of
GBP0.01 each.
On admission of the Ordinary Shares to trading on AIM on 8
February 2012, 30,000,000 Ordinary Shares were placed at a price of
GBP0.10 per share.
Changes in share capital in 2015
During December 2015, the shareholders of the Company voted in
an EGM for the sub-division of ordinary shares of 1p each into
ordinary shares of 0.5p each.
On 30 December 2015 the Company issued 150,000,000 new shares of
0.5p each for a total consideration of GBP750,000. The funds raised
were held in escrow by the Company's lawyers at the year-end and
are therefore included in 'other receivables' in the Statement of
Financial Position.
3. Share capital and options (cont'd)
Share
Capital Share Premium
GBP GBP
Authorised share capital
600,000,000 ordinary shares
of GBP0.005 per share 3,000,000 -
________ ________
At 30 June 2016 3,000,000 -
======== ========
Share
Capital Share Premium
GBP GBP
Issued and fully paid:
210,000,000 ordinary shares
of GBP0.005 per share 1,050,000 2,700,000
Less: share issue costs - (590,850)
Less: share based payment
charge - (105,360)
________ ________
1,050,000 2,003,790
======== ========
Share warrants
On 30 January 2012, the Company entered into a deed of warrant
with two parties, conditional upon Admission, to subscribe for 5%
and 3% respectively, of the aggregate value of the Exercise Price
of all new shares subscribed by investors on the Placing of shares.
The shares are exercisable at any time up to five years from the
date of Admission at the Placing price of GBP0.10. These shares
were granted for services rendered relating to the Placing of
shares on AIM.
Using the Black Scholes method, the fair value of these options
was calculated to be GBP105,360 and the charge was shown as a
deduction from the proceeds of the share issue in 2012.
4. Loss per share
Basic loss per share is calculated by dividing the losses
attributable to the Company's shareholders by the weighted average
number of ordinary shares in issue during the period ended 30 June
2016.
GBP
Loss for the period (43,671)
Weighted average number
of shares for the period 210,000,000
Loss per share (0.02)
========
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation no 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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