TIDMHPAC
RNS Number : 0848U
Hermes Pacific Investments PLC
21 December 2012
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Unaudited interim results for the six months ended 30 September
2012
Chairman's Statement
I am pleased to report the results of Hermes Pacific Investments
Plc ("HPAC" or the "Company"), formerly Indian Restaurants Group
Plc ("IRG"), following a change of name on 20 August 2012, for the
six month period ended 30 September 2012.
Review of the Company's Operations
Following the sale of the trading business in September 2011 the
Company has attempted to maintain a low cost base whilst its
directors endeavoured to raise further funds and began considering
suitable investment opportunities and alternative sources of income
for the Company.
Under the AIM Rules, the Company was required to make an
acquisition or acquisitions which constitute a reverse takeover or
otherwise to implement its investing policy to the satisfaction of
the London Stock Exchange before 1 September 2012, being the
anniversary of the Sale. On 27 July 2012, the Company was pleased
to announce that it had raised new equity finance via a
subscription, appointed three new members to the board of the
Company and adopted a new investing policy focussing on investments
in South East Asia. On 23 August 2012, the Company made its first
investments under its new investment policy and made further
investments on 31 August 2012, all in the financial services sector
("the Investments"). Following the Investments, the Company
received confirmation that its investing policy had been
implemented.
Financial Review
We have kept a tight reign over costs and the loss for the
period stood at GBP68,000 compared to a loss of GBP231,000 in the
previous corresponding six-month period. As at 30 September we had
a cash balance of GBP141,000.
Subscription
On 27 July 2012, the Company announced that it completed a share
subscription raising GBP320,000 (approximately GBP300,000 net of
expenses) through the issue of 32,000,000 new ordinary shares of
0.5p each ("Ordinary Shares"), at a subscription price of 1p per
new Ordinary Share ("Subscription Shares"). The net proceeds of the
Subscription enabled the Company to implement its new Investing
Policy approved by the Shareholders at the General Meeting held on
20 August 2012 (the "2012 General Meeting"), satisfy existing
creditors and provide the Company with general working capital.
Investing Policy
At the Annual General Meeting held on 25 October 2012, the
authority for the Company's investing policy was renewed:
The proposed investments to be made by the Company may be either
quoted or unquoted; made by direct acquisition of an equity
interest; may be in companies, partnerships, joint ventures; or
direct interests in projects in South East Asia including, but not
limited to, investments in the financial sector. The Company's
equity interest in a proposed investment may range from a minority
position to 100 per cent. ownership.
The Company will identify and assess potential investment
targets and where it believes further investigation is required and
subject to assessment of potential risk, intends to appoint
appropriately qualified advisers to assist.
The Company proposes to carry out a project review process in
which all material aspects of any potential investment will be
subject to due diligence, as considered appropriate by the Board.
It is likely that the Company's financial resources will be
invested in a small number of projects or potentially in just one
investment which may be deemed to be a reverse takeover under the
AIM Rules.
Where this is the case, it is intended to mitigate risk by
undertaking an appropriate due diligence process. Any transaction
constituting a reverse takeover under the AIM Rules will require
Shareholder approval. The possibility of building a broader
portfolio of investment assets has not, however, been excluded.
The Company intends to deliver shareholder returns principally
through capital growth rather than capital distribution via
dividends. Given the nature of the Company's Investment Policy, the
Company does not intend to make regular periodic disclosures or
calculations of net asset value.
Appointment of Directors
During the period, on 27 July 2012, the board was strengthened
by the appointment of two new non-executive directors, John Berry
and John Morton, both of whom took part in the Subscription. On 17
September 2012 it was announced that Alfredo Villa and Matt Wood
resigned as non-executive directors.
Change of Name
At the 2012 General Meeting, the Shareholders approved the
Company's change of name from Indian Restaurants Company plc to
Hermes Pacific Investments plc to reflect the South East Asian
focus of the Company's revised Investing Policy.
Investments
During August 2012, the Company took minority equity stakes in
three quoted companies with exposure to South East Asia. GBP71,952
was invested in Deutsche Forfait AG, which is listed on the
Deutsche Börse and is involved in trade finance with a focus on
emerging markets, including South East Asia, GBP49,023 was invested
in DBS Bank Limited ("DBS") and GBP49,853 in Overseas Chinese
Banking Corporation Limited ("OCBC"). Both DBS and OCBC are listed
on the Singapore Stock Exchange and involved in the banking
industry in South East Asia. All investments were made at market
price.
Haresh Kanabar
Chairman
20 December 2012
Contacts:
Hermes Pacific Investments plc www.hermespacificinvestments.com
Haresh Kanabar, Chairman +44 (0) 207 290 3340
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Marc Davies +44 (0) 117 945 3470
Unaudited Income Statement for the six months ended 30 September
2012
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
Note GBP'000 GBP'000 GBP'000
Continuing activities
Revenue - - -
Cost of sales - - -
Gross loss/profit - - -
Other operating income - - -
Administrative expenses (68) (231) (196)
Operating loss (68) (231) (196)
Finance income - - -
Finance costs - - -
Loss on ordinary activities before
taxation (68) (231) (196)
Tax expense - - -
Loss for the period from continuing
activities (68) (231) (196)
Discontinued operations
Loss for the period from discontinued
operations - (9) (19)
Loss for the period (68) (240) (215)
Basic and diluted loss per share
From continuing operations 3 (0.13)p (1.2)p (1.1)p
From discontinuing operations - (0.1)p (0.1)p
(0.13)p (1.3)p (1.2)p
Unaudited Balance Sheet as at 30 September 2012
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Investments 173 - -
Property, plant & equipment - 1 -
173 1
Current assets
Trade and other receivables 46 99 61
Cash and cash equivalents 141 112 39
Total current assets 187 211 100
Total assets 360 212 100
Liabilities
Current liabilities
Trade and other payables (89) (195) (58)
(89) (195) (58)
Net assets 271 17 42
Equity
Share Capital 253 93 93
Deferred Share capital 1,243 1243 1,243
Share premium account 3,700 3563 3,563
Share Based payments reserves 139 139 139
Retained losses (5,064) (5,021) (4,996)
Equity attributable to equity holders
of the parent 271 17 42
Unaudited Statement of Changes in Equity
Share Deferred Share
capital share Share Based Retained Total
- equity capital premium Payments earnings
Reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September
2011
At 31 March 2011 93 1243 3563 139 (4781) 257
Total comprehensive loss
for the period - - - - (240) (240)
At 30 September 2011 93 1243 3,563 139 (5021) 17
Period ended 31 March 2012
At 30 September 2011 93 1243 3563 139 (5021) 17
Total comprehensive profit
for the period - - - - 25 25
At 31 March 2012 93 1,243 3,563 139 (4,996) 42
Six months ended 30 September
2012
At 31 March 2012 93 1,243 3,563 139 (4,996) 42
Share issue 160 - 137 - - 297
Total comprehensive loss
for the period - - - - (68) (68)
At 30 September 2012 253 1,243 3,700 139 (5,064) 271
Unaudited Cash Flow Statement for the six months ended 30
September 2012
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
Note GBP'000 GBP'000 GBP'000
Cash outflow from operating activities (23) (85) (151)
Net cash flow from operating activities (23) (85) (151)
Cash flows from investing activities
Acquisition of Investments (173) - -
Cost of share issue (22) - -
Disposal/acquisition of subsidiaries, including
overdraft - 196 250
Net cash from/(used in) investing activities
- continuing operations 250
(195) 196
Net cash used in investing activities -
discontinued operations - - (53)
Net cash used in investing activities (195) 196 197
-------------- -------------- -----------
Cash flows from financing activities
Proceeds of share issues 320 - -
Repayment of bank loans and finance leases (141) -
Net cash used in financing activities-continuing
operations 320 (141) -
Net cash used in investing activities -
discontinued operations - - (141)
-------------- -------------- -----------
Net cash from/(used in) financing activities 320 (141) (141)
-------------- -------------- -----------
Decrease in cash and cash equivalents 102 (30) (95)
Cash and cash equivalents at start of the
period 39 142 134
Cash and cash equivalents at end of the
period 141 112 39
Notes to the unaudited interim statement
for the six months ended 30 September 2012
1. Basis of preparation
Hermes Pacific Investments Plc is a public limited company
incorporated and domiciled in United Kingdom. The Company is an AIM
listed investment vehicle.
These Interim accounts have been prepared using the accounting
policies to be applied in the annual report and accounts for the
period ending 31 March 2013. These are consistent with those
included in the previously published annual report and accounts for
the period ended 31 March 2012, which have been prepared in
accordance with IFRS as adopted by the European Union.
The preparation of the interim statement requires management to
make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from
these estimates.
The interim financial statements are unaudited and do not
constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006.
The figures for the period ended 31 March 2012 have been
extracted from the audited annual report and accounts that have
been delivered to the Registar of Companies. Welbeck Associates,
the group's auditors, reported on those accounts under section 495
of the Companies Act 2006. Their report was unqualified and did not
contain a statement under section 498 of that Act.
2. Loss per ordinary share
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 September 30 September 31 March
2012 2011 2012
GBP'000 GBP'000 GBP'000
Basic
Loss from continuing operations (68) (231) (196)
Loss from discontinued operations - (9) (19)
Total loss (68) (240) (215)
Weighted average number of shares 50,659 18,659 16,806
Basic loss per share (pence)
From continuing operations (0.13)p (1.2)p (1.1)p
From discontinued operations - (0.1)p (0.1)p
(0.13)p (1.3)p (1.2)p
There was no dilutive effect from the share options outstanding
during the period.
3. Copies of this statement will be available on the Company's
website www.hermespacificinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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