Eastbridge Investments PLC Interim Results (6945A)
September 30 2015 - 3:17AM
UK Regulatory
TIDMEBIV
RNS Number : 6945A
Eastbridge Investments PLC
30 September 2015
Eastbridge Investments Plc
(The "Company" or "Eastbridge")
Interim Results for the six months ended 30 June 2015
I am pleased to present the interim results for Eastbridge
Investments Plc for the six months ended 30 June 2015.
Financial Overview
There was a loss from continuing operations for the period of
GBP161,000 (2014: GBP12,188 restated).
Review of Activities
On 9 January 2015 Eastbridge held a general meeting at which the
disposal of the Company's former business and adoption of a new
investing policy focused on the property and real estate sector was
approved by shareholders.
Since then, we have successfully raised over GBP400,000 through
the issue of new equity to investors in order to progress our
investing policy and have identified a number of potential
investment targets. However, it has become apparent to the
Directors that the likelihood of obtaining the additional financing
required to complete any of these investments, for which
approximately another GBP600,000 would be needed, is slim and
diminishing. As such we have been considering how best to generate
possible returns for shareholders and expect to make further
announcements in the near future.
Greg Collier
Chairman
30 September 2015
Enquiries:
Greg Collier, Chairman Tel: 07830 182501
------------------------------------ -------------------
Nominated Adviser Tel: 020 7382 1100
Northland Capital Partners Limited
William Vandyk / Matthew Johnson
------------------------------------ -------------------
Broker Tel: 020 7469 0930
Peterhouse Corporate Finance
Fungai Ndoro/ Lucy Williams
------------------------------------ -------------------
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2015
Note Six months Six months Restated
ended 30 ended 30 Year ended
June 2015 June 2014 31 December
Unaudited Unaudited 2014
Audited
GBP'000 GBP'000 GBP'000
Revenue - 6,875 -
Cost of sales - (5,396) -
------------ ------------ -------------
Gross profit - 1,479 -
Other operating income - 47 -
Distribution expenses - (335) -
Administrative expenses (157) (1,542) (257)
------------
Loss from operations (351) (257)
Non-operating income net of - 36 -
expenses
Income from subsidies - - -
Investment income - 38 -
Finance costs (4) (715) (11,931)
------------
Loss before tax (161) (991) (12,188)
Income tax (expense)/credit 6 - -
------------ ------------ -------------
Loss for the period (161) (991) (12,188)
============ ============ =============
Total comprehensive income
for the period (161) (991) (12,188)
============ ============ =============
Loss attributable to
Equity holders of the company (161) (991) (12,188)
============
Loss per share
Basic and diluted 4 (0.122) (0.008) (20.30)p
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Note 30 June 30 June Restated
2015 2014 31 December
Unaudited Unaudited 2014
Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 160 16,206 -
Intangible assets - 3,960 -
Deferred tax assets - 489 -
------------ ------------ -------------
160 20,656 -
------------ ------------ -------------
Current assets
Inventories - 10,267 -
Trade and other receivables 2 5,465 2
Cash and cash equivalents 8 3,209 106
------------ ------------ -------------
10 18,942 108
------------ ------------ -------------
Total assets 170 39,598 108
============ ============ =============
Equity and reserves
Share capital 1,517 1,501 1,501
Share premium 8,708 8,260 8,260
Other reserves 30 (1,363) 11
Retained earnings (10,279) (5,615) (10,118)
------------
(24) 2,783 (346)
------------ ------------ -------------
Non-current liabilities
Borrowings 90 4,580 39
Deferred tax liabilities - 965 -
------------ ------------ -------------
90 5,545 39
------------ ------------ -------------
Current liabilities
Borrowings - 14,620 -
Income tax liabilities - 102 -
Trade and other payables 104 16,548 415
------------ ------------ -------------
104 31,270 415
------------
Total liabilities 194 36,815 454
============ ============ =============
Total equity and liabilities 170 39,598 108
============ ============ =============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2015
Share Share Retained Loan Note Total
capital premium earnings Equity equity
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December 2013 1,451 8,260 2,070 - 11,781
Issue of Share capital 50 - - - 50
Convertible loan note - - - 11 11
---------- ---------- ----------- ------------ ---------
Total comprehensive loss for
the year - - (12,188) - (12,188)
---------- ---------- ----------- ------------ ---------
At 31 December 2014 1,501 8,260 (10,118) 11 (346)
Issue of share capital 16 488 - - 504
Share issue costs - (40) - - (40)
Redemption of loan note - - - (11) (11)
Issue of loan note - - - 30 30
---------- ---------- ----------- ------------ ---------
Total comprehensive loss for
year - - (161) - (161)
---------- ---------- ----------- ------------ ---------
Balance at 30 June 2015 1,517 8,708 (10,279) 30 (24)
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