29 January 2016
Early Equity Plc
("Early Equity" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2015
CHAIRMAN'S STATEMENT
I am pleased to present the financial results for Early Equity Plc for the year
ended 31 August 2015. The total comprehensive loss for the year was GBP123,814
(2014 - GBP102,017 loss). The loss per share was 0.03p (2014 - 0.04p). The loss
before tax of GBP123,814 (2014 - GBP102,017 loss) largely reflects the costs of
maintaining a public listing. In the past year, the Directors have succeeded in
reducing operating expenses to a minimum.
On 16 February 2015, the Company completed an equity subscription to raise GBP
250,000 (gross of expenses) though the issue of 250,000,000 new ordinary shares
at a price of 0.1 pence per share. The funds raised will be used by the Company
for additional working capital and to evaluate potential investments.
On 16 July 2015, the Company invested GBP25,000 in Devilfish Poker Limited
("Devilfish"), an online gaming platform that re-launched following completion
of a crowd-funding. We have also agreed to work with Devilfish as a strategic
partner as Devilfish prepares to expand into international markets,
particularly in the Asia Pacific Region. As a result of the investment and the
terms of the strategic partnership agreement, the Company holds 277,776
ordinary shares in Devilfish, representing 5% of the issued share capital of
Devilfish. Devilfish Poker Limited was founded in 2005 and it is a niche brand
in the world of online poker. Devilfish facilitates 'peer to peer' poker play
through its own online poker room and generates revenue by charging a small
commission on every hand played, as well as entry fees into specific poker
tournaments. In December 2015, the system went live for casino and slot
machines, taking real money and facilitating real bets. Devilfish are now
concentrating on getting the Poker live as soon as the second licence is
granted.
At year end, the value of our investment portfolio stood at GBP172,637 (2014 - GBP
156,050). The Company continue to hold shares in Universal Outdoor Group Plc
(previously known as Tangibal Group Plc) (quoted on the Frankfurt Börse), Alpha
Prospects Plc and BWA Group Plc (quoted on ISDX and temporarily suspended). The
Directors will continue to seek opportunities to realise these investments.
POST-BALANCE SHEET EVENTS
On the 1 December 2015, the Company acquired a 32.14% stake in Yicom Global
Sdn. Bhd. ("Yicom") satisfied by the issue of 100,000,000 new ordinary shares.
Yicom is the sole importer and patent holder of a series of healthcare products
from various countries and in particular China. Yicom has a Sole
Distributorship Agreement with Early Infinity Holdings Sdn. Bhd. a direct sales
company holding licences to operate a multi-level marketing business in
Malaysia. Yicom started trading in February of last year and the rate of
turnover has increased each month as new distributors have been recruited.
Early Infinity Holding Sdn Bhd currently have 700 Agents selling their products
in Asia and the Directors of Yicom believe there is scope to increase this
number to 10,000 over the next three years as they expand their business in the
Malaysian market and expand into China and Thailand.
On 15 December 2015, the Company completed a further equity subscription to
raise GBP157,500 (gross of expenses), through the issue of 35,000,000 new
ordinary shares of 0.1 pence each at a placing price of 0.45 pence per new
ordinary share.
On behalf of the Board, I would like to take this opportunity to thank
shareholders and professional advisers for their continued support of the
Company.
Chua Siew Lian - Executive Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST, 2015
2015 2014
GBP GBP
CONTINUING OPERATIONS
TURNOVER - -
ADMINISTRATIVE EXPENSES (114,945) (97,501)
OTHER OPERATING EXPENSES (8,413) (4,164)
FINANCE COSTS (456) (352)
(LOSS) BEFORE TAX (123,814) (102,017)
INCOME TAX - -
(LOSS) FOR THE YEAR GBP(123,814) GBP(102,017)
OTHER COMPREHENSIVE INCOME
Reclassification of fair value gain on disposal - -
of available-for-sale financial assets
TOTAL COMPREHENSIVE LOSS FOR THE YEAR GBP(123,814) GBP(102,017)
BASIC AND DILUTED LOSS PER SHARE (PENCE) (0.03) (0.04)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST, 2015
2015 2014
GBP GBP
NON-CURRENT ASSETS
Available-for-sale financial assets 172,637 156,050
CURRENT ASSETS
Trade and other receivables 6,682 8,877
Cash and cash equivalents 39,499 9,399
46,181 18,276
CURRENT LIABILITIES
Trade and other payables (10,105) (91,799)
NET CURRENT (LIABILITIES)/ASSETS 36,076 (73,523)
NET ASSETS GBP208,713 GBP82,527
REPRESENTING:-
Share capital 674,623 424,623
Share premium 211,090 211,090
Fair value reserve 49,031 49,031
Accumulated losses (726,031) (602,217)
SHAREHOLDERS' FUNDS GBP208,713 GBP82,527
This financial information has been extracted from the audited financial
statements of the Group for the year ended 31 August 2015. The financial
statements are prepared in accordance with the International Financial
Reporting Standards (IFRS). A copy of the Company's financial statements for
the year ended 31 August 2015 will be posted to shareholders and will be
delivered to the Registrar of Companies.
The Directors do not propose to pay a dividend for the year.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
Enquiries:
Early Equity Plc
Tel: +44 (0)7830 182501
Greg Collier
ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance / James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
