Early Equity Plc
("Early Equity" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2014
Further to the Company's preliminary announcement of unaudited results released
on 30 January 2015, the Directors of Early Equity announce that the audit of
its results for the year ended 31 August 2014 has now been completed. The
Company's audited results are set out below. The audit has resulted in some
amendments to the figures previously announced, although none of these
amendments are material.
CHAIRMAN'S STATEMENT
I am pleased to present the financial results for Early Equity Plc for the year
ended 31 August 2014. The total comprehensive loss for the year was GBP102,017
(2013 - GBP251,679). The loss per share was 0.04p (2013 - 0.10p). The loss before
tax of GBP102,017 (2013 - GBP251,679 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 18 March 2014, Chua Siew Lian (Edwin) joined the Board of the Company,
replacing Lim Hui Jie who resigned as a Director.
At year end, the value of our investment portfolio stood at GBP156,050 (2013 - GBP
133,118). 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 (quoted on GXG Markets) and BWA Group Plc (quoted on ISDX). The
Directors will continue to seek opportunities to realize these investments.
POST-BALANCE SHEET EVENTS
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.
The Company's investment strategy is to invest in early stage, small to medium
enterprises around the world. The Directors will continue to evaluate potential
investments and intend to raise additional funds in the future when suitable
investment opportunities present.
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.
Christopher Neo - Executive Director
30 March 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2014
2014 2013
GBP GBP
CONTINUING OPERATIONS
TURNOVER - -
ADMINISTRATIVE EXPENSES (97,501) (174,351)
OTHER OPERATING EXPENSES (4,164) (76,697)
FINANCE COSTS (352) (631)
(LOSS) BEFORE TAX (102,017) (251,679)
INCOME TAX - -
(LOSS) FOR THE YEAR (102,017) (251,679)
OTHER COMPREHENSIVE INCOME
Reclassification of fair value gain on disposal - -
of available-for-sale financial assets
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (102,017) (251,679)
BASIC AND DILUTED LOSS PER SHARE (PENCE) (0.04) (0.10)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2014
2014 2013
GBP GBP
NON-CURRENT ASSETS
Available-for-sale financial assets 156,050 133,118
CURRENT ASSETS
Trade and other receivables 8,877 10,152
Cash and cash equivalents 9,399 44,000
18,276 54,152
CURRENT LIABILITIES
Trade and other payables (91,799) (29,822)
NET CURRENT (LIABILITIES)/ASSETS (73,523) 24,330
NET ASSETS GBP82,527 GBP157,448
REPRESENTING:-
Share capital 424,623 424,623
Share premium 211,090 211,090
Fair value reserve 49,031 21,935
Accumulated losses (602,217) (500,200)
SHAREHOLDERS' FUNDS 82,527 157,448
This financial information has been extracted from the audited financial
statements of the Group for the year ended 31 August 2014. 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 2014 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
Peterhouse Corporate Finance Limited
Tel: +44 (0)20 7469 0934
Fungai Ndoro and Mark Anwyl
