EARLY EQUITY PLC
("Early Equity" or the "Company")
Interim Results
Executive Director's Statement
I am pleased to present the unaudited interim results for the Company for the
six month period ended 28th February 2015.
Results and Review of Business
The loss for the period was GBP50,586 (2014: GBP49,264) representing a loss per
share of 0.01p (2014: 0.02p). Although the accounts show a loss for the period,
the Board has made a conscious effort to reduce the Company's administrative
expenses from GBP GBP49,196 for the same period in 2014, to GBP37,445.
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), however there
have been no new investments in the period under review. 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
GBP250,000 (gross of expenses) through 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 1 May 2015, Christopher Neo has resigned as a director of the Company.
Outlook
The Company continues to seek acquisitions that meet its investment criteria
and intend to raise additional funds in the future when suitable investment
opportunities present.
The Company's investment strategy is to invest in early stage, small to medium
high-growth enterprises around the world. The Directors will continue to
evaluate suitable investments opportunities.
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 INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR SIX MONTHS TO 28 FEBURARY 2015
6 months to 6 months to
28 February 2015 28 February 2014
CONTINUING OPERATIONS GBP GBP
TURNOVER - -
OTHER INCOME - 1
ADMINISTRATIVE EXPENSES (37.445) (49,196)
OTHER OPERATING EXPENSES (12,972) 136
FINANCE COSTS (169) (205)
(LOSS) BEFORE TAX (50,586) (49,264)
INCOME TAX -
(LOSS) FOR THE YEAR / PERIOD (50,586) (49,264)
OTHER COMPREHENSIVE INCOME / (LOSS)
Loss on fair value changes of - -
available-for-sale financial assets
Reclassification of fair value gain on - -
disposal
of available-for-sale financial assets
OTHER COMPREHENSIVE INCOME / (LOSS) FOR - -
THE YEAR / PERIOD
TOTAL COMPREHENSIVE LOSS FOR THE YEAR / (50,586) ( 49,264)
PERIOD
BASIC AND DILUTED LOSS PER SHARE (0.01) (0.02)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBURARY 2015
6 months to 6 months to
28 February 2015 28 February 2014
GBP GBP
INVESTMENTS
Available-for-sale financial assets 153,650 132,911
CURRENT ASSETS
Trade and other receivables 24,413 12,878
Cash and cash equivalents 121,994 73,426
86,304
CURRENT LIABILITIES
Trade and other payables (20,515) (23,176)
Unsecured loan (78,117)
(20,515) (101,294)
NET CURRENT ASSETS / (LIABILITIES) 125,892 (14,990)
NET ASSETS 279,542 117,921
REPRESENTING:-
Share capital 674,623 424,623
Share premium 211,090 211,090
885,713 635,713
Fair value reserve 46,631 8,825
Accumulated losses (652,802) (526,617)
SHAREHOLDERS FUNDS 279,542 117,921
The interim financial information for the six months ended 28 February 2015 is
neither audited nor reviewed, but has been prepared in accordance with the
accounting policies set out in the Company's annual report and accounts for the
year ended 31 August 2014.
The Directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Early Equity Plc
Greg Collier
Tel: +44 (0)78 3018 2501
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: +44 (0)20 7469 0934
