Early Equity Plc – Holding(s) in Company
06 June 2016
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 29th February 2016.
Results and Review of Business
The loss for the period was GBP45,940 (2015: GBP50,586) representing a loss per
share of 0.01p (2015: 0.01p). Although the accounts show a loss for the period,
this is reflective of the early stage development of the two recent investments
made by the company.
The value of our investment portfolio significantly increased to GBP 622,637
(2015 - GBP 153,650) bolstered by the investment in Yicom Global Sdn Bhd
('Yicom'). 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). The Directors will continue
to seek opportunities to realise these investments. During the last twelve
months, we have also invested GBP25,000 of cash to secure a 5% stake in Devilfish
Poker Limited ('Devilfish')
On the 15th October 2015, the Company were pleased to announce the appointment
of Alexander David Securities Limited.
Post Balance Sheet Events
On the 27th May 2016 the Company was pleased to announce the appointment of Tee
Lian Hing (Barry) to the board. Barry is working closely with Yicom Global Sdn
Bhd to develop sales, marketing strategies, brand planning and
business-development strategies. Yicom Global Sdn Bhd aims to further expand
the sales volume for their health supplement products and drive revenue growth
in Malaysia and the Asia Pacific Region.
Outlook
Within the last twelve months, the Company has made two investments in
Devilfish Poker Limited and Yicom Global Sdn Bhd repectively. These investments
are still in early stage development and the board are working closely with the
management of both parties - we remain confident that these investments will
prove successful. We are pleased to report that Devilfish, a well-known brand
in online casino is now revenue generating. In Qtr1 over 25,000 players
registered on the site with over 1,200 depositors. White Hat Gaming the
provider of software and payment processing services to Devilfish (www.
devilfish.com) are regulated by UK Gambling Commission. Yicom has continued to
increase its network of sales agents and sales volume each month.
The Company continues to seek further 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
31 May 2016
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR SIX MONTHS TO 29 FEBURARY 2016
6 months to 6 months to
29 February 2016 28 February 2015
CONTINUING OPERATIONS GBP GBP
TURNOVER - -
OTHER INCOME - -
ADMINISTRATIVE EXPENSES (46,502) (37,445)
OTHER OPERATING EXPENSES 954 (12,972)
FINANCE COSTS (392) (169)
(LOSS) BEFORE TAX (45,940) (50,586)
INCOME TAX -
(LOSS) FOR THE YEAR / PERIOD (45,940) (50,586)
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 / (45,940) (50,586)
PERIOD
BASIC AND DILUTED LOSS PER SHARE (0.01)p (0.01)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2016
6 months to 6 months to
29 February 2016 28 February 2015
GBP GBP
INVESTMENTS
Available-for-sale financial assets 622,637 153,650
CURRENT ASSETS
Trade and other receivables 1,394 24,413
Cash and cash equivalents 146,341 121,994
147,735 146,407
CURRENT LIABILITIES
Trade and other payables (100) (20,515)
Unsecured loan
(100) (20,515)
NET CURRENT ASSETS / (LIABILITIES) 147,635 125,892
NET ASSETS 770,272 279,542
REPRESSENTING:-
Share capital 809,623 674,623
Share premium 683,590 211,090
1,493,213 885,713
Fair value reserve 49,031 46,631
Accumulated losses (771,972) (652,802)
SHAREHOLDERS FUNDS 770,272 279,542
The interim financial information for the six months ended 29 February 2016 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 2015.
The Directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Early Equity Plc
Greg Collier
Tel: +44 (0)78 3018 2501
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