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