TIDMEBIV
RNS Number : 5831R
Eastbridge Investments PLC
30 June 2015
Eastbridge Investments Plc
Preliminary Results for the year ended 31 December 2014
Eastbridge Investments Plc ("Eastbridge" or "Company") is
pleased to present its results for the year ended 31(st) December
2014.
Results and Review of Business
The loss for the period was GBP12,063,000 (2013: Loss
GBP206,000) representing a loss per share of 20.77p (2013: Loss
8.49p). The loss primarily relates to operations within the
business that have now been discontinued as part of the
restructuring of the company.
On the 23(rd) December 2014 the Company posted a circular to
shareholders detailing a general meeting to be held on the 9(th)
January 2015 to seek approval for the proposed disposal of the
company's trading subsidiary, the adoption of an Investing Policy
under AIM Rule 15 and the change of name to Eastbridge Investments
PLC. All resolutions were approved at the meeting and on 30(th)
January 2015, following the raising of GBP225,000 in new funding on
23(rd) January 2015, the company's shares (under our new ticker:
EBIV) were re-admitted to trading on AIM. Subsequently, we have
raised GBP220,000 of additional funds to pursue our new investment
policy.
Further information is detailed below under 'strategic report'
and copies of the circular(s) are available on the company website:
www.eastbridgeplc.com
Outlook
In addition to the successful placings carried out since the
completion of the restructuring, the Company will need to raise
additional funds to support the company's working capital
requirements and investment plans in the future, which may be done
by future issues of both equity and debt. The directors are seeking
to purchase real estate assets significantly undervalued by the
current market and remain confident the momentum is building to
enable us to implement our strategy but recognise that our current
financial resources are limited and it will not be possible to
secure every opportunity we identify.
I would like to thank shareholders for their patience during a
difficult period in the company's history and particularly wish to
extend my thanks to former chairman Mark Chapman for his work in
the restructuring and renewal of Eastbridge.
Availability of documents
Copies of the audited report and accounts for the year ended
31(st) December 2014 are being posted to shareholders today and
will be available on the Company's website, www.eastbridgeplc.com.
Contained within the accounts is a notice of the Annual General
Meeting of the Company to be held on 29(th) July 2015.
Gregory Collier
Chairman
30(th) June 2015
The directors present their strategic report for the year ended
31(st) December 2014.
Principal activity
During the period the company's principal business activity was
that of an investment holding company for a group involved in the
manufacture of lathes and machinery tools. Subsequent to the period
end it has been re-classified as an Investing Company under AIM
Rule 15.
Change of Company Name and Board
Shareholders have approved the change of name to Eastbridge
Investments Plc and the Company has successfully enacted the change
with the Jersey Financial Services Commission.
On 29 September 2014 Yuan Meirong and Li Yuanqing resigned as
directors of the Company. In conjunction with the change of the
Company's activities, on 9 January 2015 Gregory Collier was
appointed a director of the Company with Roberto Lima and Hao Qiang
resigning from the board. Mark Chapman resigned as chairman and a
director of the Company on 5 March 2015 when Stuart Black was
appointed to the board and Gregory Collier assumed the role of
chairman.
Discontinued Operations
The company's previous operating business, Jiangsu Qihang CNC
Machinery Tools Co., Ltd ("JSQH") was acquired in July 2011. Since
its acquisition, JSQH struggled to meet the expectations of the
Board and the Directors believe that this was mainly due to
difficulties arising from the general economic downturn as well as
specific difficulties in JSQH's particular market.
On 30 September 2014, the Company announced that it would be
unable to publish its interim accounts to 30 June 2014 in line with
the AIM Rules for Companies ("AIM Rules") and as a result, its
ordinary shares of 2.5 pence each ("Ordinary Shares") were
suspended from trading on AIM on the same day. Subsequently, on 23
December 2014 the Company announced a proposal to dispose of JSQH.
This proposal was approved by shareholders on 9 January 2015 and as
a result the Company has been re-classified as an Investing Company
under AIM Rule 15.
New Investing Policy
The Company's Investing Policy is one focused on the property
and real estate sector, with the objective being to provide
shareholders with strong investment returns and a balanced exposure
to lower risk income generating assets and opportunities that will
provide a higher capital return. The Company will look to invest in
residential schemes as well as commercial, retail and industrial
property within the UK. The Directors will look to purchase assets
significantly undervalued by the current market.
The Company's investment criteria will be as follows:
-- property investments which provide a stable, predictable and
low risk income stream, with opportunities to enhance value through
active management;
-- development or redevelopment opportunities where they can be
pre-let to businesses with strong rental covenants, or in order to
protect, enhance or extract additional value from existing
investments;
-- distressed property investments where opportunities arise as markets recover;
-- investment whereby an injection of new finances or specialist
management, the Company can enhance the prospects and therefore the
future value of the investment;
-- investments where the Company is able to benefit from the
Director's existing network of contacts; and
-- the potential to deliver significant returns for the Company.
Investments outside the above criteria will only be made where
risk adjusted returns to Shareholders are satisfactory and the
Company has the reserves necessary to extract an above-market
return from the investments.
Moreover, the criteria set out above are not intended to be
exhaustive and the Directors may make an investment which does not
fulfil all of the investment criteria if they believe it is in the
best interests of Shareholders as a whole.
The Board believe that their experience will assist the Company
in the identification, evaluation and funding of appropriate
investment opportunities. When necessary, other external
professionals will be engaged to assist in the due diligence on
prospective targets and their management teams. The Company will
also consider appointing additional directors with relevant
experience if required.
Where the Company builds a portfolio of investments it is
possible that there may be cross holdings between such assets and,
as investments are made and new investment opportunities arise,
further funding of the Company may also be required. The Company
does not currently intend to fund any investments with debt or
other borrowings but may do so in future, if appropriate. The Board
may also offer new Ordinary Shares by way of consideration as well
as cash, thereby helping to preserve the Company's cash or working
capital and as a reserve against unforeseen contingencies
including, for example, delays in collecting accounts receivable,
unexpected changes in the economic environment and operational
problems.
Key performance indicators
The key performance indicators are set out below:
31 December 31 December
2014 2013
-------------------------------------------------- ----------- -------------
Gross financial assets - investments and cash GBP106,000 GBP12,337,000
Profit/(loss) per share - fully diluted per share (20.77)p (0.35)p
Key risks and uncertainties
Currently the principal risk is that the Company is unable to
find sufficient suitable investments to ensure compliance with the
requirements of its listing on AIM.
Dividends
The Directors do not recommend payment of a dividend for the
year (2013 - nil). The loss is transferred to reserves.
Directors and Directors' interests
The Directors who served during the year and their interests in
the Ordinary Shares in the Company are as follows:
Ordinary shares Ordinary shares
held at held at
31 December 2014 31 December
2013
Li Yuanqing **(resigned 29.09.2014) 15,000,000 15,000,000
Mark Chapman (resigned 05.03.2015) 117,632 117,632
Yuan Meirong (resigned 29.09.2014) 4,725,737 4,725,737
Roberto Lima (resigned 09.01.2015) - -
Hao Qiang (resigned 09.01.2015) 500,000 500,000
After the year end Gregory Collier and Stuart Black were
appointed as Chairman and Executive Director, respectively.
**as owner of a 37.83% shareholding in Proud Style Limited and
500,000 shares included above held through Pershing Nominees
Limited.
Other significant shareholdings
As on 24 June 2015 the company had been notified of the
following interests in its ordinary shares which represent 3% or
more of the issued share capital of the company other than
directors interests which is disclosed above.
Number of shares %
Beaufort Nominees Limited 56,118,139 25.29
Qihang Equipment Company Limited 51,325,737 23.13
Wonder Employee Capital Limited 30,266,344 13.64
Jim Nominees Limited 28,304,592 12.75
Phillip McGinlay 24,500,000 11.04
Beaufort Nominees Limited 11,494,252 5.18
Panmure Gordon (UK) Limited 9,961,849 4.49
Share capital
Details of issues of Ordinary Share capital during the year are
set out in note 13.
Financial instruments and other risks
Details of the use of financial instruments by the Company and
its subsidiary undertakings are contained in note 16 of the
financial statements.
Details of risks and uncertainties that affect the Group's
business are given in the Strategic Report.
Going Concern
The financial statements have been prepared on a going concern
basis.
Following the year end the Company disposed of its trading
subsidiary and has changed its principal activity.
At the year end the company had net liabilities of GBP221,000,
but following the year end raised funds through the issue of
shares. Please see the subsequent event note 19 for details of the
new share issues.
Based on the current forecast, the Company is likely to need
additional funds within twelve months of the date of approval of
this Annual Report in order to maintain its proposed work programme
and levels of expenditure. The ability of the Company to raise
additional funds is dependent upon investor appetite.
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2014
Note 2014 2013
GBP'000 GBP'000
Administration expenses 6 (257) (207)
Exceptional item 5 (11,806) -
Loss on operations before taxation (12,063) (207)
Investment income - 1
Loss before taxation (12,063) (206)
Loss for the year (12,063) (206)
Loss per share (pence)
Basic and diluted loss per share 12 (20.77p) (0.35p)
No separate statement of comprehensive income is provided as all
income and expenditure is disclosed above.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
2014 2013
Note GBP'000 GBP'000
Non current assets
Investment in subsidiaries 11 - 12,294
- 12,294
Current assets
Other receivables 8 2 25
Cash and cash equivalents 9 106 43
108 68
Total assets
108 12,362
Equity and reserves
Called-up share capital 13 1,501 1,451
Share premium account 8,260 8,260
Loan note equity reserve 11 -
Profit and loss account (9,993) 2,070
Total equity (221) 11,781
Non-current liabilities
Convertible loan notes 14 39 -
39 -
Current liabilities
Trade and other payables 10 290 581
Total liabilities 329 581
Total equity and liabilities 108 12,362
The financial statements were approved by the board of directors
and authorised for issue on 29 June 2015 and signed on its behalf
by:
G Collier
Director
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2014
Retained Loan Note
Share Capital Share Premium Earnings Equity Reserve
Account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2013 1,451 8,260 2,276 - 11,987
Total comprehensive loss
for the year - - (206) - (206)
At 31 December 2013 1,451 8,260 2,070 - 11,781
Issue of share capital 50 - - - 50
Convertible loan note - - - 11 11
Total comprehensive loss
for the year - - (12,063) - (12,063)
At 31 December 2014 1,501 8,260 (9,993) 11 (221)
CASH FLOW STATEMENT
YEAR ENDED 31 DECEMBER 2014
Year ended Year ended
31 December 31 December
Note 2014 2013
GBP'000s GBP'000s
Cash flows from operating activities
Loss before taxation (12,063) (206)
Decrease/(increase) in trade and other receivables 8 (2) -
(Decrease)/increase in trade and other payables 10 196 7
Exceptional item 5 11,806 -
Foreign exchange loss 6 26
Net cash inflow/(outflow) from operating
activities (37) (199)
Cash flows from investing activities
Finance income - 1
Net cash used in investing activities - 1
Cash flows from financing activities
Proceeds from issue of ordinary shares 13 50 -
Proceeds from issue of loan notes 14 50 -
Net cash inflow from financing activities 100 -
Net increase/(decrease) in cash and cash
equivalents 63 (198)
Cash and cash equivalents at beginning of
year 9 43 241
Cash and cash equivalents at end of year 9 106 43
NOTES TO THE COMPANY'S FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2014
1. General information
Eastbridge Investments Plc is a company incorporated in Jersey
under the Companies (Jersey) Law 1991. The nature of the Company's
operation and its principal activities are set out in the
Directors' Report.
The principal activity of the company is that of an investing
company.
These financial statements are rounded to the nearest thousand
('000).
2. Accounting policies
Basic of preparation and statement of compliance
These financial statements have been prepared in accordance with
International Financial Reporting Standards and Interpretation in
force ("IFRSs"), as adopted by European Union, in accordance with
the provision of the Companies (Jersey) Law 1991, and the AIM
Rules.
The Company has adopted all relevant standards effective for
accounting periods beginning on or after 1 January 2014 with the
exception of IFRS 10 Consolidated Financial Statements. Win Yu
International Investments Company Limited ("WYIC") and Jiangsu
Qihang CNC Machinery Tools Co., Ltd ("JSQH") were subsidiary
undertakings of the Company from July 2011 until their disposal on
9 January 2015. Following their disposal the Company has been
unable to obtain access to the accounting records for these
subsidiary undertakings for the year ended 31 December 2014. This
represents a severe long-term restriction which hinders the
exercise of the rights of the parent company over the assets or
management of that undertaking and as a result both WYIC and JSQH
have been excluded from the consolidation. As these companies were
the only subsidiaries, Group accounts have not been prepared and
the accounts presented herein, both for the current period and the
comparative period, represent those of the Company only.
Standards and interpretations in issue but not yet effective or
not yet relevant
At the date of authorisation of these financial statements the
following Standards and Interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
Effective date (period
beginning on or after)
IFRS 2,3,8, Amendments resulting from Annual Improvements 1 February 2015, earlier
IAS 16,24,38 2010-2012 cycle adoption is permitted
IFRS 3,13, Amendments resulting from Annual Improvements 1 January 2015, early application
IAS 40 2011-2013 cycle is permitted
IFRS 5,7, Amendments resulting from September 1 January 2016
IAS 19,34 2014 Annual improvements to IFRSs
IFRS 7 Deferral of mandatory effective date 1 January 2015
of IFRS 9 and amendments to transition
disclosures
IFRS 9 Deferral of mandatory effective date 1 January 2015
of IFRS 9 and amendments to transition
disclosures
IFRS 9 Finalised version, incorporating requirements 1 January 2018
for classification and measurement,
impairment, general hedge accounting
and de-recognition
IFRS 10 Amendments regarding the sale or contribution 1 January 2016
of assets between an investor and
its associate or joint venture
IFRS 10 Amendments regarding the application 1 January 2016
of the consolidation exception
IFRS 11 Amendments regarding the accounting 1 January 2016
for acquisitions of an interest in
joint operation
IFRS 12 Amendments regarding the application 1 January 2016
of the consolidation exception
IAS 1 Amendments resulting from the disclosure 1 January 2016
initiative
The Directors anticipate that the adoption of these Standards
and Interpretations in future periods will have no material impact
on the Company's financial statements.
Segmental reporting
The Company does not have separately identifiable business or
geographical segments which are material to disclose.
Revenue recognition
All revenue is stated net of the amount of sales tax. Currently
the Company does not generate any revenue.
Presentational and functional currency
This financial information is presented in pounds sterling,
which is the Company's functional currency.
Financial assets
Financial assets comprise investments, cash and cash equivalents
and receivables. Unless otherwise indicated, the carrying amounts
of the Company's financial assets are a reasonable approximation of
their fair values.
Trade and other receivables
Provision for impairment of trade receivables is made when there
is objective evidence that the Company will not be able to collect
all amounts due to it in accordance with the original terms of
those receivables. The amount of the write-down is the difference
between the receivables carrying amount and the present value of
the estimated future cash flows.
An assessment for impairment is undertaken at least
annually.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand,
demand deposits and other short term highly liquid investments that
are readily convertible to a known amount of cash and are subject
to insignificant risk of changes in value.
Financial liabilities
Financial liabilities are recognised when the Company becomes a
party to the contractual provisions of the instrument. Financial
liabilities comprise only trade and other payables.
All financial liabilities are recorded at amortised cost, using
the effective interest method, with interest-related charges being
recognised as an expense under finance costs in the Income
Statement.
A financial liability is derecognised only when the obligation
is extinguished, that is, when the obligation is discharged, is
cancelled, or expires.
Finance costs
Finance costs of debt, including premiums payable on settlement
and direct issue costs are charged to the income statement on an
accruals basis over the term of the instrument, using the effective
interest method.
The taxation charge represents the sum of current tax and
deferred tax.
Income taxation
The tax payable is based on the taxable profit for the period
using the tax rates that have been enacted or substantially enacted
by the balance sheet date. Taxable profit differs from the net
profit as reported in the income statement because it excludes
items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or
deductible.
Deferred taxation
Deferred tax is recognised, using the liability method, in
respect of temporary differences between the carrying amount of the
Company's assets and liabilities and their tax base. Deferred tax
liabilities are offset against deferred tax assets within the same
taxable entity. Any remaining deferred tax asset is recognised only
when, on the basis of all available evidence, it can be regarded as
probable that there will be suitable taxable profits in the
foreseeable future against which the deductible temporary
difference can be utilised. Deferred tax is determined using tax
rates that are expected to apply in the periods in which the asset
is realised or liability settled, based on tax rates and laws that
have been enacted or substantially enacted by the balance sheet
date. Deferred tax is recognised in the income statement, except
when the tax relates to items charged or credited directly in
equity, in which case the tax is also recognised in equity.
Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options are
shown in equity as deduction, net of tax, from the proceeds.
Investment in subsidiaries
Non-current asset investments in subsidiary undertakings held by
the company (see note 11) are shown at cost less provision for
impairment. The cost of acquisition includes directly attributable
professional fees and other expenses connected with the
acquisition. In addition, investment in subsidiaries includes long
term loans made to the subsidiaries where recovery of the loan is
not probable.
Impairment
The carrying amounts of non-current assets are reviewed for
impairment if events or changes in circumstances indicate the
carrying value may not be recoverable. If there are indicators of
impairment, an exercise is undertaken to determine whether the
carrying values are in excess of their recoverable amount. Such a
review is undertaken on an asset by asset basis, except where such
assets do not generate cash flows independent of other assets, in
which case the review is undertaken at the cash generating unit
level.
If the carrying amount of an asset or its cash generating unit
exceeds the recoverable amount, a provision is recorded to reflect
the asset or cash generating unit at the lower amount.
Foreign currency
Transactions entered into by Group entities in a currency other
than the currency of the primary economic environment in which it
operates (the "functional currency") are recorded at the rates
ruling when the transactions occur. Foreign currency monetary
assets and liabilities are translated at the rates ruling at the
balance sheet date and the gains and losses on translation are
included in the statement of profit or loss.
Critical accounting estimates and areas of judgement
The Company makes estimates and assumptions concerning the
future, which by definition will seldom result in actual results
that match the accounting estimate. The estimates and assumptions
that have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next
financial year are those in relation to investments.
Investments
The company performs an impairment review on its subsidiary
undertakings. Due to the lack of financial information available
for the subsidiary undertakings they have been impaired in
full.
3. Going concern
At the year end the company had net liabilities of GBP221,000,
but following the year end raised funds through the issue of
shares. Please see the subsequent event note 19 for details of the
new share issues.
Based on the current forecast, the Group is likely to need
additional funds within twelve months of the date of approval of
this Annual Report in order to maintain its proposed work programme
and levels of expenditure. The ability of the Group to raise
additional funds is dependent upon investor appetite.
4. Staff costs
2014 2013
GBP'000 GBP'000
Wages and salaries 49 74
49 74
The average number of employees and directors during the year
was as follows:
2014 2013
Administration 6 7
Directors' remuneration
The aggregate directors' emoluments, including compensation for
loss of office, in the year were:
2014 2013
GBP'000 GBP'000
Emoluments 38 74
38 74
The highest paid director received remuneration of GBP10,337
(2013: GBP20,674).
5. Exceptional item
During the year the Company fully impaired its investment in a
subsidiary. Please see note 11 for movement in investments in the
year.
2014 2013
GBP'000 GBP'000
Impairment of investment (12,294) -
Provision against intra group payables 515 -
Provision against intra group receivables (27) -
(11,806) -
6. Administrative expenses
2014 2013
GBP'000 GBP'000
Staff costs 49 74
Other expenses 182 133
Foreign exchange loss 26 -
257 207
7. Auditors' remuneration
2014 2013
GBP'000 GBP'000
Audit fees 26 30
8. Trade and other receivables
2014 2013
Current GBP'000 GBP'000
Other receivables - 25
Prepayments 2 -
2 25
9. Cash and cash equivalents
Cash and cash equivalents include the following for the purposes
of the cash flow statement:
2014 2013
GBP'000 GBP'000
Cash at bank and in hand 106 43
10. Trade and other payables
2014 2013
GBP'000 GBP'000
Trade and other payables 218 -
Social security costs and other taxes - 99
Accruals and deferred income 34 123
Other payables 38 359
290 581
11. Investment in subsidiary
2014 2013
GBP'000 GBP'000
At 1 January 12,294 12,294
Impairment of investment (12,294) -
- 12,294
12. Earnings per share
The basic loss per share is calculated by dividing the loss attributable
to equity shareholders by the weighted average number of shares in issue.
The loss attributable to equity shareholders and weighted average number
of ordinary shares for the purposes of calculating diluted earnings per
ordinary share are identical to those used for basic earnings per ordinary
share. This is because the exercise of warrants would have the effect
of reducing the loss per ordinary share and is therefore anti-dilutive.
2014 2013
GBP GBP
Net loss for the year attributable
to ordinary shareholders (12,063,000) (205,889)
Weighted average number of shares in
issue 58,080,099 58,036,263
Basic and diluted loss per share (0.21) (0.004)
13. Share capital
2014 2013
No No
Issued and fully paid
Ordinary shares of 2.5p each 60,036,263 58,036,263
2014 2013
GBP GBP
Ordinary shares of 2.5p each 1,500,907 1,450,907
1,500,907 1,450,907
On 23 December 2014 the company issued 2,000,000 new ordinary
shares of 2.5p each at par.
14. Convertible loan notes
2014 2013
GBP'000 GBP'000
Convertible loan note 39 -
In 2014, the Company entered into a convertible loan note
agreement for GBP50,000 which was fully drawn down by 31 December
2014. The interest rate on the loan is 10% per annum. The loan
matures two years from the issue date at their nominal value. The
Loan Note Holder can convert their loan, and accrued interest, into
shares at 0.177 pence per share. The Company has the right to repay
the loan at any time up to the maturity date. The values of the
liability component and the equity conversion component were
determined at issuance of the loan.
14. Convertible loan notes (continued)
The convertible loan recognised in the balance sheet is
calculated as follows:
2014 2013
GBP'000 GBP'000
Nominal value of convertible loan note issued 50 -
Equity component (11) -
Liability component on initial recognition and at 39 -
31 December 2014
15. Capital management policy
The Company's policy on capital management is to maintain a low
level of gearing. The company funds its operation through equity
funding.
The Company defines the capital it manages as equity
shareholders' funds less cash and cash equivalents.
The Company's objectives when managing its capital are:
-- To safeguard the company's ability to continue as a going concern.
-- To provide adequate resources to fund its principle activities with a view to providing returns to its investors.
-- To maintain sufficient financial resources to mitigate against risk and unforeseen events.
The company's cash reserves are reported to the board and
closely monitored against the planned work program and annual
budget. Where additional cash resources are required the following
factors are taken into account
-- The size and nature of the requirement.
-- Preferred sources of finance.
-- Market conditions.
-- Opportunities to collaborate with third parties to reduce the cash requirement.
16. Financial instruments
The Board of Directors determine, as required, the degree to
which it is appropriate to use financial instruments to mitigate
risks with the main risk affecting such instruments being foreign
exchange risk, which is discussed below.
Categories of financial instruments 2014 2013
Financial assets GBP'000 GBP'000
Receivables at amortised cost including cash and
cash equivalents:
Cash and cash equivalents 106 43
Other receivables - 25
------- -------
Total 106 68
------- -------
Financial liabilities 2014 2013
Financial liabilities at amortised cost GBP'000 GBP'000
Trade and other payables 218 -
Net 218 -
------- -------
Cash and cash equivalents
This comprises cash held by the Company and short-term deposits.
The carrying amount of these assets approximates to their fair
value.
General risk management principles
The Directors have an overall responsibility for the
establishment of the Company's risk management framework. A formal
risk assessment and management framework for assessing, monitoring
and managing the strategic operational and financial risks of the
Company's is in place to ensure appropriate risk management of its
operations.
The following represent the key financial risks that the Company
faces:
Interest rate risk
The Company is not exposed to significant interest rate risks as
it does not have any interest bearing liabilities and its only
interest-bearing asset is cash invested on a short-term basis which
attract interest at the banks variable rate.
Credit risk
Credit risk is the risk that the counterparty will default on
its contractual obligations, resulting in financial loss. Credit
risk arises from cash and cash equivalents and credit exposures on
outstanding receivables and committed transactions.
There were no amounts past due at the balance sheet date.
The maximum exposure to credit risk in respect of the above at
31 December 2014 is the carrying value of financial assets recorded
in the financial statements.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as and when they fall due.
Liquidity risk is managed through an assessment of short, medium
and long-term cash flow forecasts to ensure the adequacy of working
capital.
The Company's policy is to ensure that it will always have
sufficient cash to allow it to meet its liabilities when they
become due. To ensure this aim, it seeks to maintain cash balances
to meet expected requirements for a period of one year.
Fair value of financial assets and liabilities
The directors consider that there is no significant difference
between the book value and fair value of the Company's financial
assets and liabilities.
17. Reserves
The following describes the nature and purpose of each
reserve:
Share Capital represents the nominal value of equity
shares
Share Premium amount subscribed for share capital in
excess of the nominal value
Retained Earnings cumulative net gains and losses less distributions
made
18. Related Party Transactions
As disclosed in note 5, a provision has been made against
amounts receivable from and payable to Jiangsu Qihang CNC Machinery
Tools Co., Ltd.
19. Events after the reporting date
On 9 January 2015 the general meeting approved the disposal of
the Company's operating business, the sub-division of each Ordinary
Share into 1 ordinary share of 0.01p each ("New Ordinary Shares")
and 1 deferred share of 2.49p each ("Deferred Shares"). The
consideration for the disposal was the return of 51,325,737 New
Ordinary Shares to the Company by the original owners of the
Company's operating businesses and these shares are held in
treasury.
On 23 January 2015 a placing of 78,071,429 New Ordinary Shares
and issue of convertible loan notes amounting to, in aggregate,
GBP225,000 was announced along with the conversion of existing
convertible loan notes and corporate debt into a total of
58,532,688 New Ordinary Shares.
On 5(th) March 2015 the general meeting approved the adoption of
new Memorandum and Articles of Association for the company and the
removal of par value of our shares (under Jersey Law this is an
entitlement). Full details of the changes are available on our
website.
On 15 May 2015 the Company raised a total of GBP100,000 through
the issue of 11,494,252 new ordinary shares of no par value at a
price of 0.87p per share.
On 12 June 2015 the Company raised a total of GBP120,000 through
the issue of 13,793,103 new ordinary shares of no par value at a
price of 0.87p per share.
For further additional information please contact:
Eastbridge Investments Plc Tel: +44 (0)78 301
Gregory Collier 82501
Nominated Adviser Tel: +44 (0)20 7382
Northland Capital Partners Limited 1100
William Vandyk / Matthew Johnson
Sole Broker Tel: +44 (0)20 7469
Peterhouse Corporate Finance Limited 0930
Fungai Ndoro/Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UKSRRVVANUUR
Eastbridge Inv (LSE:EBIV)
過去 株価チャート
から 5 2024 まで 6 2024
Eastbridge Inv (LSE:EBIV)
過去 株価チャート
から 6 2023 まで 6 2024
