TIDMGON
RNS Number : 8290K
Galleon Holdings PLC
30 June 2014
30 June 2014
Galleon Holdings plc
("Galleon", "the Company" or "the Group")
Unaudited interim results for the six months ended 31 March
2014
Galleon Holdings plc (AIM: GON) is pleased to announce its
interim results for the six months ended 31 March 2014.
Chairman's Statement
Since September 2013, the Board has been seeking investment
opportunities in line with the Company's stated investment
strategy.
On 12 November 2013 the Company announced it was in advanced
discussions and agreed in principle with a consortium of sellers to
acquire 85% of the issued share capital of Aktobe Steel Production
LLC. Due to delays in advancing pertinent documentation, diligence
and commercial issues it was further announced on 12 May 2014 that
these discussions had been terminated.
Galleon continues to consider possible investment opportunities
and this remains the focus of the Directors during the second half
of this year. The Board is also exploring new sources of funding.
The Company will update the market as appropriate.
During the period under review, the Company had a loss before
tax of GBP95,000 (2013: loss of GBP185,000). Cash and cash
equivalents were GBP114,000 and restricted cash, representing funds
held as part of the CVA, was GBP221,000. A further announcement
will be made when the CVA process is fully completed.
Ashar Qureshi
Non-Executive Director
Enquiries:
Galleon Holdings plc www.galleonplc.com
Ashar Qureshi Tel: 020 7529 3737
Nominated Adviser & Broker
Cairn Financial Advisers LLP Tel: 020 7148 7900
James Caithie / Avi Robinson
Unaudited CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March 2014
Unaudited Unaudited Audited
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2014 2013* 2013**
Note GBP'000 GBP'000 GBP'000
Revenue 6 3,912 12
Cost of sales - (3,054) -
Gross profit 6 858 12
Administrative expenses (101) (1,054) 575
(Loss) / profit from operations (95) (196) 587
Finance costs - (74) (56)
(Loss) / profit before taxation (95) (270) 531
Taxation credit 3 - 85 -
(Loss) /profit for the financial
period / year (95) (185) 531
Non-controlling interest - 31 -
(Loss) / profit for the financial
year attributable to the equity
holders of the company (95) (154) 531
============ ============ ===========
Other comprehensive income
Foreign exchange on translating
foreign entities which can
subsequently be reclassified
to profit and loss - 42 -
Total comprehensive income
for the period / year attributable
to equity holders of the company (95) (112) 531
============ ============ ===========
(Loss) / profit per share
- Basic and diluted 4 (1.7p) (9.2p) 31.7p
============ ============ ===========
Unaudited CONSOLIDATED STATEMENT OF FINancial position
At 31 March 2014
Unaudited Unaudited Audited
31 March 31 March 30 September
2014 2013* 2013**
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets - 17 -
- 17 17
=========== =========== ==============
Current assets
Trade and other receivables 109 1,864 10
Due from Shareholders - - 350
Restricted Cash 221 - 109
Cash and cash equivalents 114 170 -
444 2,034 469
Total assets 444 2,051 469
=========== =========== ==============
LIABILITIES
Current liabilities
Trade and other payables 421 2,294 301
Borrowings - 300 50
Corporation Tax - 30
421 3,483 351
Total liabilities 421 2,624 351
=========== =========== ==============
Net assets/(liabilities) 23 (573) 118
=========== =========== ==============
EQUITY
Share capital 5 1,869 1,674 1,674
Shares to be issued - - 350
Share Premium 26,424 - 26,269
Capital Redemption Reserve 9,601 - 9,601
Retained Deficit (37,871) (1,775) (37,776)
Equity interests attributable
to equity holders of the Company 23 (101) 118
----------- ----------- --------------
Non-controlling interest in
equity - (472) -
Total equity 23 (573) 118
Total equity and total liabilities 444 2,051 469
=========== =========== ==============
UNAUDITED STATEMENT OF CONSOLIDATED
CASH FLOWS
For the six months ended 31 March
2014
Unaudited Unaudited Audited
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2014 2013* 2013**
GBP'000 GBP'000 GBP'000
Operating activities
Loss / profit for the period (95) (185) 531
Taxation - (85) -
Net finance costs - 74 56
Depreciation of property, plant
and equipment - 15 -
Impairment of assets - - 163
Amortisation of intangible assets - 5 -
Relinquishment of creditors - - (1,190)
Decrease in inventories - 499 -
(Increase)/Decrease in trade
and other receivables (99) (227) 20
(Decrease) / increase in trade
and other payables 70 288 188
(124) 384 (232)
Taxation received - (5) -
Net interest (paid) - (74) (56)
Net cash (outflow) / inflow
from operating activities (124) 305 (288)
Investing activities
Purchase of property, plant
and equipment - (15) -
Purchase of intangible assets - (5) -
Net cash outflow from investing
activities - (20) -
Financing activities
Receipt from fundraising 350 - -
Movement in funding from former
subsidiaries - - 777
Transfer to restricted cash (180) - (109)
Use of restricted Cash 68 - -
Repayment of loan - (400) (400)
Net cash inflow / (outflow)
from financing activities 238 (400) 268
Movements in cash and cash equivalents 114 (115) (20)
Cash and cash equivalents brought
forward - 322 20
Exchange differences on cash
and cash equivalents - (37) -
Cash and cash equivalents carried
forward 114 170 -
=========== =========== ==========
NOTES TO THE INTERIM REPORT
1. GENERAL INFORMATION
Galleon Holdings plc, a Public Limited Company is incorporated
and domiciled in the United Kingdom.
Galleon Holdings plc during the period under review was
primarily an investing company, focussing on the natural resources
and energy sectors.
The financial information set out in the interim report does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The financial statements for the year ended 30
September 2013 will be filed with the Registrar of Companies in due
course. The 30 September 2013 financial statements were approved by
the Directors on 12 May 2014. The audit report on those accounts
was qualified as the Company did not prepare group financial
statements which was contrary to the provisions of the Companies
Act 2006 and the requirements of International Accounting Standard
27. The financial statements were not prepared on a consolidated
basis as the information necessary for the preparation of the
consolidated financial statements could not be obtained due to the
loss of control by the company of the subsidiaries disposed of in
the year. The audit report did not include references to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report and did not contain a statement
under Section 498 (2) - (3) of the Companies Act 2006.
The interim report was approved by the Board on 30 June
2014.
The directors have prepared profit and loss, balance sheet and
cash flow projections through to 30 June 2015, incorporating the
management and other costs associated with the implementation of
the new investment strategy. The projections also take account of
the on-going management costs of the Group. In the event an
investment is made in line with the new investment strategy, it is
likely that new funding will be raised.
Taking the above into account, the Directors believe that it
remains appropriate for the interim report to be prepared on a
going concern basis. The interim report does not include any
adjustments that would result if the assumptions detailed above are
not met.
2. BASIS OF PREPARATION
The consolidated interim financial statements for the period 1
October 2013 to 31 March 2014 are unaudited and have not been
reviewed in accordance with International Standard on Review
Engagements (ISRE) 2410 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity.'
The half yearly consolidated financial report should be read in
conjunction with the annual financial statements for the year ended
30 September 2013, which have been prepared in accordance with IFRS
as adopted by the European Union. The accounting policies adopted
are consistent with those described in the 30 September 2013 annual
report.
The financial statements for the year ended 30 September 2013
represent the individual Company financial statements only. These
financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) adopted for use
in the European Union and the Companies Act 2006. The financial
statements for the period ending 31 March 2013 are prepared on a
Group basis prior to the restructuring of the Company and the
adoption of the new investing policy. The Company's shares are
listed on the AIM market of the London Stock Exchange. The half
year financial statements for the period ended 31 March 2014 are
prepared on a consolidated basis.
3. TAXATION
There are no unrelieved tax losses available to offset against
allowable future taxable trading profits
The tax credit for the period ended 31 March 2013 arises in the
UK and China after allowing for tax losses brought forward.
4. (LOSS) / Profit PER SHARE
Unaudited Unaudited Audited
31 March 31 March 30 September
2014 2013 2013
GBP'000 GBP'000 GBP'000
(Loss) / Profit for the period /
year (95) (154) 531
========== ========== ==============
Number Number Number
Weighted average number of shares
in 000's 5,581 1,674 1,674
Dilutive average weighted number
of shares in 000's 5,581 1,674 1,674
Basic and diluted loss per share
(pence) (1.7p) (9.2p) 31.7p
========== ========== ==============
The diluted loss per share is 1.7p (September 2013: profit per
share 31.7p) as any amendment to the weighted average number of
shares as a result of including the conversion of share options is
anti-dilutive.
In line with accounting standards the weighted average number of
shares used in the calculation of loss per share has been adjusted
to reflect the share reorganisation on 30 September 2013.
5. share capital
Unaudited31 Unaudited Audited
March 31 March 30 September
2014 2013 2013
GBP'000 GBP'000 GBP'000
Allotted, called up and fully paid - 1,674 -
167,426,002 Ordinary shares of 1p each
Effect of share capital reorganisation
1,674,260 Ordinary shares of GBP0.05
each 84 - 84
1,674,260 Deferred shares of GBP0.95
each 1,590 - 1,590
Shares issued on fund raise 195 - -
3,906,250 shares at GBP0.0896 each
----------- ----------- ---------------
Total share capital 1,869 1,674 1,674
=========== =========== ===============
On 30 September 2013, the Company undertook a share capital
reorganisation.
The Company's Ordinary Shares have been consolidated on the
basis that every 100 existing Ordinary Shares has become 1
Consolidated Share. Each of the Consolidated Shares has been
subdivided into one New Ordinary Share of GBP0.05 each and one
deferred share of GBP0.95 each. The New Ordinary Shares carry the
same rights as the existing Ordinary Shares. The deferred shares
will not entitle the holder thereof to receive notice of or attend
and vote at any general meeting of the Company or to receive a
dividend or other distribution or to participate in any return on
capital on a winding up other than the nominal amount paid on such
shares following a substantial distribution to holders of ordinary
shares in the Company. The Company has the right to purchase all of
the issued Deferred Shares from all Shareholders for an aggregate
consideration of GBP0.01. As such, the Deferred Shares effectively
have negligible value and have not been admitted to trading on AIM.
Share certificates have not been issued in respect of the Deferred
Shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUGGQUPCGMM
Galleon (LSE:GON)
過去 株価チャート
から 5 2024 まで 6 2024
Galleon (LSE:GON)
過去 株価チャート
から 6 2023 まで 6 2024
