28 April 2017
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INDIRECTLY, WITHIN, INTO OR IN THE UNITED
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Simian Global Plc
("Simian Global" or the "Company")
Simian Global, the special purpose acquisition company
incorporated in the United Kingdom
and established to undertake the acquisition of a company or a
business in the technology, media and telecommunications sector, is
pleased to announce its final results for the period ended
31 December 2016.
Chairman’s Statement
Following incorporation on 26 February
2016, the Company’s main focus in the period was concluding
a listing on the London Stock Exchange Main Market- Standard
Segment (“Main Market”). The loss for the period amounted to
£101,000.
Outlook
The Company successfully completed a placing of 5,130,000 shares
at £0.15 per share, and its shares were admitted to trading on the
Main Market on 10 January 2017. The
Company raised £769,500 before expenses, and is pleased to announce
that it has identified a target acquisition. Due diligence on the
target is underway, and the Company will keep shareholders updated
on progress.
Principal activity and fair review of
the business
The company was incorporated on 26
February 2016.
The Company has been formed for the purpose of acquiring a
company or business. The Company has identified a target
acquisition and the Company expects that any funds not used in
connection with the acquisition will be used for future
acquisitions, internal or external growth and expansion, and
working capital in relation to the acquired company or
business.
Following completion of the acquisition, the objective of the
Company will be to operate the acquired business and implement an
operating strategy with a view to generating value for its
shareholders through operational improvements as well as
potentially through additional complementary acquisitions following
the acquisition.
The trading results for the period ended 31 December 2016, and the financial position at
the end of the period are shown in the audited financial
statements. The profit and loss account for the period shows a loss
before tax of £101,000.
Key performance indicators
There are no key performance indicators for this period as the
Company has not commenced its investment activity.
Principal risks and uncertainties
i. Business strategy
The Company is a newly formed entity with no operating history
and has not yet completed an acquisition.
The Company may acquire either less than whole voting control
of, or less than a controlling equity interest in, a target, which
may limit its operational strategies.
The Company may be unable to complete the Acquisition in a
timely manner or at all or to fund
the operations of the target
business if it does not obtain
additional funding following completion of the
acquisition.
ii. Liquidity Risk
The Directors have reviewed the working capital requirements and
believe that there is sufficient working capital to fund the
business.
Financing
After the period end the Company has raised £769,500 (before
expenses) and was admitted to trade on the London Stock Exchange
Main Market for listed securities. The estimated net proceeds after
admission costs amount to approximately £649,500 and will be used
by the Company to fund ongoing working capital and otherwise
implementing the Investment Policy.
Future developments and acquisition
strategy
The Company’s efforts in identifying a prospective target
companies or business will not be limited to a particular industry
or geographic region, but the Directors intend to focus on the
technology, media and telecommunications sectors primarily in
Europe and Asia, but will also consider investments in
other geographical regions, given their experience in these areas.
The Directors believe that these sectors offer good growth
opportunities currently, and there are various opportunities within
these sectors that can enhance shareholder value in the long run.
The Directors intend to focus on specific areas within these
sectors that have a new technology and/or internet aspect to the
business, which might differentiate the business and offer above
average growth prospects.
Going Concern
The day to day working capital requirements and investment
objectives are met by existing cash resources and the issue of
equity. At 31 December 2016 the
Company had a cash balance of £60,000 The Company’s forecasts and
projections, taking into account reasonably possible changes in the
level of overhead costs, show that the Company should be able to
operate within its available cash resources. The Directors have, at
the time of approving the financial statements, a reasonable
expectation that the Company has adequate resources to continue in
existence for the foreseeable future. They therefore continue to
adopt the going concern basis of accounting in preparing the
financial statements.
On behalf of the board
Edward Ng
Director
28 April 2017
Statement of Comprehensive Income
For the Period Ended 31 December 2016
|
|
|
Period from
26 February 2016 to
31 December 2016 |
|
£’000 |
|
|
|
|
|
|
Continuing
operations |
|
|
|
Listing costs |
56 |
Administrative
expenses |
45 |
Loss before
taxation |
101 |
Taxation |
- |
Loss and
comprehensive loss for the period |
101 |
|
|
|
|
Basic and diluted
earnings per share |
(0.127p) |
|
|
|
|
Since there is no other comprehensive loss, the loss for the
period is the same as the total comprehensive loss for the period
attributable to the owners of the Company.
Statement of Financial Position
As At 31 December 2016
|
As at 31 December |
|
|
|
2016 |
|
|
|
£’000 |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Other receivables |
|
|
24 |
Cash and cash
equivalents |
|
|
60 |
|
|
|
|
Total
Assets |
|
|
84 |
|
|
|
|
Equity and
liabilities |
|
|
|
Current
liabilities |
|
|
|
Trade and other
payables |
|
|
75 |
|
|
|
|
Total
Liabilities |
|
|
75 |
|
|
|
|
Equity attributable
to equity holders of the Company |
|
|
|
|
|
|
|
Called up share
capital |
|
|
110 |
Accumulated deficit
|
|
|
(101) |
|
|
|
|
Total
Equity |
|
|
9 |
|
|
|
|
Total Equity and
liabilities |
|
|
84 |
|
|
|
|
The Statement of Financial Position of the Company is stated
below:
Statement of Cash Flows
For the Period Ended 31 December
2016
|
|
|
|
|
|
|
Period
ended |
|
|
|
31
December |
|
|
|
2016 |
|
|
|
|
|
|
|
£’000 |
|
|
|
|
Cash flows from
operating activities |
|
|
|
Operating loss |
|
|
(50) |
Net cash utilised
by operating activities |
|
|
(50) |
|
|
|
|
Cash flows
from financing activities |
|
|
|
Proceeds from issue of
ordinary shares |
|
|
110 |
Net cash flows from
financing activities |
|
|
110 |
|
|
|
|
Net increase in
cash and cash equivalents |
|
|
60 |
Cash and cash
equivalents at the beginning of the period |
|
|
- |
Cash and cash
equivalents at end of period |
|
|
60 |
|
|
|
|
Represented
by: Bank balances and cash |
|
|
60 |
|
|
|
|
Statement of Changes in Equity
For the Period Ended 31 December
2016
|
|
|
|
|
|
Share
capital |
Accumulated deficit |
Total
equity |
|
|
£’000 |
£’000 |
£’000 |
|
|
|
|
|
On
Incorporation |
|
50 |
- |
50 |
|
|
|
|
|
Shares issued during
the period |
|
60 |
- |
60 |
Loss for the
period |
|
- |
(101) |
(101) |
|
|
|
|
|
As at 31 December
2016 |
|
110 |
(101) |
9 |
|
|
|
|
|
|
|
|
|
|
|
Share capital is the amount subscribed for shares at nominal
value.
Accumulated deficit represent the cumulative loss of the Company
attributable to equity shareholders.
Notes to Preliminary Results for the Period Ended 31 December 2016
1. The financial information set out above does not
constitute statutory accounts for the purpose of Section 434 of the
Companies Act 2006. The financial information has been
extracted from the statutory accounts of Simian Global Plc and is
presented using the same accounting policies, which have not yet
been filed with the Registrar of companies, but on which the
auditors gave an unqualified report on 28th April 2017.
The preliminary announcement of the results for the period ended
31 December 2016 was approved by the
board of directors on 28th April
2017.
--- ENDS ---
Enquiries:
Simian Global Plc
Ajay Rajpal
Tel: +44 (0)20 7866 2145
Alffed Henry Corporate Finance Limited
Jon Isaacs / Nick Michaels
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762