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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gloo Networks | LSE:GLOO | London | Ordinary Share | GB00BYVTYD43 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGLOO
RNS Number : 9253O
Gloo Networks PLC
11 November 2016
Gloo Networks plc
("Gloo" or the "Company")
Interim report for the six months ended 30 September 2016
London, 11 November 2016 - Gloo Networks plc, a digital transformation company that aims to acquire and develop trusted media brands, announces its interim results for the six months ended 30 September 2016.
Over the period, Gloo Networks generated a loss after taxation of GBP1.6 million, reflecting operating expenses and diligence costs incurred in the continued pursuit of its stated investment strategy. At 30 September 2016, Gloo Networks held over GBP25.6 million in cash.
Rebecca Miskin, Gloo's Chief Executive Officer commented: "We continue to be encouraged by the potential opportunities we are seeing in the market, verifying our initial hypothesis. The media and content industries remain subject to ongoing digital and technological disruption, which we are well-positioned to capitalise on once we secure a suitable platform. We approach acquisition opportunities with appropriate discipline and rigour, and look forward to updating shareholders in due course."
Enquiries:
Liberum Capital Limited (Nominated Adviser and Joint Broker)
Tel: +44 20 3100 2000
Neil Elliot
Chris Clarke
Jonathan Wilkes-Green
Numis Securities Limited (Joint Broker)
Tel: +44 20 7260 1000
Lorna Tilbian
Nick Westlake
Teneo (PR Adviser)
Tel: +44 20 7240 2486
James Knowles
Chloe Maier
Notes to Editors
About Gloo Networks Plc
Gloo Networks was admitted to AIM in August 2015, following a successful GBP30 million placing with a range of financial institutions including Marwyn, Invesco, Standard Life, Ruffer and City Financial.
Gloo Networks intends to acquire and operate trusted consumer brands in the media sector, initially with an enterprise value in the range of GBP250 million to GBP1 billion. The Company is led by digital transformation experts Rebecca Miskin (Chief Executive Officer), formerly Digital Strategy Director and Change Agent at Hearst Magazines UK, Bill Davis (Chief Financial Officer), formerly CFO of Blackboard Inc., and Juan Lopez-Valcarcel (Chief Product and Operations Officer), who was previously Chief Digital Officer for Pearson International. Arnaud de Puyfontaine, Chief Executive of Vivendi, the French media group, is the Company's Non-Executive Chairman.
Gloo Networks is seeking to benefit from the changing relationship between consumer brands, media owners and the advertising industry; this relationship continues to experience structural change, driven by the evolving prevalence of internet usage and the increasing adoption of data analytics, allowing businesses to better understand and serve consumers. The convergence of the internet and media sectors has created multiple investment opportunities with numerous companies or businesses identified within Gloo Networks' target universe.
Gloo Networks intends to acquire businesses that appeal to attractive socio-economic groups, and through the use of data and technology, transform these businesses to fully realise their digital potential, thereby unlocking value and increasing profitability.
GLOO NETWORKS PLC
Unaudited interim condensed consolidated financial statements
For the six months ended 30 September 2016
GLOO NETWORKS PLC
Company number 09441537
CHAIRMAN'S STATEMENT AND STRATEGIC REPORT
I am pleased to present to the shareholders the Interim Condensed Consolidated Financial Statements of Gloo Networks plc ("the Company") for the six months ended 30 September 2016, consolidating the results of Gloo Networks plc and Gloo Networks Jersey Limited (together, the "Group").
Strategy
The Company is a digital transformation company that aims to connect some of the world's most-loved content with its most-valued consumers. It intends to acquire trusted consumer brands in the media sector that appeal to attractive socio-economic groups and use data and technology to change their business models to ultimately unlock value and increase profitability. The Company intends to acquire and run businesses initially with an enterprise value in the range of GBP250 million to GBP1 billion and is led by digital transformation experts Rebecca Miskin (Chief Executive Officer), Bill Davis (Chief Financial Officer) who joined the Company on 1 July 2016, and Juan Lopez-Valcarcel (Chief Product and Operations Officer). Arnaud de Puyfontaine serves as Non-Executive Chairman of the Company.
The ongoing digital and technological disruption of the media and content industries remains a fundamental dynamic driving potential acquisition opportunities and verifying the Company's core investment hypothesis. Despite recent volatility in equity and currency markets, the Company remains well-positioned to secure a suitable platform acquisition, with a pipeline of opportunities currently under review.
The Directors continue to adopt a disciplined and rigorous approach to assessing acquisition opportunities, while controlling the Company's planned level of expenditures during the pre-acquisition phase.
Results
The Group's loss after taxation for the six months to 30 September 2016 was GBP1,608,584 (30 September 2015: GBP789,637). In the six months to 30 September 2016, the Group incurred GBP1,659,762 of administrative expenses, received interest of GBP51,178 and at the period end held a cash balance of GBP25,696,311.
Dividend Policy
The Company has not yet acquired a trading operation and the Directors therefore consider it inappropriate to make a forecast of the likely level of any future dividends. The Directors intend to determine the Company's dividend policy following completion of the Company's first acquisition and in any event, will only commence the payment of dividends when it becomes commercially prudent to do so.
Corporate Governance
The Directors recognise the importance of sound corporate governance commensurate with the size of the Group and the interests of the shareholders.
Risks
The Directors have carried out a robust assessment of the principal risks facing the Group including those that would threaten its business model, future performance, solvency or liquidity. There have been no changes to the principal risks described in the Group's annual consolidated financial statements for the period ended 31 March 2016. The Directors are of the opinion that the risks are applicable to the six month period to 30 September 2016, as well as the remaining six months of the financial year. Further detail in relation to the risks faced by the Group can be found on pages 29-33 of the Audited Consolidated Financial Statements, on the Company's website www.gloonetworks.com.
Outlook
During the period, the Group has made encouraging progress with potential acquisition opportunities and the Directors look forward to providing further updates to shareholders in due course.
Arnaud de Puyfontaine Rebecca Miskin
Non-Executive Chairman Chief Executive Officer
10 November 2016 10 November 2016
GLOO NETWORKS PLC
Company number 09441537
RESPONSIBILITY REPORT
We confirm to the best of our knowledge:
-- the Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34, "Interim Financial Reporting"; and -- the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R and Disclosure and Transparency Rule 4.2.8R.
Neither the Company nor the directors accept any liability to any person in relation to the half-year financial report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A and schedule 10A of the Financial Services and Markets Act 2000.
Details on the Company's Board of Directors can be found on the Company website at www.gloonetworks.com.
By order of the Board
Arnaud de Puyfontaine
Non-Executive Chairman
10 November 2016
GLOO NETWORKS PLC
Company number 09441537
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months ended ended 30 September 30 September 2016 2015 Note Unaudited Unaudited ----------------------------- ----- ------------------------------------ ------------------------------------ GBP GBP Administrative expenses 4 (1,659,762) (796,203) ------------------------------------ ------------------------------------ Operating loss (1,659,762) (796,203) Finance income 51,178 6,566 Finance costs - - ------------------------------------ ------------------------------------
Finance income 51,178 6,566 Loss before income tax (1,608,584) (789,637) ------------------------------------ ------------------------------------ Income tax - - ------------------------------------ ------------------------------------ Loss for the period (1,608,584) (789,637) Total other comprehensive income - - ------------------------------------ ------------------------------------ Total comprehensive loss for the period (1,608,584) (789,637) ==================================== ==================================== Attributable to: Owners of the parent (1,608,584) (789,637) Loss per ordinary share 12 Basic and diluted loss per share attributable to ordinary equity holders of the parent (GBP) (0.0628) (0.1453)
The Group's activities derive from continuing operations.
The notes on pages 9 to 15 form an integral part of these condensed consolidated financial statements.
GLOO NETWORKS PLC
Company number 09441537
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at 30 September 31 March 2016 2016 Note Unaudited Audited --------------------------- ----- ------------- ------------------------------------- GBP GBP Assets Fixed assets Office equipment 5 1,286 - ------------- ------------------------------------- Total fixed assets 1,286 - Current assets Cash and cash equivalents 11 25,696,311 27,242,121 Other receivables 7,11 125,057 135,696 ------------- ------------------------------------- Total current assets 25,821,368 27,377,817 Total assets 25,822,654 27,377,817 ============= ===================================== Capital and reserves attributable to equity holders of the parent Share capital 9 256,000 256,000 Share premium 9 29,551,492 29,551,492 Share-based payment reserve 10 67,081 34,799 Retained earnings 10 (4,275,582) (2,666,998) ------------- ------------------------------------- Total equity 25,598,991 27,175,293 Current liabilities Trade and other payables 8 223,663 202,524 ------------- ------------------------------------- Total liabilities 223,663 202,524 Total equity and liabilities 25,822,654 27,377,817 ============= =====================================
The notes on pages 9 to 15 form an integral part of these condensed consolidated financial statements.
The financial statements were approved by the Board of Directors on 10 November 2016 and were signed on its behalf by:
Rebecca Miskin Bill Davis
Director
Director
GLOO NETWORKS PLC
Company number 09441537
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share based Share Share payment Retained Total Note capital premium reserve earnings equity ------------------- ----------------------- -------------------- ------------------------ ------------------------ GBP GBP GBP GBP GBP Balance as at 1 April 2016 256,000 29,551,492 34,799 (2,666,998) 27,175,293 Loss for the half-year - - - (1,608,584) (1,608,584) Issue of share capital 9 - - - - - Share issue costs 9 - - - - - Share redemption 9 - - - - - Share-based payments 13 - - 32,282 - 32,282 Balance as at 30 September 2016 (unaudited) 256,000 29,551,492 67,081 (4,275,582) 25,598,991 =================== ======================= ==================== ======================== ======================== Share based Share Share payment Retained Total Note capital premium reserve earnings equity ------------------- ----------------------- -------------------- ------------------------ ------------ GBP GBP GBP GBP GBP Balance as at 1 April 2015 2 200,000 - (235,959) (35,957) Loss for the half-year - - - (789,637) (789,637) Issue of share capital 9 305,996 30,264,000 - - 30,569,996 Share issue costs 9 - (913,933) - - (913,933) Share redemption 9 (49,998) - - - (49,998) Share-based payments 13 - - 604 - 604 Balance as at 30 September 2015 (unaudited) 256,000 29,550,067 604 (1,025,596) 28,781,075 =================== ======================= ==================== ======================== ============
The notes on pages 9 to 15 form an integral part of these condensed consolidated financial statements.
Share based Share Share payment Retained Total Note capital premium reserve earnings equity ------------------- ----------------------- -------------------- ------------------------ ------------------------ GBP GBP GBP GBP GBP Balance as at 1 October 2015 256,000 29,550,067 604 (1,025,596) 28,781,075 Loss for the period - - - (1,641,402) (1,641,402) Issue of share capital 9 - - - - - Share issue
costs 9 - 1,425 - - 1,425 Share redemption 9 - - - - - Share-based payments 13 - - 34,195 - 34,195 Balance as at 31 March 2016 256,000 29,551,492 34,799 (2,666,998) 27,175,293 =================== ======================= ==================== ======================== ========================
The notes on pages 9 to 15 form an integral part of these condensed consolidated financial statements.
GLOO NETWORKS PLC
Company number 09441537
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months ended 30 ended September 30 September Note 2016 Unaudited 2015 Unaudited ------------------------------- ----- ---------------------------- ---------------------------- GBP GBP Cash flows from operating activities Operating loss (1,659,762) (796,203) Adjustments to reconcile operating loss to net cash flows: Decrease / (increase) in trade and other receivables 7 10,639 (46,803) Increase in trade and other payables 8 21,139 142,145 Share-based payment expense 13 32,282 604 Depreciation expense 5 71 - Net cash used in operating activities (1,595,631) (700,257) ---------------------------- ---------------------------- Investing activities Purchase of office equipment 5 (1,357) - Net cash flows used in investing activities (1,357) - ---------------------------- ---------------------------- Cash flows from financing activities Bank interest received 51,178 6,566 Redemption of reclassified preference shares to equity 9 - (49,998) Proceeds from issue of share capital 9 - 30,569,996 Share issue costs 9 - (913,933) ---------------------------- ---------------------------- Net cash generated from financing activities 51,178 29,612,631 ---------------------------- ---------------------------- Net (decrease) / increase in cash and cash equivalents (1,545,810) 28,912,374 Cash and cash equivalents at beginning of the period 27,242,121 156,699 Cash and cash equivalents at the end of the period 11 25,696,311 29,069,073 ============================ ============================
The notes on pages 9 to 15 form an integral part of these condensed consolidated financial statements.
GLOO NETWORKS PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Gloo Networks plc (the "Company") is a digital transformation company incorporated in England and Wales and domiciled in the United Kingdom. It is a public limited company with company number 09441537 and has its registered office at 20 Buckingham Street, London, WC2N 6EF. The Company wholly owns Gloo Networks Jersey Limited (collectively, the "Group"), which was incorporated on the formation of the Group.
2. BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES (a) Basis of preparation
The Company was incorporated on 16 February 2015.
The Interim Condensed Consolidated Financial Statements represent for the six months ended 30 September 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The Interim Condensed Consolidated Financial Statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 March 2016 which are available on the Company's website, www.gloonetworks.com.
All comparative figures included in the Interim Condensed Consolidated Financial Statements are for the period from 1 April 2015 to 30 September 2015, or are as at 31 March 2016.
Information for 31 March 2016 is based on the statutory accounts for the period ended 31 March 2016, which were delivered to the Registrar of Companies and on which the auditors' report was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act.
The balances for the six months ended 30 September 2015 are directly comparable to those reported for the six months ended 30 September 2016.
(b) New standards and amendments to International Financial Reporting Standards
Standards, amendments and interpretation effective and adopted by the Group:
The accounting policies adopted in the preparation of the Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the period ended 31 March 2016, which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union, except for the adoption of new standards and interpretations effective as of 1 January 2016. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Although these new standards and amendments apply for the first time in 2016, they do not have a material effect on the Interim Condensed Consolidated Financial Statements of the Group.
Standard Effective date (period commencing) Amendments to IFRS 11 - Accounting 1 January for Acquisitions of Interests in 2016 Joint Operations Amendments to IAS 1 - Disclosure 1 January Initiative 2016 Amendments to IAS 16 and IAS 38 1 January - Clarification of Acceptable Methods 2016 of Depreciation and Amortisation Amendments to IAS 27 - Equity Method 1 January in Separate Financial Statements 2016 Annual improvements (2012-2014) 1 January 2016 Amendments to IAS 16 and IAS 41 1 January - Bearer plants 2016 Standard Effective date (period commencing) IFRS 14 Regulatory Deferral Accounts 1 January 2016* Amendments to IFRS 10, IFRS 12 and 1 January IAS 28: Investment Entities - Applying 2016 the Consolidation Exception
Standards issued but not yet effective:
The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they become effective. It is not expected that any of these standards will have a material impact on the Group.
Standard Effective date (period commencing) IFRS 15 - Revenue from Contracts 1 January with Customers 2018* IFRS 9 - Financial instruments 1 January 2018* IFRS 16 - Leases 1 January 2019*
*subject to EU endorsement
3. SEGMENT INFORMATION
The Board of Directors is the Group's chief operating decision-maker. As the Group had not yet made an acquisition as of 30 September 2016, the Group is organised and operates as one segment.
4. EXPENSES BY NATURE Six months Six months ended ended 30 September 30 September 2016 2015 -------------- -------------- GBP GBP Expenses by nature Staff related costs 726,469 380,138 Office costs 45,565 43,680 Legal & professional fees 529,086 184,974 Share-based payment expense 32,302 604 Other expenses 326,340 186,807 1,659,762 796,203 ============== ============== 5. FIXED ASSETS As at
30 September 2016 -------------------------------- Office equipment GBP Cost At 1 April 2016 - Additions 1,357 1,357 -------------------------------- Accumulated depreciation At 1 April 2016 - Charge for the year (71) -------------------------------- (71) -------------------------------- Net book value At 1 April 2016 - -------------------------------- 1,286 ================================ 6. INVESTMENTS
Principal subsidiary undertakings of the Group
The Company directly owns the whole of the issued and fully paid ordinary share capital of its subsidiary undertaking.
The principal subsidiary undertaking of the Company as at 30 September 2016 is presented below:
Proportion Proportion of ordinary of ordinary shares shares Nature of Country held by held by Subsidiary business of incorporation parent the Group Gloo Networks Incentive Jersey Limited vehicle Jersey 100% 100%
There are no restrictions on the Company's ability to access or use the assets and settle the liabilities of the Company's subsidiary.
The Company's subsidiary has issued Participation shares to management as is detailed in Note 13.
Company GBP Cost or valuation 30 September 2016 800 Net book value at 30 September 2016 800 ===== 7. OTHER RECEIVABLES
All receivables are current. There is no material difference between the book value and the fair value of the other receivables.
As at As at 30 September 31 March 2016 2016 -------------- ---------- GBP GBP Amounts falling due within one year VAT recoverable 43,631 114,011 Prepayments 79,367 19,626 Other receivables 2,059 2,059 125,057 135,696 ============== ========== 8. TRADE AND OTHER PAYABLES As at As at 30 September 31 March 2016 2016 -------------- ---------- GBP GBP Trade payables 109,879 113,925 Accruals 77,675 27,150 Other tax and national insurance payable 32,438 26,542 Other creditors 3,671 34,907 223,663 202,524 ============== ==========
There is no material difference between the book value and the fair value of the trade and other payables.
9. SHARE CAPITAL As at As at 30 September 31 March 2016 2016 -------------- ---------- GBP GBP Allotted, called and fully paid 25.6 million ordinary shares of GBP0.01 each 256,000 256,000 256,000 256,000 ============== ==========
On incorporation, 200 ordinary shares of GBP0.01 each and 49,998 preference shares of GBP1.00 each in the capital of the Company were issued. The ordinary shares were each issued at a premium of GBP1,000 per ordinary share and the preference shares were issued at nominal value. Since then, the Company has issued the following shares:
(i) 250 ordinary shares at a premium of GBP1,000 on 29 April 2015;
(ii) 224,995 ordinary shares at a premium of GBP1.19 per share on 6 July 2015;
(iii) 1 ordinary share at a premium of GBP1.49 on 6 July 2015;
(iv) 374,554 ordinary shares by way of bonus issue out of the Company's share premium; and
Upon the Company's admission to AIM, a further 25,000,000 ordinary shares were issued at GBP1.20 per share resulting in total premium on transaction of GBP29,750,000. Total transaction costs taken to share premium in relation to this issue of shares were GBP912,508.
On 6 July 2015 the holders of the redeemable preference shares signed a deed of waiver to irrevocably and unconditionally waive their rights to redeem the 49,998 redeemable preference shares of GBP1.00 each held by them in the Company. The financial effect of this waiver was that the redeemable preference shares were reclassified at the date of the waiver from a liability to equity as the Company was no longer under an obligation to repay the redeemable preference shares on demand from the holders. These shares were fully redeemed on admission to AIM.
The share premium account at 30 September 2016 totalled GBP29,551,492, (31 March 2016: GBP29,551,492).
All issued shares are fully paid. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at general meetings of the Company.
At 30 September 2016, 150 (31 March 2016: 130) Participation shares were issued as disclosed in Note 13.
10. RESERVES
The following describes the nature and purpose of each reserve within shareholders' equity:
Share premium
The amount subscribed for share capital in excess of nominal value less any costs directly attributable to the issue of new shares.
Retained earnings
Cumulative net gains and losses recognised in the Interim Condensed Consolidated Statement of Comprehensive Income.
Share-based payment reserve
The Share-based payment reserve is the cumulative amount recognised in relation to the equity settled share-based payment scheme as further described in Note 13.
11. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
The Group has the following categories of financial instruments at the period end:
As at As at 30 September 31 March 2016 2016 -------------- ----------- GBP GBP Loans and receivables Cash and cash equivalents 25,696,311 27,242,121 Other receivables 125,057 135,696 25,821,368 27,377,817 ============== =========== Financial liabilities at amortised costs Trade payables 109,879 113,925 109,879 113,925 ============== ===========
The fair value and book value of the financial assets and liabilities are equal.
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities.
Treasury activities are managed on a Group basis under policies and procedures approved and monitored by the Board. These are designed to reduce the financial risks faced by the Group which primarily relate to movements in interest rates.
12. LOSS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the profit attributable to equity holders of the company by the number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Participation shares (refer Note 13) have not been included in the calculation of diluted earnings per share because they are antidilutive for the period presented.
For the For the period period from 1 from 1 April April to 30 to 30 September September 2016 2015 ------------ ----------- GBP GBP Group Loss attributable to the owners of the parent (1,608,584) (789,637) Number of ordinary shares /Weighted average number of ordinary shares in issue 25,600,000 5,435,591 Basic and diluted loss per share (0.0628) (0.1453) 13. SHARE-BASED PAYMENTS
Implementation of share incentive plan - Participation shares
Arrangements were put in place shortly after the Company's formation to create incentives for those who are expected to make key contributions to the success of the Group. The Group's success depends upon the sourcing of attractive investment opportunities, the improvement of the target businesses, and their subsequent growth or sale to realise attractive returns for shareholders. Accordingly, an incentive scheme was created to reward key contributors to the creation of value. At the period end, a total of GBP67,081 was recorded in the share-based payment reserve. This is based on a grant date fair value of GBP226,200, spread over the vesting period and recognised for the period between the grant date and the reporting date. During the six months to 30 September 2016, the fair value has increased, due to an issue of new Participation shares to Bill Davis, by GBP76,000.
Valuation of Participation shares
The Participation shares allocated pursuant to employee shareholder agreements with Gloo Networks Jersey Limited, have been accounted for in accordance with IFRS 2, "Share-Based Payments".
Nominal Subscription Fair price Number price value per of Participation at grant share shares date ----------------- ------------------ ------------- --------------- GBP GBP GBP Marwyn Long Term Incentive LP 1 50 2,000 50,550 Rebecca Miskin 1 50 50 50,550 Juan Lopez - Valcarcel 1 20 20 20,220 Puyfamily Société Civile - Arnaud de Puyfontaine 1 10 2,000 28,880 Bill Davis 1 20 20 76,000 150 4,090 226,200 ================== ============= =============== 14. RELATED PARTY TRANSACTIONS
In the opinion of the Directors, there is no single controlling party.
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party, or the parties are under common control or influence, in making financial or operational decisions.
Mark Brangstrup Watts and James Corsellis are managing partners of Marwyn Capital LLP which provides corporate finance advice and various office and finance support services to the Company. During the period Marwyn Capital LLP was paid a total of GBP150,562 (net of VAT as applicable). Marwyn Capital LLP was owed an amount of GBP25,018 at the balance sheet date; and
Mark Brangstrup Watts and James Corsellis are the ultimate beneficial owners of Axio Capital Solutions Limited which provides company secretarial, administrative and accounting services to the Group. During the period Axio Capital Solutions Limited charged GBP42,595 in respect of services supplied. Axio Capital Solutions Limited was owed an amount of GBP32,859 at the balance sheet date.
15. COMMITMENTS AND CONTINGENT LIABILITIES
There were no commitments or contingent liabilities outstanding at 30 September 2016 that require disclosure or adjustment in these financial statements.
16. POST BALANCE SHEET EVENTS
There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.
GLOO NETWORKS PLC
ADVISERS
Corporate Finance Adviser Company Secretary and Administrator Marwyn Capital LLP Axio Capital Solutions 11 Buckingham Street Limited London, WC2N 6DF One Waverley Place, Union Street, St Helier, Jersey, JE1 1AX Principal Bankers Solicitors to the Company Barclays Bank PLC Travers Smith LLP 1 Churchill Place 10 Snow Hill London, E14 5HP London, EC1A 2AL Independent Auditors Registrars PricewaterhouseCoopers Capita Registrars LLP The Registry, 34 Beckenham 1 Embankment Place Road London, WC2N 6RH Beckenham, Kent, BR3 4TU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 11, 2016 02:00 ET (07:00 GMT)
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