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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mnc Strategic | LSE:MNCS | London | Ordinary Share | GB00BNGXS216 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 250.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMMNCS
RNS Number : 4072A
MNC Strategic Investments PLC
22 December 2014
MNC Strategic Investments Plc
("MNCS" or the "Company")
Half YearResults for the six months ended 30 September 2014
Chairman's Statement
Overview
Following the restructuring exercise that commenced in June 2014, Michelle Lai left the Board of the Company, and was replaced by Ajay Rajpal as Chairman and Edward Ng as a non-executive director. The Company successfully secured new investment of GBP556,000 in July 2014. This new investment was by way of a subscription for new shares and the issue of convertible loan notes. This enabled the Company to reach compromise agreements with its creditors, which reduced the Company's liabilities, and strengthened the balance sheet. The Company also completed a share reorganisation at this time. These changes provided a stable platform for the Company to move forward.
The effect of the creditor write-off under the compromise agreements resulted in a reported profit before tax of HKD15,166,000.
Following a general meeting of shareholders in July 2014, the Company had disposed of its trading subsidiaries to Majestic Hall Investments Limited, a company owned and controlled by former director Michelle Lai. The Company became an investing company on AIM with effect from the cessation of the education services business on 3 January 2014. Also, at the general meeting, the shareholders approved an investing policy for the Company, and the Board has been seeking suitable investments in line with this approved investing policy.
Outlook
The Company continues to seek opportunities in line with the Company's approved investing policy. It is anticipated that the company will seek to make some investments in the near future, and further announcements in this regard will be made as appropriate.
Ajay Rajpal
Non-Executive Chairman
For further information:
MNC Strategic Investments Plc
Ajay Rajpal, Chairman (0)7932 999999
SPARK Advisory Partners Limited - Nominated Adviser
Neil Baldwin / Mark Brady 0113 370 8974
SI Capital Limited - Broker
Andy Thacker / Nick Emerson 01483 413510
MNC Strategic Investments Plc
Comprehensive Income Statement
For the six months to 30 September 2014
Hot Features
Premium
Notes 6 Months 6 Months Year to
to to 31 March
30 September 30 September 2014
2014 2013 Audited
Unaudited Unaudited
HKD'000 HKD'000 HKD'000
Other income 4 16,233 - -
Impairment losses on investment
and amount due from a
subsidiary - - (58,337)
Share-based payment expenses
other than employee share
option expenses (221) (935) (1,623)
Employee benefits expenses (80) (555) (852)
Other operating expenses (127) (152) (400)
Professional fees (763) (678) (1,913)
Finance costs (79) (110) (548)
Foreign exchange gains
/ (losses) 203 (83) (218)
---------- ---------- ----------
Profit / (Loss) before
tax 15,166 (2,513) (63,891)
Income tax expenses - - -
---------- ---------- ----------
Profit / (Loss) for the
period 15,166 (2,513) (63,891)
Other comprehensive profit - - -
/ (loss) for the period
---------- ---------- ----------
Total comprehensive profit
/ (loss) for the period 15,166 (2,513) (63,891)
Profit / (Loss) per share
From continuing operations:-
Basic HKD 5 51.27 (10.19) (258.98)
Diluted HKD 24.06 (10.19) (258.98)
MNC Strategic Investments Plc
Statement of Financial Position
As at 30 September 2014
Notes As at As at As at
30 September 30 September 31 March
2014 2013 2014
Unaudited Unaudited Audited
HKD'000 HKD'000 HKD'000
Non-current assets
Investment in subsidiaries 9 - 26,795 -
---------- ---------- ----------
- 26,795 -
---------- ---------- ----------
Current assets
Other receivables, deposits - 82 -
and prepayments
Amount due from a subsidiary - 19,509 -
Cash and cash equivalents 3,522 5 28
---------- ---------- ----------
3,522 19,596 28
---------- ---------- ----------
Total assets 3,522 46,391 28
Equity and liabilities
Share capital 11 30,010 30,009 30,009
Share premium 33,174 32,407 32,407
Share option reserve 6,372 6,939 6,152
Option premium on convertible
notes 10 1,588 - 272
Accumulated losses (73,647) (27,899) (88,813)
---------- ---------- ----------
Total equity (2,503) 41,456 (19,973)
---------- ---------- ----------
Current liabilities
Accounts and other payables 88 1,653 4,087
Loans from former ultimate
holding company 1,246 - 12,459
Amount due to directors 7 17 882 780
Liability portion of convertible
loan notes 10 - 2,400 2,675
---------- ---------- ----------
1,351 4,935 20,001
---------- ---------- ----------
Non-current Liabilities
Liability portion of convertible
loan notes 10 4,674 - -
---------- ---------- ----------
---------- ---------- ----------
Total equity and liabilities 3,522 46,391 28
MNC Strategic Investments Plc
Statement of Cash Flows
For the six months to 30 September 2014
Notes 6 Months 6 Months Year to
to to 31 March
30 September 30 September 2014
2014 2013 Audited
Unaudited Unaudited
HKD'000 HKD'000 HKD'000
Cash flows from operating activities
Net cash from operating activities 8 (3,535) (364) (221)
---------- ---------- ----------
Cash flows from investing activities
Increase in amount due from
a subsidiary - (2,032) (2,891)
---------- ---------- ----------
Cash flows used in investing
activities - (2,032) (2,891)
---------- ---------- ----------
Cash flows from financing activities
Proceeds from issue of convertible
notes 6,261 2,400 2,400
Issue of shares
Advanced from former ultimate
holding company 768 - 739
---------- ---------- ----------
Net cash generated from financing
activities 7,029 2,400 3,139
---------- ---------- ----------
Net change in cash and cash
equivalents 3,494 4 27
Cash and cash equivalents at
beginning of period 28 1 1
---------- ---------- ----------
Cash and cash equivalents at
end of period 3,522 5 28
Represented by:
Bank balances and cash 3,522 5 28
Bank overdraft, unsecured - - -
---------- ---------- ----------
3,522 5 28
MNC Strategic Investments Plc
Statement of Changes in Equity
For the six months to 30 September 2014
Option
Premium Equity-settled
On share-based
Share Share convertible payments Accumulated
Capital Premium loan notes reserves Losses Total
HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000
Balance at 31
March 2013 and
1 April 2013 30,009 32,407 - 5,615 (25,461) 42,570
-------- ---------- ---------- ------------ ------------ ------------
Loss for the period - - - - (2,513) (2,513)
Equity-settled
share-based payments:
- grant of share
options - - - 1,544 - 1,544
- forfeiture
of share options - - - (220) 75 (145)
-------- ---------- ---------- ---------- ---------- ----------
Balance at 30
September 2013 30,009 32,407 - 6,939 (27,899) 41,456
-------- ---------- ---------- ------------ ------------ ------------
Loss for the period - - - - (61,378) (61,378)
Issue of convertible
loan notes - - 272 - - 272
Equity-settled
share-based payments:
- forfeiture
of share options - - - (787) 464 (323)
-------- ---------- ---------- ------------ ------------ ------------
Balance at 31
March 2014 30,009 32,407 272 6,152 (88,813) (19,973)
-------- ---------- ---------- ------------ ------------ ------------
Profit for the
period - - - - 15,166 15,166
Issue of convertible
Loan Notes - - 1,588 - - 1,588
Extinguishment
of convertible
loan notes - - (272) - - (272)
Equity-settled
share-based payments:
- grant of share
options - - - 220 - 220
Shares issued
during the period 1 767 - - - 768
-------- ---------- ---------- ------------ ------------ ------------
Balance at 30
September 2014 30,010 33,174 1,588 6,372 (73,647) (2,503)
-------- ---------- ---------- ------------ ------------ ------------
MNC Strategic Investments Plc
Notes to the Financial Information
1. General Information
MNC Strategic Investments Plc (the "Company") is a public limited company incorporated in England and Wales but domiciled in Hong Kong with company number 07960668. The registered address is Finsgate, 5- 7 Cranwood Street, London, United Kingdom EC1V 9EE and the principal place of business is 7th Floor, Lippo Centre Tower One, 89 Queensway, Hong Kong. The principal activity of the Company is that of a holding company. The company is quoted on the AIM market of the London Stock Exchange Plc (Symbol: MNCS).
2. Basis of Preparation
This half year report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2014. This financial information for the six months ended 30 September 2014 has been approved by the Board.
As the Company had no subsidiaries at the period end, there is no requirement to prepare group accounts and the comparatives on this interim statement are those for the Company only.
3. Segmental Analysis
In the opinion of the directors, the Company has one class of business, being that of a holding company. The Company's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is Hong Kong. All revenues and costs are derived from the single segment.
4. Other income
Other income relates to the release and discharge of amounts due to creditors under several compromise agreements entered into with the Company's major creditors in June 2014.
5. Earnings per share
6 Months 6 Months Year to
to to 31 March
30 September 30 September 2014
2014 2013 Audited
Unaudited Unaudited
Earnings / (Loss) per ordinary
share - HKD
Basic 51.27 (10.19) (258.98)
Diluted 24.06 (10.19) (258.98)
Basic earnings per share has been calculated on the net basis on the comprehensive profit after tax of HKD15,166,000 (31 March 2014 - loss HKD63,891,000; 30 September 2013- loss HKD2,513,000) using the weighted average number of ordinary shares in issue of 295,814 (31 March 2014 and 30 September 2013 -246,706).
The weighted average number of ordinary shares in issue for the year ended 31 March 2014 and for the six months ended 30 September 2013 has been adjusted to reflect the consolidation set out in note 11 below.
No diluted loss per share was presented for the year ended 31 March 2014 or for the six months ended 30 September 2013 as the Company's convertible loan notes, share options and warrant were anti-dilutive potential ordinary shares. The weighted average number of ordinary shares for the purposes of the diluted earnings per share for the six months ended 30 September 2014 is 630,330.
MNC Strategic Investments Plc
Notes to the Financial Information
6. Directors' remuneration
6 Months 6 Months Year to
to to 31 March
30 September 30 September 2014
2014 2013 Audited
Unaudited Unaudited HKD'000
HKD'000 HKD'000
Fees 80 555 852
------ ------ ------
80 555 852
7. Amount due to directors
The amount due to the directors is the remuneration of the executive and non-executive directors.
MNC Strategic Investments Plc
Notes to the Financial Information
8. Cash used in operations
6 Months 6 Months Year to
to to 31 March
30 September 30 September 2014
2014 2013 Audited
Unaudited Unaudited HKD'000
HKD'000 HKD'000
Loss before taxation 15,166 (2,513) (63,891)
Adjustments for:
Finance costs 79 110 548
Share-based payment expenses
(including employee share-based
payment expenses) 221 935 1,623
Compromise agreements to settle (3,443) - -
convertible loan notes
Impairment loss on amount due
from and investment in a subsidiary - - 58,336
------------ ------------ ------------
12,023 (1,468) (3,384)
Decrease /(Increase) in accounts
and other receivables, deposits
and prepayments - 21 103
(Decrease)/Increase in other
payables (3,582) 675 2,754
(Decrease)/Increase in amount (11,213) - -
due to former ultimate holding
company
(Decrease)/Increase in amount
due to directors (763) 408 306
------------ ------------ ------------
Cash used in operations (3,535) (364) (221)
------------ ------------ ------------
9. Disposal of subsidiary
On 7 July 2014, the Company agreed to divest its interest in LZYE Investment Limited to Majestic Hall Investments Limited, a company in which a former ultimate controlling shareholder has beneficial interest, for a nominal consideration.
10. Convertible loans
Kingsway Lion Spur Technology Limited ("KLST"), a subsidiary of Sunwah Kingsway Capital Holdings Limited, and Ideal Team advanced HK$1,788,000 and HK$4,596,000 respectively, by way of subscription of convertible loan notes of the Company (the "2014 Notes"). The 2014 Notes are interest-free, unsecured and repayable on 30 June 2017. Both Ideal Team and KLST have the rights to convert the principal amount of the 2014 Notes at any time into an aggregate amount of 632,538 and 246,088 New Ordinary Shares, respectively, at the exercise price of GBP0.565 per share.
The convertible loan notes issued in the year ended 31 March 2014 were fully settled during the interim period under several compromise agreements with the Company.
11. Share Capital
On 7 July 2014 the existing ordinary shares of the Company ("Existing Shares") were consolidated into ordinary shares of GBP10 each on the basis of one new consolidated share ("New Consolidated Share") for every 1,000 Existing Shares in issue. The New Consolidated Shares of GBP10 each were then sub-divided into one new ordinary share ("New Ordinary Share") of GBP0.001 each and one new deferred share ("New Deferred Share") of GBP9.999 each. The New Deferred Shares have special rights, and are subject to restrictions, set out in the new article and association of the Company.
The Company entered into an agreement with Ideal Team Ventures Limited ("Ideal Team") for the subscription of a total of 105,726 New Ordinary Shares ("New Issue Shares") at an issue price of GBP0.565 per New Ordinary Share. New Ordinary Shares and New Issue Shares form the enlarged ordinary share capital of the Company (the "Enlarged Share Capital"). After the issuance of New Issue Shares, New Issue Shares represent 29.99% of the Enlarged Share Capital.
12. The unaudited results for period ended 30 September 2014 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the period ended 31 March 2014 have been extracted from the audited financial statements which contained an unqualified audit report.
13. These interim financial statements will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.mncs-inv.com, and will be available from the Company's registered office : Finsgate, 5-7 Cranwood Street, London EC1V 9EE,
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGAUPUPCGQG
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