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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Silver Falcon | LSE:SILF | London | Ordinary Share | GB00BYX3WZ24 | 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% | 3.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSILF
RNS Number : 3216G
Silver Falcon PLC
05 August 2016
5 August 2016
Silver Falcon Plc
("SILF" or "the Company")
Interim Report for the period ended 30 June 2016
Silver Falcon Plc announces its unaudited interim results for the six-month period ended 30 June 2016.
Highlights
-- Successfully admitted to trading on the Main Market of the London Stock Exchange on 9th November 2015
-- Raised GBP1.5m cash (gross) through the issue of 64.9m new ordinary shares
-- Cash balance at 30 June 2016 was GBP1.2m
-- Cash balance at the date of this report is GBP1.2m
Chairman's Statement
I am pleased to present the Interim Report for the six months ended 30(th) June 2016. During the period the Company made a loss of GBP174,936 (six months to 31 August 2015: loss of GBP80,367) which is mainly attributable to professional fees incurred on the proposed acquisition of Lime Holdings Limited as announced at the end of last year and general administration expenses.
Whilst the Board is unable to update shareholders on the status of any negotiations at this stage, it remains confident that it can complete a transaction that will be beneficial to all shareholders. The Board considers that there will not be any detrimental effect to its ability to close a transaction as a result of Brexit. I would like to reassure shareholders that an announcement will be made to the market as soon as circumstances allow.
Geoffrey Dart
Executive Chairman
Responsibility Statement
We confirm that to the best of our knowledge:
-- the interim financial statements have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the EU; and
-- give a true and fair view of the assets, liabilities, financial position and loss of the Company; and
-- the Interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year.
-- The Interim report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.
The interim report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:
Geoffrey Dart
Executive Chairman
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Interim Statement of Comprehensive
Income
6 months 6 months 10 months
to to to 31 December
30 June 31 August 2015 Audited
2016 2015 GBP
Unaudited Unaudited
GBP GBP
Revenue - - -
-------------------------------------- ----------- ----------- ----------------
Administration expenses (174,936) - (46,027)
====================================== =========== =========== ================
Listing costs - (34,340)
-------------------------------------- ----------- ----------- ----------------
Operating Profit/(Loss) (174,936) - (80,367)
====================================== =========== =========== ================
Profit/(Loss) before tax (174,936) - (80,367)
====================================== =========== =========== ================
Tax - - -
-------------------------------------- ----------- ----------- ----------------
Profit/(Loss) for the period (174,936) - (80,367)
====================================== =========== =========== ================
Profit/(Loss) for the period
attributable to:
====================================== =========== =========== ================
Owners of the Company (174,936) - (80,367)
====================================== =========== =========== ================
Profit/(Loss) for the period (174,936) - (80,367)
====================================== =========== =========== ================
Total comprehensive income
attributable to:
====================================== =========== =========== ================
Owners of the Company - - -
====================================== =========== =========== ================
Total comprehensive Profit/(Loss)
for the period (174,936) - (80,367)
====================================== =========== =========== ================
Earnings per share
====================================== =========== =========== ================
Basic and diluted earnings
per share attributable
to equity holders of the
Company (GBP per share) (0.0027) - (0.005)
====================================== =========== =========== ================
Statement of Financial Position
30 June 31 August 31December
2016 2015 2015
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
=================================== =========== =========== ===========
Current assets
=================================== =========== =========== ===========
Other receivables 49,169 62,500 31,167
=================================== =========== =========== ===========
Cash and cash equivalents 1,214,901 6,230 1,323,869
----------------------------------- ----------- ----------- -----------
Total assets 1,264,070 68,730 1,355,036
=================================== =========== =========== ===========
EQUITY
Capital and reserves attributable
to owners of the Company
=================================== =========== =========== ===========
Ordinary shares 649,000 75,000 649,000
=================================== =========== =========== ===========
Share Premium 781,243 - 781,243
=================================== =========== =========== ===========
Retained Profits (261,573) (6,270) (86,637)
=================================== =========== =========== ===========
1,168,670 68,730 1,343,606
----------------------------------- ----------- ----------- -----------
LIABILITIES
Current liabilities
Trade and other payables 95,400 - 11,430
Total liabilities 95,400 - 11,430
----------------------------------- ----------- ----------- -----------
Total Equity and Liabilities 1,264,070 68,730 1,355,036
=================================== =========== =========== ===========
Statement of Changes In Equity
Attributable to owners
of the Company
Share Share Retained
Capital Premium earnings Total
GBP GBP GBP GBP
Balance as at 1 March
2015 50,000 - (6,270) 43,730
============================= ========== ========= ========== ============
Profit/(Loss) for period - - (80,367) (80,367)
Total other comprehensive - - -
income
----------------------------- ---------- --------- ---------- ------------
Total comprehensive
income for the period - - (80,367 (80,367)
----------------------------- ---------- --------- ---------- ------------
Transaction with owners
============================= ========== ========= ========== ============
Issue of share capital
net of issue costs 599,000 781,243 - 1,380,243
============================= ========== ========= ========== ============
Balance as at 31 December
2015 649,000 781,243 (86,637) 1,343,606
Balance as at 1 January
2016 649,000 781,243 (86,637) 1,343,606
============================= ========== ========= ========== ============
Profit/(Loss) for year - - (174,936) (174,936)
============================= ========== ========= ========== ============
Total other comprehensive - - - -
income
----------------------------- ---------- --------- ---------- ------------
Total comprehensive
income for the period - - (174,936) (174,936)
----------------------------- ---------- --------- ---------- ------------
Transaction with owners
============================= ========== ========= ========== ============
Shares issued (including - - - -
issued but unpaid) ----------------------------- ---------- --------- ---------- ------------ Total transactions with - - - - owners recognised directly in Equity ----------------------------- ---------- --------- ---------- ------------ Balance as at 30 June 2016 649,000 781,243 (261,573) 1,168,670 ============================= ========== ========= ========== ============
Statement of Consolidated Cash Flows
Cash flow from operating 6 months 6 months 10 months
activities to to to
30 June 31 August 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP GBP GBP
=================================== =========== =========== =============
Profit/(Loss) for the period (174,936) - (80,367)
==================================== =========== =========== =============
Changes in working capital:
=================================== =========== =========== =============
(Increase)/decrease in trade
and other receivables (18,002) - 6,333
==================================== =========== =========== =============
Increase in trade and other
payables 83,970 - 11,430
------------------------------------ ----------- ----------- -------------
Net cash flow from operating
activities (108,968) - (62,604)
------------------------------------ ----------- ----------- -------------
Cash flows from financing
activities
=================================== =========== =========== =============
Proceeds from issue of share
capital - - 1,380,243
------------------------------------ ----------- ----------- -------------
Net cash generated from financing
activities - - 1,380,243
------------------------------------ ----------- ----------- -------------
Net increase/decrease in
cash and cash equivalents (108,968) - 1,317,639
==================================== =========== =========== =============
Cash and cash equivalents
at beginning of the period 1,323,869 6,230 6,230
------------------------------------ ----------- ----------- -------------
Cash and cash equivalents
at end of the period 1,214,901 6,230 1,323,869
==================================== =========== =========== =============
Notes to the Unaudited Financial Statements
1. Basis of preparation
The interim financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
Cyclicality
The interim results for the six months ended 30 June 2016 are not necessarily indicative of the results to be expected for the full year ending 31 December 2016. Due to the nature of the entity, the operations are not affected by seasonal variations at this stage
2. Financial Information
The interim results for the period 1 January 2016 to 30 June 2016 is unaudited. In the opinion of the Directors the interim results for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied. The interim results incorporate unaudited comparative figures for the interim period 1 March 2015 to 31 August 2015 and extracts from the audited financial statements for the period to 31 December 2015. The Company changed its accounting reference date during 2015 and on the basis that the Company's activity is not seasonal has decided to include comparatives for the interim results of the immediately preceding financial period.
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Company's 2015 audited financial statements. Statutory financial statements for the year ended 31 December 2015 were approved by the Board of Directors on 5 May 2016 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
Risks and uncertainties
The key risks that could affect the Company's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2015 audited financial statements, a copy of which is available on the Company's website: http://www.silverfalconplc.com. The Company's key risk is the maintenance of its reserves of cash and cash equivalents whilst it targets an acquisition following its listing on the London Stock Exchange.
Accounting Policies
Critical accounting estimates and judgements
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Due to the nature of the Company, the Directors do not believe there to be any material critical accounting estimates and judgements that were used in preparing these financial statements.
Changes in accounting policy and disclosures.
New and amended standards adopted by the Company:
There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 January 2016 that would be expected to have a material impact on the Group.
The financial information for the 6 months ended 30 June 2016 and the 6 months ended 31 August 2015 has not been audited.
3. Trade and Other Receivables
30 June 2016 31 August 31 December
Unaudited 2015 Unaudited 2015
Audited
GBP GBP GBP
VAT receivable 44,834 28,082
Other receivables 335 335
Unpaid share capital - 62,500 -
Prepayments 4,000 2,750
---------------------- ------------- ---------------- ------------
49,169 62,500 31,167
====================== ============= ================ ============
The fair value of all receivables is the same as their carrying values stated above.
At 30 June 2016 all trade and other receivables were fully performing, and therefore do not require impairment. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Company does not hold any collateral as security.
4. Share Capital
30 June 31 August 31 December
2016 2015 2015
Unaudited Unaudited Audited
Allotted and issued GBP GBP GBP
64,900,000 ordinary
shares of GBP0.01 each 649,000 75,000 649,000
On 13 November 2014, the Company issued 5,000,000 Ordinary shares of GBP0.01 each at par.
On 29 July 2015 the Company issued 2,499,999 Ordinary shares of GBP0.01 each at par. On 30 October 2015 the Company issued 14,100,00 shares of GBP0.01 each at par and as part of a general placing on 9(th) November 2015 43,300,000 new Ordinary Shares of GBP0.01 were issued at a premium of GBP0.02 per share.
5. Related Party Transactions
There were no related party transactions.
The Directors hold the following interests:
Director No. of Ordinary Percentage
Shares of issued
ordinary share
capital
---------------- ---------------- ----------------
Geoffrey Dart
(1) 4,800,000 7.39
Peter Redmond
(2) 3,600,000 5.54
Adrian Beeston 3,350,000 5.16
(1) Geoffrey Dart holds 2,300,000 shares through Chesterfield Capital Limited, of which he is the ultimate beneficial owner and 2,500,000 shares through Black Eagle Capital, of which he holds 45.25 per cent.
(2) Peter Redmond holds these shares through Catalyst Corporate Consultants Limited, a company of which he is the sole shareholder.
6. Ultimate Controlling Party
The Directors consider there to be no ultimate controlling party at 30 June 2016.
7. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 5th August 2016.
**S **
For further information please visit www.silverfalconplc.com or contact:
Silver Falcon PLC Tel: +44 (0) 7874 762 821
Geoffrey Dart, Timothy Le Druillenec
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QZLFBQVFFBBB
(END) Dow Jones Newswires
August 05, 2016 02:00 ET (06:00 GMT)
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