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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Simian Glbl | LSE:SMG | London | Ordinary Share | GB00BDHBGL97 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSMG 28 April 2017 [NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.] 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 GBP101,000. Outlook The Company successfully completed a placing of 5,130,000 shares at GBP0.15 per share, and its shares were admitted to trading on the Main Market on 10 January 2017. The Company raised GBP769,500 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 GBP101,000. 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 GBP769,500 (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 GBP649,500 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 GBP60,000 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 GBP'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 GBP'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 GBP'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 Accumulated Total capital deficit equity GBP'000 GBP'000 GBP'000 On Incorporation 50 - 50 Shares issued during the 60 - 60 period 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 END
(END) Dow Jones Newswires
April 28, 2017 10:59 ET (14:59 GMT)
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