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SMG Simian Glbl

17.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Simian Global Plc Final Results

28/04/2017 3:59pm

UK Regulatory


 
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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