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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSMG 30 April 2018 [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 2017. Chairman's Statement 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 London Stock Exchange Main Market - Standard Segment ("Main Market") on 10 January 2017. The Company raised GBP769,500 before expenses. The Company identified a potential target business to acquire, and due diligence on the target commenced in February 2017. The loss for the period was GBP277,000 [2016 : loss of GBP101,000], which was primarily as a result of the due diligence costs relating to the acquisition. Cash in hand was GBP264,000 at the year end [2016 : GBP60,000]. Outlook The Company is progressing the acquisition and hopes that this will conclude in the near term, at which point the newly enlarged Company's shares will resume trading on the Main Market. 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. The Company is currently undertaking an acquisition that, if successful, will result in a reverse takeover (the "Acquisition"). 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 2017, 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 GBP277,000. Key Performance indicators There are no key performance indicators for this period as the company has not completed 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. i. Liquidity Risk The Directors have reviewed the working capital requirements and believe that there is sufficient working capital to fund the business. Finance The Company continues with the Acquisition and has sufficient funds in hand to conclude the transaction. The Company is seeking to raise further finance at the time of completion to provide adequate funds to grow the target business post acquisition . Future developments and acquisition strategy The Company has a target acquisition under contemplation. The Company's efforts in identifying a prospective target company 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 2017 the company had a cash balance of GBP264,000. 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 27 April 2018 Statement of Comprehensive Income For the Year Ended 31 December 2017 Year ended Period from 31 December 26 February 2017 2016 to 31 December 2016 GBP'000 GBP'000 Continuing operations Reverse acquisition costs 181 - Listing Costs - 96 Administrative expenses 96 5 Loss before taxation 277 101 Taxation - - Loss and comprehensive loss for the 277 101 year Basic and diluted Loss per share (4.53p) (12.73p) Since there is no other comprehensive loss, the loss for the year is the same as the total comprehensive loss for the year attributable to the owners of the company. Statement of Financial Position As at 31 December 2017 As at 31 As at 31 December December 2017 2016 GBP'000 GBP'000 Assets Current assets Other receivables 250 24 Cash and cash equivalents 264 60 Total Assets 514 84 Equity and liabilities Current liability Trade and other payables 12 75 Total Liability 12 75 Equity attributable to equity holders of the company Called up share capital 110 623 Share Premium 257 - Accumulated deficit (378) (101) Total Equity 502 9 Total Equity and liabilities 514 84 Statement of Cash Flows For the Year Ended 31 December 2017 Year Period ended 31 ended 31 December December 2017 2016 GBP'000 GBP'000 Cash flows from operating activities Operating loss (565) (50) Net Cash utilised by operating activities (565) (50) Cash flows from financing activities Proceeds from issue of ordinary shares 513 110 Increase in share premium 256 - Net cash flows from financing activities 769 110 Net increase in cash and cash equivalents 204 60 Cash and cash equivalents at the beginning of 60 - the year Cash and cash equivalents at end of year 264 60 Represented by: Bank balances and cash 264 60 Statement of Changes in Equity
For the Year Ended 31 December 2017 Share Share Accumulated Total premium capital deficit equity GBP'000 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 Shares issued during the 257 513 - 770 year Loss for the year - (277) (277) As at 31 December 2017 257 623 (378) 502 Share capital is the amount subscribed for shares at nominal value. Accumulated deficit represents the cumulative loss of the Company attributable to equity shareholders. Share premium represents the amounts received on share issues in excess of nominal value. Notes to Preliminary Results for the Year Ended 31 December 2017 These are not full accounts in terms of Section 434 of the Companies Act 2006. The information contained within this financial information, which is extracted from the Annual Report and Financial Statements 2017, constitute regulated information, which is to be communicated to the media in full unedited text through a Regulatory Information Service in accordance with the FCA's Disclosure Guidance and Transparency Rules ("DTR"), Rule 6.3.5R. This announcement is not a substitute for reading the full Annual Report and Financial Statements 2017 Full accounts for the year ended 31 December 2017 have been lodged with the Registrar of Companies. The audited financial statements for the period ended 31 December 2017 contain an unqualified audit report. The Company's Annual Report and Financial Statements 2017 and Strategic Report 2017 can be viewed on the Company's website at http://www.simianglobal.com/ =-- ENDS --- Enquiries: Simian Global Plc Edward Ng Tel: +44 (0)20 7866 2145 Alffed Henry Corporate Finance Limited Jon Isaacs / Nick Michaels www.alfredhenry.com Tel: +44 (0) 20 772 0021 END
(END) Dow Jones Newswires
April 30, 2018 04:43 ET (08:43 GMT)
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