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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tejoori | LSE:TJI | London | Ordinary Share | VGG8739M1133 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.485 | 0.46 | 0.51 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTJI
RNS Number : 9849A
Tejoori Limited
30 March 2017
30 March 2017
Tejoori Limited
("Tejoori" or the "Company")
Interim results for the six months ended 31 December 2016
The Board of Tejoori (AIM: TJI), the Dubai-based Shari'a-compliant investment company, is pleased to announce its unaudited interim results for the six months 31 December 2016.
For further information:
Tejoori Limited Tel: +971 4 2839316 Abdullah Lootah, CEO ceo@tejooriltd.ae Allenby Capital Limited Tel: +44 (0)203 328 5656 (Nominated Adviser and Broker) Nick Athanas/Charles Donaldson
Chairman's Statement
Welcome to the results of Tejoori Limited ("Tejoori" or the "Company"), the Dubai-based Shari'a compliant investment company, for the six month period ended 31 December 2016.
Financial Performance during the Period
As at 31 December 2016, the Company had cash available for investment of US$13,158,896 (31 December 2015: US$3,518,715). As at 31 December 2016, US$8,163,941 of the cash available for investment was placed on short term wakala deposits which carry a profit rate of 2.50 per cent. per annum. During the period under review Tejoori generated income of US$29,360 from these wakala deposits (six months ended 31 December 2015: US$53,205) and recorded a net loss of US$219,996 (six months ended 31 December 2015: net loss of US$29,295).
Existing Investments
As announced in December 2016, Tejoori successfully sold one of the remaining two Arjan plots of land (an "Arjan Plot" or, collectively, the "Arjan Plots") owned by Tejoori during the period under review, with net cash proceeds of c. US$3.57 million being received by Tejoori.
In addition in the period under review the Company disposed of its 10.1% interest in BEKON Holding AG for nil consideration, as announced by Tejoori on 24 August 2016.
In February 2017, the Company disposed of its final remaining Arjan Plot for a gross consideration of AED 21,312,540 (equivalent to approximately US$5.8 million). The sale was completed in February 2017 and is therefore not reflected in the financial performance in the year ended 31 December 2016.
Following the sale of the final Arjan Plot in February 2017, Tejoori has fully divested its investment portfolio and holds cash and wakala deposits only. Under the AIM Rules the Company is deemed to have, following the sale of the final Arjan Plot, disposed of all of its assets within the meaning of Rule 15 of the AIM Rules for Companies. Consequently, Tejoori has 12 months from date of this disposal, being 23 February 2017, to implement its current investing policy in accordance with Rule 15 of the AIM Rules for Companies otherwise the Company's shares will be suspended from trading on AIM pursuant to Rule 40 of the AIM Rules for Companies.
As previously announced the Company intends to return to shareholders a certain proportion of the cash generated from the sale of the Arjan Plots and is considering, in conjunction with its advisers, the most effective and efficient manner in which to return to cash to shareholders. As part of this exercise the Company is also continuing to evaluate the merits of remaining on AIM. Further updates will be made by the Company at the appropriate time.
We look forward to updating our shareholders on future plans in due course.
Khalid Al Nasser
Chairman of Board
29 March 2017
Consolidated Statement of Financial Position
as at December 31, 2016
Notes Dec-2016 Dec-2015 ------ ------------------ ------------------- USD USD ------------------ ------------------- Assets -------------------------- Cash and bank balances 1 4,994,955 717,890 Fixed deposits 2 8,163,941 2,800,825 Trade and other receivables 3 516,860 3,741,500 Other assets/Prepayments 4 17,138 19,452 Available-for-Sale Investment 5 - 3,350,000 Investment in properties 6 4,165,151 13,912,681 Total current assets 17,858,045 24,542,348 ------------------ ------------------- Total Assets 17,858,045 24,542,348 ================== =================== Equity and Liabilities -------------------------- Current liabilities Due to a shareholder 9 877,200 877,200 Trade and other payables 10 19,694 - Due to Related Parties 17 502,839 514,482 Total current liabilities 1,399,733 1,391,682 ------------------ ------------------- Equity Share Capital 11 277,089 277,089 Share premium 11.1 41,286,207 41,286,207 Accumulated losses (25,104,984) (18,412,630) Total equity 16,458,312 23,150,666 ------------------ ------------------- Total Equity and Liabilities 17,858,045 24,542,348 ================== ===================
These financial statements were approved for issue by the Board of Directors of the company on 29 March 2017.
Consolidated Statement of comprehensive income
as at December 31, 2016
Notes Dec-2016 Dec-2015 ------ ------------------ ------------------ USD USD ------------------ ------------------ Return on Wakala Deposits 10 29,360 53,205 Total Income 29,360 53,205 ------------------ ---------------- Administrative and Operating Expenses 11 (167,731) (82,500) Total Expenses (167,731) (82,500) ------------------ ---------------- Loss for the year (138,370) (29,295) Loss on sale of Investment Property (81,626) - Total comprehensive income for the year (219,996) (29,295) ================== ================ Earning per share-basic (0.0079) 0.0015 Earning per share-diluted (0.0079) 0.0015
Statement of changes in shareholders' equity
as at December 31, 2016
Share Share Fair Accumulated Total Capital Premium Value losses equity Reserve (USD) ------------------------------------------------------------------------------------------ Balance as at Jan 1st, 2015 277,089 41,286,207 - (18,383,334) 23,179,962 Total comprehensive income for the year Profit for the year - - - (29,295) (29,295) Net amount transferred to profit or loss - - - - - ---------------- ---------------- ---------------- ------------------ ---------------- Total other comprehensive income for the year - - - - - Total comprehensive income - - - (29,295) (29,295) ---------------- ---------------- ---------------- ------------------ ---------------- Balance at 31 Dec 2015 277,089 41,286,207 - (18,412,630) 23,151,666 ================ ================ ================ ================== ================ Balance as at 30 June 2016 277,089 41,286,207 - (24,884,988) 16,678,308 ================ ================ ================ ================== ================ Changes during Jul-Dec 2016 Profit for the year - - - (219,996) (219,996) Net amount transferred to profit or loss - - - - - ---------------- ---------------- ---------------- ------------------ ---------------- Total other comprehensive income for the year - - - - - Total comprehensive income - - - (219,996) (219,996)
---------------- ---------------- ---------------- ------------------ ---------------- Balance at 31 Dec 2016 277,089 41,286,207 - (25,104,984) 16,458,312 ================ ================ ================ ================== ================
Statement of cash flows
as at December 31, 2016
Cash flows from operating activities Dec-2016 Dec-2015 ----------------------------- ----------------------------- Net profit/(Loss) for the period (219,996) (29,295) Cash from operating activities before changes in working capital (219,996) (29,295) Change in prepayments 6,377 (8,773) Change in trade receivables 1,164,691 - Change in due to related parties (22,084) (23,882) Change in trade and other payables (19,339) (16,640) Net Cash from operating activities 909,649 (78,590) ----------------------------- ----------------------------- Cash Flows from investing activities Net Cash received from Sale of Investment property 2,464,898 - ----------------------------- ----------------------------- Net Increase/(decrease) in cash and cash equivalents 3,374,547 (78,590) ----------------------------- ----------------------------- Cash and cash equivalents, beginning of the period 9,784,349 3,598,746 ----------------------------- ----------------------------- Cash and cash equivalents, end of the period 13,158,896 3,518,715 ============================= =============================
Notes to the interim financial information for the six months ended 31 December 2016
1 Cash and bank balances Dec-2016 Dec-2015 ----------------- -------------------- Cash at banks 4,994,955 717,890 Cash in hand - - 4,994,955 717,890 ================= ==================== 2 Wakala Deposits Wakala Deposit - 1,431,496 Fixed Deposits 8,163,941 1,385,702 8,163,941 2,800,825 ================= ==================== Investment as Fixed deposits are placed with reputable corporate based in the United Arab Emirates. The Fixed deposits carried a profit rate of 2.50%. 3 Trade and other receivables Other receivables 516,860 3,741,500 516,860 3,741,500 ================= ==================== 4 Other Assets Prepayments 17,138 19,452 17,138 19,452 ================= ==================== Available-for-Sale 5 Investment Opening Balance 3,350,000 4,500,000 Fair value (loss)/gain during the year (3,350,000) (1,150,000) - 3,350,000 ================= ==================== 6 Investment in property Dec-2016 Dec-2015 ----------------- -------------------- Balance at 01 Jan 2016 13,913,682 13,913,682 Unrealized loss on fair value (2,901,592) - Realized sale proceeds from sale of property (6,811,225) - Realized loss on sale of property (35,714) - Total 4,165,151 13,913,682 ================= ==================== 7 Due to a shareholder Opening balance 877,200 877,200 Repayments during the year - - Total 877,200 877,200 ================= ==================== In accordance with the Company's placement document, the shareholding of individual investors cannot exceed eight percent of the issued and fully paid share capital. This balance represents funds received from a shareholder in excess of the eight percent limit and is refundable to the investors unless the Company is able to secure additional capital from the other shareholders Trade and other 8 payables Trade payable 18,494 816 Audit fee payable 1,200 - Other payables - 465,446 Total 19,694 466,262 ================= ==================== 9 Share capital The authorised share capital of the Company comprises 1 billion shares of USD 0.01 each (31 Dec 2015: 1 billion shares of USD 0.01 each). The issued and fully paid share capital of the Company comprises 27,708,864 shares of USD 0.01 each (2015: 27,708,864 shares of USD 0.01 each). Opening Balance 277,089 277,089 277,089 277,089 ================= ==================== 9.1 Share premium Share premium represents amounts received from shareholders in excess of the nominal value of the shares allotted to them. 10 Revenue Return on Islamic investments 29,360 53,205 Total 29,360 53,205 ================= ==================== Administrative and Operating 11 expenses Legal and professional fees 156,741 60,356 Administration fees 2,839 551 Directors' remuneration and fees 7,500 7,500 Salary expense for CEO - 13,692 Others 650 401 Total 167,731 82,500 ================= ==================== Earnings/(Loss) 12 per share The basic earnings per share is calculated by dividing the net profit/loss attributable to shareholders by the weighted average number of ordinary shares in issue during the year. Profit/(loss) for the year in USD (219,996) (29,295) Weighted average number of shares in issue 27,708,864 27,708,864 Basic earnings/(loss) per share in USD (0.00794) (0.00106) ================= ==================== Related party transactions 13 and balances Related parties comprise key management, businesses controlled by shareholders and directors as well as businesses over which they exercise significant influence. During the year, the company entered into significant transactions with related parties in the ordinary course of business. In addition to the disclosure in notes, following are the other transactions and balances arising from these transactions: Transactions Key management remuneration - - Directors' fees and other remuneration 7,500 13,692 Due to related parties Due to a shareholder 877,200 877,200 Key management remuneration 454,619 465,446 Due to Injaz Capital
Investments LLC 48,220 48,220
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR URSNRBAAOORR
(END) Dow Jones Newswires
March 30, 2017 02:44 ET (06:44 GMT)
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