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Share Name Share Symbol Market Type Share ISIN Share Description
Boston International Holdings Plc LSE:BIH London Ordinary Share GB00BD70S874 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 7.50p 0.00p 0.00p - - - 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -0.5 -0.0 - 2.00

Boston International Holdings PLC Half-year Report

28/09/2018 7:00am

UK Regulatory (RNS & others)


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TIDMBIH

RNS Number : 2281C

Boston International Holdings PLC

28 September 2018

Boston International Holdings plc

("BIH" or "the Company")

28 September 2018

HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2018

Boston International Holdings plc, formed in October 2015, which operates as a special purpose acquisitions company (SPAC) to undertake one or more acquisitions of target companies or businesses in the FX sector, announce sits unaudited half year report for the six months ended 30 June 2018.

Chairman's Statement

I have pleasure in presenting the interim results of Boston International Holdings Plc for the six months ended 30 June 2018.

The loss in the period was GBP214,000, being the administrative expenses incurred.

On 22(nd) August 2017 the Company's shares were suspended following the announcement that it had entered into a non-binding letter of intent with Cornhill FX Holdings Limited ("CFXH"), a private limited company incorporated in England and Wales, to purchase of the entire issued share capital of that company.

The proposed transaction has taken longer to conclude than anticipated, however the Board remain committed to achieving a successful outcome and will provide further updates in due course.

Principal Risks and Uncertainties

The Company is subject to a number of risk factors. The Directors have identified the following key risks in the second six months of this financial year. Other risk factors not presently known or currently deemed immaterial may also apply.

-- The Company has announced a proposed transaction which if it completes would constitute a reverse takeover under the Listing Rules and shares in the Company have been suspended from trading until the issue of a prospectus or termination of discussions. Significant cash resources will be spent in pursuit of the completing the transaction and should the proposed transaction not be completed the Company will have significantly less cash than it has now.

-- Should the proposed transaction abort before the end of the period, the Board will have to assess the future viability and direction of the Company.

-- The Company is dependent on its directors, in particular the Chairman, to manage the Company and lead the proposed transaction. If the Company were to lose the services of the Chairman, it could have a material adverse effect on the Company and its ability to complete the proposed transaction.

Responsibility Statement

The Directors are responsible for preparing the Interim Report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34).

The Directors confirm that the interim financial statements have been prepared in accordance with IAS 34 and that as required by DTR 4.2.7 and DTR 4.2.8, the Interim Report includes a fair review of:

   --      important events that have occurred during the first six months of the year; 
   --      the impact of those events on the financial statements; 

-- a description of the principal risks and uncertainties for the remaining six months of the financial year;

-- details of any related party transactions that have materially affected the Company's financial position or performance in the six months ended 30 June 2017; and

-- any changes in the related parties transactions described in the last annual report that could have a material effect on the financial position or performance of the enterprise in the first six months of the current financial year.

Borden James

Chairman

For further information, please contact:

Boston International Holdings plc

Borden James +44 20 3735 8825

Cairn Financial Advisers LLP

David Coffman + 44 20 7213 0880

Condensed Statement of Comprehensive Income

 
                                                     Six months   Six months    12 months 
                                                      30 June      30 June     31 December 
                                                        2018         2017         2017 
                                              Note   Unaudited    Unaudited      Audited 
                                                       GBP000       GBP000       GBP000 
 
 Revenue                                                 -            -             - 
                                                    -----------  -----------  ------------ 
 
 Administrative 
  expenses                                             (215)        (128)         (474) 
                                                    -----------  -----------  ------------ 
 
 Operating loss                                        (215)        (128)         (474) 
 
 Finance income                                          1            1             2 
                                                    -----------  -----------  ------------ 
 
 Loss on ordinary activities 
  before taxation                                      (214)        (127)         (472) 
 
 Income tax expense                                      -            -             - 
                                                    -----------  -----------  ------------ 
 
 Loss after taxation                                   (214)        (127)         (472) 
 
 Other comprehensive income                              -            -             - 
                                                    -----------  -----------  ------------ 
 
 Total comprehensive income attributable 
  to                                                   (214)        (127)         (472) 
 owners of the parent 
                                                    ===========  ===========  ============ 
 
 Earnings per share 
  (EPS): 
 Basic and diluted(pence)                      3       (0.70)       (0.43)       (0.016) 
                                                    ===========  ===========  ============ 
 
 

Condensed Statement of Financial Position

As at 30June 2018

 
                                          Six months   Six months    12 months 
                                           30 June      30 June     31 December 
                                             2018         2017         2017 
                                   Note   Unaudited    Unaudited      Audited 
                                            GBP000       GBP000       GBP000 
 
 Current assets 
 Other receivables, 
  deposit and 
 prepayment                                   7            35           16 
 Cash and bank balances                      540         1,119          811 
                                         -----------  -----------  ------------ 
                                             547         1,154          827 
                                         -----------  -----------  ------------ 
 
 Total Assets                                547         1,154          827 
                                         ===========  ===========  ============ 
 
 Current Liabilities 
 Other payables and 
  accruals                                   (32)         (45)         (98) 
                                         -----------  -----------  ------------ 
 
 Total liabilities                            0           (45)         (98) 
                                         -----------  -----------  ------------ 
 
 Net Assets                                  515         1,109          729 
                                         ===========  ===========  ============ 
 
 Equity                                      306          306           306 
 Share capital                      4        1078        1,113         1,078 
 Share premium                              (869)        (310)         (655) 
 Reserves                                    515         1,109          729 
                                         -----------  -----------  ------------ 
 
 Total Equity and Liabilities                515         1,109          729 
                                         ===========  ===========  ============ 
 
 

Condensed Statement of Changes in Equity

For the six month period ended 30June 2018 (Unaudited)

 
 
                                  Share                   Retained    Total 
                                capital  Share premium     profits   equity 
                                GBP'000        GBP'000     GBP'000  GBP'000 
 
Issue of shares                      10             40           -       50 
Cost of share issue                                (5)                  (5) 
Loss for the period                   -              -       (127)    (127) 
 
Balance at 30 June 2017             306          1,113       (309)    1,110 
                               ========  =============  ==========  ======= 
 
Issue of shares                       -              -           -        - 
Cost of share issue                   -           (35)           -     (35) 
Loss for the period                   -              -       (346)    (346) 
 
Balance at 31 December 2017         306          1,078       (655)      729 
                               ========  =============  ==========  ======= 
 
Issue of shares                       -              -           -        - 
Cost of share issue                   -              -           -        - 
Loss for the period                   -              -       (214)    (214) 
 
Balance at 30 June 2018             306          1,078       (869)      515 
                               ========  =============  ==========  ======= 
 
 

Condensed Statements of Cash Flows

For the six month period ended 30June 2018

 
                                                      Six months   Six months    12 months 
                                                       30 June      30 June     31 December 
                                                         2018         2017         2017 
                                              Note    Unaudited    Unaudited      Audited 
                                                        GBP000       GBP000       GBP000 
 
 Cash flow from operating 
  activities 
 Loss before taxation                                   (214)        (127)         (472) 
 
 Adjustment for: 
 Interest income                                         (1)          (1)           (2) 
                                                     -----------  -----------  ------------ 
 
 Operating cash flows before movements 
  in working capital                                    (215)        (128)         (474) 
 
 Increase in trade and other receivables                  9           (24)          (5) 
 Increase in trade and 
  other payables                                         (66)          14           67 
                                                     -----------  -----------  ------------ 
 Cash generated from operating 
  activities                                             (57)         (10)          62 
 
 Net cash generated from operating 
  activities                                            (272)        (138)         (412) 
 
 Cash flows from investing 
  activities 
 Interest received                                        1            1             2 
                                                     -----------  -----------  ------------ 
 Net cash generated from investing 
  activities                                              1            1             2 
                                                     -----------  -----------  ------------ 
 
 Cash flows from/(for) financing 
  activities 
 Proceeds from issue of 
  share capital                                           -            50           50 
 Share issue costs                                        -           (5)          (40) 
                                                     -----------  -----------  ------------ 
 Net cash generated from financing 
  activities                                              -            45           10 
                                                     -----------  -----------  ------------ 
 
 Net (decrease)/increase in cash & cash 
  equivalents                                           (271)         (92)         (400) 
 Cash and equivalent at beginning 
  of the period                                          811         1,211         1,211 
                                                     -----------  -----------  ------------ 
 Cash and equivalent at end of 
  the period                                             540         1,119          811 
                                                     ===========  ===========  ============ 
 
 
 
 
 
 
 
 
 
 
 
 
 

NOTES TO THE FINANCIAL INFORMATION

   1.        GENERAL INFORMATION AND PRINCIPAL ACTIVITIES 

The Company is incorporated in the United Kingdom as a public limited company with company number 09876705. The registered office of the Company is 12 Times Court, Retreat Road, Richmond, Surrey TW19 1AF.

This financial information is for the Company only as there are no subsidiary undertakings.

The principal place of business of the Company is in the United Kingdom.

The interim financial statements are presented in the nearest thousands of Pound Sterling (GBP'000), which is the presentation currency of the company.

   2.            BASIS OF PREPARATION 

The interim financial statements for the six months ended 30 June 2018 have been prepared in accordance with IAS 34, Interim Financial Reporting.

The principal accounting policies used in preparing the interim results are the same as those applied in the Company'sFinancial Statements as at and for the period ended 31 December 2017.

A copy of the audited financial statements for the period ended 31 December 2017, which was prepared under IFRS, is available on the Company's website.

The interim report for the six months ended 30 June 2018 was approved by the Directors on 27 September 2018.

   3.            EARNINGS PER SHARE 

The earnings per share information is as follows:

 
                                  Six months   Six months    12 months 
                                   30 June      30 June     31 December 
                                     2018         2017         2017 
                                  Unaudited    Unaudited      Audited 
 
 (Loss) after taxation 
  (Pound GBP)                     (214,895)    (127,489)     (472,150) 
 Weighted average number of 
  ordinary shares                 30,620,948   29,898,726   30,264,044 
 Basic earnings per share 
  (pence)                           (0.70)       (0.43)      (0.0156) 
                                 ===========  ===========  ============ 
 
 

The diluted earnings per share was not applicable as there were no dilutive potential ordinary shares outstanding at the end of the reporting period.

   4.            Share Capital 
 
                           Number 
                          of shares     GBP'000 
 Issued: 
 As at 1 January 2018    30,620,948         306 
 
 
 As at 30 June 2018      30,628,948         306 
 
 
   5.            RELATED PARTY TRANSACTIONS 

Key management are considered to be the directors and the key management received no compensation in the period.

During the period the Company did not enter into any material transactions with related parties. As at the balance sheet date the amounts due to the directors was GBPnil.

   6.            SEASONAL OR CYCLICAL FACTORS 

There are no seasonal factors that materially affect the operations of the company.

- ENDS -

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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