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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
  0.00 0.0% 3.00 0.00 0.00 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -0.3 -1.0 - 1

Boston International Holdings PLC Half-year Report

10/09/2019 12:45pm

UK Regulatory (RNS & others)


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RNS Number : 8501L

Boston International Holdings PLC

10 September 2019

Boston International Holdings plc

("BIH" or "the Company")

10(th) September 2019

HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2019

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, announces its unaudited half year report for the six months ended 30 June 2019.

Chairman's Statement

I have pleasure in presenting the interim results of Boston International Holdings Plc for the six months ended 30 June 2019.

The loss in the period was GBP210,144, being the administrative expenses incurred.

On 22 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 the entire issued share capital of that company. Following that date, the Company undertook and substantially completed due diligence on CFXH however it was unable to raise the necessary capital to enable the transaction to complete. Accordingly, BIH announced on 1 July 2019 that it had withdrawn from the transaction and the Company's ordinary shares were restored to the Official List by the UKLA on 2 July 2019.

On 13 August 2019, the Company raised GBP300,000 through a subscription for 6,000,000 new ordinary shares of GBP0.01 at a price of 5 pence per share.

The Directors continue to review potential acquisition targets for the Company. The Company's investment strategy to date has been to focus on the FX sector because of the Directors' experience in this industry. However due to a lack of current opportunities in that sector, the Directors pursuit will no longer be limited to a particular industry or geographic region and a further announcement will be made at such time as the Company is able to provide further details on any proposed transaction.

Whilst it continues its assessment of potential acquisition opportunities, the Board will prudently manage the Company's remaining cash reserves and minimise its operating expenses in order to put the Company in the best position possible to complete an acquisition.

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.

-- Further to the decision to withdraw from the proposed transaction the Board is currently assessing the future viability and direction of the Company.

-- The Company is dependent on its directors, in particular the Chairman, to manage the Company and its future strategy. 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 implement its future strategy.

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 2019; 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

Jo Turner + 44 20 7213 0880

Boston International Holdings plc

Condensed Statement of Comprehensive Income

 
                                                     Six months   Six months    12 months 
                                                      30 June      30 June     31 December 
                                                        2019         2018         2018 
                                              Note   Unaudited    Unaudited      Audited 
                                                       GBP000       GBP000       GBP000 
 
 Revenue                                                 -            -             - 
                                                    -----------  -----------  ------------ 
 
 Administrative 
  expenses                                             (211)        (215)         (427) 
                                                    -----------  -----------  ------------ 
 
 Operating loss                                        (211)        (215)         (427) 
 
 Finance income                                          1            1             2 
                                                    -----------  -----------  ------------ 
 
 Loss on ordinary activities 
  before taxation                                      (210)        (214)         (425) 
 
 Income tax expense                                      -            -             - 
                                                    -----------  -----------  ------------ 
 
 Loss after taxation                                   (210)        (214)         (425) 
 
 Other comprehensive income                              -            -             - 
                                                    -----------  -----------  ------------ 
 
 Total comprehensive income attributable 
  to                                                   (210)        (214)         (425) 
 owners of the parent 
                                                    ===========  ===========  ============ 
 
 Earnings per share 
  (EPS): 
 Basic and diluted(pence)                      3       (0.69)       (0.70)       (1.40) 
                                                    ===========  ===========  ============ 
 
 

Boston International Holdings plc

Condensed Statement of Financial Position

As at 30 June 2019

 
                                          Six months   Six months    12 months 
                                           30 June      30 June     31 December 
                                             2019         2018         2018 
                                   Note   Unaudited    Unaudited      Audited 
                                            GBP000       GBP000       GBP000 
 
 Current assets 
 Other receivables, 
  deposit and 
 Prepayments                                  2            7             6 
 Cash and bank balances                      233          540           421 
                                         -----------  -----------  ------------ 
                                             235          547           427 
                                         -----------  -----------  ------------ 
 
 Total Assets                                235          547           427 
                                         ===========  ===========  ============ 
 
 Current Liabilities 
 Other payables and 
  accruals                                  (142)         (32)         (124) 
                                         -----------  -----------  ------------ 
 
 Total liabilities                          (142)         (32)         (124) 
                                         -----------  -----------  ------------ 
 
 Net Assets                                   93          515           303 
                                         ===========  ===========  ============ 
 
 Equity 
 Share capital                     4         306          306           306 
 Share premium                              1,078        1,078         1,078 
 Reserves                                  (1,291)       (869)        (1,081) 
                                              93          515           303 
                                         -----------  -----------  ------------ 
 
 Total Equity and Liabilities                   93        515           303 
                                         ===========  ===========  ============ 
 
 

Boston International Holdings plc

Condensed Statement of Changes in Equity

For the six month period ended 30 June 2019 (Unaudited)

 
 
                                  Share                   Retained    Total 
                                capital  Share premium     profits   equity 
                                GBP'000        GBP'000     GBP'000  GBP'000 
 
Loss for the period                   -              -       (214)    (214) 
 
Balance at 30 June 2018             306          1,078       (869)      515 
                               ========  =============  ==========  ======= 
 
Loss for the period                   -              -       (212)    (212) 
 
Balance at 31 December 2018         306          1,078     (1,081)      303 
                               ========  =============  ==========  ======= 
 
Loss for the period                   -              -       (210)    (210) 
 
Balance at 30 June 2019             306          1,078     (1,291)       93 
                               ========  =============  ==========  ======= 
 
 

Boston International Holdings plc

Condensed Statements of Cash Flows

For the six month period ended 30 June 2018

 
                                                      Six months   Six months    12 months 
                                                       30 June      30 June     31 December 
                                                         2019         2018         2018 
                                              Note    Unaudited    Unaudited      Audited 
                                                        GBP000       GBP000       GBP000 
 
 Cash flow from operating 
  activities 
 Loss before taxation                                   (210)        (214)         (425) 
 
 Adjustment for: 
 Interest income                                         (1)          (1)           (2) 
                                                     -----------  -----------  ------------ 
 
 Operating cash flows before movements 
  in working capital                                    (211)        (215)         (427) 
 
 Increase in trade and other receivables                  4            9            10 
 Increase in trade and 
  other payables                                          18          (66)          25 
                                                     -----------  -----------  ------------ 
 Cash generated from operations                           22          (57)          35 
 
 Cash flows from operating activities                   (189)        (272)         (392) 
 
 Cash flows from investing 
  activities 
 Interest received                                        1            1             2 
                                                     -----------  -----------  ------------ 
 Net cash generated from investing 
  activities                                              1            1             2 
                                                     -----------  -----------  ------------ 
 
 Net (decrease)/increase in cash & cash 
  equivalents                                           (188)        (271)         (390) 
 Cash and equivalent at beginning 
  of the period                                          421          811           811 
                                                     -----------  -----------  ------------ 
 Cash and equivalent at end of 
  the period                                             233          540           421 
                                                     ===========  ===========  ============ 
 
 
 
 
 
 
 
 
 
 
 
 
 

Boston International Holdings plc

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 2019 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's Financial Statements as at and for the period ended 31 December 2018.

A copy of the audited financial statements for the period ended 31 December 2018, which was prepared under IFRS, is available on the Company's website.

The interim report for the six months ended 30 June 2019 was approved by the Directors on 10 September 2019.

Boston International Holdings plc

   3.            EARNINGS PER SHARE 

The earnings per share information is as follows:

 
                                  Six months   Six months    12 months 
                                   30 June      30 June     31 December 
                                     2019         2018         2018 
                                  Unaudited    Unaudited      Audited 
 
 (Loss) after taxation 
  (Pound GBP)                     (210,144)    (214,895)     (424,977) 
 Weighted average number of 
  ordinary shares                 30,620,948   30,620,948   30,620,948 
 Basic earnings per share 
  (pence)                           (0.69)       (0.70)       (1.40) 
                                 ===========  ===========  ============ 
 
 

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 2019    30,620,948         306 
 
 
 As at 30 June 2019      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.

   7.            EVENTS AFTER THE REPORTING DATE 

On 1 July 2019 the Company announced that it had withdrawn from the proposed transaction to purchase the entire issued share capital of Cornhill FX Holdings Limited.

On 2 July 2019 the Company's ordinary shares were restored to the Official List by the UKLA.

On 13 August 2019, the Company raised GBP300,000 through a subscription for 6,000,000 new ordinary shares of GBP0.01 at a price of 5 pence per share.

- 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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September 10, 2019 07:45 ET (11:45 GMT)

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