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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eservglobal Limited | LSE:ESG | London | Ordinary Share | AU000000ESV3 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.45 | 5.40 | 5.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMESG
RNS Number : 3584R
eServGlobal Limited
28 February 2019
eServGlobal Limited (eServGlobal or the "Company")
Preliminary Final Report (App 4E) & Results Commentary for FY18
28 February 2019
eServGlobal (LSE: ESG.L & ASX: ESV.AX), a pioneering digital transactions technology company, announces its preliminary results and ASX Appendix 4E for the financial year ended 31 December 2018 (FY18).
Operational highlights
-- HomeSend achieved significant milestones throughout the year, adding account-to-account transactions and business-to-business disbursements, tapping new, large markets and increasing average transaction value by 35%
-- Live Mastercard Send Cross-Border transactions now flowing across the hub -- More than 50 implementations ongoing as at December 2018
-- The core business has secured several multi-year contracts, both in FY18 and in the first weeks of FY19
Financial Highlights
-- Revenue of A$11.2m (EUR7.1m) compared to the prior year of A$12.2m (EUR8.3m), with over EUR2.6m of delayed contracts already secured in the first weeks of 2019
-- Gross profit has improved by A$8.0m (EUR4.9m), from $4.5m (EUR2.6m) loss in FY17 to A$3.5m (EUR2.3m) profit in FY18
-- Breakeven for 2019 has further reduced and is expected to be around A$16m (EUR10m) due to the continued progress on right-sizing the cost base
-- Adjusted EBITDA loss for the core business of A$6.2m (EUR3.9m) after excluding the share of HomeSend losses of A$6.2m (EUR3.9m) as well as debtor and work in progress provisions of A$0.7m (EUR0.4m) made after impairment re--assessment of prudent provisioning policies*
-- The Company remains debt free with cash and cash equivalents at 31 December 2018 of A$27.4m (EUR17.3m).
-- Raised a total of A$33.4m (GBP19.0m) (gross of expenses) through an Institutional Offer and Placing issuing 304,000,000 million ordinary shares
Summary Financials FY18 FY18 FY17 FY17 ==================== ============== ============== ============== ============= Full Year Full Year 14 months 14 months ==================== ============== ============== ============== ============= A$m EURm+ A$m EURm+ ==================== ============== ============== ============== ============= Revenue 11.2 7.1 12.2 8.3 ==================== ============== ============== ============== ============= Cost of Sales (7.7) (4.8) (16.7) (10.9) ==================== ============== ============== ============== ============= Gross Profit 3.5 2.3 (4.5) (2.6) ==================== ============== ============== ============== ============= Reported EBITDA (13.6) (8.6) (29.6) (20.2) ==================== ============== ============== ============== ============= Adjusted EBITDA* (6.2) (3.9) (15.2) (10.4) ==================== ============== ============== ============== ============= Net Interest (0.3) (0.2) (2.1) (1.4) ==================== ============== ============== ============== ============= Amortization (2.9) (1.8) (4.7) (3.2) ==================== ============== ============== ============== ============= Depreciation (0.1) (0.1) (0.1) (0.1) ==================== ============== ============== ============== ============= Reported PBT (16.8) (10.6) (36.5) (24.9) ==================== ============== ============== ============== ============= Adjusted PBT* (9.4) (5.9) (22.1) (15.1) ==================== ============== ============== ============== ============= Income Tax (1.3) (0.8) (0.7) (0.5) ==================== ============== ============== ============== ============= Reported PAT (18.1) (11.4) (37.2) (25.4) ==================== ============== ============== ============== ============= Adjusted PAT* (10.7) (6.8) (22.8) (15.6) ==================== ============== ============== ============== =============
+Average exchange rate was 0.6317 EUR to AUD (FY17 0.6821)
* Excludes equity--accounted share of HomeSend loss of A$6.2m (FY2017 A$5.5m), foreign exchange losses of A$0.1m (FY17 gain of A$0.3m), non--recurring costs of nil (FY17 - nil), share based payments of A$0.4m (FY17 A$0.3m), and debtor and work in progress provisions made after impairment re--assessment of prudent provisioning policies of A$0.7m (FY17 A$8.3m)
Note: numbers in summary financials may not necessary total due to rounding
John Conoley, eServGlobal Executive Chairman, said, "'Our HomeSend Joint Venture has made clear progress, which was evidenced particularly in the second half of FY18. The Board of eServGlobal is please to confirm that, through our recent HomeSend Performance Update (19 February) the hub achieved several significant milestones throughout the year, namely the first account-to-account and business-to-business transactions, leading to a 35% increase in the average transaction value. Additionally, HomeSend has commenced processing transactions from Mastercard Send Cross-Border from a very small number of implementations."
"In the core business our customer base is stable and during the year we secured several 3-year contracts, contributing to our growing recurring and deferred revenue. These contracts are a sign of the continued belief and investment in our technology from our customer base. We continue to focus on resolving issues of timing which affected our revenue in 2018."
About eServGlobal
eServGlobal (AIM:ESG, ASX:ESV) is a pioneering digital financial transactions technology company, enabling financial and telecommunications service providers to create smoother transactions for their customers through deep technical expertise and rapid implementation. Built on the latest technology platforms, eServGlobal offers a range of transaction services including digital wallets, commerce, remittance, recharge, rapid service connection and business analytics. eServGlobal combines more than 30 years' experience, with an agile, future-focused mindset, to align with the requirements of customers and partners around the globe.
Together with Mastercard, eServGlobal is a joint venture partner of the HomeSend global payment hub, enabling cross-border transfer between bank accounts, cards, mobile wallets, or cash outlets from anywhere in the world.
For further information, please contact:
eServGlobal www.eservglobal.com John Conoley, Executive Chairman investors@eservglobal.com Tom Rowe, Company Secretary Andrew Hayward, Chief Financial Officer Alison Cheek, VP Corporate Communications finnCap Limited (Nomad and Broker) www.finnCap.com Corporate Finance: Jonny Franklin-Adams / T: +44 (0) 20 7220 Anthony Adams / Hannah Boros 0500 Corporate Broking: Tim Redfern / Richard Chambers Tulchan Communications LLP www.tulchangroup.com Jonathan Sibun / Matt Low T: +44 (0)207 353 4200
OPERATIONAL REVIEW
HomeSend | Global Payments Hub
During 2018, the foundations were established for HomeSend to deliver Mastercard Send Cross Border transactions for, principally, bank partners. HomeSend has expanded its focus from the P2P (person-to-person) remittance market to facilitating cross-border transactions for A2A (account-to-account) flows for businesses and cross-border bank transfers.
Recent research from McKinsey & Co estimates the total volume of cross-border payments at US$127 trillion.(i) With continuing investment in its network, HomeSend is positioning itself to provide a unique proposition in this market, particularly within cross-border bank transfers under the umbrella of Mastercard Send Cross-Border, a market which is characterised to date by inefficient and costly transactions which lack transparency.
HomeSend is increasingly well positioned to provide a true comparable proposition to correspondent banking on a global scale but with a lower-cost capability for bank customers whilst significantly improving the quality of that service in both speed and transparency.
HomeSend operates within a space that has seen ongoing and increasing investor interest, including recent corporate activity in respect to Earthport and TransferWise.
eServGlobal | Digital Financial Transactions Technology
During FY18, eServGlobal's core business made continued progress on cost-reduction while solidifying relationships with existing customers, securing several multi-year contracts. eServGlobal has a stable installed customer-base across 18 countries, generating increasing recurring revenue and project work.
As reported in the December 2018 Trading Update, revenue in FY18 fell short of market expectations. Several contracts with key customers, which had been expected in Q4 were delayed, three of which were secured in the first weeks of FY19.
The core business remains debt-free, with a much-reduced cost-base and a strong pipeline. The progress made has positioned the business as a valuable asset either inside the group or externally. The Board continues to evaluate all options, discussions remain active with interested parties.
The Company continues to pursue opportunities to right size the business, commencing FY19 with an annualised cost base of approximately $A16m (EUR10m), compared to $A20.3m (EUR12.8m) in FY18.
The Company continues to find traction with its installed base of top-up customers. Industry body, the GSMA estimates that approximately 75% of subscribers worldwide are prepaid and expects that the next billion mobile users will come from emerging markets, where prepaid continues to dominate. eServGlobal's Voucher and Electronic Recharge solutions are market-proven, telco-grade solutions adopted by Tier-1 operators across the developing world. During FY18, the Company secured several 3-year contracts for recharge platforms.
FINANCIAL REVIEW
The consolidated entity achieved sales revenue for the year of $11.2 million (2017: $12.2 million for 14 months).
Earnings before interest, tax, depreciation and amortisation ("EBITDA") was a loss of $13.6 million, inclusive of foreign exchange losses of $0.07 million (2017: EBITDA loss of $29.6 million inclusive of foreign exchange gains of $0.3 million).
Based on a detailed assessment by management, a net impairment expense on trade receivables of $0.330 million was charged to Administration Expenses (2017: $4.850 million), and impairment on contract assets of $ 0.358 million (2017: $3.498 million) was charged to Cost of Sales in the statement of profit or loss in the current year.
The net result of the consolidated entity for the year to 31 December 2018 was a loss after tax and minority interest for the year of $18.1 million (2017. loss after tax and minority interest of $37.2 million). Included in this result was an income tax expense of $1.3 million (2017: income tax expense of $0.7 million). Loss per share was 2 cents (2017: loss per share 6.0 cents).
The operating cash flow for the year was a net outflow of $9.3 million (2017: net outflow $14.6 million). Total cash flow for the year was a net inflow of $16.8 million inclusive of net proceeds from the issue of shares of $32.0 million, (2017: net inflow of $1.8 million inclusive of net proceeds from the issue of shares of $38.1 million and proceeds from borrowings of $4.3 million and repayment of borrowings of $16.3 million). Cash at 31 December 2018 was $27.5 million.
OUTLOOK
With more than 50 implementations underway as at December 2018, HomeSend is poised to see strong progress on its transition to the banking market in 2019.
The Company continues its efforts to position the core business as an asset, either within the Group or to an external party. eServGlobal entered 2019 with a strong pipeline and a significant backlog of work to deliver. The progress on right-sizing the cost base will continue and will help the business to break-even.
The Board would like to thank shareholders for their continued support and eServGlobal's employees for their continued hard work and dedication to the Company.
Appendix 4E
eServGlobal Limited
ABN 59 052 947 743
Preliminary Final Report
for the year ended 31 December 2018
1. Reporting Period
Current reporting period: Financial year ended 31 December 2018 (12 months)
Previous reporting period: Financial period ended 31 December 2017 (14 months)
The Company changed its reporting date to December from October in 2017
2. Results for announcement to the market Results A$ '000 Revenue Down 9 % to 11,185 Loss after tax Down 51 % to (18,080) Loss after tax attributable to members Down 51 % to (18,196) Dividends (distributions) Amount per security Franked amount per security Current period Interim dividend Nil c 0% Final dividend Nil c 0% --------------------- Previous corresponding period Interim dividend Nil c 0% Final dividend Nil c 0% --------------------- --------------------- Record date for determining entitlements N/A to the dividend. Brief explanation of the figures above The consolidated entity achieved sales revenue for the year of $11.2 million (2017: $12.2 million for 14 months). Earnings before interest, tax, depreciation and amortisation ("EBITDA") was a loss of $13.6 million, inclusive of foreign exchange losses of $0.07 million (2017: EBITDA loss of $29.6 million inclusive of foreign exchange gains of $0.3 million). Based on a detailed assessment by management, a credit loss allowance on trade receivables of $0.330 million charged to Administration Expenses (2017: $4.850 million), and credit loss allowance on contract assets of $ 0.358 million (2017: $3.498 million) was charged to Cost of Sales in the statement of profit or loss in the current year. The net result of the consolidated entity for the year to 31 December 2018 was a loss after tax and minority interest for the year of $18.1 million (2017 period: loss after tax and minority interest of $37.2 million). Included in this result was an income tax expense of $1.3 million (2017 period: income tax expense of $0.7 million). Loss per share was 2 cents (2017 period: loss per share 6.0 cents). The operating cash flow for the year was a net outflow of $9.3 million (2017 period: net outflow $14.6 million). Total cash flow for the year was a net inflow of $16.8 million inclusive of net proceeds from the issue of shares of $32.0 million, (2017 period: net inflow of $1.8 million inclusive of net proceeds from the issue of shares of $38.1 million and proceeds from borrowings of $4.3 million and repayment of borrowings of $16.3 million). Cash at 31 December 2018 was $27.5 million. The funds for the HomeSend contribution are included on the Cash available. Subsequent Events There has not been any matter or circumstance that has arisen since the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the of the Group in future financial years. 3. Consolidated statement of profit or loss and other comprehensive income Year Ended Period Ended 31 Dec 2018 31 Dec 2017 Note (12 Months) (14 Months) $`000 $`000 --------------------------- ------------- Revenue 11,185 12,240 Cost of sales (7,663) (16,729) --------------------------- ------------- Gross profit / (loss) 3,522 (4,489) Foreign exchange(loss)/gain (70) (301) Sales and marketing expenses (756) (6,153) Administration expenses (10,034) (13,207) Share of loss of associate 9 (6,232) (5,491) --------------------------- ------------- Loss before interest expense, tax, depreciation and amortisation (EBITDA) (13,570) (29,641) Amortisation expense (2,883) (4,674) Depreciation expense (87) (81) --------------------------- ------------- Loss before interest expense and tax (16,540) (34,396) Finance costs (277) (2,090) --------------------------- ------------- Loss before tax (16,817) (36,486) Income tax expense (1,263) (681) --------------------------- ------------- Loss for the year / period (18,080) (37,167) Other comprehensive income (loss), net of tax Items that may be reclassified subsequently to profit or loss Exchange differences arising on the translation of foreign operations (nil tax impact) 4,641 1,263 --------------------------- ------------- Total comprehensive loss for the period (13,439) (35,904) --------------------------- ------------- Loss attributable to: Equity holders of the parent (18,196) (37,301) Non-controlling interest 116 134 ------------- (18,080) (37,167) --------------------------- ------------- -
Total comprehensive income / (loss) attributable to: Equity holders of the parent (13,555) (36,038) Non-controlling interest 116 134 --------------------------- ------------- (13,439) (35,904) --------------------------- ------------- Loss per share: - Basic (cents per share) (0.02) (0.06) Diluted (cents per share) (0.02) (0.06) 4. Consolidated statement of financial position Note 31 Dec 2018 31 Dec 2017 $`000 $`000 -------------------- ------------ Current Assets Cash and cash equivalents 27,451 10,801 Trade receivables and contract assets 7 4,159 4,181 Inventories 28 139 Current tax assets 37 98 Other current assets 8 1,408 1,280 -------------------- ------------ Total Current Assets 33,083 16,499 Non-Current Assets Investment in associate 9 25,791 26,319 Property, plant and equipment 257 127 Non-current tax assets 238 1,071 Other intangible assets - capitalised development costs 3,294 3,856 -------------------- ------------ Total Non-Current Assets 29,580 31,373 Total Assets 62,663 47,872 -------------------- ------------ Current Liabilities Trade and other payables 4,085 8,798 Current tax payables 1,046 53 Provisions 1,112 999 Contract Liabilities 595 960 -------------------- ------------ Total Current Liabilities 6,838 10,810 Non-Current Liabilities Provisions 717 777 -------------------- ------------ Total Non-Current Liabilities 717 777 Total Liabilities 7,555 11,587 -------------------- ------------ Net Assets 55,108 36,285 -------------------- ------------ Equity Issued capital 5.1 212,326 180,352 Reserves 3,986 (1,066) Accumulated losses (161,324) (143,128) -------------------- ------------ Equity attributable to owners of the parent 54,988 36,159 Non-controlling interest 120 127 -------------------- ------------ Total Equity 55,108 36,285 -------------------- ------------ 5. Consolidated statement of changes in equity Foreign Attributable Currency Equity-settled to owners Issued Translation benefits Accumulated of the Non-controlling Capital Reserve Reserve Losses parent Interest Total $`000 $`000 $`000 $`000 $`000 $`000 $`000 --------- ------------- --------------- ------------ ------------- ---------------- --------- Balance at 31 December 2017 180,352 (4,403) 3,337 (143,128) 36,158 127 36,285 ========= ============= =============== ============ ============= ================ ========= Loss for the year - - - - (18,196) 116 (18,080) Exchange differences arising on translation of foreign operations - 4,641 - - 4,641 - 4,641 --------- ------------- --------------- ------------ ------------- ---------------- --------- Total comprehensive income /(loss) for the year (net of tax) - 4,641 - (18,196) (13,555) 116 (13,439) Issue of new shares, net of share issue costs (note 5.1) 31,974 - - - 31,974 - 31,974 Payment of dividends - - - - - (123) (123) Equity settled payments - - 411 - 411 - 411 --------- ------------- --------------- ------------ ------------- --------- Balance at 31 December 2018 212,326 238 3,748 (161,324) 54,988 120 55,108 Foreign Attributable Currency Equity-settled to owners Issued Translation benefits Accumulated of the Non-controlling Capital Reserve Reserve Losses parent Interest Total $`000 $`000 $`000 $`000 $`000 $`000 $`000 --------- ------------- --------------- ------------ ------------- ---------------- --------- Balance at 31 October 2016 142,276 (5,666) 3,040 (105,827) 33,823 573 34,396 ========= ============= =============== ============ ============= ================ ========= Loss for the period - - - (37,301) (37,301) 134 (37,167) Exchange differences arising on translation of foreign operations - 1,263 - - 1,263 - 1,263 --------- ------------- --------------- ------------ ------------- ---------------- --------- Total comprehensive income /(loss) for the period (net of tax) - 1,263 - (37,301) (36,038) 134 (35,904) Issue of new shares, net of share issue costs (note 5.1) 38,076 - - - 38,076 - 38,076 Payment of dividends - - - - - (580) (580) Equity settled payments - - 297 - 297 - 297 --------- ------------- --------------- ------------ ------------- --------- Balance at 31 December 2017 180,352 (4,403) 3,337 (143,128) 36,158 127 36,285
5.1 Issue of new shares
During the current period, the Company issued a total of 304,000,000 shares (2017: 266,666,666), for proceeds of $31.974 million net of expenses (2017: $38.076 million). As announced on 27 September 2018, the Company completed the institutional component ("Institutional Offer") of its 1 for 3 accelerated non-renounceable entitlement offer ("Entitlement Offer") alongside a firm placing to institutional and other investors ("Firm Placing") (together with the Entitlement Offer, the "Fundraising"). The Fundraising raised $33.440 million for new fully paid ordinary shares in the Company at $0.11 per share. The net proceeds from the Fundraising has been used in part to fund the capital raise by the HomeSend JV to fund its short-term cash requirements and provide further capital for future cash calls, therefore enabling the Company to maintain its ownership in the HomeSend JV. The proceeds have also been used to further support the rationalisation exercise within the core business and for general working capital purposes.
31 December 2018 31 December 2017 (12 months) (14 months) $000 $000 1,210,851,000 (2017: 906,850,662) fully paid ordinary shares 212,326 180,352 31 December 2018 31 December 2017 (12 months) (14 months) No. '000 $000 No. '000 $000 Ordinary shares Balance at the beginning of the financial year / period 906,851 180,352 640,184 142,276 Shares issued in the period 304,000 33,440 266,667 40,125 Cost of share issue - (1,466) - (2,049) -------------- ------------ -------------- ------------ Balance at the end of the financial year / period 1,210,851 212,326 906,851 180,352 -------------- ------------ -------------- ------------ 31 December 2018 31 December 2017 (12 months) (14 months) Reconciliation of new shares issued: $000 $000 Gross cash proceeds from issue of shares 33,440 40,125 Less: share issue costs (1,466) (2,049) ------------ -------------- ------------ Net proceeds of share capital issued 31,974 38,076 ------------ -------------- ------------ 6. Consolidated statement of cash flows 31 Dec 31 Dec 2018 2017 (12 Months) (14 Months) Note $`000 $`000 ----- ------------ ------------ Cash Flows from Operating Activities Receipts from customers 13,046 16,429 Payments to suppliers and employees (23,269) (29,216) Refund of research & development tax credits 764 1,037 Interest and other costs of finance paid (688) (2,735) Income tax refund / (paid) 96 (132) ------------ ------------ Net cash used in operating activities (10,051) (14,617) ------------ ------------ Cash Flows from Investing Activities Investment in HomeSend joint venture Company (3,506) (6,190) Payment for property, plant and equipment (134) (99) Software development costs (2,180) (2,722) ------------ ------------ Net cash used in investing activities (5,820) (9,011) ------------ ------------ Cash Flows from Financing Activities Payment of dividends to minority shareholder in subsidiary (124) (581) Proceeds from issues of shares 5.1 33,440 40,125 Payment for share issue costs 5.1 (1,466) (2,049) Proceeds from borrowings - 4,300 Repayment of borrowings - (16,341) ------------ ------------ Net cash from financing activities 31,850 25,454 ------------ ------------ Net Increase in Cash and Cash Equivalents 15,979 1,826 Cash at The Beginning of The Year / Period 10,801 9,375 Effects of rate changes on the balance of cash held in foreign currencies 671 (400) Cash and Cash Equivalents at The End of The Year / Period 27,451 10,801 ------------ ------------
7. Trade receivables and contract assets
31 Dec 2018 31 Dec 2017 $`000 $`000 -------- ------------- Trade receivables and contract assets Trade receivables 2,934 8,454 Less: Credit loss allowance (945) (5,764) --------------------------------------- -------- ------------- 1,989 2,690 Contract assets (work in progress) 2,527 3,336 Less: Credit loss allowance (357) (1,845) --------------------------------------- -------- ------------- 2,170 1,491 Total 4,159 4,181 --------------------------------------- -------- -------------
Following the adoption of AASB 9 'Financial Instruments' in the current year, the Group has recognized the credit loss allowance in relation to trade receivables and contract assets based on the application of the simplified approach to recognise lifetime expected credit loss ("ECL") in the Standard.
Based on a detailed assessment by management, a credit loss allowance on trade receivables of $ 0.330 million charged to Administration Expenses and on contract assets of $ 0.358 million to Cost of Sales was recognised in profit or loss in the current period.
During the 2018 financial year, settlements were reached with two customers in relation to two legal claims brought about by the Company, with a total value of $1.486 million ($0.862 million and $0.624 million respectively). The settlements resulted in the write back of provisions that had been made against the 2017 trade receivables balance, recognised in Administration expenses in the 2018 statement of profit or loss.
8. Other assets 31 Dec 2018 31 Dec 2017 $`000 $`000 ----------------------- ----------------------- Prepayments 551 827 Deposits and other current assets 856 453 ----------------------------------- ----------------------- ----------------------- 1,408 1 ,280 ----------------------------------- ----------------------- ----------------------- 9. Investment in associate
Details of the material investment in associate at the end of the reporting period are as follows:
Name of Principal activity Place of incorporation Proportion of ownership interest associate and principal and voting rights held by place of business the Group 31 December 31 December 2018 2017 ---------------------------- ------------------------ ----------------- ---------------- HomeSend Provision of international SCRL(i) mobile money services Brussels, Belgium 35.69% 35.69% ---------------------------- ------------------------ ----------------- ----------------
(i) HomeSend SCRL was formed on 3 April 2014. The directors have determined that the Group exercises significant influence over HomeSend SCRL by virtue of its 35.69 % voting power in shareholders meetings and its contractual right to appoint two out of six directors to the board of directors of that company. The associate is accounted for using the equity method.
(ii) Reconciliation of the carrying amount of the investment in associate: 31 Dec 2018 31 Dec 2017 $`000 $`000 ------------- ------------- Opening balance 26,319 24,986 Investment in associate 3,506 6,190 Share of current period loss of the associate (6,232) (5,491) Effects of foreign currency exchange movements 2,198 634 -------------------------------------- ------------- ------------- Closing balance 25,791 26,319 -------------------------------------- ------------- -------------
On 29 November 2018, the Company participated in the HomeSend capital raise to maintain its 35.69% holding in the Joint Venture. The Company contributed $3.54 million (EUR5.89million) towards the total $9.94 million (EUR15.2 million) capital raise.
On 19 December 2017, the Company participated in the HomeSend capital raise to maintain its 35.69 % holding in the Joint Venture. The Company contributed $6.19million (EUR3.89million) towards the total $ 15.2million (EUR10million) capital raise, which increased its interest in HomeSend from 35% to 35.69% (due to BICS not taking up their entitlement).
10. Net Tangible Assets per security
31 December 2018 31 December 2017 Net tangible assets per 4.3 cents 3.6 cents security
11. Dividends
Amount Amount Franked Amount per Date paid/ per security amount security payable per security of foreign at 30% source dividend tax Interim dividend: Current Nil N/A N/A N/A N/A year Previous year Nil N/A N/A N/A N/A ----------- Final dividend: Current Nil N/A N/A N/A N/A year Previous year Nil N/A N/A N/A N/A ------- -------------- -------------- ----------------- -----------
There are no Dividend Reinvestment Plans.
12. Control gained over entities
N/A
13. Loss of control over entities
Closure of the eServGlobal NV affiliate on October 30, 2018
Closure of the New Zeeland branch on August 22, 2018
14. Subsequent Events
There has not been any matter or circumstance that has arisen since the end of the financial period that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
15. Commentary on Results for the Period
Refer to the explanation of results in Section 2.
16. Accounts
This report is based on accounts which are in the process of being audited.
Director
Print name: JOHN CONOLEY Date: 28 February 2019
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
FR XVLBLKLFZBBL
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February 28, 2019 02:03 ET (07:03 GMT)
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