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Share Name Share Symbol Market Type Share ISIN Share Description
Fragrant Prosp. LSE:FPP London Ordinary Share VGG368811037 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.25p 1.00p 1.50p 1.25p 1.25p 1.25p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
0.0 -0.3 -0.1 - 0.54

Fragrant Prosperity Holdings Ltd Half-year Report

21/12/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 0025A

Fragrant Prosperity Holdings Ltd

21 December 2017

21 December 2017

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.

For Immediate Release

Fragrant Prosperity Holdings Limited ("Fragrant Prosperity" or the "Company")

Unaudited Interim Results

Fragrant Prosperity Holdings Ltd. (the "Company"), incorporated in the British Virgin Islands ("BVI") announces its unaudited condensed interim financial results for the six-month period ended 30 September 2017.

Directors Statement for the period 1 April 2017 - 30 September 2017

I have pleasure in presenting the condensed financial statements of Fragrant Prosperity Holdings Ltd (the "Company" or "FPH") for the period from 1 April 2017 to 30 September 2017.

During the financial period, the Company reported a net loss of GBP39,540. As at 30 September 2017, the Company had cash in bank balance of GBP459,692.

The Board has actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection and continues to review a number of potential acquisition opportunities.

The Board looks forward to providing further updates to shareholders in due course.

Simon Retter

Director

The Interim Report and Accounts will be available shortly at the Company's website www.valeig.com

*Ends*

For more information:

 
 Fragrant Prosperity Holdings 
  Limited 
                                     +44 (0) 208 617 
 Robin Rice                           0071 
 
 Optiva Securities Ltd (Financial 
  Adviser) 
                                     +44 (0) 20 3137 
 Jeremy King                          1902 
 

Introduction

The Company was incorporated on 28 January 2016 in the British Virgin Islands, as an exempted company with limited liability under the Companies Law.

Its issued share capital, consisting of Ordinary Shares admitted to a Standard Listing on the Official List in accordance with Chapter 14 of the Listing Rules and to trading on the London Stock Exchange's main market for listed securities on 5 September 2016.

Company objective

The Company was formed to undertake an acquisition of a target company or business. The Company does not have any specific acquisition under consideration and does not expect to engage in substantive negotiations with any target company or business until after Admission. The Directors believe that their network, and the Company's cash resources and profile following Admission, mean that the Company will target an Acquisition where the target company has a value of up to GBP100 million. The Company expects that consideration for the Acquisition will primarily be satisfied by issue of new Shares to a vendor (or vendors), but that some cash may also be payable by the Company. 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.

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. Following the Acquisition, the Company intends to seek re-admission of the enlarged group to listing on the Official List and trading on the London Stock Exchange or admission to another stock exchange.

The Company's efforts in identifying a prospective target company or business will not be limited to a

particular industry or geographic region. However, given the experience of the Directors, the Company expects to focus on acquiring a company or business in the technology sector (in particular focussing on technology and/or intellectual property that is used in the financial services industry) with either all or a substantial portion of its operations in Europe or Asia. The Directors' initial search will focus on businesses based in or with operations in Hong Kong, Malaysia, or the United Kingdom.

Key events

At the period end the Company has cash of approximately GBP0.4 million and continues to keep administrative costs to a minimum so that the majority of funds can be dedicated to the review of and potentially investment in, suitable projects.

Directors

The Directors of the Company since the last financial period are:

Simon James Retter

Robin Andrew Carrington Rice (appointed 5 October 2017)

Dato'Haji Abd Jalil Bin Haji Bohari (appointed 27 October 2017)

Mahesh s/o Pulandaran (appointed 31 October 2017)

Pui Lan Patrick Tsang (resigned 5 October 2017)

Maurice James Malcolm Groat (resigned 5 October 2017)

Corporate governance

In order to implement its business strategy, the Company has adopted a corporate governance structure as follows:

-- consistent with the rules applicable to companies with a Standard Listing, unless required by law or other regulatory process, Shareholder approval is not required in order for the Company to complete the Acquisition. The Company will, however, be required to obtain the approval of the Board before it may complete the Acquisition;

-- the Board intends to comply, in all material respects, with certain Main Principles of the UK Corporate Governance Code (as set out in more detail in "Part II - The Company, its Board and the Acquisition Structure") and has adopted a share dealing code that complies with the requirements of the Market Abuse Regulations. All persons discharging management responsibilities (comprising only the Directors at the date of this Document) shall comply with the share dealing code from the date of Admission; and

following the Acquisition, the Directors may seek to transfer the Company from a Standard Listing to either a Premium Listing or other appropriate listing venue, based on the track record of the company or business it acquires, subject to fulfilling the relevant eligibility criteria at the time. If the Company is successful in obtaining a Premium Listing, further rules will apply to the Company under the Listing Rules and Disclosure and Transparency Rules and the Company will be obliged to comply with or explain any derogation from the UK Corporate Governance Code. In addition to, or in lieu of, a Premium Listing, the Company may determine to seek a listing on another stock exchange or seek re-admission to a Standard Listing.

Responsibility Statement

The Directors are responsible for preparing the Condensed Financial Statements 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, to the best of their knowledge, this condensed consolidated half-yearly report has been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the period and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

-- material related-party transactions during the period and any material changes in the related-party transactions described in the last annual report.

By order of the Board

Simon James Retter

Director

20 December 2017

Condensed Statement of Comprehensive Income

 
                                                                           Period 
                                                        Period               from 
                                                        from 1            28 January 
                                                      April 2017       2016 (inception) 
                                                   to 30 September     to 30 September 
                                                   2017 (unaudited)    2016 (unaudited) 
                                     Notes              GBP                  GBP 
 
 INCOME                                                           -                   - 
                                                -------------------  ------------------ 
 
 Listing expenses                                                 -           (314,133) 
 Other operating expenses                                  (39,540)           (116,619) 
                                                -------------------  ------------------ 
 OPERATING LOSS/LOSS BEFORE 
  TAXATION                                                 (39,540)           (430,752) 
 Income tax expense                    3                          -                   - 
                                                -------------------  ------------------ 
 LOSS FOR THE PERIOD ATTRIBUTABLE 
  TO EQUITY HOLDERS OF THE 
  COMPANY                                                  (39,540)           (430,752) 
 
 OTHER COMPREHENSIVE INCOME 
 Other comprehensive income                                       -                   - 
 
 TOTAL COMPREHENSIVE INCOME 
  FOR THE PERIOD                                           (39,540)           (430,752) 
 

Condensed Statement of Financial Position

 
                                                         As at                                  As at 
                                                      30 September                            31 March 
                                                    2017 (unaudited)                       2017 (audited) 
                                 Notes                    GBP                                    GBP 
 
 CURRENT ASSETS 
 Cash and cash equivalents                                   459,692                               499,192 
                                                  ------------------ 
                                                             459,692                               499,192 
 CURRENT LIABILITIES 
 Accruals                                                   (25,000)                              (25,000) 
                                                  ------------------                      ---------------- 
 
 NET ASSETS                                                  434,652                               474,192 
                                                  ==================                      ================ 
 
 EQUITY ATTRIBUTABLE TO 
  EQUITY HOLDERS OF THE 
  COMPANY 
 Share capital                     5                         930,124                               930,124 
  Retained earnings                                        (495,472)                             (455,932) 
                                                  ------------------                      ---------------- 
 TOTAL EQUITY                                                434,652                               474,192 
                                                  ==================                      ================ 
  Condensed Statement of 
   Cash Flows 
                                                        Period              Period 
                                                         from 1             from 28 
                                                         April              January 
                                                        2017 to         2016 (inception) 
                                                      30 September           to 30 
                                                    2017 (unaudited)       September 
                                                                        2016 (unaudited) 
                                      Notes               GBP                 GBP 
 
 Cash flow from operating 
  activities 
 Operating loss                                             (39,540)           (430,752) 
                                                  ------------------  ------------------ 
 
 Changes in working capital 
  Other payables                                                   -              19,438 
                                                  ------------------  ------------------ 
 
 Net cash flow from operating 
  activities                                                (39,540)           (411,314) 
                                                  ------------------  ------------------ 
 
 Cash flow from financing 
  activities 
 Issue of share capital                                            -           1,100,000 
                                                  ------------------  ------------------ 
 Net cash flow from financing 
  activities                                                       -           1,100,000 
                                                  ------------------ 
 
 Net increase in cash and 
  cash equivalents                                          (39,540)             688,686 
 Cash and cash equivalents                                   499,192                   - 
  at beginning of period 
                                                  ------------------  ------------------ 
 Cash and cash equivalents 
  at end of period                                           459,652             688,686 
                                                  ==================  ================== 
 
 
 

Statement of Changes in Equity

Period from 28 January 2016 (inception)

To 31 March 2017

 
                               Share     Retained      Total 
                              capital     earnings 
                                GBP         GBP         GBP 
 As at 28 January 2016               -           -           - 
 Loss for the period                 -   (455,932)   (455,932) 
                            ----------  ----------  ---------- 
 Total comprehensive 
  loss for the period                -   (455,932)   (455,932) 
 Issue of ordinary shares    1,100,000           -   1,100,000 
 Share issue costs           (169,876)               (169,876) 
                            ----------  ----------  ---------- 
 As at 31 March 2017 
  (audited)                    930,124   (455,932)     474,192 
                            ==========  ==========  ========== 
 

Period from 1 April 2017 to 30 September 2017

 
                                  Share     Retained     Total 
                                  capital    earnings 
                                   GBP         GBP        GBP 
 As at 1 April 2017 (audited)     930,124   (455,932)    474,192 
 Loss for the period                    -    (39,540)   (39,540) 
                                ---------  ----------  --------- 
 Total comprehensive 
  loss for the period                   -    (39,540)   (39,540) 
 Issue of ordinary shares               -           -          - 
 Share issue costs                      -           -          - 
                                ---------  ----------  --------- 
 As at 30 September 2017 
  (unaudited)                     930,124   (495,472)    434,652 
                                =========  ==========  ========= 
 

Notes to the condensed financial statements

   1.   GENERAL INFORMATION 

The Company was incorporated in the British Virgin Islands on 28 January 2016 as an exempted company with limited liability under the Companies Law.

The Company's Ordinary shares are currently admitted to a standard listing on the Official List and to trading on the London Stock Exchange.

The Company's nature of operations is to act as a special purpose acquisition company.

   2.   ACCOUNTING POLICIES 

Basis of preparation

The interim condensed unaudited financial statements for the period ended 30 September 2017 have been prepared in accordance with IAS 34 Interim Financial Reporting. The results for the period ended 30 September 2017 are unaudited.

The condensed unaudited consolidated financial statements for the period ended 30 September 2017 has been prepared on a basis consistent with, and on the basis of, the accounting policies set out in the financial information on the Company set out in the Company's Prospectus for admission to the Standard Listing segment of the Official List for the period from incorporation to 30 September 2017.

The financial information of the Company is presented in British Pound Sterling ("GBP").

Standards and interpretations issued but not yet applied

At the date of authorisation of this financial information, the directors have reviewed the Standards in issue by the International Accounting Standards Board ("IASB") and IFRIC, which are effective for annual accounting periods ending on or after the stated effective date. In their view, none of these standards would have a material impact on the financial reporting of the company.

Cash and cash equivalents

The Company considers any cash on short-term deposits and other short term investments to be cash equivalents.

Taxation

The tax currently payable is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax is provided for using the liability method on temporary timing differences at the balance sheet date between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised in full for all temporary differences. Deferred income tax assets are recognised for all deductible temporary differences carried forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which the deductible temporary differences, and carry-forward of unused tax credits and unused losses can be utilised.

The carrying amount of deferred income tax assets is assessed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that is probable that future taxable profits will allow the deferred income tax asset to be recovered.

Going concern

This financial statement has been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future

Operating segments

The directors are of the opinion that the business of the Company comprises a single activity, that of an investment company. Consequently, all activities relate to this segment.

   3.   INCOME TAX EXPENSE 

The Company is regarded as resident for the tax purposes in British Virgin Islands.

No tax is applicable to the Company for the period ended 30 September 2017. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.

   4.   SHARE CAPITAL & RESERVES 
 
                                 As at 
                              30 September 
                                2017 and 
                                31 March 
                                  2017 
                                  GBP 
 Allotted, called up and 
  fully paid 
  43,214,287                     930,124 
 
   5.   SUBSEQUENT EVENTS 

The Company changed its name to Fragrant Prosperity Holdings Ltd on the 1 November 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR VBLFLDLFEFBV

(END) Dow Jones Newswires

December 21, 2017 02:00 ET (07:00 GMT)

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