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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Galleon Hldgs | LSE:GON | London | Ordinary Share | GB00BCFKLN82 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 6.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMGON
RNS Number : 4796P
Galleon Holdings PLC
02 October 2013
2 October 2013
Galleon Holdings plc
("Galleon" or the "Company" or the "Group")
Final Results
The board of Galleon announces its final results for the year ended 30 September 2012.
CHAIRMAN'S STATEMENT
For the year ended 30 September 2012
The Company has undertaken a restructuring following the approval by shareholders at the general meeting (GM) and creditors at a creditors' meeting on 30 September 2013 of the Company Voluntary Arrangement ('CVA'), the disposal of Phoenix Investment Global Limited ('the Disposal') , the share capital reorganisation, the issue of 3,906,250new Ordinary Shares to Q Holdings Limited ('the Placing'), the adoption of a new policy to invest principally, but not exclusively, in the resources and energy sectors ('the Investing Policy') and a waiver under Rule 9 of the Takeover Code.
Details of these changes to the business of the Group are included in note 6 of this announcement.
Financial Year ending September 2012
This financial year was a difficult one for the Group, with delays in the delivery of new content impeding the planned progress of our Digital operations in China. This has resulted in a loss of GBP5.5m for the financial year leading to an increasing pressure on cash. On 3 July 2013 the Company announced that it had filed a Notice of Appointment of Administrators in the Royal Courts of Justice in London and on 29 July 2013 the Directors filed a Notice of Administrators Appointment in the High Court of Justice in Northern Ireland.
Entertainment - Digital
We did not see the growth in our Digital revenues that was expected due to delays in the launch of new games during the year. Revenge of the Titans was the only exclusive game to launch in China during the financial year. We did, however, expand our footprint into new territories, including Taiwan, South Korea and the United States. The development of new games content through third party developers has presented a significant challenge in the past financial year. The Directors revised their business model to diversify the Group's revenue streams by using strategic partners to exploit our own content as well as launching an increased number of third party non exclusive games on our own portal. As a result of this there was a greater focus on the exploitation of owned content on third party platforms. This allowed greater penetration in the games market whilst reducing overall marketing costs.
In January two new games were launched on Qzone, a leading portal in China. The first of these is 'Happy Tank' which is a 3D casual game. The second game to launch on Qzone, 'Chuangshenlu', is a MMORPG game based on Greek mythology. Qzone is a leading social networking portal in China owned by QQ (Tencent). The performance of these games to date has not met our expectations on revenue. Agreements were signed for Revenge of the Titans in South Korea, Thailand, US and Turkey in addition to the game being available on our portal in Taiwan. The game launched in Korea, the US and Turkey but revenues again did not meet expectations.
As detailed in the circular to shareholders dated 6 September 2013, the Chinese operations are owned or controlled by Phoenix Investment Global Limited which was sold to G3 Interactive Limited for proceeds of GBP1 on 30 September 2013 to give shareholders in Galleon an opportunity to potentially realise value from the Digital Operations in China. Further details of this disposal are included in note 6.
Product - Croco Worldwide
Croco continued to deliver innovation for some of the world's largest FMCG companies. The business was restructured to focus on both existing customers and new opportunities in the market whilst diversifying its revenue streams into new areas, including licensing revenues to not only provide a full service from concept to manufacture but also to exploit individual services such as innovation through design and technical know how.
Due to the high working capital requirements of this business and failure to secure financing for new orders, on 12 July 2013 Croco Worldwide Limited filed a Notice of Appointment of Administrators in the Royal Courts of Justice in London and has since sold its assets to repay creditors in full.
On 16 September 2013 certain of the trade and assets of Croco Worldwide Limited were sold for the forgiveness of debt totalling GBP30,000.99 of which GBP17,724.99 relates to Croco Worldwide Limited and GBP12,275 related to Croco Worldwide Asia Limited. The trade and assets disposed consisted of goodwill, intellectual property, the right to use the name and the equipment. Croco Worldwide Asia was not disposed of as part of this transaction.
Loss of capital
Galleon Holdings plc's results show that the Company's net assets are less than half its paid up share capital. This is largely a result of the write off of the investment in Lushy Assets Limited and Croco Worldwide Limited resulting in a decrease of GBP3m in the assets of the business. In addition, a provision has been made against the loan from Croco, for which there is an outstanding balance of GBP700k at 30 September 2012. In these circumstances the directors of the Company are obliged by Section 656 Companies Act 2006 to convene a general meeting for the purpose of considering whether any, and if so what, steps should be taken to deal with the Company's current financial position. We propose to consider this matter at the Company's annual general meeting.
Outlook
The Company going forward is now an investing company and we will look to invest principally, but not exclusively, in the resources and energy sectors. We will initially focus on projects located in the emerging markets, particularly Central Asia and West Africa.
Under the terms of the new Investing Policy the proposed investments may be either quoted or unquoted securities made by direct acquisitions; may be in companies, partnerships, joint ventures or direct interests in projects and can be at any stage of development.
The proceeds of the Placing will enable the Company to take initial steps to implement this new strategy and it is likely that the Company will undertake a further fundraising in the future to provide additional working capital.
The Directors believe their collective experience together with their extensive network of contacts in these sectors will assist them in the identification, evaluation, and funding of suitable investment opportunities. We look forward to providing you with updates during the year.
Ashar Qureshi
Non Executive Director
Enquiries:
Galleon Holdings plc Ashar Qureshi +44 20 7529 3737 Nominated Adviser Cairn Financial Advisers LLP James Caithie / Avi Robinson +44 20 7148 7900
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2012
Year ended Year ended 30 September 30 September 2011 Note 2012 GBP'000 GBP'000 Revenue 9,247 10,887 Cost of sales (7,840) (9,814) ------------- ------------------ Gross profit 1,407 1,073 Administrative expenses (6,729) (3,908) Administrative expenses Depreciation and amortisation (392) (405) Impairment of assets (3,817) (393) Other administrative expenses (2,520) (3,110) --------------------------------------------------------------------------- ------ ------------- ------------------ Loss from operations (5,322) (2,835) Finance income 3 4 Finance costs (187) (53) Loss before taxation (5,506) (2,884) Taxation 3 (29) 336 Loss for the financial year (5,535) (2,548) Non-controlling interest 322 119 Loss for the financial year attributable to the equity holders of the Company (5,213) (2,429) ============= ================== Other comprehensive income Foreign exchange on foreign operations (100) 565 Total comprehensive expenditure for the period attributable to the equity holders of the Company (5,313) (1,983) ========= ========== Total comprehensive expenditure attributable to non-controlling interests (322) (119) Total comprehensive expenditure (5,635) (2,057) Loss per share attributable to the equity holders of the Company - Basic 4 (311p) (145p) ========= ========== - Diluted 4 (311p) (145p) ========= ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the year ended 30 September 2012
30 September 30 September 2011 Note 2012 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment - 374 Goodwill - 3,079 Intangible assets 17 131 ------------ ----------------- 17 3,584 ============ ================= Current assets Inventories 486 797 Trade and other receivables 1,500 3,270 Cash and cash equivalents 322 665 2,308 4,732 ------------ ----------------- Total assets 2,325 8,316 ============ ================= LIABILITIES Current liabilities Trade and other payables 1,891 2,089 Borrowings 700 950 Corporation tax 166 98 ------------ ----------------- 2,757 3,137 ------------ ----------------- Total liabilities 2,757 3,137 ============ ================= EQUITY Share capital 5 1,674 1,674 Reserves (1,665) 3,624 ------------ ----------------- Equity interests attributable to equity holders of the company 9 5,298 Non-controlling interests in equity (441) (119) ------------ ----------------- Total Equity (432) 5,179 Total Equity and total liabilities 2,325 8,316
.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 September 2012
Year ended Year ended Note 30 September 30 September 2011 2012 GBP'000 GBP'000 Operating activities Loss for the year (5,535) (2,548) Taxation 29 (336) Finance costs 184 49 Loss on sale of property, plant and equipment 24 26 Depreciation of property, plant and equipment 159 184 Impairment of property, plant and equipment 256 Impairment of goodwill 3,017 - Impairment of intangible assets 545 393 Amortisation of intangible assets 232 221 Debtors written off - 37 Decrease/(increase) in inventories 293 (229) Decrease/(increase) in trade and other receivables 1,720 (310) (Decrease)/ increase in trade and other payables (156) 71 Share based payments 24 (175) ------------- ------------------ 792 (2,617) Taxation paid (14) (8) Interest (paid) (187) (49) Net cash inflow/(outflow) from operating activities 591 (2,674) ------------- ------------------ Investing activities Purchase of property, plant and equipment (80) (312) Purchase of intangible assets (676) (220) Proceeds from sale of plant, property and equipment 6 - ------------- ------------------ Net cash outflow from investing activities (750) (532) ------------- ------------------ Financing activities Receipts from borrowings 700 950 Repayment of loan (950) - ------ -------- Net cash (outflow)/inflow from financing activities (250) 950 ------ -------- Movement in cash and cash equivalents (409) (2,256) ------ -------- Cash and cash equivalents brought forward 665 2,850 Exchange differences on cash and cash equivalents 66 71 ------ -------- Cash and cash equivalents carried forward 322 665 ====== ========
consolidated statement of changes in equity
For the year ended 30 September 2012
Total attributable Capital Foreign to owners Non-controlling Share Share redemption Other exchange *Retained of the interest Total capital premium reserve reserves reserve earnings Company Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 October 2010 1,674 26,269 9,601 210 1,924 (32,340) 7,338 - 7,338 Share based payments - - - - - (176) (176) (176) -------- ------- ----------- --------- --------- --------- ------------ ---------------- ------- Transactions with owners - - - - - (176) (176) (176) Loss for the year - - - - - (2,429) (2,429) (119) (2,548) Foreign exchange - - - - 565 - 565 - 565 Total comprehensive income/(expenditure) for the year - - - - 565 (2,605) (2,040) (119) (2,159) At 30 September 2011 1,674 26,269 9,601 210 2,489 (34,945) 5,298 (119) 5,179 Share based payments - - - - - 24 24 - 24 Transactions with owners - - - - - 24 24 - 24 Loss for the year - - - - - (5,213) (5,213) (322) (5,535) Foreign exchange - - - - (100) - (100) - (100) Total comprehensive expenditure for the year - - - - (100) (5,213) (5,313) (322) (5,635) At 30 September 2012 1,674 26,269 9,601 210 2,389 (40,134) 9 (441) (432) ======== ======= =========== ========= ========= ========= ============ ================ =======
*Retained earnings include a share based payment reserve of GBP380,000 at 30 September 2012 (2011: GBP356,000).
1 Basis Of PrepARATION
The Group financial statements have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS).The Company's shares are listed on the AIM market of the London Stock Exchange.
The principal accounting policies of the Group, which have been applied consistently, are set out in the annual report and financial statements.
2 SEGmental analysis
An operating segment is a distinguishable component of the group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the group's chief operating decision maker to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available.
Entertain-ment Entertain-ment Year ended Digital Other Unalloc-ated 30 September 2012 Product Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue From external customers 3,094 6,062 91 - - 9,247 From other segments 162 - 380 - (542) - Segment revenues 3,256 6,062 471 - (542) 9,247 (Loss) before taxation (723) (4,497) 100 (386) - (5,506) =========== ================ ================ ================ ============== ========= Year ended Entertain-ment Entertain-ment 30 September 2011 Product Digital Other Unallocated Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue From external customers 3,221 7,600 66 - - 10,887 From other segments 6 - 189 - (195) - Segment revenues 3,227 7,600 255 - (195) 10,887 (Loss) before taxation (275) (1,360) (730) (519) - (2,884) =========== ================ ================ ================ ============== ========= As at 30 September Entertainment Entertainment 2012 Product Digital Other Unallocated Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Assets 386 1,227 712 - - 2,325 Liabilities (771) (1,545) (441) - - (2,757) Net (Liabilities)/Assets (385) (318) 271 - - (432) =========== ================ ================ ================ ============== ========= As at 30 September Entertain-ment Entertain-ment Unalloc-ated 2011 Product Digital Other Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Assets 1,850 4,618 1,848 - - 8,316 Liabilities (1,218) (739) (1,180) - - (3,137) Net Assets 632 3,879 668 - - 5,179 =========== ================ ================ ============== ============= ========= As at 30 September Entertainment Entertainment 2012 Product Digital Other Unallocated Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Capital expenditure 1 748 7 - - 756 Amortisation/depreciation/ impairment 7 374 12 - - 393 =========== ================ ================ ============== ============= ========= As at 30 September Entertainment Entertainment 2011 Product Digital Other Unallocated Eliminated Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Capital expenditure 7 473 57 - - 537 Amortisation/depreciation/ impairment 31 2,829 114 - - 2,974 =========== ================ ================ ============== ============= =========
The Group's revenue from external customers and its geographic allocation of non-current assets may be summarised as follows:
-- Revenues have been allocated by reference to the customer's geographical location. Assets are allocated based on their physical location.
-- The impairment of goodwill of GBP3,017k includes GBP2,639k which relates to the entertainment digital segment and GBP378k which relates to the Product segment.
Product includes all results from the sale of promotional toys. Entertainment digital includes results from the online games and mobile operations.
30 September 2012 30 September 2011 Non-current Non-current Revenues assets Revenues assets GBP'000 GBP'000 GBP'000 GBP'000 United Kingdom (country of domicile) 91 17 32 451 China 5,637 - 7,600 3,132 Rest of World 3,519 - 3,255 1 Total 9,247 17 10,887 3,584 ========= =========== ========= ===========
The Group's largest three customers contributed GBP2,898,000 (31%), GBP1,807,000 (20%) and GBP1,207,000 (13%) respectively to the Group's revenue (2011: the Group's largest four customers contributed GBP2,549,000 (23%), GBP2,140,000 (20%), GBP2,066,000 (19%) and GBP1,229,000 (11%) respectively to Group revenue). No other customers contributed more than 10%. Revenue from the first largest customer is reported within the Product segment, representing 99% of revenue in this segment. Revenue from the second and third largest customers are reported within the Entertainment Digital segment representing 50% of revenue in this segment.
3 Taxation 2012 2011 GBP'000 GBP'000 United Kingdom corporation tax at 25% (2011: - - 27%) Adjustment in respect of prior year 9 2 Overseas taxation 20 (338) Total current taxation 29 (336) Deferred taxation Origination of temporary differences - - Adjustments in respect of prior years - - Taxation charge/ (credit) for the year 29 (336) ======= =======
The tax assessed for the year differs from the standard rate of Corporation Tax in the UK as explained below:
2012 2011 GBP'000 GBP'000 (Loss) / Profit before tax (5,506) (2,884) -------- -------- (Loss) / Profit before tax multiplied by standard rate of Corporation Tax in the UK of 25% (2011: 27%) (1,486) (779) Effect of: Expenses not deductible for tax purposes (2,364) (45) Movement in unrecognised deferred tax assets (loss recognition) 815 361 Accelerated capital allowances - 3 Adjustment in respect of prior years 9 2 Differences between UK and overseas tax rates 402 41 Overseas losses not recognised 2,653 81 Tax charge/ (credit) for the year 29 (336) ======== ========
Unrelieved tax losses of approximately GBP11,071,276 (2011: GBP10,714,000) remain available to offset against allowable future taxable trading profits. The unprovided deferred tax asset at 30 September 2012 is GBP4,965,000 (2011: GBP3,187,000) which has not been provided on the grounds that it is uncertain when or in what tax jurisdiction taxable profits will be generated by the Group to utilise these losses.
4 Loss per share
In line with accounting standards the weighted average number of shares used in the calculation of the loss per share for the year ended 30 September 2012 and 30 September 2011 has been adjusted to reflect the share reorganisation on 30 September 2013.
Basic and diluted loss per share have been calculated in accordance with IAS 33, which requires that earnings should be based on the net profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares in issue during the period.
The calculation of diluted earnings per share is based on the basic loss per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options.
The calculation of the basic loss per share is shown below.
2012 2011 GBP'000 GBP'000 Loss after tax attributable to ordinary equity holders of the parent (5,213) (2,429) -------- -------- Weighted average number of shares (No in 000's) 1,674 1,674 -------- -------- Loss per share (in pence) (311p) (145p)
The diluted loss per share is 310p (2011: 145p) as all potential ordinary shares are anti-dilutive for the period.
5 share capital 2012 2011 GBP'000 GBP'000 Authorised 275,000,000 (2011: 275,000,000) Ordinary shares of 1p each 2,750 2,750 ========= ======== Allotted, called up and fully paid 167,426,002 (2011: 167,426,002) Ordinary shares of 1p each 1,674 1,674 ========= ========
Since the year end the Company has undertaken a share capital reorganisation.
The Company's ordinary shares were consolidated on the basis that every 100 existing ordinary shares has become 1 consolidated share. Each consolidated share was subdivided into one new ordinary share of GBP0.05 each and one deferred share of GBP0.95 each. The new ordinary shares carry the same rights as the existing ordinary shares. The deferred shares will not entitle the holder thereof to receive notice of or attend and vote at any general meeting of the Company or to receive a dividend or other distribution or to participate in any return on capital on a winding up other than the nominal amount paid on such shares following a substantial distribution to holders of ordinary shares in the Company. The Company has the right to purchase all of the issued deferred shares from all Shareholders for an aggregate consideration of GBP0.01. As such, the deferred shares effectively have negligible value and will not be admitted to trading on AIM. Share certificates will not be issued in respect of the deferred shares.
6 POST BALANCE SHEET EVENTS
On 31 January 2013 the Company agreed a new facility with Medical Consultant Management Limited ("MCM"). The terms of this facility were such that it was secured on customer contracts with Croco Worldwide (Asia) Limited totaling US$1.2m. The maximum amount drawn down on the loan facility was GBP500,000 and could not exceed the amount outstanding on the customer contract on which it was secured at any time. The facility was for a term expiring on 15 January 2014 and an interest rate of 2% was calculated on the outstanding balance each month on a pro rata basis and was payable monthly. Imagination Holdings Limited has a 12.8% interest in the issued share capital of the Company and is a charitable trust registered in the Isle of Man. David Wong is a director of the Company and Imagination Holdings Limited and his family are the beneficiaries of MCM, which is a trust. Pritesh Desai is a director of the Company and Imagination Holdings Limited. The new loan facility agreement was therefore a related party transaction as defined in Rule 13 of the AIM Rules for Companies and was announced on 1 February 2013.
On 22 March 2013, the Directors requested the temporary suspension of the Company's shares from trading on AIM as it was not able to publish its accounts within the requisite timescales required under the AIM rules.
On 5 June 2013, the Directors made the decision to file a Notice of Intention to Appoint an Administrator. A second Notice to Appoint an Administrator was filed on 19 June 2013. On 3 July 2013, the Directors filed a Notice of Appointment of Administrators at the Royal Courts of Justice, London. On 29 July 2013 the Directors filed a Notice of Appointment of Administrators in the High Court of Justice in Northern Ireland (case number 12466 of 2013), with a view to calling a meeting of the creditors and a meeting of the shareholders for the purpose of considering and voting on a proposal for a CVA.
On 12 July 2013, the directors of Croco Worldwide Limited filed a Notice of Intention to Appoint an Administrator and a Notice of Appointment at the Royal Courts of Justice, London
On 6 September 2013, the Company issued a circular to shareholders along with the Administrator's proposals and CVA proposals.
On 30 September 2013, at a creditors' meeting and shareholders' general meeting, all resolutions (details of which are set out below) were approved by creditors and shareholders respectively.
CVA
As described in the Chairman's statement a number of factors contributed to the background to the CVA which has allowed the Company to avoid liquidation and to remain in existence.
Medical Consultant and Management Limited's (MCM) potential claim in the CVA was GBP340,600. However, in order to make it possible for all known creditors to be paid in full MCM agreed to cap any potential claim against the Company to a maximum of GBP50,000 and transfer the balance of the outstanding monies owed to Croco Worldwide (Asia) Limited where it would seek to recover such monies. Under the terms of the CVA the assets of the Company will be realised by the Proposed Supervisors if not already done so by the Administrators, including subsidiary companies.
Croco Worldwide (Asia) Limited expects to be in a position to repay the MCM loan in full on receipt of outstanding income in respect of certain licensing agreements.
Share Capital Reorganisation
The Share Capital Reorganisation comprised:
Consolidation - the Company's ordinary shares of GBP0.01 each were consolidated into consolidated shares on the basis that every 100 existing ordinary shares became 1 consolidated share.
Subdivision - each of the resulting consolidated shares was then subdivided into one new ordinary share of GBP0.05 each and one Deferred Share of GBP0.95 each.
As part of the Share Capital Reorganisation, the existing options have been cancelled.
Disposals
The Company's wholly owned subsidiary, Phoenix Investment Global Limited ("Phoenix") which owns or controls the Chinese operations was sold to a newly created Private Company, G3 Interactive Limited for a total consideration of GBP1.00. The beneficial ownership of the new private company will mirror that of Galleon Holdings plc immediately prior to the Share Capital Reorganisation.
As discussed in the Chairman's statement the declining performance of the Chinese operations contributed to the decision to dispose of this business. The disposal will allow shareholders to benefit from any future value in this business going forward. The disposal includes all of the Group's operations in China and the results of these entities are included within the Entertainment Digital reporting segment.
G3 Interactive Limited has been set up such that Hayden Eastwood (a former director of Galleon Holdings plc) will hold, in trust the entire issued shareholding of G3 Interactive Limited for the benefit of the Company's Shareholders. Each shareholder will, therefore, be the beneficial owner of such number of shares in G3 Interactive Limited as represented by their proportional shareholding in the Company prior to the Share Capital Reorganisation. This ensures that the shareholders retain the rights to benefit from ownership of the Chinese Operations.
It is expected that as soon as is reasonably practicable the shares in G3 Interactive Limited will be allocated to the shareholders in such proportions as are identical to each shareholder's shareholding in the Company.
Croco Worldwide Limited, the Group's UK subsidiary, was put into administration on 12 July 2013. On 16 September 2013 certain of the trade and assets of Croco Worldwide were sold for the forgiveness of debt totalling GBP30,000.99 of which GBP17,724.99 relates to Croco Worldwide Limited and GBP12,275 related to Croco Worldwide Asia Limited. The trade and assets disposed consisted of goodwill, intellectual property, the right to use the name and the equipment. Croco Worldwide Asia was not disposed of as part of this transaction.
As noted in the Chairman's Statement the inability to secure additional funding for future orders has contributed to the decision to put the Croco Worldwide Limited business into administration and to subsequently sell the trade and assets. The results for Croco Worldwide Limited are included within the product segment.
Placing
The Company raised GBP350,000 through a subscription of 3,906,250 New Ordinary Shares by Q Holdings Limited at a price of GBP0.0896 per share representing approximately 70% of the enlarged share capital. The proceeds of the Placing will be used to fund approximately GBP180,000 payment due to creditors per the CVA and the balance will provide the Company with working capital to enable it to take initial steps to implement its Investing Policy
Investing Policy
Following the Disposal the Company has adopted a new Investing Policy to invest principally, but not exclusively, in the resources and energy sectors. The Company will initially focus on projects located in emerging markets, particularly Central Asia and West Africa, but will also consider investments in other geographical regions. The Investing Policy is set out in full on the Company's website at www.galleonplc.com.
Takoever Code
Approval was given to a waiver under rule 9 of the Takeover Code
New Directors
Ashar Qureshi and Hamish Harris were appointed to the board and all existing Directors resigned.
7 PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.
The consolidated statement of financial position at 30 September 2012 and the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and associated notes for the year then ended have been extracted from the Group's 2012 statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006.
8 PUBLICATION OF ANNUAL REPORT AND NOTICE OF AGM
The annual report and accounts for the year ended 30 September 2012 have been posted to shareholders today and will be laid before the Company at the Annual General Meeting (AGM) which will take place at 10:00 a.m. on 25 October 2013 at the office of Hanson Asset Management Limited, 8th Floor, 1 Grosvenor Place, London, SW1X 7JH. Copies of the annual report and notice of AGM are available on the Company's website at www.galleonplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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