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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGON
RNS Number : 8290K
Galleon Holdings PLC
30 June 2014
30 June 2014
Galleon Holdings plc
("Galleon", "the Company" or "the Group")
Unaudited interim results for the six months ended 31 March 2014
Galleon Holdings plc (AIM: GON) is pleased to announce its interim results for the six months ended 31 March 2014.
Chairman's Statement
Since September 2013, the Board has been seeking investment opportunities in line with the Company's stated investment strategy.
On 12 November 2013 the Company announced it was in advanced discussions and agreed in principle with a consortium of sellers to acquire 85% of the issued share capital of Aktobe Steel Production LLC. Due to delays in advancing pertinent documentation, diligence and commercial issues it was further announced on 12 May 2014 that these discussions had been terminated.
Galleon continues to consider possible investment opportunities and this remains the focus of the Directors during the second half of this year. The Board is also exploring new sources of funding. The Company will update the market as appropriate.
During the period under review, the Company had a loss before tax of GBP95,000 (2013: loss of GBP185,000). Cash and cash equivalents were GBP114,000 and restricted cash, representing funds held as part of the CVA, was GBP221,000. A further announcement will be made when the CVA process is fully completed.
Ashar Qureshi
Non-Executive Director
Enquiries:
Galleon Holdings plc www.galleonplc.com Ashar Qureshi Tel: 020 7529 3737 Nominated Adviser & Broker Cairn Financial Advisers LLP Tel: 020 7148 7900 James Caithie / Avi Robinson
Unaudited CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March 2014
Unaudited Unaudited Audited Six months Six months Year ended 31 ended 31 ended 30 March March September 2014 2013* 2013** Note GBP'000 GBP'000 GBP'000 Revenue 6 3,912 12 Cost of sales - (3,054) - Gross profit 6 858 12 Administrative expenses (101) (1,054) 575 (Loss) / profit from operations (95) (196) 587 Finance costs - (74) (56) (Loss) / profit before taxation (95) (270) 531 Taxation credit 3 - 85 - (Loss) /profit for the financial period / year (95) (185) 531 Non-controlling interest - 31 - (Loss) / profit for the financial year attributable to the equity holders of the company (95) (154) 531 ============ ============ =========== Other comprehensive income Foreign exchange on translating foreign entities which can subsequently be reclassified to profit and loss - 42 - Total comprehensive income for the period / year attributable to equity holders of the company (95) (112) 531 ============ ============ =========== (Loss) / profit per share - Basic and diluted 4 (1.7p) (9.2p) 31.7p ============ ============ ===========
Unaudited CONSOLIDATED STATEMENT OF FINancial position
At 31 March 2014
Unaudited Unaudited Audited 31 March 31 March 30 September 2014 2013* 2013** Notes GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Intangible assets - 17 - - 17 17 =========== =========== ============== Current assets Trade and other receivables 109 1,864 10 Due from Shareholders - - 350 Restricted Cash 221 - 109 Cash and cash equivalents 114 170 - 444 2,034 469 Total assets 444 2,051 469 =========== =========== ============== LIABILITIES Current liabilities Trade and other payables 421 2,294 301 Borrowings - 300 50 Corporation Tax - 30 421 3,483 351 Total liabilities 421 2,624 351 =========== =========== ============== Net assets/(liabilities) 23 (573) 118 =========== =========== ============== EQUITY Share capital 5 1,869 1,674 1,674 Shares to be issued - - 350 Share Premium 26,424 - 26,269 Capital Redemption Reserve 9,601 - 9,601 Retained Deficit (37,871) (1,775) (37,776) Equity interests attributable to equity holders of the Company 23 (101) 118 ----------- ----------- -------------- Non-controlling interest in equity - (472) - Total equity 23 (573) 118 Total equity and total liabilities 444 2,051 469 =========== =========== ============== UNAUDITED STATEMENT OF CONSOLIDATED CASH FLOWS For the six months ended 31 March 2014 Unaudited Unaudited Audited Six months Six months Year ended 31 ended 31 ended 30 March March September 2014 2013* 2013** GBP'000 GBP'000 GBP'000 Operating activities Loss / profit for the period (95) (185) 531 Taxation - (85) - Net finance costs - 74 56 Depreciation of property, plant and equipment - 15 - Impairment of assets - - 163 Amortisation of intangible assets - 5 - Relinquishment of creditors - - (1,190) Decrease in inventories - 499 - (Increase)/Decrease in trade and other receivables (99) (227) 20 (Decrease) / increase in trade and other payables 70 288 188 (124) 384 (232) Taxation received - (5) - Net interest (paid) - (74) (56) Net cash (outflow) / inflow from operating activities (124) 305 (288) Investing activities Purchase of property, plant and equipment - (15) - Purchase of intangible assets - (5) - Net cash outflow from investing activities - (20) - Financing activities Receipt from fundraising 350 - - Movement in funding from former subsidiaries - - 777 Transfer to restricted cash (180) - (109) Use of restricted Cash 68 - - Repayment of loan - (400) (400) Net cash inflow / (outflow) from financing activities 238 (400) 268 Movements in cash and cash equivalents 114 (115) (20) Cash and cash equivalents brought forward - 322 20 Exchange differences on cash and cash equivalents - (37) - Cash and cash equivalents carried forward 114 170 - =========== =========== ==========
NOTES TO THE INTERIM REPORT
1. GENERAL INFORMATION
Galleon Holdings plc, a Public Limited Company is incorporated and domiciled in the United Kingdom.
Galleon Holdings plc during the period under review was primarily an investing company, focussing on the natural resources and energy sectors.
The financial information set out in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 30 September 2013 will be filed with the Registrar of Companies in due course. The 30 September 2013 financial statements were approved by the Directors on 12 May 2014. The audit report on those accounts was qualified as the Company did not prepare group financial statements which was contrary to the provisions of the Companies Act 2006 and the requirements of International Accounting Standard 27. The financial statements were not prepared on a consolidated basis as the information necessary for the preparation of the consolidated financial statements could not be obtained due to the loss of control by the company of the subsidiaries disposed of in the year. The audit report did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498 (2) - (3) of the Companies Act 2006.
The interim report was approved by the Board on 30 June 2014.
The directors have prepared profit and loss, balance sheet and cash flow projections through to 30 June 2015, incorporating the management and other costs associated with the implementation of the new investment strategy. The projections also take account of the on-going management costs of the Group. In the event an investment is made in line with the new investment strategy, it is likely that new funding will be raised.
Taking the above into account, the Directors believe that it remains appropriate for the interim report to be prepared on a going concern basis. The interim report does not include any adjustments that would result if the assumptions detailed above are not met.
2. BASIS OF PREPARATION
The consolidated interim financial statements for the period 1 October 2013 to 31 March 2014 are unaudited and have not been reviewed in accordance with International Standard on Review Engagements (ISRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity.'
The half yearly consolidated financial report should be read in conjunction with the annual financial statements for the year ended 30 September 2013, which have been prepared in accordance with IFRS as adopted by the European Union. The accounting policies adopted are consistent with those described in the 30 September 2013 annual report.
The financial statements for the year ended 30 September 2013 represent the individual Company financial statements only. These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union and the Companies Act 2006. The financial statements for the period ending 31 March 2013 are prepared on a Group basis prior to the restructuring of the Company and the adoption of the new investing policy. The Company's shares are listed on the AIM market of the London Stock Exchange. The half year financial statements for the period ended 31 March 2014 are prepared on a consolidated basis.
3. TAXATION
There are no unrelieved tax losses available to offset against allowable future taxable trading profits
The tax credit for the period ended 31 March 2013 arises in the UK and China after allowing for tax losses brought forward.
4. (LOSS) / Profit PER SHARE
Unaudited Unaudited Audited 31 March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 (Loss) / Profit for the period / year (95) (154) 531 ========== ========== ============== Number Number Number Weighted average number of shares in 000's 5,581 1,674 1,674 Dilutive average weighted number of shares in 000's 5,581 1,674 1,674 Basic and diluted loss per share (pence) (1.7p) (9.2p) 31.7p ========== ========== ==============
The diluted loss per share is 1.7p (September 2013: profit per share 31.7p) as any amendment to the weighted average number of shares as a result of including the conversion of share options is anti-dilutive.
In line with accounting standards the weighted average number of shares used in the calculation of loss per share has been adjusted to reflect the share reorganisation on 30 September 2013.
5. share capital Unaudited31 Unaudited Audited March 31 March 30 September 2014 2013 2013 GBP'000 GBP'000 GBP'000 Allotted, called up and fully paid - 1,674 - 167,426,002 Ordinary shares of 1p each Effect of share capital reorganisation 1,674,260 Ordinary shares of GBP0.05 each 84 - 84 1,674,260 Deferred shares of GBP0.95 each 1,590 - 1,590 Shares issued on fund raise 195 - - 3,906,250 shares at GBP0.0896 each ----------- ----------- --------------- Total share capital 1,869 1,674 1,674 =========== =========== ===============
On 30 September 2013, the Company undertook a share capital reorganisation.
The Company's Ordinary Shares have been consolidated on the basis that every 100 existing Ordinary Shares has become 1 Consolidated Share. Each of the Consolidated Shares has been 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 have not been admitted to trading on AIM. Share certificates have not been issued in respect of the Deferred Shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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