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TIDMGLOK
RNS Number : 9745O
Global Lock Safety (Intl) Grp CoLtd
26 September 2013
Company: Global Lock Safety (International) Group Co., Limited
Global Lock Safety (International) Group Co., Limited
("Global Lock" or "Company")
Interim results for the six months ended 30 June 2013
Global Lock, the provider of security solutions to retailers and other organisations in China, is pleased to announce its unaudited interim results for the six months ended 30 June 2013.
The exchange rate on 26 September 2013 was GBP1 to RMB 9.79.
Financial Highlights
-- Revenue for the period up 71% to RMB 42.07m (H1 2012: RMB 24.64m)
-- Profit for period of RMB 1.75m (H1 2012: loss RMB 10.14m) (excluding non-controlling interests)
-- Net assets (including non-controlling interest) of RMB 48.35m (H1 2012: RMB 34.5m)
-- Loss per share RMB 0.004 (H1 2012: loss per share RMB 0.005) (including non-controlling interests)
Mr. Moxiang Li, Group CEO, commented:
"I am pleased to report that the Group has achieved significant revenue growth in the half year on the back of strengthening its branch network. Although the total number of branches did not increase during the period, the greater operational efficiency and improved management information and control of the individual branches is beginning to show in the Group's results. The Group is intent on building on these results and is seeking to improve all aspects of the Group's performance, including a strengthening of the Group's management. As part of this process, the Group has appointed Mr. Jonathan Fu as acting CEO of the Group's operating arm in China, Shenzhen Global Lock Security System Engineering Co., Ltd. Although Mr. Fu will not be appointed to the board of the Company at present, it is anticipated that he will be in the future.
"The Directors are confident that the Group's strategy is well conceived and will deliver returns in the near term as well as taking the Company towards its goal of becoming China's leading provider of security solutions."
Further Enquiries:
Global Lock Safety (International) Group
Mr. Moxiang LI, Chief Executive Officer Tel:+86 755 86556800
Mr. Andrew Gee, Non-Executive Director Tel:+44 777 565 3564
Allenby Capital Limited Tel: +44 203 328 5656
Mr. Nick Naylor
Mr. Alex Price
Address 19(th) Floor, Cadre Headquarters Center Mansion, No. 168 Tongsha Road, Xili, Nanshan, Shenzhen, China
Tel No.: +(86) 755 83660755, 86556800
CEO'S STATEMENT
Global Lock achieved significant revenue growth in the first half of 2013 on the back of strengthening the management and controls in its branch network. As at 30 June 2013 the Company's revenues had grown to RMB 42.07 million, an increase of 70.1% over 2012's half year revenues of RMB 24.64 million. As at June 30 2013, Global Lock had 72 branches, 26,833 customers and 1,191 employees. These compare with the first half year of 2012 as shown in the following table:
June 2013 June 2012 % increase ----------------------- ---------- ---------- ----------- No. of branches 72 72 0 ----------------------- ---------- ---------- ----------- No. of customers 26,833 21,056 27% ----------------------- ---------- ---------- ----------- No. of employees 1,191 1,213 -1.8% ----------------------- ---------- ---------- ----------- Revenues(RMB million) 42.03 24.64 70% ----------------------- ---------- ---------- -----------
Background to improved performance
The Group has established a branch management system which focuses each branch on revenues and profits as their key benchmark. With each branch being directly accountable for its own performance and the tightening of Group-wide budgetary controls, Global Lock has seen improved management performance and a greater focus on controlling costs and expenses.
Building on the progress made in 2012, the Group has further expanded into the mid-and low level market segment by developing additional sales channels and increasing the number of its customers. In addition, Global Lock has developed a capacity for supervising the networking of urban safety and security projects, and has undertaken two government funded security system projects (Liyuan and Shijing) in Hunan Province.
Additional initiatives undertaken during the first half of 2013 have included further development the Group's Enterprise Resource Planning (ERP) system (launched on 1 March 2013) to optimisestaffing levels and foster greater working efficiencies, particularly at branch level, and strengthening the Finance Department's treasury and capital management functions with a view to better managing the allocation and management of capital.
Future developments and plans
The Group is targeting the acquisition of a number of the company's competitors in order to increase the size of the Group's operations and benefit from the economies of scale that these acquisitions will generate. The Board considers that the Group's future success lies in achieving efficiencies throughoperational scale and will look to growthe business as rapidly as its resources permit.
The board considers that a key component of the Group's current and future success is the continual improvement and upgrading of its alarm system technology and networking capability. Current efforts are directed towards developing the new Grade-I alarm operations centre, entirely controlled through a network architecture. This has the twin benefits of offering enhanced technical capabilities, thereby providing an enhanced customer experience, and at the same time reducing labour costs substantially.
The Group is planning to improve the marketing knowledge and effectiveness of the employees who make up the branch network by holding a "Marketing Development and Knowledge Contest" in Q4 2013. As well as improving the skill set of the Global Lock workforce, this event is also intended to provide a big motivational push in order to increase the Group's revenues.
Milestones and Achievements during 2013
The Group's regular Annual Review and Planning Meeting was held in Changsha from 9 January to 11 January 2013 to analyse the work and results of 2012 and to determine the Group's overall operating target for 2013. Attendees included the Group Chairman, senior management and managers and accountants from 63 branches. Branches that had delivered outstanding performances for profitability, safety and customer service were given awards.
In addition, the Group's main operational meeting was held in Changsha from 21 to 22 March 2013.This meeting determined revenue and profit targets for the branches. The old system of a 13th month salary payment was replaced by a targeted bonus system, aiming to reward branches and individuals achieving the set targets.
The first Global Lock Alliance was held on 25 April 2013 in Shenzhen andwas attended by more than 100 security companies from all over China as well as representatives of local authorities and more than 20 other organisations, including, China Legal Daily, Shenzhen Security Bureau, Shenzhen Securities Association, Shenzhen Video Alarming Association and China Pacific Insurance Group.
As announced on 31 May 2013, on 27 February 2013 the Group transferred itsholding of 15.789% shares in Shenzhen Zhong An Fang Investment Holdings, and recovered its RMB 1.0m investment. Also the Group purchased the remaining 50% shares of Yuxi City Global Lock Security Engineering Co., Ltd in order to achieve 100% ownership of the Branch, further details of which were announced on 21 March 2013.
On 1 June 2013, the Group entered an agreement with Changsha Shenying Security Co., Limited to acquire its entire customer database together with certain other tangible assets and equipment for a total cash consideration of RMB 488,000 to be paid in three installments of RMB 100,000 and RMB 300,000. The retention balance of RMB 88,000 will be payable after one year.
Recent developments and trading update
Global Lock is extremely pleased to welcome Mr. Jonathan Fu as acting CEO of the Group's operating arm in China, Shenzhen Global Lock Security System Engineering Co., Ltd. Although Mr. Fu will not be appointed to the board of the Company at present, it is anticipated that he will be in the future. Mr. Fu has more than 20 years of experience in finance, marketing and project management. Mr. Fu is General Partner and Board member for two Private Equity Funds in China, Cento Investment Fund Management Ltd. (Hong Kong) and HWCF Capital (Shanghai).
As at 30 August 2013, Global Lock had a total of 27,710 customers, an increase of 877 on the 30 June 2013 number.
Global Lock has recently invested RMB 1.53 million to form an additionalnew subsidiary Hebei Global Lock Security System Engineering Co., Ltd. on 12 July 2013 and holds 51% shares in Hebei Global Lock Co., Ltd. As at 31 August the Group had 74 branches and subsidiaries.
On 22 August 2013, Global Lock entered into a strategic cooperation agreement with Shenzhen SDG Property Management Co. Ltd. a ("SDG"), a large-scale state-owned property company with Grade I qualification under which Global Lock will introduce SDG prospective property projects for SDG to provide property management services in return for which Global Lock will be given a right of priority to provided prospective security services to clients recommended by SDG.
On 22 August 2013, 506 clients were acquired by Global Lock from Qiandong Nanzhou Yuanxiang Security Co., Ltd. for a total cash consideration of RMB783,000 to be paid in installments with the initial ones being MB160,000 and RMB544,700. The retention balance of RMB78,300 will be payable after one year.
A further strategic cooperation agreement was signed by Global Lock and Shenzhen Infinova Technology Co. Ltd. on 28 August 2013. Shenzhen Infinova Technology Co. Ltd. ("Infinova") is a high-tech international company engaged in the research, production and sale of security and optical equipment.Under this agreement, Global Lock will provide resources in relation to system projects to Infinova which undertakes construction and operation of such projects. In return, Global Lock will receive a proportion of the projected profits from these projects generated by Infinova.
MR. MOXIANG LI, CHIEF EXECUTIVE OFFICER
Condensed consolidated statement of comprehensive income
Note 6 months 6 months 12 months ended 30 ended 30 ended June 2013 June 2012 31 Dec 2012 Unaudited Unaudited Audited RMB'000 RMB'000 RMB'000 Revenue Fees income 5 42,066 24,635 89,355 Sales business tax (2,063) (1,505) (3,599) ------------ ------------ ----------- 40,003 23,130 85,756 Cost of sales (6,441) (5,189) (21,863) ------------ ------------ ----------- Gross profit 33,562 17,941 63,893 Selling and distribution costs (27,538) (22,653) (49,664) Administrative expenses (3,575) (5,070) (12,032) (Loss)/profit from operations 2,449 (9,782) 2,197 Other income 17 18 535 Finance income - 3 - Finance cost (649) (212) (974) (Loss)/profit on ordinary activities before taxation 1,817 (9,973) 1,758 Taxation 7 (67) (169) (300) ------------ ------------ ----------- Loss/(profit) for the year 1,750 (10,142) 1,458 Other comprehensive income - - - ------------ ------------ ----------- Total comprehensive loss for the year 1,750 (10,142) 1,458 ============ ============ =========== (Loss)/profit attributable to: Owners of the parent (1,016) (1,407) (1,114) Non-controlling interests 2,766 (8,735) 2,572 ------------ ------------ ----------- 1,750 (10,142) 1,458 ============ ============ =========== Total comprehensive (loss)/profit attributable to: Owners of the parent (1,016) (1,407) (1,114) Non-controlling interests 2,766 (8,735) 2,572 ------------ ------------ ----------- 1,750 (10,142) 1,458 Earnings per share 8 Basic (0.004) (0.005) (0.45) Diluted (0.004) (0.005) (0.45)
All operations are continuing.
Condensed consolidated statement of financial position
Note 30 June 2013 30 June 2012 31 Dec 2012 Unaudited Unaudited Audited RMB'000 RMB'000 RMB'000 Non-current assets Intangible assets 10 37,169 37,836 36,260 Property, plant and equipment 9 22,220 23,021 22,696 Investments 11 3,000 3,500 3,000 Total non-current assets 62,389 64,357 61,956 ------------- ------------- ------------ Current assets Inventories 3,674 1,059 2,472 Due from customers for construction contracts 10,176 - 15,110 Trade and other receivables 53,555 33,304 36,196 Cash and cash equivalents 5,475 4,519 5,388 ------------- ------------- ------------ Total current assets 72,880 38,882 59,166 ------------- ------------- ------------ Total assets 135,269 103,239 121,122 ============= ============= ============ Equity and reserves Share capital 12 20,324 20,324 20,324 Other Reserves 1,029 963 1,029 Retained earnings (8,867) (7,562) (7,335) ------------- ------------- ------------ Total equity and reserves 12,486 13,725 14,018 Non-controlling interest 35,865 21,776 33,083 ------------- ------------- ------------ Total equity 48,351 35,501 47,101 ------------- ------------- ------------ Non-current liabilities Borrowings 1,809 6,021 2,868 ------------- ------------- ------------ Total non-current liabilities 1,809 6,021 2,868 ------------- ------------- ------------ Current liabilities Borrowings 2,169 650 2,169 Trade and other payables 82,940 60,510 68,352 Taxation - 557 632 ------------- ------------- ------------ 85,109 61,717 71,153 ------------- ------------- ------------ Total liabilities 86,918 67,738 74,021 ------------- ------------- ------------ Total equity and liabilities 135,269 103,239 121,122 ============= ============= ============
Condensed consolidated statement of cash flows
6 months 6 months 12 months ended 30 ended 30 ended 31 June 2012 June 2012 Dec 2012 Unaudited Unaudited Audited RMB'000 RMB'000 RMB'000 Cash flows from operating activities (Loss)/profit before interest and tax 1,817 (9,973) 1,758 Adjustments for: Amortization of intangible assets 1,614 1,153 3,368 Depreciation of property, plant and equipment 3,026 2,668 5,389 Loss on disposal - - (500) Financial income - (3) - Financial costs 649 212 974 Impairment of property, plant and equipment - - 622 ----------- ----------- ---------- Operating (loss)/profit before changes in working capital 7,106 (5,943) 11,611 Increase in inventories (1,202) (242) (1,171) (Increase)/decrease in trade and other receivables (12,425) 19,895 (23,066) Increase in trade and other payables 2,179 (13,559) 5,006 ----------- ----------- ---------- Cash from/(used in) operations (4,342) 151 (7,620) Income taxes paid (67) 170 (174) ----------- ----------- ---------- Net cash from/(used in) operating activities (4,409) 321 (7,794) ----------- ----------- ---------- Cash flows from investing activities Purchase of property, plant and equipment (3,560) (2,885) (5,976) Expenditure on intangibles (2,187) (479) (765) Proceed from disposal of property, plant and equipment - 21 - Interest received - 3 - Net cash used in investing activities (5,747) (3,340) (6,741) ----------- ----------- ---------- Cash flows from financing activities Loan from directors 11,951 - 13,839 Interest paid (649) (212) (974) Borrowings - 4,493 5,037 Loan repayment (1,059) - (1,236) Net cash from financing activities 10,243 4,281 16,666 ----------- ----------- ---------- Net change in cash and cash equivalents 87 1,262 2,131 Cash and cash equivalents at beginning of the period 5,388 3,257 3,257 ----------- ----------- ---------- Cash and cash equivalents at end of the period 5,475 4,519 5,388 =========== =========== ==========
Condensed consolidated statement of changes in equity
Shares Non-controlling Share to be Other Retained interest Total capital issued reserve earnings Total equity RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Balance at 1 January 2013 20,324 - 1,029 (7,335) 14,018 33,083 47,101 Total comprehensive loss for the year - - - (1,016) (1,016) 2,766 1,750 Acquisition of non-controlling interest without a change in control - - - (516) (516) 16 (500) --------- -------- --------- ---------- -------- ------------------- --------- Balance at 30 June 2013 20,324 - 1,029 (8,867) 12,486 35,865 48,351 ========= ======== ========= ========== ======== =================== ========= Balance at 1 January 2012 20,324 4,000 963 (6,155) 19,132 30,511 49,643 Total comprehensive income for the period - - - (1,407) (1,407) (8,735) (10,142) Deferred share consideration withdrawn - (4,000) - - (4,000) - (4,000) --------- -------- --------- ---------- -------- ------------------- --------- Balance at 30 June 2012 20,324 - 963 (7,562) 13,725 21,776 35,501 ========= ======== ========= ========== ======== =================== ========= Balance at 1 January 2012 20,324 4,000 963 (6,155) 19,132 30,511 49,643 Total comprehensive income/(loss) for the period - - - (1,114) (1,114) 2,572 1,458 Deferred share consideration withdrawn - (4,000) - - (4,000) - (4,000) Transfer of statutory reserve - - 66 (66) - - - --------- -------- --------- ---------- -------- ------------------- --------- Balance at 31 December 2012 20,324 - 1,029 (7,335) 14,018 33,083 47,101 ========= ======== ========= ========== ======== =================== =========
Notes to the condensed consolidated financial statements
1. General information
Global Lock Safety (International) Group Co., Limited ("Global Lock") is a company incorporated in British Virgin Islands ("BVI") under the BVI Companies Act, 2004. The address of the registered office is Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, BVI. Global Lock is an investment company.
The nature of the Global Lock Group's operation and its principal activity is the provision of security solutions to retail stores across the People's Republic of China ("PRC"). The principal place of business of the Global Lock Group's operation is at 19(th) Floor, Cadre Headquarters Center Mansion, 168 Tongsha Road, Xili, Nanshan, 518055 Shenzhen , PRC.
The group carries out its trading business through Shenzhen Global Lock Security System Engineering Co., Ltd (Shenzhen GLOK), a company incorporated in PRC. Global Lock Safety (Shenzhen) Limited ("Global Lock WFOE"), a wholly owned subsidiary of Global Lock has entered into certain long term contractual agreements with Shenzhen GLOK that all profits generated by Shenzhen GLOK are to be paid to Global Lock WFOE.
These condensed financial statements present information about the group and are set out in Renminbi ("RMB") of the PRC, which is the functional currency of the group.
These condensed financial statements are presented in the nearest thousands.
2. Basis of preparation
These condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.
The interim report is unaudited and does not constitute the company's statutory accounts for the six months ended 30 June 2013.
The results of Shenzhen GLOK were fully consolidated in these financial statements under IAS 27 through the contractual agreements where full managerial, operational and financial control of Shenzhen GLOK has been granted to Global Lock WFOE.
As announced on 17 May 2013, Global Lock WFOE and Shenzhen GLOK have agreed to vary the exclusive Technology Support Agreement with effect from 1 January 2012 so that instead of the service fee being calculated by reference to the operating revenue of Shenzhen GLOK in any profitable quarter it will be 25 per cent. of Shenzhen GLOK's profit before tax for the financial year in question.
3. Significant accounting policies
The condensed financial statements have been prepared under the historical cost convention.
The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the group's financial statements for the year ended 31 December 2012.
4. Seasonality of interim operations
The revenue of the group has increased significantly compared to the first six months of last year. This is mainly due to accountability management in the branch level and sales teams and collaboration with China Legal Daily (an official newspaper distributed to all Chinese government department and law enforcement agencies). As a result of this, the number of customers has increased from 21,056 to 26,833.
5. Segment information
The group's revenue and profit before taxation were all derived from only one segment which is its principal activity. All revenue originates in the PRC and assets are mainly held in the PRC. As a result of this, management considered that no segment reporting is required.
6. Share-based payment charge
On 17 October 2010, Global Lock granted Allenby Capital, its NOMAD "warrants to subscribe for ordinary share" which is equal to 1% of the fully diluted equity (the equity share capital of GLOK from time to time plus all equity share capital which would arise on exercise in full of all rights to subscribe for or convert into equity share capital).
Judgements and estimates are required in determining the share based payment charge as an expense in the income statement. The directors have used Black-Scholes model which has been widely used in valuing the share based payment charge. The directors are in the opinion that the model used has been adjusted to their best estimate in arriving at the charge.
7. Taxation
A company is deemed to be resident in PRC if it is established in PRC or its effective management is in PRC. Residents are taxed on their worldwide income. Non-residents are taxed on PRC source income and income effectively connected with their establishments in PRC.
Global Lock is regarded as resident for the tax purposes in BVI. There are no applicable taxes in the BVI for the company.
GLOK Shenzhen and Shenzhen GLOK are regarded as residents for the tax purposes in PRC and subject to national income tax rate at 25%. Due to its high technology enterprise status, the company is entitled to a reduction in tax rate at 15%.
Interim income tax is accrued based on 15% tax rate.
8. Earnings per share
Basic loss per share
Basic loss per share is calculated by dividing the loss attributable to equity shareholders of the company by the weighted average number of ordinary shares in issue during the year.
30 June 2013 RMB'000 Loss attributable to equity holders of the company (1,016) ======== Weighted average number of shares in issue (thousands) 250,000 ========
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares in the company are share options. A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the company's shares) based on the monetary rights attached to outstanding share options. The number of shares calculated above is compared with the number of shares that would have issued assuming the exercise of the share options.
Weighted average number of ordinary shares (diluted):
30 June 2013 (thousands) At beginning of the period 250,000 Effect of conversion of share options - ------------ At end of period 250,000 ============ 9. Property, plant and equipment
During the period, the group made additions of approximate RMB 3.56 million to property, plant and equipment.
10. Intangible assets
During the period, the group has acquired approximate RMB 2.18 million of customer relationship from the local business operators.
11. Investments
On 27 February 2013, the Group disposed its entire shareholding of Shenzhen China Security Investment Holding Co., Limited ("Shenzhen CSI") to 3rd party at the consideration of RMB 9 million of which RMB 8 million will be payable to the Shenzhen CSI as capital investment and the remaining RMB 1 million will be payable to the Shenzhen Global Lock.
As announced on 21 March 2013, the Group entered the share purchase agreement with other shareholders of Yuxi City Global Lock Security System Engineering Co., Limited ("Yuxi"), to pursuant the acquisition of the 50% of the entire share capital of the company for the cash consideration of RMB 500,000, increasing its ownership to 100%, a wholly owned subsidiary. The Group recognized an increase in non-controlling interests of GBP16,000 and a decrease in retained earnings of GBP516,000.
12. Share capital
The issued share capital of the company as at 30 June 2013 is RMB 20,323,800 fully paid. There were no movements in the issued share capital of the company in the current interim reporting periods.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All shares rank equally with regard to the company's residual assets.
At 30 June 2013, the company had the following outstanding share options:
Date of grant: 17 Oct 2010 Number of option: 1% of the fully diluted equity
Option price: 16 pence (the lowest closing bid price of the ordinary shares for the one week period following Admission on 21 October 2010)
Exercise period: 21.10.2010 - 20.10.2015 13. Acquisitions
On 1 June 2013, the Group entered an agreement with Changsha Shenying Security Co., Limited to acquire its entire customer database together with certain other tangible assets and equipment for a total cash consideration of RMB 488,000 to be paid in three installments, the first two of which are RMB 100,000 and RMB 300,000. The retention balance of RMB 88,000 will be payable after one year.
14. Related party transactions
As at balance sheet date, the amount due to Mr Mo Xiang Li is RMB 30,251,362 (H1 2012: RMB 14,051,090). The loan amounts are interest free and repayable on demand.
Further details of the loan to Mr Mo Xiang Li are contained in the company's announcement dated 24 June 2012.
Xinhua Xianghui Electronic Technology Co., Limited (formerly known as Hunan Xiang Long Electronics Development Co., Ltd)
Xinhua Xianghui, the key supplier of the Group's equipment, is owned by some of the directors. Details of transactions with Xinhua Xianghui are presented below:
6 months ended 6 months ended 30 June 2013 30 June 2012 RMB RMB Purchase of equipment 3,560,000 4,643,567 Balance payable 2,673,257 460,383 Prepayment for machinery equipment 1,715,279 1,818,936
Family Fortune International Co., Ltd
The Group has a non-trade balance receivable from a shareholder of the Company, Family Fortune International Co., Ltd, of RMB 49,650 (H1 2012: RMB 111,752).
Shenzhen Family Fortune Investment Co., Ltd
The Group has non-trade balance receivable to Shenzhen Family Fortune Investment Co., Ltd, a company with some common directors, of RMB 1,323,450 (H1 2012: RMB 1,323,450).
Shenzhen Lin En Energy Investment Co., Ltd
The Group has non-trade balance receivable to Shenzhen Lin En Energy Investment Co., Ltd, a company with some common directors, of RMB 198,418 (H1 2012: RMB 198,418).
Shenzhen Family Fortune Security System Engineering Co., Ltd
The Group has non-trade balance receivable to Shenzhen Family Fortune Security System Engineering Co., Ltd, a company with some common directors, of RMB 198,418 (H1 2012: RMB NIL).
14. Related party transactions - continued
Global Lock International Investment Ltd
The Group has non-trade balance receivable to Global Lock International Investment Ltd, a company with some common directors, of RMB 7,235 (H1 2012: RMB NIL).
15. Events after the year end date
On 22 August 2013, 506 clients were acquired by Global Lock from Qiandong Nanzhou Yuanxiang Security Co., Ltd. for a total cash consideration of RMB783,000 to be paid in installments with the initial ones being MB160,000 and RMB544,700. The retention balance of RMB78,300 will be payable after one year.
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
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