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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mena Land Plc | LSE:MENA | London | Ordinary Share | GB00BFZN8V50 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 145.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMENA
RNS Number : 2497O
MENA Land PLC
01 October 2019
MENA Land PLC
(the "Company")
Half-yearly report for the six months ended 30 June 2019
The Company is pleased to announce its unaudited condensed interim financial statements for the six months ended 30 June 2019.
Electronic copies of the report will be available at the Company's website http://www.mena-land.com
Enquiries:
MENA Land PLC
John-Paul Etheridge +971 (0)50 454 2608 / jp.etheridge@mena-land.com
Director's Statement
I am pleased to report the condensed interim financial statements of MENA Land PLC (the "Company") for the six months ended 30 June 2019.
The Company was formed for the purpose of making acquisitions in the real estate sector in the United Arab Emirates, and our long-term strategy remains steadfast, which we aim to achieve by:
-- acquiring high-quality income generating assets ensuring flexibility to cope with technological advances and environmental sustainability;
-- building a real estate practice aimed at delivering diversification and superior risk-adjusted returns by identifying attractive opportunities on a highly selective basis; and
-- maintaining capital discipline to create value, with a strong and healthy balance sheet and extensive reach to access capital markets.
Financial headlines
In the six months ended 30 June 2019:
-- On 11 April 2019 the Company completed its initial public offering with admission to the Standard Listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.
-- On 24 June 2019 the Company entered into an agreement with Blue Rock Investments LLC ("Blue Rock") for a GBP100,000 loan facility ("the Facility") for a period of five years with an interest coupon of 5% per annum.
-- Total loss for the period was GBP120,665. -- Net assets at 30 June 2019 were GBP665,673.
Outlook
The Company continues to make steady progress with efforts towards identifying suitable assets for acquisition and is well positioned to move quickly once these quality assets are identified. At 30 June 2019 the Company had net assets of GBP665,673 (as a result of gross proceeds from the issue of equity in April 2019) to be put towards costs to be incurred in connection with seeking to identify and effect an acquisition(s). The costs of such acquisition(s) will likely comprise legal, financial and tax due diligence.
Cautionary statement about forward looking statements
All statements other than historical facts are forward-looking statements and the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
There are a number of potential risks and uncertainties which may have material impact on the Company's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that there are any changes to the principal risks and uncertainties since the publication of the prospectus in connection with admission to the Standard Listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities, which contained a detailed explanation of the risks relevant to the Company, and which is available on the Company's website at www.mena-land.com.
Responsibility statement
The Directors are responsible for preparing the Condensed Interim 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 interim financial statements have 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 first six months 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 in the first six months and any material changes in the related party transactions described in the Admission document.
John-Paul Etheridge
Director
30 September 2019
Condensed Interim Statement of Comprehensive Income
Six months ended 30 June 2018 (unaudited) Note GBP -------------- Revenue - Cost of sales - -------------- Gross profit - Listing costs 3 32,769 Operating costs 85,989 -------------- Operating loss 118,758 -------------- Finance cost 1,907 -------------- Loss before tax 120,665 Tax - -------------- Loss after tax 120,665 ============== Total comprehensive loss for the period attributable to equity holders 120,665 Earnings per share Basic and diluted loss per share (GBP) 4 0.845
Condensed Interim Statement of Financial Position
At 30 June At 31 December 2018 2019 (unaudited) (unaudited) Note GBP GBP -------------- --------------- Current assets Cash and cash equivalents 772,218 100 Trade and other receivables 6,738 - -------------- 778,956 100 -------------- --------------- Current liabilities Trade and other payables 113,283 - 113,283 - -------------- --------------- Net current assets/(liabilities) 665,673 - -------------- --------------- Net assets/(liabilities) 665,673 100 ============== =============== Equity attributable to owners Stated capital 3 786,338 100 Accumulated loss (120,665) - -------------- --------------- Total equity 665,673 100 ============== ===============
Condensed Interim Statement of Changes in Equity
Stated capital Accumulated Total loss GBP GBP GBP ---------------- ------------ ---------- On incorporation (3 August 2018) 100 - 100 Result for the period - - - ---------------- ------------ ---------- Total comprehensive loss - - - ---------------- ------------ ---------- Balance at 31 December 2018 100 - 100 Loss for the year - (120,665) (120,665) Total comprehensive loss - (120,665) (120,665) Transactions with owners Shares issued on IPO (note 3) 999,900 - 999.900 IPO listing costs (note 3) (213,662) - (213,662) Balance at 30 June 2019 (unaudited) 786,338 (120,665) 665,673
---------------- ------------ ----------
The above condensed interim financial statements should be read in conjunction with the accompanying notes below.
As the Company was incorporated on 3 August 2018 no comparative figures are available.
Notes to the Condensed Interim Financial Statements
1. General Information
The Company was incorporated in England and Wales on 3 August 2018 as a public company limited by shares under the Companies Act 2006 and registered number 11499183. The registered office of the Company is at 89 Leigh Road, Eastleigh, SO50 9DQ, and the nature of operations is to act as a special purpose acquisition company.
2. Accounting policies (a) Basis of preparation
The condensed interim financial statements of the Company for the half-year reporting period ended 30 June 2019 have been prepared in accordance with the Disclosure Guidance and Transparency rules of the Financial Conduct Authority and Accounting Standard IAS 34 "Interim Financial Reporting" as adopted by the EU.
The condensed interim financial statements of the Company are unaudited and do not constitute statutory financial statements.
The condensed interim financial statements of the Company are presented in British Pound Sterling ("GBP").
(b) Comparative figures
Comparative figures have been presented for the period from incorporation, 3 August 2018 to 31 December 2018.
The condensed interim financial statements of the Company cover the six months ended 30 June 2019.
(c) Cash and cash equivalents
The Company considers any cash on short-term deposits and other short-term investments to be cash equivalents.
(d) Going concern
The condensed interim financial statements have 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.
3. Stated capital Number of GBP shares ---------- ---------- Issue and fully paid: On incorporation 100 100 ---------- ---------- At 31 December 2018 100 100 ---------- ---------- Shares issued on 11 April 2019 999,900 999,900 IPO related costs - (213,662) ---------- ---------- At 30 June 2019 1,000,000 786,338 ---------- ----------
The Company was incorporated on 3 August 2018 with 100 shares at GBP1 par value for a total stated capital of GBP1.
On 11 April 2019 the Company completed its initial public offering ("IPO") with the admission to the Official List of 1,000,000 Ordinary Shares for gross proceeds of GBP999,900 (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities.
Listing costs
The total listing costs incurred were GBP246,430 in the 11 April 2019 IPO, of which: GBP32,768 was expensed in the period ended 30 June 2019 and GBP213,662 was charged to Stated Capital.
4. Earnings per share
The calculation for earnings per share (basic and diluted) for the relevant period is based on the profit after income tax attributable to the equity holder for the six months ended 30 June 2019 and is as follows:
Six months ended 30 June 2019 (unaudited) GBP Loss for the year 120,665 Weighted number of ordinary shares 142,871 Loss per ordinary share - basic and diluted 0.845 --------------
Basic loss per share is based on the weighted average number of ordinary shares in issue during the period. Diluted loss per share would assume conversion of all potentially dilutive share options. There are currently no dilutive potential ordinary shares.
5. Related party disclosures
Key management
The directors are considered to be the key management personnel. Details concerning the Directors remuneration is as follows:
Six months ended 30 June 2019 (unaudited) GBP -------------- Director fees for the period 38,557 --------------
Blue Rock Investments LLC - GBP100,000 loan facility, unsecured
As announced on 24 June 2019, the Company signed a loan facility agreement with Blue Rock for a principal amount of GBP100,000 for a period of five years with an interest coupon of 5% per annum.
Khalifa Hasan Ali Saleh Al Hammadi, who owns 100% of the issued share capital of ME Land Company PLC, which in turn owns 70% of the issued share capital of the Company, owns 50% of the issued share capital of Blue Rock. As a result, the Company entering into the Facility constitutes a material related party transaction under clause 7.3.8 of the Disclosure and Transparency Rules.
6. Subsequent events
There are no subsequent events requiring disclosure in the condensed interim financial statements of the Company.
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
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(END) Dow Jones Newswires
October 01, 2019 02:00 ET (06:00 GMT)
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