Simian Global Plc - Final Results

28 April 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.]

Simian Global Plc
("Simian Global" or the "Company")
 

Simian Global, the special purpose acquisition company incorporated in the United Kingdom and established to undertake the acquisition of a company or a business in the technology, media and telecommunications sector, is pleased to announce its final results for the period ended 31 December 2016.

Chairman’s Statement

Following incorporation on 26 February 2016, the Company’s main focus in the period was concluding a listing on the London Stock Exchange Main Market- Standard Segment (“Main Market”). The loss for the period amounted to £101,000.

Outlook

The Company successfully completed a placing of 5,130,000 shares at £0.15 per share, and its shares were admitted to trading on the Main Market on 10 January 2017. The Company raised £769,500 before expenses, and is pleased to announce that it has identified a target acquisition. Due diligence on the target is underway, and the Company will keep shareholders updated on progress.

Principal activity and fair review of the business

The company was incorporated on 26 February 2016.

The Company has been formed for the purpose of acquiring a company or business. The Company has identified a target acquisition and the Company expects that 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.

The trading results for the period ended 31 December 2016, and the financial position at the end of the period are shown in the audited financial statements. The profit and loss account for the period shows a loss before tax of £101,000.

Key performance indicators

There are no key performance indicators for this period as the Company has not commenced its investment activity.

Principal risks and uncertainties

i.   Business strategy

The Company is a newly formed entity with no operating history and has not yet completed an acquisition.

The Company may acquire either less than whole voting control of, or less than a controlling equity interest in, a target, which may limit its operational strategies.

The Company may be unable to  complete the Acquisition in a timely  manner or  at  all or to fund  the  operations  of  the  target  business  if  it  does  not  obtain  additional  funding  following completion of the acquisition.

ii.   Liquidity Risk

The Directors have reviewed the working capital requirements and believe that there is sufficient working capital to fund the business.

Financing

After the period end the Company has raised £769,500 (before expenses) and was admitted to trade on the London Stock Exchange Main Market for listed securities. The estimated net proceeds after admission costs amount to approximately £649,500 and will be used by the Company to fund ongoing working capital and otherwise implementing the Investment Policy.

Future developments and acquisition strategy

The Company’s efforts in identifying a prospective target companies or business will not be limited to a particular industry or geographic region, but the Directors intend to focus on the technology, media and telecommunications sectors primarily in Europe and Asia, but will also consider investments in other geographical regions, given their experience in these areas. The Directors believe that these sectors offer good growth opportunities currently, and there are various opportunities within these sectors that can enhance shareholder value in the long run. The Directors intend to focus on specific areas within these sectors that have a new technology and/or internet aspect to the business, which might differentiate the business and offer above average growth prospects.

Going Concern

The day to day working capital requirements and investment objectives are met by existing cash resources and the issue of equity. At 31 December 2016 the Company had a cash balance of £60,000 The Company’s forecasts and projections, taking into account reasonably possible changes in the level of overhead costs, show that the Company should be able to operate within its available cash resources. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
 

Edward Ng
Director

28 April 2017

Statement of Comprehensive Income
For the Period Ended 31 December 2016

	Period from 26 February 2016 to 31 December 2016
	£’000
Continuing operations
Listing costs	56
Administrative expenses	45
Loss before taxation	101
Taxation	-
Loss and comprehensive loss for the period	101
Basic and diluted earnings per share	(0.127p)

Since there is no other comprehensive loss, the loss for the period is the same as the total comprehensive loss for the period attributable to the owners of the Company.

Statement of Financial Position
As At 31 December 2016

	As at 31 December
			2016
			£’000
Assets
Current assets
Other receivables			24
Cash and cash equivalents			60
Total Assets			84
Equity and liabilities
Current liabilities
Trade and other payables			75
Total Liabilities			75
Equity attributable to equity holders of the Company
Called up share capital			110
Accumulated deficit			(101)
Total Equity			9
Total Equity and liabilities			84

The Statement of Financial Position of the Company is stated below:

Statement of Cash Flows
For the Period Ended 31 December 2016

			Period ended
			31 December
			2016
			£’000
Cash flows from operating activities
Operating loss			(50)
Net cash utilised by operating activities			(50)
Cash flows from  financing  activities
Proceeds from issue of ordinary shares			110
Net cash flows from financing activities			110
Net increase in cash and cash equivalents			60
Cash and cash equivalents at the beginning of the period			-
Cash and cash equivalents at end of period			60
Represented by:   Bank balances and cash			60

Statement of Changes in Equity
For the Period Ended 31 December 2016

		Share capital	Accumulated deficit		Total  equity
		£’000	£’000		£’000
On Incorporation		50	-		50
Shares issued during the period		60	-		60
Loss for the period		-	(101)		(101)
As at 31 December 2016		110	(101)		9

Share capital is the amount subscribed for shares at nominal value.

Accumulated deficit represent the cumulative loss of the Company attributable to equity shareholders.

Notes to Preliminary Results for the Period Ended 31 December 2016

1.   The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006.   The financial information has been extracted from the statutory accounts of Simian Global Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 28^th April 2017.

The preliminary announcement of the results for the period ended 31 December 2016 was approved by the board of directors on 28th April 2017.
 

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Enquiries:

Simian Global Plc
Ajay Rajpal
Tel: [phone]
 

Alffed Henry Corporate Finance Limited
Jon Isaacs / Nick Michaels
www.alfredhenry.com
Tel: [phone]

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