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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vale Int | LSE:VALE | London | Ordinary Share | VGG9330F1018 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.00 | 2.50 | 3.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVALE
RNS Number : 4896M
Vale International Group Ltd
28 July 2017
28 July 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.
VALE INTERNATIONAL GROUP LTD.
("VALE" or "the Company")
Vale International Group Ltd. (LSE: VALE) announces its audited annual financial results for the period ended 31 March 2017.
Chairman's statement for the period ended 31 March 2017
I have pleasure in presenting the financial statements of Vale International Group Ltd. (the "Company" or "Vale") for the period ended 31 March 2017.
During the financial period, the Company reported a net loss of GBP455,932 (predominately attributable to listing costs). As at 31 March 2017, the Company had cash in bank balance of GBP499,192.
The Board has actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection and continues to review a number of potential acquisition opportunities.
The Board looks forward to providing further updates to shareholders in due course.
Pui Lan Patrick Tsang
Chairman
The Annual Report and Accounts will be available shortly at the Company's website www.valeig.com. A copy of the above document will be submitted shortly to the National Storage Mechanism and will shortly be available for inspection on its website www.morningstar.co.uk/uk/NSM.
Enquires:
Hot Features
Premium
Vale International Group Ltd.
+44 (0) 208 617
Patrick Tsang / Simon Retter 0071
Optiva Securities Ltd (Financial
Adviser)
+44 (0) 20 3137
Jeremy King 1902
Period from
28 January
2016 (inception)
to
31 March
2017
GBP
INCOME -
------------------
Listing expenses (168,137)
Other operating expenses (287,795)
------------------
OPERATING LOSS BEFORE TAXATION (455,932)
Income tax expense -
------------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO
EQUITY HOLDERS OF THE COMPANY (455,932)
OTHER COMPREHENSIVE INCOME
Other comprehensive income -
TOTAL COMPREHENSIVE LOSS
FOR THE PERIOD (455,932)
------------------
Basic and diluted loss
per share (0.015)
==================
As at
31 March
2017
GBP
CURRENT ASSETS
Cash and cash equivalents 499,192
-----------
499,192
CURRENT LIABILITIES
Accruals (25,000)
NET ASSETS 474,192
===========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital 930,124
Retained earnings (455,932)
-----------
TOTAL EQUITY 474,192
===========
Period from
28 January
2016 (inception)
to
31 March
2017
GBP
Cash flow from operating
activities
Loss before tax (455,932)
Changes in working capital
Movement in other payables 25,000
------------------
Net cash outflow from operating
activities (430,932)
------------------
Cash flow from financing
activities
Net proceeds from issue
of shares 930,124
------------------
Net cash inflow from financing
activities 930,124
Net increase in cash and
cash equivalents 499,192
Cash and cash equivalents -
at beginning of period
------------------
Cash and cash equivalents
at end of period 499,192
==================
Share Retained Total
capital earnings
GBP GBP GBP
Period from 28 January 2016
(inception)
to 31 March 2017
Loss for the period - (455,932) (455,932)
---------- ---------- ----------
Total comprehensive
loss for the period - (455,932) (455,932)
---------- ---------- ----------
Issue of ordinary shares 1,100,000 - 1,100,000
Share issue costs (169,876) - (169,876)
As at 31 March 2017 930,124 (455,932) 474,192
========== ========== ==========
1. GENERAL INFORMATION
Vale PLC Limited (the "Company") was incorporated in the British Virgin Islands on 28 January 2016 as a company limited by shares under the BVI Companies Act, 2004. The registered office of the Company is at the offices of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
On 22 March 2016, the Company was renamed to Vale International Group Ltd.
The Company's Ordinary shares are currently admitted to a standard listing on the Official List and to trading on the London Stock Exchange.
The Company's nature of operations is to act as a special purpose acquisition company.
2. ACCOUNTING POLICIES
The Board has reviewed the accounting policies set out below and considers them to be the most appropriate to the Company's business activities.
Basis of preparation
The financial information have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention as modified for financial assets carried at fair value.
The financial information set out below does not constitute the Company's statutory accounts for the period ending 31 March 2017. The financial information for 2017 is derived from the statutory accounts for that year. The auditor has reported on the 2017 accounts; their report was unqualified and did not include a reference to any matters to which the auditors draw attention by way of emphasis without qualifying their report.
The financial information of the Company is presented in British Pound Sterling ("GBP").
Standards and interpretations issued but not yet applied
A number of new standards and amendments to standards and interpretations have been issued but are not yet effective and in some cases have not yet been adopted by the EU. The directors do not currently expect that the adoption of these standards will have a material impact on the financial statements of the company in future periods. This assessment will be reconsidered once an acquisition has been made.
Comparative figures
No comparative figures have been presented as the financial information covers the period from date of incorporation on 28 January 2016 to 31 March 2017.
Going concern
The directors have prepared cash flow forecasts through to 30 July 2018 which assumes no significant investment activity is undertaken unless sufficient funding is in place. The expenses of the Company's continuing operations are minimal and the cash flow forecasts demonstrate that the Company is able to meet these liabilities as they fall due. On this basis, the directors have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial information in compliance with IFRS requires the use of certain critical accounting estimates or judgements. The directors do not consider there to be any key sources of estimation and uncertainty other than the allocation of joint costs between the issuing of equity and acquiring the exchange listing as part of the admission process. The Directors had regard to the number of shares issued on listing as a proportion of the total shares in issue after the listing and following this exercise GBP168,000 was recognised in the statement of comprehensive income and GBP170,000 directly in equity.
.
4. INCOME TAX EXPENSE
The Company is regarded as resident for the tax purposes in the British Virgin Islands.
There is no corporation taxation in the British Virgin Islands.
5. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. 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. There are currently no dilutive potential ordinary shares.
Loss per share attributed to ordinary shareholders
Period from
28 January
2016 (inception)
to
31 March
2017
Loss for the period (GBP) (455,932)
Weighted average number
of shares (Unit) 29,670,331
Loss per share (GBP) (0.015)
6. SHARE CAPITAL
Number GBP
of shares
On incorporation 1 -
Issue of shares - 22 April
2016 27,500,000 550,000
Issue of shares -5 September
2016 15,714,286 550,000
Less: issuance costs - (169,876)
----------- ----------
43,214,287 930,124
----------- ----------
On 28 January 2016, the Company was authorised to issue 50,000 shares with no par value of one class. On 5 May 2016, subsequent to a Board meeting held on 22 April 2016, the Company adopted amended and restated articles of association (the Articles) authorising the Company to issue an unlimited number of shares with no par value of one class, designated as Shares.
On 22 April 2016, the Company issued 27,500,000 Shares in aggregate to Patrick Tsang and to certain unrelated investors at 2p each.
On 5 September 2016, the Company issued 15,714,286 Shares at 3.5p each as part of the Initial Public Offering of the Company's shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWOVRBUABUAR
(END) Dow Jones Newswires
July 28, 2017 11:35 ET (15:35 GMT)
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