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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vertu Capital Limited | LSE:VCBC | London | Ordinary Share | KYG9341F1081 | ORD GBP0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.30 | 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
TIDMVCBC
RNS Number : 2608C
Vertu Capital Limited
28 September 2018
VERTU CAPITAL LIMITED
CONDENSED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2018
CHAIRMAN'S STATEMENT
I have pleasure in presenting the condensed interim financial statements of Vertu Capital Limited (the "Company" or "Vertu") for the period from 1 January 2018 to 30 June 2018.
During the financial period, the Company reported a net loss of GBP71,710 (0.07p per share). As at 30 June 2018, the Company had cash in bank balance of GBP351,696.
In previous year, the Company entered into a non-binding letter of intent for the proposed acquisition of the entire issued share capital of VCB Malaysia Berhad, a company incorporated in Malaysia, for cash consideration of GBP350,000 on completion. Regrettably the letter of intention was terminated by mutual consent during the year, as announced on 12 February 2018.
Following the terminations of potential acquisition of VCB Malaysia Berhad, the Company aims to identify target companies or business.
I look forward to the year ahead with gratitude to our shareholders, for their continued support.
Kiat Wai Du
Chairman
28 September, 2018
DIRECTOR'S STATEMENT
On 26 March 2018 the Company increased its paid-up capital through the issuance of 19,999,999 new ordinary shares at a price of 1.025 pence per share raising gross cash proceeds of GBP205,000 before expenses.
The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.
The Board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection.
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) as adopted by the European Union.
The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim 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 last annual report.
Director
28 September, 2018
CONDENSED STATEMENT OF COMPREHESIVE INCOME
Hot Features
Premium
6 months 6 months
period ended period ended
30 June 2018 30 June 2017
Notes GBP GBP
(Unaudited) (Unaudited)
Operating expenses (71,710) (58,362)
-------------- --------------
OPERATING LOSS BEFORE TAXATION (71,710) (58,362)
Income tax expense 3 - -
-------------- --------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY (71,710) (58,362)
OTHER COMPREHENSIVE INCOME
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD (71,710) (58,362)
Basic and diluted loss per share
(pence) 4 (0.07) p (0.06) p
============== ==============
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
As at As at As at
30 June 30 June 31 December
2018 2017 2017
Notes GBP GBP GBP
(Unaudited) (Unaudited) (Audited)
CURRENT ASSETS
Other debtors 194,750 - -
Prepayments 5,550 - 6,563
Cash and cash equivalents 351,696 509,677 421,255
------------ ------------ -------------
551,996 509,677 427,818
------------ ------------ -------------
CURRENT LIABILITIES
Other payables 43,870 38,634 28,982
Amount owing to directors 2,500 17,500 16,250
------------ ------------ -------------
46,370 56,134 45,232
------------ ------------ -------------
NET ASSETS 505,626 453,543 382,586
============ ============ =============
EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF
THE COMPANY
Stated capital 5 1,194,750 1,000,000 1,000,000
Accumulated losses (689,124) (546,457) (617,414)
------------ ------------ -------------
TOTAL EQUITY 505,626 453,543 382,586
============ ============ =============
CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2018
6 months 6 months
period ended period ended
30 June 2018 30 June
2017
GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
Operating loss (71,710) (58,362)
-------------- --------------
Changes in working capital
Other receivables 1,013 6,068
Other payables 14,888 (8,564)
Amount owing to directors (13,750) 17,500
-------------- --------------
2,151 15,004
-------------- --------------
Net cash flow used in operating
activities (69,559) (43,358)
-------------- --------------
Net decrease in cash and cash
equivalents (69,559) (43,358)
Cash and cash equivalents at beginning
of period 421,255 553,035
-------------- --------------
Cash and cash equivalents at end
of period 351,696 509,677
============== ==============
STATEMENT OF CHANGES IN EQUITY
Period from 1 January 2018 to 30 June 2018 (unaudited)
Stated capital Accumulated Total
losses
GBP GBP GBP
As at 1 January 2018 1,000,000 (617,414) 382,586
New issuance 205,000 205,000
Issuance cost (10,250) (10,250)
--------------- ------------ ---------
Proceed from share issue 194,750 194,750
--------------- ------------ ---------
Loss for the period (71,710) (81,960)
--------------- ------------ ---------
Total comprehensive loss for
the period (71,710) (81,960)
--------------- ------------ ---------
As at 30 June 2018 1,194,750 (689,124) 505,626
=============== ============ =========
Period from 1 January 2017 to 30 June 2017 (unaudited)
Share capital Accumulated Total
losses
GBP GBP GBP
As at 1 January 2017 1,000,000 (488,095) 511,905
Loss for the period (58,362) (58,362)
-------------- ------------ ---------
Total comprehensive loss for
the period (58,362) (58,362)
-------------- ------------ ---------
As at 30 June 2017 1,000,000 (546,457) 453,543
============== ============ =========
For the year ended 31 December 2017 (audited)
Stated capital Retained Total
earnings
GBP GBP GBP
As at 1 January 2017 1,000,000 (488,095) 511,905
Loss for the year (129,319) (129,319)
--------------- ---------- ----------
Total comprehensive loss for
the year (129,319) (129,319)
--------------- ---------- ----------
As at 31 December 2017 1,000,000 (617,414) 382,586
=============== ========== ==========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED TO 30 JUNE 2018
1. GENERAL INFORMATION
The Company was incorporated in the Cayman Islands on 12 September 2014 as an exempted company with limited liability under the Companies Law. The registered office of the Company is at the offices of Offshore Incorporations (Cayman) Limited, Floor 4, Willow House, Cricket Square, PO Box 2804, Grand Cayman KY1-1112, Cayman Islands.
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
Basis of preparation
The condensed interim financial statements for the six months period ended 30 June 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting. It is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period ended 30 June 2017.
The condensed interim financial statements have been prepared on a basis consistent with, and on the basis of, the accounting policies set out in the audited financial statements of the Company for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
The condensed interim financial statements are presented in British Pound Sterling ("GBP").
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. INCOME TAX EXPENSE
The Company is regarded as resident for the tax purposes in Cayman Islands.
No tax is applicable to the Company for the period ended 30 June 2018. As a consequence no tax charge arise and no deferred income tax asset has been recognised in respect of losses.
4. 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
6 months 6 months
period ended period ended
30 June 2018 30 June 2017
Loss for the period (GBP) (71,710) (58,362)
Weighted average number of shares
(Unit) 110,718,232 100,000,000
Loss per share (Pence) (0.07)p (0.06)p
5. STATED CAPITAL
Number of
shares GBP
Allotted, called up and fully paid
100,000,000 Ordinary shares of
GBP0.0100 each 100,000,000 1,000,000
------------
At 30 June 2017 and 31 December
2017 100,000,000 1,000,000
19,999,999 Ordinary shares of GBP0.01025
each 19,999,999 205,000
Share issue cost (10,250)
------------ ----------
At 30 June 2018 119,999,999 1,194,750
------------ ----------
On 26 March 2018, the Company issued 19,999,999 new ordinary shares at a price of 1.025 pence per share raising gross cash proceeds of GBP205,000 before expenses.
6. DIRECTORS EMOLUMENTS
During the period to 30 June 2018 there were no staff costs as no staff were employed by the Company, other than the directors. Aggregate directors' fees for the period were GBP17,500.
7. RELATED PARTY TRANSACTIONS
The directors are considered to be key management, and their emoluments are disclosed in note 6.
During the period, the Company did not enter into any material transactions with related parties.
As at As at
30 June 2018 31 December2017
GBP GBP
Amount due to directors 2,500 16,250
8. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the operations of the Company.
9. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these interim financial statements.
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
IR SEMSFAFASEDU
(END) Dow Jones Newswires
September 28, 2018 02:00 ET (06:00 GMT)
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