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
  +0.00p +0.00% 0.70p 0.60p 0.80p 0.70p 0.70p 0.70p 0 07:46:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.2 -0.1 - 1

Vertu Capital Limited Half-year Report

28/09/2018 7:00am

UK Regulatory (RNS & others)


Vertu Capital (LSE:VCBC)
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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

 
                                                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

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September 28, 2018 02:00 ET (06:00 GMT)

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