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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Worldsec Ld | LSE:WSL | London | Ordinary Share | BMG9774L1019 | ORD USD0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.75 | 1.75 | 1.25 | 1.25 | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Brokers & Dealers | 630k | 58k | 0.0007 | 17.86 | 1.06M |
TIDMWSL RNS Number : 6041R Worldsec Ld 25 August 2010 Worldsec Limited Interim Report for the six months ended 30 June 2010 The Directors submit the interim report on Worldsec Limited (the "Company") and its subsidiaries (collectively known as the "Group") for the six months ended 30 June 2010. For the six months ended 30 June 2010, the Group incurred a net loss of US$106,000. This is comparable with the net loss of US$105,000 for the corresponding period in the previous year. At the end of 30 June 2010, Group shareholders' funds stood at US$1.30 million as compared to US$1.41 million at the end of December 2009. Since late of last year, the Board continues to explore opportunities in the financial services and other new suitable business, and in the meantime we have engaged a financial adviser and legal adviser in the U.K. to advise us on the reactivation of the Company. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition. By order of the Board Alastair GUNN-FORBES Non-Executive Chairman 25 August 2010 CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2010 +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | Unaudited | | Audited | +--------------------------+-------+----------------------------------+----------+------------+ | | | Six months ended | | Year | | | | | | ended | +--------------------------+-------+----------------------------------+----------+------------+ | |Notes | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | US$'000 | | US$'000 | | US$'000 | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Interest income | 5 | - | | - | | - | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Staff costs | | (15) | | (17) | | (33) | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Other expenses | | (91) | | (88) | | (267) | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Loss before tax | | (106) | | (105) | | (300) | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Income tax expense | 6 | - | | - | | - | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Loss for the period/year | | (106) | | (105) | | (300) | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | Loss per share - basic | 7 | (1) cent | | (1) cent | | (2) cents | | and diluted | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +--------------------------+-------+-----------+----------+-----------+----------+------------+ CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE PERIOD ENDED 30 JUNE 2010 +----------------------------+-+-----------+----------+-----------+----------+------------+ | | | Unaudited | | Audited | +----------------------------+-+----------------------------------+----------+------------+ | | | Six months ended | | Year | | | | | | ended | +----------------------------+-+----------------------------------+----------+------------+ | | | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | +----------------------------+-+-----------+----------+-----------+----------+------------+ | | | US$'000 | | US$'000 | | US$'000 | +----------------------------+-+-----------+----------+-----------+----------+------------+ | Loss and total recognized | | | | | | | | expense for | | | | | | | +----------------------------+-+-----------+----------+-----------+----------+------------+ | the period/year | | (106) | | (105) | | (300) | +----------------------------+-+-----------+----------+-----------+----------+------------+ | | | | | | | | +----------------------------+-+-----------+----------+-----------+----------+------------+ CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2010 +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | Unaudited | | Audited | +-----------------------+-------+----------------------------------+----------+------------+ | | | Six months ended | | Year | | | | | | ended | +-----------------------+-------+----------------------------------+----------+------------+ | |Notes | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | US$'000 | | US$'000 | | US$'000 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Current assets | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Cash and bank | | 1,541 | | 1,863 | | 1,687 | | balances | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | 1,541 | | 1,863 | | 1,687 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Current liabilities | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Other payables and | | (242) | | (263) | | (282) | | accruals | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Net current assets | | 1,299 | | 1,600 | | 1,405 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Net assets | | 1,299 | | 1,600 | | 1,405 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Capital and reserves | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Share capital | 8 | 13 | | 13 | | 13 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Contributed surplus | 9 | 9,646 | | 9,646 | | 9,646 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Special reserve | 9 | 625 | | 625 | | 625 | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Accumulated losses | 9 | (8,985) | | (8,684) | | (8,879) | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | Equity shareholders' | | 1,299 | | 1,600 | | 1,405 | | funds | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ | | | | | | | | +-----------------------+-------+-----------+----------+-----------+----------+------------+ CONSOLIDATED STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 30 JUNE 2010 +--------------------------------+-----------+----------+-----------+----------+------------+ | | Unaudited | | Audited | +--------------------------------+----------------------------------+----------+------------+ | | Six months ended | | Year | | | | | ended | +--------------------------------+----------------------------------+----------+------------+ | | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | +--------------------------------+-----------+----------+-----------+----------+------------+ | | US$'000 | | US$'000 | | US$'000 | +--------------------------------+-----------+----------+-----------+----------+------------+ | Cash flows from operating | | | | | | | activities | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Loss for the period/year | (106) | | (105) | | (300) | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Interest income | - | | - | | - | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | (106) | | (105) | | (300) | +--------------------------------+-----------+----------+-----------+----------+------------+ | Movement in working capital | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | (Decrease)/increase in other | (40) | | (77) | | (58) | | payables and accruals | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Net cash used in operating | (146) | | (182) | | (358) | | activities | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Cash flow from investing | | | | | | | activities | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Interest received | - | | - | | - | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Net cash inflow from investing | - | | - | | - | | activities | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Net decrease in cash and cash | (146) | | (182) | | (358) | | equivalents | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Cash and cash equivalents at | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | beginning of the period/year | 1,687 | | 2,045 | | 2,045 | +--------------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Cash and cash equivalents at | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | end of the period/year | | | | | | +--------------------------------+-----------+----------+-----------+----------+------------+ | Cash and bank balances | 1,541 | | 1,863 | | 1,687 | +--------------------------------+-----------+----------+-----------+----------+------------+ NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2010 1. GENERAL INFORMATION The Company is a public listed company incorporated in Bermuda and its shares are listed on the London Stock Exchange. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information to the interim report. 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS In the current period, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the "IASB") and the International Financial Reporting Interpretations Committee ("IFRIC") of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 July 2009. The adoption of these new and revised Standards and Interpretations has no significant impact on the financial statements of the Group. At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: +-----------------+---------------------------------------------+ | IFRS | Improvement to IFRSs issued in 20105 | | (Amendments) | | +-----------------+---------------------------------------------+ | IAS 24 | Related Party Disclosure 3 | | (Revised) | | +-----------------+---------------------------------------------+ | IAS 32 | Classification of Right issues 1 | | (Amendment) | | +-----------------+---------------------------------------------+ | IFRS 1 | Limited Exemption from Comparative HKFRS 7 | | (Amendment) | Disclosure for First-time Adopters2 | +-----------------+---------------------------------------------+ | IFRS 9 | Financial Instruments - Classification and | | (Amendment) | Measurement 4 | +-----------------+---------------------------------------------+ | IFRIC - Int 14 | Prepayments of a Minimum Funding | | | Requirement3 | +-----------------+---------------------------------------------+ | IFRIC - Int 19 | Extinguishing Financial Liabilities with | | | Equity Instruments 2 | +-----------------+---------------------------------------------+ 1 Effective for annual periods beginning on or after 1 February 2010. 2 Effective for annual periods beginning on or after 1 July 2010. 3 Effective for annual periods beginning on or after 1 January 2011. 4 Effective for annual periods beginning on or after 1 January 2013. 5 Effective for annual periods beginning on or after 1 July 2010 and 1 January 2011, as appropriate. The directors anticipate that the application of these Standards, Amendmentsand Interpretations in the future periods will have no material financial impact on the financial statements of the Group. Save as disclosed above, the accounting policies adopted in preparing this report are consistent with those adopted in preparing the consolidated financial statements of the Group for the year ended 31 December 2009. 3. BASIS OF PREPARATION The financial statements have been prepared in accordance with International Financial Reporting Standards. It has been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the Company's assets to net realizable value. Provision has also been made for any onerous contractual commitments at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance sheet date. Accordingly, all assets are classified as current assets. The Group's financial statements consolidate the financial statements of the Company and the subsidiary undertakings included in the Group. The results of subsidiaries disposed of during the periods/year are included in the consolidated income statement up to the effective dates of disposal. 4. BUSINESS AND GEOGRAPHICAL SEGMENTS No business and geographical segment analyses are presented for the periods ended 30 June 2010 and 30 June 2009 as the Group has only maintained a minimum operation during the period. 5. INTEREST +-----------------------------+-----------+----------+-----------+----------+------------+ | | Unaudited | | Audited | +-----------------------------+----------------------------------+----------+------------+ | | Six months ended | | Year | | | | | ended | +-----------------------------+----------------------------------+----------+------------+ | | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | +-----------------------------+-----------+----------+-----------+----------+------------+ | | US$'000 | | US$'000 | | US$'000 | +-----------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +-----------------------------+-----------+----------+-----------+----------+------------+ | Interest income | | | | | | +-----------------------------+-----------+----------+-----------+----------+------------+ | Bank interest receivable | - | | - | | - | +-----------------------------+-----------+----------+-----------+----------+------------+ | | | | | | | +-----------------------------+-----------+----------+-----------+----------+------------+ 6. INCOME TAX No provision for taxation has been made as the Group did not generate any assessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax in other jurisdictions. 7. LOSS PER SHARE +----------------------------+--------------+----------+--------------+----------+--------------+ | Calculation of loss per share was based on the following: | +-----------------------------------------------------------------------------------------------+ | | Unaudited | | Audited | +----------------------------+----------------------------------------+----------+--------------+ | | Six months ended | | Year | | | | | ended | +----------------------------+----------------------------------------+----------+--------------+ | | 30.6.2010 | | 30.6.2009 | | 31.12.2009 | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | Loss for the period/year | US$(106,000) | | US$(105,000) | | US$(300,000) | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | Weighted average number of | 13,367,290 | | 13,367,290 | | 13,367,290 | | shares in issue | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ | Loss per share - basic and | (1) cent | | (1) cent | | (2) | | diluted | | | | | cents | +----------------------------+--------------+----------+--------------+----------+--------------+ | | | | | | | +----------------------------+--------------+----------+--------------+----------+--------------+ No diluted effect in loss per share as no diluting events existed during the periods/year. 8. SHARE CAPITAL +--------------------------------------------------+------------+ | | US$ | +--------------------------------------------------+------------+ | Authorised: | | +--------------------------------------------------+------------+ | Ordinary shares of US$0.001 each as at 30 June | | | 2009, 31 December | | +--------------------------------------------------+------------+ | 2009 and 30 June 2010 | 50,000,000 | +--------------------------------------------------+------------+ | | | +--------------------------------------------------+------------+ | Called up, issued and fully paid: | | +--------------------------------------------------+------------+ | Ordinary shares of US$0.001 each as at 30 June | | | 2009, 31 December | | +--------------------------------------------------+------------+ | 2009 and 30 June 2010 | 13,367 | +--------------------------------------------------+------------+ | | | +--------------------------------------------------+------------+ 9. RESERVES +--------------------------+-------------+----------+---------+----------+-------------+ | | Contributed | | Special | | Accumulated | | | surplus | | reserve | | losses | +--------------------------+-------------+----------+---------+----------+-------------+ | | US$'000 | | US$'000 | | US$'000 | +--------------------------+-------------+----------+---------+----------+-------------+ | | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Balance at 1 January | 9,646 | | 625 | | (8,579) | | 2009 | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Loss for the period | - | | - | | (105) | +--------------------------+-------------+----------+---------+----------+-------------+ | | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Balance at 1 July 2009 | 9,646 | | 625 | | (8,684) | +--------------------------+-------------+----------+---------+----------+-------------+ | Loss for the period | - | | - | | (195) | +--------------------------+-------------+----------+---------+----------+-------------+ | | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Balance at 1 January | 9,646 | | 625 | | (8,879) | | 2010 | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Loss for the period | - | | - | | (106) | +--------------------------+-------------+----------+---------+----------+-------------+ | | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ | Balance at 30 June 2010 | 9,646 | | 625 | | (8,985) | +--------------------------+-------------+----------+---------+----------+-------------+ | | | | | | | +--------------------------+-------------+----------+---------+----------+-------------+ 10. INTERIM REPORT The interim report will be sent to shareholders on or about 31 August 2010. CORPORATE INFORMATION Board of Directors Non-Executive Chairman Alastair GUNN-FORBES Executive Directors Henry Ying Chew CHEONG (Deputy Chairman) Non-Executive Directors Mark Chung FONG HO Soo Ching (resigned on 31 July 2010) Company Secretary May Yim CHAN Registered Office Address Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda Registration Number EC21466 Bermuda Principal Bankers The Hong Kong and Shanghai Banking Corporation Limited 1 Queen's Road, Central, Hong Kong Auditors HLB Hodgson Impey Cheng Chartered Accountants, Certified Public Accountants 31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong Solicitors Linklaters One, Silk Street, London EC2Y 8HQ, England Principal Share Registrar and Transfer Office Appleby Management (Bermuda) Ltd Argle House, 41A Cedar Avenue, Hamilton HM12, Bermuda International Branch Registrar Capita Registers (Jersey) Limited 12 Castle Street, St Helier, Jersey, JE2 3RT United Kingdom Transfer Agent Capita Registrars The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, England Investor Relations For further information about Worldsec Limited, please contact: Henry Ying Chew CHEONG Executive Director Worldsec Group 6th Floor, New Henry House, 10 Ice House Street, Central, Hong Kong This information is provided by RNS The company news service from the London Stock Exchange END IR KELBLBVFEBBX
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