TIDMLEAL
RNS Number : 7085I
Lead All Investments Limited
27 July 2012
Lead All Investments Limited
("LEAL" or the "Company")
INTERIM FINANCIAL RESULTS
FOR THE PERIOD FROM INCORPORATION TO 30 JUNE 2012
CHAIRMAN'S STATEMENT
The financial information contained within this interim report
is based upon the Company's unaudited results for the period of
incorporation to 30 June 2012.
The Statement of Comprehensive Income shows a net loss for the
period ended 30 June 2012 of GBP80,126. The loss is within the
expectations of the Company.
Since LEAL was admitted to AIM on 8 February 2012, the board of
directors remain confident about the future growth prospects for
MLM direct selling businesses operating in SE Asia and the
opportunities that exist for LEAL's investment strategy. Although
no investment decisions have yet been made, the management and
directors have been active in considering, and analysing, a wide
range of opportunities - from Asia Pacific owned businesses to the
US, and other corporations wishing to establish and obtain funding
for operations in this growth market.
Ahmad Nasri Bin Abdul Rahim
Chairman
A copy of the full report will shortly be made available on the
Company's website http://www.leadallinv.com
For further information, kindly contact:
Ahmad Nasri Bin
Abdul Rahim
Lead All Investments Limited Director 006019575 7732
------------------------------ ------------------- -------------------
ZAI Corporate Finance Ltd Ray Zimmerman/Wei
(Nomad) Wang +44(0)20 7060 2220
------------------------------ ------------------- -------------------
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD TO 30 JUNE 2012
Period from
incorporation
to
30 June 2012
(Unaudited)
Notes GBP
Revenue -
Administrative expenses (80,728)
________
Operating loss (80,728)
________
Bank interest receivable 602
Loss before taxation (80,126)
Taxation -
________
Loss for the period (80,126)
Other comprehensive income -
________
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD (80,126)
=======
Total comprehensive loss attributable
to:
Equity owners of the Parent
Company (80,126)
=======
Loss per share - basic and
diluted 4 (0.66)
=======
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2012
Notes 30 June 2012
(Unaudited)
GBP
ASSETS
Current assets
Trade and other receivables 204,560
Cash and cash equivalents 2,310,519
________
Total Assets 2,515,079
________
LIABILITIES
Current liabilities
Trade and other payables (31,422)
________
Total Liabilities (31,422)
________
Net Assets 2,483,657
=======
EQUITY
Capital and reserves
Share capital 3 300,000
Share premium 3 2,158,423
Share-based payment reserve 3 105,360
Retained losses (80,126)
________
Shareholders' Funds 2,483,657
=======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD TO 30 JUNE 2012
Share-based
Share Payment Retained Total
Capital Share Premium Reserve Losses Equity
GBP GBP GBP GBP GBP
As at incorporation - - - - -
Total comprehensive
loss
for the period - - - (80,126) (80,126)
________ ________ ________ ________ ________
- - - (80,126) (80,126)
Transactions with owners:
Issue of shares 300,000 2,700,000 - - 3,000,000
Share issue costs - (436,217) - - (436,217)
Share-based payment
(note 3) - (105,360) 105,360 - -
________ ________ ________ ________ ________
300,000 2,158,423 105,360 - 2,563,783
________ ________ ________ ________ ________
Balance at 30 June
2012 300,000 2,158,423 105,360 (80,126) 2,483,657
======= ======= ======= ======= =======
STATEMENT OF CASHFLOWS
FOR THE PERIOD TO 30 JUNE 2012
Period from
incorporation
to
30 June 2012
(Unaudited)
GBP
Operating activities
Operating loss before changes in working
capital (80,728)
Increase in receivables (204,560)
Increase in trade and other payables 31,422
________
Net cash used in operating activities (253,866)
Investing activities
Interest received 602
________
Net cash from investing activities 602
________
Financing activities
Proceeds from issue of shares (net of
IPO costs) 2,563,783
________
Net cash from financing activities 2,563,783
________
Increase in cash and cash equivalents 2,310,519
Cash and cash equivalents at beginning
of period -
________
Cash and cash equivalents at end of
period 2,310,519
=======
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE PERIOD TO 30 JUNE 2012
1. Company information
Lead All Investments Limited ('the Company') was incorporated in
Cayman Islands on 13 July 2011 (registered number WK-259337). The
condensed interim accounts comprise the accounts of the Company for
the period from incorporation on 13 July 2011 to 30 June 2012.
The condensed interim accounts for the period ended 30 June 2012
are unaudited. In the opinion of the Directors, the condensed
interim accounts for the period present fairly the financial
position, and results from operations and cash flows for the
period.
As this is the first period of the Company there is no
comparative information.
All amounts have been prepared in British Pounds, this being the
Company's functional and presentational currency.
These unaudited interim financial results were approved by the
Board of Directors on 16 July 2012 and are available on the
Company's website, http://www.leadallinv.com. Copies are available
from the Company's registered office, Walker House, 87 Mary Street,
Georgetown, Grand Cayman KY1-9005, Cayman Islands.
2. Summary of significant accounting policies
2.1. Basis of preparation
The condensed interim accounts have been prepared using
accounting policies based on International Financial Reporting
Standards (IFRS and IFRIC interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for
use in the European Union, including IAS 34 'Interim Financial
Reporting' and on the historical cost basis. The condensed interim
accounts have been prepared using the accounting policies which are
expected to be applied in the Company's next statutory financial
statements for the period from incorporation to 31 December
2012.
2.2. Going concern
The financial statements of the Company are prepared on a going
concern basis. The Company raises finance for their investment
activities focusing on the use of multiple distribution strategies
for the distribution of their goods and services, especially in the
Asia Pacific region.
The Directors are of the opinion that the Company will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of these interim financial results. Management continues to monitor
all working capital commitments and balances on a weekly basis and
believe that they have access to appropriate levels of financing
for the Company to continue to meet their liabilities as they fall
due for at least the next twelve months and is trading as a going
concern.
2.3. Segmental reporting
For the purposes of IFRS 8 'Operating Segments' the Company
currently has one segment, being 'Investing in the Multi-level
Marketing (MLM) sector'. No further operating segment financial
information is therefore disclosed.
2.4. Foreign currency translation
Foreign currency transactions are translated into sterling using
the exchange rates prevailing at the dates of the transactions.
Exchange differences arising from the translation at the year end
exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of comprehensive
income.
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE PERIOD TO 30 JUNE 2012
2.5. Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand,
deposits held at call with banks, bank overdrafts and other
short-term highly liquid investments with maturities of three
months or less from the date of acquisition.
2.6. Taxation
Deferred tax is provided in full using the liability method, on
temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements.
Deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss. Deferred tax is
determined using tax rates that are expected to apply when the
related deferred tax asset is realised or when the deferred tax
liability is settled. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised.
2.7. Equity instruments
Ordinary shares are classified as equity. Costs directly
attributable to the issue of new shares are shown in equity as a
deduction from the proceeds.
2.8. Share based payments
For equity settled share-based payment transactions other than
transactions with employees the Company measures the goods or
services received at their fair value, unless that fair value
cannot be estimated reliably. If this is the case the Company
measures their fair values and the corresponding increase in
equity, indirectly, by reference to the fair value of equity
instruments granted.
The Company enters into arrangements that are equity-settled
share-based payments. These are measured at fair value at the date
of grant, which is then recognized in the statement of
comprehensive income on a straight-line basis over the vesting
period, based on the Company's estimate of shares that will
eventually vest. Fair value is measured by use of an appropriate
model. In valuing equity-settled transactions, no account is taken
of any vesting conditions, other than conditions linked to the
price of the shares of Lead All Investments Limited. The charge is
adjusted at each balance sheet date to reflect the actual number of
forfeitures, cancellations and leavers during the period. The
movement in cumulative charges since the previous balance sheet is
recognized in the statement of comprehensive income, with a
corresponding entry in equity.
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE PERIOD TO 30 JUNE 2012
3. Share capital and options
On incorporation the Company had an authorised share capital of
US$ 50,000 comprising 50,000 shares of a nominal value of US$1
each. On incorporation one share was issued fully paid at par value
of US$1. On 11 August 2011 a further share of a nominal value of
US$1 was issued at par, fully paid.
On 30 January 2012 the Company amended its authorised share
capital from US$50,000 to GBP3,000,000 and US$2 divided into
300,000,000 shares of a par value of GBP0.01 each and two shares of
a par value of US$1.00 each. On 30 January 2012 the Company
repurchased 2 shares of a par value of US$1.00 each at par from the
shareholders and simultaneously issued them two shares of a par
value of GBP0.01 each at par, fully paid.
On 30 January 2012 the Company reduced its share capital to
GBP3,000,000 divided into 300,000,000 shares of a par value of
GBP0.01 each.
On admission of the Ordinary Shares to trading on AIM on 8
February 2012, 30,000,000 Ordinary Shares were placed at a price of
GBP0.10 per share.
Share Capital Share Premium
GBP GBP
Authorised share capital
300,000,000 ordinary
shares of GBP0.01 per
share 3,000,000 -
________ ________
3,000,000 -
======== ========
Issued and fully paid:
30,000,000 ordinary
shares of GBP0.10 per
share 300,000 2,700,000
less: share issue costs - (436,217)
less: share based payment
charge (105,360)
________ ________
300,000 2,158,423
======== ========
On 30 January 2012 the company entered into a deed of warrant
with two parties, conditional upon Admission, to subscribe for 5%
(1,500,000 shares) and 3% (900,000 shares) respectively, of the
aggregate value of the Exercise Price of all new shares subscribed
by investors on the Placing of shares. The shares are exercisable
at any time up to five years from the date of Admission at the
Placing price of GBP0.10. These shares were granted for services
rendered relating to the Placing of shares on AIM.
Using the Black Scholes method, the fair value of these options
was calculated to be GBP105,360 and the charge was shown as a
deduction from the proceeds of the share issue.
In addition, pursuant to share option agreement dated 30 January
2012, conditional upon Admission, the Company has granted the
Company's founder Mr. Zheng Zhuoxuan, an option to subscribe for
5,000,000 Ordinary Shares in the Company, at an exercise price of
GBP0.02 per Ordinary Share. The option shall be exercisable by Mr.
Zheng Zhuoxuan if either:
(i) the average daily closing share price of the Company over
any four month period is equal to or in excess of GBP0.20 per
Ordinary Share; or
(ii) the net asset value of each Ordinary Share (as determined
by the auditors of the Company) on (a) the Business Day immediately
before the Company's financial year end and (b) the Business Day
which is six calendar months after that date is equal to or in
excess of GBP0.20 per Ordinary Share.
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE PERIOD TO 30 JUNE 2012
3. Share capital and options (continued)
In addition, pursuant to share option agreement dated 30 January
2012, conditional upon Admission, the Company has granted Mr. Ahmad
Nasri an option to subscribe for 10,000,000 Ordinary Shares in the
Company, at an exercise price of GBP0.02 per Ordinary Share. The
option shall be exercisable by Mr. Ahmad Nasri if either:
(i) the average daily closing share price of the Company over
any four month period is equal to or in excess of GBP0.30 per
Ordinary Share; or
(ii) the net asset value of each Ordinary Share (as determined
by the auditors of the Company) on (a) the Business Day immediately
before the Company's financial year end and (b) the Business Day
which is six calendar months after that date is equal to or in
excess of GBP0.30 per Ordinary Share.
The share options granted to Mr. Zheng Zhuoxuan and Mr. Ahmad
Nasri are in acknowledgement of the start-up monies provided to the
company.
At the period end, none of the 17,400,000 share options have
been exercised.
4. Loss per share
Basic loss per share is calculated by dividing the losses
attributable to the Company's shareholders by the weighted average
number of ordinary shares in issue during the period from
incorporation to 30 June 2012.
GBP
Loss for the period (80,126)
Weighted average number
of shares for the period 12,203,391
Loss per share (0.66)
========
Potential Ordinary Shares of 17,400,000 (being the outstanding
share options) have been excluded from the computation of diluted
loss per share as the shares are anti-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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