TIDMGWIK
RNS Number : 4670G
Glenwick PLC
08 August 2016
Glenwick plc
("Glenwick" or the "Company")
Interim Results for the six months ended 30 June 2016
Glenwick plc (AIM: GWIK) today announces its Interim Results for
the six months ended 30 June 2016, which will shortly be available
on the Company's website www.glenwickplc.com.
For further information, please contact:
FIM Capital Limited +44 1624 681
Graham Smith 250
Allenby Capital Limited (Nominated
Adviser and Joint-Broker) +44 203 328
John Depasquale / Nick Harriss 5656
Peterhouse Corporate Finance Limited
(Joint-Broker) +44 207 469
Lucy Williams / Heena Karani 0933
Directors Statement
Business overview
On 3 September 2015, the Company announced the sale of its
entire interest in its subsidiaries for approximately EUR17
million. Due to the sale of its property assets, on the same date,
the Company became an investing company under Rule 15 of the AIM
Rules for Companies.
As an investing company, the Company is required to make an
acquisition or acquisitions which constitute a reverse takeover
under the AIM Rules or otherwise implement its investing policy
within 12 months of 3 September 2015. If this is not fulfilled, the
Company will be suspended pursuant to AIM Rule 40. If the Company
remains suspended for a further 6 months from that date then
trading in the Company's shares on AIM would be cancelled.
Following the EGM on 18 December 2015, a new investing policy
was approved, pursuant to which the Company was mandated to make an
acquisition or acquisitions in the natural resources sector which
constitute a reverse takeover under rule 14 of the AIM rules for
Companies.
Shareholders will be aware that the Company was in the advanced
stages of evaluating an acquisition opportunity which triggered a
suspension of trading in the Company's shares on AIM from 23 May.
Unfortunately we were not able to reach an agreement on acquisition
terms and so the negotiations were terminated, and the suspension
was lifted on 22 June. Although this was of course a
disappointment, the Board will not make any investments that do not
meet the necessary financial and technical criteria.
The Company has reviewed and is currently in the process of
reviewing various other projects and opportunities in the natural
resources sector. No decisions have been made as yet.
Financial results
We report a loss for the period of GBP160,000 (compared with a
loss in the previous year of GBP5,545,000), which equates to a loss
of 0.01 Pence per share.
The Company raised an additional GBP875,000 of share capital
during the six months, (including the exercise of warrants). At the
end of the period, the Company had GBP1,286,000 in cash, which
equates to 0.06 pence per share.
Outlook
We are currently conducting due diligence on a number of natural
resource targets and given our strong cash balance, the Board is
confident that the Company will implement its investing strategy in
due course.
Today's appointment of both Amanda Van Dyke and Dr Jaap Poll to
the Board will strengthen the Company's access to potential target
projects in the natural resources sector and increase our ability
to execute the investing strategy.
Graham Smith
Non-executive director
8 August 2016
Condensed statement of comprehensive income
for the six months ended 30 June 2016
Notes Period Period
ended ended Year ended
30 June 30 June 31 December
2016 2015* 2015
GBP'000 GBP'000 GBP'000
------------------------------------ ------ -------- -------- ------------
Administrative expenses 4 (197) - (48)
------------------------------------ ------ -------- -------- ------------
Operating loss (197) - (48)
Finance revenue 5 37 - 5
Finance expense - - -
------------------------------------ ------ -------- -------- ------------
Loss before tax (160) - (43)
Income tax credit - - -
------------------------------------ ------ -------- -------- ------------
Loss from continuing operations (160) - (43)
------------------------------------ ------ -------- -------- ------------
Discontinued operation
Loss from discontinued operations,
net of tax 3 - (5,545) (6,599)
------------------------------------ ------ -------- -------- ------------
Loss for the period (160) (5,545) (6,642)
------------------------------------ ------ -------- -------- ------------
Other comprehensive income
Foreign exchange translation - - -
differences
------------------------------------ ------ -------- -------- ------------
Other comprehensive income/(loss) - - -
for the year
------------------------------------ ------ -------- -------- ------------
Total comprehensive loss
for the year (160) (5,545) (6,642)
------------------------------------ ------ -------- -------- ------------
Loss per share 6 (0.01) (0.00) (0.01)
Basic loss and Diluted loss
for the year attributable
to ordinary equity holders
of the parent company (Pence) (0.01) (0.00) (0.01)
*Restated - see note 3.
Condensed statement of financial position
as at 30 June 2016
Period Period Year
ended ended ended
30 June 30 June 31 December
2016 2015* 2015
Notes GBP'000 GBP'000 GBP'000
------------------------------ ------ -------- -------- ------------
Current assets
Assets held for sale and - 15,922 -
associated liabilities
Trade and other receivables - 18 -
Prepayments 3 10 6
Cash and short-term deposits 1,286 147 566
------------------------------ ------ -------- -------- ------------
Total current assets 1,289 16,097 572
------------------------------ ------ -------- -------- ------------
Total assets 1,289 16,097 572
------------------------------ ------ -------- -------- ------------
Current liabilities
Trade and other payables 35 130 38
------------------------------ ------ -------- -------- ------------
Total current liabilities 35 130 38
------------------------------ ------ -------- -------- ------------
Total liabilities 35 130 38
------------------------------ ------ -------- -------- ------------
Net assets 1,254 15,967 534
------------------------------ ------ -------- -------- ------------
Equity
Issued capital - 4,245 -
Share premium 8 1,449 - 574
Capital redemption reserve - 778 -
Share option reserve 8 5 - -
Retained earnings and other
distributable reserve (200) 10,943 (40)
------------------------------ ------ -------- -------- ------------
Total equity 1,254 15,967 534
------------------------------ ------ -------- -------- ------------
*Restated - see note 3.
Condensed statement of changes in equity
for the six months ended 30 June 2016
Issued Share Share Capital Retained Total
capital premium option redemption earnings equity
reserve reserve & other
distributable
reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- ------------ --------------- ---------
Balance as at 31
December 2014* 4,245 - - 778 16,489 21,512
--------- --------- --------- ------------ --------------- ---------
Total comprehensive
income
Loss for the period - - - - (5,545) (5,545)
Total comprehensive
income - - - - (5,545) (5,545)
--------- --------- --------- ------------ --------------- ---------
Balance as at 30
June 2015* 4,245 - - 778 10,944 15,967
--------- --------- --------- ------------ --------------- ---------
Total comprehensive
income
Loss for the year - - - - (1,097) (1,097)
Total comprehensive
income - - - - (1,097) (1,097)
--------- --------- --------- ------------ --------------- ---------
Contributions by
and distributions
to equity holders
Transfer upon re-registration
as 2006 Act company (4,245) - - (778) 5,023 -
Share issue - 640 - - - 640
Share issue costs - (66) - - - (66)
Dividends - - - - (14,910) (14,910)
--------- --------- --------- ------------ --------------- ---------
Total contributions
by and distributions
to equity holders (4,245) 574 - (778) (9,887) (14,336)
Balance as at 31
December 2015 - 574 - - (40) 534
--------- --------- --------- ------------ --------------- ---------
Total comprehensive
income
Loss for the period - - - - (160) (160)
Total comprehensive
income - - - - (160) (160)
--------- --------- --------- ------------ --------------- ---------
Contributions by
and distributions
to equity holders
Share issue - 926 - - - 926
Share issue costs - (51) - - - (51)
Share based expenses - - 5 - - 5
--------- --------- --------- ------------ --------------- ---------
Total contributions
by and distributions
to equity holders - 875 5 - - 880
Balance as at 30
June 2016 - 1,449 5 - (200) 1,254
--------- --------- --------- ------------ --------------- ---------
*Restated - see note 3.
Condensed statement of cash flows
for the six months ended 30 June 2015
Period Period
ended ended Year ended
30 June 30 June 31 December
2016 2015* 2015
------------------------------------ -------- -------- ------------
Operating activities
Loss before tax (160) (5,545) (6,642)
Share based expenses 5 - -
Loss on disposal of subsidiaries - 5,693 5,118
-
--------
Net cash flows from operations
before changes in working capital (155) 148 (1,524)
Changes in working capital
Decrease in trade and other
receivables 3 4 28
Decrease in trade and other
payables (3) (5) (2)
------------------------------------ -------- -------- ------------
Net cash flows from operating
activities (155) 147 (1,498)
------------------------------------ -------- -------- ------------
Investing activities
Loan repayments from subsidiaries - - 16,171
------------------------------------ -------- -------- ------------
Net cash flows from investing
activities - - 16,171
------------------------------------ -------- -------- ------------
Financing activities
Shareholder Distribution - - (14,910)
Share issue (net of issue costs) 875 - 574
------------------------------------ -------- -------- ------------
Net cash flows from financing
activities 875 - (14,336)
------------------------------------ -------- -------- ------------
Decrease in cash and short-term
deposits 720 147 337
Cash and short-term deposits
as at 1 January 566 - 229
------------------------------------ -------- -------- ------------
Cash and short-term deposits
at period end 1,286 147 566
------------------------------------ -------- -------- ------------
*Restated - see note 3.
Notes to the financial statements
for the six months ended 30 June 2016
1. General information
Glenwick plc (the Company) is a company incorporated and
domiciled in the Isle of Man whose shares are publicly traded on
AIM.
2. Significant accounting policies and basis of preparation
These condensed interim financial statements are unaudited, have
not been reviewed by the auditors, and do not constitute statutory
accounts. The statutory accounts for 2015, which received an
unqualified report from the auditors, are available on the
Company's website, www.Glenwick.com.
The accounting policies adopted by the Company in these
condensed interim financial statements are consistent with those
followed in the preparation of the Company's annual financial
statements as at, and for the year ended, 31 December 2015. The
financial statements have been prepared on the historical cost
basis except that assets held for sale are measured at realisable
value in accordance with IFRS 5.
3. Disposal of subsidiaries
As reported in the 2015 Annual Report and Accounts, the Company
sold all its subsidiaries on 2 September 2015. Accordingly the
consolidated financial statements for 2015 included the results of
the subsidiaries up to that date and the result of the disposal,
(at which point the Group ceased to exist), and the results of the
Company alone thereafter. Since the Company had no subsidiaries
from 2 September 2015, the Group and Company Statements of
Financial Position as at 30 June 2016 and comparatives as at 31
December 2015 are identical to each other, whereas the comparatives
as at 30 June 2015 include the subsidiaries in the Group Statement
of Financial Position. In the Condensed Statement of Comprehensive
Income the consolidated results of the subsidiaries up to 2
September 2015 are recorded as Loss on Discontinued Activities in
the comparative figures for the period ended 30 June 2015 and the
year ended 31 December 2015.
In conjunction with the disposal of its subsidiaries, the return
of the proceeds to shareholders and the adoption of a new investing
policy in November 2015, the Company changed its functional
currency and presentation currency from Euro to Pounds Sterling
with effect from 17 November 2015. (At the same time, the trading
currency of the Company's shares was also changed from Euro to
Pounds Sterling.) The financial statements are therefore presented
in Pounds Sterling and all values are rounded to the nearest
thousand (GBP000) except when otherwise indicated. All year to date
balances at the date of change and all comparative information have
been translated to Sterling at the GBP: EUR rate of 1.4250 being
the rate on 17 November 2015.
The change in reporting currency does not have any effect on net
assets attributable to equity holders of the Company.
4. Administrative expenses
Period ended
30 June
2016
GBP'000
---------------------- -------------
Audit fees 10
Directors' fees 72
Directors' expenses 22
Administration fees 11
Share based payments
(see note 8) 5
Consultancy fees 14
Other 63
---------------------- -------------
Total administration
expenses 197
---------------------- -------------
5. Finance revenue and expense
Period ended
30 June
2016
EUR'000
--------------------------- --------------
Net foreign exchange gain 37
--------------------------- --------------
Finance revenue 37
--------------------------- --------------
6. Loss per share
The calculation of the basic, diluted and adjusted loss per
share is based on the following data:
Period Period
ended ended Year ended
30 June 30 June 31 December
2016 2015* 2015
GBP'000 GBP'000 GBP'000
---------------------------------- ---------------------- ------------ ------------
Earnings
Loss from continuing operations (160) - (43)
Number of shares
Weighted average number of
ordinary shares for the purpose
of basic earnings per share 1,952,644,080 707,729,655 605,008,809
----------------------------------
Loss per share - Continuing
operations
Basic loss and Diluted loss
for the year attributable
to ordinary equity holders
of the parent company (Pence) (0.01) (0.00) (0.01)
(0.01) (0.00) (0.01)
7. Net assets per share
30 June 30 June 31 December
2016 2015 2015
-------------------------------- -------------- -------------- --------------
Net assets
Net assets for the purpose GBP1,254,000 GBP15,967,000 GBP534,000
of assets attributable to
the equity holders
Number of shares
Number of ordinary shares
for the purpose of net assets
per share 2,193,396,699 605,008,809 1,397,512,609
Net assets per share (Pence) 0.06 2.64 0.04
8. Issued capital
Ordinary shares Warrants
-------------------------
Number Share Number
premium
---------------------------- -------------- --------------
GBP'000
---------------------------- -------------- --------- --------------
At 1 January 2016 1,397,512,609 640* 238,850,310
Issued on 6 January 2016 233,333,333 350 -
Issued on 23 March 2016 454,545,455 500 -
Warrants exercised in 2016 108,005,302 76 (108,005,302)
---------------------------- -------------- --------- --------------
In issue at 30 June 2016 2,193,396,699 926 130,845,008
---------------------------- -------------- --------- --------------
*The above share capital amounts are before the deduction of
costs directly related to the share issuance. See Condensed
statement of changes in equity for the share issue costs.
Each warrant grants the right to subscribe for shares of equal
quantity at a fixed price of 0.07 Pence per share, exercisable
within one year.
In addition to the warrants appearing in the table above,
Peterhouse Corporate Finance Limited ("PCF"), as joint broker and
corporate adviser, has been granted a warrant instrument entitling
it to subscribe for shares at a fixed price of 0.07 Pence per
share, exercisable up to 3 November 2018. The number of shares
which PCF may subscribe for is 3% of the issued share capital of
the Company from time to time.
On 10 March 2016, the Company granted share options to Cameron
Pearce and Sam Quinn, both directors of the Company, and to FIM
Capital Limited in which Graham Smith, also a director of the
Company, has an interest. The options entitle each of them to
subscribe for 26,767,106 shares of the Company at a price of 0.13
pence per share in the next three years, conditional upon a Reverse
Takeover by the Company, as defined by Rule 14 of the AIM Rules for
Companies, having been completed. A share based expense ahs been
recognised in the financial statements based on the fair value of
the Company's shares on the date of grant and is amortised over the
vesting period - see note 4.
All ordinary shares are fully paid and each ordinary share
carries one vote. Up to the re-registration of the Company on 28
October 2015 as a company governed by the Isle of Man 2006
Companies Act, the ordinary shares had a par value of EUR0.01 each.
Upon re-registration, the shares ceased to have a par value.
9. Events after the reporting date
Subsequent to the period-end, 7,389,837 warrants were exercised.
There were no other significant subsequent events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UGUAWRUPQGMA
(END) Dow Jones Newswires
August 08, 2016 02:00 ET (06:00 GMT)
Glenwick (LSE:GWIK)
Historical Stock Chart
From Dec 2024 to Jan 2025
Glenwick (LSE:GWIK)
Historical Stock Chart
From Jan 2024 to Jan 2025
