TIDMLEAL
RNS Number : 7340O
Lead All Investments Limited
24 September 2013
LEAD ALL INVESTMENTS LIMITED
("LEAL" or the "Company")
INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
CHAIRMAN'S STATEMENT
The board of directors and its investment advisers are currently
evaluating a number of projects in South-East Asia, China and Japan
which the board considers have potential for significant growth and
shareholder value and which are in line with the company's
investment policy.
These investment opportunities are centred on both multi-level
marketing and direct selling, but to date no investment situations
have been identified that we believe would represent a sufficient
return for shareholders.
Successful multi-level marketing operations involve strict
adherence to national regulations which vary considerably from
country to country in the targeted region and establishing
compliance with these is invariably a lengthy and time-consuming
process. Our evaluation of any products also needs to match our
strict suitability criteria but we nevertheless remain confident in
making suitable and attractive investments in the coming
months.
We remain mindful of our duty to shareholders and, in this
regard, we continue our prudent policy of conserving cash resources
and maintaining our business as efficiently as possible. Cash and
fixed term deposits at 30 June 2013 stood at GBP2,340,306 (31
December 2012: GBP2,411,040)
The financial information contained within this interim report
constitutes the Company's unaudited results for the six months
ended 30 June 2013.
The Statement of Comprehensive Income shows a net loss for the
period ended 30 June 2013 of GBP91,311. The loss is in line with
the Company's expectations.
Ahmad Nasri Bin Abdul Rahim
Chairman
Malaysia, 24 September 2013
For further information, kindly visit. http://www.leadallinv.com
or contact:
Ahmad Nasri Bin
Abdul Rahim
Lead All Investments Limited Director 006019575 7732
------------------------------ ----------------- -------------------
ZAI Corporate Finance Ltd
(Nomad) Ray Zimmerman +44(0)20 7060 2220
------------------------------ ----------------- -------------------
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Six months Six months Period ended
ended 30 ended 30 31 December
June 2013 June 2012* 2012
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Revenue - - -
Administrative expenses (91,311) (80,728) (192,597)
________ ________ ________
Operating loss (91,311) (80,728) (192,597)
________ ________ ________
Bank interest receivable - 602 15,165
Loss before taxation (91,311) (801,26) (177,432)
Taxation - - -
________ ________ ________
Loss for the period (91,311) (80,126) (177,432)
Other comprehensive
income - - -
________ ________ ________
TOTAL COMPREHENSIVE
LOSS FOR THE PERIOD (91,311) (80,126) (177,432)
======== ======== ========
Total comprehensive
loss attributable to:
Equity owners of the
Parent Company (91,311) (80,126) (177,432)
======== ======== ========
Loss per share (pence
per share) - basic
and diluted 4 (0.30) (0.66) (0.97)
======== ======== ========
*See Note 2.1: Comparative Figures for the Corresponding
Period
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2013
As at 30 As at 30 As at 31
June June December
Notes 2013 2012 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables 26,259 204,560 15,703
Fixed term deposits 2,330,000 2,250,602 2,330,000
Cash and cash equivalents 10,306 59,917 81,040
________ ________ ________
Total Assets 2,366,565 2,515,079 2,426,743
________ ________ ________
LIABILITIES
Current liabilities
Trade and other payables (77,177) (31,422) (46,044)
________ ________ ________
Total Liabilities (77,177) (31,422) (46,044)
________ ________ ________
Net Assets 2,289,388 2,483,657 2,380,699
======= ======= =======
EQUITY
Capital and reserves
Share capital 3 300,000 300,000 300,000
Share premium 3 2,152,771 2,158,423 2,152,771
Share-based payment
reserve 3 105,360 105,360 105,360
Retained losses (268,743) (80126) (177,432)
________ ________ ________
Shareholders' Funds 2,289,388 2,483,657 2,380,699
======= ======= =======
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Share-based
Share Payment Retained Total
Capital Share Premium Reserve Losses Equity
GBP GBP GBP GBP GBP
At 1 January 2013 300,000 2,152,771 105,360 (177,432) 2,380,699
Total comprehensive loss
for the period - - - (91,311) (91,311)
________ ________ ________ ________ ________
At 30 June 2013 300,000 2,152,771 105,360 (268,743) 2,289,388
======== ======== ======== ======== ========
As at1 January 2012 - - - - -
Total comprehensive loss
for the period - - - (80,126) (80,126)
Transactions with owners:
Issue of shares 300,000 2,700,000 - - 3,000,000
Share issue costs - (436,263) - - (436,217)
Share-based payment (note
3) - (105,360) 105,360 - -
________ ________ ________ ________ ________
At 30 June 2012 300,000 2,158,377 105,360 (80,126) 2,483,657
======== ======== ======== ======== ========
At 13 July 2011(date of -
incorporation) - - - -
Total comprehensive loss
for the period - - - (177,432) (177,432)
Transactions with owners:
Issue of shares 300,000 2,700,000 - - 3,000,000
Share issue costs - (441,869) - - (441,869)
Share-based payment (note
3) - (105,360) 105,360 - -
________ ________ ________ ________ ________
As at 31 December 2012 300,000 2,152,771 105,360 (177,432) 2,380,699
======== ======== ======== ======== ========
STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Six months Six months Period ended
ended 30 ended 30 31 December
June 2013 June 2012 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Operating loss before changes
in working capital (91,311) (80,728) (192,597)
Increase in receivables (10,556) (204,560) (15,703)
(Decrease) /Increase in trade
and other payables 31,133 31,422 46,044
__________ __________ __________
Net cash used in operating activities (70,734) (253,866) (162,256)
Cash flows from investing activities
Interest received - 602 15,165
Placement of fixed term deposit - (2,330,000)
__________ __________ __________
Net cash used in investing activities - 602 (2,314,835)
__________ __________ __________
Financing activities
Proceeds from issue of shares
(net of IPO costs) - 2,563,737 2,558,131
__________ __________ __________
Net cash generated from financing
activities - 2,563,737 2,558,131
__________ __________ __________
Increase in cash and cash equivalents (70,734) 2,310,519 81,040
Cash and cash equivalents at 81,040 -
beginning of period -
__________ __________ __________
Cash and cash equivalents at
end of period 10,306 2,310,519 81,040
========= ========= =========
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
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, which are unaudited, comprise the
accounts of the Company for the six month period ended 30 June
2013.
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.
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 24 September 2013 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 year ending 31 December 2013.
Comparative Figures for the Corresponding Period
Prior to the admission on AIM on 8 February 2012, all expenses
incurred relate to listing expenses which were capitalised and
subsequently shown as a deduction from the Share Premium Account.
The six months corresponding period from 1 January to 30 June 2012
therefore remains the same as the period from incorporation to 30
June 2012 as previously reported.
2.2. Going concern
The financial statements of the Company are prepared on a going
concern basis. The Company raises finance for its investment
activities focusing on the use of multiple distribution strategies
for the distribution of 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
believes that it has access to appropriate levels of financing for
the Company to continue to meet its liabilities as they fall due
for at least the next twelve months and that the Company 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.
2.5. Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in
hand.
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.
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 -
________ ________
At 30 June 2013 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 - (441,869)
less: share based payment
charge - (105,360)
________ ________
300,000 2,152,771
======== ========
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 at 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.
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 30 June 2013, 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 ended 30 June
2013.
GBP
Loss for the period (91,311)
Weighted average number
of shares for the period 30,000,000
Loss per share (0.30)
========
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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