TIDMVALE
RNS Number : 0093T
Vale International Group Ltd
30 December 2016
30 December 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR
JAPAN.
VALE INTERNATIONAL GROUP LIMITED
("VALE" or "the Company")
Vale International Group Limited (LSE: VALE) announces its
unaudited interim financial results for the period ended 30
September 2016.
Director's Statement For The Period From 28 January 2016 To 30
September 2016
I have pleasure in presenting the condensed financial statements
of Vale International Group Limited (the "Company" or "Vale") for
the period from 28 January 2016 to 30 September 2016.
During the financial period, the Company reported a net loss of
GBP430,752 (predominately attributable to listing costs). As at 30
September 2016, the Company had cash in bank balance of
GBP688,686.
The Board has actively reviewed a number of potential
acquisition opportunities across the sector, none of which has met
the necessary criteria for selection and continues to review a
number of potential acquisition opportunities.
The Board looks forward to providing further updates to
shareholders in due course.
Pui Lan Patrick Tsang
Chairman
The Interim Report and Accounts will be available shortly at the
Company's website www.valeig.com
Enquires:
Vale International Group Ltd.
Patrick Tsang / Simon Retter +44 (0) 208 617 0071
Optiva Securities Ltd (Financial Adviser)
Jeremy King +44 (0) 20 3137 1902
FlowComms Ltd (Investor Relations)
Sasha Sethi +44 (0) 7891 677 441
INTERIM MANAGEMENT REPORT
FOR THE PERIOD FROM 28 JANUARY 2016 TO 30 SEPTEMBER 2016
Introduction
The Company was incorporated on 28 January 2016 in the British
Virgin Islands, as an exempted company with limited liability under
the Companies Law.
Its issued share capital, consisting of Ordinary Shares admitted
to a Standard Listing on the Official List in accordance with
Chapter 14 of the Listing Rules and to trading on the London Stock
Exchange's main market for listed securities on 5 September
2016.
Company objective
The Company was formed to undertake an acquisition of a target
company or business. The Company expects that consideration for the
Acquisition will primarily be satisfied by issue of new Shares to a
vendor (or vendors), but that some cash may also be payable by the
Company. Any funds not used in connection with the Acquisition will
be used for future acquisitions, internal or external growth and
expansion, and working capital in relation to the acquired company
or business.
Following completion of the Acquisition, the objective of the
Company will be to operate the acquired
business and implement an operating strategy with a view to
generating value for its Shareholders through operational
improvements as well as potentially through additional
complementary acquisitions following the Acquisition. Following the
Acquisition, the Company intends to seek re-admission of the
enlarged group to listing on the Official List and trading on the
London Stock Exchange or admission to another stock exchange.
The Company's efforts in identifying a prospective target
company or business will not be limited to a
particular industry or geographic region. However, given the
experience of the Directors, the Company expects to focus on
acquiring a company or business in the technology sector (in
particular focussing on technology and/or intellectual property
that is used in the financial services industry) with either all or
a substantial portion of its operations in Europe or Asia. The
Directors' initial search will focus on businesses based in or with
operations in Hong Kong, Malaysia, or the United Kingdom.
Key events
At the period end the Company has cash of approximately GBP0.7
million and continues to keep administrative costs to a minimum so
that the majority of funds can be dedicated to the review of and
potentially investment in, suitable projects.
Directors
The Directors of the Company since the last financial period
are:
Pui Lan Patrick Tsang
Simon James Retter
Maurice James Malcolm Groat
Corporate governance
In order to implement its business strategy, the Company has
adopted a corporate governance structure as follows:
-- consistent with the rules applicable to companies with a
Standard Listing, unless required by law or other regulatory
process, Shareholder approval is not required in order for the
Company to complete the Acquisition. The Company will, however, be
required to obtain the approval of the Board before it may complete
the Acquisition;
-- the Board intends to comply, in all material respects, with
certain Main Principles of the UK Corporate Governance Code (as set
out in more detail in "Part II - The Company, its Board and the
Acquisition Structure") and has adopted a share dealing code that
complies with the requirements of the Market Abuse Regulations. All
persons discharging management responsibilities (comprising only
the Directors at the date of this Document) shall comply with the
share dealing code from the date of Admission; and
-- following the Acquisition, the Directors may seek to transfer
the Company from a Standard Listing to either a Premium Listing or
other appropriate listing venue, based on the track record of the
company or business it acquires, subject to fulfilling the relevant
eligibility criteria at the time. If the Company is successful in
obtaining a Premium Listing, further rules will apply to the
Company under the Listing Rules and Disclosure and Transparency
Rules and the Company will be obliged to comply with or explain any
derogation from the UK Corporate Governance Code. In addition to,
or in lieu of, a Premium Listing, the Company may determine to seek
a listing on another stock exchange or seek re-admission to a
Standard Listing.
Responsibility Statement
The Directors are responsible for preparing the Condensed
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).
The directors confirm that, to the best of their knowledge, this
condensed consolidated half-yearly report has been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim management 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 period 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 during the period and any
material changes in the related-party transactions described in the
last annual report.
By order of the Board
Pui Lan Patrick Tsang
Chairman
30 December 2016
CONDENSED STATEMENT OF COMPREHESIVE INCOME (UNAUDITED)
FOR THE PERIOD FROM 28 JANUARY 2016 TO 30 SEPTEMBER 2016
Period
from
28 January
2016 (inception)
to 30
September
2016
Notes GBP
INCOME -
------------------
Listing expenses (314,133)
Other operating expenses (116,619)
------------------
OPERATING LOSS/LOSS BEFORE
TAXATION (430,752)
Income tax expense 3 -
------------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE
COMPANY (430,752)
OTHER COMPREHENSIVE INCOME
Other comprehensive income -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (430,752)
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 30 SEPTEMBER 2016
As at
30 Sept
2016
Notes GBP
CURRENT ASSETS
Cash and cash equivalents 688,686
688,686
CURRENT LIABILITIES
Other payables (19,438)
-----------
NET ASSETS 669,248
===========
EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS OF THE
COMPANY
Share capital 4 1,100,000
Retained earnings (430,752)
-----------
TOTAL EQUITY 669,248
===========
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD FROM 28 JANUARY 2016 TO 30 SEPTEMBER 2016
Period
from 28
January
2016 (inception)
to 30
September
2016
Notes GBP
Cash flow from operating
activities
Operating loss (430,752)
------------------
Changes in working capital
Other payables 19,438
------------------
Net cash flow from operating
activities (411,314)
------------------
Cash flow from financing
activities
Issue of share capital 1,100,000
------------------
Net cash flow from financing
activities 1,100,000
Net increase in cash and
cash equivalents 688,686
Cash and cash equivalents
at beginning of period
------------------
Cash and cash equivalents
at end of period 688,686
==================
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Period from 28 January 2016 to 30 September 2016
Share Retained Total
capital earnings
GBP GBP GBP
As at 28 January 2016 - - -
Loss for the period - (430,752) (430,752)
---------- ---------- ----------
Total comprehensive
loss for the period - (430,752) (430,752)
Issue of ordinary shares 1,100,000 - -
As at 30 September 2016 1,100,000 (430,752) 669,248
========== ========== ==========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 28 JANUARY 2016 TO 30 SEPTEMBER 2016
1. GENERAL INFORMATION
The Company was incorporated in the British Virgin Islands on 28
January 2016 as an exempted company with limited liability under
the Companies Law.
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 interim condensed unaudited financial statements for the
period ended 30 September 2016 have been prepared in accordance
with IAS 34 Interim Financial Reporting. The results for the period
ended 30 September 2016 are unaudited.
The condensed unaudited consolidated financial statements for
the period ended 30 September 2016 has been prepared on a basis
consistent with, and on the basis of, the accounting policies set
out in the financial information on the Company set out in the
Company's Prospectus for admission to the Standard Listing segment
of the Official List for the period from incorporation to 30
September 2016.
The financial information of the Company is presented in British
Pound Sterling ("GBP").
Standards and interpretations issued but not yet applied
At the date of authorisation of this financial information, the
directors have reviewed the Standards in issue by the International
Accounting Standards Board ("IASB") and IFRIC, which are effective
for annual accounting periods ending on or after the stated
effective date. In their view, none of these standards would have a
material impact on the financial reporting of the company.
Cash and cash equivalents
The Company considers any cash on short-term deposits and other
short term investments to be cash equivalents.
Taxation
The tax currently payable is based on the taxable profit for the
period. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other periods and it further
excludes items that are never taxable or deductible. The Company's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet
date.
Deferred income tax is provided for using the liability method
on temporary timing differences at the balance sheet date between
the tax basis of assets and liabilities and their carrying amounts
for financial reporting purposes. Deferred income tax liabilities
are recognised in full for all temporary differences. Deferred
income tax assets are recognised for all deductible temporary
differences carried forward of unused tax credits and unused tax
losses to the extent that it is probable that taxable profits will
be available against which the deductible temporary differences,
and carry-forward of unused tax credits and unused losses can be
utilised.
The carrying amount of deferred income tax assets is assessed at
each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available
to allow all or part of the deferred income tax asset to be
utilised. Unrecognised deferred income tax assets are reassessed at
each balance sheet date and are recognised to the extent that is
probable that future taxable profits will allow the deferred income
tax asset to be recovered.
Going concern
This financial statement has 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
Operating segments
The directors are of the opinion that the business of the
Company comprises a single activity, that of an investment company.
Consequently, all activities relate to this segment.
3. INCOME TAX EXPENSE
The Company is regarded as resident for the tax purposes in
British Virgin Islands.
No tax is applicable to the Company for the period ended 30
September 2016. No deferred income tax asset has been recognised in
respect of the losses carried forward, due to the uncertainty as to
whether the Company will generate sufficient future profits in the
foreseeable future to prudently justify this.
4. SHARE CAPITAL & RESERVES
As at
30 September
2016
GBP
Allotted, called up and
fully paid
43,214,287 1,100,000
5. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these
financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFIFFALIVIR
(END) Dow Jones Newswires
December 30, 2016 02:00 ET (07:00 GMT)
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