TIDMSCGL
RNS Number : 5009F
Sealand Capital Galaxy Limited
29 October 2018
For immediate release: 07.00, 29(th) October 2018
Sealand Capital Galaxy Limited
("Sealand", or the "Company")
Publication of Annual Report
Sealand Capital Galaxy Limited, a company engaged in the
investment and acquisition of IT and social media businesses with
high growth potential, announces that it has today published its
Annual Report and Financial Statements for the year ended 31
December 2017 with respect to the Company and its subsidiaries (the
"Group"). The Annual Report and Financial Statements are available
to view on the Company's website at http://scg-ltd.com/.
A copy of the Annual Report and Financial Statements has been
submitted to the National Storage Mechanism and will shortly be
available for inspection at www.morningstar.co.uk/uk/NSM.
Key points
- Disposal of the Company's entire interest in SecureCom Media Holdings Limited ("SecureCom").
- Loss of GBP8,027,414 (2016: loss of GBP250,839) which was
mainly due to the provision of impairment losses on goodwill and
intangible assets of GBP5,728,679 and GBP1,586,394 made in
connection with the social media segment which arose from the
acquisition of SecureCom.
- As at 31 December 2017, the Group has cash and cash equivalent
balances, net liabilities and net current liabilities of
GBP1,772,507, GBP2,200,751, and GBP2,214,960 respectively.
As SecureCom was disposed after the financial reporting date,
for better interpretation of the Group's performance, SecureCom
should be excluded from the above indicators. Once SecureCom is
excluded, the adjusted cash and cash equivalent balances, the
adjusted net assets (turns from net liabilities, as mentioned
above, to net assets) and the adjusted net current assets (turns
from net current liabilities, as mentioned above, to net current
assets) of the Group were GBP1,608,896, GBP1,640,368, and
GBP1,626,531, respectively. With the adjusted position with respect
to performance and taking account of the disposal of SecureCom, the
Directors believe that the Group is in a healthy position to
develop its new business pipeline.
Future Strategy and Outlook
The Group is focused on selecting attractive investment
opportunities to strengthen and extend its business scope and has
maintained prudent and disciplined financial management to ensure
its sustainability. Apart from diversifying into new business
segments and in line with its strategy, the Group also intends to
expand its geographical focus.
The Group will continue to be watchful of market developments of
each business and will manage its investment portfolio carefully
with a view to improving overall asset quality.
Nelson Law, Executive Chairman commented:
"It is imperative that this set of results are given some
context given the disclaimer of opinion provided by the Auditors.
It should be noted that at the time of the reverse takeover of
SecureCom all interested parties, including the auditors, signed
off on the revenue recognition, but they have now questioned how it
is to be reported.
Importantly, the disposal of SecureCom, which was done following
an extensive executive review and in the best interests of
shareholders, was completed in June 2018. Sealand will now focus on
the substantial opportunities in WeChat Pay and WeChat Advertising,
which lie ahead for the business.
I would like to reiterate what was said in June, that Sealand is
determined to build a strong, robust business focused on the
opportunities and synergies between the Chinese market, the United
Kingdom, UAE and Europe, especially in the mobile payment,
advertising and gaming sectors. We will continue to deploy our
capital to add further impressive companies to our portfolio while
providing growth and returns to our shareholders."
-Ends-
Enquiries
Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Executive Chairman + 44 7537959788
Belvedere Communications
John West +44 20336872756
Kim van Beeck +44 20336872757
Notes to Editors:
-- Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the
investment and acquisition of IT and social media businesses in the
APAC region with high growth potential.
-- The Company's Shares are traded on the Official List of the
London Stock Exchange's main market for listed securities under the
ticker SCGL.
-- Further information on Sealand is available on its website http://www.scg-ltd.com/
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACSLIFVRIELAFIT
(END) Dow Jones Newswires
October 29, 2018 03:00 ET (07:00 GMT)
Sealand Capital Galaxy (LSE:SCGL)
Historical Stock Chart
From Apr 2024 to May 2024
Sealand Capital Galaxy (LSE:SCGL)
Historical Stock Chart
From May 2023 to May 2024