Simian Global Plc Final Results
29 April 2017 - 12:59AM
UK Regulatory
TIDMSMG
28 April 2017
[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.]
Simian Global Plc
("Simian Global" or the "Company")
Simian Global, the special purpose acquisition company incorporated in the
United Kingdom and established to undertake the acquisition of a company or a
business in the technology, media and telecommunications sector, is pleased to
announce its final results for the period ended 31 December 2016.
Chairman's Statement
Following incorporation on 26 February 2016, the Company's main focus in the
period was concluding a listing on the London Stock Exchange Main Market-
Standard Segment ("Main Market"). The loss for the period amounted to GBP101,000.
Outlook
The Company successfully completed a placing of 5,130,000 shares at GBP0.15 per
share, and its shares were admitted to trading on the Main Market on 10 January
2017. The Company raised GBP769,500 before expenses, and is pleased to announce
that it has identified a target acquisition. Due diligence on the target is
underway, and the Company will keep shareholders updated on progress.
Principal activity and fair review of the business
The company was incorporated on 26 February 2016.
The Company has been formed for the purpose of acquiring a company or business.
The Company has identified a target acquisition and the Company expects that
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.
The trading results for the period ended 31 December 2016, and the financial
position at the end of the period are shown in the audited financial
statements. The profit and loss account for the period shows a loss before tax
of GBP101,000.
Key performance indicators
There are no key performance indicators for this period as the Company has not
commenced its investment activity.
Principal risks and uncertainties
i. Business strategy
The Company is a newly formed entity with no operating history and has not yet
completed an acquisition.
The Company may acquire either less than whole voting control of, or less than
a controlling equity interest in, a target, which may limit its operational
strategies.
The Company may be unable to complete the Acquisition in a timely manner or
at all or to fund the operations of the target business if it does
not obtain additional funding following completion of the acquisition.
ii. Liquidity Risk
The Directors have reviewed the working capital requirements and believe that
there is sufficient working capital to fund the business.
Financing
After the period end the Company has raised GBP769,500 (before expenses) and was
admitted to trade on the London Stock Exchange Main Market for listed
securities. The estimated net proceeds after admission costs amount to
approximately GBP649,500 and will be used by the Company to fund ongoing working
capital and otherwise implementing the Investment Policy.
Future developments and acquisition strategy
The Company's efforts in identifying a prospective target companies or business
will not be limited to a particular industry or geographic region, but the
Directors intend to focus on the technology, media and telecommunications
sectors primarily in Europe and Asia, but will also consider investments in
other geographical regions, given their experience in these areas. The
Directors believe that these sectors offer good growth opportunities currently,
and there are various opportunities within these sectors that can enhance
shareholder value in the long run. The Directors intend to focus on specific
areas within these sectors that have a new technology and/or internet aspect to
the business, which might differentiate the business and offer above average
growth prospects.
Going Concern
The day to day working capital requirements and investment objectives are met
by existing cash resources and the issue of equity. At 31 December 2016 the
Company had a cash balance of GBP60,000 The Company's forecasts and projections,
taking into account reasonably possible changes in the level of overhead costs,
show that the Company should be able to operate within its available cash
resources. The Directors have, at the time of approving the financial
statements, a reasonable expectation that the Company has adequate resources to
continue in existence for the foreseeable future. They therefore continue to
adopt the going concern basis of accounting in preparing the financial
statements.
On behalf of the board
Edward Ng
Director
28 April 2017
Statement of Comprehensive Income
For the Period Ended 31 December 2016
Period from
26 February 2016
to
31 December 2016
GBP'000
Continuing operations
Listing costs 56
Administrative expenses 45
Loss before taxation 101
Taxation -
Loss and comprehensive loss for the period 101
Basic and diluted earnings per share (0.127p)
Since there is no other comprehensive loss, the loss for the period is the same
as the total comprehensive loss for the period attributable to the owners of
the Company.
Statement of Financial Position
As At 31 December 2016
As at 31 December
2016
GBP'000
Assets
Current assets
Other receivables 24
Cash and cash equivalents 60
Total Assets 84
Equity and liabilities
Current liabilities
Trade and other payables 75
Total Liabilities 75
Equity attributable to equity holders of the
Company
Called up share capital
110
Accumulated deficit (101)
Total Equity 9
Total Equity and liabilities 84
The Statement of Financial Position of the Company is stated below:
Statement of Cash Flows
For the Period Ended 31 December 2016
Period ended
31 December
2016
GBP'000
Cash flows from operating activities
Operating loss (50)
Net cash utilised by operating activities (50)
Cash flows from financing activities
Proceeds from issue of ordinary shares 110
Net cash flows from financing activities 110
Net increase in cash and cash equivalents 60
Cash and cash equivalents at the beginning of the -
period
Cash and cash equivalents at end of period 60
Represented by: Bank balances and cash 60
Statement of Changes in Equity
For the Period Ended 31 December 2016
Share Accumulated Total
capital deficit equity
GBP'000 GBP'000 GBP'000
On Incorporation 50 - 50
Shares issued during the 60 - 60
period
Loss for the period - (101) (101)
As at 31 December 2016 110 (101) 9
Share capital is the amount subscribed for shares at nominal value.
Accumulated deficit represent the cumulative loss of the Company attributable
to equity shareholders.
Notes to Preliminary Results for the Period Ended 31 December 2016
1. The financial information set out above does not constitute statutory
accounts for the purpose of Section 434 of the Companies Act 2006. The
financial information has been extracted from the statutory accounts of Simian
Global Plc and is presented using the same accounting policies, which have not
yet been filed with the Registrar of companies, but on which the auditors gave
an unqualified report on 28th April 2017.
The preliminary announcement of the results for the period ended 31 December
2016 was approved by the board of directors on 28th April 2017.
=-- ENDS ---
Enquiries:
Simian Global Plc
Ajay Rajpal
Tel: +44 (0)20 7866 2145
Alffed Henry Corporate Finance Limited
Jon Isaacs / Nick Michaels
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762
END
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