TIDMUOS
RNS Number : 4321C
UAE Oil Services PLC
01 October 2018
UAE OIL SERVICES PLC
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2018
CHAIRMAN'S STATEMENT
I have pleasure in presenting the condensed interim financial
statements of UAE Oil Services plc (the "Company" or "UAE Oil
Services") for the period from 3 January 2018 to 30 June 2018.
During the financial period, the Company reported a net loss of
GBP531,559 (0.53p per share). As at 30 June 2018, the Company had
cash in bank balance of GBP668,056.
The Company was incorporated on 3 January 2018 with the purpose
of making acquisitions in the oil and gas support services sector
in the MENA region, with an initial focus on the UAE.
On 17 August 2018 , the Company announced that it was in
discussions over the share-for-share acquisition of the OBN Group,
an oil services business in the United Arab Emirates (the
"Potential Acquisition"). The terms of the Potential Acquisition
have not been finalised and it remains subject to due diligence,
completion of a fundraising and re-listing of the enlarged group on
the London Stock Exchange.
If the Potential Acquisition is completed, it would constitute a
reverse takeover under the Listing Rules and would be subject to
approval by shareholders of the Company at a general meeting. As
the Company was unable to provide full disclosure under Rule 5.6.15
of the Listing Rules on 17 August 2018, the Company requested the
UKLA to suspend listing of its ordinary shares on the Standard
Segment of the Official List, and as traded on the Main Market of
London Stock Exchange pending publication of a prospectus setting
out details of the Potential Acquisition (or in the alternative the
Company announcing that the discussions have been terminated).
Suspension of trading was effective from 4.30 p.m. on 17 August
2018. A further announcement will be made in due course.
I look forward to the year ahead with gratitude to our
shareholders, for their continued support.
Nils Trulsvik
Executive Chairman
28 September 2018
DIRECTOR'S STATEMENT
The Company increased its paid-up capital through the issuance
of 99 new ordinary shares on 3 January 2018 at a price of GBP1.00
per share and 999,900 new ordinary shares on 27 March 2018 at a
price of GBP1.00 per share. These issues raised gross cash proceeds
of GBP999,999 before expenses.
The main expense for the Company is its legal and professional
costs. The management intends to monitor and control this to be
cost efficient and minimise its net loss before a suitable
acquisition.
The Board looks forward to providing further updates to
shareholders in relation to the potential acquisition of the OBN
Group.
Responsibility Statement
The Directors are responsible for preparing the Condensed
Interim 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) as adopted by the European
Union.
The Directors confirm that, to the best of their knowledge, the
condensed interim financial statements have been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim 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 first six months 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 in the first six months and any material changes in the related-party transactions described in the last annual report.
Stephen Smedley
Chief Financial Officer
28 September 2018
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2018
Period ended
30 June 2018
Note (Unaudited)
GBP
Loss for the financial period 4 (531,559)
Total comprehensive income attributable to the equity owner (531,559)
Loss per share 5 (0.53)
Basic and diluted loss per share 5 (0.53)
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Note 30 June 2018
(Unaudited)
GBP
Assets
Current assets
Cash and cash equivalents 668,056
Total Assets 668,056
=============
Equity and liabilities
Accruals and deferred income 199,615
Reserves (531,559)
Share capital 6 1,000,000
Total equity and liabilities 668,056
=============
UAE OIL SERVICES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2018
Share Reserves Total
Capital
(Unaudited) GBP GBP GBP
On incorporation 100 - 100
Further share issue 999,900 - 999,900
Result for the period - (531,556) (531,556)
Balance at 30 June 2018 1,000,000 (531,556) 468,441
========= =========== ===========
The share capital comprises the ordinary issued share capital of
the Company.
Issued share capital was 1,000,000 shares of GBP1.
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2018
Period ended
30 June 2018
(Unaudited)
GBP
Cash flow from operating activities
Loss for the period (531,559)
Increase in trade creditors 199,615
--------------
Net cash deficit from operating activities (331,944)
Cash flow from financing activities
Proceeds from the issue of share capital 1,000,000
Net cash flows from financing activities 1,000,000
Net increase in cash & cash equivalents 668,056
==============
Cash and equivalent at end of period 668,056
==============
UAE OIL SERVICES PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2018
1. General Information
The Company was incorporated in the Isle of Man on 3 January
2018 as a company with limited liability under the Isle of Man
Companies Act 2006, and with the name UAE Oil Services Limited. The
Company did not trade during the period under review. The
registered office of the Company is the First Floor, Millennium
House, Victoria Road, Douglas, Isle of Man, IM2 4RW and the nature
of operations is to act as a special purpose acquisition
company.
2. Accounting Policies
Basis of preparation
The financial information of the Company has been prepared on
the historical cost convention except as disclosed in the notes to
the financial information and in accordance with International
Financial Reporting Standards ("IFRS").
Certain changes to IFRS will be applicable for the Company's
financial information in future periods. To the extent that these
have not been adopted early in the preparation of the financial
information, they will not affect the Company's reported profit or
equity but they may affect disclosures.
The Directors have considered those standards and
interpretations, which have not yet been applied in the financial
information but are relevant to the Company's operations, that are
in issue but not yet effective and do not consider that any will
have a material impact on the future results of the Company.
Numerous other minor amendments to standards have been made as a
result of the International Accounting Standards Board's annual
improvement project.
The financial information of the Company is presented in Pound
Sterling.
Comparative figures
No comparative figures have been presented as the financial
information covers the period from incorporation to 30 June
2018.
Going concern
The Directors have reviewed the Company's ongoing activities and
have a reasonable expectation that the Company has adequate
resources to continue operating for the foreseeable future. For
this reason, the going concern basis has been adopted in preparing
the Interim Financial Statements.
3. Business Segments and Seasonal Trading
UAE Oil Services does not have any separate reportable operating
segments. All business is also currently carried out from the Isle
of Man and thus, there are no geographical segments.
UAE Oil Services does not experience seasonal fluctuations in
its trading.
4. Loss for the financial year
Period ended
30 June 2018
(Unaudited)
GBP
[more detailed description of what
loss entails, can still be just
one line] (531,559)
(531,559)
5. Loss per share
The calculation for loss per share (basic and diluted) for the
relevant period is based on the profit after income tax
attributable to equity holder for the period from incorporation on
3 January 2018 to 30 June 2018 and is as follows:
Period ended
30 June 2018
(Unaudited)
GBP
Profit attributable to equity holders (531,559)
Weighted average number of shares 1,000,000
Loss per share (0.53)
==============
Period ended
30 June 2018
(Unaudited)
GBP
Profit attributable to equity holders (531,559)
Weighted average number of shares 1,000,000
Options, warrants and other securities -
Diluted loss per share (0.53)
==============
6. Share capital
On 3 January 2018, the Company was incorporated with an issued
share capital of 1 Ordinary Share of GBP1.00 par value. The Company
issued a further 99 Ordinary Shares of GBP1.00 each on 3 January
2018.
On 27 March 2018 the company issued a further 999,900 ordinary
shares of GBP1.00 par value.
7. Directors' Emoluments
During the period to 30 June 2018 there were no staff costs as
no staff were employed by the Company, other than the directors.
Aggregate directors' fees for the period were GBP4,400.
8. Related Party Transactions
The directors are considered to be key management and their
emoluments are disclosed in note 7. During the period, the Company
did not enter into any material transactions with related
parties.
Period ended
30 June 2018
(Unaudited)
GBP
Amount due to directors 4,400
9. Tax Expense
The Company is regarded as resident for tax purposes in the Isle
of Man.
No tax is applicable to the Company for the period ended 30 June
2018. As a consequence, no tax charge arises and no deferred tax
asset has been recognised in respect of losses.
10. Subsequent events
UAE Oil Services are currently in talks to acquire OBN Group in
a share-for-share deal that will be classed as a reverse takeover,
these talks are currently ongoing.
11. Copies of the interim report
Copies of the interim report are available on the Company's
website at www.uaeoilservices.com and from the Company's registered
office UAE Oil Services Plc, First Floor, Millennium House,
Victoria Road, Douglas, Isle of Man, IM2 4RW.
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
IR BIGDCRSXBGIG
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