TIDMWSL
RNS Number : 1025N
Worldsec Limited
27 September 2021
----
WORLDSEC LIMITED
Interim Report for the six months ended 30 June 2 021
Worldsec Limited
Interim Report for the six months ended 30 June 2021
The board (the "Board") of directors of Worldsec Limited (the
"Company") hereby submits the interim report on the Company and its
subsidiaries (the "Group") for the six months ended 30 June 2021
(the "Interim Report").
For the period under review, the Group recorded a net profit of
US$7,000 (equivalent to basic and diluted earnings per share of
0.01 US cent) against a net loss of US$265,000 (equivalent to basic
and diluted loss per share of 0.31 US cent) for the corresponding
six months in 2020. The improvement in the profit and loss
statement was mainly due to the gain realised from the redemption
of 15% of the Group's initial investment holdings in the Unicorn
Equity Investment Portfolio Class D Shares (the "Homaer Class D
Shares") of the Homaer Asset Management Master Fund SPC (the
"Homaer Fund") as well as the positive change in the fair value of
its remaining holdings in the Homaer Class D Shares as a result of
the increase in the valuation of the underlying investment in
ByteDance Ltd ("ByteDance").
During the period under review, the Group had a moderate
rebalancing of its investment portfolio. Apart from the redemption
of 15% of its initial investment holdings in the Homaer Class D
Shares, it also made a new investment, through the acquisition of
the Class B Ordinary Shares (the " Cambium Class B Shares " ) of
Cambium Grove Growth Opps IV Limited ( " Cambium Opps " ), in
Cambium Opps, the sole underlying investment asset of which is an
equity interest in a fresh produce and grocery on-demand e-commerce
operator, Dingdong (Cayman) Limited ( " Dingdong " ). At the date
of the Interim Report, the investment portfolio of the Group
comprises a total of seven investments:
ICBC Specialised Ship Leasing Investment Fund (the " ICBC Ship
Fund " )
The Group's investment in the ICBC Ship Fund, which is involved
in marine vessel leasing, continued to provide a stable return
through monthly dividend income generating revenue amounting to
US$48,000 for the six months ended 30 June 2021.
ByteDance through the Homaer Fund
Through the Homaer Class D Shares, the Group holds an investment
in the Homaer Fund, the sole underlying investment asset of which
is an equity interest in ByteDance.
ByteDance is an unlisted holding company of a technology group
that operates a series of mobile application platforms powered by
artificial intelligence across cultures and geographies. The
ByteDance group has a portfolio of products that are available in
over 150 markets and 75 languages and that include Douyin, Toutiao,
TikTok, Xigua Video, Helo, Lark, Babe and BytePlus.
As a leading technology group with dominant market positions
across a number of content platform segments, the ByteDance group
is facing increasing regulatory pressure from both the Chinese and
foreign governments. However, notwithstanding the permanent ban in
India and the data privacy and security issues repeatedly raised in
the United States and Europe, and with the exception of January
2021 when it was ranked second, TikTok remained as the most
downloaded non-gaming mobile application from February through to
August 2021 according to Sensor Tower. On the domestic front, the
Chinese government has taken an increasingly hard-line approach to
regulating Internet companies. ByteDance, along with other Chinese
technology giants, are navigating a new set of rules and scrutiny
standards on cybersecurity, data usage and unfair competition.
Under the unfavourable and sometime inimical environment, the
ByteDance group has been looking to diversify beyond advertising
revenue and formulating strategies to monetise its massive user
base and technical knowhow in the on-demand service, e-commerce,
artificial intelligence advisory, gaming and virtual reality
sectors. It has integrated a travel ticket and hotel reservation
feature and started testing a food delivery applet within the
Douyin platform, established an e-commerce unit that focuses on
developing e-tailing and related business, set up the BytePlus
platform to provide artificial intelligence advisory services and
acquired Shanghai Moonton Technology Co Ltd , a major mobile gaming
studio, and Pico Interactive, Inc, an innovative virtualisation
solution provider and equipment manufacturer.
As mentioned in the Company's 2020 Annual Report, on 31 March
2021, the Group redeemed 15% of its initial investment holdings in
the Homaer Class D Shares for US$400,000. Subsequent to the end of
the period under review, in July 2021, in response to the proposals
offered under a restructure of the Homaer Fund, the Group submitted
a redemption and conversion notice for the redemption of another
16% of its initial investment holdings in the Homaer Class D Shares
for US$ 577,000 (the " July 2021 Homaer Redemption" ) and the
conversion of the rest of such holdings valued at US$2,500,000 into
the Class A Shares of the restructured Homaer Fund. Upon the
completion of the July 2021 Homaer Redemption which is slated to
take place in late September 2021, the Group would have recouped
almost all of its initial cost of investment in the Homaer Class D
Shares that were acquired not much more than two years ago.
Dingdong through Cambium Opps
In March 2021, through the acquisition of the Cambium Class B
Shares, the Group made a new investment of US200,000 in Cambium
Opps, the sole underlying investment asset of which is an equity
interest in Dingdong.
Dingdong is the holding company of an on-demand e-commerce group
that operates a mobile application platform, Dingdong Fresh,
providing users with fresh produce, meat and seafood and other
daily necessities supported by a self-operated frontline fulfilment
grid. Since its inception in 2017, the Dingdong group has expanded
its business to cover 29 cities throughout China including Beijing,
Shanghai, Shenzhen, and Guangzhou.
According to the unaudited financial information published by
Dingdong, the Dingdong group achieved revenue of RMB3.80 billion
and RMB4.65 billion for the first and second quarter of 2021,
representing year-on-year growth of 46.0% and 77.9% respectively.
The growth was primarily driven by a growing user base on top of a
surge in user purchase frequency. During the second quarter of
2021, the number of average monthly transacting users grew
year-on-year by 39.1% to 8.4 million. By the end of the first half
of 2021, the frontline fulfilment grid boasted a network of more
than 1,100 stations. Nonetheless, reflecting the proactive
adjustments it adopted in pricing strategy to boost user purchase
frequency, user retention and user penetration in newly expanded
cities, the Dingdong Group reported significant increases in net
loss to RMB1.38 billion and RMB1.94 billion for the first and
second quarter of 2021. With the completion of the Series D and D+
rounds of financing in March and May 2021 raising a total in excess
of US$1 billion, the Dingdong group had substantially strengthened
its balance sheet with cash and short-term investments standing at
RMB7.29 billion at the end of the first half of 2021. This has
placed the Dingdong group in an advantageous and favourable
position for further expansion and operation scaling; and there are
expectations of continued strong revenue growth, gross profit
margin improvement and net loss margin narrowing in the foreseeable
future.
Shortly prior to the end of the first half of 2021, on June 29
2021, the American depositary shares of Dingdong were listed on the
New York Stock Exchange debuting at an initial public offering
price of $23.50 per share.
Agrios Global Holdings Ltd ( " Agrios " )
Agrios, an investee company of the Group previously listed on
the Canadian Securities Exchange, used to be the holding company of
a data analytics driven agriculture technology and service group
that owned, leased and managed properties and equipment for
eco-sustainable agronomy and provided advisory services for
aeroponic cultivation to the cannabis industry.
Under a difficult operating environment that had been adversely
affected by the COVID-19 pandemic, the Agrios group ran into
financial difficulty and failed to meet interest payment
obligations under certain convertible instruments in mid January
2021. This was followed by the delisting of Agrios shares from the
Canadian Securities Exchange on 3 February 2021. By mid February
2021, all directors and officers had resigned from Agrios. In light
of the negative development that had been transpiring, the Group
wrote off the entire remaining carrying value of its investment in
Agrios when preparing the financial statements for the year ended
31 December 2020.
ayondo Ltd ( " Ayondo " )
Ayondo, an investee company of the Group listed on the Catalist
of the Singapore Exchange, was the holding company of a financial
technology group that, prior to the financial difficulty it
encountered in 2019, used to focus on social trading
activities.
During the first half of 2021, Ayondo continued with its
restructuring efforts involving, inter alia, the conditional
acquisition of Rich Glory International Investment Limited ( !deg
Rich Glory !+/- ), a company engaged in the business of licensed
collateralised lending in Hong Kong. Because of the various
restriction measures implemented under the COVID-19 pandemic and a
change of the accountant by Rich Glory, however, due diligence work
had been slower than expected. Accordingly , Ayondo requested the
Singapore Exchange to grant a further extension of time for the
submission of the restructuring circular until 31 October 2021.
Nevertheless, as it had failed to meet previous deadlines that had
repeatedly been extended and was unable to provide any extenuating
reason in support of the further extension requested, the request
was turned down. On 20 September 2021, Ayondo received a
notification of delisting from the Catalist of the Singapore
Exchange. Prior to Ayondo shares being delisted and in accordance
with Catalist Rule 1308, Ayondo is required to make an exit offer
to shareholders, although any such offer is unlikely to be of any
material value given the financial position it is in.
Meanwhile, investigations surrounding and relating to Ayondo on
possible breaches of laws and regulations remain ongoing.
When preparing the financial statements for the year ended 31
December 2020, the Group, having taken into account Ayondo!--s
state of affairs and uncertain restructuring outcome, decided to
write off the entire remaining carrying value of its investment in
Ayondo.
Velocity Mobile Limited ( " Velocity " )
Velocity, an unlisted investee company of the Group, is the
holding company of a technology group that operates a lifestyle
mobile e-commerce platform targeting premium consumers with
services focusing on the sectors of travel, experiences and luxury
goods.
Having been able to meaningfully contain the shock and negative
impact of the COVID-19 pandemic while continuing to invest in and
upgrade its technological capabilities during the worst of the
health crisis, the Velocity group is on a sound footing to resume
growth under the easing of the lockdown measures as the pandemic
situation is gradually ameliorated as a consequence of the
vaccination efforts. Given that the premium consumers it targets
have considerable and elastic spending power and are looking for
spending catch-up seeking out activities and experiences that were
sorely lacking under the lockdowns, there has been a resurgence in
demand for the services of the Velocity group. Customer
transactional spend has been accelerating and revenue has returned
to the pre-pandemic levels. Gravity, a proprietary concierge
automation software developed in-house, continues to drive
productivity gains and enhance personalisation recommendations that
are enriched by predictive data. With a multitude of companies in
the travel and experience space failing to survive the COVID-19
pandemic, the Velocity group also has improved bargaining power and
leverage to negotiate better terms with the suppliers. Moreover, on
the back of a post-pandemic recovery outlook, Velocity has arranged
another round of fund raising to further strengthen the balance
sheet of the Velocity group.
Oasis Education Group Limited ( " Oasis Group " )
Oasis Group is a 50% joint venture of the Group. The operating
subsidiary of Oasis Group, Oasis Education Consulting (Shenzhen)
Company Limited ("Oasis Shenzhen", 1/2 ÌÓý (ÉîÛÚ)ÓÐÏÞ(1)<<Ë
3/4 ), provides consulting and support services to the Huizhou
Kindergarten in the Guangdong Province in China.
With the COVID-19 pandemic having been largely brought under
control, the Huizhou Kindergarten has resumed normal operations.
Following the graduation of 87 pupils in the summer of 2021, the
Huizhou Kindergarten enrolled 91 new pupils for the academic term
that commenced in September 2021, thus bringing its total enrolment
to 254.
In response to the reform policies on early childhood education
set out by the State Council of the People's Republic of China, the
Huizhou Kindergarten has been transformed into a non-profit
universally-benefit kindergarten. Non-profit universally-benefit
kindergartens are required to meet the standards specified by the
local government, charge affordable tuition fees and guarantee
equality of enrolment. While the Huizhou Kindergarten did implement
a tuition fee reduction for the academic term that commenced in
September 2021, Oasis Shenzhen is in the process of conducting a
review of the effect, if any, of the revised regulatory framework
that may have on the contractual arrangements in respect of the
consulting and support services it provides to the Huizhou
Kindergarten.
PROSPECTS
The emergence of new COVID-19 variants that are more infectious
and the lack of a coordinated global pandemic strategy have
overshadowed the efforts in reviving the world economy. The
COVID-19 pandemic and its lingering uncertainty will further
reinforce the secular and structural trends towards the
digitalisation of economic processes and activities. This would
have a positive lasting effect providing added growth potential and
increasing monetisation opportunities for the mobile-based economy
that would be beneficial for the development of the ByteDance
group, the Dingdong group and the Velocity group. In the near term,
however, apart from the continued contribution of a stable stream
of monthly dividend income from the ICBC Ship Fund and the gain
that is expected to be realised upon the completion of the July
2021 Homaer Redemption, the other investments of the Group are
unlikely to contribute to the Group's results in any meaningful
way, except for any positive or negative fair value change that may
be recognised under International Financial Reporting Standard
9.
By order of the Board
Alastair GUNN-FORBES
Non-Executive Chairman
27 September 2021
PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a number of principal risks and
uncertainties that could materially and adversely affect its
performance for the remaining six months of the year ending 31
December 2021 and beyond. Such risks and uncertainties, the
directors believe, remain basically unchanged from those,
including, in particular, target market risk, key person risk,
operational risks and financial risks, set out on pages 12 and 13
of the Company's 2020 Annual Report.
RESPONSIBILITY STATEMENT
The Board, comprising Alastair GUNN-FORBES, Henry Ying Chew
CHEONG, Ernest Chiu Shun SHE, Mark Chung FONG, Martyn Stuart WELLS
and Stephen Lister d'Anyers WILLIS, confirms to the best of its
knowledge and understanding that:
(a) the unaudited consolidated financial statements of the Group
for the six months ended 30 June 2021 have been prepared in
accordance with International Accounting Standard 34 as adopted by
the European Union and give a true and fair view of its assets,
liabilities and financial position at that date and its financial
performance for the period then ended; and
(b) the Interim Report includes a fair review of the
information, such as important events and related party
transactions that took place during the six months ended 30 June
2021, that is required by Disclosure Guidance and Transparency
Rules 4.2.7R and 4.2.8R.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE SIX MONTHSED 30 JUNE 2021
Unaudited
Six months ended
Notes 30.6.2021 30.6.2020
US$'000 US$'000
Revenue 4 50 48
Other income, gains and losses, net 5 242 (56)
Staff costs 7 (149) (131)
Other expenses (128) ( 121 )
Finance costs 8 (4) (1)
Share of losses of a joint venture (4) (4)
)
)
---------- ----------------
Profit/(loss) before income tax expense 7 (265)
Income tax expense 9 - -
---------- ----------------
Profit/(loss) for the period 7 (265)
========== ================
Other comprehensive income, net of income tax
Exchange differences on translating foreign operations - -
Other comprehensive income for the period,
net of income tax - -
---------- ----------------
Total comprehensive income/(loss) for the period 7 (265)
========== ================
Profit/(loss) for the period attributable to:
Owners of the Company 7 (265)
========== ================
Total comprehensive income/(loss) for the period attributable to:
Owners of the Company 7 (265)
========== ================
Earnings/(loss) per share - basic 10 US0.01 US( 0.31 ) cent
cent
========== ================
Earnings/(loss) per share - diluted 10 US0.01 US( 0.31 ) cent
cent
ce
cent
========== ================
The accompanying notes form an integral part of these interim
financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2021
Unaudited Audited
As at As at
Notes 30.6.2021 31.12.2020
US$'000 US$'000
Non-current assets
Right-of-use assets 143 175
Interest in a joint venture 93 97
Financial assets at f air value through profit or loss 3,871 3,854
4,107 4,126
---------- -----------
Current assets
Other receivables 138 282
Deposits and prepayments 29 30
Financial assets at f air value through profit or loss 274 103
Amount due from a joint venture 257 257
Cash and cash equivalents 1,061 1,194
---------- -----------
1,759 1,866
---------- -----------
C urrent liabilities
Other payables and accruals 47 147
Lease liabilities 63 61
---------- -----------
110 208
---------- -----------
Net current assets 1,649 1,658
---------- -----------
Non-c urrent liabilities
Lease liabilities 84 119
---------- -----------
Net assets 5,672 5,665
========== ===========
Capital and reserves
Share capital 11 85 85
Reserves 5,587 5,580
---------- -----------
Total equity 5,672 5,665
========== ===========
The accompanying notes form an integral part of these interim
financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2021
Foreign
Contri- Share currency Accumu-
Share Share buted option translation Special lated
capital premium surplus reserve reserve reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as
at 1 January
2020 85 7,524 9,646 249 (37) 625 (13,391) 4,701
Loss and total
comprehensive
loss for the
period - - - - - - (265) (265)
Balance as ( 13
at 30 June 7 , , 656
2020 (Unaudited) 85 524 9,646 249 (37) 625 ) 4, 436
======= ======= ======= ======= =========== ======= ======== =======
Balance as
at 1 January
2021 85 7,524 9,646 249 (17) 625 (12,447) 5,665
Profit and
total comprehensive
income for
the period - - - - - - 7 7
Balance as
at 30 June
2021 (Unaudited) 85 7,524 9,646 249 (17) 625 (12,440) 5,672
==== ======= ======= === ==== === ======== =====
The accompanying notes form an integral part of these interim
financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2021
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
C ash flow from operating activities
Profit/(loss) for the period 7 (265)
Adjustments for:
Depreciation of right-of-use assets 32 39
Interest expense 4 1
4 4
Share of losses of a joint venture
Gain on disposal of financial assets at fair value through (38) (2)
profit or loss
Change in fair value of financial assets at fair value through profit or loss (207) 62
---------- ----------
Operating loss before working capital changes (198) (161 )
Decrease/(increase) in deposits and prepayments 1 (3)
Decrease/(increase) in other receivables 144 (1)
Decrease in other payables and accruals (100) (103)
---------- ----------
Net c ash used in operati ng activities (153) (268)
---------- ----------
C ash flow from investing activities
Investment in financial assets at fair value through
profit or loss (752) (114)
Proceeds from disposal of financial assets at fair value through
profit or loss 809 116
Net cash from investing activities 57 2
---------- ----------
C ash flow from financing activities
Repayment of principal portion of lease liabilities (33) (40)
Repayment of interest portion of lease liabilities (4) (1)
---------- ----------
Net cash used in financing activities (37) (41)
---------- ----------
N et decrease in cash and cash equivalents (133) (307)
C ash and cash equivalents at beginning of the period 1,194 1,612
Effects of exchange rate changes - -
C ash and cash equivalents at end of the period
Cash and bank balances 1,061 1,305
========== ==========
The accompanying notes form an integral part of these interim
financial statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2021
1. GENERAL INFORMATION
The Company is an exempted company incorporated in Bermuda and
has a premium listing on the Main Market of the London Stock
Exchange. The addresses of the registered office and principal
place of business of the Company are disclosed in the corporate
information in the Interim Report.
2. BASIS OF PREPARATION
This unaudited consolidated financial statements of the Company
and its subsidiaries (the "Group") for the six months ended 30 June
2021 (the "Interim Financial Statements") have been prepared in
accordance with International Accounting Standard 34 ("IAS 34")
issued by the International Accounting Standards Board ("IASB") as
adopted by the European Union.
The Interim Financial Statements do not include all of the
information required in annual financial statements in accordance
with International Financial Reporting Standards (!degIFRS!+/-),
International Accounting Standards ("IAS"), Interpretations adopted
by the European Union ("EU"), Interpretations adopted by the
International Financial Reporting Interpretations Committee
("IFRIC") and Interpretations adopted by the Standing
Interpretations Committee ("SIC") (collectively referred to as the
"IFRSs"), and should be read in conjunction with the annual
financial statements of the Group for the year ended 31 December
2020. The Interim Financial Statements have neither been audited
nor reviewed by the Group's auditor.
Save for the adoption of the revised IFRSs as described in note
3 to the Interim Financial Statements, which became effective for
the Group's financial year that began on 1 January 2021, the
accounting policies adopted in the Interim Financial Statements
were consistent with those used in the preparation of the Group's
annual financial statements for the year ended 31 December
2020.
The Interim Financial Statements have been prepared on a going
concern basis using the historical cost conversion, except for
certain financial instruments which were stated at fair value as
appropriate.
The preparation of the Interim Financial Statements in
conformity with IAS 34 as adopted by the European Union required
management to make judgments, estimates and assumptions that could
affect the application of accounting policies and reported amounts
of assets, liabilities, income and expenses on a year to date
basis. Actual results might differ from these estimates.
3. ADOPTION OF NEW AND REVISED IFRSs
The Group has applied the same accounting policies in the
Interim Financial Statements as in its annual financial statements
for the year ended 31 December 2020, except that it has adopted the
following amendments to IFRSs:
Amendments to IAS 39, Interest Rate Benchmark Reform - Phase
IFRS 7, IFRS 9 and IFRS 2
16
The application of the above revised IFRSs in the current
interim period had no material effect on the amounts reported in
the Interim Financial Statements and/or disclosures set out in the
Interim Financial Statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2021
4. REVENUE
The Group's revenue represented dividend income from financial
assets at fair value through profit or loss for the periods ended
30 June 2021 and 2020. An analysis of the Group's revenue from
principal activities is as follows:
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
Dividend income from financial assets
at fair value through profit or loss 50 48
50 48
========== ==========
5. OTHER INCOME, GAINS AND LOSSES, NET
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
Gain on disposal of financial assets
at fair value through profit or loss 38 2
Change in fair value of financial
assets at fair value through profit 207 (62)
or loss
Foreign exchange gain, net (3) 4
---------- ----------
242 (56)
========== ==========
6. BUSINESS AND GEOGRAPHICAL SEGMENTS
No business and geographical segment analyses are presented for
the periods ended 30 June 2021 and 2020 as the major operations and
revenue of the Group arose from Hong Kong. The Board considers that
most of the Group's non-current assets (other than the financial
instruments) were located in Hong Kong.
7. STAFF COSTS
The aggregate staff costs (including directors' remuneration)
of the Group were as follows:
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
Wage and salaries 146 128
Contribution to pension and provident
fund 3 3
----------- ----------
149 131
=========== ==========
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2021
7. STAFF COSTS (CONTINUED)
Key management personnel of the Company are the directors
only.
The directors' remuneration was as
follows:
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
Directors!-- fees 42 37
Other remuneration including contribution
to pension and provident fund - -
42 37
========== ==========
8. FINANCE COSTS
Unaudited
Six months ended
30.6.2021 30.6.2020
US$'000 US$'000
Interest on lease liabilities 4 1
========== ==========
9. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not
generate any assessable profits for United Kingdom Corporation Tax,
Hong Kong Profit s Tax or tax in other jurisdictions during the
periods ended 30 June 2021 and 2020.
10. EARNINGS/(LOSS) PER SHARE
The profit/(loss) and weighted average number of ordinary
shares used in the calculation of basic and diluted earnings/(loss)
per share were as follows.
Unaudited
Six months ended
30.6.2021 30.6.2020
Profit/(loss) for the period attributable
to owners of the
Company (US$'000) 7 (265)
============= =============
Weighted average number of ordinary
shares for the purposes of
basic and diluted earnings/(loss)
per share 85,101,870 85,101,870
Effect of potential dilutive ordinary
shares: 2,050,000 -
* Share options
------------- -------------
87,151,870 85,101,870
============= =============
Earnings/(loss) per share - basic US0.01 cent US(0.31)
cent
============= =============
Earnings/(loss) per share - diluted US0.01 cent US(0.31)
cent
============= =============
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2021
10. EARNINGS/(LOSS) PER SHARE (CONTINUED)
Diluted loss per share was the same as basic loss per share for
the six months ended 30 June 2020 as the impact of the potential
dilutive ordinary shares outstanding had an anti-dilutive effect on
the basic loss per share presented for the six months ended 30 June
2020.
11. SHARE CAPITAL
Number of Total value
shares US$!--000
Authorised:
Ordinary shares of US$0.001 each
As at 1 January 2020, 31 December
2020, 1 January 2021 and
30 June 2021 60,000,000,000 60,000
================= ============
Called up, issued and fully paid:
Ordinary shares of US$0.001 each
As at 1 January 2020, 31 December
2020, and 1 January 2021 and 30 June
2021 85,101,870 85
================= ============
12. RELATED PARTY TRANSACTIONS
Other than the compensation of key management personnel
disclosed below, the Group did not have any related party
transactions during the six months ended 30 June 2021 and 2020.
Compensation of key management personnel
The remuneration of directors is set out in note 7 to the
Interim Financial Statements.
13. CONTINGENT LIABILITIES
The Group had no material contingent liabilities at 30 June 2021
and 31 December 2020.
14. INTERIM REPORT
The Interim Report was approved and authorised for issue by the
Board on 27 September 2021.
CORPORATE INFORMATION
Board of D irectors
Non-Executive Chairman
Alastair GUNN-FORBES*
Executive D irector s
Henry Ying Chew CHEONG (Deputy Chairman)
Ernest Chiu Shun SHE
Non- E xecutive D irectors
Mark Chung FONG*
Martyn Stuart WELLS*
Stephen Lister d'Anyers WILLIS*
* independent
Company S ecretary
Vistra Company Secretaries Limited
First Floor, Templeback, 10 Temple Back, Bristol BS1 6FL, United
Kingdom
Assistant Company Secretary
Ocorian Services (Bermuda) Limited
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10,
Bermuda
Registered O ffice A ddress
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10,
Bermuda
Registration N umber (Bermuda)
EC21466
Principal B anker
The Hongkong and Shanghai Banking Corporation Limited
1 Queen's Road, Central, Hong Kong
External Auditor
BDO Limited
25(th) Floor, Wing On Centre , 111 Connaught Road Central, Hong
Kong
Principal S hare R egistrar and T ransfer O ffice
Ocorian Management (Bermuda) Limited
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10,
Bermuda
International B ranch R egistrar
Link Market Services (Jersey) Limited
12 Castle Street, St Helier, Jersey, JE2 3RT, Channel
Islands
United Kingdom T ransfer A gent
Link Group
10(th) Floor, Central Square, 29 Wellington Street, Leeds, LS1
4DL, United Kingdom
Investor R elations
For further information about Worldsec Limited, please
contact:
Henry Ying Chew CHEONG
Executive Director
Worldsec Group
Unit 607, 6th Floor, FWD Financial Centre, 308 Des Voeux Road
Street, Central, Sheung Wan, Hong Kon g
enquiry@worldsec.com
Company's Website
http://www.worldsec.com
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END
IR DKOBBNBKDKCB
(END) Dow Jones Newswires
September 27, 2021 09:23 ET (13:23 GMT)
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