Early Equity Plc - Audited Results for the year ending 31 August 2017 PR Newswire

08 December 2017

Early Equity Plc
("Early Equity" or "the Company")

AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2017

CHAIRMAN’S STATEMENT

I am pleased to present the financial results for Early Equity Plc for the year ended 31 August 2017 The total comprehensive loss for the year was £138,987 (2016 - £110,423). The loss per share was 0.02p (2016 – 0.02p). The loss before tax of £138,987 (2016 - £110,423) largely reflects the costs of maintaining a public listing, administration costs and the impairment of two investments.

On 14 August 2017, the Company acquired 60,000 shares in EI Holdings, which represents 4% of its issued share capital. The investment was financed by the issue of 15,000,000 new shares of Early Equity Plc. EI Holdings is a direct sales company holding a license to operate a multi-level marketing business in Malaysia. This acquisition was financed by an equity subscription to raise £90,000 (gross of expenses) through the issue of 15,000,000 new ordinary shares of 0.1pence each at a placing price of 0.6 pence per new ordinary share. Of the funds raised, £60,000 was utilised in the investment of EI Holdings and the remaining £30,000 for working capital needs.

At the year end, the value of our investment portfolio in unquoted securities (UK and Malaysia) stood at £600,320 (2016 - £540,320). The investment in Alpha Prospects was reclassified to unquoted.

At the end of the year our investment portfolio stood at £642,411 (2016: £594,436).

FUTURE DEVELOPMENTS

The Group is working towards a closer relationship with Yicom Global Sdn Bhd and has invested further within this Group in the current year. The aim is to develop a strong working relationship which will be mutually beneficial to both Early Equity Plc and Yicom Global Sdn Bhd.

POST-BALANCE SHEET EVENTS

On 8 November 2017, 128,333,334 new ordinary shares of 0.1p were issued at a price of 0.6p per share. This generated total cash consideration of £590,000 and a receipt of 60,000 shares in Yicom Global Sdn Bhd for 30,000,000 of the issued shares. Early Equity Plc now has a total interest in Yicom Global Sdn Bhd of 188,571 shares, representing 47.14% of its issued share capital.

The Company continues to seek further acquisitions that meet its investment criteria and intend to raise additional funds in the future when suitable investment opportunities present.   

The Company's investment strategy is to invest in early stage, small to medium high-growth enterprises around the world. The Directors will continue to evaluate suitable investments opportunities.

On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.

Chua Siew Lian - Executive Director


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST, 2017

                                                     2017       2016

                                                      GBP        GBP

CONTINUING OPERATIONS

TURNOVER                                                -     25,723

ADMINISTRATIVE EXPENSES                         (137,791)  (135,242)

FINANCE COSTS                                     (1,196)      (904)

(LOSS) BEFORE TAX                               (138,987)  (110,423)

INCOME TAX                                              -          -

(LOSS) FOR THE YEAR                            £(138,987) £(110,423)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR          £(138,987) £(110,423)

BASIC AND DILUTED LOSS PER SHARE (PENCE)           (0.02)     (0.02)



   


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST, 2017

                                                  2017      2016

                                                   GBP       GBP

NON-CURRENT ASSETS

Available-for-sale financial assets            642,411   594,436

CURRENT ASSETS

Trade and other receivables                      2,338    31,518

Cash and cash equivalents                       22,018    96,134

                                                24,356   127,652

CURRENT LIABILITIES

Trade and other payables                       (9,964)  (16,298)

NET CURRENT (LIABILITIES)/ASSETS                14,392   111,354

NET ASSETS                                    £656,803  £705,790

REPRESENTING:-

Share capital                                  824,623   809,623

Share premium                                  758,590   683,590

Fair value reserve                              49,031    49,031

Accumulated losses                           (975,441) (836,454)

SHAREHOLDERS’ FUNDS                           £656,803  £705,790



This financial information has been extracted from the audited financial statements of the Group for the year ended 31 August 2017. The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). A copy of the Company's financial statements for the year ended 31 August 2017 will be posted to shareholders and will be delivered to the Registrar of Companies.

The Directors do not propose to pay a dividend for the year.

The Directors of the Company accept responsibility for this announcement.

--ENDS--

Enquiries:

Early Equity Plc
Tel:  +44 (0)7830 182501
Greg Collier

NEX CORPORATE ADVISER:   
Alexander David Securities Limited 
David Scott -Corporate Finance  James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
49 Queen Victoria Street, London EC4N 4SA