29 December 2016
ETAIREIA INVESTMENTS PLC ("Etaireia" or the "Company") Interim Results for the 6 months ended 30 September 2016
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 30th SEPTEMBER 2016
I am pleased to present the interim results for Etaireia Investments PLC for the six months ended 30 th September 2016.
Financial Overview
There was a loss from continuing operations for the year of £77,648 (2015: £81,459).
The Group's net assets at the end of the period were £2,465,764 (2015: £2,237,269)
Review of Activities
On 17 August 2016 the Company announced a further acquisition of a property at 5-6 High Street, Cleator Moor, Cumbria, CA25 5AH, recently valued by at £182,000. The issue of new shares primarily financed the purchase. The board are still negotiating with potential operators for the public house business and also exploring other options for the site.
During the period the Company has raised a further £35,000 by way of subscription of new ordinary shares and settled a total of £14,000 debt by issue of new ordinary shares.
On 17 August 2016 the Company announced that Jim Kirkwood and Phil McGinlay were stepping down from their respective board roles on the 31 August 2016, to pursue other interests.
On the 13 September 2016 the Company announced the appointment of Ian Fallmann as Non-executive Director to work alongside myself. Ian is an active investor in the property markets and we are confident that in addition to raising further capital to conclude deals, we will attract investors willing to sell their property assets to us for consideration in shares. The focus continues to work towards income generation from our existing assets, conscious that the Company remains cash constrained.
We are constantly exploring further acquisitions and expect to be making further announcements in this respect in the near future.
There have been no other material events, transactions or developments during the period.
Post Balance Sheet Events
There have been no other material events, transactions or developments during the post balance sheet period.
Baron Bloom Chairman 29 December 2016
CONSOLIDATED INCOME STATEMENT
| Period 01/04/2016 To 30/09/2016 | Period 01/04/2015 To 30/09/2015 | |||||
| Revenue | 1,400 | - | ||||
| Cost of sales | - | - | ||||
| Gross Profit | 1,400 | - | ||||
| Administrative expenses | (79,048) | (81,459) | ||||
| Loss before tax | (77,648) | (81,459) | ||||
| Taxation | - | - | ||||
| Loss for the period | (77,648) | (81,459) | ||||
| Basic and diluted loss per share (note 1) | (0.000042) | (0.00635) | ||||
BALANCE SHEET
| 30/09/2016 | 30/09/2015 | ||||||
| Fixed Assets | |||||||
| Freehold land & Property | 2,630,780 | 2,288,988 | |||||
| Current Assets | |||||||
| Trade and Other receivables | 15,905 | 37,989 | |||||
| Prepayments | 3,500 | 3,250 | |||||
| Bank and cash | 776 | 80,239 | |||||
| 2,650,961 | 2,410,466 | ||||||
| Current Liabilities | |||||||
| Trade and other payables | (185,197) | (173,198) | |||||
| Net Current Assets | 2,465,764 | 2,237,269 | |||||
| Equity | |||||||
| Issued share capital | 387,251 | 332,661 | |||||
| Share premium | 2,893,288 | 2,432,463 | |||||
| Other reserve | - | 23,080 | |||||
| Share option reserve | 101,233 | 101,233 | |||||
| Reserve acquisition | 609,092 | 673,096 | |||||
| Profit and loss | (1,525,100) | (1,325,264) | |||||
| 2,465,764 | 2,237,269 | ||||||
Notes to the financial information
1. The calculation of loss per share is based on the loss on ordinary activities after taxation and the number of shares of 1,828,505,510 in issue at the end the period. Due to the loss incurred in the period under review, the dilutive securities have no effect as at 30 September 2016.
2. While the financial information included in this announcement has been computed in accordance with International Financial Reporting Standards (IFRS), this announcement does not itself contain sufficient information to comply with IFRS.
3. The financial information has not been audited or reviewed by the auditors, or extracted from audited information. This financial statement does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006 (the "Act").
4. The Directors have not declared a dividend for the period.
5. This statement was approved by the Board of Directors on 22nd December 2016. Copies of this statement will be available free of charge from the Company's Registered Office at 2 nd Floor, Cambridge House, Cambridge Road, Harlow Mill, Essex, CM20 2EQ.
The Directors of the Company accept responsibility for the content of this announcement.
--ENDS-
Enquiries:
Etaireia Investments Plc Tel: +44 (0)79 1756 5565 Baron Bloom, Chairman
ISDX 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
