ETAIREIA INVESTMENTS PLC ("Etaireia" or the "Company")
Interim results for the six months ended 30th September 2017 CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 30th SEPTEMBER 2017
I am pleased to present the interim results for Etaireia Investments PLC for the six months ended 30 th September 2017.
Financial Overview
There was a loss from continuing operations for the year of £91,316 (2016: £77,648).
The Group's net assets at the end of the period were £1,880,607 (2016: £2,465,764)
Review of Activities
On the 3 rd May 2017, the Company announced the exchange of contracts for the acquisition of two modern office buildings at Whitehouse Office Park, Peterlee, County Durham..
During the period, the Company raised a further £3,000 by way of subscription of new ordinary shares.
There have been no other material events, transactions or developments during the period.
Post Balance Sheet Events
On the 7 th November 2017, the Company announced the completion of the two office buildings at Whitehouse Office Park, Peterlee. The purchase price of GBP1,125,000 was satisfied by the issue of 600,000,000 new ordinary shares of 0.01p each, at a price of 0.1p per new ordinary share and GBP525,000 cash consideration. The cash consideration has been deferred for 12 months. The office buildings represent a combined area of approximately 58,000 sq.ft. of space and the ground floor of 2A representing approximately 14,500 sq ft is currently occupied by NHS who have recently signed a new 6 year lease (expires 31/03/2023) producing a rental income of GBP65,979 p.a. The remaining approximate 43,500 sq ft of office space is currently being marketed at a similar pro rata rental level that has already created interest and the Company is optimistic that the remaining vacant space will be let in the near future. Until the deferred cash payment is paid, the Company has agreed to assign 75% of the rental income to the vendors that will be directly offset against the deferred sum.
On the 24 th November 2017, the Company announced that it had issued a total of 46,388,889 shares in settlement of a loan to the Company and an outstanding debt totalling £41,750.
There have been no other material events, transactions or developments during the post balance sheet period.
We are constantly exploring further acquisitions and expect to be making further announcements in this respect in the near future.
Baron Bloom Chairman 7th December 2017
CONSOLIDATED INCOME STATEMENT
| Period 01/04/2017 To 30/09/2017 | Period 01/04/2016 To 30/09/2016 | |||||
| Revenue | 1,350 | 1,400 | ||||
| Cost of sales | - | - | ||||
| Gross Profit | 1,350 | 1,400 | ||||
| Administrative expenses | (92,666) | (79,048) | ||||
| Loss before tax | (91,316) | (77,648) | ||||
| Taxation | - | - | ||||
| Loss for the period | (91,316) | (77,648) | ||||
| Basic and diluted loss per share (note 1) | (0.000050) | (0.000042) | ||||
BALANCE SHEET
| 30/09/2017 | 30/09/2016 | |||||||
| Fixed Assets | ||||||||
| Freehold land & property | 1,292,780 | 2,630,780 | ||||||
| Investments | 972,000 | - | ||||||
| 2,264,780 | 2,630,780 | |||||||
| Current Assets | ||||||||
| Trade and other receivables | 16,577 | 15,905 | ||||||
| Prepayments | 4,250 | 3,500 | ||||||
| Bank and cash | 40,771 | 776 | ||||||
| 2,326,378 | 2,650,961 | |||||||
| Current Liabilities | ||||||||
| Trade and other payables | (292,600) | (185,197) | ||||||
| Net Current Assets | 2,033,778 | 2,465,764 | ||||||
| Long term creditors | (153,171) | - | ||||||
| 1,880,607 | 2,465,764 | |||||||
| Equity | ||||||||
| Issued share capital | 391,192 | 387,251 | ||||||
| Share premium | 2,927,343 | 2,893,288 | ||||||
| Share option reserve | 116,187 | 101,233 | ||||||
| Reserve acquisition | - | 609,092 | ||||||
| Profit and loss | (1,554,115) | (1,525,100) | ||||||
| 1,880,607 | 2,465,764 | |||||||
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 1,867,949,955 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 2017.
3. 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.
4. 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").
5. The Directors have not declared a dividend for the period.
6. This statement was approved by the Board of Directors on 7 th December 2017. Copies of this statement will be available free of charge from the Company's Registered Office at The Barn, Tednambury Farm, Tednambury, Spellbrook, Herts, CM23 4BD
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
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
