REG-Simian Global Plc: Final Results <Origin Href="QuoteRef">SMGS.L</Origin>
28/04/2017 16:01
28 April 2017
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INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA,
THE REPUBLIC OF IRELAND OR JAPAN.]
Simian Global Plc
("Simian Global" or the "Company")
Simian Global, the special purpose acquisition company incorporated in the
United Kingdom and established to undertake the acquisition of a company or a
business in the technology, media and telecommunications sector, is pleased to
announce its final results for the period ended 31 December 2016.
Chairman’s Statement
Following incorporation on 26 February 2016, the Company’s main focus in the
period was concluding a listing on the London Stock Exchange Main Market-
Standard Segment (“Main Market”). The loss for the period amounted to
£101,000.
Outlook
The Company successfully completed a placing of 5,130,000 shares at £0.15 per
share, and its shares were admitted to trading on the Main Market on 10
January 2017. The Company raised £769,500 before expenses, and is pleased to
announce that it has identified a target acquisition. Due diligence on the
target is underway, and the Company will keep shareholders updated on
progress.
Principal activity and fair review of the business
The company was incorporated on 26 February 2016.
The Company has been formed for the purpose of acquiring a company or
business. The Company has identified a target acquisition and the Company
expects that any funds not used in connection with the acquisition will be
used for future acquisitions, internal or external growth and expansion, and
working capital in relation to the acquired company or business.
Following completion of the acquisition, the objective of the Company will be
to operate the acquired business and implement an operating strategy with a
view to generating value for its shareholders through operational improvements
as well as potentially through additional complementary acquisitions following
the acquisition.
The trading results for the period ended 31 December 2016, and the financial
position at the end of the period are shown in the audited financial
statements. The profit and loss account for the period shows a loss before tax
of £101,000.
Key performance indicators
There are no key performance indicators for this period as the Company has not
commenced its investment activity.
Principal risks and uncertainties
i. Business strategy
The Company is a newly formed entity with no operating history and has not yet
completed an acquisition.
The Company may acquire either less than whole voting control of, or less than
a controlling equity interest in, a target, which may limit its operational
strategies.
The Company may be unable to complete the Acquisition in a timely manner
or at all or to fund the operations of the target business
if it does not obtain additional funding following completion of
the acquisition.
ii. Liquidity Risk
The Directors have reviewed the working capital requirements and believe that
there is sufficient working capital to fund the business.
Financing
After the period end the Company has raised £769,500 (before expenses) and
was admitted to trade on the London Stock Exchange Main Market for listed
securities. The estimated net proceeds after admission costs amount to
approximately £649,500 and will be used by the Company to fund ongoing
working capital and otherwise implementing the Investment Policy.
Future developments and acquisition strategy
The Company’s efforts in identifying a prospective target companies or
business will not be limited to a particular industry or geographic region,
but the Directors intend to focus on the technology, media and
telecommunications sectors primarily in Europe and Asia, but will also
consider investments in other geographical regions, given their experience in
these areas. The Directors believe that these sectors offer good growth
opportunities currently, and there are various opportunities within these
sectors that can enhance shareholder value in the long run. The Directors
intend to focus on specific areas within these sectors that have a new
technology and/or internet aspect to the business, which might differentiate
the business and offer above average growth prospects.
Going Concern
The day to day working capital requirements and investment objectives are met
by existing cash resources and the issue of equity. At 31 December 2016 the
Company had a cash balance of £60,000 The Company’s forecasts and
projections, taking into account reasonably possible changes in the level of
overhead costs, show that the Company should be able to operate within its
available cash resources. The Directors have, at the time of approving the
financial statements, a reasonable expectation that the Company has adequate
resources to continue in existence for the foreseeable future. They therefore
continue to adopt the going concern basis of accounting in preparing the
financial statements.
On behalf of the board
Edward Ng
Director
28 April 2017
Statement of Comprehensive Income
For the Period Ended 31 December 2016
Period from 26 February 2016 to 31 December 2016
£ ’000
Continuing operations
Listing costs 56
Administrative expenses 45
Loss before taxation 101
Taxation -
Loss and comprehensive loss for the period 101
Basic and diluted earnings per share (0.127p)
Since there is no other comprehensive loss, the loss for the period is the
same as the total comprehensive loss for the period attributable to the owners
of the Company.
Statement of Financial Position
As At 31 December 2016
As at 31 December
2016
£ ’000
Assets
Current assets
Other receivables 24
Cash and cash equivalents 60
Total Assets 84
Equity and liabilities
Current liabilities
Trade and other payables 75
Total Liabilities 75
Equity attributable to equity holders of the Company
Called up share capital 110
Accumulated deficit (101)
Total Equity 9
Total Equity and liabilities 84
The Statement of Financial Position of the Company is stated below:
Statement of Cash Flows
For the Period Ended 31 December 2016
Period ended
31 December
2016
£’000
Cash flows from operating activities
Operating loss (50)
Net cash utilised by operating activities (50)
Cash flows from financing activities
Proceeds from issue of ordinary shares 110
Net cash flows from financing activities 110
Net increase in cash and cash equivalents 60
Cash and cash equivalents at the beginning of the period -
Cash and cash equivalents at end of period 60
Represented by: Bank balances and cash 60
Statement of Changes in Equity
For the Period Ended 31 December 2016
Share capital Accumulated deficit Total equity
£’000 £’000 £’000
On Incorporation 50 - 50
Shares issued during the period 60 - 60
Loss for the period - (101) (101)
As at 31 December 2016 110 (101) 9
Share capital is the amount subscribed for shares at nominal value.
Accumulated deficit represent the cumulative loss of the Company attributable
to equity shareholders.
Notes to Preliminary Results for the Period Ended 31 December 2016
1. The financial information set out above does not constitute statutory
accounts for the purpose of Section 434 of the Companies Act 2006. The
financial information has been extracted from the statutory accounts of Simian
Global Plc and is presented using the same accounting policies, which have not
yet been filed with the Registrar of companies, but on which the auditors gave
an unqualified report on 28(th) April 2017.
The preliminary announcement of the results for the period ended 31 December
2016 was approved by the board of directors on 28th April 2017.
--- ENDS ---
Enquiries:
Simian Global Plc
Ajay Rajpal
Tel: +44 (0)20 7866 2145
Alffed Henry Corporate Finance Limited
Jon Isaacs / Nick Michaels
www.alfredhenry.com
Tel: +44 (0) 20 7251 3762
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