REG-Pacific Global Holdings Plc: Half-year Report
31/10/2024 09:00
Pacific Global Holdings Plc
("Pacific Global" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR
THE SIX MONTHS ENDED 31 JULY 2024
The Company announces its half-yearly result for the six months to 31 July
2024.
CHAIRMAN’S STATEMENT
In his statement to the accounts of the Company for the year to 31 January
2024, published on 31 July 2024, Guido Contessa announced that it was the
intention of the Board to seek an exit from the Company’s then current
investments.
The period under review has seen changes in the composition of the Board and
in the management of and shareholdings in the Company. It has also seen the
Company, together with Guido Contessa, initiate a process to realise those
investments on the terms that were announced on 31 July 2024, and to embark on
identifying new investment opportunities in line with the Company’s
investment strategy.
Board Changes
The appointment of Edgar Hernandez as President and Chief Executive Officer of
the Company was announced on 31 July 2024 at the same time as Guido Contesso
stepped down stepped down from his role.
Edgar Hernandez has more than 25 years’ experience as an investment banking
professional in the areas of commercial banking, insurance, investment
management, and risk management across Central and South America by founding
in 2012 Pacific Capital Investment Banking Advisory, (“Pacific Capital”).
Pacific Capital, a Guatemalan entity manages, works with and co-invests with
companies such as Santander Group, Manttra, Allied Global, Qitronics, Pacific
Trust and Grupo Hache in a range of industries and sectors including
Agribusiness, Agritech, Energy and Business Process Outsourcing.
At the time of his appointment, Mr Hernandez, who had become a substantial
shareholder of the Company in May 2024, entered into a further subscription
agreement with the Company, investing a further £150,000 and increasing his
interest in the Company to 22.17 per cent. This has the effect of aligning
Mr Hernandez’s interest with those of all shareholders and the intention of
the Board is to use Mr Hernandez’s broad contact base and significant
experience in Latin America to source high-growth investment opportunities.
Outlook
The Board looks forward to the coming period with enthusiasm and to updating
shareholders with the Company’s developments.
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
For further information, please contact:
Pacific Global Holdings Plc Edgar HernandezPresident and Chief Executive Officer +44 (0) 20 7580 7576www.pacificglobalholdingsplc.com
Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Sandy Jamieson +44 20 7213 0880 www.cairnfin.com
Peterhouse Capital LimitedBrokerCharles Goodfellow +44 20 7469 0930 www.peterhousecap.com
UNAUDITED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS ENDED 31 JULY 2024
Notes Unaudited Unaudited Audited
31/07/2024 31/07/2023 31/01/2024
Continuing operations £ £ £
Investment Income 527 - 397
Total Income 527 - 397
Administration expenses (59,554) (87,906) (86,885)
Foreign currency exchange gain/ loss (3,406) (22,431) (15,961)
Operating loss and loss before taxation (62,433) (110,337) (102,449)
Taxation - - -
Loss for the period (62,433) (110,337) (102,449)
Total Comprehensive loss for the period (62,433) (110,337) (102,449)
Earnings per share:
Basic and diluted loss per share 3 (0.0009) (0.0017) (0.00149)
There are no items of other comprehensive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
Unaudited Unaudited Audited
31/07/2024 31/07/2023 31/01/2024
£ £ £
Current assets
Investments held for trading 1,244,884 1,128,343 1,248,290
Trade and Other receivables - 5,500 5,751
Cash 25,377 147,931 74,520
1,270,261 1,281,774 1,328,561
Total Assets 1,270,261 1,281,774 1,328,561
Current Liabilities
Trade and other payables (191,609) (148,576) (187,475)
Net Assets 1,078,652 1,133,198 1,141,086
Equity
Issued Share Capital 685,000 685,000 685,000
Share Premium 2,471,530 2,471,530 2,471,530
Retained Earnings (2,077,878) (2,023,332) (2,015,444)
Total Equity 1,078,652 1,133,198 1,141,086
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2024
Unaudited Unaudited Audited
31/07/2024 31/07/2023 31/01/2024
2024 2023 2024
£ £ £
Cash flows from operating activities
(Loss) for the year before tax (62,433) (110,337) (102,449)
Foreign Currency exchange gain/ loss 3,406 22,432 15,961
Decrease/ (increase) in receivables 5,750 10,750 10,500
(Decrease)/ increase in payables 4,134 (10,708) 28,190
Net cash outflow from operating activities (49,143) (87,863) (47,798)
Cash flows from investing activities
Fair value revaluation of Investment - - (113,476)
Net cash outflow from investing activities - - (113,476)
Cashflows from financing activities Gross proceeds from issue of shares - 155,000 155,000
Share Issue costs - (3,100) (3,100)
Net cashflows from financing activities - 151,900 151,900
Net decrease in cash and cash equivalents during the year (49,143) 64,037 (9,374)
Cash at the beginning of year 74,520 83,894 83,894
Cash and cash equivalents at the end of the year 25,377 147,931 74,520
UNAUDITED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
Share capital Share premium Retained earnings Total
£ £ £ £
Audited Changes in Equity for the period ended 31 January 2023 654,000 2,350,630 (1,912,996) 1,091,634
Comprehensive loss for the period (102,449) (102,449)
Share Issues 31,000 124,000 155,000
Share issue cost (3,100) (3,100)
Transactions with owners recognised directly in equity 31,000 120,900 (102,449) 49,451
Audited Changes in Equity for the period ended 31 January 2024 685,000 2,471,530 (2,015,445) 1,141,085
Comprehensive loss for the period (62,433) (62,433)
Transactions with owners recognised directly in equity
Audited Changes in Equity for the period ended 31 July 2024 685,000 2,471,530 (2,077,878) 1,078,652
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 JULY 2024
1. General Information
Pacific Global Goldings plc is a company incorporated and domiciled in England
and Wales. The Company’s ordinary shares are traded on the AIM market of the
London Stock Exchange. The address of the registered office is Suite 2,
Northside House, Mount Pleasant, Barnet, Hertfordshire, England, EN4 9EB
The principal activity of the Company is that of an investing company pursuing
a strategy that focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through capital
appreciation. Typically, Pacific Global invests in small companies where
there are clear catalysts for value appreciation and the companies are
operating in sectors exhibiting long term growth linked to demographic change.
1. Accounting policies
The principal accounting policies have all been applied consistently
throughout the period covered and have not changed since being reported on in
the financial statements for the year ended 31 January 2024.
Basis of preparation
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The financial statements have been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 July 2024 has
not been reviewed or audited. The interim financial report has been approved
by the Board on 30th October 2024.
1. Loss per share
The basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share is
computed using the same weighted average number of shares during the period
adjusted for the dilutive effect of share warrants and convertible loans
outstanding during the period.
Unaudited Unaudited Audited
31/07/2024 31/07/2023 31/01/2024
Loss from continuing operations attributable to equity holders of the company (62,433) (110,337) (102,449)
Weighted average number of ordinary shares in issue 68,500,000 65,433,973 65,400,000
Pence Pence Pence
Basic and fully diluted loss per share from continuing operations (Pence) (0.0009) (0.0017) (0.0016)
1. Copies of the half-yearly report
Copies of the interim results are available at the Group´s website at:
www.pacificglobalholdingsplc.com.
1. Subsequent events after the reporting period
On 31(st) July 2024, the announced the appointment of Mr Edgar Hernandez as
President and Chief Executive Officer of the Company. In addition to the
appointment, Mr Hernandez entered into an irrevocable subscription agreement
with the Company, raising £150,000 via the subscription through the issue of
10,714,286 new ordinary shares of 1 pence each in the Company at a price of
1.4p per ordinary share. Theres new shares were admitted to trading on 5(th)
August 2024.
On 2(nd) October 2024. The company announced that Companies House has issued a
change of name certificate on 01 October 2024, and the Company officially
changed its name to Pacific Global Holdings plc. The stock market code has
changed to LSE: PCH, and the Company’s ISIN and SEDOL remain unchanged.
Note:
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders and
prospective security holders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only as of
the date of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the statements are
made. The Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
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