Half-year Report
01/10/2018 07:00
RNS Number : 4321C
UAE Oil Services PLC
01 October 2018
UAE OIL SERVICES PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018
CHAIRMAN'S STATEMENT
I have pleasure in presenting the condensed interim financial statements of UAE Oil Services plc (the "Company" or "UAE Oil Services") for the period from 3 January 2018 to 30 June 2018.
During the financial period, the Company reported a net loss of £531,559 (0.53p per share). As at 30 June 2018, the Company had cash in bank balance of £668,056.
The Company was incorporated on 3 January 2018 with the purpose of making acquisitions in the oil and gas support services sector in the MENA region, with an initial focus on the UAE.
On 17 August 2018 , the Company announced that it was in discussions over the share-for-share acquisition of the OBN Group, an oil services business in the United Arab Emirates (the "Potential Acquisition"). The terms of the Potential Acquisition have not been finalised and it remains subject to due diligence, completion of a fundraising and re-listing of the enlarged group on the London Stock Exchange.
If the Potential Acquisition is completed, it would constitute a reverse takeover under the Listing Rules and would be subject to approval by shareholders of the Company at a general meeting. As the Company was unable to provide full disclosure under Rule 5.6.15 of the Listing Rules on 17 August 2018, the Company requested the UKLA to suspend listing of its ordinary shares on the Standard Segment of the Official List, and as traded on the Main Market of London Stock Exchange pending publication of a prospectus setting out details of the Potential Acquisition (or in the alternative the Company announcing that the discussions have been terminated). Suspension of trading was effective from 4.30 p.m. on 17 August 2018. A further announcement will be made in due course.
I look forward to the year ahead with gratitude to our shareholders, for their continued support.
Nils Trulsvik
Executive Chairman
28 September 2018
DIRECTOR'S STATEMENT
The Company increased its paid-up capital through the issuance of 99 new ordinary shares on 3 January 2018 at a price of £1.00 per share and 999,900 new ordinary shares on 27 March 2018 at a price of £1.00 per share. These issues raised gross cash proceeds of £999,999 before expenses.
The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.
The Board looks forward to providing further updates to shareholders in relation to the potential acquisition of the OBN Group.
Responsibility Statement
The Directors are responsible for preparing the Condensed Interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union.
The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
Stephen Smedley
Chief Financial Officer
28 September 2018
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2018
| Period ended 30 June 2018 | ||||
| Note | (Unaudited) £ | |||
| Loss for the financial period | 4 | (531,559) | ||
| Total comprehensive income attributable to the equity owner | (531,559) | |||
| Loss per share | 5 | (0.53) | ||
| Basic and diluted loss per share | 5 | (0.53) | ||
| Note | 30 June 2018 (Unaudited) | ||||
| £ | |||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 668,056 | ||||
| Total Assets | 668,056 | ||||
| Equity and liabilities | |||||
| Accruals and deferred income | 199,615 | ||||
| Reserves | (531,559) | ||||
| Share capital | 6 | 1,000,000 | |||
| Total equity and liabilities | 668,056 | ||||
| Share Capital | Reserves | Total | ||||
| (Unaudited) | £ | £ | £ | |||
| On incorporation | 100 | - | 100 | |||
| Further share issue | 999,900 | - | 999,900 | |||
| Result for the period | - | (531,556) | (531,556) | |||
| Balance at 30 June 2018 | 1,000,000 | (531,556) | 468,441 | |||
| Period ended 30 June 2018 (Unaudited) | |||
| £ | |||
| Cash flow from operating activities | |||
| Loss for the period | (531,559) | ||
| Increase in trade creditors | 199,615 | ||
| Net cash deficit from operating activities | (331,944) | ||
| Cash flow from financing activities | |||
| Proceeds from the issue of share capital | 1,000,000 | ||
| Net cash flows from financing activities | 1,000,000 | ||
| Net increase in cash & cash equivalents | 668,056 | ||
| Cash and equivalent at end of period | 668,056 |
| Period ended 30 June 2018 | ||||
| (Unaudited) £ | ||||
| [more detailed description of what loss entails, can still be just one line] | (531,559) | |||
| (531,559) |
| Period ended 30 June 2018 | |||
| (Unaudited) £ | |||
| Profit attributable to equity holders | (531,559) | ||
| Weighted average number of shares | 1,000,000 | ||
| Loss per share | (0.53) | ||
| Period ended 30 June 2018 | |||
| (Unaudited) £ | |||
| Profit attributable to equity holders | (531,559) | ||
| Weighted average number of shares | 1,000,000 | ||
| Options, warrants and other securities | - | ||
| Diluted loss per share | (0.53) | ||
| Period ended 30 June 2018 | |||
| (Unaudited) £ | |||
| Amount due to directors | 4,400 |