At a General Meeting held on 3 December 2012 shareholders approved resolutions to restructure the Company, as an investment company, appoint new directors and adopt a new name Shidu Capital plc, whilst raising c. £300,000 by way of a placing and conversion of loans. Full details of the resolutions can be found on the Company's website: shiducapital.com
Following the meeting Shidu Capital Plc is actively seeking to acquire and consolidate holdings in companies operating in high-growth Asian economies, with the intention to create and sustain long-term value.
The Directors are focusing on investment opportunities which have some or all of the following characteristics:
a majority of their revenue derived from the Asia-Pacific, and strongly positioned to benefit from the region's growth;
a trading history which reflects past profitability or potential for significant capital growth going forward; and
where all or part of the consideration could be satisfied by the issuance of new Ordinary Shares or other securities in the Company.
The Company is now an investment company; in the Report & Accounts the Consolidated statement of comprehensive income reports on previous and discontinued activities for 2012 whereas the Consolidated statement of financial position as at 31 December 2012 is the start of the investment activities.
Outlook
The directors believe your Company has a great opportunity to create shareholder value through its investing activities.
I would like to take this opportunity to thank the directors, shareholders and the Company's advisers for their support during this transitional period.
Angus Forrest
Angus Forrest
Chairman
4 June 2013
Contact details:
Shidu Capital Plc |
Angus Forrest Chairman | 020 7469 0930 |
ZAI Corporate Finance Ltd (NOMAD) | John Depasquale/Wei Wang | +44(0)20 7060 2220 |
Peterhouse Corporate Finance (Broker) | Jon Levinson | Tel: 020 7469 0935 |
A copy of the Annual Report and Notice of AGM has been posted to shareholders and will shortly be made available on the Company's website http://dlmplc.com/
Consolidated statement of comprehensive income
12 months to Dec 2012 |
9 months to Dec 2011 *(restated) | ||||
£ | £ | ||||
Continuing operations | |||||
Administration costs | (766,842) | (350,103) | |||
Exceptional items | 468,618 | - | |||
Operating loss after exceptional items | (298,224) | (350,103) | |||
Loss on disposal of investments | (57,638) | - | |||
Loss before financing | (355,862) | (350,103) | |||
Finance cost | (7,711) | (5,632) | |||
Loss on continuing operations before taxation | (363,573) | (355,735) | |||
Taxation | - | - | |||
Loss on continuing operations after taxation | (363,573) | (355,735) | |||
Loss from discontinued operations | (471,041) | (71,110) | |||
Loss after taxation and total comprehensive expense | (834,614) | (426,845) | |||
Basic and diluted loss per share | |||||
- Basic and diluted - continuing operations | (21p) | (34p) | |||
- Basic and diluted - discontinued operations | (26p) | (7p) | |||
- Total basic and diluted loss per share | (47p) | (41p) |
*The comparatives figures for the 9 months to 31 December 2011 have been restated to reflect the contribution to the results of operations that were discontinued in 2012.
Consolidated statement of financial position
Dec 2012 | Dec 2011 | |||
£ | £ | |||
Assets | ||||
Non-Current Assets | ||||
Property, plant and equipment | - | 566 | ||
Goodwill | - | 464,189 | ||
Other intangible assets | - | 326,319 | ||
- | 791,074 | |||
Current Assets | ||||
Inventory | - | 7,875 | ||
Trade and other receivables | 38,664 | 310,756 | ||
Cash and cash equivalents | 179,989 | 43,487 | ||
218,653 | 362,118 | |||
Total Assets | 218,653 | 1,153,192 | ||
Liabilities | ||||
Non-Current Liabilities | ||||
Trade and other payables | - | 160,800 | ||
Long term borrowings | 125,663 | 49,750 | ||
125,663 | 210,550 | |||
Current Liabilities | ||||
Trade and other payables | 73,865 | 1,060,530 | ||
Borrowings | 41,124 | - | ||
114,989 | 1,060,530 | |||
Total Liabilities | 240,652 | 1,271,080 | ||
Net Liabilities | (21,999) | (117,888) | ||
Equity | ||||
Share capital | 1,285,679 | 1,071,040 | ||
Share premium | 2,748,904 | 2,200,052 | ||
Shares to be issued | 200,836 | - | ||
Loan note equity reserve | 137,176 | - | ||
Merger reserve | - | 171,000 | ||
Profit and loss account | (4,394,594) | (3,559,980) | ||
Total Equity | (21,999) | (117,888) | ||
Company statement of financial position
Dec 2012 | Dec 2011 | Mar 2011 | |||
*(restated) | *(restated) | ||||
£ | £ | £ | |||
Fixed assets | |||||
Property, plant and equipment | - | 10,258 | 12,625 | ||
Goodwill | - | 225,405 | 225,405 | ||
Investments | - | 550,800 | 150,000 | ||
- | 786,463 | 388,030 | |||
Current assets | |||||
Trade and other receivables | 38,664 | 1,051,396 | 355,022 | ||
Cash and cash equivalents | 179,989 | 622 | - | ||
218,653 | 1,052,018 | 355,022 | |||
Total Assets | 218,653 | 1,838,481 | 743,052 | ||
Non-Current Liabilities | |||||
Trade and other payables | - | 160,800 | - | ||
Long term borrowings | 125,663 | - | - | ||
125,663 | 160,800 | - | |||
Current liabilities | |||||
Trade and other payables | 73,865 | 487,554 | 112,167 | ||
Borrowings | 41,124 | - | - | ||
114,989 | 487,554 | 112,167 | |||
Total liabilities | 240,652 | 648,354 | 112,167 | ||
Net assets/(liabilities) | (21,999) | 1,190,127 | 630,885 | ||
Capital and reserves | |||||
Called up share capital | 1,285,679 | 1,071,040 | 924,134 | ||
Share premium | 2,748,904 | 2,200,052 | 1,802,411 | ||
Shares to be issued | 200,836 | - | - | ||
Loan note equity reserve | 137,176 | - | - | ||
Merger reserve | - | 171,000 | 31,000 | ||
Profit and loss account | (4,394,594) | (2,251,965) | (2,126,660) | ||
Equity shareholders' funds | (21,999) | 1,190,127 | 630,885 |
Consolidated statement of changes in equity
Share capital | Share premium | Shares to be issued | Loan note equity reserve | Merger reserve |
Profit and loss account | Total equity | |
£ | £ | £ | £ | £ | £ | £ | |
Balance at 31 March 2011 | 924,134 | 1,802,411 | - | - | 31,000 | (3,133,135) | (375,590) |
Shares issued in year | 146,906 | 397,641 | - | - | 140,000 | - | 684,547 |
Loss for the year and total comprehensive expense | - | - | - | - | - | (426,845) | (426,845) |
Balance at 31 Dec 2011 | 1,071,040 | 2,200,052 | - | - | 171,000 | (3,559,980) | (117,888) |
Company statement of changes in equity
Share capital | Share premium | Shares to be issued | Loan note equity reserve | Merger reserve |
Profit and loss account *(restated) |
Total equity *(restated) | |
£ | £ | £ | £ | £ | £ | £ | |
Balance at 31 March 2011 | 924,134 | 1,802,411 | - | - | 31,000 | (2,126,660) | 630,885 |
Shares issued in year | 146,906 | 397,641 | - | - | 140,000 | - | 684,547 |
Loss for the year and total comprehensive expense | - | - | - | - | - | (125,305) | (125,305) |
Balance at 31 Dec 2011 | 1,071,040 | 2,200,052 | - | - | 171,000 | (2,251,965) | 1,190,127 |
Balance at 1 Jan 2012 | 1,071,040 | 2,200,052 | - | - | 171,000 | (2,251,965) | 1,190,127 |
Shares issued in year | 214,639 | 377,852 | - | - | - | - | 592,491 |
Shares to be issued in settlement of CVA liabilities | - | - | 200,836 | - | - | - | 200,836 |
Issue of convertible loan notes | - | - | - | 137,176 | - | - | 137,176 |
Transfer on closure of subsidiary undertakings | - | 171,000 | - | - | (171,000) | - | - |
Loss for the year and total comprehensive expense | - | - | - | - | - | (2,142,629) | (2,142,629) |
Balance at 31 Dec 2012 | 1,285,679 | 2,748,904 | 200,836 | 137,176 | - | (4,394,594) | (21,999) |
Consolidated statement of cash flows
12 months to Dec 2012 | 9 months to Dec 2011 | ||
£ | £ | ||
Cash flows from operating activities | |||
Loss after taxation | (834,614) | (426,845) | |
Adjustments for: | |||
Depreciation and amortisation | 49,256 | 139,583 | |
Loss from discontinued operations | 471,041 | - | |
Extraordinary credit arising from CVA | (468,618) | - | |
Loss on disposal of investments | 57,638 | - | |
Interest expense | 7,711 | 5,632 | |
Decrease in trade and other receivables | 58,855 | 77,818 | |
Increase in inventories | - | (286) | |
Increase/(decrease) in trade and other payables | 16,867 | (151,958) | |
Net cash used in operating activities | (641,864) | (356,056) | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | - | (1,596) | |
Purchase of investments | (198,000) | - | |
Disposal of investments | 161,965 | - | |
Investment in intangible assets | - | (24,865) | |
Cash acquired with business | - | 96 | |
Cash balances held by discontinued businesses | (10,342) | - | |
Net cash used in investing activities | (26,365) | (26,365) | |
Cash flows from financing activities | |||
Net proceeds from issue of share capital | 528,491 | 524,547 | |
Proceeds from issue of convertible loan notes | 300,000 | - | |
Net repayment of bank and other loans | - | (131,950) | |
Finance costs | (3,748) | (5,632) | |
Net cash generated from financing activities | 824,743 | 392,597 | |
Net increase in cash and cash equivalents | 136,502 | 4,544 | |
Cash and cash equivalents at beginning of period | 43,487 | 38,943 | |
Cash and cash equivalents at end of period | 179,989 | 43,487 | |
Company statement of cash flows | |||
12 months to Dec 2012 | 9 months to Dec 2011 | ||
£ | £ | ||
Cash flows from operating activities | |||
Loss after taxation | (2,142,629) | (141,585) | |
Adjustments for: | |||
Depreciation and amortisation | 1,104 | 18,647 | |
Loss from discontinued operations | 1,778,518 | - | |
Extraordinary credit arising from CVA | (468,618) | - | |
Loss on disposal of investments | 57,638 | - | |
Interest expense | 7,711 | - | |
Decrease/(increase) in trade and other receivables | 14,578 | (2,354) | |
Increase in trade and other payables | 359,765 | 295,387 | |
Net cash used in operating activities | (391,933) | 170,095 | |
Cash flows from investing activities | |||
Purchase of investments | (198,000) | - | |
Disposal of investments | 161,965 | - | |
Advances to subsidiary undertakings | (217,408) | (694,020) | |
Net cash used in investing activities | (253,443) | (694,020) | |
Cash flows from financing activities | |||
Net proceeds from issue of share capital | 528,491 | 524,547 | |
Proceeds from issue of convertible loan notes | 300,000 | - | |
Finance costs | (3,748) | - | |
Net cash generated from financing activities | 824,743 | 524,547 | |
Net increase in cash and cash equivalents | 179,367 | 622 | |
Cash and cash equivalents at beginning of period | 622 | - | |
Cash and cash equivalents at end of period | 179,989 | 622 | |
HUG#1706808
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