TIDMMENA
RNS Number : 2497O
MENA Land PLC
01 October 2019
MENA Land PLC
(the "Company")
Half-yearly report for the six months ended 30 June 2019
The Company is pleased to announce its unaudited condensed
interim financial statements for the six months ended 30 June
2019.
Electronic copies of the report will be available at the
Company's website http://www.mena-land.com
Enquiries:
MENA Land PLC
John-Paul Etheridge +971 (0)50 454 2608 /
jp.etheridge@mena-land.com
Director's Statement
I am pleased to report the condensed interim financial
statements of MENA Land PLC (the "Company") for the six months
ended 30 June 2019.
The Company was formed for the purpose of making acquisitions in
the real estate sector in the United Arab Emirates, and our
long-term strategy remains steadfast, which we aim to achieve
by:
-- acquiring high-quality income generating assets ensuring
flexibility to cope with technological advances and environmental
sustainability;
-- building a real estate practice aimed at delivering
diversification and superior risk-adjusted returns by identifying
attractive opportunities on a highly selective basis; and
-- maintaining capital discipline to create value, with a strong
and healthy balance sheet and extensive reach to access capital
markets.
Financial headlines
In the six months ended 30 June 2019:
-- On 11 April 2019 the Company completed its initial public
offering with admission to the Standard Listing segment of the
Official List and to trading on the main market for listed
securities of the London Stock Exchange.
-- On 24 June 2019 the Company entered into an agreement with
Blue Rock Investments LLC ("Blue Rock") for a GBP100,000 loan
facility ("the Facility") for a period of five years with an
interest coupon of 5% per annum.
-- Total loss for the period was GBP120,665.
-- Net assets at 30 June 2019 were GBP665,673.
Outlook
The Company continues to make steady progress with efforts
towards identifying suitable assets for acquisition and is well
positioned to move quickly once these quality assets are
identified. At 30 June 2019 the Company had net assets of
GBP665,673 (as a result of gross proceeds from the issue of equity
in April 2019) to be put towards costs to be incurred in connection
with seeking to identify and effect an acquisition(s). The costs of
such acquisition(s) will likely comprise legal, financial and tax
due diligence.
Cautionary statement about forward looking statements
All statements other than historical facts are forward-looking
statements and the Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
There are a number of potential risks and uncertainties which
may have material impact on the Company's performance over the
remaining six months of the financial year and could cause actual
results to differ materially from expected and historical results.
The directors do not consider that there are any changes to the
principal risks and uncertainties since the publication of the
prospectus in connection with admission to the Standard Listing
segment of the Official List and to trading on the London Stock
Exchange's main market for listed securities, which contained a
detailed explanation of the risks relevant to the Company, and
which is available on the Company's website at
www.mena-land.com.
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).
The directors confirm that, to the best of their knowledge, this
condensed consolidated interim financial statements have been
prepared in accordance with IAS 34, as adopted by the European
Union. The interim management 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 Admission document.
John-Paul Etheridge
Director
30 September 2019
Condensed Interim Statement of Comprehensive Income
Six months
ended
30 June
2018
(unaudited)
Note GBP
--------------
Revenue -
Cost of sales -
--------------
Gross profit -
Listing costs 3 32,769
Operating costs 85,989
--------------
Operating loss 118,758
--------------
Finance cost 1,907
--------------
Loss before tax 120,665
Tax -
--------------
Loss after tax 120,665
==============
Total comprehensive loss for the
period attributable to equity
holders 120,665
Earnings per share
Basic and diluted loss per share
(GBP) 4 0.845
Condensed Interim Statement of Financial Position
At 30 June At 31 December
2018
2019 (unaudited)
(unaudited)
Note GBP GBP
-------------- ---------------
Current assets
Cash and cash equivalents 772,218 100
Trade and other receivables 6,738 -
--------------
778,956 100
-------------- ---------------
Current liabilities
Trade and other payables 113,283 -
113,283 -
-------------- ---------------
Net current assets/(liabilities) 665,673 -
-------------- ---------------
Net assets/(liabilities) 665,673 100
============== ===============
Equity attributable to owners
Stated capital 3 786,338 100
Accumulated loss (120,665) -
-------------- ---------------
Total equity 665,673 100
============== ===============
Condensed Interim Statement of Changes in Equity
Stated capital Accumulated Total
loss
GBP GBP GBP
---------------- ------------ ----------
On incorporation (3 August
2018) 100 - 100
Result for the period - - -
---------------- ------------ ----------
Total comprehensive loss - - -
---------------- ------------ ----------
Balance at 31 December 2018 100 - 100
Loss for the year - (120,665) (120,665)
Total comprehensive loss - (120,665) (120,665)
Transactions with owners
Shares issued on IPO (note
3) 999,900 - 999.900
IPO listing costs (note
3) (213,662) - (213,662)
Balance at 30 June 2019
(unaudited) 786,338 (120,665) 665,673
---------------- ------------ ----------
The above condensed interim financial statements should be read
in conjunction with the accompanying notes below.
As the Company was incorporated on 3 August 2018 no comparative
figures are available.
Notes to the Condensed Interim Financial Statements
1. General Information
The Company was incorporated in England and Wales on 3 August
2018 as a public company limited by shares under the Companies Act
2006 and registered number 11499183. The registered office of the
Company is at 89 Leigh Road, Eastleigh, SO50 9DQ, and the nature of
operations is to act as a special purpose acquisition company.
2. Accounting policies
(a) Basis of preparation
The condensed interim financial statements of the Company for
the half-year reporting period ended 30 June 2019 have been
prepared in accordance with the Disclosure Guidance and
Transparency rules of the Financial Conduct Authority and
Accounting Standard IAS 34 "Interim Financial Reporting" as adopted
by the EU.
The condensed interim financial statements of the Company are
unaudited and do not constitute statutory financial statements.
The condensed interim financial statements of the Company are
presented in British Pound Sterling ("GBP").
(b) Comparative figures
Comparative figures have been presented for the period from
incorporation, 3 August 2018 to 31 December 2018.
The condensed interim financial statements of the Company cover
the six months ended 30 June 2019.
(c) Cash and cash equivalents
The Company considers any cash on short-term deposits and other
short-term investments to be cash equivalents.
(d) Going concern
The condensed interim financial statements have been prepared on
a going concern basis, which assumes that the Company will continue
to be able to meet its liabilities as they fall due for the
foreseeable future.
3. Stated capital
Number of GBP
shares
---------- ----------
Issue and fully paid:
On incorporation 100 100
---------- ----------
At 31 December 2018 100 100
---------- ----------
Shares issued on 11 April 2019 999,900 999,900
IPO related costs - (213,662)
---------- ----------
At 30 June 2019 1,000,000 786,338
---------- ----------
The Company was incorporated on 3 August 2018 with 100 shares at
GBP1 par value for a total stated capital of GBP1.
On 11 April 2019 the Company completed its initial public
offering ("IPO") with the admission to the Official List of
1,000,000 Ordinary Shares for gross proceeds of GBP999,900 (by way
of a Standard Listing under Chapter 14 of the Listing Rules) and to
trading on the London Stock Exchange's main market for listed
securities.
Listing costs
The total listing costs incurred were GBP246,430 in the 11 April
2019 IPO, of which: GBP32,768 was expensed in the period ended 30
June 2019 and GBP213,662 was charged to Stated Capital.
4. Earnings per share
The calculation for earnings per share (basic and diluted) for
the relevant period is based on the profit after income tax
attributable to the equity holder for the six months ended 30 June
2019 and is as follows:
Six months
ended 30
June 2019
(unaudited)
GBP
Loss for the year 120,665
Weighted number of ordinary shares 142,871
Loss per ordinary share - basic and diluted 0.845
--------------
Basic loss per share is based on the weighted average number of
ordinary shares in issue during the period. Diluted loss per share
would assume conversion of all potentially dilutive share options.
There are currently no dilutive potential ordinary shares.
5. Related party disclosures
Key management
The directors are considered to be the key management personnel.
Details concerning the Directors remuneration is as follows:
Six months
ended
30 June
2019
(unaudited)
GBP
--------------
Director fees for the period 38,557
--------------
Blue Rock Investments LLC - GBP100,000 loan facility,
unsecured
As announced on 24 June 2019, the Company signed a loan facility
agreement with Blue Rock for a principal amount of GBP100,000 for a
period of five years with an interest coupon of 5% per annum.
Khalifa Hasan Ali Saleh Al Hammadi, who owns 100% of the issued
share capital of ME Land Company PLC, which in turn owns 70% of the
issued share capital of the Company, owns 50% of the issued share
capital of Blue Rock. As a result, the Company entering into the
Facility constitutes a material related party transaction under
clause 7.3.8 of the Disclosure and Transparency Rules.
6. Subsequent events
There are no subsequent events requiring disclosure in the
condensed interim financial statements of the Company.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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October 01, 2019 02:00 ET (06:00 GMT)
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