TIDMGON
RNS Number : 4796P
Galleon Holdings PLC
02 October 2013
2 October 2013
Galleon Holdings plc
("Galleon" or the "Company" or the "Group")
Final Results
The board of Galleon announces its final results for the year
ended 30 September 2012.
CHAIRMAN'S STATEMENT
For the year ended 30 September 2012
The Company has undertaken a restructuring following the
approval by shareholders at the general meeting (GM) and creditors
at a creditors' meeting on 30 September 2013 of the Company
Voluntary Arrangement ('CVA'), the disposal of Phoenix Investment
Global Limited ('the Disposal') , the share capital reorganisation,
the issue of 3,906,250new Ordinary Shares to Q Holdings Limited
('the Placing'), the adoption of a new policy to invest
principally, but not exclusively, in the resources and energy
sectors ('the Investing Policy') and a waiver under Rule 9 of the
Takeover Code.
Details of these changes to the business of the Group are
included in note 6 of this announcement.
Financial Year ending September 2012
This financial year was a difficult one for the Group, with
delays in the delivery of new content impeding the planned progress
of our Digital operations in China. This has resulted in a loss of
GBP5.5m for the financial year leading to an increasing pressure on
cash. On 3 July 2013 the Company announced that it had filed a
Notice of Appointment of Administrators in the Royal Courts of
Justice in London and on 29 July 2013 the Directors filed a Notice
of Administrators Appointment in the High Court of Justice in
Northern Ireland.
Entertainment - Digital
We did not see the growth in our Digital revenues that was
expected due to delays in the launch of new games during the year.
Revenge of the Titans was the only exclusive game to launch in
China during the financial year. We did, however, expand our
footprint into new territories, including Taiwan, South Korea and
the United States. The development of new games content through
third party developers has presented a significant challenge in the
past financial year. The Directors revised their business model to
diversify the Group's revenue streams by using strategic partners
to exploit our own content as well as launching an increased number
of third party non exclusive games on our own portal. As a result
of this there was a greater focus on the exploitation of owned
content on third party platforms. This allowed greater penetration
in the games market whilst reducing overall marketing costs.
In January two new games were launched on Qzone, a leading
portal in China. The first of these is 'Happy Tank' which is a 3D
casual game. The second game to launch on Qzone, 'Chuangshenlu', is
a MMORPG game based on Greek mythology. Qzone is a leading social
networking portal in China owned by QQ (Tencent). The performance
of these games to date has not met our expectations on revenue.
Agreements were signed for Revenge of the Titans in South Korea,
Thailand, US and Turkey in addition to the game being available on
our portal in Taiwan. The game launched in Korea, the US and Turkey
but revenues again did not meet expectations.
As detailed in the circular to shareholders dated 6 September
2013, the Chinese operations are owned or controlled by Phoenix
Investment Global Limited which was sold to G3 Interactive Limited
for proceeds of GBP1 on 30 September 2013 to give shareholders in
Galleon an opportunity to potentially realise value from the
Digital Operations in China. Further details of this disposal are
included in note 6.
Product - Croco Worldwide
Croco continued to deliver innovation for some of the world's
largest FMCG companies. The business was restructured to focus on
both existing customers and new opportunities in the market whilst
diversifying its revenue streams into new areas, including
licensing revenues to not only provide a full service from concept
to manufacture but also to exploit individual services such as
innovation through design and technical know how.
Due to the high working capital requirements of this business
and failure to secure financing for new orders, on 12 July 2013
Croco Worldwide Limited filed a Notice of Appointment of
Administrators in the Royal Courts of Justice in London and has
since sold its assets to repay creditors in full.
On 16 September 2013 certain of the trade and assets of Croco
Worldwide Limited were sold for the forgiveness of debt totalling
GBP30,000.99 of which GBP17,724.99 relates to Croco Worldwide
Limited and GBP12,275 related to Croco Worldwide Asia Limited. The
trade and assets disposed consisted of goodwill, intellectual
property, the right to use the name and the equipment. Croco
Worldwide Asia was not disposed of as part of this transaction.
Loss of capital
Galleon Holdings plc's results show that the Company's net
assets are less than half its paid up share capital. This is
largely a result of the write off of the investment in Lushy Assets
Limited and Croco Worldwide Limited resulting in a decrease of
GBP3m in the assets of the business. In addition, a provision has
been made against the loan from Croco, for which there is an
outstanding balance of GBP700k at 30 September 2012. In these
circumstances the directors of the Company are obliged by Section
656 Companies Act 2006 to convene a general meeting for the purpose
of considering whether any, and if so what, steps should be taken
to deal with the Company's current financial position. We propose
to consider this matter at the Company's annual general
meeting.
Outlook
The Company going forward is now an investing company and we
will look to invest principally, but not exclusively, in the
resources and energy sectors. We will initially focus on projects
located in the emerging markets, particularly Central Asia and West
Africa.
Under the terms of the new Investing Policy the proposed
investments may be either quoted or unquoted securities made by
direct acquisitions; may be in companies, partnerships, joint
ventures or direct interests in projects and can be at any stage of
development.
The proceeds of the Placing will enable the Company to take
initial steps to implement this new strategy and it is likely that
the Company will undertake a further fundraising in the future to
provide additional working capital.
The Directors believe their collective experience together with
their extensive network of contacts in these sectors will assist
them in the identification, evaluation, and funding of suitable
investment opportunities. We look forward to providing you with
updates during the year.
Ashar Qureshi
Non Executive Director
Enquiries:
Galleon Holdings plc
Ashar Qureshi +44 20 7529 3737
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie / Avi Robinson +44 20 7148 7900
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2012
Year ended Year ended
30 September 30 September 2011
Note 2012
GBP'000 GBP'000
Revenue 9,247 10,887
Cost of sales (7,840) (9,814)
------------- ------------------
Gross profit 1,407 1,073
Administrative expenses (6,729) (3,908)
Administrative expenses
Depreciation and amortisation (392) (405)
Impairment of assets (3,817) (393)
Other administrative expenses (2,520) (3,110)
--------------------------------------------------------------------------- ------ ------------- ------------------
Loss from operations (5,322) (2,835)
Finance income 3 4
Finance costs (187) (53)
Loss before taxation (5,506) (2,884)
Taxation 3 (29) 336
Loss for the financial year (5,535) (2,548)
Non-controlling interest 322 119
Loss for the financial year attributable to the equity holders of the
Company (5,213) (2,429)
============= ==================
Other comprehensive income
Foreign exchange on foreign operations (100) 565
Total comprehensive expenditure for the period attributable to the equity holders of the
Company (5,313) (1,983)
========= ==========
Total comprehensive expenditure attributable to non-controlling interests (322) (119)
Total comprehensive expenditure (5,635) (2,057)
Loss per share attributable to the equity holders of the Company
- Basic 4 (311p) (145p)
========= ==========
- Diluted 4 (311p) (145p)
========= ==========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the year ended 30 September 2012
30 September 30 September 2011
Note 2012
GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment - 374
Goodwill - 3,079
Intangible assets 17 131
------------ -----------------
17 3,584
============ =================
Current assets
Inventories 486 797
Trade and other receivables 1,500 3,270
Cash and cash equivalents 322 665
2,308 4,732
------------ -----------------
Total assets 2,325 8,316
============ =================
LIABILITIES
Current liabilities
Trade and other payables 1,891 2,089
Borrowings 700 950
Corporation tax 166 98
------------ -----------------
2,757 3,137
------------ -----------------
Total liabilities 2,757 3,137
============ =================
EQUITY
Share capital 5 1,674 1,674
Reserves (1,665) 3,624
------------ -----------------
Equity interests attributable to equity holders of the company 9 5,298
Non-controlling interests in equity (441) (119)
------------ -----------------
Total Equity (432) 5,179
Total Equity and total liabilities 2,325 8,316
.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 September 2012
Year ended Year ended
Note 30 September 30 September 2011
2012
GBP'000 GBP'000
Operating activities
Loss for the year (5,535) (2,548)
Taxation 29 (336)
Finance costs 184 49
Loss on sale of property, plant and equipment 24 26
Depreciation of property, plant and equipment 159 184
Impairment of property, plant and equipment 256
Impairment of goodwill 3,017 -
Impairment of intangible assets 545 393
Amortisation of intangible assets 232 221
Debtors written off - 37
Decrease/(increase) in inventories 293 (229)
Decrease/(increase) in trade and other receivables 1,720 (310)
(Decrease)/ increase in trade and other payables (156) 71
Share based payments 24 (175)
------------- ------------------
792 (2,617)
Taxation paid (14) (8)
Interest (paid) (187) (49)
Net cash inflow/(outflow) from operating activities 591 (2,674)
------------- ------------------
Investing activities
Purchase of property, plant and equipment (80) (312)
Purchase of intangible assets (676) (220)
Proceeds from sale of plant, property and equipment 6 -
------------- ------------------
Net cash outflow from investing activities (750) (532)
------------- ------------------
Financing activities
Receipts from borrowings 700 950
Repayment of loan (950) -
------ --------
Net cash (outflow)/inflow from financing activities (250) 950
------ --------
Movement in cash and cash equivalents (409) (2,256)
------ --------
Cash and cash equivalents brought forward 665 2,850
Exchange differences on cash and cash equivalents 66 71
------ --------
Cash and cash equivalents carried forward 322 665
====== ========
consolidated statement of changes in equity
For the year ended 30 September 2012
Total
attributable
Capital Foreign to owners Non-controlling
Share Share redemption Other exchange *Retained of the interest Total
capital premium reserve reserves reserve earnings Company Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October
2010 1,674 26,269 9,601 210 1,924 (32,340) 7,338 - 7,338
Share based payments - - - - - (176) (176) (176)
-------- ------- ----------- --------- --------- --------- ------------ ---------------- -------
Transactions
with owners - - - - - (176) (176) (176)
Loss for the
year - - - - - (2,429) (2,429) (119) (2,548)
Foreign exchange - - - - 565 - 565 - 565
Total comprehensive
income/(expenditure)
for the year - - - - 565 (2,605) (2,040) (119) (2,159)
At 30 September
2011 1,674 26,269 9,601 210 2,489 (34,945) 5,298 (119) 5,179
Share based payments - - - - - 24 24 - 24
Transactions
with owners - - - - - 24 24 - 24
Loss for the
year - - - - - (5,213) (5,213) (322) (5,535)
Foreign exchange - - - - (100) - (100) - (100)
Total comprehensive
expenditure for
the year - - - - (100) (5,213) (5,313) (322) (5,635)
At 30 September
2012 1,674 26,269 9,601 210 2,389 (40,134) 9 (441) (432)
======== ======= =========== ========= ========= ========= ============ ================ =======
*Retained earnings include a share based payment reserve of
GBP380,000 at 30 September 2012 (2011: GBP356,000).
1 Basis Of PrepARATION
The Group financial statements have been prepared under the
historical cost convention and in accordance with International
Financial Reporting Standards as adopted by the European Union
(IFRS).The Company's shares are listed on the AIM market of the
London Stock Exchange.
The principal accounting policies of the Group, which have been
applied consistently, are set out in the annual report and
financial statements.
2 SEGmental analysis
An operating segment is a distinguishable component of the group
that engages in business activities from which it may earn revenues
and incur expenses, whose operating results are regularly reviewed
by the group's chief operating decision maker to make decisions
about the allocation of resources and assessment of performance and
about which discrete financial information is available.
Entertain-ment Entertain-ment
Year ended Digital Other Unalloc-ated
30 September 2012 Product Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
From external
customers 3,094 6,062 91 - - 9,247
From other segments 162 - 380 - (542) -
Segment revenues 3,256 6,062 471 - (542) 9,247
(Loss) before
taxation (723) (4,497) 100 (386) - (5,506)
=========== ================ ================ ================ ============== =========
Year ended Entertain-ment Entertain-ment
30 September 2011 Product Digital Other Unallocated Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
From external
customers 3,221 7,600 66 - - 10,887
From other segments 6 - 189 - (195) -
Segment revenues 3,227 7,600 255 - (195) 10,887
(Loss) before
taxation (275) (1,360) (730) (519) - (2,884)
=========== ================ ================ ================ ============== =========
As at 30 September Entertainment Entertainment
2012 Product Digital Other Unallocated Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets 386 1,227 712 - - 2,325
Liabilities (771) (1,545) (441) - - (2,757)
Net (Liabilities)/Assets (385) (318) 271 - - (432)
=========== ================ ================ ================ ============== =========
As at 30 September Entertain-ment Entertain-ment Unalloc-ated
2011 Product Digital Other Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets 1,850 4,618 1,848 - - 8,316
Liabilities (1,218) (739) (1,180) - - (3,137)
Net Assets 632 3,879 668 - - 5,179
=========== ================ ================ ============== ============= =========
As at 30 September Entertainment Entertainment
2012 Product Digital Other Unallocated Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Capital expenditure 1 748 7 - - 756
Amortisation/depreciation/
impairment 7 374 12 - - 393
=========== ================ ================ ============== ============= =========
As at 30 September Entertainment Entertainment
2011 Product Digital Other Unallocated Eliminated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Capital expenditure 7 473 57 - - 537
Amortisation/depreciation/
impairment 31 2,829 114 - - 2,974
=========== ================ ================ ============== ============= =========
The Group's revenue from external customers and its geographic
allocation of non-current assets may be summarised as follows:
-- Revenues have been allocated by reference to the customer's
geographical location. Assets are allocated based on their physical
location.
-- The impairment of goodwill of GBP3,017k includes GBP2,639k
which relates to the entertainment digital segment and GBP378k
which relates to the Product segment.
Product includes all results from the sale of promotional toys.
Entertainment digital includes results from the online games and
mobile operations.
30 September 2012 30 September 2011
Non-current Non-current
Revenues assets Revenues assets
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom (country of domicile) 91 17 32 451
China 5,637 - 7,600 3,132
Rest of World 3,519 - 3,255 1
Total 9,247 17 10,887 3,584
========= =========== ========= ===========
The Group's largest three customers contributed GBP2,898,000
(31%), GBP1,807,000 (20%) and GBP1,207,000 (13%) respectively to
the Group's revenue (2011: the Group's largest four customers
contributed GBP2,549,000 (23%), GBP2,140,000 (20%), GBP2,066,000
(19%) and GBP1,229,000 (11%) respectively to Group revenue). No
other customers contributed more than 10%. Revenue from the first
largest customer is reported within the Product segment,
representing 99% of revenue in this segment. Revenue from the
second and third largest customers are reported within the
Entertainment Digital segment representing 50% of revenue in this
segment.
3 Taxation
2012 2011
GBP'000 GBP'000
United Kingdom corporation tax at 25% (2011: - -
27%)
Adjustment in respect of prior year 9 2
Overseas taxation 20 (338)
Total current taxation 29 (336)
Deferred taxation
Origination of temporary differences - -
Adjustments in respect of prior years - -
Taxation charge/ (credit) for the year 29 (336)
======= =======
The tax assessed for the year differs from the standard rate of
Corporation Tax in the UK as explained below:
2012 2011
GBP'000 GBP'000
(Loss) / Profit before tax (5,506) (2,884)
-------- --------
(Loss) / Profit before tax multiplied by standard
rate of Corporation Tax in the
UK of 25% (2011: 27%) (1,486) (779)
Effect of:
Expenses not deductible for tax purposes (2,364) (45)
Movement in unrecognised deferred tax assets
(loss recognition) 815 361
Accelerated capital allowances - 3
Adjustment in respect of prior years 9 2
Differences between UK and overseas tax rates 402 41
Overseas losses not recognised 2,653 81
Tax charge/ (credit) for the year 29 (336)
======== ========
Unrelieved tax losses of approximately GBP11,071,276 (2011:
GBP10,714,000) remain available to offset against allowable future
taxable trading profits. The unprovided deferred tax asset at 30
September 2012 is GBP4,965,000 (2011: GBP3,187,000) which has not
been provided on the grounds that it is uncertain when or in what
tax jurisdiction taxable profits will be generated by the Group to
utilise these losses.
4 Loss per share
In line with accounting standards the weighted average number of
shares used in the calculation of the loss per share for the year
ended 30 September 2012 and 30 September 2011 has been adjusted to
reflect the share reorganisation on 30 September 2013.
Basic and diluted loss per share have been calculated in
accordance with IAS 33, which requires that earnings should be
based on the net profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary shares in
issue during the period.
The calculation of diluted earnings per share is based on the
basic loss per share, adjusted to allow for the issue of shares on
the assumed conversion of all dilutive options.
The calculation of the basic loss per share is shown below.
2012 2011
GBP'000 GBP'000
Loss after tax attributable to ordinary equity
holders of the parent (5,213) (2,429)
-------- --------
Weighted average number of shares (No in 000's) 1,674 1,674
-------- --------
Loss per share (in pence) (311p) (145p)
The diluted loss per share is 310p (2011: 145p) as all potential
ordinary shares are anti-dilutive for the period.
5 share capital
2012 2011
GBP'000 GBP'000
Authorised
275,000,000 (2011: 275,000,000) Ordinary shares
of 1p each 2,750 2,750
========= ========
Allotted, called up and fully paid
167,426,002 (2011: 167,426,002) Ordinary shares
of 1p each 1,674 1,674
========= ========
Since the year end the Company has undertaken a share capital
reorganisation.
The Company's ordinary shares were consolidated on the basis
that every 100 existing ordinary shares has become 1 consolidated
share. Each consolidated share was subdivided into one new ordinary
share of GBP0.05 each and one deferred share of GBP0.95 each. The
new ordinary shares carry the same rights as the existing ordinary
shares. The deferred shares will not entitle the holder thereof to
receive notice of or attend and vote at any general meeting of the
Company or to receive a dividend or other distribution or to
participate in any return on capital on a winding up other than the
nominal amount paid on such shares following a substantial
distribution to holders of ordinary shares in the Company. The
Company has the right to purchase all of the issued deferred shares
from all Shareholders for an aggregate consideration of GBP0.01. As
such, the deferred shares effectively have negligible value and
will not be admitted to trading on AIM. Share certificates will not
be issued in respect of the deferred shares.
6 POST BALANCE SHEET EVENTS
On 31 January 2013 the Company agreed a new facility with
Medical Consultant Management Limited ("MCM"). The terms of this
facility were such that it was secured on customer contracts with
Croco Worldwide (Asia) Limited totaling US$1.2m. The maximum amount
drawn down on the loan facility was GBP500,000 and could not exceed
the amount outstanding on the customer contract on which it was
secured at any time. The facility was for a term expiring on 15
January 2014 and an interest rate of 2% was calculated on the
outstanding balance each month on a pro rata basis and was payable
monthly. Imagination Holdings Limited has a 12.8% interest in the
issued share capital of the Company and is a charitable trust
registered in the Isle of Man. David Wong is a director of the
Company and Imagination Holdings Limited and his family are the
beneficiaries of MCM, which is a trust. Pritesh Desai is a director
of the Company and Imagination Holdings Limited. The new loan
facility agreement was therefore a related party transaction as
defined in Rule 13 of the AIM Rules for Companies and was announced
on 1 February 2013.
On 22 March 2013, the Directors requested the temporary
suspension of the Company's shares from trading on AIM as it was
not able to publish its accounts within the requisite timescales
required under the AIM rules.
On 5 June 2013, the Directors made the decision to file a Notice
of Intention to Appoint an Administrator. A second Notice to
Appoint an Administrator was filed on 19 June 2013. On 3 July 2013,
the Directors filed a Notice of Appointment of Administrators at
the Royal Courts of Justice, London. On 29 July 2013 the Directors
filed a Notice of Appointment of Administrators in the High Court
of Justice in Northern Ireland (case number 12466 of 2013), with a
view to calling a meeting of the creditors and a meeting of the
shareholders for the purpose of considering and voting on a
proposal for a CVA.
On 12 July 2013, the directors of Croco Worldwide Limited filed
a Notice of Intention to Appoint an Administrator and a Notice of
Appointment at the Royal Courts of Justice, London
On 6 September 2013, the Company issued a circular to
shareholders along with the Administrator's proposals and CVA
proposals.
On 30 September 2013, at a creditors' meeting and shareholders'
general meeting, all resolutions (details of which are set out
below) were approved by creditors and shareholders
respectively.
CVA
As described in the Chairman's statement a number of factors
contributed to the background to the CVA which has allowed the
Company to avoid liquidation and to remain in existence.
Medical Consultant and Management Limited's (MCM) potential
claim in the CVA was GBP340,600. However, in order to make it
possible for all known creditors to be paid in full MCM agreed to
cap any potential claim against the Company to a maximum of
GBP50,000 and transfer the balance of the outstanding monies owed
to Croco Worldwide (Asia) Limited where it would seek to recover
such monies. Under the terms of the CVA the assets of the Company
will be realised by the Proposed Supervisors if not already done so
by the Administrators, including subsidiary companies.
Croco Worldwide (Asia) Limited expects to be in a position to
repay the MCM loan in full on receipt of outstanding income in
respect of certain licensing agreements.
Share Capital Reorganisation
The Share Capital Reorganisation comprised:
Consolidation - the Company's ordinary shares of GBP0.01 each
were consolidated into consolidated shares on the basis that every
100 existing ordinary shares became 1 consolidated share.
Subdivision - each of the resulting consolidated shares was then
subdivided into one new ordinary share of GBP0.05 each and one
Deferred Share of GBP0.95 each.
As part of the Share Capital Reorganisation, the existing
options have been cancelled.
Disposals
The Company's wholly owned subsidiary, Phoenix Investment Global
Limited ("Phoenix") which owns or controls the Chinese operations
was sold to a newly created Private Company, G3 Interactive Limited
for a total consideration of GBP1.00. The beneficial ownership of
the new private company will mirror that of Galleon Holdings plc
immediately prior to the Share Capital Reorganisation.
As discussed in the Chairman's statement the declining
performance of the Chinese operations contributed to the decision
to dispose of this business. The disposal will allow shareholders
to benefit from any future value in this business going forward.
The disposal includes all of the Group's operations in China and
the results of these entities are included within the Entertainment
Digital reporting segment.
G3 Interactive Limited has been set up such that Hayden Eastwood
(a former director of Galleon Holdings plc) will hold, in trust the
entire issued shareholding of G3 Interactive Limited for the
benefit of the Company's Shareholders. Each shareholder will,
therefore, be the beneficial owner of such number of shares in G3
Interactive Limited as represented by their proportional
shareholding in the Company prior to the Share Capital
Reorganisation. This ensures that the shareholders retain the
rights to benefit from ownership of the Chinese Operations.
It is expected that as soon as is reasonably practicable the
shares in G3 Interactive Limited will be allocated to the
shareholders in such proportions as are identical to each
shareholder's shareholding in the Company.
Croco Worldwide Limited, the Group's UK subsidiary, was put into
administration on 12 July 2013. On 16 September 2013 certain of the
trade and assets of Croco Worldwide were sold for the forgiveness
of debt totalling GBP30,000.99 of which GBP17,724.99 relates to
Croco Worldwide Limited and GBP12,275 related to Croco Worldwide
Asia Limited. The trade and assets disposed consisted of goodwill,
intellectual property, the right to use the name and the equipment.
Croco Worldwide Asia was not disposed of as part of this
transaction.
As noted in the Chairman's Statement the inability to secure
additional funding for future orders has contributed to the
decision to put the Croco Worldwide Limited business into
administration and to subsequently sell the trade and assets. The
results for Croco Worldwide Limited are included within the product
segment.
Placing
The Company raised GBP350,000 through a subscription of
3,906,250 New Ordinary Shares by Q Holdings Limited at a price of
GBP0.0896 per share representing approximately 70% of the enlarged
share capital. The proceeds of the Placing will be used to fund
approximately GBP180,000 payment due to creditors per the CVA and
the balance will provide the Company with working capital to enable
it to take initial steps to implement its Investing Policy
Investing Policy
Following the Disposal the Company has adopted a new Investing
Policy to invest principally, but not exclusively, in the resources
and energy sectors. The Company will initially focus on projects
located in emerging markets, particularly Central Asia and West
Africa, but will also consider investments in other geographical
regions. The Investing Policy is set out in full on the Company's
website at www.galleonplc.com.
Takoever Code
Approval was given to a waiver under rule 9 of the Takeover
Code
New Directors
Ashar Qureshi and Hamish Harris were appointed to the board and
all existing Directors resigned.
7 PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this announcement does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006.
The consolidated statement of financial position at 30 September
2012 and the consolidated statement of comprehensive income,
consolidated statement of changes in equity, consolidated statement
of cash flows and associated notes for the year then ended have
been extracted from the Group's 2012 statutory financial statements
upon which the auditor's opinion is unqualified and does not
include any statement under Section 498 of the Companies Act
2006.
8 PUBLICATION OF ANNUAL REPORT AND NOTICE OF AGM
The annual report and accounts for the year ended 30 September
2012 have been posted to shareholders today and will be laid before
the Company at the Annual General Meeting (AGM) which will take
place at 10:00 a.m. on 25 October 2013 at the office of Hanson
Asset Management Limited, 8th Floor, 1 Grosvenor Place, London,
SW1X 7JH. Copies of the annual report and notice of AGM are
available on the Company's website at www.galleonplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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