TIDMILA
RNS Number : 3909X
Ila Group Limited
06 December 2010
ILA GROUP LIMITED
("Ila" or "the Company")
PRELIMINARY RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2010
CHAIRMAN'S STATEMENT
The six months to 30 June 2010 has been a period of tremendous change and
development for Ila Security Ltd, which started trading in 2008. It was
acquired by Baylon Holdings by way of a reverse acquisition on 5 March 2010.
Following this transaction, the accounting reference date was changed to 30
June, meaning these accounts cover a six month period for the Company.
Ila manufactures and markets branded personal security alarms and devices
designed with Ila's own look and feel to appeal to women, which is a key part of
the brand. The first product was the Dusk, a personal alarm emitting a 130dB
female scream designed to shock and disorientate an attacker.
During the first half of 2010 Ila developed 5 new products, entered new markets,
gained new customers, raised new funds for expansion and appointed new
directors. This flurry of activity means that the Company is now almost
unrecognisable from where it was at the start of year, a transformation we are
very proud of, and which puts the Company in excellent shape for the future.
The new products developed in 2010 include;
- the Wedge: a door wedge which triggers a loud siren when breached, and helps
to keep the door from opening. It can be used in homes, hotel rooms, student
accommodation and businesses.
- the Sport: a pedometer with built-in alarm, which gives data distance
travelled and calories burnt. It is designed for early morning and late night
walkers and joggers.
- theHook: a fold out mechanical hook which protects handbags by suspending them
from a table. This lifts the bag from the floor, keeping it close and in sight,
helping to keep it clean and prevent it from being stolen.
-the Pebble: a key ring personal alarm designed to look good and be with the
user at all times. It emits a high pitched alarm when activated to shock and
draw attention to any potential attacker.
-the Wordlock: which is a travel padlock that uses combinations of letters to
make words rather number sequences as your code for unlocking this attractive
device.
The range of products can be retailed from unique branded display units, which
have great presence and impact within a store, effectively getting across Ila's
'safety with style' message to the consumer.
Between the re-admission of the Company to AIM on 5th March 2010 and the end of
June, the Company was pleased to announce the appointment of Sir Richard
Greenbury as a non-executive Director to the board, as well as announcing deals
with Shoppers Drug Mart in Canada, a number of UK high street retailers and QVC
the UK's premier television sales network.
Since that time the Company has continued trading strongly with further orders
from API in New Zealand, Chapters Indigo in Canada and M&S in the UK. The
Company also has sales stands at most House of Fraser stores stocking its full
range of products. Ila products are now selling in 15 different countries around
the world and Ila is growing this number all the time through both retailers
direct to the high street and a growing number of distributors.
The Company is exploring all possible routes to expand both its product lines
and brands to ensure that its now significant sales and distribution network can
be utilized to its fullest extent.
Financial performance
Revenue for the six months to 30 June 2010 was GBP136,105 (18 months to 31
December 2009 was GBP539,071) and the total loss for the period before
exceptional items was GBP598,752 (18 months to 31 December 2009: GBP247,205).
Current trading and prospects
Post the period end, trading has been very encouraging, including new sales
announced with Chapters Indigo in North America, and House of Fraser and Marks
and Spencer in the UK. The Marks and Spencer re-order, was particularly pleasing
given they were Ila's original customer in 2008 and they continue to enjoy great
success with our products.
Other orders have been received from API, an Australian pharmacy group, and a
leading French supermarket.
Revenues are significantly ahead of prior periods, both within the UK and
overseas. The pipeline of potential demand from around the world is tremendously
encouraging and we anticipate significant growth for the rest of the financial
year. A number of new products are also at various stages of development.
The Company will continue to aggressively target organic growth by increasing
sales and expanding its product range, and will also consider growth by
acquisition. Those companies considered will have products, routes to market and
production capabilities that fit into Ila's growing network and portfolio.
Overall, Ila has made remarkable progress in a short space of time, and I look
forward to reporting further progress in due course.
Simon McGivern
3 December 2010
CONSOLIDATED INCOME STATEMENT
+-----------------------------+-----+--------------+-------------+
| | | 6 months to | 18 months |
| | | 30 June | to |
| | | | 31 December |
+-----------------------------+-----+--------------+-------------+
| | | 2010 | 2009 |
+-----------------------------+-----+--------------+-------------+
| | | | as restated |
+-----------------------------+-----+--------------+-------------+
| | | GBP | GBP |
+-----------------------------+-----+--------------+-------------+
| Revenue | | 136,105 | 539,071 |
+-----------------------------+-----+--------------+-------------+
| Cost of sales | | (87,094) | (339,713) |
+-----------------------------+-----+--------------+-------------+
| Gross profit | | 49,011 | 199,358 |
+-----------------------------+-----+--------------+-------------+
| Administrative expenses | | (647,763) | (443,437) |
+-----------------------------+-----+--------------+-------------+
| Exceptional administrative | | (280,938) | |
| expense | | | |
+-----------------------------+-----+--------------+-------------+
| Operating loss | | (879,690) | (244,079) |
+-----------------------------+-----+--------------+-------------+
| Finance costs | | (1,333) | (3,126) |
+-----------------------------+-----+--------------+-------------+
| Interest income | | 40 | - |
+-----------------------------+-----+--------------+-------------+
| Loss before tax | | (880,983) | (247,205) |
+-----------------------------+-----+--------------+-------------+
| Deferred tax | | 123,617 | - |
+-----------------------------+-----+--------------+-------------+
| Loss for the period | | (757,366) | (247,205) |
+-----------------------------+-----+--------------+-------------+
| Loss per share | | | |
+-----------------------------+-----+--------------+-------------+
| Basic and diluted loss per | | (0.0014) | (0.0005) |
| ordinary share | | | |
+-----------------------------+-----+--------------+-------------+
CONSOLIDATED BALANCE SHEET
+----------------------+----------------+--------------+------------+
| | | 30 June | 31 |
| | | | December |
+----------------------+----------------+--------------+------------+
| | | 2010 | 2009 |
+----------------------+----------------+--------------+------------+
| | | | as |
| | | | restated |
+----------------------+----------------+--------------+------------+
| Assets | | GBP | GBP |
+----------------------+----------------+--------------+------------+
| Non-current assets | | | |
+----------------------+----------------+--------------+------------+
| Deferred tax assets | | 123,617 | - |
+----------------------+----------------+--------------+------------+
| Current assets | | | |
+----------------------+----------------+--------------+------------+
| Inventories | | 60,922 | 16,193 |
+----------------------+----------------+--------------+------------+
| Trade and other | | 295,764 | 128,183 |
| receivables | | | |
+----------------------+----------------+--------------+------------+
| Cash and cash | | 163,958 | 256,427 |
| equivalents | | | |
+----------------------+----------------+--------------+------------+
| | | 520,644 | 400,803 |
+----------------------+----------------+--------------+------------+
| Total assets | | 644,261 | 400,803 |
+----------------------+----------------+--------------+------------+
| Equity and | | | |
| liabilities | | | |
+----------------------+----------------+--------------+------------+
| Issued capital and | | | |
| reserves | | | |
+----------------------+----------------+--------------+------------+
| Stated capital | | 13,480,954 | 1,189 |
+----------------------+----------------+--------------+------------+
| Share premium | | - | 273,823 |
+----------------------+----------------+--------------+------------+
| Contingent | | 972,725 | - |
| consideration | | | |
| reserve | | | |
+----------------------+----------------+--------------+------------+
| Share based payment | | 102,148 | 84,598 |
| reserve | | | |
+----------------------+----------------+--------------+------------+
| Reverse acquisition | | (13,221,177) | - |
| reserve | | | |
+----------------------+----------------+--------------+------------+
| Retained earnings | | (1,004,571) | (247,205) |
+----------------------+----------------+--------------+------------+
| Total equity | | 330,079 | 112,405 |
+----------------------+----------------+--------------+------------+
| Non-current | | | |
| liabilities | | | |
+----------------------+----------------+--------------+------------+
| Interest bearing | | 98,456 | 113,686 |
| borrowings | | | |
+----------------------+----------------+--------------+------------+
| Current liabilities | | | |
+----------------------+----------------+--------------+------------+
| Trade and other | | 184,727 | 143,713 |
| payables | | | |
+----------------------+----------------+--------------+------------+
| Interest bearing | | 30,999 | 30,999 |
| borrowings | | | |
+----------------------+----------------+--------------+------------+
| | | 215,726 | 174,712 |
+----------------------+----------------+--------------+------------+
| Total equity and | | 644,261 | 400,803 |
| liabilities | | | |
+----------------------+----------------+--------------+------------+
GROUP CASH FLOW STATEMENT
+--------------------------------+--------+-----------+-----------+
| | | 6 months | 18 months |
| | | to 30 | to |
| | | June | December |
+--------------------------------+--------+-----------+-----------+
| | | 2010 | 2009 |
+--------------------------------+--------+-----------+-----------+
| | | | as |
| | | | restated |
+--------------------------------+--------+-----------+-----------+
| | | GBP | GBP |
+--------------------------------+--------+-----------+-----------+
| Cash inflow from operating | | | |
| activities | | | |
+--------------------------------+--------+-----------+-----------+
| Net loss for the period | | (880,983) | (247,205) |
+--------------------------------+--------+-----------+-----------+
| | | | |
+--------------------------------+--------+-----------+-----------+
| Non-cash movements | | | |
+--------------------------------+--------+-----------+-----------+
| Goodwill written off | | 30,990 | - |
+--------------------------------+--------+-----------+-----------+
| Shares issued in lieu of | | 35,795 | - |
| payment in respect of | | | |
| professional costs | | | |
+--------------------------------+--------+-----------+-----------+
| Share based payments | | 17,550 | 84,598 |
+--------------------------------+--------+-----------+-----------+
| Increase in working capital | | | |
+--------------------------------+--------+-----------+-----------+
| Increase in inventories | | (44,729) | (16,193) |
+--------------------------------+--------+-----------+-----------+
| Decrease/(Increase) in trade and other | 68,998 | (128,183) |
| receivables | | |
+-----------------------------------------+-----------+-----------+
| Increase in trade and other | | 18,167 | 130,513 |
| payables | | | |
+--------------------------------+--------+-----------+-----------+
| Increase in accruals | | 4,963 | 13,200 |
+--------------------------------+--------+-----------+-----------+
| Net cash outflow from | | (749,249) | (163,270) |
| operating activities | | | |
+--------------------------------+--------+-----------+-----------+
| | | | |
+--------------------------------+--------+-----------+-----------+
| Cash flows from investing | |
| activities | |
+--------------------------------+--------------------------------+
| Cash acquired with acquired | | 672,010 | - |
| entities | | | |
+--------------------------------+--------+-----------+-----------+
| Net cash inflow from investing | | 672,010 | - |
| activities | | | |
+--------------------------------+--------+-----------+-----------+
| | | | |
+--------------------------------+--------+-----------+-----------+
| Cash flow from financing | | | |
| activities | | | |
+--------------------------------+--------+-----------+-----------+
| Repayment of bank loans | | (15,230) | (7,615) |
+--------------------------------+--------+-----------+-----------+
| Gross proceeds from bank loans | | - | 152,300 |
+--------------------------------+--------+-----------+-----------+
| Share issue | | - | 275,012 |
+--------------------------------+--------+-----------+-----------+
| Net cash (used) | | (15,230) | 419,697 |
| /generated/from financing | | | |
| activities | | | |
+--------------------------------+--------+-----------+-----------+
| | | | |
+--------------------------------+--------+-----------+-----------+
| Net (decrease)/increase in | | (92,469) | 256,427 |
| cash and cash equivalents | | | |
+--------------------------------+--------+-----------+-----------+
| | | | |
+--------------------------------+--------+-----------+-----------+
| Cash and cash equivalent at 1 | | 256,427 | - |
| January 2010 | | | |
+--------------------------------+--------+-----------+-----------+
| Cash and cash equivalent at 30 | | 163,958 | 256,427 |
| June 2010 | | | |
+--------------------------------+--------+-----------+-----------+
+-----------------+----------+----------+-------------+----------------+-----------+--------------+----------+-------------+-----------+
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
+--------------------------------------------------------------------------------------------------------------------------------------+
| | | Stated capital | Cont-ingent | Share | Reverse | Share | Retained | Total |
| | | | consid-eration | premium | acquisition | based | earnings | equity |
| | | | reserve | | reserve | payment | | |
| | | | | | | reserve | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| | | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Share | | 1,189 | - | 273,823 | - | - | - | 275,012 |
| subscription | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Loss for the | | - | - | - | - | - | (162,607) | (162,607) |
| period | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Balance 31 | | 1,189 | - | 273,823 | - | - | (162,607) | 112,405 |
| December 2009 | | | | | | | | |
| as previously | | | | | | | | |
| reported | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Prior period | | - | - | - | - | 84,598 | (84,598) | - |
| adjustment | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Balance 31 | | 1,189 | - | 273,823 | - | 84,598 | (247,205) | 112,405 |
| December 2009 | | | | | | | | |
| as restated | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Loss for the | | - | - | - | | | (757,366) | (757,366) |
| period | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Shares issued | | | - | - | - | - | | |
| in period: | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Initial | | 659,614 | | | | | - | 659,614 |
| Consideration | | | | | | | | |
| Shares | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| In respect of | | 35,795 | - | - | - | - | - | 35,795 |
| transaction | | | | | | | | |
| costs | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Contingent | | - | 262,081 | - | - | | - | 262,081 |
| Consideration | | | | | | | | |
| Shares | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| Share based | | | | | | 17,550 | | 17,550 |
| payment reserve | | | | | | | | |
+-----------------+----------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| IFRS 3 reverse acquisition | 12,784,356 | 710,644 | (273,823) | (13,221,177) | - | - | - |
| conversion | | | | | | | |
+----------------------------+------------------------+----------------+-----------+--------------+----------+-------------+-----------+
| | | | | | | | | |
+----------------------------+----------+-------------+----------------+-----------+--------------+----------+-------------+-----------+
| At 30 June 2010 | | 13,480,954 | 972,725 | - | (13,221,177) | 102,148 | (1,004,571) | 330,079 |
+-----------------+----------+----------+-------------+----------------+-----------+--------------+----------+-------------+-----------+
1. Accounting Policies
Basis of preparation
The Group's Consolidated Financial Statements have been prepared in accordance
with International Financial Reporting Standards, International Accounting
Standards and Interpretations (collectively "IFRS") issued by the International
Accounting Standards Board as adopted by the European Union ("Adopted IFRS") and
with those parts of the Companies Act 2006 applicable to companies preparing
their financial statements under IFRS.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
IFRS, this announcement does not itself contain sufficient information to comply
with IFRS. The Group expects to publish full financial statements that comply
with IFRS in December 2010.
As a result of the application of Amendments to IAS 1 Presentation of Financial
Statements: A Revised Presentation the Group has elected to present a single
Consolidated Statement of Comprehensive Income. Previously the Group presented
an income statement only, with movements in other comprehensive income
recognised as part of total recognised income and expense in the Consolidated
Statement of Changes in Shareholders' Equity. In addition, certain primary
statement titles have changed in order to align with the terms used in IAS 1.
The Amendment does not change the recognition or measurement of transactions and
balances in the financial statements.
2. Segment Information
As the company operates in one business segment and as such this is the primary
business segment. The company's secondary segment is geographical. The segmental
results by geographical area are shown below:
+---------------+----------+------------+-----------+----------+-----------+
| | | 2010 | 2009 | 2010 | 2009 |
+---------------+----------+------------+-----------+----------+-----------+
| | | Sales | Sales | Assets | Assets |
+---------------+----------+------------+-----------+----------+-----------+
| | | GBP | GBP | GBP | GBP |
+---------------+----------+------------+-----------+----------+-----------+
| UK | | 15,560 | 430,865 | 76,222 | 90,161 |
+---------------+----------+------------+-----------+----------+-----------+
| EU | | 61,037 | 41,479 | 6,568 | 38,106 |
+---------------+----------+------------+-----------+----------+-----------+
| North America | | 56,259 | 66,727 | 47,550 | 16,109 |
+---------------+----------+------------+-----------+----------+-----------+
| Rest of the | | 3,249 | - | 226,346 | - |
| World | | | | | |
+---------------+----------+------------+-----------+----------+-----------+
| | | 136,105 | 539,071 | 356,686 | 144,376 |
+---------------+----------+------------+-----------+----------+-----------+
3. Components of income tax expense
+------------------------+------+----------+------+-----------+----------+
| | | 2010 | 2009 |
+------------------------+-----------------+------------------+----------+
| | | GBP | GBP |
+------------------------+-----------------+------------------+----------+
| Current income tax expense | | | |
+-------------------------------+-----------------+-----------+----------+
| Current income tax charge | | - | - |
+-------------------------------+-----------------+-----------+----------+
| Deferred income tax credit | | | |
+-------------------------------+-----------------+-----------+----------+
| Losses to be utilised in | | 123,617 | - |
| future periods | | | |
+-------------------------------+-----------------+-----------+----------+
| | | 123,617 | - |
+-------------------------------+-----------------+-----------+----------+
| Major component of tax | | | |
| expense | | | |
+-------------------------------+-----------------+-----------+----------+
| Loss on ordinary activities | | 880,983 | 247,205 |
| before taxation | | | |
+-------------------------------+-----------------+-----------+----------+
| Deferred tax at the domestic | | 185,006 | 51,913 |
| rate of 21% | | | |
+-------------------------------+-----------------+-----------+----------+
| Tax effect of expenses not | | (95,014) | (18,288) |
| deductible for tax purposes | | | |
+-------------------------------+-----------------+-----------+----------+
| Unrelieved losses | - | (33,625) |
+-------------------------------------------------+-----------+----------+
| Adjustment from previous period | 33,625 | - |
+-------------------------------------------------+-----------+----------+
| Deferred income tax credit | | 123,617 | - |
+-------------------------------+-----------------+-----------+----------+
| | | | | | |
+------------------------+------+----------+------+-----------+----------+
4. Earnings per Ordinary Share
The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders and the weighted average number of ordinary shares in
issue during the period.
The calculation of diluted loss per share is based on loss per share
attributable to ordinary shareholders and the weighted average number of
ordinary shares that would be in issue, assuming conversion of all dilutive
potential ordinary shares into ordinary shares.
Reconciliations of the loss and weighted average number of shares used in the
calculations are set out below:
+--------------------------+---------------+--------------+--------------+
| | | 2010 | 2009 |
+--------------------------+---------------+--------------+--------------+
| | | GBP | GBP |
+--------------------------+---------------+--------------+--------------+
| Basic loss per share | | | |
+--------------------------+---------------+--------------+--------------+
| Reported loss | | (757,366) | (247,205) |
+--------------------------+---------------+--------------+--------------+
| Reported loss per share | | (0.0014) | (0.0005) |
+--------------------------+---------------+--------------+--------------+
| | | | |
+--------------------------+---------------+--------------+--------------+
| | | 2010 | 2009 |
+--------------------------+---------------+--------------+--------------+
| Weighted average number | | | |
| of ordinary shares: | | | |
+--------------------------+---------------+--------------+--------------+
| Shares issued for ILA | | 388,600,221 | 388,600,221 |
| Security Ltd | | | |
+--------------------------+---------------+--------------+--------------+
| Contingent Consideration | | 154,400,846 | 154,400,846 |
| shares | | | |
+--------------------------+---------------+--------------+--------------+
| Effect of shares issued | | 3,704,169 | - |
| in respect of | | | |
| professional costs | | | |
+--------------------------+---------------+--------------+--------------+
| Weighted average number | | 546,705,236 | 543,001,067 |
| of ordinary shares | | | |
+--------------------------+---------------+--------------+--------------+
Due to the Group's loss for the period, the diluted loss per share is the same
as the basic loss per share.
5. Acquisition
On 5 March 2010, Baylon Holdings Ltd (formerly Molectra Group ltd and now Ila
Group Ltd) was deemed to be acquired via a reverse acquisition. The
consideration paid has been estimated from the pre-combination fair value and
the issued equity of Baylon Holdings Ltd.
The book values of the companies acquired were as follows:
+-------------------------------------------------+--+------------+
| | | GBP |
+-------------------------------------------------+--+------------+
| | | |
+-------------------------------------------------+--+------------+
| Trade and other receivables | | 236,579 |
+-------------------------------------------------+--+------------+
| Cash and cash equivalents | | 672,010 |
+-------------------------------------------------+--+------------+
| Trade and other payables | | (17,884) |
+-------------------------------------------------+--+------------+
| Net assets | | 890,705 |
+-------------------------------------------------+--+------------+
| Goodwill | | 30,990 |
+-------------------------------------------------+--+------------+
| Consideration | | 921,695 |
+-------------------------------------------------+--+------------+
| Consideration satisfied by | | |
+-------------------------------------------------+--+------------+
| Shares | | 921,695 |
+-------------------------------------------------+--+------------+
The book value of the assets acquired is not considered to be materially
different from the fair value.
The consideration for the acquisition is to be satisfied by issuing up to
763,308,454 fully paid shares in Ila Group Ltd (the Consideration Shares). The
Consideration Shares were split into two tranches: 388,600,221 Initial
Consideration Shares which were allotted to the Vendors on Completion, and
374,708,233 Contingent Consideration Shares, which may be allotted to the
Vendors depending on the extent to which the Company's Australian subsidiary
received a tax rebate from the Australian authorities, as described further
below.
The subsidiary may receive a tax credit in respect of Research and Development.
If the full estimated value of the potential tax credit (GBP554,444) is
received, then none of the Contingent Consideration Shares will be allotted to
the Vendors. If no tax credit is received by the deadline of 31 December 2010
(subject to an extension to 31 March 2011) or if such a tax credit is received
but it is less than the estimated value of GBP554,444, then some or all of the
Contingent Consideration Shares will be allotted to the Vendors.
In the event GBP233,290 has been received to the date of these accounts and it
is not anticipated that any further credits will be forthcoming. As a result
154,400,846 Contingent Consideration Shares are likely to be issued in April
2011.
6. Events after the reporting period
On 3 August 2010, the Company placed 27,029,141 ordinary shares of no par value
raising GBP270,291.
7. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute the Group's financial statements for the six months ended 30 June
2010.
The auditors' report was unqualified and did not include references to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report.
The full audited financial statements of Ila Group Ltd for the period ended 30
June 2010 are expected to be posted to shareholders by no later than 6 December
2010 and will be available to the public at the Company's office - 4 Ingate
Place, Battersea, London, SW8 3NS and available to view on the Company's website
at www.ilasecurity.com from that date.
Further to the Companys announcement of 25 June 2010 concerning a change of
accounting reference date, unaudited interim accounts for the Company for the
six months ended 31 December 2010 will be notified by the end of March 2011 and
thereafter the Company will continue to report its annual and interim accounts
in accordance with a 30 June accounting reference date. On 5 March 2010, Baylon
Holdings Ltd (now renamed Ila Group Ltd) became the legal parent of Ila Security
Ltd in a share-for-share exchange. In accordance with IFRS 3 'Business
combinations, this transaction has been accounted for as a reverse acquisition,
such that in substance, Ila Security Ltd has acquired Baylon Holdings Ltd.
Accordingly, the comparative information for Ila Security Ltd has been presented
for the eighteen months ended 31 December 2009 and the financial statements
present a continuation of the business of Ila Security Ltd as the legal
subsidiary.
8. Annual General Meeting
The Annual General Meeting will be held on 20 December 2010 at 12.00pm at the
offices of BBH London, 60 Kingly Street, London, W1B 5DS and a notice of AGM
will be posted to shareholders shortly.
For further information, please see www.ilasecurity.com or contact:
Ila Group Limited 020 7501
1050
Simon McGivern
Paul Gazzard
finnCap 020
7600 1658
Ed Frisby/Ben Thompson - corporate finance
Joanna Weaving - corporate broking
Lothbury Financial Services 020 7868 2010
Gary Middleton
Simon Astley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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