Source - RNS
RNS Number : 2654L
Lead All Investments Limited
30 September 2016
 

30 September 2016

 

Lead All Investments Limited

("LEAL" or the "Company")

 

INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

 

CHAIRMAN'S STATEMENT

 

This is Lead All Investments Limited's (the Company's) fourth Interim Report for the half year ended 30 June 2016.

 

The Directors of the Company have been considering the direction and prospects of the Company and in particular whether its investing policy remains the most suitable in order to seek to generate returns for investors in the Company. The current investing policy of the Company, which focuses on multi-level marketing strategies, was adopted by the Company on its original admission to AIM in February 2012. Since that time, the Directors of the Company have investigated opportunities within the investing policy of the Company but have not concluded that any of those investigated were such that they could recommend to Shareholders that the Company make an investment. As a result, the investing policy of the Company has not been implemented in whole or in part. Nonetheless, Shareholders will note that we have been able to keep operating expenses to an acceptable low level during the period.

 

Having considered the current investing policy, the fact that it has not to date been implemented and the prospects of it ever being implemented at all, the Directors have concluded that it is in the best interests of the Company and, accordingly, Shareholders as a whole if a new investing policy was adopted.

 

The Directors consider that it will be in the best interests of the Company that it seeks to invest in the wine sector including the agricultural and production aspects thereof but also the related and synergistic distribution activities and sectors, including traditional distribution related sectors such as luxury food, fine dining, wine tasting events etc. and newly emerging distribution sectors or activities involving e-commerce and online marketing activities related to the same. The Company will consider any geographical area, to the extent that the investment fits within the proposed Investing Policy.

 

The adoption of a new investing policy requires the approval of Shareholders in the Company in general meeting further details of which are set out in a separate notice dated today convening the General Meeting to be held at the offices of Addleshaw Goddard LLP, Milton Gate, 60 Chiswell Street, London, EC1Y 4AG at 10 am on Monday, 24 October 2016. 

 

The Directors are currently actively considering a number of opportunities within the scope of the proposed investing policy which, should the proposed investing policy be adopted, they will pursue with the intent of completing at least one investment as soon as commercially achievable.

 

Having due regard to the proposed new investing policy the Directors consider that further expertise among the Directors will be beneficial to the Company as a whole in executing the investing policy both in identifying suitable investments and in securing returns from any investments as made. The Directors have considered persons who may be suitable for the role and having done so are pleased to inform Shareholders that the appointment of Nathan Nicholas Lowry as a Director has been approved by the Directors.

 

Mr. Lowry, 44, has significant experience in the wine industry having set up and developed Pall Mall Fine Wines, a Wine Merchants & Wine Bar in The Royal Opera Arcade Pall Mall. He also owns Shepherd Market Wine House, Pavilion Wine and Traders Wine-St Katharine's Dock. He previously founded and owned the well-known Marquee Club in London and has run in excess of ten bars and clubs. In deciding upon the new investing policy to propose to Shareholders, the existing Directors have taken into account the expertise and advice provided to them by Mr. Lowry.

 

The change of investing policy, if approved at the upcoming General Meeting, will be a significant change for the Company. The Directors consider that such a change will be supported by a change in the name of the Company going forward. The proposed new name is GN Group Limited.

 

In conclusion could I thank my fellow Board Directors, Mr Geoffrey Fielding, and Mr Mehmet Ahmed for their benefit of their experience in relation to our Company matters and in the examination of investment proposals put to us and also I would like to thank our staff for their hard and diligent work on behalf of our Company. I and my fellow Board Member continue to look to the future for our Company with enthusiasm.

 

 

 

 

Ahmad Nasri Bin Abdul Rahim

Chairman

Malaysia,

29th September 2016

 

 

For further information, kindly visit. http://www.leadallinv.com  or contact:

 

Lead All Investments Limited

Mehmet Ertan Ahmed Director

+44(0)20 7016 9937

ZAI Corporate Finance Ltd       (Nomad)

Ray Zimmerman

 

+44(0)20 7060 2220      

 

 



STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 




Six months ended 30 June 2016

Six months ended 30 June 2015

Year ended

31 December

2015




Notes


£

£

£







Revenue



-

-

-







Administrative expenses



(87,115)

(58,552)

(139,432)







Operating loss



(87,115)

(58,552)

(139,432)







Bank interest receivable



43,444

37,089

72,708







Loss before taxation



(43,671)

(21,463)

(66,726)







Taxation



-

-

-







Loss for the period/year



(43,671)

(21,463)

(66,726)







Other comprehensive income



-

-

-







TOTAL COMPREHENSIVE LOSS FOR THE PERIOD/YEAR



(43,671)

(21,463)

(66,726)







Total comprehensive loss attributable to:






Equity owners of the Parent Company



(43,671)

(21,463)

(66,726)

 

 






Loss per share (pence per share) - basic and diluted

4


(0.02)

(0.07)

(0.22)













      

 



STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

 

 

 

 

Notes


As at 30

June

2016

As at 30

June

2015

As at 31 December

2015






£

£

£

ASSETS












Current assets






Trade and other receivables



1,652

190,015

759,062

Fixed term deposits



2,330,000

2,330,000

2,330,000

Cash and cash equivalents



465,384

148,546

4,284







Total Assets



2,797,036

2,668,561

3,093,346













LIABILITIES












Current liabilities






Trade and other payables



330,845

(714,455)

577,991







Total Liabilities



330,845

(714,455)

577,991







Net Assets



2,466,191

1,954,106

2,515,355













EQUITY












Capital and reserves






Share capital

3


1,050,000

300,000

1,050,000

Share premium

3


2,003,790

2,152,771

2,009,283

Share-based payment reserve



105,360

105,360

105,360

Retained losses



(692,959)

(604,025)

(649,288)






Shareholders' Funds



2,466,191

1,954,106

2,515,355































 

 

 



 STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 


Share Capital

Share Premium

Share-based Payment Reserve

Retained Losses

Total Equity


£

£

£

£

£

 

 

 

 

 

 

At 1 January 2016

1,050,000

2,009,283

105,360

(649,288)

2,515,355

Costs of share issue

-

(5,493)

-

-

(5,493)

Total comprehensive loss
for the period

-

-

 

-

(43,671)

(43,671)

 

 

 

 

 

 

At 30 June 2016

1,050,000

2,003,790

105,360

(692,959)

2,466,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2015

300,000

2,152,771

105,360

(582,562)

2,079,149

Total comprehensive loss
for the period

-

-

 

-

(21,463)

(21,463)

 

 

 

 

 

 

At 30 June 2015

300,000

2,152,771

105,360

(604,025)

2,057,686

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2015

300,000

2,152,771

105,360

(582,562)

2,079,149

Issue of share capital

750,000

-

-

-

750,000

Costs of share issue

-

(143,488)

-

-

(143,488)

Total comprehensive loss
for the year

-

-

 

-

 

(66,726)

(66,726)

 

 

 

 

 

 

As at 31 December 2015

1,050,000

2,009,283

105,360

(649,288)

2,515,355

 

 

 

 

 

 

 

 



STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 






Six months ended 30

June 2016

Six months ended 30

June 2015

 Year ended

31 December

2015  


(Unaudited)

(Unaudited)

(Audited)


£

£

£





Cash flows from operating activities




Operating loss before changes in working capital

(43,671)

(58,552)

(66,726)

Decrease/(Increase) in receivables

7,410

2,139

(146,003)

Increase/(Decrease) in trade and other payables

(103,658)

45,649

57,703





Net cash used in operating activities

(139,919)

(10,764)

(155,026)





Cash flows from financing activities




Proceeds from issue share capital

601,019

-

-





Net cash generated from financing activities

601,019

-

-





Net increase/(decrease) in cash and cash equivalents

461,100

(10,764)

(155,026)





Cash and cash equivalents at beginning of period/year

4,284

159,310

159,310





Cash and cash equivalents at end of period/year

465,384

148,546

4,284









 

 

 



NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

1.    Company information

Lead All Investments Limited ('the Company') was incorporated in Cayman Islands on 13 July 2011 (registered number WK-259337). The condensed interim accounts, which are unaudited, comprise the accounts of the Company for the six-month period ended 30 June 2016.

In the opinion of the Directors, the condensed interim accounts for the period present fairly the financial position, and results from operations and cash flows for the period. 

All amounts have been prepared in British Pounds, this being the Company's functional and presentational currency.

These unaudited interim financial results were approved by the Board of Directors on 29 September 2016 and are available on the Company's website, http://www.leadallinv.com. Copies are available from the Company's registered office, Walker House, 87 Mary Street, Georgetown, Grand Cayman KY1-9005, Cayman Islands.

 

2.    Summary of significant accounting policies

2.1.  Basis of preparation

The condensed interim accounts have been prepared using accounting policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the European Union, including IAS 34 'Interim Financial Reporting' and on the historical cost basis.  The condensed interim accounts have been prepared using the accounting policies which are expected to be applied in the Company's next statutory financial statements for the year ending 31 December 2016.

2.2.  Going concern

The financial statements of the Company are prepared on a going concern basis. The Company raises finance for its investment activities focusing on the use of multiple distribution strategies for the distribution of goods and services, especially in the Asia Pacific region.

The Directors are of the opinion that the Company will have sufficient cash to fund its activities based on forecast cash flow information for a period in excess of twelve months from the date of these interim financial results. Management continues to monitor all working capital commitments and balances on a weekly basis and believes that it has access to appropriate levels of financing for the Company to continue to meet its liabilities as they fall due for at least the next twelve months and that the Company is trading as a going concern.

2.3.  Segmental reporting

For the purposes of IFRS 8 'Operating Segments' the Company currently has one segment, being 'Investing in the Multi-Level Marketing (MLM) sector'. No further operating segment financial information is therefore disclosed.

2.4.  Foreign currency translation

Foreign currency transactions are translated into sterling using the exchange rates prevailing at the dates of the transactions. Exchange differences arising from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

2.5.  Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and in hand.



 

2.6.  Taxation

Deferred tax is provided in full using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that are expected to apply when the related deferred tax asset is realised or when the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

2.7.  Equity instruments

Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.

2.8.  Share based payments

For equity settled share-based payment transactions other than transactions with employees the Company measures the goods or services received at their fair value, unless that fair value cannot be estimated reliably. If this is the case the Company measures their fair values and the corresponding increase in equity, indirectly, by reference to the fair value of equity instruments granted.

The Company enters into arrangements that are equity-settled share-based payments. These are measured at fair value at the date of grant, which is then recognized in the statement of comprehensive income on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. Fair value is measured by use of an appropriate model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of Lead All Investments Limited. The charge is adjusted at each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the period. The movement in cumulative charges since the previous balance sheet is recognized in the statement of comprehensive income, with a corresponding entry in equity.

 

3.    Share capital and options

On incorporation the Company had an authorised share capital of US$ 50,000 comprising 50,000 shares of a nominal value of US$1 each. On incorporation one share was issued fully paid at par value of US$1. On 11 August 2011 a further share of a nominal value of US$1 was issued at par, fully paid.

On 30 January 2012 the Company amended its authorised share capital from US$50,000 to £3,000,000 and US$2 divided into 300,000,000 shares of a par value of £0.01 each and two shares of a par value of US$1.00 each. On 30 January 2012 the Company repurchased 2 shares of a par value of US$1.00 each at par from the shareholders and simultaneously issued them two shares of a par value of £0.01 each at par, fully paid.

On 30 January 2012 the Company reduced its share capital to £3,000,000 divided into 300,000,000 shares of a par value of £0.01 each.

On admission of the Ordinary Shares to trading on AIM on 8 February 2012, 30,000,000 Ordinary Shares were placed at a price of £0.10 per share.

 

Changes in share capital in 2015

During December 2015, the shareholders of the Company voted in an EGM for the sub-division of ordinary shares of 1p each into ordinary shares of 0.5p each.

 

On 30 December 2015 the Company issued 150,000,000 new shares of 0.5p each for a total consideration of £750,000. The funds raised were held in escrow by the Company's lawyers at the year-end and are therefore included in 'other receivables' in the Statement of Financial Position.

 



3.      Share capital and options (cont'd)

 



Share Capital

Share Premium



£

£

Authorised share capital

 

 

 

600,000,000 ordinary shares of £0.005 per share

 

3,000,000

-

 

 

________

________

At 30 June 2016

 

3,000,000

-

 

 

========

========

 

 

 

 

Share Capital

Share Premium

 

 

£

£

Issued and fully paid:

 

 

 

210,000,000 ordinary shares of £0.005 per share

 

1,050,000

2,700,000

Less: share issue costs

 

-

(590,850)

Less: share based payment charge

 

-

(105,360)

 

 

________

________

 

 

1,050,000

2,003,790

 

 

========

========

 

Share warrants 

On 30 January 2012, the Company entered into a deed of warrant with two parties, conditional upon Admission, to subscribe for 5% and 3% respectively, of the aggregate value of the Exercise Price of all new shares subscribed by investors on the Placing of shares. The shares are exercisable at any time up to five years from the date of Admission at the Placing price of £0.10. These shares were granted for services rendered relating to the Placing of shares on AIM.

 

Using the Black Scholes method, the fair value of these options was calculated to be £105,360 and the charge was shown as a deduction from the proceeds of the share issue in 2012.

 

4.  Loss per share

Basic loss per share is calculated by dividing the losses attributable to the Company's shareholders by the weighted average number of ordinary shares in issue during the period ended 30 June 2016.




£

Loss for the period

 

 

(43,671)

Weighted average number of shares for the period

 

 

210,000,000

Loss per share

 

 

(0.02)

 

 

 

========

 

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation no 596/2014 and has been announced in accordance with the Company’s obligations under Article 17 of that Regulation.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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