Eligere Investments Plc
LSE : ELI

November 28, 2014 03:00 ET

Eligere Investments Plc - Interim Results to 30 September 2014

ELIGERE INVESTMENTS PLC (the "Company")

Unaudited Interim Accounts for the period ended 30 September 2014

CHAIRMAN'S STATEMENT

We have pleasure presenting the unaudited accounts  of the Group for the six months to 30  September
2014.

It has been a period of transition and reorganization. Trading continued satisfactorily, albeit at a
reduced level.  The results for the period show a loss of GBP66,000  and earnings per share thereon,
being a deficit, of 0.13p per share, which was anticipated.

During October we issued, for cash, a loan note for GBP226,850, convertible into 30,245,910 ordinary
shares; the final date for conversion being 31 December 2016.

The  Board  has been changed with the appointment of Mr William Redford in October,  as part  of the
refinancing arrangements,  and myself in November.  Messrs. Roy Phillips and Gary Truman resigned on
my appointment and we wish to thank them for their contributions to the progress of the Group.

We  look  forward  to  taking the Group forward and consider  that we now  have  adequate  financial
resources to achieve this goal.


WNV Weller                                                                  
Chairman                                                                    
28 November 2014                                                            


The Directors accept responsibility for this statement.

Enquiries:

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 Eligere Investments PLC                         
 Nigel Weller                            020 73092280

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 GXG Corporate Adviser:                          
 Alfred Henry Corporate Finance          020 7251 3762
 Nick Michaels                                   
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Consolidated Statement of Comprehensive Income                              
For the six months ended 30 September 2014                                  
                                                                            
                                                 6 months to       6 March 2013    6 March 2013 to  
                                                30 September                 to       30 September  
                                                        2014      31 March 2014               2013  
                                     Notes         Unaudited            Audited          Unaudited  
                                                    GBP'000s           GBP'000s           GBP'000s  
                                                                                                    
Turnover                                                  51                319                  9  
Cost of sales                                            (14)              (272)                (3) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Gross Profit                                              37                 47                  6  
                                                                                                    
Administrative expenses                                  (96)              (235)               (86) 
Cost of Stock Exchange listing                             -                (27)               (27) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Operating loss                                           (59)              (215)              (107) 
Finance costs                                             (7)               (12)                 -  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Loss before Tax                                          (66)              (227)              (107) 
                                                                                                    
Income tax charges                                         -                  -                  -  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Loss for the period from                                                                            
 continuing operations attributable                                                                
 to shareholders                                         (66)              (227)              (107) 
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Loss per share- pence                    4             (0.13p)            (0.54p)            (0.32p)
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  
                   
                                                         
Consolidated Statement of Financial Position                                
As at 30 September 2014                                                     


                                                30 September           31 March       30 September  
                                                        2014               2014               2013  
                                     Notes         Unaudited            Audited          Unaudited  
                                                                                                    
                                                    GBP'000s           GBP'000s           GBP'000s  
Assets                                                                                              
Non-current assets                                                                                  
Intangible assets                                          -                  -                  4  
Property, plant & equipment                                -                  -                  4  
                                           -----------------  -----------------  -----------------  
                                                           -                  -                  8  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Current assets                                                                                      
Trade and other receivables                               28                 23                115  
Cash and cash equivalents                                  1                  8                  5  
                                           -----------------  -----------------  -----------------  
                                                          29                 31                120  
                                           -----------------  -----------------  -----------------  
Total Assets                                              29                 31                128  
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  
                                                                                                    
                                                                                                    
Capital and reserves                                                                                
Share capital                                             52                 52                 50  
Convertible loan - equity component                       27                 27                 27  
Retained earnings                                       (293)              (227)              (107) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Total equity                                            (214)              (148)               (30) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
                                                                                                    
Current liabilities                                                                                 
Trade and other payables                                 209                130                 52  
                                           -----------------  -----------------  -----------------  
                                                         209                130                 52  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Non-current liabilities                                                                             
Convertible loan notes                                    34                 49                106  
                                           -----------------  -----------------  -----------------  
                                                          34                 49                106  
                                           -----------------  -----------------  -----------------  
Total equity and liabilities                              29                 31                128  
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  
                
                                                            
Consolidated Statement of changes in equity                                 
For the six months to 30 September 2014                                     
                                                                            
                                              6 months to 30       6 March 2013       6 March 2013  
                                                   September                 to                 to  
                                                        2014      31 March 2014  30 September 2013  
                                                   Unaudited            Audited          Unaudited  
                                                    GBP'000s           GBP'000s           GBP'000s  
                                                                                                    
                                                                                                    
At beginning of period                                  (148)                 -                  -  
                                                                                                    
Issue of share capital                                     -                 52                 50  
Convertible loan - equity component                        -                 27                 27  
Deficit for the period                                   (66)              (227)              (107) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
At end of period                                        (214)              (148)               (30) 
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  
                                
                                            
Consolidated Statement of cash Flows                                        
For the six months to 30 September 2014                                     
                                                                            
                                                 6 months to       6 March 2013    6 March 2013 to  
                                                30 September                 to       30 September  
                                                        2014      31 March 2014               2013  
                                                   Unaudited            Audited          Unaudited  
                                                    GBP'000s           GBP'000s           GBP'000s  
                                     Notes                                                          
                                                                                                    
Net cash utilised by operating                                                                      
 activities                              5                (7)              (112)              (170) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Investing activities                                                                                
Purchases of plant and equipment                           -                 (4)                (4) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Net cash from investing activities                         -                 (4)                (4) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Cash flows from financing activities                                                                
New loan                                                   -                 78                133  
Proceeds on issue of shares                                -                 46                 46  
                                                                                                    
                                           -----------------  -----------------  -----------------  
                                                                                                    
Net cash from financing activities                         -                124                179  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Net cash inflow                                           (7)                 8                  5  
                                                                                                    
Cash and cash equivalents at start of                                                               
 period                                                    8                  -                  -  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Cash and cash equivalents at end of                                                                 
 period                                                    1                  8                  5  
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  


Notes to the Interim Report

1. General Information 

   Eligere  Investments Plc  is  a  public limited company incorporated in England  and  Wales  with
   company number 08431311.  The registered address is Finsgate, 5-7 Cranwood Street, London, United
   Kingdom,  EC1V 9EE.  The  principal activity of the company is  that of a  holding  company.  The
   company is listed on the GXG market.

2. Basis of Preparation

   This  interim  report,  which incorporates the financial information  of the  company,  has  been
   prepared  using the historical cost convention, on a going concern  basis and in accordance  with
   International Financial Reporting Standards ("IFRS") as adopted by the European Union.

   Taxes

   Taxes on income in the interim periods are accrued using the tax rate that would be applicable to
   expected total annual earnings.

   There are no taxes provided in the period.

3. Segmental Analysis 

   The  geographical segment consists of  United Kingdom only;  there is also no segmental  area  of
   operations.

4. Loss per Share pence 


                                                 6 Months to       6 March 2013    6 March 2013 to  
                                                30 September      to 31st March       30 September  
                                                        2014               2014               2013  
                                                       Pence              Pence              Pence  
Earnings per ordinary shares:                                                                       
Basic and diluted                                      (0.13p)            (0.54p)            (0.32p)
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  


   The loss per ordinary share is based on the group's loss for the  period of GBP66,000 and a basic
   and diluted weighted average number of shares in issue of 52,282,000. 


5. Reconciliation of operating loss to net cash outflow from operating activities. 


                                                 6 months to       6 March 2013       6 March 2013  
                                                30 September                 to                 to  
                                                        2014      31 March 2014  30 September 2013  
                                                   Unaudited            Audited          Unaudited  
                                                    GBP'000s           GBP'000s           GBP'000s  
                                                                                                    
Loss for the period                                      (59)              (215)              (107) 
                                           -----------------  -----------------  -----------------  
                                                                                                    
Operating cash flow before movement                                                                 
 in working capital                                      (59)              (215)              (107) 
                                                                                                    
(Increase)/decrease in receivables                        (5)               (23)              (115) 
Increase/(decrease) in payables                           64                130                 52  
Depreciation                                               -                  1                  -  
Impairment of tangible fixed assets                        -                  3                  -  
Impairment of goodwill                                     -                  4                  -  
Interest payable                                          (7)               (12)                 -  
                                           -----------------  -----------------  -----------------  
                                                                                                    
Cash generated/ (Net cash outflow)                                                                  
 from operating activities                                (7)              (112)              (170) 
                                           -----------------  -----------------  -----------------  
                                           -----------------  -----------------  -----------------  


6. The unaudited results for the 6 months to 30 September 2014 do not constitute statutory  accounts
   within the meaning of Section 434 of the Companies Act 2006.

7. Copies  of  this  interim statement are available from the Company at its  registered  office  at
   Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.  The interim statement will also be available on
   the company website www.eligereinvestments.co.uk.

Contact Information

  • Eligere Investments Plc