Etaireia Investments Plc
LSE : ETIP

August 31, 2016 12:19 ET

Final Results

                                                                                             31 August 2016 

                                           ETAIREIA INVESTMENTS PLC
                                         (Etaireia" or the "Company")

                          Audited Annual Results for the year ended 31 March 2016

Etaireia Plc are pleased to report its audited annual results for the twelve months ended 31 March 2016. 

Financial Overview

There was a loss from continuing operations for the year of GBP 203,647 (2015: GBP 363,122). 

The Group's net assets at the end of the period were GBP 2,318,194 (2015: GBP 2,133,766)

Review of Activities

On 15 September 2015 I was appointed as Chairman and remain optimistic that my extensive contact base in the property 
sector will enable a series of deals to conclude, enhancing the balance sheet and profitability of the Company. Due to 
cash constraints and the difficulties with fund raising in the current market, I endeavour to acquire properties 
primarily by issue of equity in the Company. On 15 February 2016 we acquired the property known as 'Ivy Leaf Club' in 
Sunderland of which I held a 50% interest, entirely for new shares. Now as a significant shareholder, my ability to 
negotiate other deals to follow is strengthened.

The Board is aware that the Group needs to generate income and work has continued with limited cash resources to 
explore all opportunities within our current portfolio. Negotiations with various parties to develop the land at Dalry 
and Roystonhill continue and announcements in this respect are anticipated in due course.

During the period the Company raised a total of GBP 132,000 by way of subscription of new ordinary shares and a total 
of GBP 90,000 loan notes were converted to equity.

There have been no other material events, transactions or developments during the period.

Post Balance Sheet Events

On 17 August 2016 the Company announced a further acquisition of a property at 5-6 High Street, Cleator Moor, Cumbria, 
CA25 5AH, recently valued by at GBP 182,000. The issue of new shares primarily financed the purchase. The board is now 
working towards finalising agreed terms with a tenant to generate rental income from the site as soon as possible.

Since the financial year end the Company has raised a further GBP 35,000 by way of subscription of new ordinary shares 
and settled a total of GBP 14,000 debt by issue of new ordinary shares.

On 17 August 2016 the Company announced that Jim Kirkwood (who was appointed within the accounting period on 14 May 
2015) and Phil McGinlay were stepping down from their respective board roles today, the 31 August 2016, to pursue 
other interests.

The Board continues to actively seek further investment and acquisition opportunities to enhance shareholder value and 
we expect to make further announcements in the near future. 

Baron Bloom
Chairman
31 August 2016

GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016

                                                          Notes                 2016            2015
                                                                                GBP             GBP 
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CONTINUING OPERATIONS                                                                               
                                                                                                    
Turnover                                                                       1,200               -
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Gross profit                                                                   1,200               -
Administrative expenses                                                    (208,886)       (357,124)
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LOSS FROM OPERATIONS                                        5              (207,686)       (357,124)
                                                                                                    
Finance income                                                                 4,039               -
Finance expense                                             6                      -         (5,998)
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LOSS FROM CONTINUING OPERATIONS BEFORE TAX                                                          
                                                                           (203,647)       (363,122)
                                                                                                    
Income tax                                                  7                      -               -
                                                                                                    
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ATTRIBUTABLE TO EQUITY HOLDERS                                             (203,647)       (363,122)
                                                                                                    
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Earnings per share:                                                                                 
Basic and diluted earnings per share from total                                                    
 operations                                                 8               (0.016)p         (0.04)p
                                                                                                    
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GROUP AND COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2016


                                                       GROUP      COMPANY                           
                                         Notes          2016         2015          2016         2015
                                                         GBP          GBP           GBP          GBP 
----------------------------------------------------------------------------------------------------
                                                                                                    
Non-current assets                                                                                  
Investment properties                      10      2,448,780    2,238,780     1,292,780    1,292,780
Investment in subsidiary undertakings      11              -            -     1,156,000      946,000
----------------------------------------------------------------------------------------------------
                                                   2,448,780    2,238,780     2,448,780    2,238,780
                                                                                                    
Current assets                                                                                      
Trade and other receivables                12         13,423       37,986        13,423       37,986
Cash and cash equivalents                  13         13,633       75,535        13,633       75,535
----------------------------------------------------------------------------------------------------
                                                      27,056      113,521        27,056      113,521
                                                                                                    
Current liabilities                                                                                 
Trade and other payables                   14      (157,642)    (147,576)     (157,642)    (147,576)
----------------------------------------------------------------------------------------------------
                                                                                                    
Net current liabilities                            (130,586)     (34,055)     (130,586)     (34,055)
                                                                                                    
Non-current liabilities                                                                             
Convertible loan notes                     15              -     (70,959)             -     (70,959)
                                                                                                    
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NET ASSETS                                         2,318,194    2,133,766     2,318,194    2,133,766
----------------------------------------------------------------------------------------------------
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Equity                                                                                              
Issued share capital                       16        356,941      327,061       356,941      327,061
Share premium account                              2,698,379    2,317,104     2,698,379    2,317,104
Revaluation reserve                                  609,092      609,092       609,092      609,092
Convertible loan equity reserve            17              -       23,080             -       23,080
Share option reserve                                 101,233      101,233       101,233      101,233
Accumulated losses                               (1,447,451)  (1,243,804)   (1,447,451)  (1,243,804)
                                                                                                    
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SHAREHOLDERS' FUNDS                                2,318,194    2,133,766     2,318,194    2,133,766
----------------------------------------------------------------------------------------------------
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The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2016.

The Directors do not propose a dividend for the period reported.

The Directors of the Company accept responsibility for this announcement.

ENDS

Enquiries:
Etaireia Investments Plc 
Tel: 079 1756 5565
Baron Bloom, Chairman

ISDX CORPORATE ADVISER: 
Alexander David Securities Limited 
David Scott - Corporate Broking 
James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 49 Queen Victoria Street, London EC4N 4SA 

Contact Information

  • Etaireia Investments Plc