Etaireia Investments Plc
LSE : ETIP

August 29, 2014 02:00 ET

Final Results

                                         ETAIREIA INVESTMENTS PLC
                                       ("Etaireia" or the "Company")
                                                     
                                           Audited Final Results


I  am  pleased to present the results for Etaireia Investments PLC for the year ended  31  March
2014 prepared in accordance with IFRS.

Financial Overview
There was a loss from continuing operations for the year of £102,974 (2013: £101,696).

Review of Activities

In  December  2013,  the Company announced the appointment of Stuart Black  as  Chief  Executive
Director.  Stuart brings to the Board, many years of experience, knowledge and contacts  in  the
property and real estate sector. Following his appointment, on the 24 February 2014, the Company
held  a meeting of shareholders approving the adoption of a new investment strategy focusing  on
the property and real estate sector.

During the period a total of £145,000 loan notes were converted to equity and on 28 March  2014,
the  Company  announced  that it had raised £650,000 through the subscription  of  new  ordinary
shares in Etaireia.

Post Balance Sheet Events

Since the financial year end, a total of £105,000 loan notes were converted into equity and  the
Company has raised an additional £671,400, by way of subscription of new ordinary shares and via
the issue of zero coupon convertible loan notes.

On  22 May 2014 the Board announced that the Company had acquired  land  in  Scotland known   as
Bridgend  Mills,  Tofts,  Dalry  for  a consideration of £725,000. The land consists of 3  acres
(1.2  hectares) with current planning permission for a residential development. Since  acquiring
the  land in May, the Company has achieved additional planning permissions for an additional 129
units  and  on 14 August 2014 Etaireia announced that the Board had commissioned an  independent
report  which  has placed an indicative value, on the Bridgend Mills land, of £1.3 million.  The
Directors  will  be taking taking further action to maximise the potential of this  land  before
realising its value.

The  Board  continues  to  evaluate  further investment opportunities,  with  the  objective  of
enhancing shareholder value and hope to make further announcements in the near future.

Greg Collier
Director
28 August 2014




STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2014
         
         

                                                                             2014              2013
                                                                                £                 £
                                                                                                  
CONTINUING OPERATIONS
                                                                                                  
Administrative expenses                                                   (87,419)        (79,822)
                                                                                                  
LOSS FROM OPERATIONS                                                      (87,419)        (79,822)
                                                                                                  
Convertible loan finance charge                                           (15,555)        (21,874)
                                                                                                   
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX                         (102,974)        (101,696)
                                                                                                  
Income tax                                                                      -                -
                                                                                                  
                                                                                                  
ATTRIBUTABLE TO EQUITY HOLDERS                                           (102,974)       (101,696)
                                                                                                  
                                                                                                  
Earnings per share:                                                                               
                                                                                                  
Basic and diluted earnings per share from total operations                 (0.05)p         (0.08)p
                                                                                                  
                                                                                                  
                                                                                                  
         
         
         

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2014
         

         

                                                                          2014               2013
                                                                             £                  £
                                                                                                 
Current assets                                                                                   
Trade and other receivables                                                  -              1,500
Cash and cash equivalents                                              680,469            137,655
                                                                       680,469            139,155
                                                                                                  
Current liabilities                                                                               
Trade and other payables                                               (53,155)           (18,850)
                                                                                                  
Net current assets/(liabilities)                                       627,314            120,305
                                                                                                  
Non-current liabilities                                                                           
Convertible loan notes                                                 (92,806)          (162,992)
                                                                                                  
                                                                                                  
NET ASSETS/(LIABILITIES)                                                534,508            (42,687)
                                                                                                  
                                                                                                  
Equity                                                                                            
Issued share capital                                                   264,197            217,036
Share premium account                                                1,140,758            448,491
Convertible loan - equity reserve                                       26,927            108,882
Accumulated losses                                                    (897,374)          (817,096)
                                                                                                  
                                                                                                  
SHAREHOLDERS' FUNDS/(NET DEFICIT)                                       534,508            (42,687)
                                                                                
           
The  financial statements were approved by the Board of Directors and authorised for issue on  29
August  2014. The Company Audited Annual report will be made available to view and download  from
the Company's ISDX page:
http://www.isdx.com/forcompanies/ourcompanies/companydetail/default.aspx?securityid=100307

The Directors do not propose to pay a dividend for the period.

The  financial  information contained in this announcement has been extracted from the  Company's
audited accounts.

The  Company has complied with Guidance Note 69.1 of the ISDX Growth Market - Rules for  Issuers,
throughout the relevant period.
          


                                                 --ENDS--

Enquiries:

Etaireia Investments Plc
Greg Collier
Tel:  078 3018 2501

Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel:  020 469 0934




Contact Information

  • Etaireia Investments Plc