Etaireia Investments Plc
LSE : ETIP

August 28, 2015 10:45 ET

Final Results

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


 I  am  pleased to present the unaudited results for Etaireia Investments PLC for the year  ended
 31 March 2015.
  
 Financial Overview
 
 There was a loss from continuing operations for the year of £363,122 (2014: £102,974).
 
 The Company's net assets at the end of the period were £2,133,766 (2014: £534,508)
  
 Review of Activities
 
 During  the  twelve  month  period  to  31 March 2015, the Company  raised  £1,100,000,  net  of
 expenses, through the issue of ordinary shares of 0.01 pence in the Company ("Ordinary  Shares")
 and  a further £90,000 by issue of convertible loan notes. £105,000 of existing convertible loan
 notes were converted to equity.
 
 On  22  May 2014 the Company acquired 1.2 hectares of land in Scotland known as Bridgend  Mills,
 Tofts,  Dalry  for a consideration of £725,000. This site does not currently have  any  planning
 permission,  but  the  Directors intend to submit an application for formal planning  permission
 before the end of September 2015.
 
 On  the  25 February 2015 Philip McGinlay was appointed to the Board of the Company as Executive
 Director.
 
 On  the  23  March  2015,  the Company acquired a site located within the  Roystonhill  area  of
 Glasgow,  situated north of the River Clyde, for a consideration of £700,000 paid in  cash.  The
 area  is  subject  to  an  ongoing  regeneration program that has  seen  a  1960's  tower  block
 demolished  to  make  way for 100 new homes. The Company has acquired 2.456  acres  within  this
 area,  with  full  planning  permission  for 47 homes (mixed  between  apartments  and  terraced
 properties).  The Directors are confident that the current value of this land is above  that  at
 which the land was acquired.
 
 Post Balance Sheet Events
 
 On  the  14  May  2015  James Kirkwood joined the Board of the Company  as  Land  &  Development
 Director. At the same time, Stuart Black resigned from the Board.

 Since the financial year end the Company has raised a further £50,000 by way of subscription  of
 new ordinary shares.
 
 The  Company  has  also  issued an additional 36,000,000 Ordinary Shares  as  a  result  of  the
 conversion of £90,000 convertible loan notes.
 
 The  Board  continues  to  actively  seek investment and acquisition  opportunities  to  enhance
 shareholder value and we hope to make further announcements in the near future.
  
  Greg Collier
  Chairman
  28 August 2015


STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2015

                                                                               2015             2014
                                                                                                    
                                                                                  £                £
                                                                                                    
                                                                                                    
                                                                                                   
CONTINUING OPERATIONS
                                                                                                   
                                                                                                   
 Administrative expenses                                                  (357,124)        (87,419)
                                                                                                   
 LOSS FROM OPERATIONS                                                     (357,124)         (87,419)
                                                                                                   
 Convertible loan finance charge                                            (5,998)        (15,555)
                                                                                                    
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX                         (363,122)        (102,974)
                                                                                                   
 Income tax                                                                       -               -
                                                                                                   
                                                                                                   
 ATTRIBUTABLE TO EQUITY HOLDERS                                           (363,122)       (102,974)
                                                                                                   
                                                                                                   
 Earnings per share:                                                                               
                                                                                                   
 Basic and diluted earnings per share from total operations                 (0.04)p         (0.05)p
                                                                                                   


STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2015

                                                                           2015               2014
                                                                              £                  £
                                                                                                  
 Fixed assets                                                                                     
 Investment properties                                                2,238,780                  -
                                                                                                  
 Current assets                                                                                   
 Trade and other receivables                                             37,986                  -
 Cash and cash equivalents                                               75,535            680,469
                                                                        113,521            680,469
                                                                                                  
 Current liabilities                                                                              
 Trade and other payables                                              (147,576)          (53,155)
                                                                                                  
 Net current (liabilities)/assets                                       (34,055)           627,314
                                                                                                  
 Non-current liabilities                                                                          
 Convertible loan notes                                                 (70,959)          (92,806)
                                                                                                  
                                                                                                  
NET ASSETS/(LIABILITIES)                                              2,133,766            534,508
                                                                                                  
                                                                                                  
                                                                                                  
 Equity
 Issued share capital                                                   327,061            264,197
 Share premium account                                                2,317,104          1,140,758
 Revaluation reserve                                                    609,092                  -
 Convertible loan - equity reserve                                       23,080             26,927
 Share option reserve                                                    101,233                 -
 Accumulated losses                                                  (1,243,804)         (897,374)
                                                                                                  
                                                                                                  
SHAREHOLDERS' FUNDS/(NET DEFICIT)                                     2,133,766            534,508
                                                                                  

If  it  becomes  known to the Directors of the Company that the audit report is  to  be  qualified  or
modified  in  relation to going concern or otherwise, the terms of such qualification or  modification
will be announced immediately.

The  financial  information  contained in this statement has not  been  audited  or  reviewed  by  the
Company's auditors.

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: 0141 228 6110
Philip McGinlay
James Kirkwood

Peterhouse Corporate Finance Limited
Tel: 020 7469 0934
Fungai Ndoro and Mark Anwyl



Contact Information

  • Etaireia Investments Plc