Etaireia Investments Plc
LSE : ETIP

December 23, 2014 07:00 ET

Half Yearly Report

                                        ETAIREIA INVESTMENTS PLC
                                      ("Etaireia" or the "Company")
                                                    
                       INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014

CHAIRMAN'S STATEMENT
                                
 I  am  pleased to present the interim results for Etaireia Investments PLC for the six months ended
 30 September 2014.
  
 Financial Overview
 
 There was a loss from continuing operations for the year of £210,742 (2013: £21,083).
  
 Review of Activities
 
 During  the  period the Company raised a total of £944,994.97 by equity fundraising and  a  further
 £90,000  by  issue of convertible loan notes. £105,000 of existing loan notes were  converted  into
 105,000,000 new ordinary shares.
 
 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  planning  permission for a residential development. Since acquiring  the  land  in  May,  the
 Company 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  have  since  taken
 further  action  to  maximise  the potential of this land, liaising with  consulting  engineers  to
 progress environmental reports including ground investigation, noise surveys and flood reports,  in
 addition  to  attending  further  meetings  with  local  planning  authorities,  ahead  of   public
 consultation.
 
 The  Company has also put down a deposit in connection with the acquisition of a separate  area  of
 land  with planning permission. We expect to complete this transaction in the near future and  will
 update the market accordingly.
 
 The  Board  continues  to  actively seek new investment and acquisition  opportunities  to  enhance
 shareholder value and we hope to make further announcements in the near future.
  
  Greg Collier
  Chairman
  23 December 2014
  
  
          
CONSOLIDATED INCOME STATEMENT
          
          
                                                       Period                      Period
                                                   01/04/2014                  01/04/2013
                                                           To                          To
                                                   30/09/2014                  30/09/2013
  Revenue                                                   -                           -
                                                                           
  Cost of sales                                             -                           -
                                                                                         
  Gross Profit                                              -                           -
                                                                           
  Administrative expenses                           (210,742)                    (21,083)
                                                                           
  Loss before tax                                   (210,742)                    (21,083)
                                                                           
  Taxation                                                  -                           -
                                                                                         
  Loss for the period                               (210,742)                    (21,083)
                                                                           
  Basic and diluted loss per share (note 1)         (0.01898)                   (0.02475)
          
          



BALANCE SHEET
                                                    
                                                  30/09/2014                    30/09/2013
                                                                            
  Fixed Assets
  
  Investments                                        1,836,952              
                                                                            
  Current Assets
                                                                            
  Trade and Other receivables                            5,315                      115,973
                                                                            
  Prepayments                                            9,183              
                                                                            5,400
                                                                            
  Bank and cash                                        204,770                          200
                                                     2,056,220                      121,573
                                                                            
                                                                            
  Current Liabilities                                                       
                                                                            
  Trade and other payables                            (17,730)                     (21,600)
                                                                            
                                                                            
  Net Current Assets                                 2,038,490                       99,973
                                                                            
                                                                            
  Convertible Loan                                   (116,657)                    (205,000)
                                                                            
  Net Assets                                         1,921,833                    (105,027)
                                                                            
                                                                            
  Equity                                                                    
                                                                            
  Issued share capital                                 315,454                      221,536
                                                                            
  Share premium                                      2,139,496                      488,991
                                                                            
  Reserve acquisition                                  575,000                    1,219,167
                                                                            
  Profit and loss                                  (1,108,117)                  (2,034,721)
                                                     1,921,833                    (105,027)
                                                                            
                                                    
Notes to the financial information

1.      The  calculation  of  loss per share is based on the loss on ordinary activities  after  taxation
        and  the weighted average number of shares of 1,110,539,568 in issue during the period.   Due  to
        the  loss  incurred in the period under review, the dilutive securities have no effect as  at  30
        September 2014.
        
3.      While  the  financial information included in this announcement has been computed  in  accordance
        with  International  Financial  Reporting Standards (IFRS), this  announcement  does  not  itself
        contain sufficient information to comply with IFRS.
        
4.      The  financial information has not been audited or reviewed by the auditors, or extracted from
        audited information.  This financial statement does not constitute statutory accounts within  the
        meaning of Section 435 of the Companies Act 2006 (the "Act").
        
5.      The Directors have not declared a dividend for the period.

6.      This  statement was approved by the Board of Directors on 19th December 2014.  Copies of  this
        statement  will be available free of charge from the Company's Registered Office  at  2nd  Floor,
        Cambridge House, Cambridge Road, Harlow Mill, Essex, CM20 2EQ.
        
 The Directors of the Company accept responsibility for the content of this announcement.


                                                --ENDS--
                                                    
Enquiries:

Etaireia Investments Plc
Tel:  078 3018 2501
Greg Collier

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







Contact Information

  • Etaireia Investments Plc