Etaireia Investments Plc
LSE : ETIP

August 31, 2011 05:21 ET

Unaudited Final Results

                                                ETAIREIA INVESTMENTS PLC
                                              ("Etaireia" or the "Company")
         
                                  Unaudited Final Results for Year Ending 31 March 2011
         
         CHAIRMAN'S STATEMENT
         FOR THE YEAR ENDED 31 MARCH 2011

          I am pleased to be able to make this report to you as Chairman of the Company.
          
          Financial Overview
          There  was  a  loss from continuing operations for the year of £46,417 (2010: £97,971).   This  was
          offset  by  the  loss accruing from the liquidation of Full Portion Media Limited ("Full  Portion")
          being less than provided for in last year's accounts.  This has resulted in there being a credit of
          £141,169  from the discontinued operations of Full Portion (2010: Loss £324,108), so  enabling  the
          Company  to show a profit for the year of £94,752 (2010: Loss £422,079).  As at 31 March  2011  the
          Company had net liabilities attributable to shareholders of £21,339 (2010: £279,341).
          
          Review of Activities
          In  August  2010, as stated in last year's report, the Company's trading subsidiary,  Full  Portion
          Media Limited ("Full Portion") a public relations business servicing the media sector, was put into
          liquidation.
          
          Since  the  liquidation of Full Portion, the Directors have negotiated with the major creditors  of
          the  Company, to convert the amounts due to them, totalling £163,250, into equity, which  has  left
          the  Company  largely  debt  free  and consequently resulting in a  significant  reduction  in  the
          shareholders' deficit.
          
          On  28  February  2011  the Company held an Annual General Meeting ("AGM")  at  which  Shareholders
          approved  the reorganisation of the Company's share capital, whereby, the ordinary shares of  0.25p
          were replaced by ordinary shares of 0.01p with the balance being in deferred shares of 0.24p.  This
          reduction  in  the nominal value of the shares was effected as the price at which the  Company  was
          able  to  raise  additional capital was less than the then nominal value of  0.25p.  At  this  AGM,
          Shareholders  also approved the change of the Company's name from Aquarius Media  Plc  to  Etaireia
          Investments  Plc and the change of the Company's investment strategy to a generalist one,  with  no
          specific national or regional focus.
          
          During the period there have been some changes to the Board of Directors. Teresa Maharajh and  Adam
          Ward  stepped down from the Board, whilst Louis Yeromelou and Gregory Collier have joined the Board
          as Non-Executive Director and Executive Director respectively.
          
          Since  the  liquidation  of Full Portion, the Company has had no trading  activities  and  has  had
          immense  support from its creditors and professional advisors to continue as a going  concern.  The
          Directors  continue  to  seek suitable investment opportunities that will  enable  the  Company  to
          attract new equity investment, and so move forward.
          
          
          
          Greg Collier
          Executive Director
         ETAIREIA INVESTMENTS PLC
         
         CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
         FOR THE YEAR ENDED 31 MARCH 2011
         
         
                                                                                                                  
                                                                                                                  
                                                                              Notes         Year ended       Year ended
                                                                                             31.03.11         31.03.10
                                                                                                                  
           CONTINUING OPERATIONS                                              
                                                                                                           
           Administrative expenses                                                       (46,417)          (97,060)
                                                                                         _________         _________
                                                                                                           
           LOSS FROM OPERATIONS                                                          (46,417)          (97,060)
                                                                                                           
           Finance costs                                                                 -                 (911)
                                                                                         _________         _________
                                                                                                                       
           LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX                                  (46,417)         (97,971)
                                                                                                           
           Income tax                                                                    -                 -
                                                                                         _________         _________
           LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS                                     (46,417)     (97,971)
                                                                                                           
           Result from discontinued operations                                           141,169           (324,108)
                                                                                         _________         _________
                                                                                                           
           PROFIT/(LOSS) FOR THE PERIOD AND TOTAL COMPREHENSIVE INCOME                                     
                                                                                         94,752            (422,079)
                                                                                         _________         _________
                                                                                                           
           ATTRIBUTABLE TO EQUITY HOLDERS                                                94,752            (422,079)
                                                                                         _________         _________
                                                                                                           
           Earnings per share:                                                   1                         
           Basic and diluted earnings per share from continuing operations               (0.05)p           (0.11)p
           Basic and diluted earnings per share from discontinued                        0.15p             (0.35)p
           operations
                                                                                         _________         _________
                                                                                                           
           Basic and diluted earnings per share from total operations                    0.10p             (0.46)p
                                                                                         _________         _________
                                                            
                                                            
           ETAIREIA INVESTMENTS PLC - COMPANY NUMBER 06138814

           CONSOLIDATED BALANCE SHEET
           AS AT 31 MARCH 2011


                                                                             31.03.11           31.03.10
                                                                                £                  £
                                                            
           Non-current assets                                                               
           Property, plant and equipment                                 -                  6,274
                                                                         _______            _______
                                                                         -                  6,274
                                                                                            
           Current assets                                                                   
           Trade and other receivables                                   4,218              41,506
           Cash and cash equivalents                                     24                 11,060
                                                                         _______            _______
                                                                         4,242              52,566
                                                                                            
           Current liabilities                                                              
           Trade and other payables                                      (25,581)           (338,181)
                                                                         ________           ________
           Net current liabilities                                       (21,339)           (285,615)
                                                                         ________           ________
                                                                                            
           NET LIABILITIES                                               (21,339)           (279,341)
                                                                         ________           ________
                                                                                            
                                                                                            
           Equity
           Issued share capital                                          217,036            212,917
           Share premium account                                         448,491            289,360
           Merger reserve                                                -                  1,219,167
           Reverse acquisition reverse                                   -                  (561,210)
           Accumulated losses                                            (686,866)          (1,439,575)
                                                                         ________           ________
                                                                                            
           SHAREHOLDERS' LIABILITIES                                     (21,339)           (279,341)
                                                                         ________           ________
                                                                                            
          

Notes to the financial information

1.       The  calculation of loss per share is based on the weighted average number of shares of 85,166,666
      in issue during the period.

2.    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. The full financial statements of  the  company  for  the
      year will be posted to shareholders as soon as is practicable.

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

4.    The Directors have not declared a dividend for the period.

Going Concern
At  31  March 2011, the Company had net shareholder liabilities of £21,399.  The future of the  Company  is
dependent  upon  the  Directors being able to raise sufficient funds from investors  to  fund  its  working
capital requirements as it explores its options going forward.

ETAIREIA INVESTMENTS PLC
Registered No. 06138814

The Directors of Etaireia Investments plc accept responsibility for this announcement.

                                                 --ENDS--
Enquiries:

ETAIREIA INVESTMENTS PLC
Greg Collier
+44 78 3018 2501


RIVINGTON STREET CORPORATE FINANCE
Eran Zucker
+44 20 7562 3373


Contact Information

  • Etaireia Investments Plc