JADE ROAD INVESTMENTS
LIMITED
INTERIM CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Jade Road Investments Limited (AIM:
JADE), the London quoted company focused on
seeking the best risk-adjusted returns globally, is pleased
to announce its interim results for the six months ended 30 June
2024.
Financial Highlights:
· Total interest income decreased to US$0.01 million (H1 2023:
US$0.59 million).
· Net loss of $0.4 million (H1 2023: US$1.4 million
loss).
· Consolidated basic / diluted loss per share of US$ 0.11 cents
(H1 2023: loss per share US$ 0.75 cents).
· Consolidated NAV at 30 June 2024 decreased to a deficit of US$
(0.35) million/GBP (0.28) million (31
December 2023: US$0.05 million/GBP 0.04 million).
· NAV per share at 30 June 2024 (0.10) cents ((0.08) pence) (31 December 2023: 0.02 cents / 0.01
pence).
· Period end cash position of US$ 0.06 million (31 December 2023
: US$ 0.08 million).
· Post period issue of Convertible loan note raising
£80,000
FOR
FURTHER INFORMATION, PLEASE CONTACT:
|
Jade
Road Investments Limited
|
+44 (0)
778 531 5588
|
|
John Croft
|
|
|
|
|
|
Zeus
Capital Limited - Nominated Adviser
|
+44 (0)
203 829 5000
|
|
James Joyce
|
|
|
Andrew de Andrade
|
|
|
|
|
|
Hybridan LLP - Corporate Broker
|
+44 (0)
203 764 2341
|
|
Claire Noyce
|
|
|
|
|
|
Lionsgate Communications - Communications
Adviser
|
+44 (0)
779 189 2509
|
|
Jonathan Charles
|
|
|
|
|
About Jade Road Investments
Jade Road Investments Limited is
quoted on the AIM Market of the London Stock Exchange and is
committed to providing shareholders with attractive uncorrelated,
risk-adjusted long-term returns from a combination of realising
sustainable capital growth and delivering dividend
income.
Chairman's Statement
The Company's Results for the period
to 30 June 2024 fully reflect the status of the Company following
the disposal of its legacy assets described in our 2023 Annual
Report. At this juncture the Company effectively became a shell
company seeking an acquisition via a Reverse Take Over (RTO) and/or
strategic partnerships to deliver future growth.
Since the end of this period the
Company announced a strategic partnership with MBM Ltd. It is
envisaged that the partnership will deliver investment
opportunities for Jade in conjunction with its Investment Manager
Heirloom Investment Management LLC. The partnership was announced
on 16 August 2024 which can be viewed via the link
below:
https://www.londonstockexchange.com/news-article/JADE/strategic-partnership-with-mbm-limited/16623422
As part of the agreement, MBM Ltd.
will provide up to £300,000 in new capital to Jade via a
Convertible Loan Note (CLN). The first tranche of £80,000 under the
CLN has been received by the Company.
The Company's working capital remains
constrained, however management is managing creditors and
seeking further finance to deliver its strategy.
Whilst the relationship with MBM
Ltd. is embryonic, I am encouraged by the cooperation and support
experienced to date and expect to be able to announce more details
in the coming months.
The
principal assets as of 30 June 2024 are detailed
below:
|
Principal assets
|
Valuation at 31 December
2023
US$ million
|
Transfer US$
million
|
Equity investment/ other
movement US$ million
|
Valuation at 30 June
2024
US$ million
|
|
|
|
|
|
|
|
Heirloom Investment Fund and
Heirloom Litigation Funding
|
0.5
|
-
|
(0.5)
|
-
|
|
|
|
|
|
|
|
Investments available for
sale
|
4.3
|
(4.3)
|
-
|
-
|
|
|
|
|
|
|
|
Corporate debt
|
(3.8)
|
3.8
|
-
|
-
|
|
|
|
|
|
|
|
Other liabilities
|
(1.0)
|
0.5
|
0.1
|
(0.4)
|
|
|
|
|
|
|
|
Cash
|
0.1
|
-
|
-
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Asset
Value
|
0.1
|
-
|
(0.3)
|
(0.3)
|
|
|
|
|
|
|
John Croft
Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
Six months
ended
|
|
Year
ended
|
|
|
|
|
Note
|
|
30 June
2024
Unaudited
US$000
|
|
30
June
2023
Unaudited
US$000
|
|
31
December
2023
Audited
US$000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from unquoted financial
assets
|
|
|
|
-
|
|
588
|
|
1,090
|
|
|
Finance income from loans
|
|
|
|
7
|
|
-
|
|
545
|
|
|
Loss on disposal on
disposal
|
|
|
|
-
|
|
-
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross portfolio income
|
|
4
|
|
7
|
|
588
|
|
1,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes on financial
assets at fair value through profit or (loss)
|
|
|
|
-
|
|
(101)
|
|
(17,295)
|
|
|
Foreign exchange on unquoted
financial assets at fair value through profit or (loss)
|
|
|
|
(2)
|
|
-
|
|
-
|
|
|
Investment provisions
|
|
4
|
|
-
|
|
(588)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
portfolio income/(loss)
|
|
4
|
|
5
|
|
(101)
|
|
(15,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
14
|
|
-
|
|
(376)
|
|
(350)
|
|
|
Incentive fees
|
|
|
|
-
|
|
-
|
|
43
|
|
|
Administrative expenses
|
|
5
|
|
(401)
|
|
(639)
|
|
(1,171)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(396)
|
|
(1,116)
|
|
(17,139)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense
|
|
|
|
(5)
|
|
(273)
|
|
(577)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation
|
|
|
|
(401)
|
|
(1,389)
|
|
(17,716)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
|
6
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and total comprehensive loss for the
period
|
|
|
|
(401)
|
|
(1,389)
|
|
(17,716)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
|
|
8
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(0.11)
cents
|
|
(0.75)
cents
|
|
(5.94)
cents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
(0.11)
cents
|
|
(0.75)
cents
|
|
(5.94)
cents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The results above relate to
continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
|
Note
|
|
30 June
2024
Unaudited
US$000
|
|
30
June
2023
Unaudited
US$000
|
|
31
December
2023
Audited
US$000
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Unquoted financial assets at fair
value through profit or loss
|
|
9
|
|
-
|
|
18,708
|
|
500
|
|
|
Loans and other
receivables
|
|
10
|
|
26
|
|
1,721
|
|
19
|
|
|
Investments held for sale
|
|
|
|
-
|
|
-
|
|
4,290
|
|
|
Cash and cash equivalents
|
|
|
|
59
|
|
100
|
|
77
|
|
|
Total assets
|
|
|
|
85
|
|
20,529
|
|
4,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Other payables and
accruals
|
|
|
|
434
|
|
1,209
|
|
991
|
|
|
Current liabilities
|
|
|
|
434
|
|
1,209
|
|
991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans & borrowings
|
|
11
|
|
-
|
|
3,873
|
|
3,843
|
|
|
Total liabilities
|
|
|
|
434
|
|
5,082
|
|
4,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
|
|
(349)
|
|
15,447
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and reserves
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
12
|
|
151,686
|
|
150,615
|
|
151,686
|
|
|
Treasury share reserve
|
|
12
|
|
(754)
|
|
(615)
|
|
(754)
|
|
|
Share based payment
reserve
|
|
|
|
2,936
|
|
2,936
|
|
2,936
|
|
|
Accumulated losses
|
|
|
|
(154,217)
|
|
(137,489)
|
|
(153,816)
|
|
|
Total equity and reserves attributable to owners of the
parent
|
|
|
|
(349)
|
|
15,447
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
|
|
|
Share
capital
US$000
|
|
Treasury share
reserve
US$'000
|
Share
based
payment
reserve
US$000
|
|
Accumulated
losses
US$000
|
|
Total
US$000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group balance at 1 January 2023
|
|
148,903
|
|
(615)
|
2,936
|
|
(136,100)
|
|
15,124
|
|
|
Loss for the period
|
|
-
|
|
-
|
-
|
|
(1,389)
|
|
(1,389)
|
|
|
Other comprehensive
income
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
|
Total comprehensive loss for the
period
|
|
-
|
|
-
|
-
|
|
(1,389)
|
|
(1,389)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares net of issue
costs
|
|
1,712
|
|
-
|
-
|
|
|
|
1,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group balance at 30 June 2023
|
|
150,615
|
|
(615)
|
2,936
|
|
(137,489)
|
|
15,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
-
|
|
-
|
-
|
|
(16,327)
|
|
(16,327)
|
|
|
Other comprehensive
income
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
|
Total comprehensive loss for the
period
|
|
-
|
|
-
|
-
|
|
(16,327)
|
|
(16,327)
|
|
|
Issue of shares net of issue
costs
|
|
1,071
|
|
-
|
-
|
|
-
|
|
1,071
|
|
|
Repurchase of shares
|
|
-
|
|
(139)
|
-
|
|
-
|
|
(139)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group balance at 31 December 2023 and 1 January
2024
|
|
151,686
|
|
(754)
|
2,936
|
|
(153,816)
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
-
|
|
-
|
-
|
|
(401)
|
|
(401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the
period
|
|
-
|
|
-
|
-
|
|
(401)
|
|
(401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group balance at 30 June 2024
|
|
151,686
|
|
(754)
|
2,936
|
|
(154,217)
|
|
(349)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
|
|
|
Six
months ended
|
|
Year
ended
|
|
|
|
|
30-Jun
2024
Unaudited
US$'000
|
|
30-Jun
2023
Unaudited
US$'000
|
|
31
December
2023
Audited
US$'000
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) / Profit before
taxation
|
|
(401)
|
|
(1,389)
|
|
(17,716)
|
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
Finance income
|
|
(7)
|
|
-
|
|
(545)
|
|
|
Finance expense
|
|
7
|
|
273
|
|
577
|
|
|
Exchange loss
|
|
-
|
|
84
|
|
47
|
|
|
Fair value changes on unquoted
financial assets at fair value through profit or loss
|
|
-
|
|
19
|
|
13,938
|
|
|
Fair value changes on loans and
receivables at fair value through profit or loss
|
|
-
|
|
-
|
|
2,236
|
|
|
Realised (gain) on disposal of
investments
|
|
-
|
|
-
|
|
-
|
|
|
Increase/(Decrease) in other
receivables
|
|
(7)
|
|
(35)
|
|
13
|
|
|
Increase/(Decrease) in other
payables and accruals
|
|
(110)
|
|
(127)
|
|
(323)
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in operating activities
|
|
(518)
|
|
(1,175)
|
|
(1,773)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from investing activities
|
|
|
|
|
|
|
|
|
Sale proceeds of unquoted financial
assets at fair value through profit or loss
|
|
500
|
|
-
|
|
250
|
|
|
Purchase of unquoted financial
assets at fair value through profit and loss
|
|
-
|
|
(500)
|
|
(750)
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash generated from investing activities
|
|
500
|
|
(500)
|
|
(500)
|
|
|
|
|
|
|
|
|
|
|
|
Issue of Shares
|
|
-
|
|
1,712
|
|
2,763
|
|
|
Purchase of treasury
shares
|
|
-
|
|
(259)
|
|
(139)
|
|
|
Payment of interest on loans and
borrowings
|
|
-
|
|
|
|
(594)
|
|
|
Net
cash generated used in financing activities
|
|
-
|
|
1,453
|
|
2,030
|
|
|
Net
outflow in cash & cash equivalents during the
period
|
|
(18)
|
|
(222)
|
|
(243)
|
|
|
Cash and cash equivalents and net
debt at the beginning of the period
|
|
77
|
|
321
|
|
321
|
|
|
Foreign exchange on cash
balances
|
|
-
|
|
1
|
|
(1)
|
|
|
Cash & cash equivalents and net debt at the end of the
period
|
|
59
|
|
100
|
|
77
|
|
NOTES TO THE FINANCIAL INFORMATION
1. CORPORATE
INFORMATION
The Company is a limited company
incorporated in the British Virgin Islands ("BVI") under the BVI
Business Companies Act 2004 on 18 January 2008. The address of the
registered office is Commerce House, Wickhams Cay 1, P.O. Box 3140,
Road Town, Tortola, British Virgin Islands VG 1110 and its
principal place of business is 19/F., CMA Building, 64 Connaught
Road Central, Central, Hong Kong.
The Company is quoted on the AIM
Market of the London Stock Exchange (code: JADE) and the Quotation
Board of the Open Market of the Frankfurt Stock Exchange (code:
1CP1).
The principal activity of the
Company is investment holding. The Company is principally engaged
in investing primarily in unlisted assets in the areas of mining,
power generation, health technology, telecommunications, media and
technology ("TMT"), and financial services or listed assets driven
by corporate events such as mergers and acquisitions, pre-IPO, or
re-structuring of state-owned assets.
The condensed consolidated interim
financial information was approved for issue on 29 September
2023.
2. BASIS OF
PREPARATION
The condensed consolidated interim
financial information has been prepared in accordance with
International Accounting Standard ("IAS") 34 "Interim Financial
Reporting" and is presented in US Dollars.
3. PRINCIPAL
ACCOUNTING POLICIES
The condensed consolidated interim
financial information has been prepared on the historical cost
convention, as modified by the revaluation of certain financial
assets and financial liabilities at fair value through the
statement of comprehensive income.
The accounting policies and methods
of computation used in the condensed consolidated financial
information for the six months ended 30 June 2024 are the same as
those followed in the preparation of the Group's annual financial
statements for the year ended 31 December 2023 and are those the
Group expects to apply into financial statements for the year
ending 31 December 2024. There was no impact on the Company's
accounting policies as a result of any new or amended standards
which became applicable for the current accounting
period.
The seasonality or cyclicality of
operations does not impact the interim financial
information.
4. SEGMENT
INFORMATION
The operating segment has been
determined and reviewed by the Board to be used to make strategic
decisions. The Board considers there to be a single business
segment, being that of investing activity.
The reportable operating segment
derives its revenue primarily from debt investment in several
companies and unquoted investments.
The Board assesses the performance
of the operating segments based on a measure of adjusted Earnings
Before Interest, Taxes, Depreciation and Amortisation ("EBITDA").
This measurement basis excludes the effects of non-recurring
expenditure from the operating segments such as restructuring
costs. The measure also excludes the effects of equity-settled
share-based payments and unrealised gains/losses on financial
instruments.
The segment information provided to
the Board for the reportable segment for the periods are as
follows:
|
|
|
Six
months ended
|
|
Year
ended
|
|
|
|
30 June
2024
|
|
30
June
2023
|
|
31
December 2023
|
|
|
|
US$000
|
|
US$000
|
|
US$000
|
|
|
|
|
|
|
|
|
|
Income on unquoted financial
assets
|
|
-
|
|
588
|
|
1,090
|
|
Financial income on loans &
receivables
|
|
7
|
|
-
|
|
545
|
|
Gain on disposal
|
|
-
|
|
-
|
|
(1)
|
|
Gross portfolio income
|
|
7
|
|
588
|
|
1,634
|
|
|
|
|
|
|
|
|
|
Expected credit loss
provision
|
|
-
|
|
(588)
|
|
-
|
|
Foreign exchange
|
|
(2)
|
|
(101)
|
|
(43)
|
|
Equity fair value
adjustments
|
|
-
|
|
-
|
|
(15,029)
|
|
|
|
|
|
|
|
|
|
Portfolio income through profit or loss
|
|
5
|
|
(101)
|
|
(13,438)
|
|
|
|
|
|
|
|
|
|
Net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FMHL
|
|
-
|
|
5,252
|
|
-
|
|
Meize
|
|
-
|
|
8,800
|
|
-
|
|
DocDoc
|
|
-
|
|
2,806
|
|
-
|
|
ICG
|
|
-
|
|
1,335
|
|
-
|
|
Infinity TNP
|
|
-
|
|
-
|
|
-
|
|
Heirloom Investment Fund
|
|
-
|
|
500
|
|
500
|
|
Other
|
|
-
|
|
15
|
|
-
|
|
Unquoted assets at fair value
through profit or loss
|
|
-
|
|
18,708
|
|
500
|
|
Loans and other receivables at fair
value through the profit or loss (third party)
|
|
26
|
|
1,721
|
|
19
|
|
Investments held for sale
|
|
-
|
|
-
|
|
4,290
|
|
Cash
|
|
59
|
|
100
|
|
77
|
|
Liabilities
|
|
(434)
|
|
(5,082)
|
|
(4,834)
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
(349)
|
|
15,447
|
|
52
|
On 1 May 2024 the transfer of the
'Legacy Assets' consisting of the holdings in DocDoc Pte Limited,
Future Metal Holdings Limited, Meize Energy Industrial Holdings
Limited, Infinity Capital Group Infinity TNP, Project Nicklaus and
Fook Lam Moon Holdings was approved by the shareholders at the
annual general meeting. The corporate bond issued by the Group was
also transferred. All assets and liabilities have been transferred
to an independent third-party company which is not owned or
controlled by the Group. The Group received no consideration in
return for the transfer. These assets had been included as held for
sale in the financial statements dated 31 December 2023.
The impact of fair value changes on
the investments in the portfolio are as follows:
|
|
|
Six
months ended
|
|
Year
ended
|
|
|
|
30 June
2024
|
|
30
June
2023
|
|
31
December 2023
|
|
|
|
US$000
|
|
US$000
|
|
US$000
|
|
|
|
|
|
|
|
|
|
Income on unquoted financial assets
through profit or loss
|
|
-
|
|
588
|
|
1,090
|
|
|
|
|
|
|
|
|
|
Equity fair value
adjustments:
|
|
|
|
|
|
|
|
- FMHL
|
|
-
|
|
-
|
|
(1,538)
|
|
- Meize
|
|
-
|
|
-
|
|
(8,801)
|
|
- DocDoc
|
|
-
|
|
-
|
|
(3,016)
|
|
- Infinity Capital Group
|
|
-
|
|
-
|
|
(1,659)
|
|
- Other
|
|
-
|
|
-
|
|
(15)
|
|
|
|
-
|
|
-
|
|
(15,029)
|
|
|
|
|
|
|
|
|
|
Expected credit loss
provision:
|
|
|
|
|
|
|
|
- ICG
|
|
-
|
|
(112)
|
|
-
|
|
- FMHL
|
|
-
|
|
(300)
|
|
-
|
|
- DocDoc
|
|
-
|
|
(176)
|
|
-
|
|
Foreign exchange on unquoted
financial assets at fair value through profit or loss
|
|
-
|
|
(19)
|
|
2
|
|
|
|
|
|
|
|
|
|
Total fair value changes on
financial assets at fair value through profit or loss
|
|
-
|
|
(19)
|
|
(13,937)
|
5.
ADMINISTRATIVE EXPENSES
|
|
|
Six
months ended
|
|
Year
ended
|
|
|
|
30 June
2024
|
|
30
June
2023
|
|
31
December 2023
|
|
|
|
US$000
|
|
US$000
|
|
US$000
|
|
|
|
|
|
|
|
|
|
Staff costs
|
|
183
|
|
183
|
|
321
|
|
Professional fees
|
|
171
|
|
417
|
|
752
|
|
Travel expenses
|
|
7
|
|
14
|
|
19
|
|
Insurance
|
|
11
|
|
11
|
|
22
|
|
Loss on redemption of
assets
|
|
26
|
|
-
|
|
15
|
|
Foreign exchange
|
|
-
|
|
6
|
|
8
|
|
IT costs
|
|
-
|
|
1
|
|
1
|
|
Marketing
|
|
-
|
|
-
|
|
3
|
|
Bank charges
|
|
3
|
|
6
|
|
11
|
|
Other costs
|
|
-
|
|
3
|
|
20
|
|
|
|
401
|
|
639
|
|
1,171
|
6.
TAXATION
The Company is incorporated in the
BVI and Hong Kong. The Company is not subject to any income tax in
the BVI. The Company does not engage in any business activities or
generate income in Hong Kong; therefore it is not subject to
taxation in Hong Kong.
7.
DIVIDEND
The Board does not recommend the
payment of an interim dividend in respect of the six months ended
30 June 2024 (30 June 2023: Nil).
8. LOSS PER
SHARE
The calculation of the basic and
diluted earnings per share attributable to owners of the Group is
based on the following:
|
|
Six months
ended
|
Year
ended
|
|
|
30 June
2024
US$000
|
30
June
2023
US$000
|
31
December
2023
US$000
|
|
Numerator
|
|
|
|
|
Basic/Diluted:
|
Net loss
|
(401)
|
(1,389)
|
(17,716)
|
|
|
|
|
|
|
|
|
Number of
shares
|
|
|
'000
|
'000
|
'000
|
|
Denominator
|
|
|
|
|
Basic:
|
Number of / Weighted average
shares
|
350,713
|
185,008
|
298,477
|
|
|
Dilutive effect of
warrants
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
Adjusted weighted average
shares
|
350,713
|
185,008
|
298,477
|
|
|
|
|
|
|
|
Loss per share
|
|
|
|
|
|
Basic (cents)
|
|
(0.11)
|
(0.75)
|
(5.94)
|
|
Diluted (cents)
|
|
(0.11)
|
(0.75)
|
(5.94)
|
|
|
|
|
|
|
Warrants issued to the Investment
Manager were anti-dilutive and therefore there is no impact on the
weighted average shares in issue. No warrants were
issued during the current period ending 30 June 2024 (2023:
1,002,333).
9. UNQUOTED
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR
LOSS
|
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the
period
|
500
|
|
18,227
|
|
18,227
|
|
|
Fair value changes through profit
and loss
|
-
|
|
569
|
|
(13,937)
|
|
|
Transferred to held for
sale
|
-
|
|
-
|
|
(4,290)
|
|
|
Expected credit loss provision
through profit and loss
|
-
|
|
(588)
|
|
-
|
|
|
Realised gain
|
-
|
|
-
|
|
-
|
|
|
Disposals
|
(500)
|
|
-
|
|
(250)
|
|
|
Additional investment
|
-
|
|
500
|
|
750
|
|
|
|
|
|
|
|
|
|
|
At the end of the period
|
-
|
|
18,708
|
|
500
|
|
|
|
|
|
|
|
|
|
10. LOANS AND OTHER
RECEIVABLES AT FAIR VALUE THROUGH PROFIT OR LOSS
|
|
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the
period
|
|
19
|
|
1,769
|
|
-
|
|
|
Other receivables
|
|
7
|
|
-
|
|
19
|
|
|
Fair value changes through profit
and loss
|
|
-
|
|
(48)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
At the end of the period
|
|
26
|
|
1,721
|
|
19
|
|
|
|
Note
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
26
|
|
1,721
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
borrowings
|
|
26
|
|
1,721
|
|
19
|
|
|
|
|
|
|
|
|
|
|
The breakdown of Loans is as
follows:
|
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
|
|
|
|
|
|
|
|
Loan principal
|
-
|
|
26,500
|
|
-
|
|
|
Accrued PIK interest
|
-
|
|
2,248
|
|
532
|
|
|
Accrued interest payable in
cash
|
-
|
|
3,070
|
|
-
|
|
|
Fair Value Adjustments -
Principal
|
-
|
|
(26,500)
|
|
-
|
|
|
Fair Value Adjustments - Accrued
Interest
|
-
|
|
(5,318)
|
|
(532)
|
|
|
|
|
|
|
|
|
|
|
Net loans receivable
|
-
|
|
-
|
|
-
|
|
11. LOANS AND
BORROWINGS
|
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
Corporate debt
|
-
|
|
3,873
|
|
3,843
|
|
|
|
|
|
|
|
|
|
|
Total loans and
borrowings
|
-
|
|
3,873
|
|
3,843
|
|
The movement in loans and borrowings
is as follows:
|
|
30 June
2024
US$000
|
|
30
June
2023
US$000
|
|
31
December
2023
US$000
|
|
|
Opening balance
|
3,843
|
|
3,859
|
|
3,859
|
|
|
Borrowing costs amortised
|
-
|
|
-
|
|
-
|
|
|
Interest expense accrued
|
-
|
|
273
|
|
577
|
|
|
Payment of interest
liability
|
-
|
|
(259)
|
|
(594)
|
|
|
Transferred out
|
(3,843)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Closing balance
|
-
|
|
3,873
|
|
3,843
|
|
12. SHARE
CAPITAL
|
|
Number of
Shares
|
|
Amount
US$000
|
|
|
Issued share capital excluding
treasure shares at 31 December 2023
|
350,713,130
|
|
150,932
|
|
|
|
|
|
|
|
|
Shares issues in the
period
|
-
|
|
-
|
|
|
Issued share capital excluding
treasure shares at 30 June 2024
|
350,713,130
|
|
150,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consisting of:
|
|
|
|
|
|
Authorised, called-up and fully paid
ordinary shares of no-par value each at 30 June 2024
|
358,193,134
|
|
151,686
|
|
|
Authorised, called-up and fully paid
ordinary shares of no-par value held as treasury shares by the
Company at 30 June 2024
|
(7,480,004)
|
|
(754)
|
|
(i)
Under the BVI corporate laws and regulations,
there is no concept of "share premium," and all proceeds from the
sale of no-par value equity shares are deemed to be share capital
of the Company.
13. FINANCIAL
INSTRUMENTS
Financial assets
|
|
|
|
|
|
|
|
|
As
at
30
June
2024
|
|
As
at
30
June
2023
|
|
As
at
31
December
2023
|
|
|
|
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unquoted financial assets at fair
value
|
|
-
|
|
18,708
|
|
500
|
|
|
|
Other receivables at fair
value
|
|
-
|
|
1,659
|
|
-
|
|
|
|
Cash and cash equivalents at
amortised cost
|
|
59
|
|
100
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
59
|
|
20,467
|
|
577
|
|
|
Financial liabilities
|
|
As
at
30
June
2024
|
|
As
at
30
June
2023
|
|
As
at
31
December
2023
|
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Other payables and accruals at
amortised cost
|
434
|
|
1,209
|
|
991
|
|
Corporate debt at amortised
cost
|
-
|
|
3,873
|
|
3,843
|
|
|
|
|
|
|
|
|
Financial liabilities
|
434
|
|
5,082
|
|
4,834
|
Financial assets at fair value through profit or
loss
The following table provides an
analysis of financial instruments that are measured subsequent to
initial recognition at fair value, grouped into Level 1, 2 or 3
based on the degree to which the fair value is
observable:
|
|
Note
|
As at
30 June
2024
US$000
|
|
As
at
30
June
2023
US$000
|
|
As
at
31
December
2023
US$000
|
|
|
|
|
|
|
|
|
|
Level 3
|
|
|
|
|
|
|
|
Unquoted financial assets at fair
value
|
9
|
-
|
|
18,708
|
|
500
|
|
Other receivables at fair
value
|
10
|
26
|
|
1,721
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
20,429
|
|
500
|
|
|
|
|
|
|
|
|
There is no transfer between levels
in the current period. Carrying values of all financial assets and
liabilities are approximate to fair values. The value of level 3
investments has been determined using the yield capitalisation
(discounted cash flow) method.
14. RELATED PARTY
TRANSACTIONS
During the period under review, the
Group entered into the following transactions with related parties
and connected parties:
|
|
Notes
|
30 June
2024
US$000
|
30
June
2023
US$000
|
31
December
2023
US$000
|
|
|
|
|
|
|
|
Remuneration payable to
Directors
|
|
183
|
183
|
321
|
|
Re-imbursement of expenses to
directors
|
|
-
|
-
|
26
|
|
|
|
|
|
|
|
Heirloom Investment Management
LLC
|
|
|
|
|
|
Administration Fee
|
|
-
|
-
|
47
|
|
|
|
|
|
|
|
Harmony Capital
|
|
|
|
|
|
Management fee
|
|
-
|
376
|
350
|
|
Incentive fee
|
|
-
|
-
|
(43)
|
|
|
|
|
|
|
|
Amount due to
Harmony Capital at period
end
|
|
745
|
910
|
745
|
|
Heirloom Investment Management
LLC
|
|
-
|
-
|
16
|
|
Directors
|
|
68
|
-
|
75
|
|
|
|
|
|
|
15.
EVENTS AFTER THE REPORTING PERIOD
On 11 July 2024 Dr Lee George Lam
resigned from his role as non-executive director.
On 16 August 2024 Jade announced a
strategic partnership with MBM Limited. MBM Limited will provide
new capital in the form of convertible loan notes (CLN) of up to
£300,000 and will introduce potential new investments to Jade. The
first tranche of the CLN, amounting to £80,000 has been received
.
16. COPIES OF THE INTERIM
REPORT
The interim report is available for download from
www.jaderoadinvestments.com.