TIDMPCGB
RNS Number : 6106A
Power Capital Global Ltd
30 September 2015
POWER CAPITAL GLOBAL LIMITED
("Power Capital" or "the Company")
Interim Results for the six months ended 30 June 2015
Power Capital Global Limited announces that it has today
published its unaudited results for the six months ended 30(th)
June 2015.
The results for the period reflect the cessation of the natural
resource trading operations of the group. No revenues have been
generated and the cost base of the group has been substantially
reduced to GBP179,000 (2014: GBP729,000). Further cost reductions
after the end of the period have been made.
The group has not received any recoveries from PCG Coal
(Indonesia) Limited but continues to seek monies due. No further
progress has been made in relation to recovering monies due from
TSI Holdings Limited. It remains the intention to dispose of the
group's investment in Asia Pacific Investment Partners Limited at
the earliest opportunity.
Following the cessation of its trading business, the Company was
deemed to have become an investing company for the purposes of Rule
15 of the AIM Rules for Companies. As previously stated, the
Directors propose to dispatch a circular to shareholders convening
a general meeting to adopt an investing policy (the "Circular") to
make investments in the gaming, leisure, entertainment, gambling
and associated financial product sectors in Asia. Further details
of the proposed investing policy will be contained in the
Circular.
The Company's shares were suspended from trading on AIM on 12
June 2015 in light of the Company's inability, given the level of
its cash balances, to implement an investing policy as required
under Rule 15 of the AIM Rules. The suspension is currently
ongoing. It remains the intention of the Board to seek to have this
suspension removed pursuant to either a recapitalization of the
group to allow it to commence activity as an investing company or,
alternatively, as part of a substantial acquisition which is likely
to constitute a reverse takeover under the AIM Rules. The Directors
are pursuing both these alternatives. Under the AIM Rules, the
Company's AIM listing will be cancelled if the suspension has not
been lifted by 12 December 2015.
Lin Kung Min
Chief Executive Officer
30 September 2015
Further information
Power Capital Global
Limited
Simon Dewhurst Tel: +852 3695 5150
Northland Capital
Partners Limited
Edward Hutton/Gerry Tel: +44 (0)20 7382 1100
Beaney
These interim results together with further information of the
Company are available on the Company's web site:
www.powercapitalglobal.com
Consolidated Statement of Comprehensive Income
For The Six Months Ended 30 June 2015
(expressed in thousands GBP sterling)
Year
Six months Six months ended
to 30/06/2015 to 30/06/2014 31/12/2014
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue - - -
Cost of sales - - -
--------------- ------------------- ------------
Gross profit/(loss) - - -
Administrative expenses (179) (729) (2,339)
Operating loss (179) (729) (2,339)
Other income - 297 582
Finance costs (52) (48) (97)
--------------- --------------- ------------
Loss before taxation (231) (480) (1,854)
Income tax expense - - -
--------------- --------------- ------------
Loss for the period/year
after taxation (231) (480) (1,854)
Other comprehensive
income - - -
--------------- --------------- ------------
Total comprehensive
expenses (231) (480) (1,854)
=============== =============== ============
Attributable to:
Owners of the parent (222) (465) (1,253)
Non-controlling interests (9) (15) (601)
--------------- --------------- ------------
Total comprehensive
expenses (231) (480) (1,854)
=============== =============== ============
Loss per share (basic) (GBP0.003) (GBP0.006) (GBP0.017)
=============== =============== ============
Loss per share (diluted) (GBP0.003) (GBP0.006) (GBP0.017)
=============== =============== ============
Consolidated Statement of Financial Position
As At 30 June 2015
(expressed in thousands GBP sterling)
30/6/2015 30/06/2014 31/12/2014
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-current assets
Property, plant and
equipment 6 13 9
Available-for-sale
investments 1,274 1,274 1,274
---------- ----------- -----------
1,280 1,287 1,283
Current assets
Trade and other receivables 92 547 81
Rental and other deposits 440 1,040 469
Cash and cash equivalents 16 19 3
---------- ----------- -----------
548 1,606 553
Current liabilities
Other payables and
accruals 1,453 1,059 1,308
Amount due to related
companies 3,681 3,535 3,603
5,134 4,594 4,911
---------- ----------- -----------
Net current liabilities (4,586) (2,988) (4,358)
---------- ----------- -----------
Net liabilities (3,306) (1,701) (3,075)
========== =========== ===========
Equity
Share capital 6,229 6,229 6,229
Reserves (8,973) (7,963) (8,751)
---------- ----------- -----------
Equity attributable
to owners of the parent (2,744) (1,734) (2,522)
Non-controlling interests (562) 33 (553)
---------- ----------- -----------
Capital deficiencies (3,306) (1,701) (3,075)
========== =========== ===========
Consolidated Statement of Changes In Equity
For The Six Months Ended 30 June 2015
(expressed in thousands GBP sterling)
Paid-in Accumulated Total Non- Total
capital losses controlling
interest
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2014 6,229 (7,498) (1,269) 48 (1,221)
Total comprehensive
expenses for the
six months to 30
June 2014 - (465) (465) (15) (480)
At 30 June 2014
and 1 July 2014 6,229 (7,963) (1,734) 33 (1,701)
Total comprehensive
expenses for the
six months to 31
December 2014 - (788) (788) (586) (1,374)
--------- ------------ --------- ------------- ---------
At 31 December
2014 and
1 January 2015 6,229 (8,751) (2,522) (553) (3,075)
Total comprehensive
expenses for the
six months to 30
June 2015 - (222) (222) (9) (231)
At 30 June 2015 6,229 (8,973) (2,744) (562) (3,306)
========= ============ ========= ============= =========
Consolidated Statement of Cash flows
For The Six Months Ended 30 June 2015
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