TIDMTJI
RNS Number : 9849A
Tejoori Limited
30 March 2017
30 March 2017
Tejoori Limited
("Tejoori" or the "Company")
Interim results for the six months ended 31 December 2016
The Board of Tejoori (AIM: TJI), the Dubai-based
Shari'a-compliant investment company, is pleased to announce its
unaudited interim results for the six months 31 December 2016.
For further information:
Tejoori Limited Tel: +971 4 2839316
Abdullah Lootah, CEO ceo@tejooriltd.ae
Allenby Capital Limited Tel: +44 (0)203 328 5656
(Nominated Adviser
and Broker)
Nick Athanas/Charles
Donaldson
Chairman's Statement
Welcome to the results of Tejoori Limited ("Tejoori" or the
"Company"), the Dubai-based Shari'a compliant investment company,
for the six month period ended 31 December 2016.
Financial Performance during the Period
As at 31 December 2016, the Company had cash available for
investment of US$13,158,896 (31 December 2015: US$3,518,715). As at
31 December 2016, US$8,163,941 of the cash available for investment
was placed on short term wakala deposits which carry a profit rate
of 2.50 per cent. per annum. During the period under review Tejoori
generated income of US$29,360 from these wakala deposits (six
months ended 31 December 2015: US$53,205) and recorded a net loss
of US$219,996 (six months ended 31 December 2015: net loss of
US$29,295).
Existing Investments
As announced in December 2016, Tejoori successfully sold one of
the remaining two Arjan plots of land (an "Arjan Plot" or,
collectively, the "Arjan Plots") owned by Tejoori during the period
under review, with net cash proceeds of c. US$3.57 million being
received by Tejoori.
In addition in the period under review the Company disposed of
its 10.1% interest in BEKON Holding AG for nil consideration, as
announced by Tejoori on 24 August 2016.
In February 2017, the Company disposed of its final remaining
Arjan Plot for a gross consideration of AED 21,312,540 (equivalent
to approximately US$5.8 million). The sale was completed in
February 2017 and is therefore not reflected in the financial
performance in the year ended 31 December 2016.
Following the sale of the final Arjan Plot in February 2017,
Tejoori has fully divested its investment portfolio and holds cash
and wakala deposits only. Under the AIM Rules the Company is deemed
to have, following the sale of the final Arjan Plot, disposed of
all of its assets within the meaning of Rule 15 of the AIM Rules
for Companies. Consequently, Tejoori has 12 months from date of
this disposal, being 23 February 2017, to implement its current
investing policy in accordance with Rule 15 of the AIM Rules for
Companies otherwise the Company's shares will be suspended from
trading on AIM pursuant to Rule 40 of the AIM Rules for
Companies.
As previously announced the Company intends to return to
shareholders a certain proportion of the cash generated from the
sale of the Arjan Plots and is considering, in conjunction with its
advisers, the most effective and efficient manner in which to
return to cash to shareholders. As part of this exercise the
Company is also continuing to evaluate the merits of remaining on
AIM. Further updates will be made by the Company at the appropriate
time.
We look forward to updating our shareholders on future plans in
due course.
Khalid Al Nasser
Chairman of Board
29 March 2017
Consolidated Statement of Financial Position
as at December 31, 2016
Notes Dec-2016 Dec-2015
------ ------------------ -------------------
USD USD
------------------ -------------------
Assets
--------------------------
Cash and bank
balances 1 4,994,955 717,890
Fixed deposits 2 8,163,941 2,800,825
Trade and other
receivables 3 516,860 3,741,500
Other assets/Prepayments 4 17,138 19,452
Available-for-Sale
Investment 5 - 3,350,000
Investment in
properties 6 4,165,151 13,912,681
Total current
assets 17,858,045 24,542,348
------------------ -------------------
Total Assets 17,858,045 24,542,348
================== ===================
Equity and
Liabilities
--------------------------
Current liabilities
Due to a shareholder 9 877,200 877,200
Trade and other
payables 10 19,694 -
Due to Related
Parties 17 502,839 514,482
Total current
liabilities 1,399,733 1,391,682
------------------ -------------------
Equity
Share Capital 11 277,089 277,089
Share premium 11.1 41,286,207 41,286,207
Accumulated
losses (25,104,984) (18,412,630)
Total equity 16,458,312 23,150,666
------------------ -------------------
Total Equity and
Liabilities 17,858,045 24,542,348
================== ===================
These financial statements were approved for issue by the Board
of Directors of the company on 29 March 2017.
Consolidated Statement of comprehensive income
as at December 31, 2016
Notes Dec-2016 Dec-2015
------ ------------------ ------------------
USD USD
------------------ ------------------
Return on Wakala Deposits 10 29,360 53,205
Total Income 29,360 53,205
------------------ ----------------
Administrative and
Operating Expenses 11 (167,731) (82,500)
Total Expenses (167,731) (82,500)
------------------ ----------------
Loss for the year (138,370) (29,295)
Loss on sale of Investment
Property (81,626) -
Total comprehensive
income for the year (219,996) (29,295)
================== ================
Earning per share-basic (0.0079) 0.0015
Earning per share-diluted (0.0079) 0.0015
Statement of changes in shareholders' equity
as at December 31, 2016
Share Share Fair Accumulated Total
Capital Premium Value losses equity
Reserve
(USD)
------------------------------------------------------------------------------------------
Balance as at
Jan 1st, 2015 277,089 41,286,207 - (18,383,334) 23,179,962
Total
comprehensive
income for the
year
Profit for the
year - - - (29,295) (29,295)
Net amount
transferred
to profit or
loss - - - - -
---------------- ---------------- ---------------- ------------------ ----------------
Total other
comprehensive
income for the
year - - - - -
Total
comprehensive
income - - - (29,295) (29,295)
---------------- ---------------- ---------------- ------------------ ----------------
Balance at 31
Dec
2015 277,089 41,286,207 - (18,412,630) 23,151,666
================ ================ ================ ================== ================
Balance as at
30
June 2016 277,089 41,286,207 - (24,884,988) 16,678,308
================ ================ ================ ================== ================
Changes during
Jul-Dec 2016
Profit for the
year - - - (219,996) (219,996)
Net amount
transferred
to profit or
loss - - - - -
---------------- ---------------- ---------------- ------------------ ----------------
Total other
comprehensive
income for the
year - - - - -
Total
comprehensive
income - - - (219,996) (219,996)
---------------- ---------------- ---------------- ------------------ ----------------
Balance at 31
Dec
2016 277,089 41,286,207 - (25,104,984) 16,458,312
================ ================ ================ ================== ================
Statement of cash flows
as at December 31, 2016
Cash flows from operating
activities Dec-2016 Dec-2015
----------------------------- -----------------------------
Net profit/(Loss) for the
period (219,996) (29,295)
Cash from operating activities
before changes in working
capital (219,996) (29,295)
Change in prepayments 6,377 (8,773)
Change in trade receivables 1,164,691 -
Change in due to related
parties (22,084) (23,882)
Change in trade and other
payables (19,339) (16,640)
Net Cash from operating activities 909,649 (78,590)
----------------------------- -----------------------------
Cash Flows from investing
activities
Net Cash received from Sale
of Investment property 2,464,898 -
----------------------------- -----------------------------
Net Increase/(decrease) in
cash and cash equivalents 3,374,547 (78,590)
----------------------------- -----------------------------
Cash and cash equivalents,
beginning of the period 9,784,349 3,598,746
----------------------------- -----------------------------
Cash and cash equivalents,
end of the period 13,158,896 3,518,715
============================= =============================
Notes to the interim financial information for the six months
ended 31 December 2016
1 Cash and bank balances Dec-2016 Dec-2015
----------------- --------------------
Cash at banks 4,994,955 717,890
Cash in hand - -
4,994,955 717,890
================= ====================
2 Wakala Deposits
Wakala Deposit - 1,431,496
Fixed Deposits 8,163,941 1,385,702
8,163,941 2,800,825
================= ====================
Investment as Fixed deposits are placed
with reputable corporate based in the
United Arab Emirates. The Fixed deposits
carried a profit rate of 2.50%.
3 Trade and other receivables
Other receivables 516,860 3,741,500
516,860 3,741,500
================= ====================
4 Other Assets
Prepayments 17,138 19,452
17,138 19,452
================= ====================
Available-for-Sale
5 Investment
Opening Balance 3,350,000 4,500,000
Fair value (loss)/gain
during the year (3,350,000) (1,150,000)
- 3,350,000
================= ====================
6 Investment in property Dec-2016 Dec-2015
----------------- --------------------
Balance at 01 Jan
2016 13,913,682 13,913,682
Unrealized loss on
fair value (2,901,592) -
Realized sale proceeds
from sale of property (6,811,225) -
Realized loss on sale
of property (35,714) -
Total 4,165,151 13,913,682
================= ====================
7 Due to a shareholder
Opening balance 877,200 877,200
Repayments during
the year - -
Total 877,200 877,200
================= ====================
In accordance with the Company's placement
document, the shareholding of individual
investors cannot exceed eight percent
of the issued and fully paid share capital.
This balance represents funds received
from a shareholder in excess of the eight
percent limit and is refundable to the
investors unless the Company is able to
secure additional capital from the other
shareholders
Trade and other
8 payables
Trade payable 18,494 816
Audit fee payable 1,200 -
Other payables - 465,446
Total 19,694 466,262
================= ====================
9 Share capital
The authorised share capital of the
Company comprises 1 billion shares of
USD 0.01 each (31 Dec 2015: 1 billion
shares of USD 0.01 each).
The issued and fully paid share capital
of the Company comprises 27,708,864
shares of USD 0.01 each (2015: 27,708,864
shares of USD 0.01 each).
Opening Balance 277,089 277,089
277,089 277,089
================= ====================
9.1 Share premium
Share premium represents amounts received
from shareholders in excess of the nominal
value of the shares allotted to them.
10 Revenue
Return on Islamic
investments 29,360 53,205
Total 29,360 53,205
================= ====================
Administrative and Operating
11 expenses
Legal and professional
fees 156,741 60,356
Administration
fees 2,839 551
Directors' remuneration
and fees 7,500 7,500
Salary expense
for CEO - 13,692
Others 650 401
Total 167,731 82,500
================= ====================
Earnings/(Loss)
12 per share
The basic earnings per share is calculated
by dividing the net profit/loss attributable
to shareholders by the weighted average
number of ordinary shares in issue during
the year.
Profit/(loss) for
the year in USD (219,996) (29,295)
Weighted average number
of shares in issue 27,708,864 27,708,864
Basic earnings/(loss)
per share in USD (0.00794) (0.00106)
================= ====================
Related party transactions
13 and balances
Related parties comprise key management,
businesses controlled by shareholders
and directors as well as businesses
over which they exercise significant
influence. During the year, the company
entered into significant transactions
with related parties in the ordinary
course of business. In addition to the
disclosure in notes, following are the
other transactions and balances arising
from these transactions:
Transactions
Key management
remuneration - -
Directors' fees and
other remuneration 7,500 13,692
Due to related
parties
Due to a shareholder 877,200 877,200
Key management
remuneration 454,619 465,446
Due to Injaz Capital
Investments LLC 48,220 48,220
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR URSNRBAAOORR
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March 30, 2017 02:44 ET (06:44 GMT)
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