Spackman Equities Group Reports 2017 Year End Results
01 Mai 2018 - 10:00PM
Spackman Equities Group Inc. (the “
Company” or
“
SEGI”) (TSXV:SQG) today reported its audited
financial results for the year ended December 31, 2017.
Investment loss for the year ended December 31,
2017 was $13,354,000 compared to a gain of $5,645,000 for the same
period one year ago.
Net loss for the year was $11,928,000 or $0.08
per share compared with a net gain of $4,472,000 or $0.03 per share
for fiscal 2016.
The investment loss and net loss for 2017
reflects the decrease in value of the Company’s 21.5% stake in
Spackman Entertainment Group Limited (“SEGL”) which is listed on
the Catalist of the Singapore Exchange.
The Company’s financial statements for the year
ended December 31, 2017 reflect that it is not an investment entity
under IFRS 10 Consolidated Financial Statements and provide
disclosures as required by IFRS 12 Disclosures of Interests of
Other Entities including comparative summarized financial
disclosure and other disclosures required under paragraph 21 of
IFRS 12. These changes were made by the Company following a
continuous disclosure review by the Ontario Securities
Commission.
At December 31, 2017, SEGI had $14,321,000, or
$0.10 per share in cash or cash equivalents, and investments in
shares of a public company and privately-held companies.
The Company owns 21.5% of SEGL, and based on the
most recent closing price of SEGL’s shares of SGD $0.08, the market
value of the Company’s stake in SEGL is SGD $11.9 million (CAD
$11.6 million) or CAD $0.08 per SEGI share.
The audited financial statements for the year
ended December 31, 2017 and Management’s Discussion and Analysis of
the results are posted on SEDAR at www.sedar.com.
About Spackman Equities Group
Inc.
SEGI is an investment company that selectively
invests into growth companies that possess proprietary know-how or
technology, primarily in Asia. Its objective is to originate
opportunities to invest into businesses at attractive valuations,
build a compelling portfolio of holdings, and deliver the
collective value of our investments to our shareholders.
The current holdings of SEGI consist of
investments in public equities as well as privately-held companies.
SEGI's holdings include:
- 21.51% ownership of Spackman Entertainment Group Limited, which
is listed on the Catalist of the Singapore Exchange (ticker: 40E)
and is a leading Korean film and entertainment company. Visit
www.spackmanentertainment.com for further information.
- 0.43% of Spackman Media Group Limited, a Hong Kong incorporated
company which is 33.76% owned by SEGL, and which, together with its
subsidiaries, is collectively one of the largest entertainment
talent agencies in Korea.
Visit www.spackmanequities.com for further
information.
Forward-Looking
StatementsIncluded in this news release may be matters
that constitute "forward-looking" information within the meaning of
Canadian securities law. Such forward-looking statements may
be identified by words such as "plans", "proposes", "estimates",
"intends", "expects", "believes", "may" or words of a similar
nature. There can be no assurance that such statements will
prove to be accurate. Actual results and future events could differ
materially from such statements. Factors that could cause
actual results to differ materially include among others,
regulatory risks, risk inherent in foreign operations, commodity
prices and competition. Most of these factors are outside the
control of the Company. All subsequent forward-looking
statements attributable to the Company or its agents are expressly
qualified in their entirety by these cautionary comments.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) has in any way approved or disapproved of the
contents of this press release.
For further information:
Richard LeeSpackman Equities Group Inc.
info@spackmanequities.com +852 8191 3370
Spackman Equities (TSXV:SQG)
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