DJ Walls & Futures REIT PLC Half-year Report
RNS Number : 1246T
Walls & Futures REIT PLC
03 January 2017
Walls & Futures REIT plc
Half Year Results
for the period to 30(th) September 2016
The Board of Walls & Futures REIT plc (the Company) is pleased to announce its Interim results for the six months to 30(th) September 2016.
The accounts of the Company set out below are for the first trading period of the Company. The Company acquired the assets and liabilities of Walls and Futures London Growth Fund LP (the "Fund") with effect from 1st April 2016. This transaction was completed on 1st December 2016, having been conditional on the Company's Admission which occurred on 29th November 2016.
The trading figures below reflect the trading performance of the Fund from 1st April 2016 to 30th September 2016. The balance sheet is the Company's consolidated balance sheet as adjusted for the acquisition of the Fund. The loss for the period is entirely caused by professional fees relating to the re-structuring of the Fund and Admission.
During the period under review, the Company and its management were involved in the reconstruction of the Fund into the Company, raising additional capital and admitting the Company to trading on ISDX.
Joe McTaggart commented "It has been a time-consuming exercise but we are pleased to have achieved our status as a REIT. We are now poised for expansion and are actively looking to invest our available resources in additional properties".
Post balance sheet events:
The Company was admitted to trading on ISDX Growth Market on 29th November 2016.
Immediately prior to Admission, the Company completed the subscription of GBP1,025,000 for 1,025,000 of new Ordinary Shares at GBP1.00 each.
Following Admission, the acquisition of the assets of the Fund was legally completed.
The Company has received confirmation that it entered the REIT regime as at 6th December and has been entered in the register of small registered UK AIFMs with effect from 12th December 2016.
Consolidated Income Statement
For The Period 18(th) March 2016 to 30(th) September 2016
18(th) March to 30th September 2016 GBP RENT RECEIVED 22,713 Administrative Expenses 51,894 ____________ (29,181) Other Operating Income - ____________ OPERATING LOSS (29,181) Interest receivable and similar income 19 ____________ LOSS BEFORE TAXATION (29,162) Tax on Loss - ____________ LOSS FOR THE FINANCIAL PERIOD (29,162)
Consolidated Balance Sheet
30(th) September 2016
30th September 2016 GBP GBP FIXED ASSETS Investment Property 2,180,000 ____________ 2,180,000 ____________ CURRENT ASSETS Cash at Bank 56,078 _________ 56,078 CREDITORS Amounts falling due within one year 1,609 _________ NET CURRENT ASSETS 54,469 ____________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,234,469 PROVISION FOR LIABILITIES - ____________ NET ASSETS 2,234,469 ============ CAPITAL AND RESERVES Called up share capital 113,261 Share Premium 2,151,964 Retained Earnings (30,756) ____________ 2,234,469 ============
The above figures have not been reviewed by the Company's auditors.
The directors of the issuer accept responsibility for the contents of this announcement
For further information please contact:
WALLS & FUTURES REIT plc
Joe McTaggart 0207 340 8677 firstname.lastname@example.org Walls & Futures REIT plc 3(rd) Floor 111 Buckingham Palace Road London SW1W 0SR www.wallsandfutures.com
CITY & MERCHANT
David Papworth 0207 101 7676 email@example.com City & Merchant 55 Old Broad Street London EC2M 1RX
Note to Editors:
Walls & Futures REIT plc is a Real Estate Investment Trust committed to delivering long-term income and capital growth by investing in residential property across the UK.
The company intends to acquire, develop and manage residential property, with a particular focus on London and the South East for the private rental sector and countrywide for the supported housing sector.
This information is provided by RNS
The company news service from the London Stock Exchange
(END) Dow Jones Newswires
January 03, 2017 02:00 ET (07:00 GMT)