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DJ Early Equity Plc Audited Results for the Year Ending 31 August 2018

 
TIDMEEQP 
 
4 December 2018 
 
                               Early Equity Plc 
 
                       ("Early Equity" or "the Company") 
 
              AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2018 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present the financial results for Early Equity Plc for the year 
ended 31 August 2018. The total comprehensive loss for the year was GBP97,475 
(2017 - GBP138,987). The loss per share was 0.01p (2017 - 0.02p). The loss before 
tax of GBP190,826 (2017 - GBP138,987) largely reflects the costs of maintaining a 
public listing, administration costs and the impairment of two investments. 
 
On 8 November 2017, 128,333,334 new ordinary shares of 0.1p were issued at a 
price of 0.6p per share. This generated total cash consideration of GBP590,000 
and a receipt of 60,000 shares in Yicom Global Sdn Bhd for 30,000,000 of the 
issued shares. Early Equity Plc now has a total interest in Yicom Global Sdn 
Bhd of 188,571 shares, representing 47.14% of its issued share capital. 
 
On the 13th November 2017, 19,166,667 new ordinary shares of 0.1p were issued 
at a price of 0.6p per share. This generated a further cash consideration of GBP 
115,000 of working capital. 
 
On the 15th December 2017 the Company invested GBP60,000 by way of subscription 
in TruSpine Technologies Limited a company that has developed minimally 
invasive spine stabilisation products. On the same day, the Company also 
invested GBP35,000 by way of subscription in Farina Investments (UK) Limited a 
boutique corporate finance and asset management company. These investments are 
still early stage and the board are monitoring the development of the 
respective companies. 
 
At the year end, the value of our investment portfolio in unquoted securities 
(UK and Malaysia) stood at GBP983,704 (2017 - GBP600,320). The investment in Alpha 
Prospects Limited in 3,612,799 ordinary shares was reclassified to unquoted and 
the valuation of GBP0.055 per share has been based on recent share allotments 
that the company has recorded at Companies House.  Quoted investments decreased 
in value by GBP15,033 which offset the increase in value of the unlisted 
investments by GBP108,834, resulting in net increase in available for sale 
investments of GBP93,351. 
 
At the end of the year our investment portfolio stood at GBP1,010,762 (2017: GBP 
642,411). 
 
FUTURE DEVELOPMENTS 
 
The Company has continued to develop a closer relationship with Yicom Global 
Sdn Bhd following further investment within this Group in the current year. We 
have developed a strong working relationship which will be mutually beneficial 
to both Early Equity Plc and Yicom Global Sdn Bhd. On the 21st September 2018 
we were pleased to publish the results of Yicom Global Sdn Bhd that posted a 
major increase in its turnover (+508% on previous year) and a major increase in 
its profit (+530.4% on previous year). The balance sheet of Yicom Global also 
increased by 300.4%. The dividend payment received by Early Equity was 
proportionally lower as the Directors of Yicom Global retained a higher 
percentage of profit to facilitate the purchase of a new headquarter building 
and to reinvest into the business. 
 
The Company is continuing with its application for a Standard Listing of the 
Company's Ordinary Shares on the Main Market of the London Stock Exchange which 
the directors believe is an exciting opportunity and in the best interests of 
the Company and shareholders. 
 
POST-BALANCE SHEET EVENTS 
 
The Company continues to seek further acquisitions that meet its investment 
criteria and intend to raise additional funds in the future when suitable 
investment opportunities present. 
 
The Company's investment strategy is to invest in early stage, small to medium 
high-growth enterprises around the world. The Directors will continue to 
evaluate suitable investment opportunities. 
 
On behalf of the Board, I would like to take this opportunity to thank 
shareholders and professional advisers for their continued support of the 
Company. 
 
Greg Collier - Chairman and Non-Executive Director 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE YEAR ENDED 31 AUGUST 2018 
 
                                                           2018                2017 
 
                                                            GBP                 GBP 
 
CONTINUING OPERATIONS 
 
Turnover                                            16,016              - 
 
Administrative expenses                             (203,118)           (137,791) 
 
Finance costs                                       (3,724)             (1,196) 
 
                                                    ------------------- ------------------- 
 
LOSS BEFORE TAX                                     (190,826)           (138,987) 
 
Income tax                                          -                   - 
 
                                                    ------------------  ------------------ 
 
LOSS FOR THE YEAR                                   GBP(190,826)          GBP(138,987) 
 
                                                    =========           ========= 
 
OTHER COMPREHENSIVE INCOME 
 
Fair Value movement on available for sale assets    GBP93,351             - 
 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR               GBP(97,475)           GBP(138,987) 
 
                                                    =========           ========= 
 
BASIC AND DILUTED LOSS PER SHARE (PENCE)            (0.01)              (0.02) 
 
                                                    =========           ========= 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 AUGUST 2018 
 
                                                           2018                 2017 
 
                                                            GBP                 GBP 
 
NON-CURRENT ASSETS 
 
Available-for-sale financial assets                1,010,762             642,411 
 
CURRENT ASSETS 
 
Trade and other receivables                        10,549                2,338 
 
Cash and cash equivalents                          437,326               22,018 
 
                                                   --------------------- -------------- 
 
                                                   447,875               24,356 
 
CURRENT LIABILITIES 
 
Trade and other payables                           (14,309)              (9,964) 
 
                                                   --------------------- ---------------- 
 
NET CURRENT ASSETS                                 433,566               14,392 
 
                                                   --------------------- ------------------ 
 
NET ASSETS                                         GBP1,444,328            GBP656,803 
 
                                                   ==========            ========= 
 
REPRESENTING: 
 
Share capital                                      972,123               824,623 
 
Share premium                                      1,496,090             758,590 
 
Fair value reserve                                 142,382               49,031 
 
Accumulated losses                                 (1,166,267)           (975,441) 
 
                                                   --------------------- ------------------ 
 
SHAREHOLDERS' FUNDS                                GBP1,444,328            GBP656,803 
 
                                                   ==========            ========= 
 
This financial information has been extracted from the audited financial 
statements of the Group for the year ended 31 August 2018. The financial 
statements are prepared in accordance with the International Financial 
Reporting Standards (IFRS). A copy of the Company's financial statements for 
the year ended 31 August 2018 will be posted to shareholders and will be 
delivered to the Registrar of Companies. 
 
The Directors do not propose to pay a dividend for the year. 
 
The Directors of the Company accept responsibility for this announcement. 
 
                                   --ENDS-- 
 
Enquiries: 
 
Early Equity Plc 
Tel:  +44 (0)7830 182501 
Greg Collier 
 
NEX CORPORATE ADVISER: 
Alexander David Securities Limited 
David Scott -Corporate Finance  James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820  http://www.ad-securities.com 
49 Queen Victoria Street, London EC4N 4SA 
 
 
 
END 
 

(END) Dow Jones Newswires

December 04, 2018 02:00 ET (07:00 GMT)