20 January 2017
Early Equity Plc
("Early Equity" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2016
CHAIRMAN'S STATEMENT
I am pleased to present the financial results for Early Equity Plc for the year
ended 31 August 2016. The total comprehensive loss for the year was £110,423
(2015 - £123,814 loss). The loss per share was 0.02p (2015 - 0.03p). The loss
before tax of £110,423 (2015 - £123,814 loss) largely reflects the costs of
maintaining a public listing and administration costs.
On the 1 December 2015, the Company acquired a 32.14% stake in Yicom Global
Sdn. Bhd. ("Yicom") satisfied by the issue of 100,000,000 new ordinary shares.
Yicom is the sole importer and patent holder of a series of healthcare products
from various countries and in particular China. Yicom has a Sole
Distributorship Agreement with Early Infinity Holdings Sdn. Bhd. a direct sales
company holding licences to operate a multi-level marketing business in
Malaysia. Yicom started trading in February 2015 and the rate of turnover has
increased each month as new distributors have been recruited. Early Infinity
Holding Sdn Bhd currently have over 1,000 Agents selling their products in
Malaysia and now Taiwan.
On 29 November 2015, the Company completed an equity subscription to raise £
607,500 (gross of expenses), through the issue of 135,000,000 new ordinary
shares of 0.1 pence each at a placing price of 0.45 pence per new ordinary
share. Of the funds raised, £450,000 was utilised in the investment in Yicom
Global Sdn Bhd, the remaining funds were used by the Company for additional
working capital and to evaluate further potential investments.
On the 23 August 2016, the Company announced that Yicom had released its
audited accounts reporting a net profit of Ringitt Malaysia (RM) 850,149
(approximately GBP160,709) and declared a dividend of Ringitt Malaysia RM
136,619 payable to Early Equity. £25,826 (RM 5.29: GBP 1) was received on 29
December 2016.
The Company was pleased to announce the appointment of Tee Lian Hing (Barry) to
the board on 27 May 2016.
At year end, the value of our investment portfolio in unquoted equity
securities (UK and Malaysia) stood at £540,320 (2015 - £115,320). This figure
represents the Company's acquisition within the period of 32.14% shareholding
in Yicom. The Devilfish Poker investment was fully provided against on the
basis that current and future performance does not indicate ability for the
Company to realise the cost of our investment.
At year end our total investment portfolio stood at £594,436 (2015 - £172,637)
POST-BALANCE SHEET EVENTS
There have been no post balance sheet events.
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.
Chua Siew Lian - Executive Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST, 2016
2016 2015
GBP GBP
CONTINUING OPERATIONS
TURNOVER 25,723 -
ADMINISTRATIVE EXPENSES (135,242) (114,945)
OTHER OPERATING EXPENSES - (8,413)
FINANCE COSTS (904) (456)
(LOSS) BEFORE TAX (110,423) (123,814)
INCOME TAX - -
(LOSS) FOR THE YEAR £(110,423) £(123,814)
OTHER COMPREHENSIVE INCOME
Reclassification of fair value gain on disposal - -
of available-for-sale financial assets
TOTAL COMPREHENSIVE LOSS FOR THE YEAR £(110,423) £(123,814)
BASIC AND DILUTED LOSS PER SHARE (PENCE) (0.02) (0.03)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST, 2016
2016 2015
GBP GBP
NON-CURRENT ASSETS
Available-for-sale financial assets 594,436 172,637
CURRENT ASSETS
Trade and other receivables 31,518 6,682
Cash and cash equivalents 96,134 39,499
127,652 46,181
CURRENT LIABILITIES
Trade and other payables (16,298) (10,105)
NET CURRENT (LIABILITIES)/ASSETS 111,354 36,076
NET ASSETS £705,790 £208,713
REPRESENTING:-
Share capital 809,623 674,623
Share premium 683,590 211,090
Fair value reserve 49,031 49,031
Accumulated losses (836,454) (726,031)
SHAREHOLDERS' FUNDS £705,790 £208,713
This financial information has been extracted from the audited financial
statements of the Group for the year ended 31 August 2015. 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 2016 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
ISDX 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
Early Equity Plc - Audited Results Year Ending 31 August 2016
January 20, 2017 at 10:07 am
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