eServGlobal Limited Notification under ASX Listing Rule 4.3D (4354N)
29 1월 2016 - 6:20PM
UK Regulatory
TIDMESG
RNS Number : 4354N
eServGlobal Limited
29 January 2016
eServGlobal Limited ("eServGlobal" or the "Company")
Notification under ASX Listing Rule 4.3D
29 January 2016
eServGlobal (LSE: ESG & ASX: ESV), the provider of
end-to-end mobile financial services to emerging markets, advises
that the Company's annual report and accounts for the financial
year ended 31 October 2015 have been posted to shareholders and
electronic copies are available on the Company's website.
Following finalisation of the audit of the Company's year end
accounts, a change to the results and financial position reported
in the Preliminary Final Report lodged with ASX on 24 December 2015
was identified that has been amended in the Audited Statutory
Accounts lodged today.
The amendment relates to the treatment of the share options
issued on 5 October 2015 in connection with the shareholder loan
provided by Alphagen Volantis Fund Limited and Alphagen Volantis
Catalyst Fund Limited acting through its investment manager,
Alphagen Capital Limited. The treatment adopted in the Preliminary
Final Report was to reflect the fair value of the options at
inception against an "equity" reserve account, instead of correct
classification as a derivative "financial liability" as required
under Accounting Standards. The reason for this liability
classification is that despite the options being convertible at a
'fixed' price for a 'fixed' number of shares, which ordinarily
would result in equity classification, because the option exercise
price is denominated in GBP currency which is a different currency
to the AUD functional currency of eServGlobal Limited as issuer of
the options, they do not meet the definition of an equity
instrument under Accounting Standards, and are instead classified
as a derivative financial liability. As required under Accounting
Standards, the instrument is required to be measured at fair value
on an ongoing basis over the option period, with movements recorded
through profit or loss.
As a result, the option fair value which was shown in the
Preliminary Final report as an equity balance of $3.34 million, is
now shown as a non-current derivative financial liability at fair
value of $2.06 million in the Audited Statutory accounts. The
reduction in the fair value of $1.28 million from the issue date to
year end date is recorded as a gain in profit and loss, largely
reflecting the impact of the decline in the Company's share price
during the period. This amendment therefore had an impact on the
results and financial position reported in the Preliminary Final
report of reducing the reported Operating Loss by an amount of
$1.28 million (from the previously reported amount of $33.654
million) to the statutory reported amount of $32.374 million and
reducing the total Shareholders Equity balance by an amount of
$2.06 million (from the previously reported Equity balance of
$34.829 million) to statutory reported balance of $32.771
million.
The Liability will be measured at fair value through profit and
loss on an ongoing basis during the option period with movements
recorded through the profit and loss.
For further information, please contact:
eServGlobal www.eservglobal.com
Tom Rowe, Company Secretary T: +61 (0)2 8014
5050
investors@eservglobal.com
Canaccord Genuity Limited (Nomad www.canaccordgenuity.com
and Broker) T: +44 (0) 20 7523
Simon Bridges / Cameron Duncan 8000
/ Emma Gabriel
Alma PR (Financial Public Relations) www.almapr.co.uk
Josh Royston / Hilary Buchanan T: +44 (0) 208 004
/ John Coles 4218
About eServGlobal
eServGlobal (AIM:ESG, ASX:ESV) offers mobile money solutions
which put feature-rich services at the fingertips of users
worldwide, covering the full spectrum of mobile financial services,
mobile wallet, mobile commerce, recharge, promotions and agent
management.
For more than 30 years, eServGlobal has been a source of
innovation for telcos and financial institutions. Using
carrier-grade, next-generation technology, eServGlobal aligns with
the requirements of customers around the globe.
Together with MasterCard and BICS, eServGlobal is a joint
venture partner of the HomeSend global payment hub, enabling
cross-border money transfer between mobile wallets, cards, bank
accounts or cash outlets from anywhere in the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 29, 2016 04:20 ET (09:20 GMT)
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