TIDMESG
RNS Number : 3584R
eServGlobal Limited
28 February 2019
eServGlobal Limited (eServGlobal or the "Company")
Preliminary Final Report (App 4E) & Results Commentary for
FY18
28 February 2019
eServGlobal (LSE: ESG.L & ASX: ESV.AX), a pioneering digital
transactions technology company, announces its preliminary results
and ASX Appendix 4E for the financial year ended 31 December 2018
(FY18).
Operational highlights
-- HomeSend achieved significant milestones throughout the year,
adding account-to-account transactions and business-to-business
disbursements, tapping new, large markets and increasing average
transaction value by 35%
-- Live Mastercard Send Cross-Border transactions now flowing across the hub
-- More than 50 implementations ongoing as at December 2018
-- The core business has secured several multi-year contracts,
both in FY18 and in the first weeks of FY19
Financial Highlights
-- Revenue of A$11.2m (EUR7.1m) compared to the prior year of
A$12.2m (EUR8.3m), with over EUR2.6m of delayed contracts already
secured in the first weeks of 2019
-- Gross profit has improved by A$8.0m (EUR4.9m), from $4.5m
(EUR2.6m) loss in FY17 to A$3.5m (EUR2.3m) profit in FY18
-- Breakeven for 2019 has further reduced and is expected to be
around A$16m (EUR10m) due to the continued progress on right-sizing
the cost base
-- Adjusted EBITDA loss for the core business of A$6.2m
(EUR3.9m) after excluding the share of HomeSend losses of A$6.2m
(EUR3.9m) as well as debtor and work in progress provisions of
A$0.7m (EUR0.4m) made after impairment re--assessment of prudent
provisioning policies*
-- The Company remains debt free with cash and cash equivalents
at 31 December 2018 of A$27.4m (EUR17.3m).
-- Raised a total of A$33.4m (GBP19.0m) (gross of expenses)
through an Institutional Offer and Placing issuing 304,000,000
million ordinary shares
Summary Financials FY18 FY18 FY17 FY17
==================== ============== ============== ============== =============
Full Year Full Year 14 months 14 months
==================== ============== ============== ============== =============
A$m EURm+ A$m EURm+
==================== ============== ============== ============== =============
Revenue 11.2 7.1 12.2 8.3
==================== ============== ============== ============== =============
Cost of Sales (7.7) (4.8) (16.7) (10.9)
==================== ============== ============== ============== =============
Gross Profit 3.5 2.3 (4.5) (2.6)
==================== ============== ============== ============== =============
Reported EBITDA (13.6) (8.6) (29.6) (20.2)
==================== ============== ============== ============== =============
Adjusted EBITDA* (6.2) (3.9) (15.2) (10.4)
==================== ============== ============== ============== =============
Net Interest (0.3) (0.2) (2.1) (1.4)
==================== ============== ============== ============== =============
Amortization (2.9) (1.8) (4.7) (3.2)
==================== ============== ============== ============== =============
Depreciation (0.1) (0.1) (0.1) (0.1)
==================== ============== ============== ============== =============
Reported PBT (16.8) (10.6) (36.5) (24.9)
==================== ============== ============== ============== =============
Adjusted PBT* (9.4) (5.9) (22.1) (15.1)
==================== ============== ============== ============== =============
Income Tax (1.3) (0.8) (0.7) (0.5)
==================== ============== ============== ============== =============
Reported PAT (18.1) (11.4) (37.2) (25.4)
==================== ============== ============== ============== =============
Adjusted PAT* (10.7) (6.8) (22.8) (15.6)
==================== ============== ============== ============== =============
+Average exchange rate was 0.6317 EUR to AUD (FY17 0.6821)
* Excludes equity--accounted share of HomeSend loss of A$6.2m
(FY2017 A$5.5m), foreign exchange losses of A$0.1m (FY17 gain of
A$0.3m), non--recurring costs of nil (FY17 - nil), share based
payments of A$0.4m (FY17 A$0.3m), and debtor and work in progress
provisions made after impairment re--assessment of prudent
provisioning policies of A$0.7m (FY17 A$8.3m)
Note: numbers in summary financials may not necessary total due
to rounding
John Conoley, eServGlobal Executive Chairman, said, "'Our
HomeSend Joint Venture has made clear progress, which was evidenced
particularly in the second half of FY18. The Board of eServGlobal
is please to confirm that, through our recent HomeSend Performance
Update (19 February) the hub achieved several significant
milestones throughout the year, namely the first account-to-account
and business-to-business transactions, leading to a 35% increase in
the average transaction value. Additionally, HomeSend has commenced
processing transactions from Mastercard Send Cross-Border from a
very small number of implementations."
"In the core business our customer base is stable and during the
year we secured several 3-year contracts, contributing to our
growing recurring and deferred revenue. These contracts are a sign
of the continued belief and investment in our technology from our
customer base. We continue to focus on resolving issues of timing
which affected our revenue in 2018."
About eServGlobal
eServGlobal (AIM:ESG, ASX:ESV) is a pioneering digital financial
transactions technology company, enabling financial and
telecommunications service providers to create smoother
transactions for their customers through deep technical expertise
and rapid implementation. Built on the latest technology platforms,
eServGlobal offers a range of transaction services including
digital wallets, commerce, remittance, recharge, rapid service
connection and business analytics. eServGlobal combines more than
30 years' experience, with an agile, future-focused mindset, to
align with the requirements of customers and partners around the
globe.
Together with Mastercard, eServGlobal is a joint venture partner
of the HomeSend global payment hub, enabling cross-border transfer
between bank accounts, cards, mobile wallets, or cash outlets from
anywhere in the world.
For further information, please contact:
eServGlobal www.eservglobal.com
John Conoley, Executive Chairman investors@eservglobal.com
Tom Rowe, Company Secretary
Andrew Hayward, Chief Financial Officer
Alison Cheek, VP Corporate Communications
finnCap Limited (Nomad and Broker) www.finnCap.com
Corporate Finance: Jonny Franklin-Adams / T: +44 (0) 20 7220
Anthony Adams / Hannah Boros 0500
Corporate Broking: Tim Redfern / Richard Chambers
Tulchan Communications LLP www.tulchangroup.com
Jonathan Sibun / Matt Low T: +44 (0)207 353 4200
OPERATIONAL REVIEW
HomeSend | Global Payments Hub
During 2018, the foundations were established for HomeSend to
deliver Mastercard Send Cross Border transactions for, principally,
bank partners. HomeSend has expanded its focus from the P2P
(person-to-person) remittance market to facilitating cross-border
transactions for A2A (account-to-account) flows for businesses and
cross-border bank transfers.
Recent research from McKinsey & Co estimates the total
volume of cross-border payments at US$127 trillion.(i) With
continuing investment in its network, HomeSend is positioning
itself to provide a unique proposition in this market, particularly
within cross-border bank transfers under the umbrella of Mastercard
Send Cross-Border, a market which is characterised to date by
inefficient and costly transactions which lack transparency.
HomeSend is increasingly well positioned to provide a true
comparable proposition to correspondent banking on a global scale
but with a lower-cost capability for bank customers whilst
significantly improving the quality of that service in both speed
and transparency.
HomeSend operates within a space that has seen ongoing and
increasing investor interest, including recent corporate activity
in respect to Earthport and TransferWise.
eServGlobal | Digital Financial Transactions Technology
During FY18, eServGlobal's core business made continued progress
on cost-reduction while solidifying relationships with existing
customers, securing several multi-year contracts. eServGlobal has a
stable installed customer-base across 18 countries, generating
increasing recurring revenue and project work.
As reported in the December 2018 Trading Update, revenue in FY18
fell short of market expectations. Several contracts with key
customers, which had been expected in Q4 were delayed, three of
which were secured in the first weeks of FY19.
The core business remains debt-free, with a much-reduced
cost-base and a strong pipeline. The progress made has positioned
the business as a valuable asset either inside the group or
externally. The Board continues to evaluate all options,
discussions remain active with interested parties.
The Company continues to pursue opportunities to right size the
business, commencing FY19 with an annualised cost base of
approximately $A16m (EUR10m), compared to $A20.3m (EUR12.8m) in
FY18.
The Company continues to find traction with its installed base
of top-up customers. Industry body, the GSMA estimates that
approximately 75% of subscribers worldwide are prepaid and expects
that the next billion mobile users will come from emerging markets,
where prepaid continues to dominate. eServGlobal's Voucher and
Electronic Recharge solutions are market-proven, telco-grade
solutions adopted by Tier-1 operators across the developing world.
During FY18, the Company secured several 3-year contracts for
recharge platforms.
FINANCIAL REVIEW
The consolidated entity achieved sales revenue for the year of
$11.2 million (2017: $12.2 million for 14 months).
Earnings before interest, tax, depreciation and amortisation
("EBITDA") was a loss of $13.6 million, inclusive of foreign
exchange losses of $0.07 million (2017: EBITDA loss of $29.6
million inclusive of foreign exchange gains of $0.3 million).
Based on a detailed assessment by management, a net impairment
expense on trade receivables of $0.330 million was charged to
Administration Expenses (2017: $4.850 million), and impairment on
contract assets of $ 0.358 million (2017: $3.498 million) was
charged to Cost of Sales in the statement of profit or loss in the
current year.
The net result of the consolidated entity for the year to 31
December 2018 was a loss after tax and minority interest for the
year of $18.1 million (2017. loss after tax and minority interest
of $37.2 million). Included in this result was an income tax
expense of $1.3 million (2017: income tax expense of $0.7 million).
Loss per share was 2 cents (2017: loss per share 6.0 cents).
The operating cash flow for the year was a net outflow of $9.3
million (2017: net outflow $14.6 million). Total cash flow for the
year was a net inflow of $16.8 million inclusive of net proceeds
from the issue of shares of $32.0 million, (2017: net inflow of
$1.8 million inclusive of net proceeds from the issue of shares of
$38.1 million and proceeds from borrowings of $4.3 million and
repayment of borrowings of $16.3 million). Cash at 31 December 2018
was $27.5 million.
OUTLOOK
With more than 50 implementations underway as at December 2018,
HomeSend is poised to see strong progress on its transition to the
banking market in 2019.
The Company continues its efforts to position the core business
as an asset, either within the Group or to an external party.
eServGlobal entered 2019 with a strong pipeline and a significant
backlog of work to deliver. The progress on right-sizing the cost
base will continue and will help the business to break-even.
The Board would like to thank shareholders for their continued
support and eServGlobal's employees for their continued hard work
and dedication to the Company.
Appendix 4E
eServGlobal Limited
ABN 59 052 947 743
Preliminary Final Report
for the year ended 31 December 2018
1. Reporting Period
Current reporting period: Financial year ended 31 December 2018
(12 months)
Previous reporting period: Financial period ended 31 December
2017 (14 months)
The Company changed its reporting date to December from October
in 2017
2. Results for announcement to the market
Results A$ '000
Revenue Down 9 % to 11,185
Loss after tax Down 51 % to (18,080)
Loss after tax attributable to members Down 51 % to (18,196)
Dividends (distributions) Amount per security Franked amount
per security
Current period
Interim dividend Nil c 0%
Final dividend Nil c 0%
---------------------
Previous corresponding period
Interim dividend Nil c 0%
Final dividend Nil c 0%
--------------------- ---------------------
Record date for determining entitlements N/A
to the dividend.
Brief explanation of the figures above
The consolidated entity achieved sales revenue for the year of
$11.2 million (2017: $12.2 million for 14 months).
Earnings before interest, tax, depreciation and amortisation ("EBITDA")
was a loss of $13.6 million, inclusive of foreign exchange losses
of $0.07 million (2017: EBITDA loss of $29.6 million inclusive
of foreign exchange gains of $0.3 million).
Based on a detailed assessment by management, a credit loss allowance
on trade receivables of $0.330 million charged to Administration
Expenses (2017: $4.850 million), and credit loss allowance on
contract assets of $ 0.358 million (2017: $3.498 million) was
charged to Cost of Sales in the statement of profit or loss in
the current year.
The net result of the consolidated entity for the year to 31 December
2018 was a loss after tax and minority interest for the year of
$18.1 million (2017 period: loss after tax and minority interest
of $37.2 million). Included in this result was an income tax expense
of $1.3 million (2017 period: income tax expense of $0.7 million).
Loss per share was 2 cents (2017 period: loss per share 6.0 cents).
The operating cash flow for the year was a net outflow of $9.3
million (2017 period: net outflow $14.6 million). Total cash flow
for the year was a net inflow of $16.8 million inclusive of net
proceeds from the issue of shares of $32.0 million, (2017 period:
net inflow of $1.8 million inclusive of net proceeds from the
issue of shares of $38.1 million and proceeds from borrowings
of $4.3 million and repayment of borrowings of $16.3 million).
Cash at 31 December 2018 was $27.5 million. The funds for the
HomeSend contribution are included on the Cash available.
Subsequent Events
There has not been any matter or circumstance that has arisen
since the end of the financial year that has significantly affected,
or may significantly affect, the operations of the Group, the
results of those operations, or the of the Group in future financial
years.
3. Consolidated statement of profit or loss and other comprehensive income
Year Ended Period Ended
31 Dec 2018 31 Dec 2017
Note (12 Months) (14 Months)
$`000 $`000
--------------------------- -------------
Revenue 11,185 12,240
Cost of sales (7,663) (16,729)
--------------------------- -------------
Gross profit / (loss) 3,522 (4,489)
Foreign exchange(loss)/gain (70) (301)
Sales and marketing expenses (756) (6,153)
Administration expenses (10,034) (13,207)
Share of loss of associate 9 (6,232) (5,491)
--------------------------- -------------
Loss before interest expense, tax,
depreciation and amortisation (EBITDA) (13,570) (29,641)
Amortisation expense (2,883) (4,674)
Depreciation expense (87) (81)
--------------------------- -------------
Loss before interest expense and
tax (16,540) (34,396)
Finance costs (277) (2,090)
--------------------------- -------------
Loss before tax (16,817) (36,486)
Income tax expense (1,263) (681)
--------------------------- -------------
Loss for the year / period (18,080) (37,167)
Other comprehensive income (loss),
net of tax
Items that may be reclassified subsequently
to profit or loss
Exchange differences arising on
the translation of foreign operations
(nil tax impact) 4,641 1,263
--------------------------- -------------
Total comprehensive loss for the
period (13,439) (35,904)
--------------------------- -------------
Loss attributable to:
Equity holders of the parent (18,196) (37,301)
Non-controlling interest 116 134
-------------
(18,080) (37,167)
--------------------------- -------------
-
Total comprehensive income / (loss)
attributable to:
Equity holders of the parent (13,555) (36,038)
Non-controlling interest 116 134
--------------------------- -------------
(13,439) (35,904)
--------------------------- -------------
Loss per share: -
Basic (cents per share) (0.02) (0.06)
Diluted (cents per share) (0.02) (0.06)
4. Consolidated statement of financial position
Note 31 Dec 2018 31 Dec 2017
$`000 $`000
-------------------- ------------
Current Assets
Cash and cash equivalents 27,451 10,801
Trade receivables and contract assets 7 4,159 4,181
Inventories 28 139
Current tax assets 37 98
Other current assets 8 1,408 1,280
-------------------- ------------
Total Current Assets 33,083 16,499
Non-Current Assets
Investment in associate 9 25,791 26,319
Property, plant and equipment 257 127
Non-current tax assets 238 1,071
Other intangible assets - capitalised development
costs 3,294 3,856
-------------------- ------------
Total Non-Current Assets 29,580 31,373
Total Assets 62,663 47,872
-------------------- ------------
Current Liabilities
Trade and other payables 4,085 8,798
Current tax payables 1,046 53
Provisions 1,112 999
Contract Liabilities 595 960
-------------------- ------------
Total Current Liabilities 6,838 10,810
Non-Current Liabilities
Provisions 717 777
-------------------- ------------
Total Non-Current Liabilities 717 777
Total Liabilities 7,555 11,587
-------------------- ------------
Net Assets 55,108 36,285
-------------------- ------------
Equity
Issued capital 5.1 212,326 180,352
Reserves 3,986 (1,066)
Accumulated losses (161,324) (143,128)
-------------------- ------------
Equity attributable to owners of the
parent 54,988 36,159
Non-controlling interest 120 127
-------------------- ------------
Total Equity 55,108 36,285
-------------------- ------------
5. Consolidated statement of changes in equity
Foreign Attributable
Currency Equity-settled to owners
Issued Translation benefits Accumulated of the Non-controlling
Capital Reserve Reserve Losses parent Interest Total
$`000 $`000 $`000 $`000 $`000 $`000 $`000
--------- ------------- --------------- ------------ ------------- ---------------- ---------
Balance at 31
December
2017 180,352 (4,403) 3,337 (143,128) 36,158 127 36,285
========= ============= =============== ============ ============= ================ =========
Loss for the
year - - - - (18,196) 116 (18,080)
Exchange
differences
arising
on translation
of foreign
operations - 4,641 - - 4,641 - 4,641
--------- ------------- --------------- ------------ ------------- ---------------- ---------
Total
comprehensive
income
/(loss) for the
year (net
of tax) - 4,641 - (18,196) (13,555) 116 (13,439)
Issue of new
shares, net
of share issue
costs (note
5.1) 31,974 - - - 31,974 - 31,974
Payment of
dividends - - - - - (123) (123)
Equity settled
payments - - 411 - 411 - 411
--------- ------------- --------------- ------------ ------------- ---------
Balance at 31
December
2018 212,326 238 3,748 (161,324) 54,988 120 55,108
Foreign Attributable
Currency Equity-settled to owners
Issued Translation benefits Accumulated of the Non-controlling
Capital Reserve Reserve Losses parent Interest Total
$`000 $`000 $`000 $`000 $`000 $`000 $`000
--------- ------------- --------------- ------------ ------------- ---------------- ---------
Balance at 31
October
2016 142,276 (5,666) 3,040 (105,827) 33,823 573 34,396
========= ============= =============== ============ ============= ================ =========
Loss for the
period - - - (37,301) (37,301) 134 (37,167)
Exchange
differences
arising
on translation
of foreign
operations - 1,263 - - 1,263 - 1,263
--------- ------------- --------------- ------------ ------------- ---------------- ---------
Total
comprehensive
income
/(loss) for the
period
(net of tax) - 1,263 - (37,301) (36,038) 134 (35,904)
Issue of new
shares, net
of share issue
costs (note
5.1) 38,076 - - - 38,076 - 38,076
Payment of
dividends - - - - - (580) (580)
Equity settled
payments - - 297 - 297 - 297
--------- ------------- --------------- ------------ ------------- ---------
Balance at 31
December
2017 180,352 (4,403) 3,337 (143,128) 36,158 127 36,285
5.1 Issue of new shares
During the current period, the Company issued a total of
304,000,000 shares (2017: 266,666,666), for proceeds of $31.974
million net of expenses (2017: $38.076 million). As announced on 27
September 2018, the Company completed the institutional component
("Institutional Offer") of its 1 for 3 accelerated non-renounceable
entitlement offer ("Entitlement Offer") alongside a firm placing to
institutional and other investors ("Firm Placing") (together with
the Entitlement Offer, the "Fundraising"). The Fundraising raised
$33.440 million for new fully paid ordinary shares in the Company
at $0.11 per share. The net proceeds from the Fundraising has been
used in part to fund the capital raise by the HomeSend JV to fund
its short-term cash requirements and provide further capital for
future cash calls, therefore enabling the Company to maintain its
ownership in the HomeSend JV. The proceeds have also been used to
further support the rationalisation exercise within the core
business and for general working capital purposes.
31 December 2018 31 December 2017
(12 months) (14 months)
$000 $000
1,210,851,000 (2017: 906,850,662) fully
paid ordinary shares 212,326 180,352
31 December 2018 31 December 2017
(12 months) (14 months)
No. '000 $000 No. '000 $000
Ordinary shares
Balance at the beginning of the financial
year / period 906,851 180,352 640,184 142,276
Shares issued in the period 304,000 33,440 266,667 40,125
Cost of share issue - (1,466) - (2,049)
-------------- ------------ -------------- ------------
Balance at the end of the financial year
/ period 1,210,851 212,326 906,851 180,352
-------------- ------------ -------------- ------------
31 December 2018 31 December 2017
(12 months) (14 months)
Reconciliation of new shares issued: $000 $000
Gross cash proceeds from issue of shares 33,440 40,125
Less: share issue costs (1,466) (2,049)
------------ -------------- ------------
Net proceeds of share capital issued 31,974 38,076
------------ -------------- ------------
6. Consolidated statement of cash flows
31 Dec 31 Dec
2018 2017
(12 Months) (14 Months)
Note $`000 $`000
----- ------------ ------------
Cash Flows from Operating Activities
Receipts from customers 13,046 16,429
Payments to suppliers and employees (23,269) (29,216)
Refund of research & development tax credits 764 1,037
Interest and other costs of finance paid (688) (2,735)
Income tax refund / (paid) 96 (132)
------------ ------------
Net cash used in operating activities (10,051) (14,617)
------------ ------------
Cash Flows from Investing Activities
Investment in HomeSend joint venture Company (3,506) (6,190)
Payment for property, plant and equipment (134) (99)
Software development costs (2,180) (2,722)
------------ ------------
Net cash used in investing activities (5,820) (9,011)
------------ ------------
Cash Flows from Financing Activities
Payment of dividends to minority shareholder
in subsidiary (124) (581)
Proceeds from issues of shares 5.1 33,440 40,125
Payment for share issue costs 5.1 (1,466) (2,049)
Proceeds from borrowings - 4,300
Repayment of borrowings - (16,341)
------------ ------------
Net cash from financing activities 31,850 25,454
------------ ------------
Net Increase in Cash and Cash Equivalents 15,979 1,826
Cash at The Beginning of The Year / Period 10,801 9,375
Effects of rate changes on the balance
of cash held in foreign currencies 671 (400)
Cash and Cash Equivalents at The End of
The Year / Period 27,451 10,801
------------ ------------
7. Trade receivables and contract assets
31 Dec
2018 31 Dec 2017
$`000 $`000
-------- -------------
Trade receivables and contract assets
Trade receivables 2,934 8,454
Less: Credit loss allowance (945) (5,764)
--------------------------------------- -------- -------------
1,989 2,690
Contract assets (work in progress) 2,527 3,336
Less: Credit loss allowance (357) (1,845)
--------------------------------------- -------- -------------
2,170 1,491
Total 4,159 4,181
--------------------------------------- -------- -------------
Following the adoption of AASB 9 'Financial Instruments' in the
current year, the Group has recognized the credit loss allowance in
relation to trade receivables and contract assets based on the
application of the simplified approach to recognise lifetime
expected credit loss ("ECL") in the Standard.
Based on a detailed assessment by management, a credit loss
allowance on trade receivables of $ 0.330 million charged to
Administration Expenses and on contract assets of $ 0.358 million
to Cost of Sales was recognised in profit or loss in the current
period.
During the 2018 financial year, settlements were reached with
two customers in relation to two legal claims brought about by the
Company, with a total value of $1.486 million ($0.862 million and
$0.624 million respectively). The settlements resulted in the write
back of provisions that had been made against the 2017 trade
receivables balance, recognised in Administration expenses in the
2018 statement of profit or loss.
8. Other assets
31 Dec 2018 31 Dec 2017
$`000 $`000
----------------------- -----------------------
Prepayments 551 827
Deposits and other current assets 856 453
----------------------------------- ----------------------- -----------------------
1,408 1 ,280
----------------------------------- ----------------------- -----------------------
9. Investment in associate
Details of the material investment in associate at the end of
the reporting period are as follows:
Name of Principal activity Place of incorporation Proportion of ownership interest
associate and principal and voting rights held by
place of business the Group
31 December 31 December
2018 2017
---------------------------- ------------------------ ----------------- ----------------
HomeSend Provision of international
SCRL(i) mobile money services Brussels, Belgium 35.69% 35.69%
---------------------------- ------------------------ ----------------- ----------------
(i) HomeSend SCRL was formed on 3 April 2014. The directors have
determined that the Group exercises significant influence over
HomeSend SCRL by virtue of its 35.69 % voting power in shareholders
meetings and its contractual right to appoint two out of six
directors to the board of directors of that company. The associate
is accounted for using the equity method.
(ii) Reconciliation of the carrying amount of the investment in associate:
31 Dec 2018 31 Dec 2017
$`000 $`000
------------- -------------
Opening balance 26,319 24,986
Investment in associate 3,506 6,190
Share of current period loss of
the associate (6,232) (5,491)
Effects of foreign currency exchange
movements 2,198 634
-------------------------------------- ------------- -------------
Closing balance 25,791 26,319
-------------------------------------- ------------- -------------
On 29 November 2018, the Company participated in the HomeSend
capital raise to maintain its 35.69% holding in the Joint Venture.
The Company contributed $3.54 million (EUR5.89million) towards the
total $9.94 million (EUR15.2 million) capital raise.
On 19 December 2017, the Company participated in the HomeSend
capital raise to maintain its 35.69 % holding in the Joint Venture.
The Company contributed $6.19million (EUR3.89million) towards the
total $ 15.2million (EUR10million) capital raise, which increased
its interest in HomeSend from 35% to 35.69% (due to BICS not taking
up their entitlement).
10. Net Tangible Assets per security
31 December 2018 31 December
2017
Net tangible assets per 4.3 cents 3.6 cents
security
11. Dividends
Amount Amount Franked Amount per Date paid/
per security amount security payable
per security of foreign
at 30% source dividend
tax
Interim dividend: Current Nil N/A N/A N/A N/A
year
Previous year Nil N/A N/A N/A N/A
-----------
Final dividend: Current Nil N/A N/A N/A N/A
year
Previous year Nil N/A N/A N/A N/A
------- -------------- -------------- ----------------- -----------
There are no Dividend Reinvestment Plans.
12. Control gained over entities
N/A
13. Loss of control over entities
Closure of the eServGlobal NV affiliate on October 30, 2018
Closure of the New Zeeland branch on August 22, 2018
14. Subsequent Events
There has not been any matter or circumstance that has arisen
since the end of the financial period that has significantly
affected, or may significantly affect, the operations of the Group,
the results of those operations, or the state of affairs of the
Group in future financial years.
15. Commentary on Results for the Period
Refer to the explanation of results in Section 2.
16. Accounts
This report is based on accounts which are in the process of
being audited.
Director
Print name: JOHN CONOLEY Date: 28 February 2019
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END
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