TIDMRADG
RNS Number : 3578C
Radiant Growth Investments Ltd
30 April 2012
30 April 2012
RADIANT GROWTH INVESTMENTS LIMITED
("Radiant Growth" or the "Company")
Unaudited Interim Results for the
Period Ended 31 January 2012
Chairman's Statement
Review of Operations for the First Interim period ended 31
January 2012
The board of directors (the "Board") are pleased to present the
Company's unaudited interim results for the six months ended 31
January 2012.
Radiant Growth is an investing company which was admitted to
trading on AIM, a market operated by the London Stock Exchange, on
the 20 September 2011. The Company was originally admitted with an
accounting reference date of 31 December. This has now been changed
to 31 July, following careful consideration by the Board. As such,
the Company will announce its annual results for the financial year
ended 31 July 2012 by 31 January 2013.
The Board would like to thank the Company's Nominated Adviser
and legal and accountancy professional advisers in London, Jersey,
Singapore, Hong Kong and Kuala Lumpur who assisted with the
admission. The Board would also like to express appreciation to the
many investors who supported the initial public offering.
Since its admission, Radiant Growth has continued to make
progress in line with the Company's investing policy.
Investment in Major Oil and Gas Services Project
On 24 October 2011 Radiant Growth announced an investment of
RM0.5 million (approximately GBP0.1 million) for the acquisition of
a 15% equity interest in Rancang Istimewa Sdn. Bhd. ("RISB") with
the aim of participating in a major oil and gas services project on
the Thailand/Malaysian border.
RISB is a new company that was established to manage a multi
buoy mooring system that will be constructed at the TTM gas
separation plant at Songhia in Thailand and will deliver Natural
Gas Liquids ("NGL") or Condensates directly into ocean-going
tankers.
The TTM Gas separation plant has been in operation since
September 2005 and is situated at the end of a 277km Trans Thailand
Malaysian pipeline running from the gas fields in the
Malaysia-Thailand Joint Development Area ("JDA").
Currently the NGL is being delivered by road tankers to Pedang
Besar to service the Malaysian domestic gas market but the multi
buoy mooring system when constructed, will reduce costs and
increase efficiency and will be the first system of its kind to be
built in Malaysia.
Radiant Growth has agreed to invest up to a further RM 5.5m
(approximately GBP1.25m) in the form of convertible preference
shares conditional upon "inter alia" the agreement for the project
being signed by Petroliam NasionalBerhad (Petronas), the Malaysian
State Oil & Gas Company. Under the terms of the Convertible
Preference shares, Radiant Growth will be entitled to 50% of the
after tax profits of RISB.
It is the intention of RISB to enter into a joint marketing
arrangement ("JMA") with Petronas Trading Corporation Sdn Bhd for
the marketing of the gas from the TTM Gas separation plant.
Since 24 October 2011, the RISB project has progressed as
expected, with the initial capital being used to begin the project.
The total cost of the project is estimated at approximately RM 100m
(GBP20m) and is expected to take up to two years to complete. It
will be funded mainly by debt but in the meantime revenues will be
generated through the JMA.
Investment in Potential Iron Ore Opportunity
The Company is pleased to announce that it has discovered a
potential opportunity to invest in an iron ore mining project
situated in Malaysia.
The Company has entered into a preliminary agreement with
Swissbay Holding Sdh Bhd (Swissbay), a company incorporated in
Malaysia, which has obtained preliminary approval from the State of
Kelantan to lease a piece of land located in Malaysia, for the
purposes of iron ore mining. The consideration for entry into this
agreement is RM1,000,000.
The investment will be used to help secure the lease and
associated mineral rights following which, work will be undertaken
to further evaluate the project.
The Company is also examining and assessing mining opportunities
in Malaysia and Indonesia and natural resource projects in
China.
Radiant Growth will continue to focus on identifying high growth
investments in accordance with the Company's investing policy;
namely mining, oil & gas and natural resource projects
primarily in the Asia Pacific region. With these sectors being
driven by continued developments for the most part in China, the
Directors are optimistic for the future of Radiant Growth.
Financial Overview
The financial information contained within this interim report
is based upon the Group's unaudited results for the six months to
31 January 2012.
The Statement of Comprehensive Income shows a net loss for the
half year ended 31 January 2012 to members of GBP478,190 mainly due
to admission expenses of approximately GBP233,450 and foreign
exchange translation loss of approximately GBP122,474. The loss is
within the expectations of the Company. Despite this, RGIL is in a
net cash position as at 31 January 2012 with a cash surplus of
approximately of GBP2,298,934 million. We will strategically use
the funds to finance the Company's ongoing projects and operating
requirements and when appropriate, acquire interests in suitable
projects when the opportunity arises.
Radiant Growth continues to strengthen through the Board's
pro-active approach to investment opportunities, and the Board look
forward to the future with optimism to continue to deliver
shareholder value.
Dato' Sri Alex Teh
Chairman
Malaysia, 19 April 2012
For further information, kindly visit www.
http://www.radgltd.com or contact:
Dato' Sri Alex
Radiant Growth Investments Teh Chee Teong
Limited Director 006016 20866 666
---------------------------- ----------------- -----------------
Daniel Stewart & Company Antony Legge
Plc (Nomad) Jamie Barklem 020 7776 6550
---------------------------- ----------------- -----------------
01.08.2011
to 31.01.2012
GBP
Revenue -
Other income 1,931
Administration expenses (112,274)
Capital raising expense (233,450)
Director fees (11,923)
Loss before income tax expense (355,716)
Income tax expense -
Loss for the half year attributable to
owners of the company (355,716)
Other comprehensive income
Foreign currency translation differences
for foreign operations (122,474)
Total comprehensive income for the half
year attributable to owners of the company (478,190)
Basic loss per share (pence per share) 0.0046
Statement of Comprehensive Income
The above consolidated statementof comprehensive income should
be read in conjunction with the accompanying notes.
Statement of Financial Position
31.01.2012
(Unaudited)
GBP
ASSETS
Non Current Assets
Current Assets
-----------------
Other Debtors and Deposits 5,653,314
Cash and cash equivalents 738,123
-----------------
Total Current Assets 6,391,437
-----------------
TOTAL ASSETS 6,391,437
-----------------
EQUITY
-----------------
Share capital 6,853,322
Reserves (478,190)
-----------------
Total equity attributable to owners
of the Company 6,375,132
LIABILITIES
Current Liabilities
Other payables 16,304
-----------------
Total current liabilities 16,304
-----------------
TOTAL EQUITY AND LIABILITIES 6,415,394
-----------------
The above statement of financial position should be read in
conjunction with the accompanying notes.
Statement of Changes in Equity
Accumulated Total Shareholders'
Share Capital Losses Total Reserve Equity
GBP GBP GBP GBP
As at 01 August 2011 400,000 - - - 400,000
Issue of ordinary
shares 6,453,323 - - 6,453,323
- - (454,233) (454,233) (454,233)
-------------- ------------ --------------- --------------------
Total comprehensive
loss
for the period
Balance at 30 September
2011 6,853,323 (454,233) (454,233) 6,399,090
-------------- ------------ --------------- --------------------
The above statement of changes in equity should be read in
conjunction with the accompanying notes.
Statement of Cash flows
31.01.2012
(Unaudited)
GBP
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss before income tax expense (478,190)
-----------------------
Operating loss before changes in working
capital (478,190)
Increase in Other Debtors and Deposits (5,653,314)
Increase in other payables 16,304
-----------------------
(5,637,010)
Net cash used in operating activities (6,115,200)
CASH FLOW FROM FINANCING
ACTIVITIES
Proceeds from issue of shares 6,853,323
-----------------------
Net cash from financing activities 6,853,323
Increase in cash and cash equivalents 738,123
Cash and cash equivalents at beginning
of period -
-----------------------
Cash and cash equivalents at end of period 738,123
=======================
Notes to the Financial Statements
1) Basis of preparation and approval of interim statement
The interim financial information for the six (6) months ended
31.01.2012 is unaudited. In the opinion of the Directors the
interim financial information for the period presents fairly the
financial position, and the results from operations and cash flows
for the period are in conformity with generally accepted accounting
principles consistently applied. The financial information is
prepared using the accounting policies which will be applied in the
Group's statutory financial statements for the year ending 31 July
2012. The financial information contained in this interim report
does not constitute statutory accounts as defined by section 435 of
the Companies Act 2006.
The unaudited interim financial statement for the six months to
31 January 2012 has been prepared using accounting policies
consistent with International Financial Reporting Standards (IFRSs)
as adopted by the European Union ("EU") and specifically in
accordance with International Accounting Standards ("IAS") 34
'Interim Financial Reporting'. It does not include all of the
information required for full annual financial statements and
should be read in conjunction with the any announcement made within
the six months from the Group.
The financial information has been prepared on the basis of
IFRSs that the directors expect to be applicable as at 31 July
2012. The accounting policies adopted in the preparation of the
interim financial statements are consistent with those set out in
the Company's accounting policy, which were prepared in accordance
with IFRSs.
This interim financial statement does not comprise statutory
accounts within the meaning of section 435 of the Companies Act
2006. The first set of statutory accounts will be year ending 31
July 2012.
All amounts have been prepared in British Pounds, this being the
Company's presentational currency.
The unaudited interim financial statement was approved by the
Board of Directors on 16 April 2011
2) International Financial Reporting Standards
The Company follows the Standards and Interpretations issued by
the International Accounting Standards Board ("IASB") and the
International Financial Reporting Interpretations Committee of the
IASB and endorsed by the EU that are relevant to its
operations.
3) Going Concern
The financial statements of the Company are prepared on a going
concern basis. In common with many similar companies, the Company
raises finance for their investment activities on project and
property development mainly in Malaysia.
The Directors are of the opinion that the Company will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of these financial statements' approval. Management continues to
monitor all working capital commitments and balances on a weekly
basis and believe that they have access to appropriate levels of
financing for the Company to continue to meet their liabilities as
they fall due for at least the next twelve months and is trading as
a going concern.
4) Comparative figures
No comparative figures have been presented as the financial
information covers the first interim report for the period from 01
August 2011 to 31 January 2012
5) Taxation
There is no tax charge for the period and no deferred tax asset
has been provided for.
6) Share Capital 31.01.2012
No of shares GBP
Ordinary shares of no par value
Issued and fully paid
Balance as at 01 September 2011 40,000,000 400,000
Issue of Shares 64,533,225 6,453,323
Balance as at 31.01.2012 104,533,225 6,853,323
The movement in the share capital are summarised as follow:
Number of share
As at 06 July 2011 (date of incorporation) 2
Shares issued in lieu of AIM Admission 103,199,998
Shares issued to Daniel Stewart Securities
PLC (Exercise of Warrants) 1,333,225
As at 31 January 2012 104,533,225
============
7) Significant Events
a) On 07 October the Company announced that Daniel Stewart
Securities PLC has subscribed 750,000 ordinary shares through the
exercise of warrants. Application was made to the London Stock
Exchange for the Subscription Shares to be admitted on 13 October
2011. Following admission of the Subscription Shares, the Company's
issued share capital increased to 103,950,000.
b) On 24 October 2011 the Company announced its first investment
in a major oil and gas services project on the Thailand-Malaysia
border. It is investing GBP100,000 for 15% of Rancang Istemewa Sdn
Bhd ("RISB") , a newly Malaysian incorporated company set up to
manage the development of a multi buoy mooring system at the TTM
Gas separation plant in Songhla, Thailand for the delivery of
natural gas liquids directly into ocean-going tankers. In addition
the Company agreed to invest up to a further GBP1,100,000,
conditional upon inter alia the agreements for the project being
signed with Petronas Nasional Berhad, in convertible preference
shares in RISB.
c) On 04 November 2011 the Company announced the subscription of
358,225 ordinary shares of no par value by Daniel Stewart
Securities PLC through the exercise of warrants and the shares were
admitted on the London Stock Exchange on 11 November 2011.
Following the admission of the subscription shares, the Company's
issued share capital increased to 104,308,225.
d) On 23 November 2011 the Company allotted 225,000 ordinary
shares of no par value to Daniel Stewart Securities PLC through the
exercise of warrants. The shares were admitted to the London Stock
Exchange on 30 November 2011 and the issued capital was increased
to 104,533,225 ordinary shares on 20 July 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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