TIDMRADG
RNS Number : 6002D
Radiant Growth Investments Ltd
30 April 2013
Radiant Growth Investments Limited
("RGIL" or "the Company")
Interim Results for the Six Months ended 31 January 2013
Chairman's statement
The Board of Directors ("Board") is pleased to present Radiant
Growth Investments Limited's ("RGI") interim results for the six
months ended 31 January 2013.
RGI continues to look for and examine investment opportunities
in line with its investment policy. Over the next few months the
Board anticipates being in a better position to assess the various
investment opportunities it is being shown both in Malaysia and the
wider Asia Pacific region.
Given the high level of involvement of the Malaysian government
in both the mining and the oil and gas sectors, the forthcoming
Malaysian Election on the 5th of May could make a material
difference in respect of these new opportunities and to our
existing activities in Malaysia.
Accordingly, any decisions in respect of how we move forward
with regard to our investment in Rancang Istimewa Sdn Bhd ("RISB")
and consequently the development of the multi buoy mooring system
in Songhla, Thailand which will efficiently deliver natural gas
liquids directly to tankers ("Gas Project") will have to await the
outcome of the forthcoming election. RGI's cash position on this
project remains unchanged since the publication of our annual
report in December 2012 with GBP0.50 million currently deposited to
provide funding to lobby the Gas Project and GBP0.70 million held
on trust by RISB until the conditions of the investment agreement
have been met.
Our preliminary agreement with Swissbay Holdings Sdn Bhd to mine
iron ore in Kelantan, Malaysia ("Mining Project") has been
similarly delayed by the Malaysian elections. Our exposure to the
Mining Project remains at GBP0.20 million.
In our last annual report we made reference to the purchase of
iron ore from a Malaysian mining company. However owing to delays
in supply beyond our control the acquisition was not completed and
our agreement to undertake any further iron ore purchases was
terminated. Accordingly, the sum of GBP0.71 million has now been
returned to us.
As discussed in our annual report in December 2012, RGI has
deposited GBP1.00 million with RISB for potential investment in
technology which allows us to process solid waste through
gasification (the "Green Energy Project"). This technology creates
syngases which are then used to create electricity which can be
sold to national and regional governments through power purchase
agreements on which we have reached preliminary agreement with the
Vietnamese authorities. RGI is excited by the potential of the
technology and is currently assessing the feasibility of
introducing gasification plants in a range of countries and we have
allocated a further GBP1.0m of our available cash for investment in
this region.
The Company currently has total deposits and receivables of
GBP6.23 million As described in further detail above, the Company
has earmarked approximately GBP3.40 million for investing into
various opportunities leaving approximately GBP2.80 million to
finance existing and future projects and our operating
requirements..
Your Board and its advisers continue to evaluate investment
opportunities in the region and we are encouraged as to the
potentially attractive situations that are brought to our
attention.
I would again like to thank my fellow directors for their advice
and also for all those other members of our staff at RGI who are
striving to make our company a successful and attractive investment
for our shareholders.
Dato' Sri Alex Teh Chee Teong
Chairman
Malaysia, 30 April 2013
For further information, kindly visit http://www.radgltd.com or
contact:
Dato' Sri Dr.
Alex Teh Chee
Radiant Growth Investments Teong
Limited Director +6016 208 6666
---------------------------- ---------------- -----------------
Daniel Stewart & Company
Plc (Nominated Adviser) Antony Legge +44 20 7776 6550
---------------------------- ---------------- -----------------
Statement of Comprehensive Income
Six months 1 August
ended 31 2011 to Period ended
January 31 January 31 July
Note 2013 2012 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Revenue - - -
Administrative expenses (130,867) (357,647) (850,837)
Operating loss (130,867) (357,647) (850,837)
Finance income 2,941 1,931 22,269
Loss before tax (127,926) (355,716) (828,568)
Income tax expense 3 - - -
----------- ----------- --------------
Loss attributable to equity shareholders (127,926) (355,716) (828,568)
Other comprehensive loss
Exchange difference on the translation
of
the financial statements of foreign
operations - (122,474) -
Total comprehensive loss for the
period (127,926) (478,190) (828,568)
=========== =========== ==============
Loss per share (pence per share)
- Basic and diluted (0.12) (0.0046) (0.96)
Statement of Financial Position
As at 31
As at 31 As at 31 July
January 2013 January 2012 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Assets
Non current assets
Property, plant and equipment 376 - 422
Current assets
---------
Other deposits and receivables 6,201,309 5,653,314 3,108,934
Cash and cash equivalents 28,719 738,123 3,241,978
------------- ------------- ---------
6,230,028 6,391,437 6,350,912
Total assets 6,230,404 6,391,437 6,351,334
------------- ------------- ---------
Liabilities
Current liabilities
------------- ------------- ---------
Trade and other payables 114,933 16,305 107,937
------------- ------------- ---------
Total liabilities 114,933 16,305 107,937
Net assets 6,115,471 6,375,132 6,243,397
============= ============= =========
Equity and reserves
------------- ------------- ---------
Share capital 6,898,589 6,853,322 6,898,589
Share based payment reserve 61,385 - 61,385
Retained losses (844,503) (478,190) (716,577)
Total equity 6,115,471 6,375,132 6,243,397
============= ============= =========
Consolidated Statement of Changes
in Equity
Share
Based
Share Payment Retained Total
Capital Reserve Losses Equity
GBP GBP GBP GBP
At 1 August 2012 6,898,589 61,385 (716,577) 6,243,397
Total comprehensive loss for the
period - - (127,926) (127,926)
At 31 January 2013 6,898,589 61,385 (844,503) 6,115,471
========= ========= ========= =========
At 6 July 2011 (date of incorporation) - - - -
Total comprehensive loss for the
period - - (478,190) (478,190)
Shares issued 6,853,322 - - 6,853,322
At 31 January 2012 6,853,322 - (478,190) 6,375,132
========= ========= ========= =========
At 6 July 2011 (date of incorporation) - - - -
Total comprehensive loss for the
period - - (828,568) (828,568)
Shares issued 7,103,323 - - 7,103,323
Share issue costs (204,734) - - (204,734)
Share based payment charge - 173,376 - 173,376
Transfer of share based payment
charge on exercise
of warrants - (111,991) 111,991 -
--------- --------- --------- ---------
6,898,589 61,385 111,991 7,071,965
At 31 July 2012 6,898,589 61,385 (716,577) 6,243,397
========= ========= ========= =========
Statement of Cash Flows
Six months 1 August
ended 31 2011 to Period ended
January 31 January 31 July
2013 2012 2012
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Total comprehensive loss for the
period (127,926) (478,190) (828,568)
Adjustments for:
Depreciation 46 - 38
Operating loss before changes in
working capital (127,880) (478,190) (828,530)
Decrease / (increase) in receivables 833 (5,653,314) (833)
(Decrease) / increase in payables 6,996 16,304 107,937
Add: Share based payment charge - - 173,376
Net cash used in operating activities (120,051) (6,115,200) (548,050)
----------- ----------- ------------
Cash flows from investing activities
Acquisition of property, plant and
equipment - - (460)
Deposits made to third parties (3,093,208) - (3,108,101)
Net cash used in investing activities (3,093,208) - (3,108,561)
----------- ----------- ------------
Cash flows from financing activities
Proceeds from issue of shares - 6,853,323 6,898,589
Net cash generated from financing
activities - 6,853,323 6,898,589
----------- ----------- ------------
Net (decrease)/increase in cash
and cash equivalents (3,213,259) 738,123 3,241,978
Cash and cash equivalents at beginning
of period 3,241,978 - -
Cash and cash equivalents at end
of period 28,719 738,123 3,241,978
=========== =========== ============
Notes To The Financial Statements
For Six Months Ended 31 January 2013
1. Basis of preparation
The unaudited interim financial statements (the "interim
financial statements") are for six months ended 31 January 2013.
They have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union
("EU") and specifically in accordance with International Accounting
Standards ("IAS") 34 'Interim Financial Reporting'. They do not
include all of the information required for full annual financial
statements, and should be read in conjunction with the financial
statements of the Company for the period ended 31 July 2012.
The interim financial statements have been prepared under the
historical cost convention and are in accordance with the
accounting policies as set out on pages 18 to 20 in the Company's
financial statements for the period ended 31 July 2012. The
accounting policies have been applied consistently throughout the
Company for the purpose of preparation of the interim financial
statements.
The unaudited interim financial statements were approved by the
Board of Directors on xx April 2013.
2. Going concern
The interim 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 mainly based
in Asia Pacific region.
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 approval of these interim financial statements. 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 the
liabilities as they fall due for at least the next twelve months
and is trading as a going concern.
3. Income tax expense
There is no tax charge for the period and no deferred tax has
been provided.
4. Foreign currency transactions
(a) Functional and presentational currency
Items included in the financial statements of the entity are
presented in the currency of the primary economic environment in
which the entity operates (the "functional currency"). The
functional currency of the entity is Pound Sterling ("GBP").
(b) Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period
end exchange rates of the monetary assets and liabilities
denominated in foreign currencies are recognised in the Statement
of Comprehensive Income.
5. Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors' section of the Company's website
(www.radgltd.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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