Interim Results

Global Structured Finance Inc
28 September 2005


28 September 2005

                 Global Structured Finance Inc. ('the Company')

                                Interim Results

                       for the period ended 30 June 2005

Chairman's Statement

I am pleased to present the first results of Global Structured Finance covering
the period from incorporation on 30  November 2004 to 30 June 2005. The Company
was admitted to AIM on 24 March 2005 through an initial placing of 8 million 
ordinary shares that generated net funds for the Company of £255,000. The
Company was created to build, largely through  investment and acquisition, a
group specialising in the provision of structured financing products and
services.

The only activity of the Company during this period has been the investigation
of various potential acquisition  opportunities and the related due diligence
undertaken thus far.

The Board is pleased with the progress made to date and looks forward to the
future with confidence.

Graham Porter
Chairman

27 September 2005

Enquiries:

John Bick                    Tel: [phone]


Profit and loss account
for the period ended 30 June 2005

                                                               Period from
                                                               incorporation
                                                                        to
                                                                   30 June
                                                                      2005
                                                               (Unaudited)
                                                                      £000
                                                       Notes

Administrative expenses                                                (46)
                                                                    --------
Operating loss and loss on ordinary activities before
and after tax                                              3           (46)
                                                                    --------

Loss per share (pence)                                     2         (0.24)  p



Balance sheet
As at 30 June 2005

                                                                       30 June
                                                                          2005
                                                                   (Unaudited)
                                                                          £000
                                                       Notes

Current assets
Debtors                                                                      6
Cash                                                                       284
                                                                        --------
                                                                           290

Creditors: amounts falling due within one year                             (18)
                                                                        --------
Net current assets and net assets                                          272
                                                                        --------

Capital and reserves
Called up share capital                                     3               80
Share premium account                                       3              238
Profit and loss account                                     3              (46)
                                                                        --------
Equity shareholders' funds                                                 272
                                                                        --------


Reconciliation of movement in equity shareholders' funds
                                                                   Period from
                                                                   incorporation
                                                                            to
                                                                  30 June 2005
                                                                   (Unaudited)
                                                                          £000

Loss for the financial period                                              (46)
Issue of shares                                                            479
Share issue expenses                                                      (161)
                                                                        --------
Net movement in equity shareholders' funds                                 272
Equity shareholders' funds at start of period                                -
                                                                        --------
Equity shareholders' funds at end of period                                272
                                                                        --------


Cash flow statement
for the period ended 30 June 2005

                                                                   Period from
                                                                   incorporation
                                                                            to
                                                                       30 June
                                                                          2005
                                                                   (Unaudited)
                                                      Notes               £000

Net cash outflow from operating activities                  4              (34)

                                                                        --------
Net cash outflow before financing                                          (34)

Financing
Issue of shares                                                            479
Share issue costs                                                         (161)
                                                                        --------
                                                                           318
                                                                        --------

                                                                        --------
Increase in cash                                                           284
                                                                        --------



Reconciliation of net cash flow to movement in net cash
                                                                   Period from
                                                                   incorporation
                                                                            to
                                                                       30 June
                                                                          2005
                                                                   (Unaudited)
                                                                          £000

Increase in cash                                                           284
                                                                        --------
Change in net cash from cash flows                                         284
Opening net cash                                                             -
                                                                        --------
Closing net cash                                                           284
                                                                        --------


Notes to the Interim Results
for the period ended 30 June 2005


1. Basis of preparation

The Interim Results were approved by the Directors on 27 September 2005. The
Company was incorporated in the Cayman Islands which does not prescribe the
adoption of any particular accounting framework. Accordingly, the board of
directors of the Company has resolved that the Company will follow United
Kingdom accounting standards and apply the Companies Act 1985 details of which
will be set out in the Company's annual report and accounts for the period
ending 31 December 2005.

The Interim Results are unaudited and do not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.


2. Loss per share

The loss per share is calculated on the loss on ordinary activities after
taxation of £46,000 and on the weighted average number of ordinary shares in
issue during the period of 19,022,642.

The impact of the warrants on the loss per share is anti-dilutive.


3. Share capital and reserves

                                    Share         Share          Profit & loss
                                  capital       premium                account
                                     £000          £000                   £000

On incorporation                        -             -                      -
Allotments during the period           80           399                      -
Share issue expenses                    -          (161)                     -
Retained loss for the period            -             -                    (46)
                                   --------      --------               --------
At 30 June 2005                        80           238                    (46)
                                   --------      --------               --------


4. Reconciliation of operating loss to cash flows

                                                                   Period from
                                                                   incorporation
                                                                            to
                                                                       30 June
                                                                          2005
                                                                   (Unaudited)
                                                                          £000

Operating loss                                                             (46)

Movement in debtors                                                         (6)
Movement in creditors                                                       18
                                                                        --------
Net cash outflow from operating activities                                 (34)
                                                                        --------

5. Copies of the results

Copies of the Interim Results will be sent to shareholders in due course and
will be available on request from the offices of the Company's assistant
secretary at Kitwell House, The Warren, Radlett, Hertfordshire, WD7 7DU.

End


                      This information is provided by RNS
            The company news service from the London Stock Exchange